In its essence, what is banking all about? Many would say it’s the provision of credit. But that is only partly true. Banks don’t just broker money and credit, they also create it – it’s a complex situation. What’s clear, however, is this activity is associated with systemic risk that can lead to bank runs and cause chain reactions in the financial system. Countries have always tried to keep systemic…
There’s a global shortage of teachers with special education training. 90% of disabled students in developing countries lack access to trained teachers.[1] In Hong Kong specifically, one in every 20 children is diagnosed with autism and other disorders that fall under Special Education Needs (SEN), and the number of SEN students increased by 106% in […]
Seyfarth Synopsis: The United States Supreme Court issued its opinion in one of the most anticipated employment cases of this term. In Muldrow v. City of St. Louis, the Court considered whether Title VII of the Civil Rights Act of 1964 prohibits discrimination in transfer decisions absent a separate showing that the transfer caused a “significant” harm. In its opinion, the Court rejected this heightened harm requirement, which will have…
The Index, published today in the journal PLOS ONE, shows that a relatively small number of countries house the greatest cybercriminal threat. Russia tops the list, followed by Ukraine, China, the USA, Nigeria, and Romania. The UK comes in at number eight. Left: Dr Miranda Bruce. Right: Associate Professor Jonathan Lusthaus. Co-author of the study, Dr Miranda Bruce from the University of Oxford and UNSW Canberra said the study will…
By 2050, carbon dioxide removal could be a $1.2 trillion industry. On this episode of The McKinsey Podcast, McKinsey senior partner Mark Patel joins editorial director Roberta Fusaro to discuss McKinsey’s recent report about the business of carbon dioxide removal and how it could play a vital role in responding to hard-to-abate emissions in various sectors.In our second segment, Black Americans are especially vulnerable to the effects of climate change. McKinsey partner…
Artificial intelligence techniques can be helpful for multiple medical applications, such as radiology or oncology, where the ability to recognise patterns in large volumes of data is vital. For these types of applications, the AI compares information against learned examples, draws conclusions, and makes extrapolations.Now, an international team led by researchers from Ludwig-Maximilians-Universität München (LMU) and including researchers from the University of Cambridge, is exploring the potential of a comparatively…
On April 22, 2024, the 300th anniversary of the birth of Immanuel Kant, one of the most significant figures in the history of philosophy, will be celebrated. His life and works are inextricably linked to the University of Königsberg, which today bears the name of this great scholar as the Baltic Federal University, a major educational centre in Russia. In addition to celebrating the anniversary, a large-scale scientific conference dedicated…
The speed of battery electric vehicle (BEV) uptake—while still not categorically breakneck—is enough to render it one of the fastest-growing segments in the automotive industry. Our projections show more than 200 new battery cell factories will be built by 2030 to keep up with rising demand. Overall, the market for cell components—comprising cathodes and anodes, separators, electrolytes, and cell packaging—is expected to grow by 19 percent per annum until 2030,…
Researchers led by the University of Cambridge used experimental and computer modelling techniques to study the porous carbon electrodes used in supercapacitors. They found that electrodes with a more disordered chemical structure stored far more energy than electrodes with a highly ordered structure.Supercapacitors are a key technology for the energy transition and could be useful for certain forms of public transport, as well as for managing intermittent solar and wind…
In the fast-paced world of wealth management, technological advancements have sparked a revolution, fundamentally altering the way clients interact with their advisors. As digital efficiencies continue to shape the industry, clients are redefining their expectations, seeking a blend of convenience, expertise, and personalized guidance. The advent of digital communication tools, exemplified by the widespread adoption of platforms like Zoom, has redefined the client-advisor relationship. What was once a rarity –…
“If you care about climate change, you have to care about buildings,” said Jessica Bailey, CEO of Nuveen Green Capital. Her work scaling a financing mechanism called C-PACE (Commercial Property-Assessed Clean Energy) has helped building owners fund over $7 billion in clean energy and efficiency projects. Yet, she added, “I think of what we do as stealth sustainability.” Since most developers are focused on the bottom line, “we had to…
Howie and Harlan are joined by Scott Berkowitz ’03, cardiologist and chief population health officer at Johns Hopkins Medicine, to discuss the necessity of moving from fee-for-service to value-based care delivery to improve outcomes for all. Harlan highlights the dangers of misinformation about Ivermectin. Howie reports on the potential conflicts of interest created by device manufacturers’ payments to cardiologists. Links: Johns Hopkins Medicine: Home Johns Hopkins Community Health Partnership “Association…
Quick Hits Employer contributions to Maine’s Paid Family and Medical Leave Insurance Fund are set to begin on January 1, 2025. The Maine Department of Labor is expected to begin the rulemaking process in spring 2024. The state has given itself a deadline of January 1, 2025, to adopt final rules implementing the program. Maine’s PFML program, which was established in October 2023, will entitle qualified, eligible employees to up…
