Business

ECB fuels investor expectations that bond-buying will rise in June

Published

4 years ago

May 22, 2020

The European Central Bank has intensified investors’ expectations that it will expand its €750bn pandemic stimulus programme of bond purchases next month, after revealing on Friday that its top officials had agreed they needed to be ready to do so.

The ECB’s governing council members agreed at their last monetary policy meeting on April 30 that they would “stand ready” to expand its flagship bond-buying response to the pandemic if needed to tackle the economic and financial turmoil, according to the minutes of the meeting, which were published on Friday.

Many investors anticipate the ECB will step up its support for the eurozone economy, which is heading for its worst postwar recession, by adding at least an extra €500bn to its asset-purchase plans at its next monetary policy meeting on June 4.

After its April 30 meeting, the ECB said it was “fully prepared” to increase the size of its recently launched €750bn pandemic emergency purchase programme (PEPP) and to “adjust its composition, by as much as necessary and for as long as needed”.

The ECB has already spent more than €180bn of the PEPP, which is widely credited with avoiding a damaging surge in borrowing costs for the southern European countries that have been hit hardest by coronavirus. If the central bank continues at that rate, the programme is set to run out of firepower as early as October.

“The longer we think about it, the stronger the arguments are for the ECB to decide on a significant increase in its PEPP programme already at the June meeting,” said Carsten Brzeski, economist at ING.

The French and German governments’ proposal this week to create a €500bn recovery fund that would distribute grants to the hardest-hit countries has taken some pressure off the ECB, by creating an additional tool to avert a fresh eurozone debt crisis.

However, investors also worry that the ECB’s ability to continue expanding its monetary policy response to the pandemic could be curtailed by this month’s ruling by the German constitutional court against its earlier sovereign bond purchases.

The ECB is due to agree new macroeconomic projections at its meeting on June 4, by which time it will have more information to help it decide whether the eurozone economy will make a swift recovery from the pandemic, or if it will be stuck in a rut for at least a couple of years.

Council members said that the three scenarios published by the ECB after last month’s meeting — envisaging a contraction of between 5 and 12 per cent in the eurozone economy this year — risked becoming outdated rapidly because of the speed of the downturn.

The minutes reported: “It was generally considered that, of the three scenarios presented, the ‘mild’ scenario was probably already too optimistic.”

At the April meeting, several council members expressed concerns about the risk of Europe sliding into deflation. “It was highlighted that, since the start of the coronavirus pandemic, the likelihood of inflation being below zero, or below 1 per cent, according to option-implied probabilities, had increased substantially, pointing to a significant risk of deflation or very low inflation in the coming years,” the minutes said.

Last month, the ECB sought to bolster the European banking system’s access to funds and to avoid a drying up of credit by agreeing to lend money to banks at rates as low as minus 1 per cent through a pre-planned programme that is due to start next month.

At last month’s council meeting, the governing council said that the new series of targeted longer-term refinancing operations was “highly attractive for a large part of the euro area banking sector, and market participants had doubled their expectations regarding take-up over recent weeks, to around €1.1tn in total”.

(Note: This is a Article Automatically Generated Through Syndication, Here is The Original Source

World

More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

Published

17 hours ago

May 4, 2024

Manoj Nair

More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

Trouble for Microsoft and OpenAI over copyright infringement is not coming to an end, as they face several lawsuits for violating copyrights.

On Tuesday, eight US newspaper publishers sued Microsoft for illegally reusing articles in AI products.

The 98-page long lawsuit further accused the tech companies of attributing erroneous information to the publishers.

The eight newspapers that have filed the lawsuits include the New York Daily News and the Chicago Tribune.

They allege that OpenAI’s ChatGPT used their copyrighted articles to perfect its language models without permission.

The lawsuit was filed in a New York federal court on Tuesday. The publishers claim that OpenAI’s large language models, GPT-2 and GPT-3, were perfected using datasets containing text from their newspapers.

The language models are designed to produce text based on human inputs and reproduce copies of the publishers’ works. Microsoft has been indicted for using newspapers for its Bing search index but seldom provided links to the original articles. Four months ago, The New York Times also filed a lawsuit against OpenAI, accusing the tech giant of using data from its past content. It also asked for consent for usage, criticizing the use of full article excerpts in chatbot responses.

The latest lawsuit filed by the eight news outlets also demanded consent and fair value for using their content to perfect the AI language models. The lawsuit alleged that the AI tools literally regurgitate their content without directing users to the content source.

The lawsuit filings stated, “This lawsuit arises from defendants purloining millions of the publishers’ copyrighted articles without permission and without payment to fuel the commercialization of their generative artificial intelligence products, including ChatGPT and (Microsoft’s) Copilot.”

