Company News in Brief
Apple calls its AI delays ugly and embarrassing
Apple’s top executive overseeing its Siri virtual assistant told staff that delays to key features have been ugly and embarrassing, and a decision to promote the technology publicly before it was ready made matters worse.
Robby Walker, who serves as a senior director at Apple, delivered the stark comments during an all-hands meeting for the Siri division, saying that the team was facing a bad period. Walker also said that it’s unclear when the enhancements will actually launch, according to people with knowledge of the matter, who asked not to be identified because the gathering was private.
The frank discussion shows the extent of Apple’s crisis in the field of artificial intelligence, where it’s struggling to catch up with peers. Siri — less advanced than rival systems — has become a symbol of Apple’s AI challenges. And the company’s woes boiled over last week, when it acknowledged publicly that critical features would be delayed indefinitely.
During the all-hands gathering, Walker suggested that employees on his team may be feeling angry, disappointed, burned out and embarrassed after the features were postponed. The company had been racing to get the technology ready for this northern hemisphere spring, but now the features aren’t expected until next year at the earliest, people familiar with the matter have said.
Still, he praised the team for developing “incredibly impressive” features and vowed to deliver an industry-leading virtual assistant to consumers.-BLOOMBERG
TotalEnergies faces French manslaughter probe over Mozambique attack
French prosecutors have opened an investigation into TotalEnergies over potential manslaughter and a failure to assist people in danger during a jihadist attack in Mozambique, the energy firm said, reiterating that it denied any wrongdoing. Islamist insurgents attacked the port city of Palma in March 2021, killing many civilians in areas close to Mozambican gas infrastructure projects, owned in part by TotalEnergies. Survivors and relatives of victims filed a complaint in France in late 2023, saying the company had failed to ensure the safety of subcontractors. That led prosecutors to launch a preliminary inquiry.
"TotalEnergies has been informed of the opening of a judicial investigation into the Mozambique terrorist attacks of March 2021," the company said on Saturday in an emailed statement.
"The Company categorically rejects these accusations."
Repeating comments it had made at the time of the complaint, TotalEnergies said teams from the Mozambique LNG project provided emergency assistance and evacuated more than 2,500 people. The judicial investigation will determine whether or not there are grounds to send TotalEnergies to court.
French media earlier reported the probe was being overseen by prosecutors at Nanterre just outside Paris. The Nanterre prosecutor's office did not immediately respond to a request for comment.
The board of the U.S. Export-Import Bank has approved a nearly $5 billion loan for Mozambique LNG, clearing a key hurdle to restarting the project that was halted by the Islamist attacks.-REUTERS
Fitch thinks South Africa will struggle to stabilise debt as projected in budget
Fitch ratings agency said on Friday that it thought South Africa's government would struggle to stabilise debt as projected in this week's revised budget.
"South Africa's 2025 budget, unveiled on 12 March, indicates that the government remains committed to fiscal consolidation, despite upward pressure on public expenditure," Fitch said. "The budget has narrowed the gap between our projections for the fiscal deficit and those of the government, but we remain less optimistic that general government debt is stabilising, with Fitch's baseline indicating that debt/GDP will continue to rise in the next two years."
Finance Minister Enoch Godongwana's amended budget projected that debt would peak at 76.2% of GDP in the fiscal year that starts on April 1.
Fitch said: "This is more optimistic than our latest assumption that debt will reach 78.8% of GDP in FY25, from 77% in FY24, and will continue to increase in FY26. It could be positive for the sovereign's rating if debt follows the path projected by the government."
Most big parliamentary parties have publicly rejected Godongwana's amended budget, despite it scaling back the size of a contentious hike in value-added tax. The budget was earlier postponed because of disagreements in the ruling coalition.-REUTERS
Absa appoints new CEO from Standard Bank after shock Sunday night resignation
Absa has named former Standard Bank deputy CEO Kenny Fihla as its new chief executive after he suddenly resigned from his former employer on Sunday night.
The two rival banks made early morning statements on Monday announcing the executive changes, with Absa saying Fihla's appointment as CEO is effective from 17 June 2025, subject to regulatory approval. Absa added that its current interim CEO Charles Russon, who will stay on in that role until Fihla takes over, will work closely with its new leader to ensure a smooth transition, after which he will take a key senior role within the group executive committee.
"Kenny is a recognised leader with substantial Pan-African banking experience and a proven track record," Absa said shortly after Standard Bank announced Fihla's departure after 18 years.
Absa has been looking for a new permanent CEO since Arrie Rautenbach took early retirement, with effect from October 2024, amid an internal storm over the slow pace of transformation.
Standard Bank said separately that Fihla had tendered his resignation on Sunday night and would commence his gardening leave as of Monday. Fihla, who holds a master's in financial economics from the University of London and an MBA from the University of the Witwatersrand, had been tipped as the future successor of Standard Bank's current CEO Sim Tshabalala.-FIN24
Apple’s top executive overseeing its Siri virtual assistant told staff that delays to key features have been ugly and embarrassing, and a decision to promote the technology publicly before it was ready made matters worse.
