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In kleptocrats-riddled Lebanon, it is difficult to know what rock bottom is

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By Zena Wakim, International lawyer, President of the Board, Accountability Now -- euronews.com -- The opinions expressed in this article are those of the author and do not represent in any way the editorial position of Euronews.

It is a humanitarian duty for the Council of the European Union to support the people of Lebanon and issue targeted sanctions against those who continue to promote their own interests to the detriment of the population, Zena Wakim writes. Beirut’s celebrated nightlife has long had a rebellious air: a subversive challenge to conservative dogma, an antidote to rotten politics and a hedonistic emancipation from sectarian street battles. But now even the night has been stolen, increasingly affordable only to the rich. Rolling power outages ensure that the city is bathed in darkness. Meanwhile, the tourism ministry excitedly predicted 2.2 million visitors this summer. Most will be Lebanese who long since fled, briefly seeing family and friends still trapped in a quagmire.

In Lebanon, it is difficult to know what rock bottom is, perhaps that’s why EU policymakers fail to treat it as a priority. Fifteen years of civil war, an Israeli invasion, a Syrian occupation, over 250 unsolved political assassinations, an unparalleled refugee crisis, the world’s worst economic collapse since the 19th century and one of the biggest non-nuclear explosions in history. The country is an unaccountable mafia state where over 80% of the citizens now live in multidimensional poverty and where ex-warlords turned politicians turned the state into a host they could feed on. Or, to quote the World Bank, the government has “consistently and acutely departed from orderly and disciplined fiscal policy to serve the larger purpose of cementing political economy interests.”

Dystopian scenes and parallel realities

Big banks betting on AI

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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 big: A 2020 report by McKinsey estimated that AI technologies could hold up to $1 trillion in value for the global banking sector — for example, by automating or improving areas such as high-frequency trades, fraud detection and marketing.

Smaller lenders will likely struggle to keep up as banking becomes an "AI-first" industry, possibly exacerbating the consolidation that many experts already expect to see in coming years. A new report from banking data provider Evident found that Capital One leads the industry on AI patents, Wells Fargo on investments and J.P. Morgan Chase on research. Insider reported earlier this year that banks are having a tough time retaining their AI researchers.

The vicious cycle in Lebanon's tax culture

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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.

‘Clean up your country’: Lebanon’s environment ministry launches 100-day campaign

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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.”

What The Generative AI Boom Means For Your Job, The Economy And The S&P 500

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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?

Uncensored and ‘Insane’: A Look at OpenAI’s Secret Image Generator

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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.

Saudi Arabia expanding e-visa system to 12 countries including Turkey, Lebanon and Pakistan

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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 e-visa with a QR code instead of visa stickers, the kingdom’s General Authority of Civil Aviation announced. This code will encompass all the necessary data and details about travellers. The e-visa will also serve as the new format for labour, visit, and residency visas. The timetable for phasing out visa stickers in visitor passports will occur from 24 July to 4 September. The countries include Pakistan; Yemen; Sudan; Uganda; Lebanon; Nepal; Turkey; Sri Lanka; Kenya; Morrocco; Thailand; and Vietnam.

In May, Saudi Arabia first implemented the new e-visa for seven countries, including the UAE, Jordan, Egypt, Bangladesh, India, Indonesia, and the Philippines. Saudi Arabia has been seeking to attract more foreign visitors. Crown Prince Mohammed Bin Salman is leveraging oil revenue to diversify the kingdom's economy with investments in tourism and entertainment. Last month, Mahmoud Abdulhadi, the deputy minister of investment attraction at the Ministry of Tourism, said 28 million tourists are expected to visit Saudi Arabia this year. Recent data from the World Tourism Barometer show that the kingdom hosted 16.6 million tourists in 2022 and 3.5 million in 2021.