Despite the COVID pandemic, the company continued to invest in its electric vehicle and autonomous vehicle growth initiatives, launched an all-new portfolio of full-size Chevrolet, GMC and Cadillac sport utility vehicles, and maintained leading U. General Motors Customer Care and Aftersales remains committed to providing the necessary resources to ensure technicians within the dealer network are highly trained in order to service the advanced technology found in GM vehicles.
It starts with recruiting young talent into the GM Automotive Service Education Program and Automotive Service Excellence Education Foundation, where they can start to build a highly successful and long-term career. GM Defense will manufacture ISVs and will support the production of up to 2, vehicles with additional authorization over eight years. This is the first major award and delivery for GM Defense since the subsidiary was reestablished by its parent company in In addition, the company is confirming investments in five Michigan plants, including the Lansing Delta Township Assembly and Flint Assembly for future crossover and full-size pickup production.
General Motors will be making a major U. Please join the virtual event via the link below. General Motors produces more models with the highest amounts of American-produced components than any other automaker, according to two recent independent studies.
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When a documentary is called "The Meaning of Hitler," there are two things you know off the bat. The pardon is part of a broader effort by Trump to undo the results of a Russia investigation that shadowed his administration and yielded criminal charges against a half-dozen associates. SEOUL, Korea, Republic Of — The operator of an online chat room in South Korea was sentenced Thursday to 40 years in prison for blackmailing dozens of women, including minors, into filming sexually explicit video and selling them to others.
The Seoul Central District Court convicted Cho Ju-bin, 24, of violating the laws on protecting minors and organizing a criminal ring, court spokesman Kim Yong Chan said. Kim said the court decided to isolate Cho from society for a prolonged period in consideration of his attitude and the seriousness and evil influence of his crime.
Both Cho and prosecutors, who had requested a life sentence, have one week to appeal. Cho and five accomplices were detained in March for allegedly producing sexually abusive video of 74 victims, 16 of them minors, and distributing them on the Telegram messaging app where users paid in cryptocurrency to watch them in President Moon Jae-in earlier called for thorough investigation and stern punishment for those operating such chatrooms like Cho's and their users.
In recent years, South Korea has been struggling to cope with what the government describes as digital sex crimes, which aside from the abusive chatrooms also include the spread of intimate photos and videos taken by smartphones or tiny spy cameras hidden in public spaces and buildings, an issue that triggered massive protests in Links to the latest deals are listed below.
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Such factors are responsible for the dominance of these players. Several companies are focusing on to launch new products in order to strengthen their distribution channel. The product has two indications, one for creating tunnels allowing placement of corneal rings, whereas the other is to create corneal pockets for effective placement of presbyopia-correcting inlays. People in the U.
Furthermore, healthcare providers are rapidly adopting ophthalmic lasers in the U. These factors are likely to enable growth in the market in North America. The market in Asia Pacific is yet to achieve growth as a large pool of patients are still dependent on contact lenses and eyeglasses. However, with the rising developments in technology, the healthcare providers in countries such as China, India among others will adopt ophthalmology lasers. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses.
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With divergence expected to continue, coupled with some geopolitical instability and the possibility of an economic downturn, banks can best prepare by continuing their compliance modernization journey using the latest governance, risk, and compliance technologies.
Last year, we highlighted the need for banks to excel at data management, modernize core infrastructure, embrace artificial intelligence AI , and migrate to the cloud. This trend is expected to continue in the foreseeable future. For instance, in , North American banks are expected to spend nearly one-half of their total information technology IT budget on new technology, while European banks would spend about one-third, a figure higher than the current level 27 percent figure 5.
Challenged with legacy technology and data quality issues, most banks are unable to achieve the desired returns on their modernization initiatives. As a first step, institutions should tackle their technical debt, which is typically caused by past underspending and layering newer technologies on top of aging infrastructure. Legacy systems are among the biggest barriers to bank growth. Establishing a new, parallel, cloud-native core banking platform is gaining traction as a strategy.
