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Khaleej Times
13 hours ago
- Khaleej Times
'Flight Deals': Google launches new AI-powered search tool for 'best bargains'
On August 14, Google introduced a new AI-powered search tool called 'Flight Deals'. The tech giant said that the tool is "designed for flexible travellers whose number one goal is saving money on their next trip". In a blog post detailing how it works, Google said that users can just describe when, where and how they'd like to travel "as though you're talking to a friend" to uncover top deals. Users can search something like 'week-long trip this winter to a city with great food, nonstop only' to see the "best bargains available" across destinations. The blog post said: "What makes Flight Deals unique is that it uses Google's advanced AI to understand the nuances of what you're looking for and identify matching destinations. Then, it'll tap into real-time Google Flights data to quickly show you relevant, up-to-date options from hundreds of airlines and booking sites." This feature will be rolling out in the coming week in the US, Canada and India. Flight Deals is being launched in beta to gather feedback as of now. The original Google Flights will continue to stay.
Gulf Today
14 hours ago
- Gulf Today
US Fed to cut rates in September and once more this year: Experts
A Federal Reserve interest rate cut in September, the first this year, followed perhaps by another before year-end remains the base forecast for most economists polled by Reuters amid rising concerns about the health of the world's biggest economy. US inflation is rising again, with more upward pressure expected from President Donald Trump's tariffs, and there have been big downward revisions to hiring figures over recent months that suggest the job market is weakening. Trump has berated Fed Chair Jerome Powell over his reluctance to cut rates. And at the July meeting there was clear divergence from the steady rates position among a minority of Federal Open Market Committee members. Alongside simmering doubts over the Fed's independence from political interference and declining reliability of economic data, it has become more difficult for economists to make predictions with great conviction. August is not typically a month for big forecast changes either. Many are waiting for the next round of inflation and jobs data, as well as a speech from Powell, his last at the Fed's annual Jackson Hole conference held this month as his term as Fed chief ends in May. Economists are broadly sticking to a more cautious outlook than interest rate futures traders, whose pricing suggests a near-certainty of a September cut and strong likelihood of another, and the possibility of a third by year-end. A 61% majority, 67 of 110, predicted the Fed would lower its benchmark interest rate by 25 basis points to 4.00%-4.25% on September 17 for the first time this year, up from 53% in July's survey. One forecast a 50 basis point move. The remaining 42 said the Fed would hold rates again. 'We think that market participants are excessively confident in a September cut, as they are misinterpreting both the FOMC's assessment of labour market conditions and its reaction function,' wrote economists at Barclays in a note. 'In our view, the main question is not so much about whether the Fed needs to ease policy to lean against job declines, but whether the situation warrants cuts on the grounds that the balance of risks has shifted away from inflation and toward the full employment mandate.' Over 60% of respondents, 68 of 110, predicted there would be either one or two rate cuts this year, broadly unchanged from last month. But there was no consensus on where the federal funds rate would be at end-2025. A near-80% majority of economists who answered an extra question, fewer than the usual sample, said the inflation impact from tariffs would be temporary. A 68% majority also expected no serious erosion of the Fed's independence during the remainder of Powell's term. Inflation forecasts were broadly unchanged from last month, averaging above the Fed's 2% target through at least 2027. The unemployment rate was expected to be around the current 4.2% or slightly above over the next few years, suggesting economists have not yet fully responded to the recent sharp downward revisions to hiring and may do so in the next poll if August jobs data are also weak. 'We come down on the side of thinking the Fed would prefer to retain optionality,' said Michael Gapen, chief US economist at Morgan Stanley. 'This would leave room for a soft August employment report to open the door for cuts, or a reasonably strong employment report plus another round of firming in CPI inflation to keep the Fed on hold.' Separately, Foreign holdings of US Treasuries rose to record levels in June, topping $9 trillion for a fourth straight month, data from the Treasury Department showed on Friday. Holdings of US Treasuries climbed to $9.13 trillion in June, up from $9.05 trillion in May. Compared with a year earlier, Treasuries owned by foreigners were up nearly $1 trillion, or 10% higher. However, on a transaction basis, the US experienced outflows of $5 billion after buying roughly $147 billion in Treasuries in May, the largest since August 2022. In April, there was an outflow of $40.8 billion as President Donald Trump's back-and-forth tariff policies roiled markets. Japan remained the largest non-U.S. holder