Business
South Korea unveils AI Humans
South Korea Pulse9 has created digital humans for some of South Korea’s largest conglomerates, including Shinsegae, with research indicating the global market for such life-like creations could reach $527 billion by 2030.
In South Korea, AI humans have enrolled as students at universities, interned at major companies, and appear regularly on live television driving sellouts of products from food to luxury handbags.
Her face is a deep fake. Her body belongs to a team of similar-sized actors. But she sings, reads the news, and sells luxury clothes on TV as AI humans go mainstream in South Korea.
Meet Zaein, one of South Korea’s most active virtual humans, who was created by Pulse9, an artificial intelligence company that is working to bring corporate dreams of the perfect employee to life.
But Pulse9 says this is only the beginning. They are “working on developing the technology to broaden AI human use”, Park Ji-eun, the company’s CEO, told AFP.
“Virtual humans are basically capable of carrying out much of what real people do,” she said, adding that the current level of AI technology means humans are still needed – for now.
The demand for AI humans in South Korea was initially driven by the K-pop industry, with the idea of a virtual idol – not prone to scandals and able to work 24/7 – proving popular with the country’s notoriously hard-driving music agencies.
But now, Pulse9 is “expanding their roles in society to show that these virtual humans aren’t just fantasy idols but can coexist with humans as colleagues and friends”, Park said.
– K-pop face –
Zaein’s face was created by a deep learning analysis – an AI method that teaches computers to process complex data – of the faces of K-pop stars over the last two decades.
Doe-eyed with delicate features, fair skin and a willowy figure, she is brought to life by overlaying the deepfake on a human actor.
More than 10 human actors, each with different talents — from singing, dancing, acting, to reporting — help animate Zaein, which is what makes this particular AI creation so “special”, Park said.
On a Monday morning, AFP met with one of the actors as she was preparing to deliver a report as Zaein on a live morning news programme on South Korean broadcaster SBS.
“I think it can be a good practice for people who want to become celebrities and that’s what appealed to me,” said the actor, who could not be named due to company policy.
A representative for Pulse9 said the identities of all human actors are concealed and their real faces are not shown.
Despite the strict measures to keep their profiles hidden, the actor said playing as a virtual human opened new doors.
“Typically, a lot of people in their teens and young people become K-pop idols and I’m way past that age, but it’s nice to be able to take on that challenge,” the actor, who is in her 30s, told AFP.
“I’d love to try acting as a man if I can manage my voice well, and maybe a foreigner — something that I can’t become in real life.”
– ‘Real and fake’ –
Creating artificial humans will continue to require real people “until a really strong AI is created in the future which will be able to process everything by itself”, Park said.
The potential — and potential perils — of AI have exploded into the public consciousness in recent months since ChatGPT burst onto the scene at the end of last year.
Experts around the world, including AI pioneers, have spoken out about its dangers, and several countries are seeking regulation of the powerful but high-risk invention.
But Park is not concerned. Her company is working on new virtual idols, virtual influencers, and virtual sales agents to take over customer-facing tasks for South Korean conglomerates, which are increasingly struggling with recruitment in the low-birthrate country.
South Korea — and the world — needs better, clearer regulations on what AI can do, she said, adding that when done properly, the technology can add to “the richness of life”.
The trouble, however, is that a deepfake can “make it impossible to tell what is real and fake”, Kim Myuhng-joo, a professor of information security at Seoul Women’s University, told AFP.
“It’s an egregious tool when used to harm others or put people in trouble. That’s why it’s becoming a problem,” he added.
AFP
Business
Airtel Money Targets October Listing On London Stock Exchange
Airtel Money’s parent company is Airtel Africa, a telecoms provider that is part of the Indian conglomerate Bharti Enterprises, which is ultimately controlled by the billionaire Sunil Bharti Mittal.
Airtel Money, the mobile money arm of Airtel Africa, has concluded plans to float on the London Stock Exchange in October.
Airtel Money’s chief executive, Ian Ferrao, made the disclosure Wednesday emphasising that the company would announce more details about the float in early October, including the indicative price range and number of shares to be offered, with final pricing to follow later in the month.
Airtel Africa had originally targeted a listing in the first six months of 2026 but delayed it to the second half of the year, blaming unfavourable market conditions as a result of the US-Israeli war on Iran. Several other companies also pushed back planned IPOs amid the market volatility caused by the conflict.
The company is hoping to raise about $800m (£601m) from the initial public offering (IPO) and is targeting a valuation of $8bn to $9bn, which would make it one of London’s largest listings in recent years.
Airtel Money has 53 million monthly active users across 13 countries in sub-Saharan Africa, including Uganda, Zambia and the Democratic Republic of Congo.
It operates through a network of branches and kiosks, which enable customers to load money on to their phones, withdraw cash and access other money services, and the company generated revenues of just under $1.4bn in the last financial year.
Airtel Money’s parent company is Airtel Africa, a telecoms provider that is part of the Indian conglomerate Bharti Enterprises, which is ultimately controlled by the billionaire Sunil Bharti Mittal.
Business
Cardoso Says Multiple FX Windows Cost Nigeria 3% of GDP, Higher Than Fuel Subsidy
Before the CBN introduced FX reforms in 2023 to unify exchange rates, Nigeria had different channels through which dollars could be bought and sold. Different rates applied to different users and transactions.
Central Bank of Nigeria Governor Olayemi Cardoso has estimated that Nigeria lost about three per cent of its gross domestic product to multiple foreign exchange windows.
Mr Cardoso spoke in Abuja on Tuesday while answering questions after the 307th meeting of the Monetary Policy Committee.
He put the losses from the fuel subsidy regime at about 2.2 per cent of GDP, meaning the two distortions together cost the country roughly 5.2 per cent of GDP.
The committee cut the benchmark Monetary Policy Rate to 23 per cent from 26.5 per cent, a decision the governor described as an important operational realignment aimed at strengthening monetary policy transmission.
Mr Cardoso compared the cost of the old exchange rate system to the fuel subsidy, which he said was already a staggering amount of money.
The losses that we were making as a result of these multiple exchange rate windows was more. It was 3 per cent of GDP. So between those, you had 5.2 per cent of GDP lost,” he said.
Before the CBN introduced FX reforms in 2023 to unify exchange rates, Nigeria had different channels through which dollars could be bought and sold. Different rates applied to different users and transactions.
Business
Naira To Dollar, Pound , Euro Rate Wednesday September 23
Black Market Rates
₦1382 DOLLAR (USD)
₦1860 POUND (GBP)
₦1555 EURO (EUR)
₦1000 DOLLAR (CAD)
₦70 SOUTH AFRICAN RAND (ZAR)
₦370 UAE DIRHAM (AED)
190 YUAN (CNY)
₦100 G.CEDI (GHS)
₦2250 CFA F.(XOF)
₦2250 CFA F.(XAF)
₦850 AUSSIE (AUD)
CBN Exchange Rate
DOLLAR (USD) ₦1327.78
POUND (GBP) ₦1774.31
EURO (EUR) ₦1521.37
SWISS FRANC (CHF) ₦1619.04
JAPANESE YEN (JPN) ₦8.44
CFA FRANC (XOF) ₦2.33
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1814.83
CHINESE YUAN (CNY) ₦198.16
SAUDI RIYAL (SAR) ₦353.57
SOUTH AFRICAN RAND (ZAR) ₦81.82
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