This is because it is less risky, reduces time-to-market, brings results, and allows core banking functions to be migrated over time. They should also consider the risks for example, potential bias in AI-powered algorithms and fortify their own cybersecurity defenses. And while increasing the prevalence of ecosystems and data-sharing between institutions expands customer data, it also complicates data management and raises privacy concerns.
Banks should rethink their data architecture and get their houses in order to maximize returns from analytics initiatives. Additionally, privacy-enhancing techniques can help banks derive value from data-sharing without compromising privacy. Lastly, digital transformation is not limited to technology and data.
To realize long-term success, the human side should also be addressed. As technology gets cheaper and is readily adopted by the industry, the initial advantages may decrease in the long term. Another equally important aspect to consider will be culture. More often than not, the success or failure of a digital transformation effort may depend on cultural issues rather than technical ones.
Only those financial institutions that build a collaborative and innovative culture to drive change can achieve real returns on their technology investments in the next decade. Regulatory divergence, geopolitical instability, and the possibility of a downturn have created a host of impending risks, requiring financial institutions to rethink traditional approaches to risk management. While banks have made notable strides in assessing and mitigating risk across the enterprise in recent years, the next decade will likely test their ability to continue to modernize the risk function.
Bank leaders can start by contemplating what might be an optimal risk management model. Banks should then consider how best to leverage the power of new technologies, which has yet to be fully realized. Technology has played a significant role in risk management for a long time. But thanks to recent advances, it can now help banks reshape their risk management program in more meaningful ways. Very few banks, however, report that they have applied emerging technologies to the risk management function, 51 which could be a missed opportunity.
Technology can increase efficiency by automating manual processes, assist in identifying emerging threats, and provide insights into risks and their causal factors. And machine learning, coupled with natural language processing, could convert unstructured data such as emails into structured data that can then be analyzed to predict where risks might occur.
At the same time, banks should be mindful of the additional risks these new technologies might create. Third-party relationships with external technology vendors, suppliers, or service providers could expose banks to information misuse and theft insider risk , system failures, and business disruptions operational risk , or regulatory noncompliance.
On the other hand, biases, automation errors, and rogue programs could result in algorithmic risk. Additionally, deploying these technologies to manage risk will require banks to access and use high-quality, timely data. Without robust data, technology implementation will likely not be as effective. For some time, financial institutions have had difficulty providing quality data from source through system. This is due to a historic proliferation of disparate legacy systems, which has limited their ability to capture, measure, and report data.
Having better data, for instance, could help banks boost their monitoring and surveillance tools to detect and predict instances of employee misconduct conduct risk. Last year, we encouraged banks to prepare for the future of work, as automation, robotics, and cognitive technologies continue to redefine how work is done.
To figure out how this shift might impact talent, and—most important—what to do about it, bank leaders will need to understand not just changes to the nature of work the what and the how but also the workforce the who and the workplace the where —all of which are greatly interrelated.
When it comes to the future of work, many banks have started to explore automating manual, routine tasks by scaling technology from siloed use cases to larger processes across the enterprise. However, the human side of this transformation has received little attention, and leaders seem to be viewing the capacity freed up from automating these tasks as productivity gains at best.
To take full advantage of technology, however, firms should also focus on redefining and redesigning jobs to empower the higher-order work requiring intuitive, creative, interpretive, and problem-solving skills that humans can best handle. Firms have two options: talent acquisition or reskilling. While banks already have a strong appetite for talent acquisition, the closely regulated nature of the financial services industry has limited their ability to use alternative talent models gig or crowdsourced talent at scale.
The current low unemployment rates and tight labor markets further complicate the picture. As a growth imperative, banks should therefore consider reskilling and in some cases, upskilling their internal talent pool. But who would lead this augmented workforce? Lastly, since culture and configuration of the workplace have been linked to innovation 63 and business results, 64 banks have an opportunity to reimagine it to inspire talent. To enhance the human experience, banks should modernize their workplaces with more open and collaborative structures.
They should also explore ways to foster connections for their virtual workers. In Europe, the persistent reality of negative rates—expected to last for several more years 69 —has pushed down NIMs, with lending margins in Germany, for instance, declining since late Lending volume, however, has seen steady growth. Banks in many parts of Asia, on the other hand, have increased their margins, with NIMs reaching 2 percent.
