Artificial intelligence (AI) technologies hold big promise for the financial services industry, but they also bring risks that must be addressed with the right governance approaches, according to a white paper by a group of academics and executives from the financial services and technology industries, published by Wharton AI for Business.
Wharton is the academic partner of the group, which calls itself Artificial Intelligence/Machine Learning Risk & Security, or AIRS. Based in New York City, the AIRS working group was formed in 2019, and includes about 40 academics and industry practitioners.
The white paper details the opportunities and challenges of implementing AI strategies by financial firms and how they could identify, categorize, and mitigate potential risks by designing appropriate governance frameworks.
The American Jobs Plan (AJP) proposed by President Biden on March 31 would spend $2.7 trillion and raise $2.1 trillion dollars over the 10-year budget window of 2022–2031, according to the Penn Wharton Budget Model (PWBM), a nonpartisan initiative that analyzes the economic impact of public policy proposals.
The AJP’s tax and spending provisions would increase government debt by 1.7% and reduce GDP by a quarter percentage point by 2031, the study projected. By 2050, however, government debt would fall by 6.4% and GDP would decrease by 0.8%, according to its estimates.
India became the country with the world’s second highest number of confirmed COVID-19 cases on Monday, surpassing Brazil, and now second only to the United States. But experts say that low testing in the country suggests the real total is far higher than both.
India now has 13.5 million confirmed cases, compared to the U.S.’s 31.1 million. The country is currently in the midst of a second wave of the virus, with confirmed daily infections reaching an all-time high of 168,912 on Monday.
More than every second person in the world now has a cellphone, and manufacturers are rolling out bigger, better, slicker models all the time. Many, however, have a bloody history.
Though made in large part of plastic, glass, ceramics, gold and copper, they also contain critical resources. The gallium used for LEDs and the camera flash, the tantalum in capacitors and indium that powers the display were all pulled from the ground — at a price for nature and people.
“Mining raw materials is always problematic, both with regard to human rights and ecology,” said Melanie Müller, raw materials expert of the German think tank SWP. “Their production process is pretty toxic.”
IBM (NYSE: IBM) today announced that Kyndryl will be the name of the new, independent company that will be created following the separation of its Managed Infrastructure Services business, which is expected to occur by the end of 2021.
“Kyndryl evokes the spirit of true partnership and growth,” said Martin Schroeter, Chief Executive Officer of Kyndryl. “Customers around the world will come to know Kyndryl as a brand that runs the vital systems at the heart of progress, and an independent company with the best global talent in the industry.”
The findings of the Court of Justice of the EU (CJEU) in the two cases arising from complaints against Facebook by Austrian privacy campaigner Max Schrems highlight the fundamentally opposed approaches towards data and personal privacy in the EU and the US, writes Dick Roche.
Dick Roche is a former Fianna Fáil politician. He was the minister of state for European affairs when Ireland conducted the two referendums on the Treaty of Lisbon of the European Union, in 2008 and 2009.
The cases also shine a light on the extraordinary double standards of US policymakers who invoke concerns about data security in their efforts to push European countries in a direction that supports wider US geopolitical interests while applying lax standards domestically.
The unequivocal rulings of the Court of Justice in the two cases set a challenge for Europe’s Data Protection Commissioners and pose a conundrum as to how privacy protection arrangements in the US, which are honoured more in the breach than the observance, can be adjusted or augmented to satisfy EU data protection requirements.
Telecoms giant Huawei is keen to work alongside European companies to help the bloc achieve ambitious new benchmarks for semiconductors by 2030, as the firm continues to face challenges resulting from US trade restrictions.
Since being put on a US export blacklist by the Trump administration in 2019, China’s Huawei has faced obstacles in sourcing components required in the development of its own chips.
Speaking at Huawei’s global analyst summit on Monday (12 April), rotating Chairman Eric Xu warned of the damage that the continuation of these restrictions could do to global semiconductor supply chains, and said that ongoing sanctions on Huawei’s business with American firms could raise costs within the industry across the globe.
Iran’s foreign ministry said Monday (12 April) it is suspending cooperation with the European Union in various fields following the bloc’s decision to blacklist several Iranian security officials over a 2019 protest crackdown.
Foreign ministry spokesman Saeed Khatibzadeh “strongly condemned” the sanctions and said Iran is “suspending all human rights talks and cooperation resulting from these talks with the EU, especially in (the fields of) terrorism, drugs and refugees”.
He said Iran rejects “such actions from those falsely claiming to champion human rights”, adding Tehran is considering reciprocal sanctions.
“These chips, these wafers … batteries, broadband — it’s all infrastructure. We need to build the infrastructure of today and not repair the one of yesterday,” Biden said Monday during the CEO Summit on Semiconductor and Supply Chain Resilience. “The plan I propose will protect our supply chain and revitalize American manufacturing.”
An independent company that will be formed once IBM (NYSE: IBM) spins off its managed infrastructure services business by the end of 2021 will operate under the name Kyndryl and will be based in New York City.
“Kyndryl evokes the spirit of true partnership and growth,” Kyndryl CEO Martin Schroeter said in a statement published Monday.
In January, Schroeter was named CEO to oversee the new company that will focus on delivering information technology infrastructure modernization and management support to its global base of 4,600 clients.