To write your girlfriend a poem, GPT-4, an artificial intelligence system, requires orders of magnitude more energy than your brain does. That’s because AI doesn’t really function like the brain. Rather, it runs like all other computer software by flooding microchips with huge quantities of binary signals, in the form of zeros and ones, and gobbling up electricity along the way. Kwabena Boahen, PhD, a professor of bioengineering and of…
Western values are admired around the world, according to the landmark poll of 21 countries, but many nations no longer feel they have to be aligned to just one major power or bloc according to the poll. It reveals countries no longer want to be exclusively tied to a US - or Chinese-led group, pointing to a fragmentation of established power blocs. However, significant numbers in many of the nations…
The IMF in collaboration with University of Oxford researchers today [15 Nov] launched 'PortWatch', a new online portal a platform to monitor and simulate trade disruptions due to climate extremes and other shocks. Using satellite-based vessel data and big data analytics, the platform will help policymakers, analysts, and other public stakeholders assess the impact of disruptions to maritime trade. Users can simulate the potential indirect spillover effects of port disruptions…
From the start-up hubs in Copenhagen through the industrial strongholds of Antwerp to the thriving metropolis of Hamburg, European entrepreneurs in the SME segment face a relentless challenge: adapting to sudden societal and economic shifts. And for the past years, this is what they have been doing continuously. But how do they look at the future? We recently conducted a comprehensive study which has unveiled a sense of confidence and…
As part of its recent Net Neutrality Review, the UK telecoms regulator Ofcom is adopting a more pragmatic approach to zero-rating – the practice of excluding certain content from users’ data usage limits. Graham Johnson considers the implications and whether other regulators are likely to follow Ofcom’s lead. ‘Zero-rating’ became a hot topic around 2015, when awareness spread among communications regulators that Internet Service Providers (ISPs) could distinguish between different…
Underwriting Understood vbois November 9, 2023
Lessons from a lifetime career of branding excellence - David Martin has been leading businesses through brand evolution for more than four decades, and much of this experience has focused on mergers and acquisitions. At a time when the vast majority of mergers do not fulfil their potential, David shares his insight into what makes for lasting success when two companies come together. I’ve seen the same story play out…
As a finance specialist, Harvard Business School Professor Lauren Cohen works to understand the dynamics that make businesses thrive. In his recent research on family companies, he has found one common thread among successful firms: They actively support their employees’ mental health. One of Cohen’s recent case studies spotlights Zak Pym Williams, the son of the late comedian Robin Williams, who is spreading awareness about mental illness after struggles following…
Financial literacy is skill which many parents and grandparents are keen to nurture in their children and grandchildren. With social media now a key route for young people to access information – including researching money and finance – it’s helpful to look at the role it can play. Stuart McCulloch, our Senior Executive Officer in the Middle East, explores whether social media is helping young people become more informed when…
As many charity trustees may be aware, the week of 13 -17 November 2023 is the Charities Regulatory Authority’s “Charity Trustees’ Week” with an increased focus on the roles and responsibilities of charity trustees. With that in mind, in this briefing we are flagging a few key areas that charity trustees should bear in mind when considering their legal duties under Irish law. These duties can arise under the governing…
Despite today’s constantly evolving economic environment, many organisations continue to operate the same way as they have been doing for hundreds of years. Our consultants have seen this “business as usual” approach cause a variety of business challenges across strategy and vision, organisational structure, and working methods. So what is a “traditional” organisation and what business challenges does it create? Many traditional command and control organisations have a profit motive…
The Artificial Intelligence and Business Strategy initiative explores the growing use of artificial intelligence in the business landscape. The exploration looks specifically at how AI is affecting the development and execution of strategy in organizations. As an associate professor at Harvard Business School and cofounder of the Customer Intelligence Lab at the school’s Digital Data Design Institute, Ayelet Israeli’s work is focused on how data and technology can inform marketing…
PLANO, Texas (October 31, 2023)―Today, Lexus announced a new collaboration with acclaimed Dutch solar designer Marjan van Aubel to create a vibrant, sun-powered installation within the Institute of Contemporary Art, Miami (ICA Miami) sculpture garden. Inspired by the new and advanced LF-ZC Lexus Battery Electric Vehicle (BEV) Concept car and jointly realized with spatial experience design studio Random Studio, the interactive installation will elevate Lexus and van Aubel's investment in…
Overturning the decision of the Court of Appeal, the Supreme Court held that on the facts of the case, the delivery drivers were properly categorised by Revenue as employees and not as independent contractors as was contended for by Domino’s Pizza. Mutuality of Obligation – Not a Defining Feature of Employment Contract Importantly, the Supreme Court rejected the contention that “mutuality of obligation” was a prerequisite for concluding that a…