China, in particular, has continued to see strong consumer lending growth. Regardless of business fundamentals, banking consumers around the world want the same thing: superior and consistent customer experience in branches, online, or via a mobile app.
Unsurprisingly, digital lending is also where nonbanks are stealing share from incumbents. In the US mortgage and personal loan markets, nonbank players have captured a large market share already. For instance, Quicken Loans is now the largest mortgage originator in the United States. Meanwhile, fintechs in Asia are becoming dominant players in retail banking.
In Europe, fintechs are also making strides. Some of these fintechs are aiming to expand globally. While still in the early stages of its evolution, it is most evident in Australia, the United Kingdom, and other countries in the European Union. Australia has even applied an expansive set of rules on consumer data rights and data-sharing to other industries as well.
As a result, the nature and degree of competition will likely change; the surviving fintechs should become mainstream players and traditional incumbents will recalibrate their strategies. Nevertheless, scale and efficiencies will be dominant factors. Also, in the next few years, banks could partner with others in the ecosystem to become de facto platforms, offering countless services that will extend beyond banking.
Banks should still be best positioned to own the customer relationship, which would enable them to rethink their value proposition and serve client needs holistically, supported by data and analytics. Offering advice should be a differentiating factor for banks as it becomes contextual and real time.
Banks should rethink and innovate pricing models accordingly. In an open data environment, privacy concerns will also be a factor. The increasing pressure from a low-yield environment and the potential for an economic slowdown could negatively impact earnings, especially for smaller, less diversified, and consumer lending-focused banks.
Banks should continue to increase their fee-based income, as well as focus on cost management, but should not lose focus on their digitization efforts and regulatory obligations. To enable insights-driven offerings to clients, attain a leaner cost structure, and ultimately unlock future success, core modernization is key. Banks should digitize and transform across the entire value chain for all products.
For instance, while almost every bank in the United States offers a digital mortgage application, only 7 percent manage end-to-end digital loan disbursement. Smaller banks, in particular, tied to a single core vendor in most cases, could find achieving their digital ambitions out of reach, so prioritizing modernization efforts could be key for them as well. To drive revenue growth, retail banks should focus on loan and payments products over deposit accounts.
And, improving the customer experience for all products should be an overarching goal of core modernization. Open banking should take hold in in many regions. While the potential upside is vast, the stakes are high. In the United States, given the lack of a regulatory mandate, there are still some uncertainties about the scale and pace of adoption of open banking.
As such, banks should be selective in how they implement open banking practices. Payments remains one of the most dynamic and exciting businesses in banking. The breakneck pace of change and the unprecedented scale of innovation are inspiring and testing established orthodoxies.
Their foremost challenge is to remain relevant and quickly adapt to the new competitive environment. While fintechs are driving much of the disruption, incumbents are not far behind. Take, for instance, the perennial problem of delayed settlement in business-to-consumer payments. Some card incumbents are bringing solutions to shorten the settlement cycle to near real-time payments.
Overall, though, a good deal of the innovation in payments is happening in emerging markets, where mobile adoption and low-cost quick response QR technology are making digital payments the norm. Concurrently, more countries—developed and emerging, alike—are prioritizing payments modernization through faster payments. More than 50 countries have either implemented or plan to implement faster payments solutions, 79 many sponsored by regulators.
Meanwhile, the payments industry is seeing more consolidation, due to rising competition and the race to scale. Payments will be invisible, seamless, and real-time but will likely be about more than just transactions. A whole slew of new value-added services, such as identity protection, real-time cash management, and new purchasing insights that customers and merchants alike would value, should be the norm.
New platforms would necessitate new payment mechanisms—all digital, of course. The net result is an industry that may become more competitive, with interoperability still a challenge in the near term. Redesigning customer experience by removing friction, enhancing value through rewards and access to other financial products, and bolstering security are expected to remain top priorities for payment providers. While large payment providers could continue to offer an enhanced integrated experience, we are also likely to see an acceleration in unbundling the payments value proposition.
