That health care policy you’re purchasing may have less protection than you intended. Some insurance representatives may engage in deceptive marketing practices, a report from the Government Accountability Office found.

Original Source: cnbc.com

Data and artificial intelligence (AI) can add $450-500 billion to India's GDP by 2025, representing about 10 percent of the $5 trillion economy aspiration of the Indian government, a report by industry body Nasscom said on Tuesday.

Nearly 45 percent of this value is likely to be delivered by three sectors – consumer goods and retail ($90-95 billion), agriculture ($60-65 billion), and banking and insurance ($60-65 billion), the report said.

Artificial Intelligence

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The report, titled Unlocking Value from Data and AI, presented an action plan with five key building blocks to promote increased data utilisation and adoption of AI, including strategy, data, technology stack, talent and execution.

It emphasised that datasets of national importance be identified with each ministry with specific use cases, a programme to create a marketplace of data and derived assets be created, and a central agency be established for defining and enforcing data standards.

The report said platform(s) to securely host data, AI services, models, open-source libraries, applications and testbeds should be created and that policies be formulated to ensure the security, reliability, interoperability, and economic viability of the stack.

It also suggested the launch of the National Programme for AI and creation of a central, apex body to steer its execution, in collaboration with various ministries, industry groups, and other stakeholders.

The report highlighted the importance of building an AI innovation ecosystem and seeking greater participation from the private sector and entrepreneurs.

Engaging the AI ecosystem

It added that schemes to engage the AI ecosystem (industry, startups, civil society, and academia) should be created and guardrails be set up to protect public interest, while accelerating programme and economic impact.

Launching lighthouse projects in the public sector, partnerships to create data, tech and services, and grants or incentives to invest in research and innovation were also key suggestions of the report.

Unveiling the report, Electronics and IT Minister Ravi Shankar Prasad said Digital India had reimagined how the government connects with citizens, and the accelerated deployment of AI and other emerging technologies would help this objective further.

"…the kind of data we are generating because of the sheer size of India, we need to leverage it…data is a national asset and this asset, we have to leverage it…

"What COVID has done is enable the world to see India's potential…we need to further exploit it. AI for three areas of human development (education, agriculture and healthcare) is very important to be focused upon," the minister said.

Debjani Ghosh, President of Nasscom, said the report can help India emerge stronger from the COVID crisis.

"Data and AI's true potential emerges from its ability to drive transformation across multiple sectors through a diverse range of applications. The report articulates the key structural steps that India needs to take to realise the value of this opportunity," she added.

The action plan and report has been reviewed by industry leaders, including Tata Sons Chairman N Chandrasekaran, Wipro Chairman Rishad Premji, Infosys COO UB Pravin Rao, and Microsoft India President Anant Maheshwari.

Nasscom will also hold Xperience AI summit 2020 in partnership with the Telangana AI Mission from September 1-4 with curated discussions on four key themes – Build AI from and for India, Scale AI Adoption in India, India's AI Policies, Thought Leadership in AI.

Additionally, deep dive sessions will be organised for developers to understand latest trends in AI technologies and use cases.

(Edited by Teja Lele Desai)

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Original Source: yourstory.com

AXA trims portfolio's 'warming potential', as company warns of climate costs

Insurance giant’s annual climate report warns the companies it invests in could lose over 10 per cent of their revenues by 2030 under a 1.5C scenario

AXA has today published its fourth annual Climate Report, detailing how its efforts to align its investments with the Paris Agreement have led to a reduction in the ‘warming portfolio’ of its portfolio over the past year.

The report reveals how at the end of 2019 the ‘warming potential’ of its investments stood at 2.8C – still well above the ‘well below’ 2C goal set out in the Paris Agreement, but a marked improvement on the 3C projection for the portfolio that was recorded at the end of 2018.

The company also highlighted how the 2.8C trajectory for its investments compares favourably with an industry average of 3.6C.

Thomas Buberl, CEO of AXA, said the report – which is in line with the French law on energy transition for green and ecological growth and the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) – provided “an essential tool for measuring the effectiveness” of the insurance giant’s climate strategy.