More people than ever are in a job or are looking for one – labour force participation in the euro area is at an all-time high. This week, The ECB Blog looks at who the new workers are and discusses changes in labour force demographics over the last two decades. By Clémence Berson and Vasco Botelho The euro area labour market is in pretty good shape despite the recent economic…
After the U.S. Supreme Court struck down the use of race-based affirmative action in college admissions in June 2023, universities have been grappling with their admissions protocols and law firms and other private sector entities have been facing lawsuits over pipeline and DEI programs. Stanford Law Professor Ralph Richard Banks According to Ralph Richard Banks (BA ’87, MA ’87), the Jackson Eli Reynolds Professor of Law at Stanford Law School…
Historically, it’s been tough to quantify the success of events, presentations, and speeches. We’ve long known that the spoken word is a powerful tool for influence and action, but how do you measure that power? When many organizations flipped from in-person to virtual and hybrid meetings and events, presentation analytics became a whole new ballgame. Speakers used to measure impact largely by surveying people and reading the literal room. While…
On May 16 of 2023, Sam Altman, the CEO of OpenAI, did something that no tech CEO had ever done before. He implored the US government to regulate his industry. One member seemed to speak for the rest in saying "The time for self-regulation is over. It's time we legislate to hold you accountable." Could he be right? Today on Cold Call, we welcome senior lecturer, Jesse Shapiro, and special…
Federal Trade Commission Chair Lina Khan delivered a sharp warning to the technology industry in a speech at Stanford on Thursday: Antitrust enforcers are watching what you do in the race to profit from artificial intelligence. “Much is uncertain about what the future of this technology will look like,” said Khan. “But the FTC has made clear that there is no exemption from the [antitrust] laws on the books. The…
With the increasing availability of health information, there has been a rise in demand for at-home diagnostics companies that enable individuals to test their own samples and receive results without visiting a healthcare provider. This raises concerns about the data and privacy of consumer health information. At-home diagnostics testing handles highly sensitive personal and biological data that necessitates proper regulations and policies in place to protect patient privacy. As such, at-home…
It’s been an eventful year in the world of generative music. In April, the first viral AI cover dropped: ghostwriter’s “Heart on My Sleeve,” which woke up the music world to the fact that AI content could not only exist, but could be good. Soon after, Google unveiled MusicLM, a text-to-music tool that generates songs from a basic prompt; Paul McCartney used AI to extract John Lennon’s voice for a…
UK regulators set out their approach to innovation in payments, money and money-like instruments. This paper explains how UK authorities’ current and proposed regulatory regimes will interact and it should be read in conjunction with the respective discussion papers from the Bank and FCA as well as PRA’s letter to bank Chief Executive Officers.
For the first time in a while, I recently delivered a short, in-person talk, entitled “Lessons Learned from Becoming a Product-led Organisation.” The contents comprised an introduction into what it means to be Product-led, why we should aspire to be more Product-led, selecting a starting point and 5 key learnings from my experience of scaling a Product-led approach (a future feature, perhaps?) All this, smooshed into a whirlwind 25-minute timebox.…
Seeking a programming gig? Wear glasses and keep your laptop in frame if you want your profile picture to attract recruiters on hiring platforms. A new study finds freelancers are more likely to land work when they “look the part” for a particular job. But, as companies increasingly tap into online platforms to hire freelancers, the old saying that looks can be deceiving still rings true. Faced with myriad candidates…
Dr Lord, a senior researcher in food system economics with Oxford’s Environmental Change Institute, found nearly 75% of the hidden costs were associated with poor dietary patterns that lead to obesity and lifestyle diseases – which, in turn, will lead to near-term and long-term productivity losses. This was particularly stark in high-income countries. Unhealthy dietary patterns represented more than 80% of the hidden costs in wealthier nations. But poverty, climate…
The researchers analysed 246 recordings of doctor-patient conversations and found that subtle aspects of communication, like word choice and tone of voice, influenced patient outcomes and suggests training providers on compassionate communication could aid weight loss efforts. The research comes at a time when obesity treatment guidelines encourage doctors to discuss weight loss with patients and offer them referrals to weight loss services if appropriate. Yet, on a yearly basis,…
Pensions are likely to form the foundation of your retirement planning – helping ensure financial freedom through your later years. But what happens to your pension pot when you die. Jack Lear, UK Financial Planning Manager, looks at what to be aware of. Most of us carefully save into pensions for much of our working life. By the time you retire your pension might hold a significant sum, especially given…
