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The financial year ended September 30, 2024 was a positive one for the Barbados dollar funds managed by Fortress Fund Managers (FFM), with returns of up to 12.4 per cent. This news was shared by Roger Cave, chairman and Peter Arender, CEO & chief investment officer in the leading fund manager’s 2024 Annual Reports for its three Barbados dollar funds – the Fortress Caribbean Growth Fund, the Fortress Caribbean High Interest Fund and the Fortress Caribbean Pension Fund. The reports, for the financial year ended September 30, 2024 highlighted funds’ performance and outlook. Caribbean Growth Fund gains 12.4 per cent for financial year In what was described as a “strong year”, the Fortress Caribbean Growth Fund gained 12.4 per cent and ended the period with an annual compound rate of return of 7.7 per cen since inception in 1996. The net asset value (NAV) or price per share of the Fund increased to $7.8973 from $7.0238 with net assets of $689 million compared to $605 million a year ago. “Throughout the year, global stocks posted steady, modest gains, and a rally in September added meaningfully to the year’s performance,” Cave and Arender said. They also noted that “the fund’s core allocations to the Fortress US Equity, Fortress International Equity and Fortress You Might Be Interested In Crystal Beckles-Holder, 2nd runner up in regional competition GUYANA: Body of child found after gold mine collapses Barbadians asked to help with return tickets for Haitians Emerging Market funds performed well, returning 27 per cent, 23 per cent and 21 per cent respectively over the year.” This contrasted with performance in the Caribbean. “The global index, tracking securities all over the world, was up 33 per cent while in the Caribbean, the Trinidad and Jamaica indices fell 13 per cent and five per cent respectively. The Barbados index posted a nine per cent gain, largely due to movement in shares of CIBC Caribbean on thin trading volumes.” Highlighting the fund’s positioning, the annual report noted that a third of its portfolio was invested in the Caribbean and two-thirds in the US, international and emerging markets, offering Barbados-based investors access to exceptional global diversification. “It is worth noting, however, that our ability to invest additional assets in local, regional and global equities continues to be constrained by exchange controls in Barbados and by relatively small, illiquid stock markets in the region,” Cave and Arender added. Regarding the Growth Fund’s outlook, while the year was another strong one due to its global diversification, economic crosswinds “argue more than ever for wide diversification and to look for tomorrow’s returns where valuations are most compelling, and not necessarily where yesterday’s returns were strongest.” The report noted that “the more expensive segments of the US market are vulnerable to price corrections”, but that there are still attractive valuations to be found, especially among emerging markets and developed international stocks. Fortress remains “constructive on the Fund’s high-quality, valueoriented global and Caribbean holdings.” Caribbean High-Interest Fund returns 6.7 per cent for the financial year The Fortress Caribbean High- Interest Fund also performed well, returning 6.7 per cent for the year due to “a combination of higher bond prices and healthy levels of coupon income locked in at higher rates.” The fund’s annual report noted that globally, central banks eased monetary policy and bond yields fell during the year. Corporate spreads also narrowed to reflect the perception of lower recession risk. The main index of US high-quality bonds, which included both corporates and governments, was up 12 per cent for the year. The NAV of the Accumulation shares increased to $2.2443 at September 30, 2024, up from $2.1026 last year. The distribution shares rose to $1.0729 from $1.0040. Total assets were $144 million compared to $140 million last year. The fund’s compound annual return since inception in 2002 was 3.7 per cent per year, net of all fees and expenses. The fund’s core allocation to U.S. bonds via the US$ Fortress Fixed Income Fund gained 10 per cent, and FFM’s allocation to emerging market bonds returned 19 per cent. The fund also participated in the routine issuance of Government of Barbados (GOB) treasury bills and bonds and added incrementally to medium-term GOB notes, to replace maturing GOB Series B strips and keep overall GOB exposure steady throughout the year at 13 per cent of total assets. “Some of the fund’s GOB holdings also saw better pricing during the year as final maturities naturally drew closer. Otherwise, domestic Barbados holdings performed as expected. A few new corporate issues were in progress this year but did not materialise and the opportunities for bond investment remained limited.” Regarding potential risks that could impact the High-Interest Fund going forward, Cave and Arender noted: “We think it is unlikely central banks will begin tightening policy again. Rates are still quite high, and the risk is more probably a pause that keeps rates at current levels longer than the bond market currently