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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.

Maronite leader to visit Australia

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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, at Ken Rosewall Arena, in Homebush, Sydney. He will also preside over the 6th Congress of Maronite Bishops of Eparchies outside the Patriarchal Territory and General Superiors of Maronite Religious Orders. The congress, which is held every three years on rotation, will be hosted in Australia this year coinciding with the 50 years since the establishment of the Maronite Eparchy in Australia. “The Golden Jubilee serves as an opportunity to reaffirm our commitment to living out our Maronite Catholic values, to be guided by our faith, and to let our actions speak volumes about who we are as followers of Jesus-Christ,” Maronite Bishop Antoine-Charbel Tarabay said. “The visit of our Patriarch, who is the father of our Maronite Church, will reinforce our unity and will indeed uplift the spirits of the Maronite faithful in Australia. His visit will also strengthen our commitment to preserving our Maronite identity and further reconnecting us with our Maronite Syriac Antiochian heritage and traditions.”

The Golden Jubilee Solemn Mass, with an expected attendance of up to 10,000 people, is at the heart of the Jubilee year celebrations. A gala dinner will also be held on September 21 in honour of Cardinal Rai. Proceeds from the dinner will provide assistance to students in need in Lebanon, ensuring their access to education is unhindered by the economic crisis gripping the country.

Lebanon central bank chief Salameh defends record before leaving office

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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?"

Dogs in Lebanon ‘pay the price of being abandoned amid economic crisis

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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.

Faith, fortitude and the Maronite identity

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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.