This will comprise payment, credit, rewards, and security components but should also include the flexibility to interact with different experience providers. Providers should increasingly focus on addressing the right pain points and reorienting product design to be experience-focused. This is important, as nearly four in 10 US consumers have experienced some friction with their credit card payments in the last year, with fraud being the most common complaint figure 7.
Traditional providers should aim to enhance their relevance with customers by increasingly providing them with real-time, contextual, and personalized services. However, adopting this customer-centric model will be easier said than done, given the siloed nature of data, narrow performance incentives, and product-based organizational structure at many firms. Getting a better handle on customer data is typically the first step in this transition. Payment providers will also be forced to expand alternative revenue streams.
In , further exploration of regulator-sponsored digital currency systems, such as those in China, and deliberation on appropriate cryptocurrency regulation 86 may go hand-in-hand. For privately sponsored digital currencies, payments providers should proactively work with regulators and ecosystem partners. Progress on developing faster payments is expected to continue at a different pace globally.
In North America, payments providers should be mindful of actions by the Fed and Payments Canada to determine potential strategies and learn from initial adoption. With any of the above strategies, partnerships, both traditional and nontraditional, will be critical to drive value from acquisitions and take advantage of broader market trends.
In the end, no matter what type of innovation payment firms engage in, they should aim to develop products in smaller, bolder cycles. This can put them on solid ground to fail fast, learn faster, reduce time-to-market, and revive their relevance. Banks are betting on their wealth management divisions to bring stability amid a looming downturn.
As expected, robo-advice has become table stakes. Virtually every large wealth firm has a digital advice platform. Independent robo players, however, are revisiting their business models, constrained by high client acquisition and servicing costs and low revenue yield. On the client side, changing demographics are prompting a strategic shift for some in product innovation, service experience, and adviser training. More firms are targeting millennials, in particular, due to the size of the market, evolving wealth needs, and the impending wealth transfer.
In the mass affluent market, competition is heating up. Through its recent acquisition of United Capital, Goldman Sachs' is targeting the large pool of corporate employees, 94 an underleveraged channel so far. And the ultra-wealthy are fueling the rise of family offices globally, simultaneously increasing investments into alternative asset classes, enabled by private feeder funds solutions of the likes of Artivest or iCapital Network.
Meanwhile, the competitive differentiation among offshore wealth centers has been shifting from regulation and tax factors to, more recently, provider capability and digital maturity, where countries such as the United States, United Kingdom, and Switzerland typically have an advantage. However, Asian centers are catching up fast, driven by advances in their digital infrastructure, such as mobile network coverage or internet bandwidth, and rising wealth in the region.
Wealth management could become the core of the banking-customer relationship. However, in the decade ahead, the business might face its most pressing challenges, as asset prices may come under pressure amid slowing global economic growth. Ability to provide real-time, tailored advice will become a key differentiator, along with the readiness to offer new products and asset classes, including digital assets.
The industry could see unbundling of the value chain, with players focusing on what they do best, while other parts are outsourced. Wealthtechs, increasingly partnering with incumbents, could also be an important part of this ecosystem. To prepare for the decade ahead, wealth managers are focusing on client experience, adviser experience and productivity, operational efficiency, and regulations.
A push toward less risky investment advisory models is expected in Next, improving client experience will likely be paramount as clients expect seamless, real-time advice. To achieve this, firms should prioritize front-office digitization and modernization.
In a similar vein, upgrading and digitizing KYC and client onboarding processes, as well as AML transaction monitoring is critical. However, this transition to a digital operating model may also engender new risks and necessitates a rethinking of the risk management framework. Enhancing adviser productivity and experience will also be key to cope with margin pressure, meet compliance demands, and provide superior client service.
To attract and retain clients, online trading of stocks and exchange-traded funds in the United States will increasingly be offered for no fee. This should benefit large-scale players that can make up for this loss in income through other predictable sources, such as sweep accounts.