The eight newspapers that instituted the lawsuits are as follows:

The New York Daily News and The Chicago Tribune, both owned by Alden Global Capital
The Orlando Sentinel
The Sun Sentinel
The San Jose Mercury News
The Denver Post
The Orange County Register
The St. Paul Pioneer Press

OpenAI’s Response

OpenAI did not directly respond to the accusations but stated that it takes great care to support the news and media outlets. It also stated it is in continuous partnerships and conversations with various news outlets around the world to explore new opportunities, discuss problems, and seek out solutions.

Microsoft also stated that OpenAI has entered into fruitful partnerships with a number of publishers, which includes The Financial Times, The Associated Press, Spanish conglomerate Prisa Media, and Germany’s Axel Springer.

Net Worth

Alan Patricof Net Worth 2024: How Much is the American Investor Worth?

Published

2 days ago

May 3, 2024

Vishnu Chaudhary

Alan Patricof Net Worth 2024: How Much is the American Investor Worth?

Who is Alan Patricof?

Alan Patricof is a prominent figure in the American investment landscape, renowned for his contributions to venture capital. With a career spanning over four decades, Patricof has been instrumental in shaping the growth of numerous global companies, including America Online, Apple Computer, and Audible. His legacy extends beyond business, with involvement in community organizations and government initiatives.

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Alan Patricof Career

Alan Patricof’s career in venture capital began in the industry’s early days. He founded Patricof & Co. Ventures Inc., a precursor to Apax Partners, one of the world’s leading private equity firms. Later, he established Greycroft Partners, focusing on early and expansion-stage investments in digital media. Throughout his career, Patricof’s vision and leadership have played a pivotal role in advancing the venture capital field.

Alan Patricof’s Net Worth

As of May 3, 2024, Alan Patricof’s estimated net worth stands at over $1 million. His wealth is derived from various investments, including holdings in Boston Properties Inc. and successful ventures in digital media. Despite humble beginnings, Patricof’s entrepreneurial spirit and strategic acumen have propelled him to financial success.

Alan Patricof Age

Born in 1934, Alan Patricof is currently in his late eighties. Despite his advanced age, he remains active in the business world, leveraging his wealth of experience to mentor emerging entrepreneurs and drive innovation.

Alan Patricof Family: Wife and Children

Alan Patricof has been married to his wife Susan for over 48 years. Together, they have three children and seven grandchildren. Family holds great importance to Patricof, and he credits his upbringing and heritage for shaping his values and work ethic.

Alan Patricof Height and Weight

While specific details about Alan Patricof’s height and weight are not readily available, his stature in the investment community is undeniable. Patricof’s impact transcends physical measurements, as he continues to leave a lasting legacy in venture capital and philanthropy.

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Net Worth

Stephen M. Ross Net Worth 2024: How Much is the Chairperson of The Related Companies Worth?

Published

3 days ago

May 2, 2024

Vishnu Chaudhary

Stephen M. Ross Net Worth 2024: How Much is the Chairperson of The Related Companies Worth?

Who is Stephen M. Ross?

Stephen M. Ross, the Chairperson of The Related Companies, is a distinguished figure in the real estate sector, renowned for his significant contributions and profound impact. Born on May 10th, 1940, in Detroit, Michigan, Ross embarked on his journey into real estate at a young age, demonstrating remarkable diligence and entrepreneurial spirit. Despite initially pursuing a career as a tax attorney, Ross soon discovered his genuine passion for real estate investment, laying the foundation for his illustrious career.

Stephen M. Ross Career

Ross’s career trajectory is marked by pioneering ventures and transformative projects. In 1972, he founded The Related Companies, which initially focused on subsidized low and moderate-income apartments. Over the years, Ross transitioned to higher-profile projects, including the iconic Hudson Yards development, valued at over $7 billion. His visionary approach and strategic partnerships have cemented his reputation as a prominent figure within the real estate industry.

Stephen M. Ross Net Worth

As of 2024, according to Celebrity Net Worth, Stephen M. Ross’s net worth stands at an impressive $10 billion, solidifying his status as one of the wealthiest individuals globally. Ross’s wealth accumulation is attributed to his unparalleled success as a real estate mogul, with an estimated annual income of nearly $700 million derived from royalties on his diverse property holdings. His continued involvement in the real estate sector, with ongoing projects in New Jersey and Florida, further contributes to his substantial net worth.

Stephen M. Ross Age

Currently, Stephen M. Ross is 83 years old, born on May 10th, 1940. Despite his age, Ross remains actively engaged in his professional pursuits, demonstrating resilience and dedication to his craft.

Stephen M. Ross Family: Wife and Children

Ross’s personal life is characterized by familial bonds and enduring relationships. He is happily married to Kara Ross and is the proud father of four children. Ross’s commitment to family values underscores his holistic approach to life and business.

Stephen M. Ross Height and Weight

Physically, Stephen M. Ross stands at a height of 6 feet 2 inches (1.88m) and maintains a healthy body weight of around 72 kg. Despite his busy schedule, Ross prioritizes his health and well-being, engaging in activities such as volleyball and tennis.

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