Citizens Financial News

AI to boost productivity is vast, whether it's automating customer service interactions or accelerating drug discovery. A McKinsey report, The Economic Potential of Generative AI: The Next Productivity Frontier reveals that 63 generative AI use cases could add the equivalent of $4.4 trillion in value to the global economy, and 75% of the value would arise from the four areas: customer operations, marketing and sales, software engineering and R&D. However, the emergence of foundational models could lead to capital concentration, potentially amplifying inequalities.

HSBC has hired the former Asia team Silicon Valley Bank as it continues to bolster its new innovation banking business with the remnants of the collapsed lender’s people operations.

Finance and Corporate Affairs Nirmala Sitharaman on Friday said that opposition parties may have chosen a name for their alliance, but they are just a group of people with severe mutual contradictions who have the single-point agenda of abusing Prime Minister Narendra Modi. The one thing that is common and for which they think the people of India will reward them is to constantly hate and use abusive language against the Prime Minister, she said.

Ranil Wickremesinghe India's expectations from Colombo to fulfill the aspirations of the Tamil community in the island nation and ensure a life of respect and dignity for it. The issue figured prominently in the wide-ranging talks between Modi and Wickremesinghe, with the prime minister highlighting the need for the implementation of the 13th Amendment to the Sri Lankan Constitution. The Tamil community in Sri Lanka has been demanding the implementation of the 13th Amendment that provides for devolution of power to it.

Many investors entered the second-quarter earnings season expecting the worst for regional banks. But that didn’t materialize in the results released this week—at least not for the bigger players. Many banks, includingKeyCorp, Western Alliance Bancorp and Zions Bancorp, posted sharp profit declines.

Siddaramaiah to the Assembly from Varuna constituency. The petition blames the election manifesto of the Congress party which promised five 'guarantees' as 'corrupt practices amounting to bribery and also undue influence under Section 123(2) of the Representation of the People Act." The petition alleges that Siddaramaiah had breached the provisions of the Constitution and the rules and guidelines under The Representation of the People Act.

mental health. Fair enough. A bit further from the mainstream are the “post-growth" advocates, who think people can be just as happy with economies going up or down.

Supreme Court has said a five-judge constitution bench will examine whether Parliament can «abrogate the constitutional principles of governance» for the Delhi government by making a law to take away its control over services. The Centre recently issued an ordinance on the Delhi services matter by exercising its powers under Article 239-AA, a special provision in the Constitution pertaining to the national capital. The top court, which on Thursday referred to a constitution bench the Delhi government's plea challenging the Centre's ordinance, uploaded its order on its website containing the legal questions to be dealt by the larger bench. «We accordingly refer the following questions to a constitution bench: (i) What are the contours of the power of Parliament to enact a law under Article 239-AA(7); and (ii) Whether Parliament in the exercise of its power under Article 239-AA(7) can abrogate the constitutional principles of governance for the National Capital Territory of Delhi (NCTD),» said the order passed by a bench of Chief Justice D Y Chandrachud and justices P S Narasimha and Manoj Misra. A 10-page order, penned by the CJI, said there were two preliminary issues which arose for the consideration by a larger bench. «The first is on the import of Section 3A (of the ordinance). Section 3A removes Entry 41 (services) of List II (State List) from the legislative competence of the NCTD. On the exclusion of Entry 41 from the NCTD's legislative power, the government of the NCTD ceases to have executive power over services because executive power is co-terminus with the legislative power,» the order said.

Leonardo DiCaprio, known for his passion for the environment, has shared a report about the Pathala Eel Loach. The report appeared on the Re:wild portal, an organisation dedicated to protecting and restoring biodiversity. The Hollywood actor's endorsement has brought widespread attention to this fascinating new addition to the world of aquatic life.

Narendra Modi regarding the recent decision by the GST Council to impose Goods and Services Tax on online gaming operators by changing the methodology of determination of “value of supply" from the decade-old practice of charging Service Tax/GST on the operator’s gaming revenue to a levy of GST on the “full value".  In the letter, the investors said that the decision has ‘unintended consequences’ of equating the constitutionally protected legitimate online skill gaming industry with gambling, betting, and other “games of chance".

monsoon rains across the state, a red alert has been issued in Pune, Raigad, Thane and Palghar districts today.  As per IMD bulletin yesterday, isolated heavy to very heavy rainfall very likely to continue over Mumbai during next two days. Isolated extremely heavy rainfall likely over Konkan & Goa, ghat areas of Madhya Maharashtra, Gujarat state on 20th and 21st July. As per a civic official, the island city received an average 100 mm rainfall in the last 24 hours ending on 8 am on Thursday.

