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Bank assets grow 10 percent to P24.8 trillion
Philippine banks’ assets grew by 10.3 percent to P24.81 trillion in January from the P22.49 trillion recorded a year ago, according to data from the Bangko Sentral ng Pilipinas,.....»»
PNB asset sale seen to yield P5.4 billion
Philippine National Bank will raise at least P5.41 billion from the disposition and monetization of foreclosed assets in Makati, Mandaluyong and Quezon City next month......»»
Bank assets up 8% to P31 trillion in 2023
The total resources of the country’s financial system went up by eight percent to hit P31 trillion in 2023, the Bangko Sentral ng Pilipinas said......»»
Philippine bank assets swell to P30 trillion
The total resources of the country’s financial system went up by almost 10 percent to breach the P30-trillion level, the Bangko Sentral ng Pilipinas said......»»
German prosecutor seeks to confiscate $800 million in Russian assets
Officials in Karlsruhe are reportedly targeting the frozen funds of a Moscow Stock Exchange subsidiary German officials have announced plans to seize almost $800 million in assets from a Russian bank account due to alleged violations of EU sanctions. The Federal Public Prosecutor's Office in Karlsruhe has.....»»
PNB eyes P1 billion from sale of assets
Lucio Tan’s Philippine National Bank is set to dispose close to P1 billion worth of real estate properties located mostly in the National Capital Region via a public bidding in the middle of next month......»»
Bank assets hit P24 trillion in 9 months
The resources of Philippine banks grew by 8.7 percent to P24.7 trillion from January to September this year versus last year’s P22.72 trillion, according to the Bangko Sentral ng Pilipinas......»»
Chinabank’s 9-month net income reaches P16.2B
China Banking Corporation, also known as Chinabank, reported a net income of P16.2 billion for the first nine months of 2023, a 10% increase compared to the same period last year. The bank's strong performance was attributed to growth in core businesses and lower loan loss provisions. In the third quarter alone, Chinabank recorded profits of P5.4 billion, a 16% increase from the previous year. The bank's President and CEO, Romeo D. Uyan, Jr., credited the success to effective business strategies and efficient operations. Net interest income grew by 16% to P39.2 billion, while total credit provisions were reduced to P1.3 billion. Despite this, Chinabank maintained a better-than-industry non-performing loans (NPL) cover of 126%. Operating expenses increased by 14% to P20.5 billion, driven by manpower and inflation-related expenses. Chinabank remains the 4th largest private domestic bank with total assets of P1.4 trillion. Gross loans grew by 10% to P765 billion, with consumer loans experiencing a 19% expansion. The bank's NPL ratio remained manageable at 2.2%. Total deposits increased by 14%.....»»
Going digital
When Edwin R. Bautista became the president and CEO of UnionBank in 2018, he saw the future of the bank......»»
US says anti-Iran strikes in Syria hit ammunition depots
The United States said Friday it sought to degrade ammunition supplies of Iranian-linked militias with strikes in Syria but insisted it did not want to widen the Middle East conflict. The Pentagon on Thursday announced air strikes on two sites in eastern Syria it said were used by Iran's elite Islamic Revolutionary Guard Corps (IRGC) after a string of attacks on US forces in Iraq and Syria since the start of the Israel-Hamas war. "The purpose for those two sites that we targeted was to have a significant impact on future IRGC and Iran-backed militia group operations," National Security Council spokesman John Kirby told reporters Friday. "It went right at storage facilities and ammo depots that we know will be used to support the work of these militia groups, particularly in Syria." "The main goal was to disrupt that ability and also to deter -- to prevent -- future attacks," he said. The White House earlier said that President Joe Biden had relayed a direct warning to Iran's supreme leader Ayatollah Ali Khamenei against militias' strikes on US troops in Syria and Iraq, where US forces are stationed as part of efforts against the Islamic State group, which also has clashed with Shiite Iran. There have been at least 14 attacks on US and allied forces in Iraq and six in Syria since October 17, a period in which 21 American military personnel suffered minor injuries and one contractor died from a cardiac incident, according to the Pentagon. The US strikes on Thursday were the first on Iranian interests since March, breaking a stretch of calm after the Biden administration opened quiet diplomacy with the US arch-enemy that led to a prisoner swap and conversations on Iran's disputed nuclear program. The October 7 assault by Hamas and Israel's retaliatory strikes have inflamed the region. Iran's clerical leaders back Hamas, while the United States is the foremost ally of Israel. Defense Secretary Lloyd Austin, in a statement Thursday, said that the strikes were "narrowly tailored" to protect US personnel. "They are separate and distinct from the ongoing conflict between Israel and Hamas, and do not constitute a shift in our approach to the Israel-Hamas conflict," Austin said. The Pentagon said Friday evening that its current assessment is the strikes did not cause casualties. 