News in Economics

Sort by ratingciting
EXCLUSIVE

China overtakes US in AI startup funding with a focus on facial recognition and chips

The competition between China and the US in AI development is tricky to quantify. While we do have some hard numbers, even they are open to interpretation. The latest comes from technology analysts CB Insights which reports that China has overtaken the US in the funding of AI startups. The country accounted for 48 percent of the world’s total AI startup funding in 2017, compared to 38 percent for the US. It’s not a straightforward victory for ... Full story

RBS reports first profit in 10 years

Royal Bank of Scotland has returned to profit for the first time in a decade as it continues its recovery. A spokesman for the bank said it was "a symbolic moment.". The bank, which is majority-owned by the taxpayer, made an annual profit of £752m compared with a £6.95bn loss the year before. RBS still faces a potentially massive fine from the US Department of Justice over the sale of mortgage-backed securities. Why you can trust BBC News Full story

ECB and Fed Share an Economic Outlook, But Part Ways on Risks

Mario Draghi sees different perils. Released within 24 hours of each other this week, the minutes of the Federal Reserve and the European Central Bank policy meetings in January make for a fascinating “compare-and-contrast” exercise. They highlight common economic optimism, identify similar analytical challenges, but point to different risks. They also show that policy makers may be sidestepping a global risk factor that could attract more ... Full story

Ghana Risks the Anger of 800,000 Cocoa Farmers

The government of President Nana Akufo-Addo in Ghana will struggle to sidestep one of its most difficult decisions since coming to power a year ago: telling a crucial constituency to accept a pay cut. The New Patriotic Party-led government has little choice but to end subsidies for its 800,000 farmers that will likely cost almost $450 million this season. Ghana Cocoa Board, the industry regulator in the world’s second-biggest producer, is ... Full story

New mapping shows just how much fishing impacts the world’s seas

FISH ARE HARVESTED FROM MORE THAN HALF THE AREA COVERED BY OCEANS, AND SOME SPOTS ARE SUPER BUSY. VESSEL VIEWER By tracking the activity of more than 70,000 fishing vessels, researchers made this 2016 map of total global fishing activity. Dots represent the average hours of activity within an area spanning 10,000 square kilometers. Fishing has left a hefty footprint on Earth. Oceans cover more than two-thirds of the planet’s surface, and ... Full story

Snapchat parent's stock plummets after Kylie Jenner tweet

Snapchat's parent company lost some 1.3 billion US dollars in market value on Thursday after reality star Kylie Jenner tweeted that she was no longer using the messaging service. Full story

US bank halts NRA credit card, car rental firm ends discount

The nation's largest privately-owned bank holding company and a major car rental chain said Thursday they will stop promotions aimed at National Rifle Association members. The Nebraska-based First National Bank of Omaha will not renew its contract to issue the group's NRA Visa Card, spokesman Kevin Langin said in a statement. Continue Reading Below. "Customer feedback has caused us to review our relationship with the NRA," Langin said. Langin ... Full story

China’s fishing industry dwarfs rest of world’s, study suggests

China has the world’s largest and farthest ranging fishing operation, outstripping the next 10 biggest combined, according to what researchers say is the most comprehensive and data-intensive study on the subject. Ships from mainland China amassed around 17 million hours of fishing in 2016, mostly off the southern coast of their home country, but also as far away as Africa and South America. The next-biggest operation is Taiwan’s, with 2.2 ... Full story

More Banks Are Beginning to Acquire Fintech Startups

The largest US banks have acquired only 18 fintech startups since 2013, but activity in the last 5 months has started picking up. In total, 2017 saw more acquisitions by top US banks than any other year. Recently, Goldman Sachs’ consumer banking division Marcus has been on the M&A hunt. The bank acquired the team behind credit card startup Final in Jan’18, and it is rumored to be in talks with personal finance management app Clarity Money . But ... Full story

Some BB&T banking services unavailable

- wcnc.com | Some BB&T banking services unavailable. BB&T officials said they were working on the issue and would continue to update customers on Twitter and their website. BB&T customers were having trouble accessing their money Thursday night. Bank officials tweeted many of their servers were unavailable including digital banking, Phone24 and ATMs. They sent another tweet later saying customers could use their debit, credit and prepaid cards. ... Full story

wait