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Daily Archives: February 25, 2021
SSE Renewables, Acciona forge offshore wind joint venture – reNEWS
Posted: February 25, 2021 at 1:58 am
SSE Renewables and Acciona have signed an exclusivity agreement to form a joint venture targeting opportunities in the emerging Iberian offshore wind market.
The 50:50 joint venture will develop, construct and operate offshore wind, as well as other renewables in Spain and Portugal.
Spain and Portugal have both set net zero emissions targets for 2050 and are two of the leading countries in Europe for renewable energy in terms of capacity built to date and ambitions for the future.
The Spanish Government is expected to publish an offshore wind strategy this year.
The exclusivity agreement between SSE Renewables and Acciona also includes scope to jointly explore other offshore wind markets beyond Spain and Portugal.
SSE Renewables managing director Jim Smith said: I am delighted to be entering into this exclusivity agreement with Acciona.
Partnering with a well-established Spanish renewable developer will enable SSE Renewables to bring its offshore wind expertise to help Spain and Portugal achieve their ambition to reach carbon neutrality by 2050.
It also demonstrates our intent to build our strong wind energy pipeline beyond the UK and Ireland.
Acciona CEO Rafael Mateo added: After successfully developing a leading global position in onshore wind and photovoltaic technologies, a partnership with SSE Renewables will allow us to accelerate our entry into the offshore wind market, where we also see great potential.
It is a natural step forward in our strategy of providing the best possible alternatives for clients looking for clean energy solutions.
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ABS to class first Jones Act installation vessel – 4C Offshore
Posted: at 1:58 am
Now under construction by Keppel AmFELS, which is also undertaking theengineering and procurement for Dominion Energy, the 472-foot vessel isdesigned by GustoMSC to handle turbine sizes of 12 MW or larger and willalso be capable of the installation of foundations for turbines and otherheavy lifts. The vessel, Charybdis, will have accommodation forup to 119 crew and wind farm technicians. Seajacks will assist DominionEnergy with construction and operations oversight.ABS is the ideal partner for a highly specialized wind turbine installationvessel such as this for the U.S. market. Our extensive knowledge of U.S.regulations combined with offshore industry leadership means we are uniquelyequipped to support this project and a range of other innovative vesselsnow being commissioned for U.S. wind farms. ABS is committed to playinga significant role in the safe development of the U.S. offshore wind industry,said Matt Tremblay, ABS Senior Vice President, Global Offshore.
Mohamed Sahlan, President of Keppel AmFELS, said: "We are pleasedto be able to build the largest wind turbine installation vessel in theU.S. for Dominion Energy and support the growing offshore wind industry.Keppel AmFELS has a solid track record and capabilities in a wide rangeof offshore vessels and we are also able to leverage the experience ofour parent company, Keppel Offshore & Marine, in offshore renewablesto provide a compelling construction solution for this milestone project."Dominion Energy is proud to be leading a consortium of respected industryparticipants in the construction of the first Jones Act compliant offshorewind turbine installation vessel, which will provide significant Americanjobs, and provide a reliable, home-grown installation solution with thecapacity to handle the next generation of large-scale, highly-efficientturbine technologies, said Mark D. Mitchell, Senior Vice Presidentof Project Construction. This will better enable the offshore windindustry to bring clean, renewable energy to customers in the U.S.
Seajacks Chief Executive Blair Ainslie said: This next-generationturbine installation jack-up vessel is vital to the safe and cost-effectivedeployment of offshore wind energy in the U.S. Seajacks operates a fleetof offshore installation jack-ups in Europe and Asia and is looking forwardto developing the offshore wind supply chain in the U.S. with our partners.Charybdis is just the latest vessel for the U.S. offshore wind industryto be supported by ABS. The first U.S flagged Jones Act offshorewind farm service operation vessel (SOV) ever ordered will be built toABS Class. ABS has also issued AIPs for two Jones Act SOVs to Vard andfor a series of other wind support vessels from European designers.
For more information on installationand maintenance of major offshore wind farm components, clickhere.
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ABS to class first Jones Act installation vessel - 4C Offshore
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Israel Investigates Ships As Source Of Mystery Offshore Oil Spill gCaptain – gcaptain.com
Posted: at 1:58 am
By Ari Rabinovitch
JERUSALEM (Reuters) Israelis trying to find the ship responsible for anoilspillthat drenched much of its Mediterranean shoreline with tar, an environmental blow that will take months or years to clean up, officials said.
Thousands of volunteers gathered on Sunday to remove the clumps of sticky black refuse from the pale beaches.Israels military said it was deploying thousands of soldiers to help with the effort. Authorities warned everyone else to keep their distance until further notice.
Environmental groups called it an disaster. Attesting to the cost to wildlife, they posted pictures of tar-covered turtles.
