Posts in category: business

Many efforts to build an AI ethics program miss an important fact: ethics differ from one cultural context to the next. Ideas about right and wrong in one culture may not translate to a fundamentally different context, and even when there is alignment, there may well be important differences in the ethical reasoning at work — cultural norms, religious tradition, etc. — that need to be taken into account. Because AI and related data regulations are rarely uniform across geographies, compliance can be difficult. To address this problem, companies need to develop a contextual global AI ethics model that prioritizes collaboration with local teams and stakeholders and devolves decision-making authority to those local teams. This is particularly necessary if their operations span several geographies.

Bangladesh protests LIVE: Shopping center which was set on fire by protesters during a rally against PM Sheikh Hasina and her government demanding justice for the victims killed in the recent countrywide deadly clashes, in Dhaka, Bangladesh, Aug. 4,

First Published: Aug 05 2024 | 9:11 AM IST

First Published: Aug 05 2024 | 1:03 PM IST

Apple has found its groove again.

The iPhone maker’s stock hit $133.82 in early trading Monday, putting Apple less than $1 away from its intraday trading high of $134.54, reached in April 2015. Apple’s stock ended the day at $133.29, beating its previous record closing price of $133, set in February 2015.

The stock surge, pushing Apple (AAPL) to a $700 billion market cap, comes amid renewed optimism for the iPhone.

Goldman Sachs raised its price target for the stock on Monday, citing the likelihood of “major new features” like “3D sensing” being added to the next iPhone model, according to an investor note provided to CNNMoney.

Apple’s previous high was set six months after it released the redesigned iPhone 6 and 6 Plus, kicking off what CEO Tim Cook described as the “mother of all upgrades.”

Since then, however, Apple has bucked its tradition of overhauling the iPhone every other year. The newest models on the market today look nearly identical to the iPhones available in late 2014.

The long wait, combined with this year marking the iPhone’s tenth anniversary, has only raised expectations that Apple is about to significantly overhaul its smartphone and reignite demand.

Related: Tim Cook: ‘Apple would not exist without immigration’

Apple’s annual sales fell in the 2016 fiscal year for the first time since 2001 as iPhone sales, still the majority of its business, declined in three consecutive quarters.

Apple even cut its CEO’s pay by 15% due to the company’s failure to meet its performance goals for both sales and profits.

But that losing streak just ended.

Apple sales started growing again in the December quarter, driven by stronger demand for the iPhone — particularly for the larger and more expensive iPhone 7 Plus.

The company sold 78.3 million iPhones for the quarter, setting a new record. At least some of that may be due to the Samsung’s smartphone recall woes.

Mark Moskowitz, an analyst with William Blair, wrote in an investor note this month, “Samsung’s Note 7 struggles likely helped.”

The iPhone isn’t the only reason Wall Street is excited about Apple. There’s also President Trump.

Despite Trump clashing with Apple during the campaign, investors are now optimistic Apple will benefit from at least one Trump proposal: cutting taxes on cash that U.S. businesses bring back from their overseas accounts.

Apple currently has $230 billion in cash held in foreign accounts. If Trump and Congress make it cheaper for Apple to bring that money back, it could be used for acquisitions and buybacks.

CNNMoney (New York) First published February 13, 2017: 12:24 PM ET

In a work world that values ownership and personal initiative, many assume that asking for direction or seeking clarification will make them look incapable, or worse, will prove to others — and themselves — that they have no idea what they’re doing. Asking for help without appearing weak requires a delicate balance of convening vulnerability and strength. In this article, the author offers advice for how to ask for help from a position of strength — and how to get what you need without making yourself look bad. 

Imagine you’ve just been handed a new project at work. It’s mostly within your subject matter expertise, but it involves new skills you’ve never used before. You start by doing some research, hoping to piece together a plan, but soon you feel stuck and overwhelmed. Your mind races with concerns about how you’ll hit your deadline.

K V Rama Moorthy was the chief of the bank during its initial public offering (IPO) in September 2022.

At present, the bank has a three-member Committee of Executives (COEs) to oversee administration and operations, which includes S Narayanan, general manager (credit); D Ramesh, general manager (HR); and P R Ashok Kumar, general manager. The bank’s total business may touch ~1 trillion this financial year.

When asked about the inclusion of Moorthy, the source said: “He was instrumental in our IPO and had interacted with investors and analysts during that time. He understands the expectations of shareholders, and hence there will be continuity.” 

