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☆ Generative AI financial scammers are getting very good at duping work email
▼ + stars: | 2024-02-14 | by ( Ellen Sheng | ) www.cnbc.com time to read: +8 min

Among the most common email scams are phishing emails. Instead of sending out generic emails, the emails are addressed to an individual or a specific organization. Now, criminals anywhere in the world can use ChatGPT or FraudGPT to create convincing phishing and spear phishing emails. If I'm going to do 1,000 spear phishing emails or CEO fraud attacks, and I find one in 10 of them work, that could be millions of dollars," said Davies. It will take some time for companies to adjust, but for now, cybersecurity experts say generative AI is leading to a surge in very convincing financial scams.

Persons: Chase, Christopher Budd, Elon, Gayle King, Tucker Carlson, Bill Maher, Andrew Davies, Cyril Noel, Tagoe, Davies, Venmo, Wise, Netcea, Banks, Ajay Bhalla, haven't, Noel, I've, Budd Organizations: Association of Financial, eBay, CBS, Fox News, Facebook, YouTube, PayPal, Mastercard Locations: Hong Kong, ComplyAdvantage

☆ Bank of Canada: era of very low rates is likely over, people and firms must adjust
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Senior Deputy Governor of the Bank of Canada Carolyn Rogers takes part in a news conference, announcing an interest rate decision in Ottawa, Ontario, Canada January 25, 2023. Rogers said she wanted "to stress the importance of adjusting proactively to a future where interest rates may be higher than they've been over the past 15 years". The bank increased rates 10 times between March 2022 and this July to tame inflation that peaked at more than 8% last year. However, economists expect the central bank to start easing interest rates as soon as April and money markets see them coming down around mid-year. (Reporting by Steve Scherer, editing by David Ljunggren)((Reuters Ottawa bureau, david.ljunggren@tr.com))Keywords: CANADA CENBANK/Our Standards: The Thomson Reuters Trust Principles.

Persons: Bank of Canada Carolyn Rogers, Blair Gable, Steve Scherer, David Ljunggren OTTAWA, Carolyn Rogers, Advocis, Rogers, they've, David Ljunggren Organizations: Bank of Canada, REUTERS, Reuters, Thomson Locations: Ottawa , Ontario, Canada, Ukraine, Israel, Advocis Vancouver, West Coast, Reuters Ottawa

☆ Exchanges and asset managers square off over EU market rules
▼ + stars: | 2023-04-16 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, April 17 (Reuters) - Stock exchanges and asset managers have squared off ahead of European Union negotiations this week over how much information investors should be given to find the best deals on Europe's fragmented stock markets. The European Parliament and EU states begin negotiations on Tuesday on finalising reform of the bloc's securities rules, known as MiFID, aimed at making its capital market more efficient now that if faces competition from a post-Brexit London. Exchanges, which earn money from market data, say parliament is going beyond transparency to give investors a trading tool. "The inclusion of real-time pre-trade data, as per the European Parliament proposal... would only further distort EU market structure," the Federation of European Securities Exchanges (FESE) said in a statement last week. The European Fund and Asset Management Association (EFAMA) also backs parliament's position, saying liquidity in European stock markets has contracted by 25% since 2013 compared with a 23% rise on U.S. markets, with a number of factors contributing to this.

☆ The FAFSA is getting a makeover later this year—here's what's changing
▼ + stars: | 2023-04-11 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +3 min

If you've ever filled out the Free Application for Student Aid (FAFSA) before, you're probably familiar with the stress, confusion and possible tears that often come with it. The number gave your school and federal aid administrators an idea of how much financial support to offer. The student aid index (SAI) will serve the same purpose, but use a different formula. Federal Student Aid (FSA) published a draft of the calculations to be used to determine SAI. Aid administrators will subtract the student's SAI from their determined cost of attendance in order to assess aid eligibility and amounts, according to FSA.

The plan comes as the cash-strapped sector has struggled with defaults and stalled projects, hitting market confidence and weighing on the world's second-largest economy. Policymakers' previous efforts to help financing has done little to bolster the property market. The Hang Seng Mainland Properties Index (.HSMPI) jumped 16.2%, with the share prices of many Chinese property developers posting double-digit gains. The notice "introduced by far the most comprehensive set of support measures for the ailing property market," it said. Some investors remained cautious about the impact of the latest policy, however, as regulators have already made many attempts to revive the property sector and the macro environment remains weak amid the country's COVID restrictions.

☆ China’s property easing is minor capitulation
▼ + stars: | 2022-11-14 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +3 min

HONG KONG, Nov 14 (Reuters Breakingviews) - Beijing has rolled out more measures to support its flagging real estate sector, including extending repayment periods, facilitating financing for developers and lowering mortgage down-payments. Real estate, contributing roughly a quarter of China’s $17 trillion of output, is a speculative monster that has cannibalised capital better used for other endeavours. Together with other easing steps announced since March, UBS estimates the new policies could contribute more than 1 trillion yuan ($142 billion) in fresh financing to the struggling industry. But if property must correct in the name of rebalancing, that makes boosting the rest of the economy more urgent. Measures include allowing real estate firms to defer repayment on some loans, and trust lenders are instructed to help finance companies seeking to complete rental housing construction or acquire other companies.

☆ Chinese property stocks soar on fresh regulatory support
▼ + stars: | 2022-11-09 | by ( Xie Yu | Clare Jim | ) www.reuters.com time to read: +2 min

HONG KONG (Reuters) -Chinese property developers’ share prices surged on Wednesday after regulators expanded a financing programme aimed at supporting bond issuance in the crisis-ridden sector. REUTERS/Aly SongCIFI Holdings (Group) Co Ltd soared 40% while Country Garden Holdings Co Ltd surged 23%. The National Association of Financial Market Institutional Investors late on Tuesday said it will widen a programme to support about 250 billion yuan ($34.5 billion) worth of debt sales by private firms, including property developers. The move comes as cash-strapped property developers struggle to tap sources of funding to finish projects and pay suppliers. Still, there will likely be more defaults given weak recovery in property sales, Chen said.

☆ China to expand bond financing by private firms, including developers
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: 1 min

Nov 8 (Reuters) - The self-regulatory body of China's interbank market said on Tuesday it will expand bond financing for private firms, including developers, with support from the central bank. The debt financing tools, dubbed "the second arrow" and supported by People's Bank of China's refinancing, were launched in 2018. The National Association of Financial Market Institutional Investors (NAFMII) said on Tuesday the scheme is expected to support about 250 billion yuan ($34.47 billion) of bond financing by private firms, and will be expanded further if needed. ($1 = 7.2527 Chinese yuan renminbi)Reporting by Shanghai and Beijing newsroomOur Standards: The Thomson Reuters Trust Principles.

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