The event began last week during a winter storm, which made it harder to see the tar approaching and deal with it at sea,Israeli officials said.
Together with European agencies,Israelwas looking as a possible source at a Feb. 11oilspillfrom a ship passing about 50 km (21 miles) from shore. Satellite images and modelling of wave movements were helping to narrow the search.
Nine ships that were in the area at the time are being looked at, said Environmental Protection Minister Gila Gamliel.
There is a more than reasonable chance that we will be able to locate the specific ship, she told Ynet TV.
If found,Israelcould take legal action. One course would be to sue insurance companies for compensation to help deal with the ecological fallout, she said, which could cost tens of millions of shekels.
Late last week a 17-metre-long (55ft) fin whale was found washed up on a beach in southernIsrael. The Nature and Parks Authority said on Sunday that an autopsy had foundoil-based material in the whales body, with further tests pending.
(1 shekel = $0.31) (Reporting by Ari Rabinovitch Editing by Raissa Kasolowsky)
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How Offshore Law Firms Have Stepped Up To The Challenges Of 2020: Q&A With Kate Hodson – Finance and Banking – Hong Kong – Mondaq News Alerts
Posted: at 1:58 am
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With the US China trade war, US elections, civil unrest inHong Kong and a global pandemic, 2020 posed enormous challenges forthe investment fund industry in the Asia-Pacific region.
In this interview, excerpts of which originally appeared inAsian Legal Business, Ogier partner and head of ESG Funds in HongKong Kate Hodson discusses how offshore law firms have stepped upto meet this changing business landscape, the ramping up ofregulations, and the growing momentum around ESG.
It's hard to look back at 2020 without focusing on theimpacts of Covid-19. At the start of the year there were liquidityconcerns and a significant number of projects put on hold, withmany of our China deals stalling. However, as lockdowns eased andthe asset management industry in Asia adjusted to "the newnormal", activity quickly resumed. The tech industry inparticular proved very resilient and there were a number ofpandemic-induced opportunities such as in healthcare and thoseindustries benefiting from changing purchasing patterns, with ahuge shift to online spending. However, other key trendsevolved irrespective of the pandemic including increased regulationand the emergence of new forms of fund vehicles.
During my 11 years with Ogier I have seen the team kept busywith increased layering of regulation for funds and asset managers,including in respect of AML, FATCA and CRS, Economic Substance,data protection and so on. 2020 saw a new development in theprivate equity space with private funds domiciled in the CaymanIslands and British Virgin Islands becoming subject to regulation.The new legislation was a result of certain EU and otherinternational recommendations and was developed to align the BVIand Cayman Islands investment fund regulatory regime with otherjurisdictions. In terms of new fund vehicles, Hong Kong andSingapore have been increasingly competing as a funds domicile withHong Kong introducing the new limited partnership fund regime andthe Singapore VCC becoming available.
Despite the increasing choice available to managers in terms offund domicile, we continue to see a strong interest in CaymanIslands fund structures with our 13-strong investment funds team inHong Kong remaining extremely busy for 2020. We have also startedto see more interest in BVI funds and managers in the last 6 monthsas we see some managers accessing differences in regulatorytreatment for their particular structures.
Another key trend has been the momentum around ESG. This hasstarted to translate into new funds products arising in Asia whichincorporate ESG in some form. We have also seen a number ofmanagers indicating interest to bring more ESG strategies to themarket. This reflects a diversification in the sustainableinvestment product bank away from fixed income. Beyond newproducts, we are seeing a number of things happening in the fundsindustry related to ESG, including a spree of hiring individualswith experience in sustainable finance. This is not just into assetmanagement firms but also banks and accounting firms. There hasalso been increased opportunities for new partnerships andco-operations such as in the form of blended finance and NGOsworking with asset managers on fund launches.
We see ESG as a long-term trend as substantiated by thecommitments seen at the levels of government, as well asregulators. As an example, both Hong Kong and Singapore havestarted a consultation process with regards to guiding the assetmanagement industry on climate disclosures and are competitivelypositioning themselves as Asia's green financial centres. Infact, the SFC in Hong Kong is proposing to introduce measures torequire HK licensed fund managers to consider climate related risksin their investment and risk management processes.
The headwinds this last year have been unprecedented, with theglobal impacts of the pandemic, the chaos surrounding the USelections, continued tensions around the US/China trade war,political unrest in Hong Kong and the introduction of the Hong Kongnational security law, to name a few. This has put certainstrategies under particular pressure whilst benefiting others. Italso drove high levels of innovation and adaption with many firmsseeing staff move to remote working for much of the year. Thecircumstances highlighted those with the strongest contingencyplans and technology solutions, with others quickly investing tomeet their technology needs. Operational due diligence also had togo-online in order for deals to be able to push ahead with travelrestrictions in place and social distancing limitations.
