u7778 In conclusion, Manchester United's signing of Little Wizard is a testament to the club's commitment to nurturing young talent and building for the future. The decision to snub offers from Arsenal and Chelsea in favor of the Red Devils shows that the young midfielder is eager to make his mark at one of the biggest clubs in the world. As he embarks on this new chapter in his career, fans will be watching closely to see if he can live up to the hype and become the next "Boy Wonder" at Manchester United.

The deployment of digital innovations would enhance the capital market sector by boosting confidence levels of all stakeholders, reduce fraud, and grow the economy. Head, Business Technology and Digital Innovation at Central Securities Clearing System (CSCS) Plc, Mr. Tobe Nnadozie, made the submission recently in Ibadan, Oyo State, during the Annual Chartered Institute of Stockbrokers’ Conference 2024. The CSCS official, who spoke on ‘Harnessing Digital Innovation for Capital ‘Market Expansion and Economic Growth in Nigeria’, Nnadozie noted that the time had come to unlock the potentials in the country’s capital market. According to him, digital innovation refers to the use of technology to create new or improve existing products, services, and processes. This, he added, includes fintech solutions, blockchain and cryptocurrency, and artificial intelligence and data analytics. While noting that capital markets are financial markets where companies and governments can raise money by selling securities, Nnadozie however, lamented a situation where many accounts in the market were inactive. He said: “As at September 2024, 6,099,128 were total tradeable accounts, 531,262 were active accounts, representing 9.54 percent only while 4,128,068 were suspended accounts. This speaks volume.” Nnadozie noted that the market currently faces a myriad of challenges that threaten the growth of the sector and the nation at large. But he said, those constraints were not insurmountable where there was willingness to adopt digital innovations by all concerned. “Nigeria’s capital market faces several challenges, including low liquidity, limited investor participation, and inadequate regulatory framework, that create barriers to growth. “The Nigerian capital market presents opportunities for growth, including the potential for increased institutional and retail investor participation, leading to a more liquid and diversified market.” He said that where digital innovation is embraced, that will lead to improvement in efficiency by automating processes and reducing transaction costs, making it easier for investors to participate in the market. Nnadozie added that the innovation will also bring about transparency that would make it easier for investors to access information and track transactions, reducing the risk of fraud or manipulation. Also, the CSCS official added that digital innovation in capital markets can expand investor participation by making it easier for new investors to enter the market, increasing liquidity and diversifying investment opportunities. Among others, Nnadozie, said that digital innovations will lead to increased investment and liquidity and will also encourage job creation and entrepreneurship opportunities. He said that digital investment platforms were making capital markets more accessible to retail investors, allowing them to invest in a wide range of financial products and services from anywhere at any time. On strategies to promote digital innovation in Nigeria, Nnadozie advocated for policy and regulatory framework, public-private partnerships, capacity building and education, well-educated investor base. He commended the regulator, Securities and Exchange Commission (SEC) for its commitment to various initiatives that are driving digital innovation in the capital market. According to him, one of the major steps taken was Know Your Customer (KYC) update and new account validation system. This major initiative, he added, has led to easier adoption of digital solutions in the market. He said both the issuers and the Nigerian Exchange (NGX) have made noticeable progress through the digital trading platform, which has eased the ongoing rights and public offers in the market. He advocated for more of these initiatives and positioned that the CSCS through the current leadership having created the founding layers of digitalization with various self-service portals and Application Programming Interfaces (API) will be willing to work with the market.BREB suspends 7 over electrocution of IUT students on picnic bus

One of the key components of the "Spring Dawn Plan" is the implementation of "Factory Direct Sales", which allows industrial belt merchants to sell their products directly to consumers through online platforms. This not only enables merchants to bypass traditional distribution channels and reduce costs but also provides consumers with access to a wide range of products at factory prices.The timing of these airstrikes is particularly concerning, as the Middle East is already facing a multitude of crises and conflicts. From the ongoing civil war in Syria to the tensions between Iran and the United States, the region is a powder keg of competing interests and agendas. The latest round of airstrikes only serves to exacerbate these existing tensions and raise fears of further escalation.

As audiences prepare to bid farewell to the old year and welcome in the new, "Bright Moon at the Window" promises to be the perfect way to celebrate and spread joy. With its blend of quirky characters, witty dialogue, and laugh-out-loud moments, the film is sure to be a hit with audiences of all ages.

To combat the bone-chilling cold, it is important to dress in layers to trap heat close to the body. Wearing thermal undergarments, sweaters, and a thick winter coat can help insulate the body and prevent heat loss. Accessorizing with hats, gloves, scarves, and earmuffs is also crucial to protect the extremities, which are most susceptible to the cold.Reinekel, a seasoned talent spotter with a keen eye for detail, has been closely monitoring Arsenal's attacking performances over the past few weeks. While he acknowledges the team's ability to score from dead-ball situations, he is concerned that their inability to break down defenses and create chances from open play could prove to be a major stumbling block in their pursuit of silverware.

