Posted by hkarner - 29. März 2017
Source: The Wall Street Journal
Wall Street firms discuss joint venture to process transactions
Big banks have cut more than $40 billion of costs since the financial crisis.
They aren’t done.
While prospects for revenue growth at banks have brightened since the election, a handful of the biggest firms are considering ways to slash still more from their back-office budgets. One effort, dubbed “Project Scalpel,” is aimed at cutting the administrative and operational costs involved with processing stock and bond transactions after a trade is struck, according to people familiar with the discussions.
Talks around this effort are at an early stage but so far have included a number of banks, such as Goldman Sachs Group Inc., Morgan Stanley and Bank of America Corp., the people said. If the idea materializes, it could create a joint venture that allows banks to share trade processes and technology. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Banken, Scalpel, Technology, USA, WSJ | Leave a Comment »
Posted by hkarner - 28. März 2017
von: Martin Kölling, Handelsblatt.com
Datum: 28.03.2017 17:04 Uhr
Selbst Bagger und Bulldozer werden in Zeiten der Digitalisierung smart. Mit Drohnen, künstlicher Intelligenz und Datenauswertung will der Hersteller Komatsu die Baustelle revolutionieren – und sein Geschäftsmodell.
Tokio. Die Baustelle der Zukunft sieht unscheinbar aus. Nicht ganz einen Hektar ist die Sandfläche in einem Vorstadthafen Tokios groß, auf der ein Bulldozer und ein paar Bagger herumrollen. Die Innovation bemerkt nur, wer den Führern der Baumaschinen genau auf die Hände schaut. Ein Bulldozerfahrer nimmt die Hände vom Steuer, dennoch bleibt sein Arbeitsgerät präzise in der Spur. Denn vernetzt mit einem Steuerzentrum in der Datenwolke und aufgerüstet mit zentimetergenauen dreidimensionalen Karten, Kameras und künstlicher Intelligenz kann die Maschine schon einen Teil ihrer Arbeit halbautomatisch verrichten.
„Smart Construction“ nennt der japanische Baumaschinenhersteller Komatsu das Konzept, mit dem die globale Nummer zwei der Branche nun den Weltmarkt erobern und gleichzeitig sein Geschäftsmodell umbauen will. Dabei bauen die Japaner auf ihr Komtrax-System auf, das durch die Vernetzung mit dem Internet schon seit Jahren die Fernwartung von Maschinen erlaubt. Doch nun gehe es nicht mehr allein um den Verkauf von immer selbständigeren Maschinen und ihrer Wartung, erklärt Chikashi Shike, der Chef der Komatsu-Sparte für Smart Construction. „Wir wollen unser Angebot erweitern.“ Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Drone, Handelsblatt, Japan, Komatsu, Smart Construction, Technology | Leave a Comment »
Posted by hkarner - 24. März 2017
Microsoft has agreed to license its patents for Internet-connected cars to Toyota, its first such deal with an automaker and a signal that it may be willing to partner with others.
The tech giant, which announced the deal on Wednesday afternoon, holds a treasure trove of patents that include car operating systems, Wi-Fi, motion sensors, voice recognition, and navigation. Cars are increasingly morphing into computers with wheels, and Microsoft sees the same opportunity that a number of other tech companies do, including Intel, Google, Qualcomm, and NXP.
“The connected car represents an enormous opportunity for the auto industry, and at the core it’s a software challenge,” Peggy Johnson, executive vice president of business development at Microsoft, said in a statement Wednesday. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: connected cars, Fortune, Microsoft, Self-driving cars, Technology, Toyota | Leave a Comment »
Posted by hkarner - 23. März 2017
Robert J. Shiller
Robert J. Shiller, a 2013 Nobel laureate in economics, is Professor of Economics at Yale University and the co-creator of the Case-Shiller Index of US house prices. He is the author of Irrational Exuberance, the third edition of which was published in January 2015, and, most recently, Phishing for Phools: The Economics of Manipulation and Deception, co-authored with George Akerlof.
MAR 22, 2017 Project Syndicate
NEW HAVEN – The idea of a tax on robots was raised last May in a draft report to the European Parliament prepared by MEP Mady Delvaux from the Committee on Legal Affairs. Emphasizing how robots could boost inequality, the report proposed that there might be a “need to introduce corporate reporting requirements on the extent and proportion of the contribution of robotics and AI to the economic results of a company for the purpose of taxation and social security contributions.”
The public reaction to Delvaux’s proposal has been overwhelmingly negative, with the notable exception of Bill Gates, who endorsed it. But we should not dismiss the idea out of hand. In just the past year, we have seen the proliferation of devices such as Google Home and Amazon Echo Dot (Alexa), which replace some aspects of household help. Likewise, the Delphi and nuTonomy driverless taxi services in Singapore have started to replace taxi drivers. And Doordash, which uses Starship Technologies miniature self-driving vehicles, is replacing restaurant delivery people. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: AI, Inequality, Robot Tax, Shiller, Technology | Leave a Comment »
Posted by hkarner - 20. März 2017
Source: The New York Times
James Yoon, a partner at Wilson Sonsini Goodrich & Rosati in Palo Alto, Calif., says people are willing to pay for his experience. “What clients don’t want to pay for is any routine work.”
Impressive advances in artificial intelligence technology tailored for legal work have led some lawyers to worry that their profession may be Silicon Valley’s next victim.
But recent research and even the people working on the software meant to automate legal work say the adoption of A.I. in law firms will be a slow, task-by-task process. In other words, like it or not, a robot is not about to replace your lawyer. At least, not anytime soon.
“There is this popular view that if you can automate one piece of the work, the rest of the job is toast,” said Frank Levy, a labor economist at the Massachusetts Institute of Technology. “That’s just not true, or only rarely the case.”
