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Artificial intelligence to take on the Aviation industry too

It is nothing new but we know that the year 2020 has brought challenges to all the industries. But few have been massively hit by this Covid pandemic, and one such is Air travel. All across the world, flights have been grounded as the international airports are closed and there are travel bans being introduced worldwide. This unfortunate situation, brought challenges for the Airlines and it did not stop there. Airline economics suggests that planes must be used as much as possible and for the larger planes this means, to keep them in the air as close to 24/7. But for this reason the availability of enough storage facilities is low. At Frankfurt Airport for example, the tarmac on the 4th runway is now the home of many of the airport’s planes. It can also frequently take, as long as 30 days, to return a commercial jet to circulation after it has been postponed. This being the reason, many planes that are still circulation have been transferred to the Indian sub-continent where the air travel has not been this badly disrupted. As a result, it might take the flights to come home some time, to their previous routes that is if the flight paths opens up. In the year 2021, the Aviation sector will also have the need to adapt and re-asses its fleet size and their operational strategy in order to re construct their business amidst this global crisis.

Pilots weigh for a key proportion of the overhead costs and airlines will be constantly thinking about pilot strategy. This is likely to include the need to outsource and de centralize to their maximum efficiency. The trained pilots will need further training upgrades and renewals to their licenses even when the flights are grounded. Flight simulators have therefore anticipated a crucial role in 2020.

Usually established to keep skilled crews sharp by creating stimulating scenarios in safe environment for them to overcome, they have now become imperative across the industry for several motives. Flying, like any other skill, requires continuous practice to uphold the highest level of competency. That’s why airlines have regency rules that want the pilots to perform a quantified number of take-offs, landings and attitudes within a certain period of time. Progressions in simulator technology continue to connect the gap between theory and reality. At Alpha Aviation, they recently invested in the new Alsim-AL172 flight simulator that structures a Cessna 172 cockpit, with two seats and a flight deck. As pilots still need to clock up over 1,500 flying hours to obtain their ATP certificate, advanced simulators like these will also be in effect while providing pilot training without the functioning costs of a real flight. This year also emphasized the need for regulators to make changes to the training procedures. For example, there will be a need to be more dependence on e-learning in the early cadet training and the recognition of integrated expertise in simulator training will also be significant. Additional adoption of Artificial Intelligence (AI) can also offer a dynamic competitive advantage.

AI technologies have now been widely accepted across the aviation industry. From facial recognition at airport passport security to baggage check-in and far-flung aircraft one-to-one care. For years these revolutions have been streamlining the procedures, both for operators and customers. Nevertheless, AI has a much greater potential beyond these applied solicitations. Among these benefits, AI and machine learning algorithms top at recognizing the patterns and are extremely efficient at collecting the data from the process of training cadets. Flight simulators are already equipped with the sensor that is set to generate a considerable amount of data. This information can now be used to assess the pilot competency from the commencement of training.

As they remain motivated to work directly with controllers and the airlines to further increase the use of technology and AI in the industry, their ability to endure to adapt and modernize in this crisis will positively mean clearer skies ahead, believes Captain Nadhem is the General Manager of Alpha Aviation UAE.

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LexisNexis risk solutions study reveals sharp rise of financial crime compliance costs

Decision makers inside banks, investment firms, asset managers and insurance firms identify the drivers impacting financial crime compliance. LexisNexis® Risk Solutions revealed that the results of its annual True Cost of Financial Crime Compliance Study for the U.S. and Canada. The total projected cost of financial crime compliance for the region is approximately $49.9 billion. The survey illustrates the sharp increase in financial crime compliance costs.

The study projects the average annual cost of financial crime compliance for U.S. financial institutions with $10 billion. Pandemic Continues to Spur Growth. The pandemic continues to negatively impact compliance operations. Sixty eight percent of U.S. respondents report longer times required to complete due diligence. Fifty five percent of U.S. respondents report reduced productivity compared.

More U.S. financial institutions now rank real estate and hospitality as top money laundering risk segments. Crime involving digital payments, trade-based money laundering and money mule schemes are on the rise. Digital currency is a growing problem for Canadian firms. Crimes involving digital payments have the greatest impact on compliance costs. Cryptocurrency crimes have the greatest impact on compliance costs for Canadian firms. The survey results demonstrate that financial institutions are battling a broader set of issues.

Survey respondents indicate that a lack of current and extensive data tops the list of Know Your Customer (KYC). Leslie Bailey, vice president of financial crime compliance strategy for LexisNexis Risk Solutions stated that the study shows clear linkages between the pandemic, digital crime and increasing regulations. Hence, financial institutions need to prepare for expanded compliance obligations and risks from emerging financial crime. Bailey added that digital transformation is a game-changer for financial crime compliance operations.

This will require a sophisticated approach that incorporates insight into digital behaviors. This study surveyed 145 decision-makers in the U.S. and Canada. Responses were collected in June 2019, August 2020 and June 2021. Organizations such as banks, investment firms, asset management firms and insurance firms. The total annual cost of compliance across firms was calculated using survey data. The spend amount was generated by multiplying the average percent allocated to financial crime costs.

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COP26 delegates agree on need to deliver on $100 BLN climate finance pledge

Delegates heading to the COP26 U.N. climate summit in Glasgow. These delegates agreed that they must deliver on the $100 billion per year pledge. COP26 president Alok Sharma said that, it is to help most vulnerable nations for tackling the climate change.

After many days of meetings at the pre-COP26 climate event, which happened in Italy, Sharma said that there was a consensus to do more. Which is to keep the 1.5 degrees Celsius target within reach, adding more needed to be done collectively in terms of national climate plans.

The COP26 conference in Glasgow aims to secure more ambitious climate action. This is from nearly 200 countries, those all that have signed the 2015 Paris Agreement for limiting the global warming, well below 2.0 degrees Celsius. And to 1.5 degrees, above pre-industrial levels.

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City’s exposure to Evergrande is very minimal-Hong Kong finance Chief

Hong Kong’s exposure to debt-laden developer China Evergrande Group is very minimal at 0.05%. This is of banking assets, South China Morning Post reported, citing the city’s finance minister. Financial Secretary Paul Chan told the newspaper that it is very minimal and won’t cause them any systemic risks. He added that he had arrived at the conclusion after a recent audit of the local banking sector’s exposure to the company.

Chan also said that the Hong Kong’s stock market was inevitably subject to some volatility. This is amidst a recent mainland crackdown on some industries. But still he believed any setback would be temporary. With liabilities of $305 billion, Evergrande has sparked concerns its cash crunch could spread through China’s financial system. This may reverberate globally and that is a worry that has eased with the Chinese central bank’s vow, to protect homebuyers’ interests. Evergrande has missed two bond interest payments. Bondholders have said this and its offshore debt, amounting to about $20 billion, trades at distressed levels.

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