At present, around 93 per cent of its business comes from the retail, agri, and MSME (RAM) sectors. “We have a diversified basket because of this. Our bank mainly caters to small traders, and going forward, the RAM segment will contribute around 80-90 per cent of our business,” he added.

First Published: Aug 04 2024 | 6:09 PM IST

A senior Biden administration official called on Israel to redouble negotiations on a Gaza ceasefire, saying the risk of a wider regional conflict increases the urgency of reaching a deal with Hamas. Image: Bloomberg

The Palestinian officials news agency WAFA and Hamas media said dozens were wounded in addition to the 25 fatalities in the schools of Hassan Salama and Al-Nasser, which housed Palestinian displaced families. They said the strike destroyed several structures inside the facilities.

 

The Israeli military said it struck militants inside a Hamas command emb­e­dded within the schools, accusing Hamas of operating from within civilian property. Hamas denies using civilian institutions for military purposes. The Hamas-run government media office said Israel had struck 172 designated shelters, since October 7.

 

A senior Biden administration official called on Israel to redouble negotiations on a Gaza ceasefire, saying the risk of a wider regional conflict increases the urgency of reaching a deal with Hamas.

First Published: Aug 04 2024 | 11:08 PM IST

The Dow, S&P 500, Nasdaq and Russell 2000 each hit new all-time highs Monday.

Investors are giddy with excitement and they clearly believe that both big blue chip multinationals and smaller companies that do most of their business in the U.S. will continue to thrive.

So is this the Donald Trump rally? Or the Janet Yellen rally?

Some strategists believe Trump’s stimulus plans and talk of killing many burdensome regulations are the reasons stocks are soaring.

Or perhaps this is better characterized as a continuation of the Barack Obama rally instead?

You could argue that POTUS 44 has dealt POTUS 45 a pretty good hand.

The solid job market and overall economy that Trump inherited may be the reason consumers and businesses are so confident.

But investors (and financial journalists) are often quick to give the president more credit — and blame — than they probably deserve for the performance of the stock market.

RBC strategist Jonathan Golub pointed this out in a report on Monday, one that was aptly titled “Message to Market: It’s Not All About Donald.”

Related: Trump isn’t killing the bull market

Golub noted that the S&P 500 rose nearly 7% from late June through Election Day — a time when most polls were predicting that Hillary Clinton would be the next president.

But stocks have continued to rally since then, rising another 8% since Trump pulled off the upset (at least to the mainstream media and Wall Street) victory.

You can’t have it both ways. It makes no logical sense to suggest that stocks rallied because investors believed Trump would lose and that they continued to rally because Trump didn’t lose.

Bond yields have also been rising since Trump won, a phenomenon that many investors have attributed to the likelihood of stimulus from the president and Republican Congress.

Yet Golub points out that the yield on the 10-year U.S. Treasury was going up during the late summer as well.

Of course, many investors were expecting stimulus from Clinton too.

Yet once again, many investors are claiming that Trump is the catalyst for something that not only was going on before he was elected, but was happening because many thought he would lose.

Related: Stocks have avoided a 1% dive for an unusually long period of time

So it’s odd that Trump is being cited as the main reason for a market rally that began months before anyone felt he could win.

What’s really going on? The one constant during the past few months is the Federal Reserve.

Yes. the markets are reacting to Washington. But they are paying closer attention to Janet Yellen, not the White House.

The Fed made it crystal clear before the election that it would probably raise interest rates in December and do so a few more times in 2017 regardless of who won the race for president.

The good news for investors is that the U.S. economy seems to be growing steadily, but does not appear to be at risk of overheating.

Related: Here’s why the world’s largest money manager is worried

The most recent jobs report showed that wages grew at a decent rate of 2.5% annually. But that’s not nearly high enough to spark fears of runaway inflation and lead the Fed to aggressively raise rates.

Even if Yellen and the Fed hike rates three times this year, they are likely to do so by just a quarter point every time. That would push the Fed’s key short-term rate to a range of 1.25% to 1.5%.

That’s still extremely low. At those levels, stocks would still be more attractive than bonds. Corporate earnings should be able to keep rising at a healthy clip. And consumers would probably keep spending.

So investors would be wise to keep a close eye on Yellen and not just have a myopic focus on the president,

With that in mind, Yellen is set to testify in front of Congress on Tuesday and Wednesday. And what she says about the timing and magnitude of future rate hikes could wind up keeping the rally going full steam ahead — or stopping it dead in its tracks.

