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Indian Billionaire Industrialist Gautam Adani Reveals Addiction to AI Tool Chat GPT

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Indian billionaire and founder of the Adani group, Gautam Adani, has revealed his addiction to the open AI tool ChatGPT.

The billionaire industrialist in a LinkedIn Post last week  lauded the AI tool ChatGPT for its transformational moment in the democratization of AI tools, given its astounding capabilities as well as comical failures.

He wrote on LinkedIn,

The recent release of ChatGPT (I must admit to some addiction since I started using it) is a transformational moment in the democratization of AI given its astounding capabilities as well as comical failures. But there can be no doubt that the generative AI will have massive ramifications”.

He further disclosed that Generative AI holds the same potential and danger as silicon chips, with China outnumbering the U.S. in the number of most-cited scientific papers on AI.

Launched on November 30, 2022, the ChatGPT created by San Francisco-based OpenAI, was initially free to the public with plans to monetize the service later. By December 4, OpenAI estimated ChatGPT already had over one million users.

The AI tool which can turn prompts into essays, images, stories, etc, has sparked conversations about how it could replace artists, coders, and tutors and possibly put them out of their jobs.

Also, analysts and pundits predict that Open AI’s new ChatGPT would bring everything from the “death of the school essay” to the dawn of new communication.

They also disclosed that the tool could pose a severe challenge to democracy because it means that the cost of creating misinformation would be insanely low, such that it’s going to be nearly impossible for people to detect AI-Created content.

Signaling the potential of the controversial Chatbot, according to a new research paper, the new artificial intelligence system ChatGPT has passed an exam at the Wharton Business school.

Research from Wharton Professor Christian Terwiesch disclosed that the AI system has shown a remarkable ability to automate some of the skills of highly compensated knowledge workers in general and specifically the knowledge workers in the jobs held by MBA graduates including Analysts, Managers, and consultants.

On the final exam of operations management, a core course in the Wharton MBA program, ChatGPT did an amazing job and gave answers that were correct and excellent in their explanations.

Meanwhile, the AI tool has been disclosed to have certain limitations such that the system does not think and is incapable of coming up with original ideas, as it only works by mimicking human language, packing the potential to make writing tasks quicker and easier in a way never seen before.

APC, PDP Call for Arrest, Prosecution of Their Respective Presidential Candidates Over Fraud

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Nigeria’s presidential election campaign has taken a new turn between the ruling All Progressive Congress (APC) and the main opposition, the Peoples Democratic Party (PDP), with the duo seeking the disqualification of their respective candidates over their involvement in different crimes.

Last week, the spokesman for the APC Presidential Campaign Council, Festus Keyamo, filed a writ of summons at the Federal High Court in Abuja against the PDP’s presidential candidate Atiku Abubakar, over allegations of corruption.

In the suit, Keyamo, who named the Code of Conduct Bureau (CCB), Independent Corrupt Practices Commission and Other Related Offences Commission (ICPC), and the Economic and Financial Crimes Commission (EFCC) as 2nd, 3rd and 4th defendants respectively, is asking the court to compel the included government agencies to investigate, invite and or arrest Atiku Abubakar.

The suit was based on allegations made by one Michael Achimugu, a former aide of Atiku, who in the past few weeks divulged through a video circulated online, that the PDP’s presidential aspirant was involved in a series of corrupt practices whilst in office as the Vice President of Nigeria. Achimugu said Atiku used proxies, including a certain bank belonging to a company named Marine Float and other accounts of two undisclosed companies as special purpose vehicles (SPVs) to embezzle public funds.

Keyamo, a Senior Advocate of Nigeria (SAN), said he had obtained the certified true copy of the said affidavit, which he is counting on to push the suit. Based on this, the Tinubu/Shettima Campaign Organization on Monday had called for the arrest and prosecution of the former vice president for stealing public funds while in office.

In response to APC’s call for Atiku’s arrest, the PDP has asked Nigeria’s anti-graft agency, EFCC, and the National Drug Law Enforcement Agency (NDLEA), to arrest and prosecute the APC’s presidential candidate, Bola Ahmed Tinubu, for series of crimes that include money laundering, embezzlement of public funds and drug trafficking.

Tinubu’s 1993 money laundering and drug-related case was exposed by investigative journalist David Hundeyin last year, and it has become a subject of discussion as the presidential election draws nigh.