Given the significant number of regulatory changes at the startof the year it was important to continue to reach clients andsupport their needs as efficiently as possible. Technology was verymuch at the forefront of the solutions. We were quick to move toonline seminars, rolling out educational series at the start of theyear and continued to deliver these over the course of the year.Further, Ogier's IT infrastructure and common use of testedplatforms allowed us to facilitate a timely move to remote workingand online deal completion.
Ogier has been using an electronic signature product for sometime now and we were able to roll this out to clients who wereunable to provide wet ink signatures. Fortunately, the CaymanIslands has been well placed to adjust to the move to the signatureof documents in electronic form having introduced the CaymanIslands Electronic Transactions Act in 2003.
A key aspect of delivering to clients this year was also seen inthe high levels of collaboration between the offshore law firms aswe came together to ensure that the raft of new regulatory changesfor the funds industry in the BVI and Cayman Islands was dissectedand disseminated in a clear and as consistent manner as possible tosupport the industry. It was very much an industry firstmentality and this was particularly important with clients under somany other strains this last year. The funds team at Ogier alsomade an important new hire in Dave Sherwin to lead a dedicatedregulatory practice in Cayman. Clients have been benefitingfrom this dedicated regulatory support.
Whilst there have been many downsides to the lack offace-to-face interactions in the industry there has also been aresulting efficiency benefit. As an example, we have beenable to attend more conferences this last year than ever before andacross a wider number of jurisdictions as we have been able to doso from the comfort of our homes and offices. However, onlineforums don't offer the same networking opportunities and soextra efforts have been required to stay connected and to continueto expand our connections.
I am sure that to a fund manager it feels like every year, a newfund regulation. Keeping up with all the developments can be a fulltime job. However, one important takeaway is the adaptability ofthe industry. When FATCA and CRS first came out there was a realconcern about how firms would cope with the requirements. However,that seems a long distant memory now and has become a relativelystandard process for funds, largely taken care of by fundadministrators.
One new type of regulation that has perhaps taken managers bysurprise in the APAC region is the gradual introduction of climatechange regulation. Legal frameworks have begun to reflectsupport for the transition to a low carbon economy and thistransition is expected to have a major impact on financial marketsand products in the near to medium term.
The two key offshore regulatory changes affecting our Hong Kongfunds practice was the new regulatory regimes for BVI and Caymanclosed ended fund vehicles. In Asia these have been two of the mostpopular jurisdictions for private equity, venture capital, realestate and credit funds and so the changes affected a significantportion of funds in the closed ended space. Despite the newobligations of having to become registered with a regulator, we sawvery little interest to move out of these jurisdictions to avoidregulation. Rather, most in-scope entities have chosen to registerwith the BVI and Cayman regulators.
Through the process of registration it became apparent thatthere were a lot of Cayman funds out there over 12,200closed-ended entities registered by the August 2020 deadline. Inaddition, there are more than 11,600 open ended hedge fundsregistered with CIMA. Whilst the introduction of the new regimesinitially might have been seen as a bit of shake-up, once againmanagers have adapted. We haven't seen this as detractingfrom the continued interest in Cayman and the BVI for fund set-up,although there is now perhaps a slight uptake in drilling into therespective regulatory treatment of different vehicles in eachjurisdiction.
The start of 2021 has demonstrated a significant amount of pentup activity and we are experiencing a very busy January with asignificant number of new fund launches kicking off and newenquiries. We are cautiously optimistic about the 2021pipeline.
I would expect to see greater levels of sustainable investmentin 2021. In Standard Chartered Private Bank's SustainableInvesting Review 2020 report, a survey of around 1,000 investorswith a focus on affluent and HNW investors in Singapore, Hong Kong,the UAE and the UK, found that 90% of respondents in Asia said theyare interested in sustainable investments and 42% plan to investbetween 5% and 15% in this area over the next 3 years. The pandemichas accelerated and highlighted the importance of sustainabilityand ESG factors as a business strategy for some of the world'slargest companies and this is not a momentum I expect to slow evenas we come out of the pandemic.
Another key trend is likely to be China focused activity withthe further opening up of China to foreign investment, allowingforeign firms to take majority stake ownerships in securities andfund management firms.
Offshore law firms, like any law firm, need to be innovative andforward thinking. Just as is the case for the businesses we advise,law firms need to consider how they build resilience to ensuresustainability. We have an active focus on D&I, the environmentand wellness, in addition to our investment in technology andclient services. The environment has become a particularlybig focus for us. We are building an environmental managementsystem for the firm and have hired a head of sustainability to leadthis process. As an example of innovation, Ogier created anentirely new service line during the pandemic which sets it apart,namely Ogier Global's ESG and Impact Advisory business. Thisservice line, which offers bespoke ESG and Impact design,integration, and implementation solutions, supports clients tonavigate ESG goals and requirements and to leverage the landscapeof sustainable investing opportunities.
