Global bankers ‘very pro-China’ – UBS

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Investors are looking forward to the Chinese market reopening after the zero-Covid lockdown, the world’s largest fund manager says

International investment bankers are bullish about the Chinese economy despite worrying reports by the Western media, the chairman of UBS Bank, Colm Kelleher, said on Wednesday.

Kelleher was speaking at the Global Financial Leaders Investment Summit in Hong Kong, which brought together more than 200 bankers and investors from 20 countries, after more than two and a half years of Covid restrictions there. Hong Kong is now reportedly seeking to boost its status as an international financial hub.

“We’re not reading the American press, we actually buy the [China] story,” he said, as quoted by the Financial Times. “But it is a bit of waiting for zero-Covid to open up in China to see what will happen.”

According to the FT, Kelleher’s reference to the media was “an apparent joke and a nod” to earlier remarks made by Fang Xinghai, the vice chair of the China Securities Regulatory Commission.

Fang, along with other Chinese officials, used pre-recorded video interviews to reassure international investors of the country’s economic strength. He told attendees: “I would advise international investors to find out what’s really going on in China and what’s the real intention of our government by themselves. Don’t read too much of the international media.”

Fang’s comments, which came after a record sell-off of Chinese equities last week in the wake of President Xi Jinping’s consolidation of power, prompted laughs and applause from the audience. “Don’t bet against China and Hong Kong,” he added.

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Chinese stocks and currency slide

Last week, the Chinese stock market had its worst day since the 2008 global financial crisis, with the yuan hitting a new 14-year low against the US dollar, as Xi secured his third term and undertook a major leadership reshuffle.

The sharp selloff was triggered by concerns that a number of senior officials who have backed market reforms and opening up the economy were missing from the new top team. This sparked investor concerns about the future direction of the country and its relations with the US.

Twitter confirms 50% of staff laid off

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The job cuts mainly affect communications, content curation, human rights, and machine learning ethics teams

Social media platform Twitter has made good on its warnings and slashed 50% of its workforce, the company’s head of safety and integrity Yoel Roth announced in a tweet on Saturday.

Yesterday’s reduction in force affected approximately 15% of our Trust & Safety organization (as opposed to approximately 50% cuts company-wide), with our front-line moderation staff experiencing the least impact,” he tweeted, emphasizing that the team responsible for monitoring and preventing misinformation and harmful content on the platform has remained largely intact.

According to Roth, battling misinformation on the platform will remain a top priority for Twitter. The same goal was emphasized by the company’s new owner, billionaire Elon Musk, in his own tweet. He ordered the layoffs, among other measures, in an effort to preserve the company’s finances, as Twitter has been experiencing “a massive drop in revenue” due to an exodus of advertisers amid concerns over content moderation under the new management.

Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day,” Musk tweeted early on Saturday, noting that those who lost their jobs would be offered three months’ severance pay, “which is 50% more than legally required.”According to a number of tweets by employees, the layoffs mostly affected communications, content curation, human rights, and machine learning ethics teams, as well as some product and engineering departments.

The future of collaborative technologies 

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Long before the pandemic struck, many companies were already looking to digital transformation as a means of saving costs and driving efficiencies.

However, the instruction to work remotely following the emergence of COVID-19 left many of those organisations yet to adopt collaborative tech tools, and with little choice but to do so.

Matt Weston, founder and managing director, Vantage 365 explains that in recent years, many businesses have optimised their efforts to ensure fluid communications. Lengthy phone calls have been replaced with instant messaging for fuss-free contact; project management software has made it easier than ever to update colleagues on the status of tasks; and quality video conferencing has cut out futile commutes for time-consuming meetings.

Today, UK workers spend, on average, just 1.4 days in the office, according to Consultancy Advanced Workplace Associates. This has inevitably increased the appetite for intuitive software, and for good reason. Go Remotely reports that 70% of employees credit digital technology with improving overall collaboration.

Companies that instil good communication practices tend to outperform ones that don’t. Bit.ai.com says organisations that communicate effectively are 4.5 times more likely to retain their best performers. This is where modern tools come in. Not only do they strengthen communication channels, they also improve productivity, save time spent on low-value tasks, and reduce in-person meeting costs. This highlights the importance of facilitating team-wide communication and demonstrates the need for smart collaborative tools in a modern working environment.

With this, the demand for faster and more efficient practices is growing. But what does this mean for the future of collaborative technology?

Increased Automation

The future of work is going to involve increased use of automation across all industries. This will see the growth of workflows that automate repetitive tasks without human input. Emails, project management admin and electronic publishing are just some examples of tasks that can be automated.

Its use will become more prominent over the coming years, as companies look to compete with business rivals to ensure their offerings are the most efficient, in line with what employees and customers have come to expect.

