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☆ A Chinese resident used ChatGPT to produce a viral government notice. Many were shocked to learn it was fake.
▼ + stars: | 2023-02-23 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Chinese residents were shocked to learn that ChatGPT wrote a viral notice, per Sixth Tone. But some Chinese residents have gotten access to the chatbot — even using it to spread misinformation. Chinese residents across social media were shocked to learn that a notice they thought was published by the city of Hangzhou's municipal government was actually generated by ChatGPT, Sixth Tone, a Chinese media outlet, reported. When the post went viral, many Chinese residents thought it was real. The incident spooked many Chinese residents, some of whom went to Weibo — a Chinese social media platform — to express their concerns.

The London-headquartered bank (HSBA.L) said on Tuesday it would pay a special dividend of $0.21 per share, from the proceeds of the $10 billion sale of its Canada business. HSBC's conservative outlook echoed that of British rival NatWest (NWG.L), which warned last week that profit earned from rising interest rates may have peaked. HSBC said annual expected credit losses rose to $3.6 billion, more than the $3.2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China's property market. That matched the $17.5 billion average estimate of 22 analysts compiled by the bank. Meanwhile, HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300 million loss.

But some analysts had expected HSBC to also raise its key performance target of reaching a return on tangible equity of at least 12% from this year onwards, a target the bank stuck to in its earnings report. Meanwhile, HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300 million loss. So far this year, the shares have risen 20% versus a 7% rise in the FTSE index (.FTSE). HSBC said annual expected credit losses rose to $3.6 billion, more than the $3.2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China's property market. Despite the fourth-quarter surge, annual profit fell to $17.5 billion from $18.9 billion for 2021, due to an impairment of $2.4 billion related to the sale of its retail banking operations in France.

☆ Stock futures inch higher as investors brace for Fed minutes: Live updates
▼ + stars: | 2023-02-21 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Stock futures rose slightly in overnight trading as Wall Street braced for the Federal Reserve's latest meeting minutes and more insight on the central bank's future hiking agenda. Shares of Palo Alto Networks popped after the bell as the cybersecurity company lifted its earnings forecast for the year. Meanwhile, futures linked to the S&P 500 inched 0.12% higher, and Nasdaq 100 futures gained 0.16%. Mounting concerns that the Federal Reserve will continue hiking rates spooked investors during regular trading Tuesday and pushed stocks to cap off their worst day of 2023. Investors will scour the results for insight into the central bank's future rate hiking path and its recent 25 basis point increase.

☆ Coinbase swings to quarterly loss as crypto winter hits trading volumes
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

Shares in Coinbase, which lost roughly 86% of their value in 2022, were down about 2% in extended trading after results. But the biggest blow to the sector came from the bankruptcy of Sam Bankman-Fried's major crypto exchange FTX in November. Trading volumes at the crypto exchange in the fourth quarter plunged to $145 billion, compared with $547 billion a year earlier. The company reported net revenue of $605 million in the quarter, compared with $2.49 billion a year earlier. Coinbase reported a net loss of $557 million in the three months ended Dec. 31, compared with a profit of $840 million a year earlier.

☆ Microsoft knows Bing's AI chatbot gives out some eyebrow-raising answers. An exec said decreasing them is a priority.
▼ + stars: | 2023-02-21 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Since then, Microsoft has restricted Bing users to five questions per session. A Microsoft spokesperson didn't respond to Insider's request for additional comment ahead of publication. The emerging AI arms race has sparked debate among industry experts and users over whether Bing's AI launch was a responsible choice. When asked about Bing's responses, a Microsoft spokesperson told Insider last week that user feedback is necessary to pinpoint flaws in the chatbot so they can be improved. "It's important to note that last week we announced a preview of this new experience," the Microsoft spokesperson said at the time.

☆ Banks Are Breaking Up With Crypto During Regulatory Crackdown
▼ + stars: | 2023-02-16 | by ( Rachel Louise Ensign | David Benoit | ) www.wsj.com time to read: 1 min

Banks are backing away from crypto companies, spooked by a regulatory crackdown that threatens to sever digital currencies from the real-world financial system. Banking regulators are raising concerns about banks’ involvement with crypto clients following last year’s blowup of Sam Bankman-Fried ’s FTX. The Securities and Exchange Commission is aggressively pursuing the industry’s bigger players in a crackdown that threatens to narrow their reach. That move has alarmed bankers who don’t want to do business with customers in the SEC’s crosshairs, people familiar with the matter said.