'Finger on the trigger' In new pressure, the United States -- which already considers Hamas and the Revolutionary Guards to be terrorist organizations -- said it was imposing sanctions on a Hamas official based in Iran and members of the IRGC. The Biden administration has vowed to target the finances of Hamas, which holds hundreds of millions of dollars in global assets, according to US Treasury Department estimates. Iran also has a close relationship with Hezbollah, the Lebanese Shiite militia and political movement that has repeatedly fired at Israel but has so far stopped short of opening a full second front. Iranian Foreign Minister Hossein Amir-Abdollahian said Friday that he has spoken with Lebanese and Palestinian militants and they "have their finger on the trigger" if Israel expands its ground operation into Gaza. Speaking to US National Public Radio from the United Nations, Amir-Abdollahian said the militants' actions would be "much more powerful and deeper than what you’ve witnessed." "Therefore I believe that if this situation continues and women and children and civilians are still killed in Gaza and the West Bank, anything will be possible," he said. Amir-Abdollahian insisted, however, that militants would decide their own actions, saying, "We don't really want this conflict to spread out." Addressing the General Assembly on Thursday, Amir-Abdollahian said that the Palestinians "as a nation under occupation" have the "legitimate right to resist the occupation using all available methods, including armed struggle." Hamas militants on October 7 stormed out of the blockaded Gaza Strip and killed 1,400 people, mostly civilians, including children, the elderly and revelers at a music festival, and took more than 220 hostages in the deadliest attack in Israel's history. Israel has struck back with a relentless bombing campaign which Gaza's Hamas-run health ministry says has killed 7,326 people, mostly civilians, among them 3,038 children. UN Secretary-General Antonio Guterres, meeting Friday with Amir-Abdollahian, urged Iran to work toward the "unconditional and immediate release of hostages held in Gaza." The post US says anti-Iran strikes in Syria hit ammunition depots appeared first on Daily Tribune......»»
Crypto crackdown intensifies on Hamas finance
Cryptocurrency has become the latest front in the conflict between Israel and Hamas, analysts say. Israeli and US authorities have intensified their financial hunt into Hamas in recent days as they track illicit funds via digital currencies. Ari Redbord, global policy head at crypto tracking specialist TRM Labs, said there is now less crypto transfer activity on pro-Hamas support networks as a result. "We are seeing a lot less activity in some respects since the war began," Redbord told AFP. This is "primarily because Israel has been very aggressive and successful in taking down these fundraising efforts", he added. Israel has bombed Gaza in response to an unprecedented cross-border attack by Hamas militants who, while firing a massive rocket barrage, killed more than 1,400 people and took 222 hostages on 7 October, according to Israeli authorities. Israeli strikes have now killed more than 6,500 people in Gaza, according to the Hamas-run health ministry. Shadowy world Cryptocurrency is regarded as a speedy way to move cash that is unregulated by any central bank and is less traceable than a traditional bank transfer. The shadowy world of digital units, based on decentralized blockchain technology, has gained notoriety for illicit transactions due to its under-the-radar appeal. Two weeks ago, Israeli police revealed they had located and frozen accounts linked to Hamas that sought "to solicit donations on social networks" via Binance, the world's biggest cryptocurrency exchange. A Binance spokeswoman said it "follows internationally recognized sanctions rules, blocking the small number of accounts linked to illicit funds". Redbord, formerly a senior US government adviser, said Hamas had adopted crypto from 2019 at the latest, to seek funding via the Telegram messaging network and even on its own website. Hamas decided in April that it would no longer accept cash via Bitcoin due to increased global surveillance of the world's biggest digital unit. Crypto fundraising is now operated via a network of Hamas-linked support groups. TRM Labs has closely monitored virtual crypto wallets linked to such support groups since the start of the war. And it has concluded that much smaller amounts of cash than usual are being moved. Two weeks after the attacks, support group Gaza Now received less than $6,000 in one of its crypto wallets, Redbord noted. That compared with $800,000 in total since the wallet's creation in August 2021. Meanwhile, authorities are well aware that digital assets are a minor part of a complex funding picture. The US State Department estimates that Iran funnels $100 million per year to Palestinian groups including Hamas. 'Small piece of puzzle' "Cryptocurrency is a very small piece of a larger financing puzzle for Hamas," said Redbord. "They are looking to Iran; they're... imposing taxes on the Palestinians; they have a network of charities and a diaspora of supporters who are sending donations not in cryptocurrencies." "But crypto does play a role," he said. Digital currencies still represent a significant revenue stream for Hamas and other allied groups. Crypto addresses identified by Israel as being linked to Hamas received about $41 million between August 2020 and July 2023, according to Israeli analytics and software firm BitOK. Other crypto addresses linked to Islamic Jihad received in excess of $154 million between October 2022 and September 2023, with some still active, it adds. Some players in the sector simply turn a blind eye. "Some cryptoasset businesses are intentionally or unwittingly allowing misuse of the crypto ecosystem," said Joby Carpenter, an expert on the industry. "This trend is magnified where exchanges are based in lightly or unregulated jurisdictions," he told AFP. The post Crypto crackdown intensifies on Hamas finance appeared first on Daily Tribune......»»
