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The future of banking is in blockchain and AI - RBI Deputy Governor Jain
As the digital rupee pilot continues to progress in India, the Reserve Bank of India (RBI) is now informing banks throughout the country that they should prepare to adopt innovative technologies such as AI and blockchain. Mahesh Kumar Jain, the Deputy Governor of the RBI, made the recommendation during a speech titled, “Governance in Banks – Driving Sustainable Growth and Stability,” which he presented at a conference organized by the RBI on Wednesday. The RBI Governor noted that while India’s banking system remains strong, stable and resilient through the collective efforts of the government, RBI and the ... (full story)
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Hanover is a city of great significance. Ludwig Erhard once described it as the emblem of German ambition and vitality. And, over the years, Hanover has been justifiably proud of its role in Germany’s industrial development. Nowhere is this more obvious than at the Hannover Messe. Since inception in 1947, Hannover Messe has showcased the passion and economic potential of German workers and entrepreneurs to the world. The fair has become a symbol of the German Wirtschaftswunder, intimately linked to post-war German reconstruction and the subsequent economic and industrial success. Success in which the German savings banks have played a pivotal role. With a history spanning 200 years, you have consistently served as a reliable financial partner, supporting and promoting the German industry through crises and transformation. It is no wonder t post at 5:33am: ECB'S PRESIDENT LAGARDE: WE STILL HAVE GROUND TO COVER ON RATES. post at 5:32am: ECB'S PRESIDENT LAGARDE: INFLATION IS TOO HIGH AND IT IS SET TO REMAIN SO FOR TOO LONG. post at 5:33am: ECB'S LAGARDE: WE NEED TO CONTINUE OUR HIKING CYCLE UNTIL WE ARE SUFFICIENTLY CONFIDENT THAT INFLATION IS ON TRACK TO RETURN TO OUR TARGET IN A TIMELY MANNER.
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The European Union (EU) has officially enacted the Markets in Crypto-Assets (MiCA) bill into law after receiving final approval from finance ministers. The landmark legislation ...
Private sector employment increased by 278,000 jobs in May and annual pay was up 6.5 percent year-over-year, according to the May ADP® National Employment Report™ produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab ("Stanford Lab"). The jobs report and pay insights use ADP's fine-grained anonymized and aggregated payroll data of over 25 million U.S. employees to provide a representative picture of the labor market. The report details the current month's total private employment change, and weekly job data from the previous month. ADP's pay measure uniquely captures the earnings of a cohort of almost 10 million employees over a 12-month period. "This is the second month we've seen a full percentage point decline in pay growth for job changers," said Nela Richardson, chief economist, ADP. "Pay growth is slowing substantially, and wage-driven inflation may be less of a concern for the economy despite robust hiring." post at 8:17am: ADP Report: Wage-Driven Inflation May Be Less Of A Concern For Economy Despite Robust HiringPrivate payrolls rose by 278,000 in May, well ahead of expectations, ADP says The U.S. labor market posted another month of surprising strength in May as companies added jobs at a pace well above expectations, according to a report Thursday from payroll processing firm ADP. Private sector employment increased by a seasonally adjusted 278,000 for the month, ahead of the Dow Jones estimate for 180,000 and a bit lower than the downwardly revised 291,000 in April. May’s increase took the payroll growth so far in 2023 to 1.09 million. The ADP report noted that the distribution of job grains was “fragmented” for the month, as increases were concentrated in leisure and hospitality, which added 208,000 positions, and natural resources and mining, which saw a gain of 94,000. Construction added 64,000 jobs, but multiple other categories saw declines. For instance, manufacturing saw a drop of 48,000, financial activities lost 35,000 and education and health services was off by 29,000. Trade, transportation and utilities posted an increase of 32,000 while the other services category added 12,000. From a size perspective, companies with 500 or more workers lost 106,000 jobs. Small firms, with fewer than 50 workers, added 235,000 positions. One area of note for ADP was a slowdown in the pace of wage gains, with annual pay up a still-robust 6.5% in May but down from the 6.7% increase in April. Those switching jobs reported an annual increase of 12.1%, off a percentage point from the month before.
In the week ending May 27, the advance figure for seasonally adjusted initial claims was 232,000, an increase of 2,000 from the previous week's revised level. The previous week's ...
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- Posted: Jun 1, 2023 7:07am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 239