Originally Published by Ogier, February 2021
The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.
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When it comes to offshore call centres, what price is a happy customer? How can AI help? – Finextra
Posted: at 1:58 am
The offshore explosion
The nineties saw an explosion in the deployment of offshore service centres, the most popular destinations being China, India, Malaysia, Indonesia, Philippines and Brazil. The main benefit of this dash to offshoring and outsourcing was seen as reduced cost, given the compelling lower staffing and real estate costs these locations could offer. And with global spending on service centres estimated to be someUS$325 billion annually, according to Everest, it was a desirable proposition. However, as so often is the case, everything that glitters is not always gold, as there have been some well-documented offshoring problems.
These include:
Heading for home
In recent years, due to plummeting customer satisfaction rates and spiralling costs, there has been a reversal in the offshoring trend as many firms have decided to up sticks and head for home. In 2010, only 35% of service centres were onshore; by 2015, this had risen to 53%. As the cost benefits reduce, so too has to the tolerance of the limitations of offshoring as many firms recognise the need to increase employee and client satisfaction by automating processes for a slicker service, and upskilling staff. However, while this can be done in offshore centres, often it is more easily achieved locally.
Out with the old and in with the old?
According to a Fukuoka Mutual Life Insurance study, pre-pandemic home working had proven to reduce costs by an estimated 10%. But now, unfortunately, for many, working from home is essential. The advantages of a near-permanent home working model from a cost perspective are apparent, as firms will no longer need to maintain expensive office space and related operating expenditure. Sounds plausible, but without careful consideration and planning, could one merely be replacing the challenges encountered with the offshore model with similar problems on the newly deployed home territory?
The rise of the mighty customer
These days disgruntled customers have a mighty voice and are not afraid to use it. Easy access to influential social media channels is either a firm's best friend or their worst nightmare, and unhappy customers can make or break a reputation almost overnight. Modern technology has a significant role to play and is already proven to enable a business to deliver a seamless and highly positive customer experience. Scarily, according to a report by Contact Centre Helper and Calabrio in May 2020, based on 300 contact centres surveyed, only 1 in 10 businesses have their service facility based in the cloud, but 8 out of 10 are now deploying cloud software, or at the planning stage.
The onset of coronavirus worldwide and subsequent spikes in incoming communication, mainly via email and voice calls, led to 70% of companies providing clients with an increasing range of automated alternatives. This spike caused massive issues as firms struggled to support overworked and distressed call handlers and increasingly dissatisfied customers, leaving many scrabbling to find a solution to this unsatisfactory situation.The answer is undoubtedly intelligent business automation provided by new AI-powered SaaS technology, which can automate inefficient and time-consuming labour-intensive processes based on unstructured data such as incoming emails. Apart from significant cost benefits, this strategy also enables a firm to liberate its staff to work on more productive, value-added tasks, leading to the higher employee and customer satisfaction that all businesses crave.
By using the latest SaaS/CCaaS (Customer Centre as a Service) technology based in the cloud, a few forward-thinking firms have already adopted technologies which has transformed inefficient home working into a highly productive customer-centric business environment,If remaining offshore is the preferred option, adopting a cloud-based customer centre will also allow firms to provide a more seamless, automated service. So, while to some extent, the place of domicile becomes irrelevant if this comes at the expense of increased customer satisfaction as reported by clients when the call centre is closer to home, the price could become fools gold. The choice is yours.
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When it comes to offshore call centres, what price is a happy customer? How can AI help? - Finextra
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A.I. Is Everywhere and Evolving – The New York Times
Posted: at 1:57 am
Researchers are working on combining the technologies to create realistic 2D avatars of people who can interact in real time, showing emotion and making context-relevant gestures. A Samsung-associated company called Neon has introduced an early version of such avatars, though the technology has a long way to go before it is practical to use.
Such avatars could help revolutionize education. Artificial intelligence researchers are already developing A.I. tutoring systems that can track student behavior, predict their performance and deliver content and strategies to both improve that performance and prevent students from losing interest. A.I. tutors hold the promise of truly personalized education available to anyone in the world with an Internet-connected device provided they are willing to surrender some privacy.
Having a visual interaction with a face that expresses emotions, that expresses support, is very important for teachers, said Yoshua Bengio, a professor at the University of Montreal and the founder of Mila, an artificial intelligence research institute. Korbit, a company founded by one of his students, Iulian Serban, and Riiid, based in South Korea, are already using this technology in education, though Mr. Bengio says it may be a decade or more before such tutors have natural language fluidity and semantic understanding.