expects. To counter this risk the fund’s portfolio still has positions in floating rate notes whose rates will only come down as shortterm rates do.” Additional risks identified included the development and deepening of a global economic slowdown, affecting creditworthiness of corporate bonds and pushing their prices lower. In Barbados the risks remained the same: “A small market with trapped capital and dominated by the “B-” rated GOB as an issuer, does not have many opportunities for the combination of security and income that the fund requires.” Caribbean Pension Fund performs strongly for financial year The Fortress Caribbean Pension Fund had a strong financial year, with gains in all three classes of shares. The Aggressive Accumulator (AA) share returned 11.9 per cent, the Conservative Consolidator (CC) share rose by 10.8 per cent and the Capital Secure (CS) share advanced by 7.4 per cent. Since inception in 2002, the annual compound returns for the Fund’s AA, CC and CS shares have been 5.6 per cent, 5.3 per cent and 3.4 per cent per year respectively. Total net assets of the Fund increased from $402 million to $434 million during the year. “The equity allocations of the three classes of shares of the fund are primarily made up of investments in the Fortress Caribbean Growth Fund, the fixed income allocations are primarily made up of investments in the Fortress Caribbean High-Interest Fund, and the small allocations to real estate are typically made through the Eppley Caribbean Property Fund SCC (formerly Fortress Caribbean Property Fund SCC). The returns of the three shares in the Pension Fund are therefore a blend of the performance returns of these underlying holdings,” the fund’s annual report explained. The report ended with thanks to former Pension Director, René Delmas who retired and a welcome for Senior Manager, Shomari Simpson-Sealy. “Together with the team he will continue the work of building and improving the Fortress pension offering, of which this fund is a key part, and helping our thousands of clients achieve financial security. We want everyone to be able to follow in René’s footsteps to a happy retirement.” Fortress manages over Bds $800 million in assets across 12 funds with investments in regional, US, international and emerging markets. (PR)big fish casino apk 。

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The confidential briefing note is part of the tranche of documents made public in the annual release of State papers from the Irish National Archives. An Irish Department of Foreign Affairs official focusing on justice and security created the list in October 2002. The document starts by referencing a 1999 interview given by George Mitchell, the chairman of the Good Friday Agreement negotiations, in which he claimed the British and Irish governments, as well as Northern Ireland’s political parties, had leaked information to manipulate public opinion. However, he further accused the NIO of attempting to sabotage the process by leaking information on British Government policy to the media. Mr Mitchell, a former US senator, is said to have expressed alarm and anger over the frequency of leaks from the NIO – saying they were uniquely “designed to undermine the policy of the British Government of which they were a part”. The Irish civil servant notes Mr Mitchell himself was subjected to an attempted “smear” when he first arrived in Northern Ireland, as newspaper articles falsely claimed his chief of staff Martha Pope had had a liaison with Sinn Fein representative Gerry Kelly with ulterior motives. The Irish civil servant goes on to list several “leaks”, starting with the publication of a proposed deal in a newspaper while “intense negotiations” for the Downing Street Declaration were under way. Next, the Department lists two “high-profile and damaging leaks issued from the NIO”. A so-called “gameplan” document was leaked in February 1998, showing papers had been prepared weeks before the Drumcree march on July 6, 1997. In the preceding years, there had been standoffs and clashes as nationalists opposed the procession of an Orange parade down Garvaghy Road in Portadown. The gameplan document showed then secretary of state for Northern Ireland Mo Mowlam, who was publicly expressing a desire for a negotiated solution to the 1997 parade, advocated “finding the lowest common denominator for getting some Orange feet on the Garvaghy Road”. In 1997, a large number of security forces were deployed to the area to allow the march to proceed. The incident sparked heightened tension and a wave of rioting. The document further describes the release of a document submitted by the NIO’s director of communications to the secretary of state as a “second major leak”. It claims a publicity strategy was released to the DUP in the aftermath of the Good Friday Agreement and showed how the UK Government would support a yes vote in a referendum following any talks agreement. In addition, it is claimed unionists used leaked sections of the Patten report on policing to invalidate its findings ahead of its publication in 1999. The report recommended the replacement of the Royal Ulster Constabulary with the Police Service