Lastly, wealth managers should follow the money to attain long-term growth. Moreover, with rapid increases in private wealth, Asian markets cannot be ignored as a potential client base. Postcrisis structural shifts continue to impede investment banks from achieving stable returns. In , combined revenues at the top banks were at their lowest since Meanwhile, US banks continue to get stronger, generating 62 percent of global investment banking fees in , up from 53 percent in Recognizing the challenges ahead, some investment banks have restructured their sales and trading businesses and accelerated cost-cutting efforts.
But this is also leading to increased competition and new market entrants, causing further fragmentation. Furthermore, increasing platform sophistication among buy-side and corporate clients is threatening money-making opportunities. In the United States, the five large asset managers have set up their own platforms to directly connect with company executives.
Hedge funds and private equity firms have also begun to dabble in core investment banking activities. While the core intermediation function will remain the same—matching supply and demand for capital—significant changes can be expected in the services investment banks provide and their delivery.
Large corporates and buy-side firms could become more self-sufficient in standard capital market activities, but they will likely rely on bank expertise for more complex, global needs. The industry will likely be bifurcated, with a few large, global investment banks—mostly in the United States—and another group focused on local markets and specialized segments. As industry convergence accelerates in the broader economy, the need for cross-industry knowledge could become more important.
Meanwhile, technologies such as AI and blockchain could become central to the operation of capital markets businesses and for tailored client insights. Large US banks, despite the economic challenges ahead, have a head start in readjusting to a new world. Most European banks, on the other hand, will be forced to rethink their global ambitions and pick the businesses they want to succeed in, though they must be careful not to discard core functions to remain competitive in the future.
Asian banks are expected to continue to build their capabilities to serve local markets. The sales and trading business will likely undergo the most notable transformation. In sales and trading, posttrade simplification is becoming an urgent priority, with the bigger players now willing to make investments to simplify and innovate around this infrastructure. Client intelligence and self-service are also major themes, not only as levers for simplification, but also increasingly to enhance the client experience.
Banks should not lose sight of the need to address core modernization and develop new client solutions, while improving their cost structure. Risk functions have seen some modernization, and a few banks have begun reshaping their business processes and other middle-office functions, with some taking bold initiatives.
Resulting cost savings free up resources for front-office related investments, but it raises the question of whether competencies of support functions may weaken as such efforts are rolled out. AccessFintech, which specializes in collaboration, transparency, and control to the financial services industry, is an example. Talent will become more important for banks as the blend of capabilities in complex finance, coding, and soft skills necessary to drive deals forward will likely be in short supply.
Steady, predictable returns, an attractive cost structure, and sticky customers typically make this business highly attractive. Overall, European banks have lagged their US counterparts, due to record-low interest rates and sluggish domestic economic growth. These initiatives involve significant technology upgrades and tremendous capital and change effort.
For the most part, the industry has dealt well with these changes. But on the programs not mandated by regulations, progress has been slow even though clients, business partners, and regulators expect change to happen quickly, unlike in the past. Transaction banks will increasingly become orchestrators of the financial ecosystems for global commerce and asset servicing.
As physical flows merge with digital flows, banks should go beyond their core offerings to offer new services, such as hedging against climate risk or insuring digital assets. Banks will also be the trusted resource for advice, through machine-augmented intelligence. While real-time information flows will be pervasive, tools and models that fuse multiple technologies—from machine learning, blockchain, cloud, 5G, and quantum computing—will be increasingly common in transaction banking, as in other businesses.
The focus will likely also shift from local to global decision optimization for example, finding the best liquidity solution to considering broader factors and decision impacts. Risk and compliance controls should be embedded more seamlessly into operations. As corporate clients start to adjust their financing needs in response to a potential global slowdown in , transaction banks can add more value to their clients. Securities servicing firms, on the other hand, are expected to continue to provide data analytics and insights to enable their clients to make informed investment decisions.
Given lower prospects for growth, transaction banks should also double down on their own cost management and get a better understanding of their economic architecture. Investing in cost data and analytics in this regard could pay long-term dividends. Also, with an increased focus on cost management on the client side, treasurers may shop around for better pricing. Failure to modernize the related core legacy systems—whether cash management and treasury or securities reconciliation systems—could be a missed opportunity.