In today’s rapidly evolving consumer landscape, marked by disruptive innovations and increasing competition, retail banks are facing a pivotal moment. Digital banking is here to stay – but shockingly, so too is its predecessor – branch banking. The traditional role of the branch is evolving, however, and leaders in the industry need to stay relevant in this dynamic environment by embracing key changes. Why are branches alive and well in…
If you’re concerned about running out of money during retirement, you’re not alone. In fact, it’s one of the top financial concerns in the UK. Being proactive and working with a financial planner to create a retirement plan could offer you peace of mind. Read on to find out why. In an Aegon survey, 7 in 10 financial advisers said their clients’ number one concern was outliving their savings. The…
18 April 2024By Andrew Kanutin[1]We updated our data on the impact of climate change on the financial system. How green are green bonds and banks’ loan portfolios? How strongly could they be affected by natural hazards? The ECB Blog discusses these and other new insights from the data. The ECB has updated its climate-related indicators. These data provide systemic insights, both into how financial markets are tackling the green transition…
Surveys are a wonderful resource for measuring the success of culture change. Many clients approach us with the awareness of a cultural problem…but an inability to identify the cause. And that’s where we step in, often using survey scores as an identifier. Let’s take “Client A” for example. Client A knew their culture needed adjusting, but didn’t know where the issue stemmed from. We sent out a survey, gathered responses,…
In this episode of the McKinsey Global Institute’s Forward Thinking podcast, co-host Janet Bush talks with Ed Glaeser. Glaeser is the Fred and Eleanor Glimp Professor of Economics and the chairman of the Department of Economics at Harvard University, where he has taught since 1992. His latest book, coauthored with health economist David Cutler, is Survival of the City: The Future of Urban Life in an Age of Isolation, written…
At the beginning of March 2024, the European Commission adopted and published the European Defence Industrial Strategy (“Strategy”) and the European Defence Industry Programme (“Programme”). These measures were a reaction to Russia’s overall success, both amid its Special Military Operation, as well as in mobilizing the resources of its military-industrial complex. This step towards establishing a common military-industrial complex for the European Union seems logical, but one should not expect…
Peak disease burden for chronic physical health conditions typically occurs in an individual’s 50s and 60s, whereas the prevalence of mental and substance use disorders peaks much earlier—in an individual’s 20s or 30s. About half of all mental disorders appear by age 14, and three-quarters by age 24. When left untreated, these conditions can negatively affect lives and livelihoods. That’s why early diagnosis and intervention are critical for adding years to…
The Colorado River, “the lifeblood of the West,” is in trouble. Decades of overuse and drought have sharply reduced its water supply, threatening an ecosystem that supports 40 million people and 5.5 million acres of farmland in nearby states and parts of northern Mexico. Steep cutbacks in water use are critical. But the seven states that rely on the Colorado River can’t agree on how much less each of them…
Politics increasingly drives where your team wants to live. Here’s how leaders can navigate the red and blue tensions inherent in place. Kimberly Merriman April 17, 2024 Reading Time: 9 min Carolyn Geason-Beissel/MIT SMR | Getty Images The influence of politics on where workers want to live now has key implications for a company’s talent strategy. A survey of 500 U.S. real estate agents shows 32% of agents had at…
Quick Hits The FTC will hold an Open Commission Meeting on April 23, 2024, on its proposed rule that would ban noncompetes. The proposed rule would prohibit the use of noncompete clauses and preempt all state laws providing lesser protection than the proposed rule. The proposed rule would apply to any contractual term that functions to prevent a worker from seeking or accepting employment or operating a business, after leaving…
A lender rejecting your mortgage application can be stressful and time-consuming, and it might even mean you miss out on buying your dream home. A survey has found that most high net worth individuals aren’t securing their preferred mortgage. Read on to find out why and how a mortgage adviser could help you. According to Mortgage Solutions, 90% of corporate executives, finance professionals and entrepreneurs with average earnings of more…
Professor Steven Barrett has been appointed Regius Professor of Engineering at the University of Cambridge, effective 1 June. He joins the University from the Massachusetts Institute of Technology (MIT), where he is head of the Department of Aeronautics and Astronautics (AeroAstro).Barrett’s appointment marks his return to Cambridge, where he was an undergraduate at Pembroke College, and received his PhD. He was a Lecturer in the Department of Engineering from 2008…
The clinical knowledge and reasoning skills of GPT-4 are approaching the level of specialist eye doctors, a study led by the University of Cambridge has found.GPT-4 - a ‘large language model’ - was tested against doctors at different stages in their careers, including unspecialised junior doctors, and trainee and expert eye doctors. Each was presented with a series of 87 patient scenarios involving a specific eye problem, and asked to…
In this episode of Talking Banking Matters, payments industry expert and McKinsey partner Roshan Varadarajan talks with Johnny Ayers, the founder and CEO of the digital identity verification and fraud prevention company Socure. As digital payments and commerce continue to expand throughout every facet of the economy, digital identity verification and fraud prevention are increasingly critical safeguards. The following edited transcript shares highlights from the conversation. For more discussions on…
