News That Matters

Finance

Banks use AI everywhere, from chatbots to validating cheques

Banks use AI everywhere, from chatbots to validating cheques

Finance
In Axis Bank, cheque authentication today is largely done not by a human teller, but by an artificial intelligence (AI) system. It has multiple advantages. When someone tries to forge a signature, there are minute fissures, blots or anomalies that may not be visible to the human eye, but will become glaringly obvious to a trained bot (software robot). And if the account holder signs in a hurry and it’s not quite the same as in the bank’s system, the bot understands it’s actually a genuine signature. Only in instances where old age or disability has altered a person’s signature significantly does the bot pass on the query to a human. “But this is becoming rare, as our AI gets better with handling cheques and learns more,” says Ratan Kesh, executive VP and head of process transformation and
DHFL auditors seek more info on financials

DHFL auditors seek more info on financials

Finance
New Delhi: Auditors of crisis-hit DHFL have sought more information from the company's management, according to sources. On Saturday, the housing finance company reported a loss of Rs 2,224 crore for the quarter ended March 31. The firm had a profit of Rs 134.35 crore in the year-ago period. The sources said auditors have sought additional information on the company's financials under Section 143 of the Companies Act, 2013. Section 143 pertains to powers and duties of auditors and auditing standards. Deloitte Haskins and Chaturvedi & Shah are the auditors of the company. When contacted, a Deloitte India spokesperson said, "We do not comment on market speculation". Chaturvedi & Shah could not be immediately contacted. "The Audit Committee has directed the management to place th...
Europe stocks reverse gains despite China data meeting expectations; Galapagos up 17%

Europe stocks reverse gains despite China data meeting expectations; Galapagos up 17%

Finance
European stocks erased early gains on Monday, amid worries that China's economy is slowing due to a trade war with the U.S.European Markets: FTSE, GDAXI, FCHI, IBEXThe pan-European Stoxx 600 traded 0.3% lower by mid-morning. Telecoms stocks led losses with a 0.9% decline while autos added 0.6% as one of only two sectors trading in positive territory.Traders kept a close watch on the latest economic figures out of China. The country posted second-quarter figures on Monday that showed its economy grew 6.2% in the second-quarter, at its slowest pace in 27 years. Still, China's GDP (gross domestic product) growth was in line with expectations, and data for industrial production, retail sales and fixed-asset investment came in above analyst expectations.Chinese stocks got a boost from the fresh...
Wall Street is relying too much on the Fed to extend the record rally, Wilmington Trust warns

Wall Street is relying too much on the Fed to extend the record rally, Wilmington Trust warns

Finance
Even if the Federal Reserve cuts rates later this month, Wilmington Trust's Meghan Shue warns the market is vulnerable to a correction.The firm's senior investment strategist believes Wall Street is overestimating the Federal Reserve's influence to support the record highs. "The market is putting a lot of stake in the ability of the Fed to support the market," she said on CNBC's "Futures Now " last Thursday.Shue sees a number of red flags that could prevent stocks from staying at record highs. She shifted to neutral from positive on the market in early May in reaction to the U.S.-China trade talks breaking down. "We've been a little bit more cautious," said Shue, a CNBC contributor. "If we do get that next round of tariffs on the remaining imports from China, we think it would be enough to...
Disney, Charter talks could affect price of cable in the streaming era

Disney, Charter talks could affect price of cable in the streaming era

Finance
The Walt Disney Company CEO, Robert Iger arrives for the World premiere of Marvel Studios' 'Avengers: Endgame' at the Los Angeles Convention Center on April 22, 2019 in Los Angeles.VALERIE MACON | AFP | Getty ImagesDisney is set to renew its multiyear carriage agreement with Charter, the second-largest U.S. pay TV provider, at the beginning of August, according to people familiar with the matter.So far, there are no signs the two sides will have a testy public renegotiation. That is par for the course for Disney, which usually hammers out a deal without fanfare. After all, pay-TV providers have never had the stomach to black out ESPN, Disney's most valuable cable channel and by far the most expensive network in the pay-TV bundle.But this particular Disney deal has widespread implications f...