There are seemingly endless ways in which artificial intelligence is beginning to touch our lives, from discovering new materials to new drugs A.I. has already played a role in the development of Covid-19 vaccines by narrowing the field of possibilities for scientists to search to picking the fruit we eat and sorting the garbage we throw way. Self-driving cars work, theyre just waiting for laws and regulations to catch up with them.
Artificial intelligence is even starting to write software and may eventually write more complex A.I. Diffblue, a start-up out of Oxford University, has an A.I. system that automates the writing of software tests, a task that takes up as much as a third of expensive developers time. Justin Gottschlich, who runs the machine programming research group at Intel Labs, envisions a day when anyone can create software simply by telling an A.I. system clearly what they want the software to do.
I can imagine people like my mom creating software, he said, even though she cant write a line of code.
Craig S. Smith is a former correspondent for The Times and hosts the podcast Eye on A.I.
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Artificial intelligence felt in everything we do – report – IT Brief Australia
Posted: at 1:57 am
Artificial intelligence and machine learning have moved from the backrooms of computer science into the mainstream. Their impact is being felt in everything - from how we shop through to finance markets and medical research, as well as the agriculture and manufacture industries.
That's according to AI firm Appier, who has released its AI Predictions and Trends to Watch in 2021.
According to the company, larger models have been trained in separated modality. For instance, GPT-3 is the first 100-billion-parameter model for natural language processing (NLP). Recently, a-trillion-parameter model (T5-XXL) has also been trained. They can be used to write articles, analyse text, perform translations and even create poetry.
"In parallel, we've seen models used for image recognition and generation greatly improved as they have also been trained with more data sets," Appier says.
"What we are seeing emerge is the power that can come from combining two or more AI models without changing these large models.
"In this way, combining these large models becomes affordable. That will allow us to use AI to interpret text and generate a completely new image."
The following are the current observations and predictions of AI applications in five major fields:
The E-Commerce Boom Is AI-Driven
Over the last year, online commerce has grown significantly and is expected to continue to increase. COVID-19 restrictions have resulted in people spending much more time online -- not just shopping but in online meetings, playing games, accessing social media and using apps.
The growing digital journeys undertaken by people have generated more data that can be used to understand human behaviour. However, more data also brings a greater complexity.
Today, there's no single, most effective channel for reaching customers. Reaching the right customer on the right channel at the right time is complicated for humans, but that complexity can be overcome through the use of AI.
AI gives marketers a way to influence customer's behaviour at a pace and scale previously thought impossible. AI not only finds the right customers, but also accesses the often-forgotten long tail of customers. It can also effectively generate creatives and develop customised content for different customers, and test the performance for different creatives to increase user engagement.
Data-Driven Finance Relies on AI
The main application of AI in finance has been in high-frequency trading where transactions are conducted between machines faster than people can communicate. This will continue in both traditional finance and in the world of cryptocurrencies, where we see different AIs engage in 'warfare'.
Investors have been using AI to make long-term predictions -- which has required systems that can understand investors' long-term targets. These were typically centred around measures such as revenues, incomes and profits.
While high-frequency trading strategies are important, there is another factor to show that cryptocurrencies are far more challenging to predict. Much of what we see in cryptocurrency markets is driven by 'human madness'. While AI models struggle with this today, we can expect the AI models of the future to evolve and do a better job of predicting this behaviour through closely monitoring trends in media and social networks.
AI in Healthcare and Biomedical Research
The prototype of messenger RNA (mRNA) COVID-19 vaccines was developed in days thanks to the digitisation tools of genetic code sequencing and the transcription tools of making mRNA from genetic code sequence.
With the help of AI to predict new mutations in the Sars-Cov-2 virus, the process of developing mRNA vaccines will be even faster. AI can also be used as a diagnostic tool to read x-rays, based on the sound of someone coughing and indicate whether the patient is likely to be suffering from COVID-19 or some other illness.
In the biomedical domain, sequences of codes, such as DNA or amino acid, are commonly used. Since sequences of codes can be treated as a type of language with hidden structure, the architecture used in NLP models can be potentially used to understand and generate sequences of codes in the biomedical domain as well.
One example in early 2021 is that biomedical researchers used language model architecture to predict virus mutations and to understand protein folding -- a key challenge in the creation of some of the vaccines now available. This finding is actually adapting the architecture of one model to solve problems in the biomedical domain.
Machine learning and AI don't replace clinicians and researchers; they allow these professionals to work faster and rapidly test hypotheses.
Instead of waiting for cell cultures to grow in the physical world, they can use these models to understand what will happen much faster in the digital simulation.
As more and more people wear devices that can monitor heart rate, body temperature, blood pressure and other critical factors, the data can be used to give doctors greater insight into a patient's condition. It also aids accuracy when making diagnoses as doctors and other clinicians are no longer reliant on patient recollections.
The Future of Education
Curricula and textbooks have typically been developed to serve large populations of 'average' students. These materials include content designed for a wide gamut of different abilities.