In a statement issued on Sunday, the PDP’s Presidential Campaign Council said the cases surrounding Tinubu, especially the drug trafficking, is now a matter of national concern.

“In the unfortunate event of a Bola Tinubu Presidency, Nigerians will be plunged into a drug crisis that would make the Colombia situation a child’s play. With easy access to drugs, there will be an increase in violence.

“Nigeria is battling many problems at the moment…It will be a huge disaster to add state sponsored drug trafficking into the mix,” the PDP said.

Tinubu’s drug trafficking record was amplified after the certified true copy of his case with the US authorities was released last year. Based on this, the PDP called on the NDLEA to arrest the APC’s presidential Candidate, who had to forfeit $460,000 to US authorities.

“Nigerian law is clear, Criminal cases have no statute of limitation and can be re-opened at any time especially for the sake of national interest.”

“We hereby call on the National Drug Law Enforcement Agency (NDLEA) to immediately arrest Bola Ahmed Tinubu and prosecute him for drug trafficking,” the party said.

Besides drug trafficking, the PDP is also accusing Tinubu of using Alpha Beta to embezzle Lagos State funds. The party also said that the former Lagos State governor has cases to answer regarding his identity, age and the schools he attended, describing them as fraudulent.

The PDP quoted from the lawsuit filed against Tinubu by his business associate, Dapo Apara, who was the former managing director of Alpha Beta Consulting. The party said the former governor breached the Code of Conduct for Public Officers when he established Alpha Beta.

“In the writ of summons marked LD/7330GCMW/2020, Apara narrated how Alpha Beta was formed in 2002 when Tinubu was still the governor, in breach of the Code of Conduct for Public Officers.

“Apara noted that he was the one who came up with the idea of a consulting firm helping the state government to collect taxes. He said Tinubu accepted the proposal but gave many conditions including that his own people would own 70 per cent stakes in the company. Apara said Tinubu nominated Adegboyega Oyetola (later governor of Osun State) and one Olumide Ogunmola who would hold 70% of the shares of Alpha Beta.

“Apara stated that Tinubu as a sitting governor in 2002, controlled Alpha Beta which was receiving 10 per cent of tax collected on behalf of the state,” the PDP said in the statement.

The party added that handing over the keys of Nigeria’s treasury to a man like Tinubu or giving him the full control of the NDLEA, the EFCC, the Nigerian Army and the Nigeria Police Force, “will be the worst scandal in the history of mankind.”

The government agencies petitioned by the political parties over their respective presidential candidates are yet to respond. However, the development has fueled conservation among Nigerians on who among the presidential aspirants should be trusted with the country’s resources as president.

A large section of electorates, pointing out that both the anti-graft and drug agencies have not received any petition against Peter Obi, believe the Labour Party’s candidate is Nigeria’s best option for the March 23 presidential poll.

What are currency pairs, and why are they used in trading?

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With the ability to make money no matter if markets are moving up or down, trading seems very attractive. Especially when considering the current global events, economic crisis, and possible recession in 2023. In this article, we will discuss what currency pairs are and if it’s a good idea to start trading them.

Forex explained

Foreign exchange or widely known as Forex is an international currency market that dwarfs every other financial market out there. Trillions of dollars are traded daily between international banks, hedge funds, corporations, and other participants. Liquidity, meaning the ability to sell an asset in the shortest amount of time, is Forex’s main selling point. The main trading instrument on Forex is currency pairs. Where each currency is paired against other currencies and their prices are visible to all participants.

But what does EUR USD mean?

EURUSD is a major pair on the Forex market. EURUSD shows how much USD it takes to buy one Euro. Depending on macroeconomic conditions, the price changes every fraction of the second. Euro in EURUSD is a base currency, while the USD is the quoted currency. Every pair consists of a base and quote currency and shows how many units of the quote currency are required to buy 1 unit of the base currency. Knowing this enables traders to understand what it means that EURUSD is 1.21. It is 1.21USD needed to buy 1 Euro. There are major and minor pairs in Forex. Major pairs are four EUR/USD, USD/JPY, GBP/USD, and USD/CHF.

