Daily Archives: November 28, 2024

Navigating AI in Business: Balancing Regulation and Ethics

As AI continues to transform business operations across sectors, organizations are faced with the dual challenge of adhering to stringent regulations while upholding ethical standards. The EU AI Act, a landmark regulation, sets a new global standard for AI governance by mandating transparency, accountability, and the protection of individual rights. While compliance with regulations is crucial, businesses must also look beyond legal requirements and embrace ethical AI practices to differentiate themselves in a competitive market and to nurture customer trust.The Regulatory Roadmap: What Must Businesses DoRegulation and ethics, though closely related, serve different purposes in the realm of AI. Regulation—such as the EU AI Act—dictates a risk-based approach to governance. The EU AI Act provides a comprehensive framework for businesses developing and deploying AI technologies. It requires companies to implement rigorous measures, including detailed risk assessments and the classification of AI systems based on their risk levels. However, compliance with regulations is not only a legal obligation but also a critical aspect of maintaining business integrity and avoiding substantial financial consequences. Meeting regulation requirements is essential to avoid penalties, which can be as severe as fines of up to 7% of annual global turnover for non-compliance.Related:How the Middle East is Becoming the Next AI Infrastructure Hub of EMEA The global regulatory landscape is complex and will continue to evolve, varying by region and sector. Businesses face the challenge of keeping pace with the evolution of legal requirements and with rapid AI advancements, which often outpace the speed at which new regulations are being introduced. Here are a few practical ways  companies can keep pace:Build on existing compliance frameworks. Organizations should make AI risk assessments an integral part of their new product introduction processes, add AI to their third-party risk management, embed AI reviews in the privacy review and data protection impact assessment processes, and conduct regular audits.Establish cross-functional AI governance. Companies can do this by bringing together the key functions that are involved in the development or deployment of AI, to ensure strategic alignment, development of thoughtful policies, sharing of information, and maintaining an AI inventory.Bring employees up to speed. Invest in training staff on the latest regulatory requirements, the risks and benefits of using AI in the workplace and their rights when it comes to AI.Related:AI in Language Learning: The Promise and PitfallsThese combined approaches may help businesses remain compliant while mitigating risks associated with the evolving AI regulatory environment.Ethics as a Strategic AdvantageEthics, on the other hand, guides businesses to act with the interests of all stakeholders in mind. Ethical considerations go beyond the minimum legal standards, by looking at the impact that a company’s choices can have on all stakeholders, leading companies to adopt morally and socially responsible practices, such as transparency, fairness, and non-discrimination. These guiding principles are essential for building and maintaining public trust, which is increasingly vital as AI becomes more integrated into our digital experience.Ethical AI involves creating transparent systems that allow users to understand how AI operates, makes decisions and uses data. Companies embracing an ethical approach to the development of AI should also prioritize fairness to not perpetuate biases or inequalities. This requires diverse and inclusive development teams, ethical review processes and bias testing to assess the impact of AI systems before they are deployed.By developing forward-looking AI ethics policies that anticipate future technological advancements, businesses will ensure that AI systems remain responsible and aligned with societal values even as technology evolves.To successfully navigate the AI landscape, businesses must recognize that a comprehensive approach involves both strict regulatory compliance and a strong ethical foundation.Shaping Tomorrow: The Convergence of Regulation and EthicsAs AI advances, the interplay between regulation and ethics will become increasingly important. Businesses must stay informed about emerging regulations and be prepared to adapt their practices accordingly. At the same time, they should cultivate a culture of ethical responsibility.The future of AI will be shaped by the actions that businesses take today. By embracing both regulatory obligations and ethical considerations, companies will meet current standards but also foster the development and adoption of AI, establishing the foundation of responsible AI development in the years to come. In doing so, they will help create a culture of awareness and trust that will support the development of AI innovation and the consolidation of public trust in AI.

