Source: Reuters
The official website of the Kataeb Party leader
Security & Justice
Southern Lebanon Endures Massive Damage: 40,000 Homes Leveled Across 37 Towns
Israeli forces have systematically destroyed entire neighborhoods in southern Lebanon, leveling more than 37 towns and wiping out over 40,000 residential units, according to Lebanon's National News Agency.
Tuesday, November 5, 2024
Gaps in Coastal Radar Enabled Israeli Raid in Batroun, Army Commander Says
Lebanon’s army chief, General Joseph Aoun, detailed to Caretaker Prime Minister Najib Mikati how Israeli forces likely exploited gaps in the country's coastal radar system during the recent raid carried out in Batroun. The briefing comes as Lebanese officials seek answers on how Israel’s elite Shayetet 13 unit carried out the landing undetected.
Monday, November 4, 2024
Opinion
The Emptying of Baalbek Is a Moment to Take Stock
“Large numbers of people continue to flee their homes every day, as Israel’s military operations in Lebanon have been going on unabated.” These disturbing words could be from almost any news report about Israel’s invasion of its northern neighbour over the past month. However, they can be found in a report by the Norwegian Refugee Council’s Internal Displacement Monitoring Centre issued on July 27, 2006.
Saturday, November 2, 2024
A Future Without Hezbollah
At the end of September, when Israel’s campaign to destroy Hezbollah was reaching its height, I met one of the group’s supporters in a seaside café in western Beirut. He was a middle-aged man with a thin white beard and the spent look of someone who had not slept for days. He was an academic of sorts, not a fighter, but his ties to Hezbollah were deep and long-standing.
Thursday, October 31, 2024
Sports
Tottenham Forward Son Heung-min Crowned Asia’s International Player of the Year
Tottenham forward Son Heung-min was crowned as Asia’s International Player of the Year for the fourth time by the Asian Football Confederation at its annual awards ceremony Tuesday.
Wednesday, October 30, 2024
Real Madrid Launch Investigation into Racist Insults After El Clasico Defeat
Real Madrid has launched an investigation into racist insults directed at players during Saturday’s 4-0 home loss to Barcelona in LaLiga, it said on Sunday.
Monday, October 28, 2024
Wednesday 26 June 2024 21:44:41
Central Banks Must Prepare for Profound Impact of AI, BIS Says
Central banks should embrace the benefits of artificial intelligence (AI) the Bank for International Settlements (BIS)has said, but stressed the technology should not replace humans when it comes to setting interest rates.
In its first major report into the rapidly advancing world of AI, the central banking umbrella group said policymakers need to harness its immense power to monitor data in real time in order to “sharpen” their inflation-predicting abilities.
That was something found badly wanting in the wake of COVID-19 and Russia’s invasion of Ukraine when the U.S. Federal Reserve, ECB and other major central banks all failed to grasp the strength of the global inflation surge.
New AI models should reduce the risk of a repeat although their untested nature and the fact they can “hallucinate” mean they should not become robo-ratesetters, Cecilia Skingsley, a top official at the BIS, said.
“We like to hold humans accountable,” the former Swedish central banker said, referring to the crucial role borrowing costs play in society and the need for judgment.
“So I can’t really see a future where an AI will be setting (interest) rates.”
The BIS, often dubbed the central bankers’ central bank because of the joint work it does, already has eight projects involving AI.
Hyun Song Shin, its head of research and top economic adviser, said policymakers should not view it as “something magical” but did say it can help find needles in haystacks and spot vulnerabilities in financial systems.
The technology is also likely to radically reshape labour markets, impacting productivity and economic growth. Widespread adoption could see firms adjust prices more quickly in response to macro-economic changes with repercussions for inflation.
The BIS cautioned that AI also introduces risks, such as new types of cyber attacks, and may amplify existing ones, such as herding, bank runs and financial asset fire sales.
“The call for action to central banks is to foster a community of practice,” Shin said. “To share experience, to share best practice, but also to share data and the models themselves.”