While major pairs account for most of the trading volume on Forex, minor pairs should not be underrated. Minor pairs are also known as cross pairs and are pairs that don’t include USD but include one or two of other major currencies JPY, EUR, and GBP. We will not describe minors in any more detail here, to enrich your knowledge base read this guide to minor currency pairs for more info about them. While majors and minors consist of developed countries’ currencies, there is a third type of currency pair, sometimes called exotics. Exotic currency pairs include developed countries currency as base or quote. Exotics could be great when something important happens in their respective countries, but spreads are higher and should be traded very carefully.

Why trade currencies?

Currencies are liquid and open for 24/5 providing ability to trade without interruptions for 24 hours. This is great as it offers the ability to trade from anywhere in the world and still have a good night’s sleep. They provide enough liquidity to quickly open and close any trade, and volatility is also moderate. Volatility is very important to traders, as they can make money when there is enough volatility to move markets in any direction. Today’s robots and algorithmic trading have almost removed short-term volatility, so pro traders tend to focus more on day trading, meaning they often open trades for days and even weeks to catch good moves.

Advantages and disadvantages of Forex trading

Trading can be a very exciting experience when done wisely and with proper education and practice. But there are still some cons attributed to trading, with the main one being how difficult it is to start making profits in live markets. The knowledge base of a Forex trader consists of a good understanding of macroeconomic factors that affect currency prices and the ability to conduct a comprehensive technical analysis of the price chart of the specified currency pair, finding the optimal entry and exit levels.

Pros of Forex trading

  • Ability to make money from anywhere in the world.

It doesn’t require a trader anything else than a medium-budget pc and an internet connection. Any medium-budget laptop can run trading platforms like MetaTrader or Tradingview. These popular platforms are available even on smartphones, making it easier to trade on the go.

  • You control your working hours.

You can have total control over your time and how you spend it.

  • Making much bigger profits than average salaries in underdeveloped countries. This one is probably one of the coolest benefits of trading. You can make more than what an average person makes, and you can do it with much less time per day and per week.
  • No outside oversight and the director No one controls how you behave and spend or manage your time when you are a pro trader

Cons of Forex trading

  • The long and difficult learning curve. It requires good knowledge of several financial fields and nuances to become profitable
  • Discipline is key. It is hard to be disciplined for many people if they don’t have a boss. This is actually the number one challenge when addressing the trading profession for beginners.
  • Psychology and emotional intelligence. It is hard to open another trade and be balanced if you end up losing the latest trades. Sometimes it happens that a losing streak throws even the most powerful minds off balance. Losing real money is hard, especially when trading is your main job.

Make sure you understand yourself and be disciplined to be a successful trader.

Why is 2023 the year to finally start online trading?

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In the financial world, there are two types of investors: passive, and active. Passive investors are trying to find assets that have potential to grow in price later. On the downside, when markets are falling, passive investors suffer.

Active investors, also known as market speculators, love market crashes and price hikes. When the world’s economies suffer, speculators make money. The same has happened during the 2007-2008 financial crises and the same is happening today.

The years prior to 2023 have been difficult for the world’s economies. The pandemic has slowed down production of goods and services. The quality of medical care, education and other services has declined. Governments took out loans from banks and printed lots of money. As a result, prices on stocks, crypto and other assets have skyrocketed.

2022 Russian invasion of Ukraine has also negatively impacted the state of the global economy. Prices on food, energy and other goods and services have increased dramatically. The dramatic increase in the consumer price index has forced central banks to increase interest rates. When inflation rises, central banks increase interest rates to limit printing money. As a result, regular people take fewer loans from banks, there’s less money in circulation and therefore, the money gains higher value. However, this hurts the economy, as less money spent means less income for the companies. Businesses are true wealth creators. Money is not wealth, goods and services are real wealth.

At the end of 2022, high inflation, high interest rates globally, and political and economic difficulties have negatively impacted the financial markets. The stock market, Euro, Great British Pound, Swiss Franc and other major currencies, as well as the crypto market have experienced increased volatility and price declines. However, while others see risks and difficulties, traders see great trading opportunities.

2023 will be a great year for both active and passive investors. Active investors love high volatility and increased trading opportunities. And Passive investors are looking for assets that cost less than their real value. In 2023, lots of assets will be devalued to the point where they become attractive for long term investors.