CNNMoney (New York) First published February 13, 2017: 12:30 PM ET

Does pursuing a college education still make sense in the age of online learning and AI — when we have access to information for free via the internet? The problem with this question is that it frames college as an information gatekeeper, misunderstanding much of its value. For many, higher education institutions offer more than that: a transformative journey where students can network and develop transferable soft skills that require teamwork and repetition. You can maximize your college experience by leaning into these opportunities while simultaneously staying up to date with the latest technological trends. By being agile, networking vigorously, cultivating problem-solving skills, and seeking learning opportunities in the real world while in school, you can prepare yourself for a successful career.

According to a US official, Kurilla is expected to visit several Gulf nations, including Israel and Jordan. Photo: pexels

Three US and Israeli officials said that they expect Iran to launch an attack on Israel as early as Monday. Iranian and Hezbollah leaders have pledged to retaliate for the killings of Hezbollah’s top military commander, Fuad Shukr, and Hamas political leader Ismail Haniyeh.

According to a US official, Kurilla is expected to visit several Gulf nations, including Israel and Jordan. Jordan is a key stop, as it played an important role during the April 13 attack by intercepting Iranian drones bound for Israel and allowing US and Israeli jets to use its airspace for interception.

The official said that the US hopes the same will happen again if needed. The US is boosting its forces in the Middle East in preparation for Iran’s possible attack on Israel and sending more warships and fighter jets to the region, the Pentagon said on Friday, according to Axios report.

US officials expect Iranian retaliation to follow a similar pattern as their previous attack on Israel but may also involve Hezbollah in Lebanon, Axios reported. The US government is concerned that it may be more difficult to mobilise the international and regional cooperation of nations that defended Israel from the previous Iranian attack, as Haniyeh’s killing has drawn sharp sentiments against Israel across the region.

US and Israeli officials said they do not know whether Iran and Hezbollah will carry out a coordinated attack or operate separately. The officials said that they think Iran and Hezbollah are still working on finalising their military plans and giving them approval at the political level.

A US official said the Biden administration wanted to announce the bolstering of US forces on Friday as Iran and Hezbollah were discussing regarding their response with the hope that the announcement will help to deter and influence their military plans.

When asked on Saturday whether he believes Iran will back down, US President Joe Biden replied, “I hope so. I don’t know.”

On July 31, the Islamic Revolutionary Guard Corps (IRGC) said that Hamas political bureau chief Ismail Haniyeh was killed in an attack in Tehran. In a statement, the IRGC said that Haniyeh and one of his bodyguards were killed when their residence was hit in Tehran.

A projectile hit a residence allocated to war veterans in Tehran at 2 am (local time) on Wednesday, according to a Press TV report. Ismail Haniyeh, who was based in Qatar, travelled to Tehran to attend the swearing-in ceremony of the Iranian President-elect, Masoud Pezeshkian, according to a Press TV report.

Meanwhile, the Israel Defence Forces (IDF) said that top Hezbollah commander Fuad Shukr was killed in the Israeli strike in southern Lebanon on Tuesday (local time).The IDF said Shukr was “responsible for the majority of Hezbollah’s most advanced weaponry, including precise-guided missiles, cruise missiles, anti-ship missiles, long-range rockets, and UAVs” and for the terror group’s “force build-up, planning, and execution of terror attacks against the State of Israel,” The Times of Israel reported.

On July 30, Israeli Prime Minister Benjamin Netanyahu said that his nation has delivered “crushing blows” to enemies in the last few days, CNN reported. He made the remarks hours after the deaths of Hamas political leader Ismail Haniyeh and senior Hezbollah commander Fuad Shukr.

First Published: Aug 04 2024 | 11:47 AM IST

File Image: Shiv Sena (UBT) leader Aaditya Thackeray (Photo: PTI)

On Saturday, Maharashtra Navnirman Sena (MNS) president Raj Thackeray met Chief Minister Eknath Shinde to discuss issues plaguing Worli. The meeting is significant, given the focus on Worli-related concerns.

Following the meeting, Shinde directed officials to prioritise addressing Worli’s issues, according to the Chief Minister’s Office.

MNS leader Deshpande has been actively engaging with Worli residents addressing their concerns.

Notably, the MNS did not field a candidate from Worli in the 2019 assembly polls as Aaditya Thackeray, the son of Shiv Sena (UBT) head and former CM Uddhav Thackeray, was contesting his maiden election.

Aaditya, the first Thackeray to enter electoral politics, won by a margin of 62,247 votes, facing no strong opposition.

Despite the Shiv Sena (UBT) victory, the Worli assembly segment saw a significant drop in lead during the 2024 Lok Sabha polls, with party candidate Arvind Sawant leading by just 6,715 votes, the lowest in four of the six assembly constituencies under Mumbai South where he dominated his Shiv Sena challenger.