The use of automation can transform a company’s existing workflow for the better, especially in terms of internal collaboration. The delegation of tasks can be completed instantly, status updates can be communicated easily, and meetings can be scheduled to reoccur. Teams are predicted to save hours on thankless tasks by using automated services, allowing them the time to focus on the jobs that add real value. An example of its time-saving credentials comes from management consultancy Gartner. One of its recent studies found that automation can save finance teams up to 25,000 hours of work correcting human error, translating to a cost of $878,000.

With the benefits of automation becoming clear, we expect to see an appetite for more intelligent automation and intuitive processes in the form of AI too; a wise next step for businesses that are striving to become better connected.

AI to Benefit Human Connection

Contrary to the belief that AI will replace the need for humans in many job roles, it could actually help deepen engagement between employees by offering more efficient collaboration practices. There are many ways AI will shape the future of working and, given that 61% of workers say its adoption has driven productivity, employers will be quick to make use of this technology.

AI can help businesses in ways best suited to their needs. For example, it can transcribe notes from meetings to ensure that everyone has a clear understanding of what has taken place; providing voice-searchable versions too. AI can also be used to boost the quality of video conferencing for a more intuitive experience. According to the Harvard Business Review, Zoom has already adopted AI to improve connections, reduce file sizes and adjust lighting and backgrounds for more professional meetings.

Soon, we will see AI used increasingly for instinctive tasks, meaning better decision-making and improved employee training. Organisations will be able conduct mind mapping sessions and rely on AI to help them whittle down the best ideas by analysing individual factors. In addition, AI functions will identify where people need the most support and offer training with colleagues who are particularly skilled in the area.

All in all, the future of working will lean on AI advancements to buy time for workers who can focus on progression and the principal aspects of their role.

Asynchronous Collaboration to Suit All

Buffer’s State of Remote Work report says, that 10% of people find working in different time zones from their colleagues the biggest challenge they face. This is something an increase in asynchronous tools could help to combat. Such support enables teams to collaborate at separate times and from different places. While we are largely already comfortable with things like email and workplace chat, given their prominence prior to the pandemic, there will be an increase in the use of digital whiteboards, async video messaging, and tools that benefit team productivity in the future.

Asynchronous working isn’t only useful for those working from different locations, but for modern workforces that offer flexibility to employees. With Gartner reporting that 43% of workers find a flexible working policy helps them in achieving greater productivity, this is something that is worth investing in.

Virtual Reality Keeps Us Connected

While remote working increases the productivity of teams and improves the work-life balance of employees, it is still a relatively new practice. As such, the creases are still being ironed out. This is where Virtual Reality (VR) will come in. Gone will be the days of talking over people on video calls, not having use of a visible whiteboard during team collaboration sessions and navigating training from afar. All of the issues will be improved by the introduction of VR, helping to connect teams without them having to make long commutes, or spend an entire day in the office. The increased use of VR in the workplace is likely to be so significant that ARtillery Intelligence predicts its use in businesses will amount to $4.26 billion in 2023; a jump from $829 million in 2018.

What’s Next?

The pandemic has resulted in a new outlook on employee wellbeing and productivity. Therefore, the use of high-quality collaborative tools will be a smart move for organisations that want to retain employees and ensure they are working on tasks that will be of most use to the business.

As businesses strive to offer consistency and clarity for employees, automation and the use of AI are already being used in most offices. However, in a bid to reduce costs, ensure that employee time is spent wisely, and avoid the perils of human error, companies will make use of more sophisticated software that can support in decision-making and training – freeing up even more precious time and resources.

In addition to this, employers will use VR and asynchronous collaboration tools in order to get the best out of teams who aren’t in the same vicinity. Businesses are noting employee preferences, while also observing the benefits of allowing people to work from where they feel most comfortable, and at a time that they feel most productive.

So much is yet to come in terms of collaborative technology, but one thing is for sure, and that is the great impact it will have in reshaping the future of work.

Washington ‘panicking’ over potential Russian and Saudi oil cut – CNN

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Riyadh and Moscow are reportedly seeking to raise oil prices by agreeing deep output reductions

The White House is desperately seeking a way to prevent a major cut in oil production, which is expected to come after a meeting of OPEC+ member states in a move that is certain to send prices at the pump surging, CNN reported late on Tuesday.

Washington has mobilized all available human resources in the administration, with the White House “having a spasm and panicking,” an unnamed senior official told the media, describing these latest efforts as “taking the gloves off.”

The size of the reductions has yet to be agreed at Wednesday’s meeting of OPEC members and other producers at the cartel’s headquarters in Vienna. Moscow and Riyadh are pushing for cuts of two million barrels per day or more, with these likely to be phased in over several months, the Financial Times reported, citing people with knowledge of the discussions.

If agreed, this would be the biggest cut in oil output since the beginning of the Covid-19 pandemic, when lockdowns slashed demand across the world. The drastic step by OPEC+ is expected to lead to a dramatic spike in global crude prices.According to CNN, some of the talking points drafted in a state of urgency by the White House suggested the potential cut would be viewed as “a hostile act” and a “total disaster.”

“There is great political risk to your reputation and relations with the US and the West if you move forward,” the media quoted the talking points draft as saying.