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Why future school pupils won’t need to memorise facts : The Standard

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Future school pupils won’t need to memorise anything, because “Google brain” implants will answer all their questions instantly, an artificial intelligence expert has claimed.

Nikolas Kairinos, founder and chief executive of Fountech.ai, believes that rote learning will disappear completely in schools, because “Google will be in your head”.
“The need to actually learn something in parrot fashion is going to disappear because we will have access to that instantly,” Mr Kairinos told the Daily Star.
“It’ll be like having a really smart assistant that will almost think like you.”

SEE ALSO :Google fined Sh5.7b over GDPR failures

He added that humans will be able to get answers to any questions they may have without making a sound or typing anything.
“You can ask something like ‘how do you say this in French?’ and instantly you’ll hear the information from the AI implant and be able to say it,” he explained.
Mr Kairinos has racked up more than 20 years of working with start-ups. His company, Fountech.ai, specialises in the development of artificial intelligence solutions for businesses and organisations.
He claims that AI could enable teachers to deliver tailored lessons that cater to the learning needs of each individual pupil – no matter what their learning style.
“Already, we are seeing AI and machine learning being creatively applied in the classroom,” he wrote in a recent blog post .

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SEE ALSO :Google Maps will stop you getting caught for speeding thanks to update

“By providing a student with a list of questions and exercises, the technology is able to understand, through machine learning, what method of teaching is generating the best response.
“It can then deliver tailored lessons catered to each individual.
“There’s even talk of AI devices being able to read facial expressions to determine whether the student (who could be nine or 90 years old) is reacting positively or negatively to different learning methods.”
It’s not just students but also teachers who stand to benefit from AI innovation, according to Mr Kairinos.
“Take marking and grading papers as an example,” he said.

SEE ALSO :What Sh5.7b Google fine can do for Kenya

“At the moment, computers are able to mark multiple choice tests.
“However, algorithms are now being used to assess complex, open-ended written responses that test a student’s real understanding of the subject matter.
“In doing so, it gives teachers more time to dedicate to their students.”

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World Bank pushes G-20 to extend debt relief to 2021

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World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.

“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.

He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.

The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.

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People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.

For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.

Debt burdens, already unsustainable for many countries, are rising to crisis levels.

“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

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Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

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The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.

“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”

According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.

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Tighter Reins on Platforms for Mobile Loans

The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.

Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.

Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

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Scope Markets Kenya customers to have instant access to global financial markets

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NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. 

This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.

The Scope Markets app offers clients over 500 investment opportunities across global financial markets.

The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.

The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).

The platform also offers an enhanced client interface including catering for those who trade at night.

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The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour;  Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).

The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.

Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”

He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.

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