The MNS now sees a potential opening. It remains unclear whether the ruling alliance or the MNS will contest together. The Shiv Sena led by CM Shinde and the ruling BJP are organising events in Worli to strengthen their presence.

“In 2017 municipal corporation polls, we (MNS) bagged around 30,000 to 33,000 votes from Worli. We have voters dedicated to MNS in this constituency,” Deshpande told PTI.

The MNS claimed Aaditya Thackeray- the second in command in the Shiv Sena (UBT) hierarchy after his father Uddhav Thackeray- is not accessible to the common people who need a hands-on MLA.

“The question is accessibility here. People need an MLA who is accessible, which is not the case with the incumbent MLA,” Deshpande said.

Shiv Sena (UBT) MLC Sunil Shinde acknowledged the “unexpected drop” in the lead of his party candidate during the Lok Sabha polls, attributing it to overconfidence but expressed confidence of Aaditya Thackeray’s return to the fray in the upcoming assembly elections.

“The drop in the lead does not mean that people were upset with us. Our candidate was far better than our rival (Shiv Sena’s Yamini Jadhav). But in the Lok Sabha polls, it was the Modi factor. We did not get the expected response from high-rises,” he claimed.

The MLC said that in a three-cornered contest, the MNS might eat into votes of Sena (UBT), but only around 2,500.

The Shiv Sena (UBT) has a robust plan to attract voters to the polling booths on election day, he added.

Elections to the 288 assembly seats in Maharashtra are due in October this year.

Mumbai city and Mumbai suburban district collectively send 36 MLAs to the state assembly.

First Published: Aug 04 2024 | 9:19 AM IST

Mexico is ready to hit the U.S. where it hurts: Corn.

Mexico is one of the top buyers of American corn in the world today. And Mexican senator Armando Rios Piter, who leads a congressional committee on foreign relations, says he will introduce a bill this week where Mexico will buy corn from Brazil and Argentina instead of the United States.

It’s one of the first signs of potential concrete action from Mexico in response to President Trump’s threats against the country.

“I’m going to send a bill for the corn that we are buying in the Midwest and…change to Brazil or Argentina,” Rios Piter, 43, told told CNN’s Leyla Santiago on Sunday at an anti-Trump protest in Mexico City.

He added: It’s a “good way to tell them that this hostile relationship has consequences, hope that it changes.”

American corn goes into a lot of the country’s food. In Mexico City, from fine dining restaurants to taco stands on the street, corn-based favorites like tacos can be found everywhere.

Related: Mexican farmer’s daughter: NAFTA destroyed us

America is also the world’s largest producer and exporter of corn. American corn shipments to Mexico have catapulted since NAFTA, a free trade deal signed between Mexico, America and Canada.

American farmers sent $2.4 billion of corn to Mexico in 2015, the most recent year of available data. In 1995, the year after NAFTA became law, corn exports to Mexico were a mere $391 million.

Experts say such a bill would be very costly to U.S. farmers.

“If we do indeed see a trade war where Mexico starts buying from Brazil…we’re going to see it affect the corn market and ripple out to the rest of the ag economy,” says Darin Newsom, senior analyst at DTN, an agricultural management firm.

Rios Piter’s bill is another sign of Mexico’s willingness to respond to Trump’s threats. Trump wants to make Mexico pay for a wall on the border, and he’s threatened taxes on Mexican imports ranging from 20% to 35%.

Trump also wants to renegotiate NAFTA. He blames it for a flood of manufacturing jobs to Mexico. A nonpartisan congressional research report found that not to be true.

Related: Mexico doubles down on Trump ‘contingency plan’

Still, Trump says he wants a better trade deal for the American worker — though he hasn’t said what a better deal looks like.

All sides signaled two weeks ago that negotiations would begin in May after a 90-day consultation period.

But Trump says if negotiations don’t bear the deal he wants, he threatens to withdraw from NAFTA.

Such tough talk isn’t received well by Mexican leaders like Rios Piter. He’s not alone. Mexico’s economy minister, Ildefonso Guajardo, said in January Mexico would respond “immediately” to any tariffs from Trump.

“It’s very clear that we have to be prepared to immediately be able to neutralize the impact of a measure of that nature,” Guajardo said Jan. 13 on a Mexican news show.

–Shasta Darlington contributed reporting to this story

CNNMoney (Mexico City) First published February 13, 2017: 12:06 PM ET