Since this season of the podcast is all about the HOW of learning through experience, I wanted to talk to Annie Murphy Paul who basically wrote the book on learning outside the brain. She’s the author of several books, and I love to talk with people after they have had a chance to learn through the experience of their book being out in the world. In this episode, we focus…
Never in history have the issues surrounding privacy of data and code been more urgently debated than in the present era of cloud computing and artificial intelligence. As quantum computers become more capable, people will seek to use them with complete security and privacy over networks, and our new results mark a step change in capability in this respect. Quantum computing is developing rapidly, paving the way for new applications…
Quick Hits Minnesota lawmakers are working on bills addressing drug testing, earned sick and safe time, pay transparency in job postings, restrictive employment covenants in service contracts, and unemployment benefits for striking workers. The legislative session adjourns on May 20, 2024. In our March 27, 2024, legislative update article, several key bills were previewed, many of which have made it to an omnibus bills, along with other articles that may…
This latest update invites Microsoft Flight Simulator aviators to experience the allure of the cities of southwest Germany’s Baden-Württemberg state.Southwest Germany is the latest exciting enhancement to Microsoft Flight Simulator’s immersive global experience with City Update 06. This update focuses on the Southwest German state of Baden-Württemberg, the nation’s third largest state in both population and area. The Microsoft Flight Simulator team and its partners selected seven cities that best…
It’s often said that Brits are obsessed with buying their own homes. But it doesn’t end with our property. The popularity of TV shows like Grand Designs and Location, Location, Location proves we can’t get enough of the property market. As well as showing off the latest interior design trends or bargains you can find at auctions, there are some helpful mortgage lessons to pick up in the shows too.…
The researchers, from the University of Cambridge, designed and used an AI-based strategy to identify compounds that block the clumping, or aggregation, of alpha-synuclein, the protein that characterises Parkinson’s.The team used machine learning techniques to quickly screen a chemical library containing millions of entries, and identified five highly potent compounds for further investigation. Parkinson’s affects more than six million people worldwide, with that number projected to triple by 2040. No…
Legislative changes are helping to set the pace of the switch to EV production. In particular, the Zero Emission Vehicle (ZEV) mandate requires that more than one in five cars manufactured in the UK in 2024 must be zero carbon emitting, and this proportion increases in the run-up to 2035. By default, these net-zero-carbon vehicles must be battery electric, as hydrogen fuel cell EVs and other powertrain technologies are not…
US healthcare leaders are actively pursuing innovative business models, including both vertical integration and pure-play specialization (Exhibit 1). However, the growth rates of these business models have diverged in the past few years. While no organization focuses on just one of them, business models that emphasize vertical integration have produced the strongest growth in the past few years, our research finds (Exhibit 2). Much opportunity remains across all types of…
Climate has long been held responsible for the emergence and extinction of hominin species. In most vertebrates, however, interspecies competition is known to play an important role.Now, research shows for the first time that competition was fundamental to 'speciation' – the rate at which new species emerge – across five million years of hominin evolution. The study, published today in Nature Ecology & Evolution, also suggests that the species formation…
This year marks the 75th anniversary of the establishment of diplomatic relations between Moscow and Beijing. Russia and China are organising various commemorative events. The healthy development of Sino-Russian relations amid today's complex and constantly changing international environment is attracting the attention of the whole world.Both sides have emphasised that China-Russia relations are currently better than at any other time in history. This assessment is a historical conclusion made by…
Canada’s financial-services industry seems to be a textbook case of an industry primed for disruption by fintech. First, its banking industry is large compared with other G-7 countries. Banking revenues of $180 billion accounted for 7.9 percent of GDP in 2023, compared with 5.8 percent in the United States and an average of 5.6 percent among other developed economies. Canadian banks are also more profitable than those in other developed…
Many companies develop AI models without a solid foundation on which to base predictions — leading to mistrust and failures. Here’s how statistics can help improve results. Thomas C. Redman and Roger W. Hoerl April 16, 2024 Reading Time: 9 min Carolyn Geason-Beissel/MIT SMR | Getty Images People are often unsure why artificial intelligence and machine learning algorithms work. More importantly, people can’t always anticipate when they won’t work. Ali…
LOS ANGELES (April 16, 2024) - Seyfarth Shaw LLP announced today the addition of a three-lawyer team to its labor and employment department further expanding its service offerings nationally and internationally. The trio of prominent employment litigators joins Seyfarth from Morgan Lewis & Bockius LLP. Clifford “Seth” Sethness has built a formidable reputation over the past two decades as a leading labor and employment attorney. He joins Seyfarth as a…