Increased volatility and more trading opportunities

Traders make money when there’s good liquidity and markets are moving. 2023 will be a highly volatile year, as a result, there will be plenty of trading opportunities for the speculators. High inflation and increased interest rates are likely to remain present throughout the year. And there’s also a chance of global recession. Recession is a decrease in economic activity. And usually, high inflation is followed by recession. Recession can cause further declines in stock prices.

How to start trading?

Open a demo account

It’s worth noting that in case you have no experience in trading, it’s best to open a demo account and  try trading out on a demo account first. The accounts are very similar to live trading conditions. The only difference is that real money is not under risk. Demo accounts help novice traders learn how to use trading platforms, get familiar with broker policies, learn how to use indicators and develop trading strategies. The accounts are not only for beginners, but professional traders often demo trade to improve their trading strategies or build new ones from the ground up.

Learn about the markets you wish to speculate or invest in

Each market has its features. Forex market is more cyclical as one currency is always valued in relation to other currencies. And currencies are backed by economies, central banks and governments. On the other hand, company stock prices can grow dramatically or fall to zero. In addition, each trading instrument is different. There are major, minor and exotic currency pairs. Currencies differ in level of liquidity, spreads, volume and volatility, etc. And therefore, it’s critical to learn about things that have an impact on your trading instruments’ valuation to make predictions on future prices.

Develop a trading strategy that fits your personality

There are a million ways to make money in the markets. However, all of them are difficult to find as there’s an increased competition. Some traders day trade to avoid swaps, some swing trade to limit market noise, and others invest long or medium term. There are scalpers, high frequency traders, position traders, algorithmic traders, etc. In case you are a quick thinker and have fast hands, perhaps day trading, high frequency trading or news trading is for you. If you prefer more planning and research, position and swing trading might be a better choice. It’s very hard to tell unless you start trading yourself. And as already mentioned, demo trading can greatly help you find the answers. In addition, be noted that not only can you demo trade, you can also use backtesting algorithms or programmes for trading strategy development.

Develop accountability

The last part is to be accountable for your trades. Trading journals and trading communities can greatly help in this regard. Trading journal can have multiple uses. It can help you review your progress, find your strengths and weaknesses, and also make you more accountable. When a trader knows that he or she will be saving progress in the journal at the end of the season, it’s more likely that the decisions will be more calculated.

Let’s sum up

To sum everything up, 2023 will be a great year for both active and passive investors. Passive investors buy when markets are down and sell when they are sky-high. As for the short term speculators, they love increased volatility and can benefit from both bull and bear markets by speculating on CFD prices. 2023 will be a highly volatile and challenging year for the global economies. As a result, traders will find lots of opportunities to make money. In case you don’t have experience, it’s best to start with opening a demo account. A demo account will help you get familiar with the platform, instruments and broker policies without the risk of losing money. For profitable trading, it’s critical to:

  • Learn about the markets you wish to speculate or invest in
  • Develop a trading strategy that fits your personality
  • Develop accountability

Accelerate your professional ascent with Tekedia Mini-MBA; Register Today

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Tomorrow morning, the full curriculum of Tekedia Mini-MBA, which begins Feb 6,  will be unveiled. It is going to be different from the previous editions, with new modules and courses. We expect to have 14 modules with an average of 5 courses, resulting in about 70 courses, covering largely any topic in business. We educate with the pulse of the market and we pay attention to the needs of our learners. Innovation, Growth and Execution remain the theme.

Week 1-2 will have Ndubuisi Ekekwe; Obinna Anya, PhD, Google; Aderinola Oloruntoye, SAP Africa; Jude Ayoka, Access Bank Plc; Bola Adesope, Deloitte Canada; Chibueze Noshiri, Barry Callebaut Group Belgium;

Olanrewaju Oyinbooke, Microsoft; Harold Nwariaku, Harold & Co Consulting; ·Rasheed T.  Adebayo, Schlumberger; Michael Odigie PhD, Delek Logistics USA; and other eminent faculty.

If you have not registered, beat the deadline today. No business school in the world offers the value we offer for N60K or $140. That is the reason we have 41 countries represented. We power many traditional universities with our courses and more students from traditional universities converge here than any ecosystem.  In some, we have partnerships where their final year students spend time at Tekedia Institute before they graduate.

Accelerate your professional ascent with Tekedia Mini-MBA; register here .