By Melissa Cantor, Editor at LinkedIn News — North American banks appear eager to develop and deploy artificial intelligence in pursuit of a competitive edge. In 2022, U.S. and Canadian banks published 80% of the research and funded 60% of investments into AI applications for the financial services sector, Axios reports. The payoff could be […]

By Hassan Rahmeh — middleeastmonitor — – On the brink of socio-economic collapse, Lebanon finds itself caught in a relentless and unforgiving cycle that threatens its very foundation. The heart of this vexing challenge lies in a vicious loop where the government struggles with providing essential services, while citizens withhold their tax payments demanding more in return. This deeply entrenched culture has pushed the nation into an enduring swamp, where tax evasion and inadequate public services intertwine as stubborn adversaries. As Lebanon faces this perpetual challenge, a closer examination reveals a web of complexities, unearthing several other systemic factors that compound the crisis. Amidst the prevailing mistrust and the unsettling unfairness of the tax system, additional challenges have emerged, painting a comprehensive portrait of the nation’s plight.

This impasse was brought on by the widespread mistrust that the Lebanese people have in their own leadership. People have the impression that their taxes are being stolen and not used for the provision of public services. People’s perceptions of ineptitude and corruption inside the tax system foster mistrust, which in turn makes them reluctant to pay their taxes. Injustice within the tax system is the primary concern. Taxpayers experience feelings of injustice and misery and many people question the usefulness of contributing money to a system that appears to disregard their current financial situation. It’s a system that applies uniform taxes, regardless of wealth disparity. This resonates with many, fueling reluctance to contribute to a system seen as unjust. This perception of inequity sows seeds of doubt. It encourages non-compliance and fosters resentment toward the government. This further perpetuates the tax evasion culture prevalent in Lebanon.

By Najia Houssari — arabnews.com — BEIRUT: The Lebanese Ministry of Environment launched a campaign on Sunday bearing the slogan “Clean up Your Country.” Municipalities, dozens of nongovernmental organizations and volunteers took part in the campaign that started from the Beirut waterfront. Environment Minister Nasser Yassin said: “It’s a message to prohibit throwing waste randomly. “It is also a way to affirm that the role of municipalities is crucial in cleaning up their cities, towns and forests, and to support them, in order to spread environmental awareness.” Dozens of young men, women and children gathered at the Beirut waterfront at 8 a.m., carrying bags and picking up the remains of glass bottles, papers, plastic bottles and tin cans, with their hands covered in protective gloves.

They also collected what had been left by passersby who had spent the night on the promenade, as well as trash thrown by people from their cars into the street and the sea. Yassin added: “Environmental awareness has decreased due to the ongoing chaos and the absence of deterrent measures. “Those who disregard the cleanliness of the recreational places they go to should be ashamed of themselves when they see young women and kids picking up their trash.”

by ED GRAHAM — investors.com — When OpenAI launched the generative AI chatbot ChatGPT for public use on Nov. 30, the S&P 500 was worth $5 trillion less than now, tech spending was deep in a post-pandemic hangover, and the economy appeared headed for recession or persistent high inflation. That single day provided just an inkling of generative AI’s potential for transformative impact. The S&P 500 shot up more than 3% as tech stocks with artificial intelligence products rumbled. OpenAI investor Microsoft (MSFT) leapt 6%, and AI chipmaker Nvidia (NVDA) climbed 8%. Google parent Alphabet (GOOGL) also jumped 6% that day, and Meta Platforms (META) ran up nearly 8%. Now the tech hangover is giving way to a new “gold rush,” Wedbush Securities analyst Dan Ives argues. Ives thinks ChatGPT opened the door to another $1 trillion in artificial intelligence-related spending over the coming decade that wasn’t on Wall Street’s radar.

And the economic impact could prove even more far-reaching. Some analysts are even talking about a new Roaring ’20s fueled by AI. Experts say generative AI could launch a surge in productivity after a 17-year slump. A productivity pickup couldn’t come at a better time, as a worker shortage, an aging population and deglobalization fan inflationary pressures. “We are in desperate need of a new source of growth,” Deutsche Bank economists wrote in a June 14 report. “Despite near-term pessimism, we remain enthusiastic about AI’s potential to change the nature of our economies,” they wrote, calling it “an immense source of optimism” as the decade progresses. The consensus is that generative AI will change the world. But productivity growth has sputtered through recent waves of new technology, including the Apple (AAPL) iPhone, cloud computing and robotics. Why should this time be different? And what might stand in the way of a productivity boom and S&P 500 bull run?

By Jose Antonio Lanz — decrypt.co — OpenAI has been privately testing a new iteration of its generative artificial intelligence (AI) imaging model over the past several months, and early samples leaked by YouTuber MattVidPro show it outperforming previous image generators. “Extremely exciting—this blows anything we’ve seen before out of the water, it’s insane,” Matt said in a preview he posted to YouTube. “Midjourney cannot compete at this level—I don’t even think Midjourney version six would be able to compete at this level.” Don’t expect to try it out anytime soon, however. Access is extremely limited. The unpublished model is likely an upgrade of DALL-E 2 and is being tested through an invite-only preview inside ChatGPT-4. Matt said there are only around 400 people worldwide who have access to this new OpenAI image generator.