When Mark DesJardine was working on his Ph.D., in 2015, he studied a few of the organizations that certify lumber harvested from responsibly managed forests. As he dug into the details, he noticed a troubling pattern. A CFA charterholder, Tuck professor Mark DesJardine teaches the MBA elective Social Entrepreneurship. He is focused on issues related to strategy, sustainability, and finance, with a specific focus on shareholder activism. The independent, not-for-profit…
Making cross-border payments cheaper, faster, and easily accessible would bring huge benefits to businesses and households alike, especially in emerging markets and developing economies. By Fabio Panetta In recent decades, the world has witnessed a remarkable surge in cross-border payments, driven by the globalisation of trade, capital and migration flows. Global payments are expected to skyrocket from USD 190 trillion in 2023 to a staggering USD 290 trillion by 2030.[1]…
Licensees, exchanges, and other market participants should prepare to comply with the listing, disclosure, capital, and other requirements that the new law imposes. By Jenny Cieplak, Nima Mohebbi, Parag Patel, Stephen P. Wink, Ian Irlander, Adam Zuckerman, Luca Marquard, and Deric Behar On October 13, 2023, California Governor Gavin Newsom signed California State Assembly Bill 39, which establishes the Digital Financial Assets Law (DFAL). The new law, which goes into…
One of the most common pricing questions we get from late-stage SaaS companies is: should we switch to a usage-based pricing model (also known as consumption-based pricing)? Often, these companies have an existing subscription model, and usage-based pricing sounds like it would further align their incentives with their customers’. After all, the more their customers use their product, the more revenue they capture. But just because usage-based pricing has worked…
What is an Intercreditor agreement? An Intercreditor agreement outlines the rights and obligations of multiple creditors when lending to the same borrower. These are often referred to interchangeably as Deeds of Priority, however, an intercreditor agreement tends to be a more complex document which does not merely order the priority of debt and distribute the proceeds upon a default of the borrower. Intercreditor agreements also include undertakings between the senior…
During the pandemic many people put more money aside than usual. So what is happening with these additional funds? The ECB Blog looks at which households built up excess savings and how they are using the money. By Niccolò Battistini and Johannes Gareis Being forced to stay home during the pandemic was tough. But it meant that people saved money because they had fewer opportunities to spend. Think of closed…
Imagine you’re a consultant and you notice a few eyebrow-raising behaviors, such as a colleague who misuses a client’s meal stipend or an executive who screams inappropriately at his staff. Should you step in and speak up? For consultants, especially those starting out, the tug of war of values and loyalties among clients, colleagues, and partners can present ethical issues that can be difficult to manage, says David Fubini, a…
Stablecoins are a form of digital asset that can be used to make payments. They tend to be less volatile than cryptoassets. That is because their value is tied to other, stable, assets.
What does it mean to "encrypt" information? And how does an organization know whether its existing encryption protocols are sufficient? The Protection of Personal Information and Electronic Documents Act (PIPEDA) imposes an obligation on businesses to use security safeguards to protect personal information in a manner appropriate to the sensitivity of the information. Amongst the various forms of safeguards, Principle 4.7 states that methods of protection should include technological measures,…
Every successful team depends on its members to contribute effectively and work together cohesively. As a manager or team leader, it is important to make sure that your team is working effectively and efficiently. Every team should have people who do their job that lives up to the company’s standards of quality work. However, no team is perfect. There are some instances where team members may be underperforming for whatever…
Since the beginning of the Russian invasion of Ukraine more than a year ago, almost 10,000 civilians have been killed, most of them by air strikes on civilian infrastructures. This has been a wake-up call for other European countries, none of which could currently provide sufficient protection for its population or critical civil and military infrastructure. For this reason, Germany launched the European Sky Shield Initiative (ESSI) in 2022 which…
The global economy is increasingly a digital one, and businesses are rapidly changing in response to keep pace with technology. Despite exponential-seeming increases in data, businesses, especially those in the legal sector, have not realised the potential gains. Law firms, specifically, are often partner-led organisations (Limited Liability partnerships, “LLP”) where decision-making is decentralised and requires consensus among partners who have varying levels of comfort and familiarity with new technologies. Partner-led…
It’s that time of year when parents are required to make school place applications. Deciding on a school for your child can be a challenging task, and when parents cannot agree on this important decision, it can add additional complexity to an already delicate situation. When must school applications be made? If your child is due to start school in September 2024, or is in their last year of primary…