New dean of Cambridge Judge Business School is Prof Gishan Dissanaike

Professor Gishan Dissanaike, who has been the interim dean since July 2023, has said “it will be a privilege to serve as the first home-grown dean of Cambridge Judge Business School” following his appointment to the top job at the world-renowned business school. The appointment is the first time in the business school’s first 30…

LIBA joins ECOWAS Small Business  

Liberia has joined the ECOWAS Small Business Association to boost regional trade. By: Naneka A. Hoffman Monrovia, Liberia, November 28, 2024 – The President of the Liberia Business Association (LIBA) James M. Strother, says the institution has joined the Economic Community of West African States (ECOWAS) Small Business Association. The partnership is aimed at facilitating exportation of Liberian-made products across the West African region. Speaking in an exclusive interview at the LIBA headquarters, Mr.  Strother explains that the collaboration followed endorsement of ECOWAS’s Small Business Association forum held in Abidjan, Ivory Coast, from November 19-22, 2024. He says the partnership would help boost the Liberian economy and create job opportunities for the country’s youths.  He notes that the involvement of LIBA in this regional initiative would contribute to economic growth and increased trade in West Africa. Mr. Strother is concerned about foreign encroachment on businesses that are legally reserved for Liberians.  He cites industries such as sand mining, brick-making, and ice cream production, which are meant to be controlled by Liberians. He urges the government to impose fines on foreign businesses operating in these sectors in violation of existing regulations. He calls for the Liberia Business Registry (LBR) to deny business licenses to foreigners engaged in these restricted sectors, emphasizing the need to protect Liberian-owned businesses from unfair competition. “Liberians are tired and need their rightful economic position in their own economy. If the government does not stop granting licenses to foreigners in these critical sectors, we will take our own constructive actions,” he says. He stresses the importance of ensuring that Liberia’s retail sector remains dominated by Liberian-owned businesses, which he views as essential for the country’s economic development. The LIBA President also points at the involvement of foreign enterprises in retail sectors like sand mining, brick factories, and retail mineral water production, which he laments, is harming local businesses, leading to increasing debts for Liberians in these industries. He calls on the Liberia Business Registry to halt issuance of licenses to foreign businesses in certain industries to help stimulate economic empowerment for Liberians.  He says LIBA would collaborate with the National Identification Registry (NIR) to assist Liberian business owners in obtaining ID cards to make it easier for them to travel across the ECOWAS region.  According to him, this would also support the Liberia Revenue Authority in generating vital revenue for the country. He encourages African entrepreneurs to strengthen subregional trade, highlighting its commitment to working with the private sector to foster economic growth across West Africa. Editing by Jonathan Browne

NFOs to watch: Tata BSE Select Business Groups Index Fund, Union Active Momentum Fund; check details

NFOs: Tata Mutual Fund has introduced the Tata BSE Business Group Index Fund, an open-ended scheme that replicates the BSE Select Business Groups Index (TRI). The NFO of this scheme is currently available for subscription and will be open until December 9. After closing, the scheme will re-open for continuous sales and repurchases on December 18.This fund presents a fresh investment opportunity for investors seeking exposure to India’s prominent conglomerates. The Tata BSE Select Business Group Index Fund mirrors the BSE Select Business Groups index, which includes companies from seven of India’s largest business groups. How much tax do I have to pay? Calculate now

The fund will consist of 30 companies from key sectors driving India’s future growth, excluding the financial services sector to focus on other industries. The seven business groups included in the fund are Tata Group, Reliance Industries, Adani Group, Aditya Birla Group, L&T, Jindal Group, and Mahindra Group. Each group’s weightage is capped at 23% based on their free-float market capitalization, according to a statement from the fund house. These conglomerates represent 19 diverse industries, showcasing central themes of India’s economic growth.

The Tata BSE Select Business Group Index Fund is an open-ended fund that is available for both subscription and redemption. The weightage for each group is limited to 23% based on their free-float market capitalization. As of now, the Tata Group holds a weightage of 22.7%, Reliance Industries at 22.3%, and L&T Group at 15%. This scheme will be compared to the BSE Select Business Groups Index (TRI) and will be overseen by Kapil Menon.

An exit load of 0.25% of the applicable NAV will be charged if redeemed within 15 days from the date of allotment. The minimum investment amount is Rs 5,000, with subsequent investments in multiples of Re 1.

The scheme is ideal for investors looking for long-term capital growth and interested in investing in equity and equity-related instruments included in the BSE Select Business Groups Index.

