HSBC signals rate rise profit windfall has peaked even as payouts rise

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Since Quinn took charge in March 2020, just as the COVID-19 pandemic swept the globe, the shares have gained 25%, still underperforming a 50% rise in the broader market So far this year, the stock has risen 20% versus a 7% rise in the FTSE index ( FTSE)

HSBC’s conservative outlook echoed that of British rival NatWest (NWG L), which warned last week that profit earned from rising interest rates may have peaked ‘No easING oFF’

Quinn, who is overseeing a programme of job cuts aimed at stripping out layers from the bank s bloated management structure, said more was to come

“There will be no easing off at all on costs

We are now considering up to $300 million of additional costs for severance in 2023 ” he said

HSBC reported pretax earnings of $5 2 billion for the fourth quarter, up from $2 7 billion a year earlier and ahead of the $4 96 billion average estimate of analysts compiled by the bank HSBC said annual expected credit losses rose to $3 6 billion more than the $3 2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China s property market

But Quinn told Reuters the outlook for the sector had improved in January, in part due to policy measures aimed at propping up the sector Despite the fourth-quarter surge, annual profit fell to $17 5 billion from $18 9 billion for 2021, due to an impairment of $2 4 billion related to the sale of its retail banking operations in France That matched the $17 5 billion average estimate of 22 analysts compiled by the bank Meanwhile, HSBC said it still expects to complete the sale of its Russia business in firsthalf 2023 taking a $300 million loss

C hatGPT launches boom in AI-written e -books on Amazon

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While that may not sound like much, it is enough to inspire him to compose other books using the software

“I could see people making a whole career out of this,” said Schickler who used prompts on ChatGPT like “write a story about a dad teaching his son about financial literacy ”

Schickler is on the leading edge of a movement testing the promise and limitations of ChatGPT, which debuted in November and has sent shock waves through Silicon Valley and beyond for its uncanny ability to create cogent blocks of text instantly

In the edition, Sammy the Squirrel, crudely rendered also using AI, learns from his forest friends about saving money after happening upon a gold coin He crafts an acorn-shaped piggy bank, invests in an acorn trading business and hopes to one day buy an acorn grinding stone

Sammy becomes the wealthiest squirrel in the forest, the envy of his friends and “the forest started prospering, according to the book

‘The Wise Little Squirrel: A Tale of Saving and Investing,’ available in the Amazon Kindle store for $2 99 – or $9 99 for a printed version – has netted Schickler less than $100, he said While that may not sound like much, it is enough to inspire him to compose other books using the software

I could see people making a whole career out of this,” said Schickler, who used prompts on ChatGPT like write a story about a dad teaching his son about financial literacy ”

Schickler is on the leading edge of a movement testing the promise and limitations of ChatGPT which debuted in November and has sent shock waves through Silicon Valley and beyond for its uncanny ability to create cogent blocks of text instantly

There were over 200 e-books in Amazon’s Kindle store as of mid-February listing ChatGPT as an author or co-author, including How to Write and Create Content Using ChatGPT ’

‘The Power of Homework’ and poetry collection Echoes of the Universe

And the number is rising daily There is even a new sub-genre on Amazon: Books about using ChatGPT, written entirely by ChatGPT

But due to the nature of ChatGPT and many authors’ failure to disclose they have used it it is nearly impossible to get a full accounting of how many e-books may be written by AI

The software s emergence has already ruffled some of the biggest technology firms, prompting Alphabet Inc and Microsoft Corp to hastily debut new functions in Google and Bing, respectively, that incorporate AI

The rapid consumer adoption of ChatGPT has spurred frenzied activity in tech circles as investors pour money into AI-focused startups and given technology firms new purpose amid the gloom of massive layoffs Microsoft, for one, received fawning coverage this month over its otherwise moribund Bing search engine after demonstrating an integration with ChatGPT

But already there are concerns over authenticity, because ChatGPT learns how to write by scanning millions of pages of existing text An experiment with AI by CNET resulted in multiple corrections and apparent plagiarism before the tech news site suspended its use T h r e aT T o ‘ r e a l’ a uT h o r s?