The company has recently pledged to ensure its investments are in line with a 1.5C warming scenario by 2050, and to support the goal it has committed to mobilising €24bn of green investments by 2023 and ensuring it has no coal assets in its portfolio by 2040.

However, Buberl acknowledged that the report “shows that we must collectively pursue our efforts to achieve the objectives of the Paris Agreement, notably in the context of the post-Covid 19 economic recovery.”

The report also reiterates AXA’s previous warning that “a 4C world is not insurable” and highlights the scale of the risks the company and the wider investment sector faces as climate risks escalate.

Specifially, the report calculates projected climate-related costs in 2030 under a1.5C warming scenario for the companies AXA invests.

“Our exploratory analysis also shows that, on aggregate, when using a 1.5C scenario, the companies we invest in may lose 10.2 per cent of their total revenues in transition costs, and eight per cent of revenues to physical costs, but this is partly offset by green revenues equivalent to 7.8 per cent of total revenues, thanks to integration of current green revenues and the results derived from forward-looking green patent investments,” the report states. “Ultimately, and according to this methodology, AXA’s net “company cost of climate” appears to be equivalent to an average 10.5 per cent of the turnover of the companies we invest in.”

The report calculates that the projected loss of revenues would translate into a 3.3 per cent reduction in AXA’s investment value, but it also warns that “this averaged figure necessarily smoothes out heterogenous impacts amongst market players: some will likely be far more impacted than others”.

It also notes that costs could be lower in 2030 under a 3C scenario, as businesses would face lower transition-related costs. But then physical climate risks would increase drastically later in the century under such a scenario as climate impacts escalate.

Original Source: businessgreen.com

unemploymentJohn Sommers II/Getty Images

The June nonfarm payrolls report will be released Thursday, July 2, from the Labor Department. 
Economists surveyed by Bloomberg expect that the US economy added 3 million payrolls in June and that the employment rate declined to 12.5%. 
If the report is in line with expectations, it will be the second month of jobs added since the US lost a record 20.5 million payrolls in April due to the coronavirus pandemic. 
Visit Business Insider’s homepage for more stories.

Businesses in June likely continued to hire as most states across the US went forward with reopening plans following coronavirus-pandemic lockdowns earlier in the year. 

Economists surveyed by Bloomberg expect that the US economy added 3 million jobs in June after adding 2.5 million in May, and that the unemployment rate declined to 12.5%. The report is due Thursday, instead of the usual first Friday of the month, because of the Independence Day holiday. See the rest of the story at Business Insider

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A key labor-market ratio has tumbled near record lows — and Deutsche Bank’s top economist says the US has to create a whopping 30 million jobs to reach a new all-time highJob losses are 4 times worse for the lowest-paid workers so far in the coronavirus pandemic, study showsUS weekly jobless claims hit 1.5 million, higher than economist forecasts

Original Source: feedproxy.google.com

US housing marketadamkaz/Getty Images

US home mortgage delinquencies surged to the highest level since November 2011, according to a Monday report from Black Knight. 
Total borrowers more than 30 days late skyrocketed to 4.3 million in May from 3.4 million in April, the report showed. 
In addition, more than 8% of all US mortgages were past due or in foreclosure, according to Black Knight.
Read more on Business Insider. 

The number of US home mortgage delinquencies has surged to the highest level in nine years as the coronavirus pandemic continues to hit family finances. 

Total borrowers more than 30 days late surged to 4.3 million in May after a record jump to 3.4 million in April, according to a Monday report from Black Knight. In addition, more than 8% of all US mortgages were either past due or in foreclosure, the report showed. See the rest of the story at Business Insider

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US weekly jobless claims hit 1.5 million, bringing the 13-week total to 46 millionMay’s blockbuster retail sales report overshadowed shifting consumer trends that could widen inequality in the USHomebuilder sentiment posts a record jump in June, signaling a housing-market rebound from the coronavirus pandemic

Original Source: feedproxy.google.com

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