Brawner: Modern weapons ‘crucial’
Armed Forces of the Philippines Chief of Staff, Gen. Romeo Brawner Jr., on Tuesday said the military organization needs to acquire modern defense equipment and weapons so it can better protect and defend the country against external threats. Aside from modern weapons, Brawner cited the need to equip soldiers with the resources and skills to prepare them for any challenges in fighting and neutralizing threats. Brawner said the AFP also envisions the creation of “citizen warriors” or recruiting more reservists that can be readily tapped during emergencies. Asked if the AFP is ready to meet any external aggression, Brawner said: “When it comes to Filipinos’ fighting spirit, we are number one because, for the longest time, we have been fighting for years, so we are one of the most capable fighters in the world so we just need modern equipment, modern weapons and that’s what we are doing in our modernization effort.” Brawner said an allocation of huge funds is needed to acquire more modern defense equipment and weapons. He said the AFP is targeting to acquire “multi-role fighter aircraft, naval assets, command and control or C-2 systems, shore-based deterrent capabilities, submarines and the like” under the third Horizon of the AFP modernization program. Five-year program The Horizon 3 is slated for 2023 up to 2028. Horizon 2 was undertaken from 2018 to 2022, and Horizon 1 was pushed from 2013 to 2017. Brawner said such procurement tranches are designed to acquire equipment, weapons systems, and platforms to enhance the military organization’s external or territorial defense capability. The post Brawner: Modern weapons ‘crucial’ appeared first on Daily Tribune......»»
Brawner: Modern weapons ‘crucial’ to combatting external threats
Armed Forces of the Philippines chief Gen. Romeo Brawner Jr. on Tuesday said the military organization needs to acquire modernized defense equipment and weapons so it can better protect and defend the country against any external threat. Aside from modernized weapons, Brawner also cited the need to equip soldiers with the resources and skills to prepare them for any challenges of fighting and neutralizing threats. Brawner said the AFP is also envisioning the creation of “citizen warriors” or recruiting more reservists that can be readily tapped during emergencies. “‘Yung taong bayan ay kailangang ihanda natin, tingnan nyo po yung nangyari sa Israel nung umatake yung Hamas, ang mga unang dumepensa sa bansa nila ay yung mga citizen warriors, yung mga reservists, yun din po ang gusto nating mangyari dito,” he said in an interview over the DZRH. “Gusto po natin talagang ihanda yung ating mga kababayan mga mamamayan for any eventuality whether it is man made or even natural,” he added. Asked if the AFP is ready for any external aggression, Brawner said: “When it comes to Filipinos’ fighting spirit, we number one, because for the longest time—we have been fighting for years, so we are one of the most fighters in the world so we just need modern equipment, modern weapons and that’s what we are doing in our modernization effort.” Brawner said an allocation of huge funds is needed to acquire more modern defense equipment and weapons. “Because really mahal po kasi yung mga kagamitan na kailangan natin but we have to invest in our defense kasi kung hindi po natin gagawin yan, kahit na anong gastos natin sa ibang mga bagay pero kung may mangyari man, kung may umatake sa atin mawawala lahat ito,” he added. Brawner earlier said the AFP is targeting to acquire “multi-role fighter aircraft, naval assets, command and control or C-2 systems, shore-based deterrent capabilities, submarines and the like” under the third Horizon of the AFP modernization program. The Horizon 3 is slated for 2023 up to 2028. Horizon 2 was undertaken from 2018 to 2022 and the Horizon 1 was pushed from 2013 to 2017. Brawner said such procurement tranches are designed to acquire equipment, weapons systems, and platforms geared at enhancing the external or territorial defense capability of the military organization. Among the platforms procured in the ongoing AFP Modernization Program include the S-70i "Black Hawk" combat utility helicopters, missile frigates, close air support aircraft, air defense surveillance radars, unmanned aerial vehicles or drones, corvettes, anti-submarine helicopters, light tanks, tactical radios, amphibious assault vehicles, civil engineering equipment, and modern pistols......»»