of Northern Ireland, the changing of symbols, and a 50-50 recruitment policy for Catholics and Protestants. At the time, UUP leader David Trimble said the recommendations would lead to a corruption of policing in Northern Ireland. Chris Patten, chairman of the independent commission on policing, said some of the assertions were a “total fabrication” and designed to “muddy the waters” to create a difficult political atmosphere. Elsewhere, the author notes it was leaked to the media there was serious disagreement between the governments of the UK and Ireland on the composition of that commission – with not a single name submitted by the Irish side being accepted by the other. The author notes this incident, still under the heading “NIO leaks”, was believed by British officials to have emanated from the Irish side. The report turns to leaks of other origin, claiming “disgruntled Special Branch officers in Northern Ireland” were blamed by the British Government for a series of releases about the IRA which were designed to damage Sinn Fein in the 2001 general election in Northern Ireland. One senior Whitehall source was quoted in the Guardian as complaining that Special Branch was “leaking like a sieve” after details of an IRA intelligence database containing the names of leading Tories – described at the time as a “hit list” – was passed to the BBC in April 2002. The briefing note adds: “This was followed days later by a leak to The Sunday Telegraph which alleged that senior IRA commanders bought Russian special forces rifles in Moscow last year. “The newspaper said it was passed details by military intelligence in London.” The briefing note adds that other Special Branch leaks were associated with the Castlereagh break-in. The final incident in the document notes the Police Ombudsman’s Report on the Omagh bombing was also leaked to the press in December 2001. Then Northern Ireland secretary John Reid said at the time: “Leaks are never helpful and usually malicious – I will not be commenting on this report until I have seen the final version.” The reason for creating the list of leaks, which the Irish National Archives holds in a folder alongside briefing notes for ministers ahead of meetings with officials from the UK Government and NIO, is not outlined in the document itself. – This document is based on material in 2024/130/6.The first look poster of the Shane Nigam-starrer Haal was released by its makers on November 24, Sunday. The poster was shared through the social media handles of leading celebs from Malayalam cinema such as including Tovino Thomas and Basil Joseph. The first look poster was released both as a motion as well as static poster. The upcoming film, directed by debutant Veeraa, has been scripted by writer Nishad Koya, who is known for scripting films like Ordinary (2012), Madhura Naranga (2015), and Thoppil Joppan (2016). Other Updates On The Film The teaser of the upcoming romantic entertainer was released online by its makers on August 17. The teaser video, featuring its male and female lead, showcases the pain of two lovers being forcibly separated from each other by law enforcers in the presence of a large crowd and the media, probably suggesting an inter-faith love story. A musical teaser of the film was released in June this year. Shane Nigam shared the update on his social media handles with the caption, "And the stars aligned to make our love win over the world! Presenting the SOUL OF HAAL." In the teaser, one can hear a soulful cover rendition of the iconic Hindi song Rafta Rafta Woh Meri, which was originally sung by Ustad Mehdi Hassan and penned by Tasleem Fazli. What is more interesting is the fact that Shane Nigam himself has performed this cover version. The cover track, titled Soul of Haal, has music composed, arranged and produced by Nandhagopan V. A Soulful Romantic Story Starring Shane Nigam and Sakshi Vaidya, this romantic musical entertainer is directed by Veera and written by Nishad Koya. Featuring music composed by Nandhagopan V, the film also marks Pakistani singer Atif Aslam's Malayalam debut as a singer with a new song. Haal, which has been directed by Veera and produced by JVJ Productions, is set to release simultaneously in Hindi, Telugu, Tamil, and Kannada languages. However, not much information is available regarding an official trailer drop or the film’s release date, and are expected to be revealed by the film's team soon. Get Latest News Live on Times Now along with Breaking News and Top Headlines from Malayalam, Entertainment News and around the world.Where to start in the stock market as a new investor? There are lots of options – thousands and thousands in fact. That can be confusing. One approach I think investors new and old alike should consider is buying shares in an investment trust. What is an , exactly? Basically it is a pooled fund. So the company has money it uses to buy shares in other companies. It then sells shares in itself, which investors can buy. Its own price can move up and down independently of its portfolio valuation. So sometimes such trusts sell at a discount (or premium) to a sum-of-the-parts valuation of their portfolio. I reckon there can be some good