of Treasuries, with a record $1.147 trillion in June, up $12.6 billion from the previous month's $1.134 trillion. UK investors, the second-largest owner of US government debt, raised their pool of Treasuries to another record of$858.1 billion, up 0.6% from $809.4 billion in May. The UK overtook China as the second-largest non-US holder of Treasuries in March. The UK is widely viewed as a custody country, generally a proxy for hedge fund investments. Other countries used by hedge funds for custody services include the Cayman Islands and the Bahamas. Treasury holdings of China, the third-largest owner of US government debt, were little changed at$756.4 billion, compared with $756.3 billion in May, which was the lowest since February 2009 when the country's stock of Treasuries dropped to$744.2 billion. Agencies
Zawya
15 hours ago
- Zawya
Rule of law is Africa's new gold: African Development Bank Group's (AfDB's) Adesina calls for bold legal and governance reforms to unlock prosperity
'When Africa stands for the rule of law, the world will stand with Africa,' the President of the African Development Bank Group ( Dr Akinwumi Adesina, has told more than 1,200 lawyers, judges, and government officials attending the Kenya Law Society's 2025 Annual Conference. Delivering the closing keynote, title Public Finance, Governance, Justice and Development, Dr. Adesina drew a clear link between judicial independence, sound public finance, and sustainable economic growth. He stressed that Africa's true wealth lies not only in its natural resources but also in its ability to govern them transparently, enforce contracts fairly, and ensure justice for all citizens. Turning challenges into opportunities Africa faces a $100 billion annual gap in foreign direct investment, he noted, a situation compounded by weak rule of law rankings, debt vulnerabilities, and predatory 'vulture fund' cases. These involve investors buying national debt at a discount on secondary markets, then exploiting weak legal systems to sue debtor nations for full repayment — plus backdated interest and legal fees. 'Evidence suggests that foreign direct investments move more to countries that have political stability, stable democracies, transparency, and low levels of corruption,' Adesina said during the conference held at Kenya's coastal town of Diani, some 35 kilometres south of Mombasa. Other key drivers, he added, include an independent and transparent judiciary, strong regulatory frameworks, public accountability, efficient public service, competition policy, and respect for intellectual property rights. He also underlined the vital connection between justice and development, arguing that access to justice must be universal. This means legal aid, digitised courts, and grievance mechanisms that bring the law closer to citizens. 'Justice is not a byproduct of development — it is the foundation of development,' he declared. Adesina urged African nations to: Strengthen judicial independence and transparency to attract global capital. Reform natural resource laws to ensure benefits reach communities, not elites. Develop sovereign wealth funds to safeguard prosperity for future generations. Build strong African arbitration systems to settle disputes locally and fairly. He challenged Africa's lawyers, judges, and arbitrators to rise as 'guardians of promise and stewards of destiny' by enforcing constitutional safeguards on public finance. He called on the Kenya Law Society members to champion ethics and environmental, social, and governance (ESG) principles, digitise court systems, improve legal infrastructure, and protect national assets from predatory debt practices. Adesina's keynote culminated a 3-day conference focused on corporate governance, protecting constitutionalism and the rule of law, responsible public finance management, and digitalization of legal systems. The closing ceremony included the participation of Kenya's legal luminaries and government, including Kenya's Chief Justice Martha Koome, Kenya Law Society President Faith Odhiambo, Mombasa County Governor Abdulswamad Nassir and the AfDB's Director General of East Africa Alex Mubiru. Solutions in motion The African Development Bank supports its regional member countries to address governance, public finance, and justice challenges. In Rwanda and Côte d'Ivoire, Bank support to create and modernise specialised commercial courts has reduced dispute resolution times by nearly half, unlocking more than $1 billion in investment. In Seychelles, Bank-backed constitutional reforms require all sovereign borrowing to receive parliamentary approval — contributing to a fall in the debt-to-GDP ratio from over 100% to below 55%. In Kenya, Bank-supported procurement and debt transparency reforms, including parliamentary oversight of public borrowing, are safeguarding public funds. Known as Africa's 'Optimist-in-Chief,' Adesina urged the continent's legal community to recognise that they hold the keys to turning governance into growth and making development a daily reality rather than a distant promise. 'Let us make a choice that history will record, and generations will remember,' he said. 'As lawyers, justices and guardians of the law, I urge you to uphold the rule of law, to execute justice with fairness and righteousness.' Distributed by APO Group on behalf of African Development Bank Group (AfDB). About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