While limited, the image samples demonstrate the AI’s advanced skills. It produced sharp images with lighting and reflections that mimic real photos. The model recreated detailed paintings down to visible brush strokes. It also recreated brand names like “Snickers” and logos of well-known brands like Subway flawlessly on generated products, and achieved reasonably good spelling in rendered text. While current image generators struggle with coherent hands, the examples showed realistic, properly proportioned hands. Backgrounds also appeared more convincing than competing AI systems. OpenAI apparently removed its safety filters to test the model’s full potential. Users said it can generate violent content and nudity without hesitation. However, knowing OpenAI’s stance towards NSFW content, it’s highly unlikely that an official public version is released under such standards.

by MEE — The government of Saudi Arabia announced on Thursday the expansion of it’s e-visa system to include 12 more countries, making it a total of 19 countries. Under the new system, travellers arriving in Saudi Arabia will no longer require a visa sticker on their passports. Saudi Arabia will now use a printed […]

by cathnews.com — The Maronite Eparchy of Australia has announced the head of the Maronite Church, Cardinal Bechara Boutros Rai, will visit Australia in September. The Patriarch of Antioch and All the East will visit Australia from September 15 to 24 for the celebration of the Maronite Eparchy’s Golden Jubilee Solemn Mass on September 24, […]

by reuters — Lebanon’s longtime central bank governor Riad Salameh defended his record on Wednesday in a televised interview just days before he is set to leave office, denying he embezzled public funds and saying his policies benefited the economy. Salameh, whose 30-year tenure as governor has been stained by a deepening financial crisis and charges at home and abroad of embezzlement of public funds, said he would leave his post when his latest term ends on July 31. “I am going to turn a page of my life,” Salameh, 72, told local broadcaster LBCI in an interview that appeared to take place in a showcase room at the bank. “I believe that during these 30 years, there were 27 of them when the Central Bank contributed with its monetary policies to establishing economic stability and development,” he said, apparently referring to the years preceding the meltdown.

His comments came amid a tug-of-war among top politicians over what to do once he leaves office, with a cabinet session set for tomorrow to discuss a possible successor. Since the economy began to unravel in 2019, the Lebanese pound has lost 98 percent of its value in the parallel market and most of the population has been locked out of their bank savings. The collapse followed decades of corruption and profligate spending by ruling politicians, which many Lebanese say Salameh helped facilitate. Some analysts have described his policy to lend to the government as a “Ponzi scheme.” Salameh said on Wednesday he was being pinned as a “scapegoat” and that his more recent interventions in the money market had helped keep the pound from deteriorating further. “A lot of people were upset that this bank stayed steadfast, and that this bank on its own, because there was no government during this whole crisis, ran the economy,” he said. “We wouldn’t have been able to survive for three or four years… so how is this a Ponzi scheme?”

By Najia Houssari – arabnews.com — BEIRUT: There was anger and grief in the town of Chekka in northern Lebanon on Monday after several dogs were poisoned. One resident, Maurice Boulos, aged 52, was walking his eight-year-old dog Wind one evening when the animal ate some chicken laced with poison that had been left in the street. Wind was dead within half an hour. Boulos said a local vet confirmed the dog died of poisoning. Having discovered the cause, Boulos then rushed to prevent other dogs on the street eating the contaminated chicken. He said he was able to get two to the vet in time to save them, but that several other dogs died.

Police began an investigation after Boulos asked them to check cameras in the vicinity of where the dogs were poisoned. An animal rights activist told Arab News perpetrators of dog poisoning use lannate, which is a banned substance in Lebanon, but readily available. The development comes as authorities in Tripoli investigate the case of a stray dog that rescued an abandoned baby left to die in a trash bag. The dog was seen carrying the bag by a passerby who heard the newborn baby’s cries coming from inside. The bruised infant, who is believed to have only been a few hours old, was taken to hospital for treatment in Tripoli. The scene shook Lebanese public opinion and social media users have hailed the dog as a hero.

by Vanessa Boumelhem — catholicweekly.com — Some of my earliest memories are of Our Lady of Lebanon in Harris Park, where I would attend 9:30am English-language Mass with my family every Sunday, Fersan Al Adra (parish ministry for school aged children which translates to “Knights of Mary”) every Saturday, and visit for a quick prayer every morning before school, where staff and students were predominantly Maronite. Having grown up in this bubble of mine, stepping out of my Maronite world and into the real world was a stark change—one I hadn’t expected, despite all the warnings I received. Going into university, it took only days for me to realise just how much my Maronite identity had made me who I am, and how important it is to me. But what is Maronite identity? I argue that the answer is entirely subjective.

In Australia, I am only one of thousands of Maronites who have each had unique experiences making them into the people they are. It is difficult to define Maronite identity when it is something that runs deep, something our grandparents passed onto our parents—which has now been given to us and will continue to live on. Maronite identity is embedded into the core of each one of us, and is sometimes as simple as the actions we do almost absentmindedly. My Maronite identity is doing the Sign of the Cross before every meal and car ride, or before putting food in the oven. It is deliberately taking longer routes so I can pass by whichever Maronite church is on my way and say a quick prayer as I drive by. It is as simple as saying “esmesalib” (in the name of the Cross) every time I see lightning, or every time something startles me. It is the rosary hanging off the rear-view mirror in my car and the miraculous medal I wear every day. My Maronite identity is knowing that no challenge I face can’t be made easier by a visit to Our Lady of Lebanon, the church I grew up in, which has been a constant in my life from birth until now.