☆ Shopify sinks as investors worry over big spending in weak economy
▼ + stars: | 2023-02-16 | by ( Nivedita Balu | ) www.reuters.com time to read: +2 min

Pandemic-related disruptions propelled the company to briefly become Canada's most valuable firm before online demand eased as economies reopened and forced it to launch new products, boost investments and focus on social media integration. Such investments and Wednesday's warning on macro-challenges have spooked investors concerned about profitability. "Our outlook reflects the prudence that we think is necessary in this macro environment," company president Harley Finkelstein said in an interview on Thursday. "The lack of annual guidance suggests limited near-term visibility to the sustainability of consumer spending," he said. Some analysts also flagged Shopify's significant exposure to categories such as apparel, which could take a hit from softening consumer spending.

☆ Adani looks to repay $500 mln bridge loan taken for cement deals-ET
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 15 (Reuters) - India's embattled Adani Group is in talks with lenders to repay a $500 million bridge loan facility it had taken to buy controlling stakes in cement companies ACC Ltd (ACC.NS) and Ambuja Cements Ltd (ABUJ.NS) last year, the Economic Times daily reported on Wednesday. The group is looking to repay the bridge loan with cash this month, the report said, citing people aware of the matter, adding that the loan had a tenor of six months and was part of a larger $5.25 billion financing package. The loan was underwritten by Barclays (BARC.L), Deutsche Bank (DBKGn.DE) and Standard Chartered (STAN.L), ET reported. The financial consortium lending to Adani also includes DBS, MUFG, Sumitomo Mitsui Banking Corp, First Abu Dhabi Bank, Intesa and Mizuho, the report said. Adani and the lenders did not immediately respond to Reuters' requests for comment.

☆ Tesla stock is having a dominant start to 2023 and retail investors are loving it
▼ + stars: | 2023-02-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Not that Elon Musk really needs more attention, but his company's stock warrants a look for a very successful six-week stretch. Last year, Tesla drew headlines for its roughly 65% stock decline. Bank of America strategists have forecasted that the move can ultimately boost sales volume, and Wedbush gave Tesla stock a 35% upside. And according to Vanda Research, retail investors' bullishness for Tesla is driving a FOMO Tesla trade that has pushed inflows from the cohort into the stock market at levels not seen since 2020. Alibaba stock price on Feb.10, 2023 Markets Insider10.

☆ Even if ChatGPT doesn't take your job, it could help another human replace you, says the economist who famously concluded AI could eliminate nearly half of US jobs
▼ + stars: | 2023-02-07 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

In 2013, Oxford economist Carl Benedikt Frey estimated that nearly half of all US jobs could be replaced by AI. So rather than having your job "outright replaced," Frey says, ChatGPT's adoption may ultimately result in a different outcome — being replaced by another human. That said, he believes the study's estimates regarding potential AI job replacement are still "broadly on target." "We may be more focusing on generating the right ideas, asking the right questions, things that are more interesting." That's because there are arguably some things ChatGPT can't learn from scouring data from millions of websites.

☆ Time to buy the tech rally? Wall Street pros weigh in with their top stock picks
▼ + stars: | 2023-02-06 | by ( Zavier Ong | ) www.cnbc.com time to read: +6 min

Investors are flocking back into tech, after shunning the sector for the better part of 2022 amid broad risk-off sentiment. The tech-heavy Nasdaq Composite has been the best-performing Wall Street index in 2023, having gained about 15.6% since the start of the year. This could be the rebound," Wang told CNBC's "Street Signs Asia" on Thursday. " Some 87% of analysts covering the stock rate it a "buy," according to FactSet data, and give it average upside of 10.3%. Christopher Crawford, managing partner at Crawford Fund Management, told CNBC's "Street Signs Asia" on Tuesday that his firm is overweight tech "for the first time in our 10-year history."