As faster payments become a growing reality and offer richer, structured data and real-time tracking, banks should consider offering new liquidity solutions to clients. On the client side, corporates and buy-side institutions are expecting more from their transaction banks. They want real-time solutions that use data in an intelligent way to optimize working capital or investment performance and create a hassle-free experience.
Open banking, in this context, is quickly becoming a differentiator and a way to lock in clients. Finally, the advent of tokenized securities will push some custodians to design new digital assets custody solutions. Growth in corporate banking globally has been a mixed bag in Global deposit growth over the last year has been relatively flat, with a 1. US banks report weakening demand across several loan categories, partly citing increased competition between banks and from nonbank lenders, such as private capital firms and fintechs.
Some banks also report increasing the premiums on riskier loans. The same uncertainty has pushed many European banks to also tighten credit standards in Despite this, demand for corporate loans in Europe has remained robust, supported by low interest rates.
In Asia, the ongoing US-China trade conflict has begun to weigh on business lending. Even with recent efforts by Chinese regulators to stimulate lending and offset the impact from declining exports, corporate loans in China have sharply fallen over the year, and corporate bond defaults have soared.
But the market is showing early signs of cooling, as some banks begin to shun leveraged loans amid a higher level of scrutiny. Influenced by what they see in their personal lives as consumers of digitally enabled services in areas such as online retail or ride-hailing services, more corporate customers have begun to expect similar high-quality, tailored, seamless services.
Faced with this shift and heightened competition, many corporate banks are prioritizing digital transformation. JPMorgan Chase, for instance, has said it will merge its corporate banking team with its middle-market technology division to better serve clients in that space. Change is on the horizon, and the future landscape for corporate banks will likely be marked by evolving client expectations, business model and workforce shifts, and disruptive technologies.
A more open world and access to greater amounts of customer data could lead to more analytics-driven processes, especially within loan underwriting. The new promise of open banking across the industry, meanwhile, could pave the way for platform banking. There could very well be greater competition from insurance companies, private equity firms, traditional asset managers, and fintechs in the corporate lending space.
Thus, the corporate bank over the next decade could look very different than the one today, as it redefines its role in the new financial ecosystem. In the short term, shifting client demands, increases in the cost to serve, and the threat from new market entrants will likely put pressure on banks to rethink their current strategies while it continues to strengthen relationships with clients.
To do so, corporate banks should first consider refreshing or enhancing their relationship management capabilities by offering clients a new business proposition via digital products and services. Finding fresh value streams outside loans will likely become an imperative, especially as economic uncertainty weighs on loan demand and as more fintechs such as Kabbage or StreetShares enter the lending space with alternative models.
Digital products and services—for example, supply chain finance, specialized support, easy integration, or flexible funding options—could lead to new fee income opportunities and help protect against revenue pressure. These new products and services can support the role of relationship managers by allowing them to take on an advisory role beyond lending.
Next, banks should consider digitizing front- and back-office functions to boost operating efficiency and deliver the seamless, digitally enhanced experience that corporate clients increasingly crave. On the front end, account servicing, for instance, has long been a face-to-face business. AI-powered, digitally assisted conversations during servicing could revamp routine communications, enhancing the client relationship and marking another step toward differentiation.
On the back end, loan origination and rationalization are ripe for automation. Of course, digital enablement could be hindered without platform modernization. They might also consider infrastructure improvements via fintech acquisitions or managed services.
Finally, on the accounting side in the United States, with the approaching replacement of an incurred loss model by a current expected credit loss CECL standard, and the wide variation in allowances set by banks, it is yet to be seen what impact, if any, the new standards might have on lending volume, pricing, terms, and underwriting criteria.
Exchange trading volumes in fixed income securities, futures, and options have also expanded, though mostly for smaller trade sizes. Overall, volatility in equity markets is only slightly lower than , despite the rise in geopolitical risks.
However, market liquidity in stocks, bonds, currencies, and derivatives has contracted. Electronification of bond trading is happening at a steady pace, although it is still only about 20—30 percent of total volume, depending on geography and asset class. In the cleared derivatives market, though, diverging global regulations have caused greater fragmentation, contributing to lesser competition and lower liquidity.
