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  • Business
    Reuters

    US DOJ to target pre-IPO artificial intelligence frauds, top attorney says

    The U.S. Justice Department's top prosecutor in San Francisco is targeting artificial intelligence (AI) and other tech start-ups that defraud investors before they go public, he told Reuters. Ismail Ramsey, who became U.S. attorney for the Northern District of California a year ago, said his office is uniquely positioned to crack down on tech start-ups that mislead investors on the path to initial public offerings (IPOs) given his proximity to Silicon Valley venture and angel investors. High-profile examples of such frauds by start-ups include Theranos, whose founder Elizabeth Holmes and president Ramesh "Sunny" Balwani were convicted of deceiving Silicon Valley investors about the start-up's blood-testing technology, or uBiome Inc, a San Francisco start-up whose co-founders were charged with defrauding investors about its ability to expand clinical tests to monitor gut health.

  • Business
    Reuters

    Central banks use AI to assess climate-related risks

    Central bankers said on Tuesday they have broken new ground by using artificial intelligence to collect data for assessing climate-related financial risks, just as the volume of disclosures from banks and other companies is set to rise. The Bank for International Settlements, a forum for central banks, the Bank of Spain, Germany's Bundesbank and the European Central Bank said their experimental Gaia AI project was used to analyse company disclosures on carbon emissions, green bond issuance and voluntary net-zero commitments. Regulators of banks, insurers and asset managers need high-quality data to assess the impact of climate-change on financial institutions.

  • Business
    Yahoo Finance

    The Fed won't fix the housing market: Morning Brief

    Housing costs remain elevated in the US and the path to fixing them does not run through the Fed. At least in the view of Jerome Powell.

  • Business
    Yahoo Finance

    ExxonMobil chief Woods calls for 'consistency' in US climate policy

    Pushing for consistency in US policy and advocating for the benefits of carbon capture, ExxonMobil CEO Darren Woods sees Big Oil as part of the solution in mitigating the impacts of climate change.