High expectations from winners (4)
Vice President and DepEd Secretary Sara Duterte-Carpio took very seriously the job given to her by President Ferdinand “Bongbong” Marcos Jr. to prepare a curriculum relevant to producing competent, job-ready, active, and responsible citizens. In her report on basic education in the Philippines, she revealed in detail the problems confronting it, the teachers, and learners; and crafted means to overcome them, guided by the Constitution and the convention on the rights of the child, reaffirming our country’s commitment to improving the quality of basic education in the Philippines. “The four learners at home — one in kindergarten, one in Grade 4, one in Grade 7, and one in Grade 9 — enable me to see different kinds of problems being experienced by learners every day.” “In my work as Secretary of Education, I am in the company of 28 million Filipino learners throughout the country. I can see numerous problems faced by them every day.” “Four learners at home, plus 28 million more throughout the land, these, my countrymen, make my interest in the future of Philippine education a very personal matter.” “Filipino learners are not academically proficient. In time, Filipino learners experience emotional abuse and exhaustion. Some of them suffer from psychological fatigue. And being academically insecure, many of them may fail to meet the standards of a demanding and competitive world. These are caused and triggered by conditions present at home, in our communities, and even in our schools as a result of problems ingrained in our system. This is the truth. This is our future. But this is a future that we can change. That is why we are here.” “We have to take good care of our teachers. They are the lifeblood of the Department of Education. Without our teachers, our mission to carve a better future for our children will fail.” “And to empower our learners with the relevant skills and knowledge, we shall focus on upscaling their knowledge and capacities as public servants. The assessment of the K-12 curriculum revealed the weak teaching methods of our teachers in addressing 21st-century skills. Studies done by the Research Center of Teacher Quality, the World Bank, and UNICEF showed that our teachers need further support, particularly in explicitly and strategically teaching critical thinking and problem-solving skills.” “While critical thinking was the most evident in the curriculum, it was also the least taught to students by the teachers. Instead, lessons leaned towards conceptual or content-based teaching. And lessons lacked in-depth processing to cultivate critical thinking and problem-solving. Finally, there appears to be insufficient knowledge on developing 21st-century skills, including higher-order thinking skills among learners. This is not the fault of our teachers—whose dedication, integrity, and commitment to serving Filipino children and the country strengthen our collective effort to achieve our shared dreams for our learners. The sad reality is that the system has failed them.” “This is the system that burdens them with backbreaking and time-consuming administrative tasks, a system that provides no adequate support and robs them of the opportunity to professionally grow and professionally teach, assist and guide our learners.” “Our teachers must return to our classrooms and they must teach.” Studies and tests were conducted to measure the literacy of the learners. It was discovered that the issue of literacy is alarming in our basic education. We must address it appropriately and effectively. The 2018 study results showed that 81 percent of Filipino learners could not deal with basic math problems, 81 percent had trouble understanding texts of moderate length, and 78 percent could not recognize correct explanations for scientific phenomena or draw valid conclusions from given data. “We can do better than this,” Sara said. “We are better than this. Studies like these are opportunities for us to thoroughly examine our system and defects that hurt our children’s abilities.” (To be continued) The post High expectations from winners (4) appeared first on Daily Tribune......»»