How this phenomenon plays out globally remains to be seen. Lastly, consolidation in the exchange industry is taking on a new shade. The exchange and clearing industry may reconsolidate and become more concentrated, even though we might see niche players emerging in the near term. Trading in digital assets, whether cryptocurrencies or digital tokens, should become more common.
And, of course, intelligent automation, electronification, and a blockchain system for trading, clearing, and settlement could be pervasive, leading to greater efficiencies and declining margins. This, in turn, will demand scale for profitability.
Nontrading services could form a larger share of revenues over time, with the market infrastructure players expanding their business across the value chain and marketing their expertise to the buy-side and sell-side. At the same time, systemic risk should increase, possibly bringing new regulations. However, whether these new rules will be harmonized across the globe or are country- or region-specific is hard to predict. The search for a new identity by market infrastructure players, stable returns, and higher margins will likely prompt further consolidation worldwide, especially if the economics become more challenging.
However, cross-border deals might face greater scrutiny. And by leveraging their technologies, exchanges can offer a market-in-a-box infrastructure. Of course, exchanges and clearing houses will have to continue to digitize their operations across the value chain, possibly through machine learning or RPA.
While more blockchain-based experimentation and solutions could be developed, cloud adoption might not happen quickly due to security concerns and speed. Finally, the much-awaited go-live implementation of the Consolidated Audit Trail CAT reporting in April should reveal immediate benefits. Below is our assessment of what will likely happen in and beyond in these key areas and their effects on the industry.
US tax reform lowered the US statutory tax rate and included numerous provisions that impact multinational financial institutions, whether domiciled in the United States or abroad. Over the past year, the financial services industry has actively engaged with the US Treasury Department and the Internal Revenue Service IRS to request further clarity on how the new rules would apply to their business models.
But, as final rules have yet to be issued, uncertainty remains. The responses to US tax reform have varied. Some have attempted to push through the ambiguity for instance, by repapering cross-border contracts ; others are awaiting further clarity, which may lead them to consider recalibrating business models and strategies.
The financial services industry is expected to react swiftly once clarity is gained, both from a business standpoint as well as operationally. Meanwhile, complex, real-time reporting requirements—such as the Automatic Exchange of Information AEOI global standard that mandates the flow of information between countries —are placing additional pressure on many banking tax departments.
As a result, many have begun to rethink their technology, data, and analytics capabilities to improve their processes and boost efficiency. Some are exploring managed tax and technology services to keep costs low as they struggle to increase their budget so they can perform these activities in-house. Others are experimenting with moving their processes and data to the cloud. As financial institutions await legislative clarity, they should continue to prioritize their ability to rapidly respond to updates.
This might be accomplished by building new, data-ready frameworks and modeling tools. Institutions should also take a closer look at talent and equip their tax departments with the right people to best recalibrate to the latest realities. Financial institutions no longer face individual, rogue hackers but an ecosystem of highly skilled bad actors and nation-states.
Looking ahead, greater use of mobile devices, driven by 5G, and the power of quantum computing might only further intensify cyber threats. Many banks, however, have begun to recognize that their risk controls are inadequate to address the shifts toward the cloud, APIs, more open architectures, and the reliance on other third parties. With all of these factors, bank leaders should rethink traditional cybersecurity measures that may still be in place. Moreover, banks should reassess how they deploy their cybersecurity budgets because higher spending does not always yield better outcomes.
Additionally, cyber threats have begun to blur the lines between financial and nonfinancial risks. Though many firms feel they have a handle on more traditional financial risks, financial crime is entering a new age. Fraud and money laundering are now increasingly being conducted in cyberspace. The need for scale and the desire to bolster digital capabilities, along with having a lower cost structure to enable change, will likely be the primary motivations. US top performers that have benefitted from recent rises in valuation will be ready to scoop up weaker players.
Lower economic growth and depressed rates, meanwhile, could prompt strategic reviews, and former buyers may become sellers. While the physical footprint and the branch network are still important considerations, there is greater focus on technology infrastructure capabilities and sustaining growth in a digital economy.