Besides Stockton Rush, entrepreneurs of Pakistan origin Suleman Dawood and Shahzada Dawood, British adventurer Hamish Harding, and French citizen Paul-Henri Nargeolet were killed when the OceanGate submersible Titan imploded, killing all onboard. They were on an adventure trip as well as a research mission and wanted to reach near the debris of the submerged iconic ship Titanic. Participating in a program called ‘60 Minutes Australia’, submarine operator and a friend of Stockton Rush, Karl Stanley said that he had warned the OceanGate CEO about the submersible. Stanley claimed that Rush definitely knew that the mission would end this way. He went to the extent of accusing him of murdering these persons and making them pay for this. Describing his experience of going on a test diving in the Bahamas in 2019, he said that he had heard gun-shot-like noises every three to four minutes. He also said that he had raised his concerns about the carbon fiber hull and warned that it would worsen. He added that he had no doubts that it was the carbon fiber hull that failed. The two friends had a heated exchange of calls and emails. Multiple agencies are investigating the incident. The US Coast Guard, the UK Marine Accident Investigation Branch, and the Transportation Safety Board of Canada are probing the mishap from different angles. Structural titanium rings were seen at the front and rear of the submersible in the pictures of the fragments of the submersible. Scientists believe that extreme pressure at the depth of the ocean might have caused the implosion. Stanley is the owner of Stanley Exploration, a deep-sea exploration company, based in the Latin American country of Honduras.

Manipur government and the state's police chief over two women allegedly being paraded naked by a mob. The NHRC, in a statement, also said that it would like to know about the steps taken or proposed to be taken to safeguard human rights of the citizens, especially women and vulnerable sections of the society, from such «barbaric incidents».

Plans by the IRS to test a new electronic free-file tax return system next year have got supporters and critics of the idea mobilizing over whether the government should set up a permanent program to help people file their taxes without needing to pay ...

BRICS Expert Forum on Nuclear Medicine was recently held in Moscow. The Forum brought together over 200 representatives from Russia, Brazil, India, China and South Africa.

New Delhi: The electric vehicle industry’s growth in India is expected to create around five million jobs by the end of next decade, an official statement from NITI Aayog said on Thursday. The statement quoted Vice Chairman Suman Bery speaking at a conference in Goa highlighting the growth prospects of the emerging sector.

Mumbai received an average 100 mm rainfall in 24 hours till 8 am on Thursday, while neighbouring Thane city received a whopping 213.84 mm rainfall during that period. Some coastal districts, including Raigad and Ratnagiri, have been receiving incessant rainfall, officials said. Meanwhile, Tulsi lake, one of the seven reservoirs supplying drinking water to Mumbai, overflowed on Thursday following heavy rains in the city and suburbs, a civic official said. Earlier this month, the Powai lake, another reservoir located in the heart of Mumbai, started overflowing, but its water is not used for drinking purpose. The Tulsi lake, located in the densely forested Sanjay Gandhi National Park (SGNP), started overflowing at 1.25 am on Thursday, the official from the Brihanmumbai Municipal Corporation (BMC) said. This is expected to bring relief to citizens facing 10 per cent water cut since the beginning of this month.

Since Israel’s founding, mandatory military service for Jewish Israelis has been widely embraced as a unifying force in a divided society. Now the issue threatens to tear the country apart. Israel’s ultra-Orthodox Jews, a fast-growing and potent political bloc, have long shunned military duty along with other aspects of secular society.

By Herbert Lash

Uttar Pradesh Police on Wednesday said it would not be appropriate to say if Pakistani citizen Seema Haider, who entered India illegally in May and is staying with her partner in Noida, is a spy «unless we have enough proof». Seema (30) and her Indian partner Sachin Meena (22) were questioned by the Uttar Pradesh Police's Anti-Terrorist Squad on Monday and Tuesday. They were first arrested by the local police in Greater Noida on July 4 but were granted bail by a court on July 7.

A United Arab Emirates resident and Nigerian citizen was sentenced to 8 years in federal prison for orchestrating a multi-million dollar fraud scheme that victimized businesses across the U.S., Illinois federal prosecutors said.