However, experts, such as Sir Ken Robinson, point out that the 'conveyor belt' model of education doesn't take into account the individual abilities and needs of students. Therefore, we have seen AI being used to revolutionise the way curricula is created and delivered.
It can be used to provide more personalised curricula or personal problem sets for students. Instead of every student working through the same set of problems or questions, they receive a set that are customised to their specific level.
For example, a student may be very strong with fractions in mathematics, but have a problem with trigonometry. Instead of putting the student through the standard curriculum, he or she would spend less time on fractions and more time on trigonometry. As a student proceeds through a course, AI will monitor his progress and self-modify to meet the specific needs of that student.
With so much content now available online, cheating and plagiarism has become a huge issue. While detecting plagiarism is quite easy -- there is already AI that can detect direct copying and similar text where just a few words or the tense are altered -- there are other challenges. For example, a student may take content from one language and translate it to another. This is harder to detect, but AI is being developed to solve this problem. Similarly, image interpretation AI is being developed to find instances where arts students copy or imitate a design.
Smart Farming and Factories
Factories and farms are using data in innovative ways too. However, they differ from many other AI applications as they don't focus on end-users. Instead, they focus on products, produce and machines. This requires an investment in sensors, robots and automation, and the optimisation of operations.
The biggest development we are seeing in this area is in the generalisation of findings between different areas. For example, if AI is being used to increase yields in an apple crop, can those AI models be reapplied for the growing of other fruits such as bananas or peaches? Similarly, if a factory is manufacturing LCD panels and has found ways to increase their yield rates, can those tools and lessons be applied to other manufacturing processes and factories?
Perhaps the biggest prediction to make about AI in 2021 and beyond can be summarised in one word: leverage, Appier says.
"Using existing AI model architecture, combining well developed models and finding ways to generalise existing models to other applications will continuously increase the impact of AI along with accelerated digital transformation across many domains."
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The AI Infrastructure Alliance Launches With 25 Members to Create the Canonical Stack for Artificial Intelligence Projects – Business Wire
Posted: at 1:57 am
SAN FRANCISCO--(BUSINESS WIRE)--Today, the AI Infrastructure Alliance (AIIA), a non-profit organization with 25 global members officially launched with the mission to create a robust collaboration environment for companies and communities in the artificial intelligence (AI) and machine learning (ML) space. This global Alliance brings together top technologists across the AI spectrum and includes a wide range of member companies. Together, these companies and communities provide a glimpse into the future where AI creates real value for everyday businesses and not just big tech powerhouses.
Partnerships in the Alliance will help create a Canonical Stack for AI, by driving strong engineering standards and creating seamless integration points between various layers of the AI infrastructure ecosystem. Canonical means "a set of rules, standards and principles by which something is judged, and a Canonical Stack (CS) for AI will set the standard for how enterprises develop and design machine learning models at scale. It will let data scientists and data engineers move up the stack to solve more complex, higher order problems, instead of reinventing the wheel on every data science project.
The AI and ML space currently lacks a standard set of tools and solutions, blocking data science teams from sharing their work and collaborating across the world. Rather, there is wild proliferation of proprietary, cloud lock-in solutions that benefit individual companies, but not the data scientists and engineers building the AI applications of today and tomorrow. The Alliance came together to help those data science teams break out of lock-in so they can build on top of a standardized, open platform that works across all of their environments.
"Time and again, I've seen development teams get excited about the potential of AI to transform their business and applications, only for them to get stopped dead in their tracks by a fragmented and confusing array of technologies with little to no integration," said Dan Jefferies, Director of the AIIA. "Despite a massive surge of partial solutions, no single tool exists that lets teams leverage the true power and potential of AI. The AI Infrastructure Alliance will help create clarity in this confusing space by building a cohesive framework and bringing together leaders and innovators to help set the standard for how data science teams build models now, and into the future."
The AI Infrastructure Alliance provides a range of benefits to member companies including opportunity to:
Creating a place for top AI companies to work together will speed development of the infrastructure that businesses really need to make the promise of AI a reality, said Joey Zwicker, Co-Founder of Pachyderm, a founding member of the AIIA. As the Canonical Stack comes together, it will vastly reduce time to value for any company, in any industry, thats leveraging AI across their business.
Core founding members include Pachyderm, Seldon, Determined AI, Algorithmia, Tecton, ClearML by Allegro AI, Neu.ro, ZenML by Maiot, DAGsHub, TerminusDB, WhyLabs, YData, Superb AI, Valohai, Superwise.ai, cnvrg.io, Arize AI, CometML, Iguazio, UbiOps, and Fiddler. These companies have raised over $200M in collective venture capital funding from top firms including Andreessen Horowitz, Sequoia Capital, GV, Benchmark, NorWest Venture Partners, Madrona Venture Group and Gradient Ventures.
