Oct. 4, 2019

GEDDES LECTURE//ARTIFICIAL INTELLIGENCE: USING AI IN YOUR BUSINESS

Sponsored by the University of Alberta School of Business

  • Cory Janssen, CEO of AltaML Inc.; Anna Koop, Alberta Machine Intelligence Institute; Patrick Pilarski, Science, Medicine & Dentistry, Computing Science, University of Alberta; Curtis Stange, President and CEO, ATB Financial:
    • We need to start with a business focus and work in partnership for future success in healthcare, oil and gas, agriculture, finance and manufacturing
    • At UofA diversity is crucial to their success, as well the “open source” to share their secret sauce
    • We need multi-disciplinary teams to build intuition and interaction as well as adaptability, agility, growth mindset, good EQ and continuous learning
    • In the future you won’t even know that you have been banking, as AI will do it on your behalf
    • The doctor using AI will not be replaced by AI. The doctor that does not use AI will be replaced by the doctor using AI
    • Trump’s immigration policy has been a major plus for our researchers, as we welcome Chinese, Russian, Iranian etc. who cannot get US work visas
    • For the price of one overpass our province would be a world leader in AI
  • Engineers at the UofA are developing a method capable of extracting hydrogen from underground resources (like oilsands) while leaving the carbon and emissions below surface- this could support hydrogen fuel cells as an alternative energy source.

UNITED STATES EMPLOYMENT DATA

  • US added 136,000 jobs in September vs 145,000 expected.
  • Unemployment rate hit a 50-year low of 3.5% vs 3.7% in August.
  • Average hourly earnings down 0.1% M/M, to 2.9% Y/Y vs August 3.2% Y/Y

GLOBAL TRADE

  • US is imposing tariffs October 18th of up to 25% on Scotch whisky, French wines, European cheeses, Spanish olives in response to the WTO ruling that the EU subsidized Airbus. In 6 to 9 months, EU will have the right to impose tariffs on US goods for their subsidization of Boeing.
  • WTO cut its global trade forecast for 2019 to the weakest level in a decade expecting the volume of merchandise trade will increase by 1.2% this year and 2.7% in 2020 vs 3% in 2018.
  • Q3 Global mergers and acquisitions fell 16% Y/Y to $729 billion, the lowest level since 2016.

TIDBITS

  • US Online holiday shopping is expected to overtake in-store sales for the first time ever.
    • National Retail Federation expects holiday retail sales for November and December to increase between 3.8% and 4.2% this year.
  • IMF says US dollar’s share of global currency reserves fell in Q2 to $6.79 trillion (61.63% of global reserves), the lowest since 2013.
  • Walmart is rolling out new health-care programs for employees next year, using data-analytics to connect workers with doctors or tele-health programs.
  • Volkswagen is investing $2.2 billion over the next 5 years in electric vehicles and digital offerings.
  • France will become the first European country to use facial recognition technology to give citizens a secure digital identity (whether they want it or not).
  • Chinese President Xi says China’s rise is unstoppable.