Inter Milan, the reigning Serie A champions, are already preparing for the potential departure of star full-back Achraf Hakimi, as they set their sights on 26-year-old Dutch defensive stalwart as his potential successor. The Nerazzurri have identified the versatile defender as the ideal candidate to fill the void left by Hakimi's potential exit, sparking a fierce transfer battle among three European powerhouses.

By Abigail Marie P. Yraola, Deputy Research Head AS THE COUNTRY embraces the digital revolution, the use of artificial intelligence (AI) in its banking operations shows significant advancements for the country. AI, particularly generative AI (GenAI), redefines the operational and strategic landscapes of the banking sector and thus, has become a crucial factor in transformative change, Ernst & Young said in a report titled “How artificial intelligence is reshaping the financial services industry.” The report highlighted that utilizing AI is driving a significant transformation in financial services by fostering innovation and streamlining operations. Additionally, with its broad applications, AI enhances customer service, improves risk management, and reshapes capital markets. The banking sector is adapting to a landscape sculpted by the six major trends: emerging technologies, ecosystem models, sustainability, digital assets, talent acquisition, and regulatory adjustments, Ernst & Young said in their report noting that these factors are driving the industry to move beyond traditional boundaries, impacting not only consumer banking but also transforming investment, corporate banking, and capital markets. “By integrating AI technologies, banks are setting new benchmarks for operational efficiency, client engagement and sustainable growth,” it said. The Bangko Sentral ng Pilipinas (BSP) recognizes that AI is continually evolving. “AI has been identified as one of the crucial components of the fourth industrial revolution,” the BSP said in an e-mail. The central bank added that AI can bridge the gap in financial inclusion through innovative solutions. However, it also pointed out barriers that hinder financial inclusion which include (a) a lack of documentation required to open an account, (b) low awareness of the digital products and services available in the market, and (c) the high costs associated with the infrastructure needed for digitalization. ADOPTING AI IN BANKING OPERATIONS Currently, the central bank is guided by the definition provided by the Organisation for Economic Co-operation and Development (OECD), which describes an AI system as a “machine-based system that, for explicit or implicit objectives, infers how to generate outputs based on the input it receives. These outputs, it said, can influence physical or virtual environments. Different AI systems vary in their levels of autonomy and adaptability after deployment. This definition, the BSP said, aligns with the central bank’s goal of promoting the responsible use of technology to assist in inference and output generation that enhances decision-making processes. “There has been a notable increase in the adoption and integration of AI solutions within the financial sector, particularly in enhancing decision-making, automating processes, and personalizing services,” BSP said. It also added that recent advancements in technology have had a significant impact across various industries, particularly in BSP-supervised financial institutions (BSFIs) but noted that BSFIs can choose not to adopt AI if their existing processes are working efficiently. The central bank further explained that when considering the adoption of AI systems, BSFIs should ensure that these technologies are integrated into their overall business plans, highlighting that it should align with its digital transformation goals. “As with any emerging technology, there are benefits and risks associated in adopting AI,” the central bank said, acknowledging that there is “no one-size-fits-all approach for AI systems.” However, it suggested that financial institutions can establish a policy statement outlining their approach towards AI adoption which could help prime the organization on its use. Fintech Alliance.PH Founding Chairman and Rizal Commercial Banking Corp. Executive Vice-President and Chief Innovation and Inclusion Officer Angelito “Lito” M. Villanueva said that AI has played a crucial role in democratizing financial access, allowing for more efficient, secure, and personalized banking experiences. He cautioned that alongside these advances, AI also brings complex challenges that demand careful attention to regulation and ethical boundaries before widespread adoption. He further explained that AI is crucial for automating processes, enhancing predictive analytics, and enabling targeted decision-making, which helps banks accomplish data-driven tasks more efficiently and accurately. “Central banks can leverage AI for regulatory compliance and fraud detection. In commercial banking, AI can personalize customer interactions, credit risk analysis, and cybersecurity measures,” Mr. Villanueva said in an e-mail interview. He added that as AI evolves, concerns about job displacement, especially within low-skilled sectors, are growing. Under Philippine labor law, employers are permitted to terminate employees if labor-saving technologies, such as AI, lead to redundancies, provided that legal standards are followed. “This presents a need for the government to focus not only on AI regulations but also on creating alternative job opportunities for displaced workers,” he said. CONSIDERATIONS AND IMPLEMENTATION When considering the adoption of AI or any emerging technology, financial institutions should start by evaluating their risk appetite. “Depending on the risk-reward analysis, BSFIs could integrate