Robby Walker, who serves as a senior director at Apple, delivered the stark comments during an all-hands meeting for the Siri division, saying that the team was facing a bad period. Walker also said that it’s unclear when the enhancements will actually launch, according to people with knowledge of the matter, who asked not to be identified because the gathering was private.
The frank discussion shows the extent of Apple’s crisis in the field of artificial intelligence, where it’s struggling to catch up with peers. Siri — less advanced than rival systems — has become a symbol of Apple’s AI challenges. And the company’s woes boiled over last week, when it acknowledged publicly that critical features would be delayed indefinitely.
During the all-hands gathering, Walker suggested that employees on his team may be feeling angry, disappointed, burned out and embarrassed after the features were postponed. The company had been racing to get the technology ready for this northern hemisphere spring, but now the features aren’t expected until next year at the earliest, people familiar with the matter have said.
Still, he praised the team for developing “incredibly impressive” features and vowed to deliver an industry-leading virtual assistant to consumers.-BLOOMBERG
TotalEnergies faces French manslaughter probe over Mozambique attack
French prosecutors have opened an investigation into TotalEnergies over potential manslaughter and a failure to assist people in danger during a jihadist attack in Mozambique, the energy firm said, reiterating that it denied any wrongdoing. Islamist insurgents attacked the port city of Palma in March 2021, killing many civilians in areas close to Mozambican gas infrastructure projects, owned in part by TotalEnergies. Survivors and relatives of victims filed a complaint in France in late 2023, saying the company had failed to ensure the safety of subcontractors. That led prosecutors to launch a preliminary inquiry.
"TotalEnergies has been informed of the opening of a judicial investigation into the Mozambique terrorist attacks of March 2021," the company said on Saturday in an emailed statement.
"The Company categorically rejects these accusations."
Repeating comments it had made at the time of the complaint, TotalEnergies said teams from the Mozambique LNG project provided emergency assistance and evacuated more than 2,500 people. The judicial investigation will determine whether or not there are grounds to send TotalEnergies to court.
French media earlier reported the probe was being overseen by prosecutors at Nanterre just outside Paris. The Nanterre prosecutor's office did not immediately respond to a request for comment.
The board of the U.S. Export-Import Bank has approved a nearly $5 billion loan for Mozambique LNG, clearing a key hurdle to restarting the project that was halted by the Islamist attacks.-REUTERS
Fitch thinks South Africa will struggle to stabilise debt as projected in budget
Fitch ratings agency said on Friday that it thought South Africa's government would struggle to stabilise debt as projected in this week's revised budget.
"South Africa's 2025 budget, unveiled on 12 March, indicates that the government remains committed to fiscal consolidation, despite upward pressure on public expenditure," Fitch said. "The budget has narrowed the gap between our projections for the fiscal deficit and those of the government, but we remain less optimistic that general government debt is stabilising, with Fitch's baseline indicating that debt/GDP will continue to rise in the next two years."
Finance Minister Enoch Godongwana's amended budget projected that debt would peak at 76.2% of GDP in the fiscal year that starts on April 1.
Fitch said: "This is more optimistic than our latest assumption that debt will reach 78.8% of GDP in FY25, from 77% in FY24, and will continue to increase in FY26. It could be positive for the sovereign's rating if debt follows the path projected by the government."
Most big parliamentary parties have publicly rejected Godongwana's amended budget, despite it scaling back the size of a contentious hike in value-added tax. The budget was earlier postponed because of disagreements in the ruling coalition.-REUTERS
Absa appoints new CEO from Standard Bank after shock Sunday night resignation
Absa has named former Standard Bank deputy CEO Kenny Fihla as its new chief executive after he suddenly resigned from his former employer on Sunday night.
The two rival banks made early morning statements on Monday announcing the executive changes, with Absa saying Fihla's appointment as CEO is effective from 17 June 2025, subject to regulatory approval. Absa added that its current interim CEO Charles Russon, who will stay on in that role until Fihla takes over, will work closely with its new leader to ensure a smooth transition, after which he will take a key senior role within the group executive committee.
"Kenny is a recognised leader with substantial Pan-African banking experience and a proven track record," Absa said shortly after Standard Bank announced Fihla's departure after 18 years.
Absa has been looking for a new permanent CEO since Arrie Rautenbach took early retirement, with effect from October 2024, amid an internal storm over the slow pace of transformation.
Standard Bank said separately that Fihla had tendered his resignation on Sunday night and would commence his gardening leave as of Monday. Fihla, who holds a master's in financial economics from the University of London and an MBA from the University of the Witwatersrand, had been tipped as the future successor of Standard Bank's current CEO Sim Tshabalala.-FIN24