Now ChatGPT appears ready to upend the staid book industry as would-be novelists and self-help gurus looking to make a quick buck are turning to the software to help create botmade e-books and publish them through Amazon’s Kindle Direct Publishing arm Illustrated children’s books are a favorite for such first-time authors On YouTube, TikTok and Reddit hundreds of tutorials have spring up demonstrating how to make a book in just a few hours Subjects include get-rich-quick schemes, dieting advice software coding tips and recipes “This is something we really need to be worried about these books will flood the market and a lot of authors are going to be out of work,” said Mary Rasenberger executive director of writers’ group the Authors Guild

Ghostwriting – by humans – has a long tradition, she said, but the ability to automate through AI could turn book writing from a craft into a commodity There needs to be transparency from the authors and the platforms about how these books are created or you re going to end up with a lot of low-quality books ” she said One author, who goes by Frank White, showed in a YouTube video how in less than a day he created a 119-page novella called ‘Galactic Pimp: Vol 1 about alien factions in a far-off galaxy warring over a humanstaffed brothel The book can be had for just $1 on Amazon s Kindle ebook store In the video White says anyone with the wherewithal and time could create 300 such books a year, all using AI Many authors like White, feel no duty to disclose in the Kindle store that their great American novel was written wholesale by a computer, in part because Amazon’s policies do not require it When asked for comment by Reuters Amazon did not address whether it had plans to change or review its Kindle store policies around authors use of AI or other automated writing tools “All books in the store must adhere to our content guidelines including by complying with intellectual property rights and all other applicable laws,” Amazon spokeswoman Lindsay Hamilton said via email of misusing their authorities in collusion with each other, resulting in wrongful gains of approximately Rs14 146 billion to EETL/ETPL/ECL in connection with LNG Terminal-1 of EETL, as well as a wrongful loss of approximately Rs7 438 billion for the non-utilisation of the unused capacity of the second LNG Terminal of PGPL from March 2015 to September 2019

The total liability of the accused amounted to approximately Rs21 584 billion until September 2019

Corporate Corner

SAP ’s aims to bring positive change people’s lives for better through digital transformation

K a r a c h i: SAP’s Senior Vice President Middle East and North Africa, Ahmed Al-Faifi, on his visit to Pakistan, met with Federal Minister for Planning, Development & Special Initiatives, Mr Ahsan Iqbal, Chairman Higher Education Commission (HEC), Dr Mukhtar Ahmed and Secretary Railways, Mr Mazhar Ali Shah He also attended The Future Summit’s 6th Edition, organized by the Nutshell Group in Karachi During his meeting with Federal Minister for Planning, Development & Special Initiatives, Mr Ahsan Iqbal, the discussion revolved around how to improve the technological dynamics of Pakistan to expedite the growth Mr Al Faifi said; “The commercial enterprises and the government sector are benefitting from SAP’s business solutions for efficient service delivery in the public sector Financial, HR, audit and numerous other SAP core business applications are contributing to Pakistan’s global standing in terms of transparency SAP is cognizant of Pakistan s needs for a viable IT future and is continuously redefining its scope to reach out to more and more of public and private companies It ensures that the product is best suited for optimization of productivity in each sphere p R

Telenor Pakistan recognised at OICCI

Women Empowerment Awards 2022

iSLaMaBaD: Telenor Pakistan has been recognised as the “Best Conducive Workplace Environment for Women” at the Overseas Investors Chamber of Commerce and Industry’s (OICCI) Women Empowerment Awards 2022 Telenor Pakistan takes immense pride in its diversity initiatives making it a leader in promoting gender equality and women’s rights in the workplace The workplace disparity is a global issue affecting millions and Telenor Pakistan is dedicated to bringing a change by providing women with the support and resources they need to succeed in the workplace This award recognises our organisation’s efforts in promoting equal opportunities at the workplace,” said Areej Khan, Chief Human Resources Officer, Telenor Pakistan p R

Costa Coffee brings wave of happiness to K arachi

K a r a c h i: After the immense success it received in Lahore, London’s favorite coffee shop has now opened up its second store in Pakistan, and this time, it s in Karachi!

The new store, located at DHA Karachi Phase 6, Shahbaz Commercial, has all the Costa signature elements incorporated in its outlet design, complete with a red telephone booth It is meant to provide its customers with great coffee, snacks and an atmosphere where they can relax and unwind with friends and family Currently, the outlet is offering all the drinks on its menu that are being sold in Lahore, amongst which Flat White is a signature Costa Coffee boasts a unique Mocha Italia Signature Blend that it has perfected ever since its inception The coffee blend is the base ingredient in all the brands' coffee drinks, whether hot or cold In addition to serving drinks, the store also has a range of passionately crafted local assortment of savoury and sweet treats These snacks can be enjoyed with the coffee drinks or separately Together with Costa Coffee, on this new journey into Pakistan, Gerry's Group is certain that the level of coffee excellence will be unparalleled and inspiring for the country's fast-growing coffee community p R