Source: Reuters
Security & Justice
Mawlawi Ensures Strict Monitoring for Wanted Syrian Regime Figures at Beirut Airport
Caretaker Minister of Interior, Bassam Mawlawi, conducted an inspection tour of Rafic Hariri International Airport in Beirut to review the security arrangements and measures implemented by the Airport Security Apparatus ahead of the holiday season.
Thursday, December 19, 2024
Hezbollah Faces Internal Criticism Over Missing Fighters and Captured Prisoners
Hezbollah is grappling with increasing internal and external pressure as the fate of over 1,000 of its fighters remains uncertain following the recent war with Israel, Asharq al-Awsat newspaper revealed.
Thursday, December 19, 2024
Opinion
Lebanon After the Assads
The United States has important equities in Lebanon, including a desire for a generally friendly government’s economic and political stability; security cooperation; long-standing relations with the large Christian community in Lebanon and Lebanese diaspora in the United States; and ultimately peace between Israel and Lebanon within a broader regional settlement. Achieving these objectives will require navigating a tumultuous period in the country’s history following a war between Hezbollah and Israel that has devastated a large part of the country, exacerbating Lebanon’s already challenging economic conditions. But perhaps the most important dynamic will be how a likely Sunni-dominated state of uncertain composition in Syria will differ in its intentions toward Lebanon from the previous Alawite-led minoritarian Assad regime.
Thursday, December 19, 2024
Europe’s Syrian Dilemma
The news of the sudden and unexpected demise of Bashar al-Assad’s regime in Syria has met a mixed response in Europe. The jubilation that a murderous dictator and close ally of Russia and Iran has fallen is not just good for the Syrian people but serves as a morale booster for Eastern Europeans wondering whether Russia can be defeated
Wednesday, December 18, 2024
Sports
Cristiano Ronaldo Unveils New Private Jet Worth $73 Million
Cristiano Ronaldo, one of the richest global athletes, has unveiled his upgraded private jet reportedly worth $73 million. With its top-notch design, exceptional speed and range of 7500 nautical miles, the Gulfstream G650 is among the fastest jets in the world.
Monday, December 16, 2024
Guardiola Accepts Man City May Need to Sign More Players to Cope with Schedule
Manchester City manager Pep Guardiola believes he will need a bigger squad to handle soccer’s ever-expanding fixture schedule.
Saturday, December 14, 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.”
