Wall Street expected to shed 200,000 jobs as AI erodes roles

Wall Street expected to shed 200,000 jobs as AI erodes roles

GLOBAL banks are expected to cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, according to Bloomberg Intelligence (BI). Chief information and technology officers surveyed for BI indicated that on average they expect a net 3 per cent of…

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From banks to tech: The Singapore winners from the Johor-Singapore SEZ

From banks to tech: The Singapore winners from the Johor-Singapore SEZ

SINGAPORE and Malaysia have established a new Johor-Singapore Special Economic Zone (JS-SEZ) that will drive investments in key sectors. The 11 key sectors are: manufacturing, logistics, food security, tourism, energy, the digital economy, green economy, financial services, business services, education and health. Both countries have aimed for 100 projects in the next 10 years, and…

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Morgan Stanley to hire more Asia wealth relationship managers

Morgan Stanley to hire more Asia wealth relationship managers

MORGAN Stanley’s Asia wealth chief is looking to boost the number of staff dealing with its richest customers as the US lender pushes ahead with its regional expansion. The firm’s 140 relationship managers in the region could grow to 200 over the next few years, said Vincent Chui, head of wealth management for Asia Pacific.…

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LG Energy posts unexpected loss as EV demand slows; shares drop

LG Energy posts unexpected loss as EV demand slows; shares drop

BATTERY maker LG Energy Solution reported an unexpected loss – sending its shares down – as cooling demand for electric cars hurt sales. The South Korean company reported a 225.5 billion won (S$211.7 million) operating loss for the three months ended Dec 31, according to preliminary results released on Thursday (Jan 9). That compared to…

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