An artificial intelligence technique called natural language processing has proved useful in scanning and predicting what documents will be relevant to a case, for example. Yet other lawyers’ tasks, like advising clients, writing legal briefs, negotiating and appearing in court, seem beyond the reach of computerization, for a while.
“Where the technology is going to be in three to five years is the really interesting question,” said Ben Allgrove, a partner at Baker McKenzie, a firm with 4,600 lawyers. “And the honest answer is we don’t know.”
Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: AI, Lawyer, MGI, NYT, Technology | Leave a Comment »
Posted by hkarner - 14. März 2017
Posted on March 13, 2017 by iMFdirect
Technological change seems to be happening faster than ever. The prospect of driverless cars, robot lawyers, and 3D-printed human organs becoming commonplace suggests a new wave of technological progress.
These advances should raise our standard of living by producing more goods and services with less capital and fewer hours of work—that is, by being more productive. But, to paraphrase Nobel laureate Robert Solow, we can see it everywhere but in the productivity statistics.
The vexing truth is that output per worker and total factor productivity—which measures the overall productivity of both labor and capital, and reflects such elements as technology—have slowed sharply over the past decade. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: factor productivity, Global Aging, IMF, Productivity, Technology | Leave a Comment »
Posted by hkarner - 5. März 2017
Source: The Wall Street Journal By JASON ZWEIG
When winners are taking all, it’s often time to buy the winners
“Let your winners run” is one of the oldest adages in investing. One of the newest ideas is that the winners may be running away with everything.
Modern capitalism is built on the idea that as companies get big, they become fat and happy, opening themselves up to lean and hungry competitors who can underprice and overtake them. That cycle of creative destruction may be changing in ways that help explain the seemingly unstoppable rise of the stock market.
New research by economists Gustavo Grullon of Rice University, Yelena Larkin of York University and Roni Michaely of Cornell University argues that U.S. companies are moving toward a winner-take-all system in which giants get stronger, not weaker, as they grow. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: alphabet, Apple, Technology, Winners | Leave a Comment »
Posted by hkarner - 5. März 2017
Source: The New York Times By TONY BLAIR
LONDON — Outrage is easy; strategy is hard. Outrage provides necessary motivation. But only strategy can deliver victory.
The emotional response to the rightist populism sweeping the West is one of protest and dismay. But if there is to be an effective fightback, there has to be a cool analysis of what is happening, why and what can be done.
Politics is being reshaped, and this phenomenon is the same whether it is in the United States or in Europe. At stake in the forthcoming elections in France and Germany will be the future of Europe and, possibly, of European liberal democracy.
The rightist populism, on both sides of the Atlantic, is intent on blowing up traditional conservative politics and replacing it with a new coalition, comprising traditionally left-leaning supporters in working-class communities who feel left behind by globalization and traditionally right-leaning supporters who hate liberalism. Both constituencies believe that traditional culture is at risk from immigration and “political correctness.” Both believe in the nation-state as opposed to international alliances. Both feel let down by the so-called elites and think that the solution is an authoritarian figure strong enough not to care what a biased establishment thinks about him. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Blair, Liberal Democracy, NYT, Populism, Technology | Leave a Comment »
Posted by hkarner - 4. März 2017
J. Bradford DeLong
J. Bradford DeLong is Professor of Economics at the University of California at Berkeley and a research associate at the National Bureau of Economic Research. He was Deputy Assistant US Treasury Secretary during the Clinton Administration, where he was heavily involved in budget and trade negotiations. His role in designing the bailout of Mexico during the 1994 peso crisis placed him at the forefront of Latin America’s transformation into a region of open economies, and cemented his stature as a leading voice in economic-policy debates.
MAR 3, 2017 Project Syndicate
BERKELEY – Today, the world’s population is, on average, about 20 times richer than it was during the long Agrarian Age. Between 7000 BC and 1500 BC, resources were scarce, technological progress was slow, and Malthusian pressures kept almost all human populations at a near-subsistence level, with per capita daily income of less than $1.50 in today’s terms.
In 2017, only around 7% of the world’s population is that poor. Consider a scenario in which we took the total monetary value of what we currently produce, and used it to purchase the types of goods and services that people living on $1.50 per day consume. The average daily global-output value would be $30 per person (at current prices). Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: DeLong, Growth, Productivity, Project Syndicate, Technology | Leave a Comment »
Posted by hkarner - 3. März 2017
Source: The Wall Street Journal
Futuristic forecast spurs investment wave from Japanese telecom company
SoftBank CEO Masayoshi Son
BARCELONA—Within 30 years, artificial intelligence will be smarter than the human brain.
That is according to Masayoshi Son, chief executive of SoftBank Group Corp., who says that supersmart robots will outnumber humans and more than a trillion objects will be connected to the internet within three decades.
These beliefs underpin the wave of large and surprising deals the Japanese internet and telecommunications company has pulled off in the past year, he said Monday. These include starting a $100 billion technology-investment fund with a Saudi sovereign-wealth fund, buying British microprocessor designer ARM Holdings PLC for $32 billion and acquiring U.S. asset manager Fortress Investment Group PLC for $3.3 billion.
This 30-year forecast created urgency, Mr. Son said in a speech at the telecom industry’s biggest trade show, Mobile World Congress. “That is why I’m in a hurry to aggregate cash to invest.”
In a brief interview after his speech, Mr. Son said his $100 billion project with the Saudis, dubbed the SoftBank Vision Fund, was bigger than the $65 billion in combined investments from the venture-capital world. He said the SoftBank Vision Fund would be focused. “Artificial intelligence, Internet of Things, smart robots: Those are the three main things I’m interested in,” he said. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: AI, ARM, Japan, Robotics, Softbank, Son, Technology, WSJ | Leave a Comment »