About the Artificial Intelligence Infrastructure Alliance
The Artificial Intelligence Infrastructure Alliance (AIIA) is a consortium of leading artificial intelligence startups with a mission to help every company realize the infinite potential of AI. Formed in February 2021, the Alliance is focused on tying together the complex web of existing AI technologies into a single Canonical Stack, providing the infrastructure on which any companyfrom tiny startups to global enterprisescan run impactful AI projects. Founding members include Pachyderm, Seldon, Determined AI, Algorithmia, Tecton, ClearML by Allegro AI, Neu.ro, ZenML by Maiot, DAGsHub, TerminusDB, WhyLabs, YData, Superb AI, Valohai, Superwise.ai, cnvrg.io, Arize AI, CometML, Iguazio, UbiOps, and Fiddler. To learn more about the AIIA or to become a member, visit https://ai-infrastructure.org/.
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AI militarization will be ‘force multiplier’ for UAE, Saudi Arabia – C4ISRNet
Posted: at 1:57 am
BEIRUT In two Gulf countries focused on advancing artificial intelligence to boost their economies, experts expect military AI technology to progress quickly and extend the reach of the nations armed forces.
Saudi Arabia and United Arab Emirates also are carving a niche in the defense export market by adding AI capabilities and pursuing emerging technologies, said Jean-Marc Rickli, head of global risk and resilience at the Geneva Centre for Security Policy.
Both adopted Vision 2030 development strategies, which have data and AI at their core to help the countries move beyond oil-based economies, Rickli said.
Their militaries will realize benefits from the emphasis on AI.
In the military, technology increasingly has the potential to become a surrogate in warfare. It allows smaller powers and also non-state actors, to use technology as a force multiplier across all dimensions of the battlefield and beyond, Rickli said.
For example, with the limited size of UAEs armed forces, increasing integration of AI in the military, such as in weapons or C4ISR systems, allows defense tasks to be performed increasingly autonomously and thus reducing economic and human costs, he said.
UAE leads the way in AI developments in the Gulf countries, Rickli noted. It was the first country to appoint AI minister and founded Mohamed bin Zayed University of Artificial Intelligence.
Last fall, the Saudi Data & AI Authority launched the countrys National Strategy for Data and Artificial Intelligence to make it a global AI leader by 2030. One effort has been to track data from COVID-19 infections to help with the countrys response and precautions.
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Artificial intelligence likely will have the most powerful effect on the countries financial sectors, but it is in the domains of defense, intelligence, and counterterrorism where the use of AI will probably grow the fastest, said Giorgio Cafiero, CEO of Gulf State Analytics, a Washington, D.C.-based consulting firm that assesses risks and opportunities among Gulf Cooperation Council states.
Regarding the advancement of AI, there will be major consequences for the Saudi military as well as the kingdoms security, especially when one considers the extent to which autonomous agents will play important roles in the future of Middle Eastern warfare, Cafiero said.
A spot in the defense market
Previously, neither country has had the capabilities or workforce to invest in vast research and development for expensive weapons programs, but emerging technologies could provide a niche.
As Turkey has developed a niche in the drone industry by producing drones (Kargu) that display semiautonomous features. Similarly, Israel has invested in this market (Harop and Harpy) in addition to air defense systems (Iron Dome) and cyber security. The UAE and KSA seem to adopt a similar path, to provide a niche in the defense market through emerging technologies, Rickli said.
Though it is costly for these technologies to mature, once they have reached maturity, their diffusion is very rapid. It is almost impossible to prevent the proliferation of codes. Furthermore, algorithms can also be repurposed, i.e. used or applied in a way that they were not intended, he explained.
Rickli pointed to the example of how UAEs Edge defense conglomerate is building automation and AI into some products. Edge ranked 22nd of the list of the top 25 arms-producing and military services companies in the world, according to the Stockholm International Peace Research Institute Arms Industry Database.
Last year, Edge subsidiary ADASI unveiled its first UAE-made vertical-takeoff-and-landing drone, Garmousha, that incorporates technology using AI algorithms.
UAE with Edge has set the foundation to compete in the global defense market, and investments in AI automation offers huge growth potential, Rickli said.
And the state-owned Saudi Arabian Military Industries recently acquired Advanced Electronics Co., a step forward in building its defense electronics capabilities. Plus, the deal lines up with Saudi Vision 2030 directives to increase in-country defense manufacturing.
Internal experts, international partnerships
Experts noted that automation and increased productivity from artificial intelligence could reduce the nations need for foreign workers.
Through NSDAI [National Strategy for Data and Artificial Intelligence], the Saudis seek to lure roughly USD 20 billion in investment, both from abroad and from within the kingdom, in the next nine years and to train approximately 2,000 Saudis to become AI specialists before 2030, Cafiero said.
