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Category: finance – Page 78

It’s not just salespeople, traders, compliance professionals and people formatting pitchbooks who risk losing their banking jobs to technology. It turns out that private equity professionals do too. A new study by a professor at one of France’s top finance universities explains how.

Professor Thomas Åstebro at Paris-based HEC says private equity firms are using artificial intelligence (AI) to push the limits of human cognition and to support decision-making. Åstebro says t he sorts of people employed by private equity funds is changing as a result.

Åstebro looked at the use of AI systems across various private equity and venture capital firms. He found that funds that have embraced AI are using decision support systems (DSS) across the investment decision-making process, including to source potential targets for investments before rivals.

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The business of private survival shelters has grown during the pandemic. They’re not just for survivalists and doomsday preppers anymore. Bunkers buried in backyards or remote landscapes are capable of withstanding nuclear fallout and hurricanes, as well as violent conflict.

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El Salvador began installing Bitcoin ATMs, allowing its citizens to convert the cryptocurrency into U.S. dollars and withdraw it in cash, as part of the government’s plan to make the token legal tender.

The government will install 200 of the teller machines to initially accompany its digital wallet called Chivo, a local slang term for ‘cool,’ President Nayib Bukele said on Twitter. Transactions will be commission free, he said, adding that there will also be 50 financial branches across the country for withdrawing or depositing money.

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Learn More.

CNN International.

These cloned camels were created with cells from a ‘zoo’ of frozen specimens. The cell bank could one day be used to help preserve endangered species.

CNN explores how Dubai has developed into a hub for trade, finance and innovation, and is growing as a destination for business and leisure travelers.

Continue reading “Dubai Now” | >

Michael is also part of a group of wealthy Indonesian scions that have in the past decade dabbled in the country’s vibrant tech sector by investing in home-grown giants and start-ups, be it in the form of money, resources, know-how, or access.

Industry stakeholders say family-owned corporate venture capital firms have played an important role in growing the country’s US$44 billion digital economy.

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IBM has announced its new chip, Telum – a new CPU chip that will allow IBM clients to leverage deep learning inference at scale. The new chip features a centralised design, which allows clients to leverage the full power of the AI processor for AI-specific workloads, making it ideal for financial services workloads like fraud detection, loan processing, clearing and settlement of trades, anti-money laundering, and risk analysis.

A Telum-based system is planned for the first half of 2022. “Our goal is to continue improving AI hardware compute efficiency by 2.5 times every year for a decade, achieving 1,000 times better performance by 2029,” said IBM in a press release.

The chip contains eight processor cores, running with more than 5GHz clock frequency, optimised for the demands of enterprise-class workloads. The completely redesigned cache and chip-interconnection infrastructure provide 32MB cache per core. The chip also contains 22 billion transistors and 19 miles of wire on 17 metal layers.

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Web infrastructure and website security company Cloudflare on Thursday disclosed that it mitigated the largest ever volumetric distributed denial of service (DDoS) attack recorded to date.

The attack, launched via a Mirai botnet, is said to have targeted an unnamed customer in the financial industry last month. “Within seconds, the botnet bombarded the Cloudflare edge with over 330 million attack requests,” the company noted, at one point reaching a record high of 17.2 million requests-per-second (rps), making it three times bigger than previously reported HTTP DDoS attacks.

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