Dubai: In keeping with the global decline the growth of assets under management (AuM), the Middle East also witnessed a sharp fall in the total AuM last year, according to a study by Boston Consulting Group (BCG). Globally, AuM stalled with marginal growth last year. The BCG report shows the global value of AuM rose just 1 per cent in 2015, to 71.4 trillion (Dh262 trillion) from 70.5 trillion in 2014, after growing 8 per cent that year, and at an average annualised rate of 5 per cent from 2008 through 2014. In contrast, the Middle East's AuM declined 10 per cent and net new flows of assets, revenue growth, and revenue margins all dipped lower in 2015. In absolute terms the region's AuM plummeted from 1.4 trillion in 2014 to 1.3 trillion in 2015.

Tech giant Microsoft and large equipment manufacturer Liebherr are collaborating on a new generation of smart refrigerators that would help in shopping and planning meals with intelligent food management. "As part of the Liebherr household appliances division's digital initiative, the duo would develop'SmartDeviceBox' -- a communication module which fits into refrigerators and freezers -- connecting them to the internet," T.J. Hazen, Principal Data Scientist Manager at Microsoft, wrote. The system, which would utilize the same machine learning technology used in Microsoft's artificial intelligence (AI) assistant Cortana, is designed to have a long lifecycle. With this technology, modular units can be integrated and upgraded at any time in existing SmartDevice-ready appliances to create value and comfort for customers through new digital features and solutions, the post on Microsoft blog said. With the refrigerators, stored groceries can be monitored using internal cameras and object recognition technology.

I can't remember whose idea it was to go out for lunch. It might have been my idea. Of course it was my idea. I start thinking about lunch the second that last morsel of granola hits my taste buds and disappears down that endless cavern known as my belly. Should we order a salad?

In-brief: Alphabet, IBM, Microsoft, Facebook and Amazon are teaming to pioneer ethical guidelines for artificial intelligence, the New York Times reported. The New York Times is reporting on a new cross-industry effort by some of the U.S.'s leading technology firms to pioneer standards of ethics in the arena of artificial intelligence (AI). According to the report, researchers at Google's parent company, Alphabet, Amazon, Facebook, IBM and Microsoft have been meeting to discuss the impact of artificial intelligence on jobs, transportation and "even warfare." The specifics of what the industry group will do or say -- even its name -- have yet to be hashed out. But the basic intention is clear: to ensure that A.I. research is focused on benefiting people, not hurting them, according to four people involved in the creation of the industry partnership who are not authorized to speak about it publicly.

The trader was in deep trouble. A millennial who had only recently been allowed to set foot on a Wall Street floor, he made bad bets, and in a panic to recoup his losses, he'd blown through risk limits, losing 4.9 million in a single afternoon. The trader was taking part in a simulation run by Andrew Lo, an MIT finance professor. The goal: find out if top performers can be identified based on how they respond to market volatility. Lo had been invited into the New York-based global investment bank--he wouldn't say which one--after giving a talk to its executives.

NEW YORK: Tech giant Microsoft and large equipment manufacturer Liebherr are collaborating on a new generation of smart refrigerators that would help in shopping and planning meals with intelligent food management. "As part of the Liebherr household appliances division's digital initiative, the duo would develop'SmartDeviceBox' -- a communication module which fits into refrigerators and freezers -- connecting them to the internet," T.J. Hazen, Principal Data Scientist Manager at Microsoft, wrote. The system, which would utilise the same machine learning technology used in Microsoft's artificial intelligence (AI) assistant Cortana, is designed to have a long lifecycle. With this technology, modular units can be integrated and upgraded at any time in existing SmartDevice-ready appliances to create value and comfort for customers through new digital features and solutions, the post on Microsoft blog said. With the refrigerators, stored groceries can be monitored using internal cameras and object recognition technology.

Automation has disrupted work for centuries. Two hundred years ago in Britain, the Luddites rose in rebellion, smashing the machines that made their weaving skills obsolete. Today it's high status cognitive jobs that are under threat. Earlier this year ROSS, a legal version of IBM's Watson, was launched and hailed as the first artificially intelligent lawyer. Future iterations may put lawyers out of work.

Tech giant Microsoft and large equipment manufacturer Liebherr are collaborating on a new generation of smart refrigerators that would help in shopping and planning meals with intelligent food management. "As part of the Liebherr household appliances division's digital initiative, the duo would develop'SmartDeviceBox', a communication module which fits into refrigerators and freezers, connecting them to the internet," T J Hazen, Principal Data Scientist Manager at Microsoft, wrote. The system, which would utilise the same machine learning technology used in Microsoft's artificial intelligence (AI) assistant Cortana, is designed to have a long lifecycle. With this technology, modular units can be integrated and upgraded at any time in existing SmartDevice-ready appliances to create value and comfort for customers through new digital features and solutions, the post on Microsoft blog said. With the refrigerators, stored groceries can be monitored using internal cameras and object recognition technology.

U.S. stocks rose Friday as investors found some positive aspects in a middling employment report. Job growth slowed in August, and traders hope that will persuade the Federal Reserve to wait before raising interest rates. Stocks started the day with big gains following the Labor Department's job report. Energy companies rose more than the rest of the market as oil prices broke out of a four-day slump. The gains were broad, but the stocks that rose the most were utilities, which would stand to benefit if interest rates remain low.

Artificial intelligence is going to have a massive impact on multiple business verticals over time. The displacement of both blue collar and white collar work by machine learning is going to cause major societal displacements in the next 10-20 years[0]. While there is a lot of discussion in the popular press about general purpose AI (aka AGI - which is defined as a machine that can perform any intellectual task a person can), much less emphasis has been placed on near-term specific vertical markets or areas that AI and machine learning (ML) are likely to transform in the coming 5 years. In short, I think AGI is still 10 years away, but vertical products driven by AI will be transformative in the coming years. The areas listed below are underinvested by entrepreneurs and VCs.