Stocks retreat, oil prices advance on Middle East fears
Stock markets slid and oil prices jumped Friday on worries that an expected ground invasion of Gaza by Israel would spark a wider conflict in the crude-rich Middle East. Risk aversion was compounded by US Federal Reserve boss Jerome Powell, who signalled a pause in interest rates at the bank's next meeting but left open the prospect of a later hike. Wall Street moved lower from the opening bell while Europe's main stock markets closed down more than one percent. Brent North Sea crude, the international benchmark, was up one percent at more than $93 per barrel. Gold, a go-to haven asset in times of uncertainty, hit close to $2,000 an ounce. "It has been a tumultuous and eventful week for the global financial markets," said Fawad Razaqzada, market analyst at City Index and Forex.com. "The ongoing situation in the Middle East has triggered a surge of volatility in the oil and stock markets, compelling investors to re-evaluate their strategies and shift their focus from riskier assets to 'safer' investments," he wrote in a note. That has in particular led to a rush into gold. "Gold's safe-haven status has been questioned on a number of occasions over recent years, but times like this highlight that in times of significant uncertainty, traders look for assets with a track record," said market analyst Craig Erlam at OANDA. Hamas carried out a deadly attack on Israel from the Gaza Strip on October 7, and killed at least 1,400 people, mostly civilians who were shot, mutilated or burned to death, according to Israeli officials. In response, Israel launched a relentless bombing campaign on Gaza. More than 4,100 Palestinians, mostly civilians, have been killed, according to the latest toll from the Hamas-run health ministry. Traders are also wrestling with the prospect that US interest rates will remain elevated for some time as the Fed battles to contain inflation. On Thursday, Powell suggested decision-makers would not hike rates at their next meeting at the end of October but left the door open to more tightening down the line. News that weekly jobless claims in the United States came in lower than expected, suggesting the labour market was tighter than many predicted, dealt a blow to traders' confidence. "Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal," Powell told a conference in New York. Additional evidence of "persistently above-trend growth" or fresh signs of tightness in the labour market "could warrant further tightening of monetary policy". Investors have also tracked the yield on the 10-year US Treasury note, seen as a proxy for US interest rates, which stood just below five percent on Friday after briefly hitting that level for the first time since 2007 a day earlier. In Britain, the yield on 30-year government bonds rose to their highest since 1998 at 5.16 percent. In currency markets, the dollar was close to topping 150 yen after surpassing the psychological level at the start of October for the first time in a year. The post Stocks retreat, oil prices advance on Middle East fears appeared first on Daily Tribune......»»
Prosecutors reject Trump claim of ‘absolute immunity’
Federal prosecutors on Thursday rejected Donald Trump's attempt to have election conspiracy charges dismissed on the grounds that he enjoys immunity for actions he took while in the White House. "No one in this country, not even the president, is above the law," special counsel Jack Smith's team wrote in a 54-page motion filed with the judge presiding over the landmark case. Trump, the frontrunner for the 2024 Republican presidential nomination, is to go on trial in Washington in March of next year for allegedly conspiring to subvert the results of the November 2020 election won by Democrat Joe Biden. The former president's lawyers, in a motion two weeks ago to US District Judge Tanya Chutkan, argued that the charges should be thrown out because Trump is "absolutely immune from criminal prosecution." Prosecutors in the special counsel's office dismissed that argument and urged Chutkan to deny Trump's request. "He is subject to the federal criminal laws like more than 330 million other Americans," they said. "No court has ever alluded to the existence of absolute criminal immunity for former presidents. "The implications of the defendant's unbounded immunity theory are startling," they added. "It would grant absolute immunity from criminal prosecution to a president who accepts a bribe in exchange for a lucrative government contract for a family member," they said, or "a president who sells nuclear secrets to a foreign adversary." Trump's bid to invoke the presidential immunity defense is seen as a long shot by legal observers but it could result in a delay to the start of the trial as the argument potentially winds its way up to the conservative-dominated Supreme Court. Trump's attempts to use the "absolute immunity" defense in other cases have been rebuffed by judges, but the nation's highest court has never ruled directly on whether a former chief executive is immune from criminal prosecution. Trump is the first former US president to face criminal charges. 'Unsettled question' Trump's attorneys, citing a Supreme Court case involving former president Richard Nixon, said the law provides "absolute immunity" to the president "for acts within the 'outer perimeter' of his official responsibility." As chief executive, they argued, Trump had a responsibility to "ensure election integrity" and was within his rights to challenge the results of the 2020 vote. "As President Trump is absolutely immune from criminal prosecution for such acts, the Court should dismiss the indictment," they said. While making the argument that Trump cannot be prosecuted, his lawyers acknowledged the Nixon case they cited involved the civil liability of a former president and not alleged criminal conduct. "The question remains a 'serious and unsettled question' of law," they said. The case before Chutkan accuses Trump of conspiracy to defraud the United States and conspiracy to obstruct an official proceeding -- the January 6, 2021 joint session of Congress that was attacked by a mob of Trump supporters. Other criminal cases against Trump include racketeering charges in Georgia for allegedly conspiring to upend the election results in the southern state and a trial in Florida in May 2024 on charges of mishandling top-secret government documents. Trump and his two eldest sons are also currently involved in a civil fraud trial in New York for allegedly inflating the value of their real estate assets to receive more favorable bank loans and insurance terms. The post Prosecutors reject Trump claim of ‘absolute immunity’ appeared first on Daily Tribune......»»
