The AI revolution celebrated its first anniversary, marked by high expectations and promising forecasts. Wall Street analysts and investors expressed their anticipation for significant results in corporate earnings driven by this novel technology. Global expectations remain high, with the whole world watching for future developments in AI.

Since its heyday in 2023, artificial intelligence has captured the popular imagination, combining hopes and fears into an emotional mix rarely seen in the tech realm. Figures ranging from philosophers to religious leaders, entrepreneurs and traders have contributed their voices to the debate. Even Pope Francis spoke on this matter.

In his January 1 speech to the faithful, Pope Francis made a strong critique of this technology. He warned about the risks that advances in AI could be used for terrorist and war purposes. He also warned of the potential for AI to pose a threat capable of reshaping society in ways that could undermine human nature.

It should be noted that there are not a few apocalyptic visions that revolve around artificial intelligence. Both the scientific community and different religions are concerned about the disruptive potential of this technology.

K. Tovar

Source: Criptotendencia

(Reference image source: Unsplash+)

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La entrada 2024 will be a challenge for artificial intelligence apareció primero en Bitfinance.

The major global banks cut their staff by more than 60,000 during the year, making 2023 one of the most redundant fiscal years in the sector since the great global financial crisis, according to data compiled by the Financial Times.

According to the reference newspaper in the City, some 20 of the world’s largest banks will cut at least 61,905 jobs by 2023, down from the more than 140,000 jobs cut by the same lenders during the 2007-08 global financial crisis, but still one of the biggest job adjustments in the sector.

In previous years with large job losses in banking, such as 2015 and 2019, the paper notes that these largely responded to cuts between European institutions in response to historically low interest rates, but in 2023 about half of the accounting adjustment came from Wall Street lenders.

In this sense, investment banks suffered for the second year in a row a fall in their commissions due to the fall in public agreements and quotes, which led Wall Street to try to protect profit margins by cutting staff, in addition to the impact related to the acquisition of Credit Suisse by UBS, which has so far resulted in at least 13,000 fewer jobs.

Also, in many cases, lenders are reversing post-pandemic hiring, when repressed demand for transactions sparked a talent war among investment banks.

K. Tovar

With information from international media

(Reference image source: Louis Droege, Unsplash)

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La entrada 2023 was marked by layoffs in global banking apareció primero en Bitfinance.

Argentine companies listed on the New York Stock Exchange experienced an impressive increase in their values during the first hours of trading on Wall Street, with increases that in many cases exceeded the double-digit threshold.

Standing out for its extraordinary rise and volume, YPF recorded a 36% increase in the first 40 minutes after opening; Another company in the sector, Transportadora Gas del Sur, also saw a solid increase of 22%, while Pampa Energía had a more moderate increase of 7%.

In the banking and financial sector, Grupo Financiero Galicia led the increases with an impressive 23%; Banco Macro was not far behind, with an increase of 19%; Cresud experienced a 21% increase; BBVA Argentina, a solid 16%; and Grupo Supervielle, a respectable 12%.

The Loma Negra cement company also added to the gains with an increase of 12%; steelmaker Tenari achieved a modest increase of 1.8%, while Telecom Argentina saw an increase of 4%.

With banking and exchange operations inactive in Argentina, attention is focused on the behavior of the so-called “Bitcoin dollar”, one of the numerous alternative quotes in the South American country, which has experienced a strong rebound since Milei’s victory last Sunday , exceeding the mark of 1,000 pesos per unit.

K. Tovar

Source: Bancaynegocios

(Referential image source: X,@Gonurel)

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La entrada Argentine companies soar on the New York Stock Exchange apareció primero en Bitfinance.

EDX Markets, a cryptocurrency exchange, formally began its operations on Tuesday with the support of several Wall Street companies. This in the midst of regulations and turbulence in the United States market.

EDX offers bitcoin, ethereum, litecoin and bitcoin cash trading “for institutions following a non-depository model; that is, it uses third parties to guard and manage these digital assets, avoiding conflicts of interest”.

According to the statement through which the launch of its operations was announced, among the Wall Street companies that have given it the necessary support are “financiers Charles Schwab, Citadel, Fidelity, Paradigm and Sequoia Capital.”

These companies presented the project for this initiative last year, before the bankruptcy of the FTX platform occurred.

The EDX platform will continue to work on strengthening the cryptocurrency market, with greater transparency, efficiency, and security. It plans to launch, at the end of this year, EDX Clearing, a “coordination to facilitate the purchase and sale operations” of cryptocurrencies.

M.Pino

Source: finanzasdigital

(Reference image source: Traxer, Unsplash)

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La entrada Crypto platform EDX launches operations with the support of Wall Street apareció primero en Bitfinance.

The investment bank Goldman Sachs announced the suspension of its activities in Russia, thus becoming the first large Wall Street bank to announce a measure that has already been previously adopted by numerous multinational companies.

The financial institution spread the news through an official statement stating: “Goldman Sachs is closing its business in Russia in compliance with regulatory and licensing requirements.”

Likewise, they maintain that they will continue to support their clients around the world in the “management or closing of pre-existing obligations in the market and guarantee the well-being of our people.”