This differs a bit from the Chevy Tahoe offerings, which includes an air suspension option without magnetic shocks. Still, we feel confident in saying that the magnetic and air combination is the best option for the Yukon. The ride quality is phenomenal, eliminating bumps and keeping the body very well controlled.
It even helps eliminate a lot of the shudders and shakes that come from the body-on-frame construction see our recent road test of the Ford Expedition King Ranch and the Chevy Tahoe Z It also keeps body roll limited and complements the accurate, well-weighted steering. The sport mode has heavier steering and slightly firmer suspension.
But regardless of setting, the Denali almost feels sporty, though its weight and height reign it in. And when the magnetic shocks are paired with the air springs, it can adjust the ride height. It can drop 2 inches for easy entry, and rise 2 inches for improved ground clearance at low speeds off-road. Of course, being the top-of-the-line Yukon, the Denali carries the highest price. All of these SUVs are very similarly equipped.
You won't find the expansive OLED displays from the Cadillac inside, nor the mid-century inspired design of the Lincoln. And with the Ford and Chevy, you get the same cabin design as a base trim level. GMC is clearly serious about making its Denali products something genuinely special.
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The pardon is part of a broader effort by Trump to undo the results of a Russia investigation that shadowed his administration and yielded criminal charges against a half-dozen associates. SEOUL, Korea, Republic Of — The operator of an online chat room in South Korea was sentenced Thursday to 40 years in prison for blackmailing dozens of women, including minors, into filming sexually explicit video and selling them to others.
The Seoul Central District Court convicted Cho Ju-bin, 24, of violating the laws on protecting minors and organizing a criminal ring, court spokesman Kim Yong Chan said. Kim said the court decided to isolate Cho from society for a prolonged period in consideration of his attitude and the seriousness and evil influence of his crime. Both Cho and prosecutors, who had requested a life sentence, have one week to appeal.
Cho and five accomplices were detained in March for allegedly producing sexually abusive video of 74 victims, 16 of them minors, and distributing them on the Telegram messaging app where users paid in cryptocurrency to watch them in President Moon Jae-in earlier called for thorough investigation and stern punishment for those operating such chatrooms like Cho's and their users.
In recent years, South Korea has been struggling to cope with what the government describes as digital sex crimes, which aside from the abusive chatrooms also include the spread of intimate photos and videos taken by smartphones or tiny spy cameras hidden in public spaces and buildings, an issue that triggered massive protests in Links to the latest deals are listed below. Deal Tomato earns commissions from purchases made using the links provided.
About Deal Tomato: Deal Tomato reports on popular sales events. As an Amazon Associate and affiliate Deal Tomato earns from qualifying purchases. Contact: Andy Mathews andy nicelynetwork. Pune, Nov. The increasing incidence of ocular diseases, such as glaucoma, age-related macular degeneration, and refractive errors, is driving the ophthalmic laser market. As the drugs for treating ocular diseases is less, the demand for ophthalmic laser devices has come into existence. North America is expected to grow at a considerable rate in the global ophthalmic lasers market during the forecast years.
FDA approval in two new indications for its LenSx, one for creating tunnels enabling placement of corneal rings, and other indication for creating corneal pockets for placement of presbyopia-correcting inlays. FDA approval for its VisuMax femtosecond laser, enabling it to perform small-incision lenticule extraction.
Optical Coherence Tomography or OCT is an imaging technique used to identify retinal disorders using quantitative data. These players are well-recognized and have a robust distribution network in the medical laser segment. Such factors are responsible for the dominance of these players. Several companies are focusing on to launch new products in order to strengthen their distribution channel. The product has two indications, one for creating tunnels allowing placement of corneal rings, whereas the other is to create corneal pockets for effective placement of presbyopia-correcting inlays.
People in the U. Furthermore, healthcare providers are rapidly adopting ophthalmic lasers in the U. These factors are likely to enable growth in the market in North America. The market in Asia Pacific is yet to achieve growth as a large pool of patients are still dependent on contact lenses and eyeglasses.
However, with the rising developments in technology, the healthcare providers in countries such as China, India among others will adopt ophthalmology lasers. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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