Woman arrested for disrupting Trump trial
disrupting Donald Trump’s civil fraud trial after she approached the former United States president in the courtroom and saying she wanted to “assist him,” a court spokesperson said. The woman, who was not identified, was “safely escorted” out of the Manhattan courtroom by officers and has been charged with contempt and immediately placed on administration leave pending an investigation, spokesperson Lucian Chalfen said. The woman “disrupted the proceedings,” Chalfen said in a statement. She was “stopped by court officers before she got near Mr. Trump or any of the attorneys or other litigants,” the spokesperson said, adding that “none of the parties were ever in any danger.” Trump did not seem concerned by the incident, and appeared to only learn of it when speaking to reporters later. “Who got arrested? We don’t know anything about it,” he said. “You know who should be arrested?” he asked. “The attorney general should be arrested. For what she’s doing.” New York’s attorney general Letitia James has accused Trump, his sons Eric and Don Jr. and other executives of the Trump Organization of colossally inflating the value of their real estate assets in order to receive more favorable bank loans and insurance terms. The post Woman arrested for disrupting Trump trial appeared first on Daily Tribune......»»
PNB to sell P10 billion assets
Philippine National Bank is raising over P10 billion via the sale of close to 100 properties in Luzon, Visayas and Mindanao next month......»»
Oil prices jump as Hamas attack on Israel fuels supply fears
Oil prices rallied while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend, sparking fresh concerns about tensions in the Middle East. The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high owing to Saudi Arabia and Russia's output cuts. It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices, giving a fresh headache to central banks as they try to ease up on interest rate hikes to avoid recessions. The surprise attack and Israel's declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran. "Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia," said ANZ Group's Brian Martin and Daniel Hynes. "Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected." Both main contracts surged more than five percent in early Asian business before easing back as the day wore on. However, SPI Asset Management's Stephen Innes warned: "Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises. "Meanwhile, stocks tend to eventually recover and trend higher after an initial period of volatility. Safe-haven assets like gold and Treasurys, which initially see gains during such crises, tend to fade from their initial price spikes as the situation stabilizes. "But with Middle East analysts considering this to be a pivotal moment for Israel, the view looks incendiary in any current scenario." A decidedly risk-off mood also saw investors push into the safety of the dollar, which was up against the pound and euro, as well as the Australian and New Zealand dollars. The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows. Gold, another key haven, gained more than one percent. Equity markets were mixed, with Shanghai dropping on its first day back after a week-long holiday as investors continue to fret over the stuttering Chinese economy. There were also losses in Mumbai, Singapore, Manila, Bangkok and Wellington, though Hong Kong rose as it opened in the afternoon, having been closed in the morning owing to a typhoon. Sydney and Jakarta eked out gains. Tokyo was closed for a holiday. London edged up at the open while Paris and Frankfurt were lower. The tepid performance came despite a rally on Wall Street, where traders welcomed data showing a forecast-busting jump in new jobs but wage growth slowing. The "Goldilocks" figures -- neither too strong nor too weak -- lifted optimism the world's top economy can avoid a recession even as the Federal Reserve keeps rates elevated. Still, there are worries the bank will hike one more time before the end of the year, with officials determined to bring inflation to heel and keep it at their two percent target. Key figures around 0715 GMT West Texas Intermediate: UP 3.5 percent at $85.69 per barrel Brent North Sea crude: UP 3.1 percent at $87.23 per barrel Hong Kong - Hang Seng Index: UP 0.4 percent at 17,552.01 Shanghai - Composite: DOWN 0.4 percent at 3,096.92 (close) London - FTSE 100: UP 0.3 percent at 7,518.16 Tokyo - Nikkei 225: Closed for a holiday Euro/dollar: DOWN at $1.0540 from $1.0588 on Friday Pound/dollar: DOWN at $1.2195 from $1.2234 Dollar/yen: DOWN at 149.15 yen from 149.30 yen Euro/pound: DOWN at 86.49 pence from 86.52 pence New York - Dow: UP 0.9 percent at 33,407.58 (close) (Bloomberg News contributed to this story) The post Oil prices jump as Hamas attack on Israel fuels supply fears appeared first on Daily Tribune......»»