[1/2] A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. Money market participants see the Fed's terminal rate to settle above 5% by May followed by rate cuts in September. More than 69% of the S&P 500 firms have reported results above expectations, according to Refinitiv. Overall, analysts still expect quarterly earnings of S&P 500 firms declining 2.8%. All of the 11 major S&P 500 indexes were in the red with the real-estate sector (.SPLRCR) slumping 1.5%.

☆ The Phoenix housing bubble spectacularly popped in 2008. Countless signs point towards a similar struggle now. Here's how bad it really is.
▼ + stars: | 2023-02-05 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +9 min

Phoenix's housing market is quickly deteriorating as a pullback in demand triggers home price declines. And as Phoenix's housing market performs an about-face from the dramatic rise it had witnessed from spring 2020 through summer 2022, experts across the country are debating the possibility of the whole market imploding. And as of January 2023, area home sales are down 74% year-over-year, according to John Burns Real Estate Consulting. The Phoenix Valley — a sprawling desert metropolis that's home to nearly 5 million people — is no stranger to speculative real estate bubbles. Phoenix's housing market could be on track to normalizingDespite the numerous indicators of a weakening housing market, Phoenix may simply be facing a correction versus a crash, several experts told Insider.

☆ Here's why you don't bring a trader knife to a bull gunfight — and other lessons for navigating this new market
▼ + stars: | 2023-02-04 | by ( Jim Cramer | ) www.cnbc.com time to read: +6 min

What matters in a real bull market, though, is the company and the sector it's in, not the S & P 500 . So, the first lesson is to understand that in a bull market the buyer gets the benefit of the doubt, not the seller. Secondly, in a bull market you have to fight the temptation to trade down. So, again, know that in a bull market the sellers better have a lot of conviction or else they will lose the opportunity to make money. It's our job to keep you from doing so by helping you to navigate this bull market that started in October 2022 — a bull market that almost no one seems to recognize except us.

☆ Gautam Adani lost half his wealth in a flash. Here’s what happened
▼ + stars: | 2023-02-04 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

While the Adani Group has condemned the report as “baseless” and “malicious,” investor questions about its claims linger, and the fallout is growing. Gautam Adani is a 60-year-old tycoon who founded the Adani Group more than 30 years ago. The firm said it had taken a short position in Adani Group companies, meaning it would benefit from a drop in their value. Stocks of most Adani Group companies slumped again on Friday. Indian banks that hold Adani Group assets could also be affected if the value of those holdings continues to drop.

☆ Headlines about layoffs don't mean you're going to lose your job
▼ + stars: | 2023-02-03 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +6 min

The US labor market looks strong, and yet news about mass layoffs dominates the headlines. To be clear: Labor Department data shows that layoffs overall remain historically low and the latest jobs report shows growth is rock solid. But if the fear of losing your job hovers over you like a dark cloud, you're not alone. What people are doing is indicative of a strong economy. Are they operating in a way that's indicative of a strong economy?

☆ Eli Lilly investors spooked by weak Mounjaro sales, but it's the obesity drug approval that will unlock its value
▼ + stars: | 2023-02-02 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +5 min

Lilly said slightly more than 50% of commercial and Part D subscribers have access to the drug via their insurance plans. But new classes of weight loss medications are helping to change this mindset. Still, legislation will be necessary to get coverage of Mounjaro for obesity and overweight treatment by Medicare plans. By law, these plans are banned from paying for weight loss medications. Wegovy and Mounjaro One encouraging sign: Lilly competitor Novo Nordisk has gained access to more than 80% of insurance company formularies for their obesity treatment, Wegovy.

☆ U.S. prosecutors probe Silvergate's dealings with FTX, Alameda - Bloomberg News
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