The two countries still hire AI specialists from the West and increasingly from China to fill workforce needs, Rickli said. But they also set up academic institutions UAEs Mohamed Bin Zayed University of Artificial Intelligence and the Artificial Intelligence Initiative at King Abdullah University of Science and Technology in Saudi Arabia to develop local talent, he noted.
With a new diplomatic agreement between UAE and Israel, theres a good chance that their AI collaboration will increase. When it comes to AI, the knowledge acquired by Israel in the field, notably in the defense sector, is very appealing for the UAE, Rickli said. Hence, it is very likely that cooperation will develop further in this field between the two countries.
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Artificial Intelligence Technology Solutions Discusses the Potential of Its Robotic Assistance Devices (RAD) with The Stock Day Podcast – Yahoo…
Posted: at 1:57 am
Phoenix, Arizona--(Newsfile Corp. - February 22, 2021) - The Stock Day Podcast welcomed Artificial Intelligence Technology Solutions (OTC Pink: AITX) ("the Company"), an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. CEO of the Company, Steve Reinharz, joined Stock Day host Everett Jolly.
Jolly began the interview by asking about the Company's background and current projects. "It was 2017 when I did the reverse merger into the public company that I then renamed 'Artificial Intelligence Technology Solutions'," explained Reinharz, after elaborating on his experience in the artificial intelligence space.
"What are your revenue goals moving forward and what markets are you hoping to penetrate?" asked Jolly. "As far as revenues go, we've had double-digit percent growth month-over-month, which is fantastic. That kind of exponential growth is going to be one of our goals for the foreseeable future," said Reinharz, noting that the Company has also been working to improve the Company's financials. "We had a situation where sales were outpacing our ability to produce, so we moved into a new assembly location in California, and recently it looks like we have been outgrowing that facility, which will accelerate our plans to move into a much larger facility in Michigan presumably before the end of this year."
"From a sales growth standpoint, I couldn't be happier. From a market acceptance standpoint, we've got a long way to go. We're just scratching the surface," said Reinharz. "We have a platform-style solution that applies across a variety of markets," he continued. "We have five products in the market right now," said Reinharz. "We have a very focused road map for 2021 and 2022 from a development standpoint. So, we're just going to continue to build and grow," he shared. "Our mission is to be the incumbent in this new space that we are creating, which we call the 'Autonomous Remote Services' space."
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"For the Robotic Assistance Devices (RAD), what is the price point from the lowest to the highest?" asked Jolly. "It is going to be from about $700 to $6,000 per month," explained Reinharz, noting that the Company's solutions drastically reduce the cost of traditional manned security services.
The conversation then turned to a recent advertisement released by the Company. "We wanted to participate in a positive messaging piece," said Reinharz. "It's called 'America Renewed' on USA TODAY," he added. "We wanted to be a part of the story of how we are protecting ourselves and staying healthy using technology and autonomous systems to do it," explained Reinharz. "We had paid participation by all of the dealers on the ad," he shared, noting that the advertisement represented both a low-cost and high-visibility opportunity for the Company.
To close the interview, Reinharz encouraged listeners to consider the future and potential of the artificial intelligence space as workplace roles continue to evolve and embrace technology. Reinharz also expressed his gratitude for the opportunity to reach listeners and shareholders, and encouraged listeners to take a closer look at the Company's current projects and new developments.
To hear the entire interview with Steve Reinharz, follow the link to the podcast here: https://audioboom.com/posts/7805851-artificial-intelligence-technology-solutions-discusses-the-potential-of-its-robotic-assistance-de
Investors Hangout is a proud sponsor of "Stock Day," and Stock Day Media encourages listeners to visit the company's message board at https://investorshangout.com/
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Artificial Intelligence Technology Solutions to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. Artificial Intelligence Technology Solutions undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Artificial Intelligence Technology Solutions expectations.
About Artificial Intelligence Technology Solutions (AITX)
AITX is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD and RAD-M companies help organizations streamline operations, increase ROI and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staffs and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education and healthcare. To learn more, visit http://www.aitx.ai and http://www.roboticassistancedevices.com, or follow Steve Reinharz on Twitter @SteveReinharz.
ContactsInvestor Relations Contact The Waypoint Refinery, LLC(845) 397-2956www.thewaypointrefinery.com
Steve Reinharz (949) 636-7060
About The "Stock Day" Podcast
Founded in 2013, Stock Day is the fastest growing media outlet for Nano-Cap and Micro-Cap companies. It educates investors while simultaneously working with penny stock and OTC companies, providing transparency and clarification of under-valued, under-sold Micro-Cap stocks of the market. Stock Day provides companies with customized solutions to their news distribution in both national and international media outlets. The Stock Day Podcast is the number one radio show of its kind in America.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75058
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