Union Active Momentum Fund 

Union Mutual Fund recently introduced the Union Active Momentum Fund, marking its foray into factor-based investing. This new fund offers an investment strategy centered on stocks exhibiting significant momentum.

The NFO for this fund opened for subscriptions on November 28, with the closing date set for December 12, 2024. Subscriptions will reopen within 5 business days after allotment.

Equity investment: This fund is an open-ended equity fund that utilizes a proprietary quantitative model which has been back tested for over 15 years.

Momentum investing: The fund employs a Momentum investing strategy. According to Gaurav Chopra, one of the fund managers of Union Active Momentum Fund, Momentum Investing is a rule-based approach that focuses on working with volatility, buying securities that are rising in value, and selling them as they begin to lose momentum.

Rules-based investing and bias: The fund seeks to offer investors a rules-based strategy for investing in stocks that display momentum characteristics. Investments are made solely based on a rule-based mechanical approach, thereby eliminating emotional biases.

This Morning’s Dermot O’Leary exposes ‘unfinished business’ with Bake Off star after brutal snub

Dermot O’Leary, who joined Cat Deeley to present This Morning today, revealed he has “unfinished business” with one of the judges from The Great British Bake Off. The ITV host confessed that he was “upset at the time” when judge Prue Leith aimed a rather brutal dig at him after he received one of Bake…

Modern College of Business and Sciences Awarded QS 5-Star Rating at QS Arab Forum 2024

Muscat – The Modern College of Business and Science (MCBS) was officially awarded the prestigious QS 5-Star Rating for Excellence at the QS Arab Forum 2024, held between 15 – 17 October, in Amman, Jordan. This recognition positions MCBS as the only Omani higher education institution to earn a comprehensive 5-star rating by QS for 2024, achieving a unique and exceptional status, and highlighting its commitment to delivering world-class education.Representing MCBS at the forum were Prof. Rami Oweis, Vice chairman, Institutional Excellence and Advancement, and Dr. Al Mata’ni, Associate Dean for General Education and General Foundation (CEAP), who received the award on behalf of the college in the presence of H.E. Sheikh Fahad AbdulRahman Al Ajaili, the Omani Ambassador to Jordan. The QS Arab Forum 2024 is an annual gathering of university leaders across the Arab region, modelled after United Nations-style discussions. This year’s theme was “Fueling Collaborative and Ethical Research towards Building Knowledge Economies in the Arab World in the Era of AI.” The forum promotes collaboration, knowledge sharing, and leadership among Arab universities, fostering progress in the region’s higher education sector.This award, achieved through a rigorous and meticulous process of independent data collection and analysis by the QS Stars methodology, places MCBS among the world’s elite institutes of higher education, enhancing its reputation as a leader in the region’s educational sector. The thorough evaluation, which assesses universities globally across various categories, instils confidence in the quality of education at MCBS and aids prospective students in making informed decisions.MCBS earned this 5-star rating based on its outstanding performance in several key areas, including Teaching, Academic Development, Facilities, Employability, Internationalization, Business Management Studies, Social Impact, and Inclusiveness. According to QS, “a university with a ‘5 Stars’ Rating is considered world-class in a broad range of areas, enjoys a high reputation, and has cutting-edge facilities and internationally renowned research and teaching faculty.”QS 5 Stars is awarded to higher education institutions (HEI) with a reputation as international powerhouses of innovation and state-of-the-art facilities. These universities foster environments where complex research tackles global challenges. Leading faculty worldwide bring expertise into the classroom, ensuring students learn from the best in their fields. This combination of elite resources and educators produces graduates eagerly recruited by top employers globally.Since its establishment in 1996, MCBS has been dedicated to upholding the highest standards in education, emphasizing exceptional teachers, state-of-the-art facilities, and enriching learning experiences for its students. This longstanding commitment underscores MCBS’s unwavering pursuit of academic excellence and continuous efforts to cultivate an exceptional educational environment.MCBS is honored by this global recognition and continues to work towards further accomplishments, solidifying its leadership in Oman’s higher education landscape.Contact:Department of Communications and MarketingMs. Arwa Al Hinai –acting Director of Communications, Deputy Head of General EducationModern College of Business and ScienceContact +968 24 583 576For more information, visit www.mcbs.edu.om