Feb 2 (Reuters) - U.S. prosecutors in the Justice Department's fraud unit are looking into Silvergate Capital Corp's (SI.N) dealings with bankrupt crypto exchange FTX and Alameda Research, Bloomberg News reported on Thursday. The criminal investigation is examining Silvergate's hosting of accounts tied to FTX founder Sam Bankman-Fried's businesses, the report said, citing people familiar with the matter. The Department of Justice and Silvergate Capital did not immediately respond to Reuters requests for comment. Earlier this week, a group of bipartisan U.S. senators sent a letter to Silvergate asking for details of its risk management practices and its dealings with FTX. Reporting by Manya Saini in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ The European Central Bank has raised interest rates for the 5th time in a row, sticking to its inflation fight
▼ + stars: | 2023-02-02 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The European Central Bank hiked its deposit rate by 50 basis points Thursday as it keeps battling inflation. The ECB is battling soaring inflation in Europe driven in part by Russia's war in Ukraine. The ECB's governing council hiked its main deposit rate by 50 basis points, or 0.5 percentage points, taking it to 2.5%. Policymakers started hiking interest rates from a record low of -0.5% in July, lifting the cost of borrowing for the first time in 11 years. "Accordingly, the Governing Council today decided to raise the three key ECB interest rates by 50 basis points and it expects to raise them further."

On Wednesday, the company reported adjusted fourth quarter profit of 25.8 pence per share on sales of about 7.4 billion pounds ($9.11 billion). At 0900 GMT, GSK shares were up 0.4% outperforming the FTSE 100 which was up 0.3%. U.S. litigation over the heartburn drug Zantac has also spooked investors, hurting GSK's shares in the second half of 2022. "Nevertheless, against the backdrop of recent performance, and without any contribution from Covid-19, GSK’s 2023 guidance demonstrates some improved momentum," he said. GSK's shares have lagged most of its rivals in recent years.

☆ Major central banks set to signal interest rate glide path in crucial week for monetary policy
▼ + stars: | 2023-02-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

A screen displays the Fed rate announcement as a trader works on the floor of the New York Stock Exchange (NYSE), November 2, 2022. Brendan McDermid | ReutersThe U.S. Federal Reserve, European Central Bank and Bank of England are all expected to hike interest rates once again this week, as they make their first policy announcements of 2023. Economists will be watching policymakers' rhetoric closely for clues on the path of future rate hikes this year, as the three major central banks try to engineer a soft landing for their respective economies without allowing inflation to regain momentum. The market is now pricing in this eventuality, but the key question is what the FOMC will indicate about further rate hikes in 2023. "Fewer hikes might be needed if the recent weakening in business confidence captured by the survey data depresses hiring and investment more than we think, substituting for additional rate hikes," Mericle said.

☆ Generative AI is coming for the classroom, whether teachers like it or not. Here's why many in education think it should be embraced rather than shunned.
▼ + stars: | 2023-01-31 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +7 min

Fears of generative AI helping students cheat are rampant, and some school districts are banning it. Instead, educators should think about how generative AI can be used as a classroom learning tool. Insider spoke with multiple AI researchers and academics, startup founders, and education-nonprofit leaders to learn how they're approaching generative AI in the classroom. If used effectively, generative AI tools like ChatGPT can help students develop critical-thinking and problem-solving skills, which are crucial learning outcomes for most teachers. That way, students are actively engaged and wouldn't be able to use generative AI to complete a full assignment, he said.

☆ Fraud Economy: How Current Economic Trends Lead to More Corporate Scams
▼ + stars: | 2023-01-31 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

Get ready for what will feel like an inescapable wave of corporate fraud. And as interest rates have risen, the stock market has fallen off — which makes it harder to get dollars by whipping up new investors or offering stock. Despite Scheck's assertion that the risk of a wave of corporate fraud has heightened, he didn't want to speak in historical analogies. There be icebergsOf course, there's also fraud that goes undetected in times of easy money — companies where the very act of existing means stretching the truth. Kreuger had managed to hide that he had stretched the company's finances beyond solvency by raising money on the US stock market while it was raging.

☆ Great Fraud Reckoning Will Expose Scam Companies, Cause Stock Market Chaos
▼ + stars: | 2023-01-31 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

Get ready for what will feel like an inescapable wave of corporate fraud. And as interest rates have risen, the stock market has fallen off — which makes it harder to get dollars by whipping up new investors or offering stock. Despite Scheck's assertion that the risk of a wave of corporate fraud has heightened, he didn't want to speak in historical analogies. Kreuger had managed to hide that he had stretched the company's finances beyond solvency by raising money on the US stock market while it was raging. That may have been enough when the stock market was on a heater and investors were winning, but it's not enough when the stock market is falling, the economy is slowing, and everyone from regulators to lawmakers to kids on TikTok want answers.

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