After the decision, Goldman Sachs shares fell 2.43 % on Wall Street by mid-morning, on a bad day for the financial sector.

Russia with little impact on the business

Goldman Sachs Groups Inc has been present in Russia in recent years, but according to information provided by the entity “the country does not represent a significant part of its global banking business“, some 650 million dollars in credit risk by 2021.

Goldman’s exit is more symbolic as it is the first financial institution to suspend its operations as a result of Russia’s invasion of Ukraine, which could induce a cascade of similar movements to other entities, as has happened with companies in other sectors.

Other US banks also have little presence in Russia. One of them is Citigroup, which has 3,000 employees at its Russian offices and had $9.8 billion in loans, assets and venture capital by the end of 2021.

M. Rodríguez

Source: iproup.com

La entrada Goldman Sachs announces the suspension of operations in Russia apareció primero en Bitfinance.

A millionaire fraud originated the first black Friday. In 1860, railroad entrepreneurs Jay Gould and Jim Fisk decided to do business with gold on the black market, accumulating the metal so that it would rise in price.

Both businessmen allied themselves with the banker Abel Corbin, brother-in-law of President Ulysses Grant, who was in charge of bringing them closer to the president and thus suggesting that he keep the price of gold high. They had an informant, Daniel Butterfield, undersecretary of the Treasury, who leaked when the government would sell the reserves.

Gould and Fisk began their accumulation of gold, in August 1869, using for this purpose interposed companies and other “tricks” that allowed them to remain anonymous. However, his plans to accumulate the metal was discovered by the president of the United States and Gould decides to sell as much gold as possible, without notifying his partners and accomplices.

The disorder remained for two days and on Friday, September 24, what history remembers today as the first Black Friday takes place. Gold, which was trading at $ 132, had closed on Thursday the 23rd at more than $ 144, reaching a maximum of $ 200 on Friday, when Grant decided to act and “flooded the market with the government’s gold reserves, and caused an earthquake on Wall Street.”

Prices plummeted in minutes to $ 133, which is equivalent to a drop of the order of 33 %, while equities fell 20 % and many small and medium-sized entrepreneurs went out of business. The economic consequences were, in some cases, devastating, even hitting European markets. However, the protagonists were practically unscathed from an economic and legal point of view.

M.Rodríguez

Source: bancaynegocios.com

La entrada The millionaire fraud that originated the first black Friday apareció primero en Bitfinance.

Morgan Stanley created a new research division that aims to investigate the development of crypto assets and for this it appointed Sheena Shah as the main cryptocurrency analyst.  Shah comes from playing a crucial role as Morgan Stanley’s “chief currency strategist covering G10 currencies for over eight years and contributed to the bank’s cryptocurrency-related research efforts.”

As part of her new responsibilities, Sheena Shah will focus on studying “the impact of cryptocurrencies on stocks and fixed-income investments, such as treasury and corporate bonds.”

The decision was disseminated through an internal statement to the staff of the financial institution, in which the bank’s board of directors stressed that the formation and launch of a group of people dedicated to cryptocurrency research is due to the increase and importance that has been obtaining this type of digital assets in the world market.

Morgan Stanley, for about a year, has been breaking into the digital asset market, increasing its direct manifestation to Bitcoin through different “Grayscale Investments investment funds”. According to unofficial information, the financial institution “allegedly introduced an investment tool in Bitcoin for millionaire clients.”

The information on the formation of this research group is provided at a time when the traditional financial system is creating and applying strategies that allow it to adapt to the new cryptocurrency market, which is growing surprisingly, “going from about 350,000 million from dollars a year ago to 2.1 trillion today.”

The largest banks in the US are creating a unit within their organizational structure for digital assets. In July the Bank of America instituted a cryptocurrency research division. Previously, State Street had announced its division on digital finance and the big Wall Street banks, JPMorgan and Goldman Sachs Group, also implemented cryptocurrency trading services in 2021.

M. Rodríguez

Source: cointelegraph

La entrada Morgan Stanley launches cryptocurrency research team apareció primero en Bitfinance.

Tesla registered a 4.43 % increase in the stock market on Monday, after the electric vehicle manufacturer announced a record number of units delivered in the first quarter of the year.

According to the figures released on this trading day, the company led by Elon Musk announced the delivery of 184,800 vehicles, a record for the company and a figure clearly above analysts’ expectations.

The largest manufacturer, last year produced 180,338 units focused exclusively on its Model 3 and Model Y, more affordable than the Model S and Model X, which were well received by the demanding public. With respect to the Chinese market, the Model Y, a compact SUV, has matched well with demand and also doubled its sales last year.

Since 2020, Tesla has become one of the largest companies in the United States in the sale of vehicles, shooting its production to 700 %, something that has generated wealth for Elon Musk.

However, this year the company has had some difficulties on Wall Street. As of Monday, their titles had lost more than 9 % so far this year.

K. Villarroel

Source: elnacional

La entrada Tesla registers an increase of more than 4% in the first quarter apareció primero en Bitfinance.