Half of finance work could be AI by 2030
Dear Editor, The G.M.A. Integrated News unveiling of A.I. sportscasters Maia and Marco last 24 September captivated many people during the start of the National Collegiate Athletic Association or NCAA Season 99. This groundbreaking introduction sparked intense discussions on social media about Artificial Intelligence’s potential implications on journalism’s future. People expressed a mix of excitement and apprehension, highlighting the need for further exploration and understanding of AI’s role in shaping the field of journalism. As Artificial Intelligence advances at an unprecedented rate, it is not only in journalism where AI can automate work. According to McKinsey, by 2030, approximately half of the finance work could be automated. This automation will bring opportunities and challenges, as AI can streamline processes and improve efficiency. The finance areas that have already started to be automated are the banking and financial institutions, risk assessments, credit scoring, customer service, and market sentiment analysis. In banking and financial institutions, an AI called KAI-GPT can auto-detect risks, generate insights, and make financially literate recommendations. Launched on 31 May 2023, KAI-GPT is the world’s first banking-specific large language model designed to address the industry’s unique accuracy, transparency, trustworthiness, and customization needs. The KAI-GPT provides a human-like, financially literate response. Westpac, Australia’s first bank and oldest company serving more than 12 million customers, is in the process of implementing KAI. Meanwhile, in risk assessment, the tool DataRobot AI can simulate potential fraud scenarios and detect credit risks, fraud risks, and market volatility. Using predictive and generative DataRobot AI improves the technical ecosystem in Financial Services. Sanlam, Africa’s largest non-banking financial institution, uses DataRobot AI, resulting in more streamlined and transparent solutions, driving critical business value levers such as sales and client retention. In the finance area of credit scoring, the Personetics and AIO Logic can detect risk, determine rates, and structure customer loans. Personetics serves over 140 banks and financial institutions across 30 global markets, reaching 135 million banking customers. United Overseas Bank, a Singapore-based Banking and Financial Services organization with 24346 employees and revenues of $9790000.00 billion, uses Personetics. AIO Logic is well known as an AI for Automated Payment Management, Automated Balance Management, Automated Accounting, Complex Structures, Automated Invoicing, Automated Reporting and Analytics. These two credit scoring AI can also assess customers’ creditworthiness and set credit limits. In customer service, robo-advisors, chatbots, and virtual assistants provide a conversational system fit for financial planning assistance. Robo-advisors offer financial advice and limited human interaction, which appeal to Generation Z, who have virtual interactions with advisors and are increasing interest in novel assets like cryptocurrency. The AI is now also in market sentiment analysis, and Bloomberg G.P.T. shows how to automatically analyze news, articles, social media and other classified textual data. Launched on 30 March 2023, Bloomberg GPT is a significant language model with 50 billion parameters trained explicitly on a wide range of financial data. It can perform market sentiment analysis and even help manage investment portfolios. These advancements in AI technology have the potential to significantly streamline and automate many tasks in the finance industry, reducing the need for human intervention. The applications of generative AI in Finance will be widely seen in regulatory compliance and reporting, financial forecasting, portfolio optimization, anti-money laundering and algorithmic trading. However, it is essential to note that while AI can enhance efficiency and accuracy, it is not a substitute for human expertise and judgment. Human oversight and decision-making will still be crucial in navigating complex financial landscapes and ensuring AI technologies’ ethical and responsible use. Still, job displacement in finance may occur, and the need to upskill the workforce is now paramount. Arnel Lopez Cadeliña arnelcadelina@gmail.com The post Half of finance work could be AI by 2030 appeared first on Daily Tribune......»»