AI into their systems with proper controls,” the BSP said. The central bank expects that risk management measures for consumer protection, cybersecurity, and anti-money laundering/combating the financing of terrorism (AML/CFT) are established whenever an AI system is implemented. “At the minimum, financial institutions should adhere to the principle of “Do no harm” regarding the use of AI, whether internally or externally,” BSP said. For Mr. Villanueva, phased and purpose-driven AI implementation should be given priority to areas that improve customer experience, risk management, and boost cybersecurity. Customer-facing applications, such as AI chatbots and virtual assistants, should be deployed initially to streamline basic customer interactions and make banking more accessible. “At RCBC, we’re focusing on how AI could improve the accuracy of customer risk profiles and improve cybersecurity protocols. Through Fintech Alliance.Ph, we work to advocate for AI policies that promote both innovation and customer protection, a balance that helps financial institutions adopt AI responsibly,” he said. Mr. Villanueva highlighted that traditional AI, such as predictive analytics and machine learning, can reinforce the foundational framework of Philippine banks, while GenAI can enhance customer engagement efforts. EMERGING CHALLENGES A report by McKinsey & Co. titled “Scaling Gen AI in banking: Choosing the best operating model” highlighted that banks and other financial institutions rapidly use AI technology, and challenges are emerging. It further explained that AI, specifically Gen AI is transforming the banking industry as financial institutions leverage this technology to enhance customer-facing chatbots, detect fraud, and accelerate time-consuming tasks such as code development, creating pitch book drafts, and summarizing regulatory reports. They suggested that banks and financial institutions can adopt varying approaches to structuring their GenAI operating models, ranging from highly centralized to highly decentralized. The BSP is cognizant of its crucial role in promoting an enabling regulatory environment that promotes innovation and risk resilient financial systems. When an institution intends to adopt artificial intelligence (AI), it should conduct risk-based assessments before development. These assessments should focus on key risk areas, including consumer protection, cybersecurity, and anti-money laundering (AML) and counter-terrorism financing (CFT). Additionally, continuous monitoring is essential to validate the AI system’s outputs over time. For Mr. Villanueva, institutions can maximize the value of AI by prioritizing transparency, ethical practices, and strong data governance policies. The proactive measures taken by the BSP in developing regulatory frameworks for AI are essential for establishing these standards, he highlighted. “We need that distinction between goal-oriented AI and ethically guided AI. AI’s capabilities for automation and problem-solving raise questions about maintaining a balance between efficiency and ethics,” Mr. Villanueva emphasized. “We must ensure that human judgment remains central, especially as AI advances to more autonomous roles, how AI systems are designed and used ultimately defines their impact, whether good or bad.” For John Paolo R. Rivera, senior research fellow at Philippine Institute for Development Studies, he said that AI can be used by banks to detect fraud in transactions and forecast financial risks. “As an advantage, generative AI can create customer outreach campaigns or designs tailored financial advice scripts using natural language generation,” he said in a Viber message. He further explained that traditional and GenAI are complementary technologies that financial institutions can utilize to enhance operations, boost customer satisfaction, and ensure regulatory compliance. “Banks should focus on adopting hybrid solutions — using traditional AI for precision and security, while exploring generative AI for innovation and customization.” RISKS AND BENEFITS Mr. Villanueva listed that harnessing AI offers numerous life-changing benefits, including improved decision-making, cost reduction, and more personalized customer experiences. “In fraud prevention, AI systems can monitor transactions in real time, which is critical in addressing the Philippines’ higher-than-global fraud rates. There is promise in reducing fraudulent transactions and boosting security.” However, he also cautioned that integrating AI posts risks such as data privacy concerns, potential biases, and high implementation costs. For example, he said that if not carefully monitored, AI systems can inadvertently introduce biases into decision-making processes. The central bank emphasized that financial institutions should also develop a workforce training plan to prepare employees for the adoption of AI technologies. “Similarly, with the rise of AI-powered cyber-attacks, institutions should continuously monitor and strengthen their cybersecurity defenses,” the central bank said. Mr. Villanueva emphasized that they are focused on implementing ethical AI adoption by working with regulators to establish standards that protect consumer data and mitigate bias risks. He noted that reports from McKinsey and Goldman Sachs predict that AI will impact millions of jobs in industries such as manufacturing and marketing. “This shift will require flexible regulatory frameworks that protect consumers without stifling innovation,” Mr. Villanueva said. Utilizing AI in banking operations, he said, is not just black or white. It has dual sides benefits and risks, wins and losses. It is undoubtedly a powerful tool that can either help us create a more inclusive and prosperous future or exacerbate the existing class and digital divide.

HDFC Bank is in the final stages of assigning a Rs 12,372 crore car loan portfolio, its second such transaction in two months as the bank seeks to bring down its credit-deposit ratio (CD ratio). India Ratings & Research, a Fitch affiliate, has assigned AAA rating to India Universal Trust AL2 under which the loans have been securitised. HDFC Bank is the originator of the loans which were given before October 31 2024 with an average tenure of 17.5 months, with an original loan-to-value of 84%. The average balance in the loan pool is Rs 6.76 lakh and an internal rate of return of 8.91%. The loans will be continued to be serviced and collected by HDFC Bank through their respective tenures. This is the second time in two months that the bank has securitised its car loan book for instutitonal investors in an attempt to reduce its high credit to deposit ratio. In September the bank has made a similar seucritisation of Rs 9062 crore car loans which were also rated AAA by India Ratings. 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ABSs are created when a originator pools the loans into an instrument which is then sold to investors. Mutual funds, credit funds and insurance companies could be buyers of such securitised loans which pays a steady stream of fixee interest, like bonds. These assets will be reflected as an off balance sheet item for the bank and help it to reduce its CD ratio which was at 100% at the end of September, higher than its 87% pre merger number but down from 110% after its patent HDFC was merged with it in July last year. A high CD ratio indicated that the bank's loan growth is outpacing its deposits at a time which is considered unhealthy for a bank. The ratings agency said HDFC Bank's origination and servicing capabilities are strong as reflected in its wide geographical presence and customer base. "For auto loans, the seller’s origination and underwriting practices primarily focus on the customer income profile, leverages and past repayment track records including detailed analysis of the repayment capabilities of underlying obligor and assessment of vehicle. All loan collections are through NACH mandate or standing instruction. It has an adequate telecalling infrastructure and field presence to facilitate the collections across the country," India Ratings said. The loans have been divided into three buckets, namely Series A1, Series A2 and Series A3 according to the maturities of the pooled loans, which is November 2026, November 2027 and November 2030. The loans also have a default guarantee of Rs 334 crore bundled in within structure in case some loans in the trust face a default. India Ratings has derived a base case gross default rate of 0.9%-1.1% after analysed loan pool for itd default rate, recovery rate, recovery timeline and prepayment rate. (You can now subscribe to our ETMarkets WhatsApp channel )India’s thermal coal imports declined on an annual basis for the second consecutive month in October 2024, primarily due to decline in power demand compared to the higher consumption during the summer months. According to Kpler, a global real-time data and analytics provider, India’s thermal coal imports, largely utilised by the power sector, plunged by almost 33 per cent y-o-y to 12.77 million tonnes (mt) last month. Month-on-month, the inbound shipments were largely flat. However, October marked the the second consecutive month of growth in imports on a monthly basis. India’s thermal coal imports fell on an annual basis for the second consecutive month in October, dropping by 6.19 mt from the multi-year high recorded in October 2023 to 12.77 mt, Alexis Ellender, Major Dry Bulks Analyst at Kpler, told businessline . Besides, a major uptick in inbound cargoes are not expected in November and December this year. “We are not expecting any significant upturn in imports in the short-term owing to weak power sector appetite and an improving domestic supply situation in the country. Firm industrial activity suggests power demand will hold steady through November and December, but a steep increase in power sector coal demand is unlikely unless there is a significant variance in temperatures or supply-side disruptions,” Ellender pointed out. During October this year, India’s coal production reached 84.45 mt, registering an increase of 7.48 per cent. Coal production from captive and other entities rose to 16.59 mt, clocking a growth rate of 41.75 per cent on an annual basis. Cumulatively, coal production for FY25 up to October 2024 reached 537.45 mt, an increase of 6.10 per cent y-o-y. Coal dispatches in October 2024 rose by 4.6 per cent y-o-y to 82.89 mt. Dispatches from captive and other entities also grew by 36.83 per cent y-o-y to 16.18 mt. The cumulative coal dispatch (up to October 2024) rose by 5.52 per cent y-o-y to 571.39 mt. “Coal stocks at Indian power plants have decreased in recent months due to lower domestic production during the monsoon season. However, with lower rainfall, production should now be able to recover. This higher domestic availability will cap import demand as power plants are supplied by domestic mines,” Ellender explained. India’s overall power consumption in October 2024 stood at a little over 140 billion units (BU), a marginal growth on an annual basis. However, thermal power generation fell by 2.71 per cent y-o-y to 114.08 BU during the month. Cumulative power generation from all sources rose by 0.9 per cent y-o-y to 149.90 BU. From April to October in FY25, thermal power generation rose by 4.23 per cent y-o-y to 804.25 BU. Cumulative production was up by 5.29 per cent to 1,102.49 BU. Comments