reasons to buy into investment trusts – but also some watchouts. Of course, like any investment, some trusts do far better (or worse) than others. My points below relate to investment trusts in general, not a specific one (though I use one to illustrate some points). Easy diversification A key principle of risk management is avoiding concentrating too much risk in one place. That sounds simple – and it is. But is no less powerful or important for that. As investment trusts typically buy into dozens or sometimes even hundreds of companies, they offer a straightforward form of diversification. Expert managers – sometimes Some trusts or use some other automated trading strategy. Others employ managers – often at great expense – to (this is the difference between what are known as passive and active approaches). Consider ( ) as an example. Its share price is down 38% in the past three years or so. Over five years, though, it is up 60%. That is more than 10 times the average share price growth seen in firms in that period. The explanation for both the three-year fall and five-year gain is the same: Scottish Mortgage’s fund managers have focused mostly on , including and . So the trust’s fortunes have to some extent reflected those of leading growth shares, due to the investment choices its managers have made. Managers can help an investment trust perform much better than the market overall – or much worse. Access to unlisted companies Another interesting thing about Scottish Mortgage is its dividend history. It last cut its dividend after the Wall Street Crash – close to a century ago! But as with any share, past performance is not necessarily a guide to what may happen in future. Anyway, if I wanted to buy a share with a long dividend track record I have a number of shares I could choose from. However, if as a small private investor I wanted to buy a share in an unlisted growth company like SpaceX I could not. Guess what, though? SpaceX is Scottish Mortgage’s third-biggest holding, accounting for over 5% of its value. An option to consider Investment trusts can have other downsides to the ones I mentioned above, not least fees and costs. Still, I see a lot to like about them in principle. That is why, when looking for shares to buy, they are on my radar, although I decide on a case to case basis whether a given investment trust is suitable for me.

Digital e-readers have transformed the reading landscape in three significant ways: mobility, sustainability, and abundance. However, as many have predicted, has this medium truly changed the future of reading? Bibliophiles remain loyal to printed materials. They often use digital e-readers primarily as a backup. According to Google statistics, around 83% of readers are more likely to purchase a printed version of a new, popular, or classic book. At the same time, they use their e-readers to hold free or mediocre books they plan to read at a leisurely pace. Printed books have been a cornerstone of education and entertainment for centuries. “Paper” and “writing sources” have documented history and facilitated communication throughout the ages. Without writing, much of our past would remain unknown. Historians feel a responsibility to honor our history by preserving the art of writing on paper, and I believe this will never change. Books offer an immersive experience that many readers find comforting and nostalgic. The rustle of pages, the smell of paper, the need for beautiful bookmarks, and the tangible weight of a book provide a sensory experience that digital devices cannot replicate. Even with the rise of digital media, traditional books continue to thrive. As the population ages, will this change? Does the younger generation appreciate printed materials in the same way? Or will sustainability concerns outweigh the need for paper? Will books become mere fuel for future generations? Imagine a post-catapultic world where burning books is the new form of heating and electricity. Older people may cringe at this thought, while younger people might hold their e-readers high and say, we stored those books in here. What does it matter if we burn books when we need to save the world? Perspective and time are everything. There are notable advantages to printed books. They require no batteries or electricity, making them reliable in any setting, such as a cabin in the woods or a campsite where fire is the only light source. Books add an aesthetic value to a space, serving as decor and conversation starters. As e-readers become more prevalent, the value of printed books will increase. Like many other antiquated objects, they may become a symbol of wealth and prosperity. I suggest keeping your books in sealed plastic, which may become valuable. E-readers have revolutionized how we access and consume written content. Devices like the Kindle, Nook, and Kobo offer readers a portable library at their fingertips. With the ability to store thousands of books in a single device, e-readers cater to the modern reader’s mobility, convenience, and variety needs. However, they do not provide the exact immersive experience. E-ink technology simulates a paper-like feel, and with its lightweight and compact design, e-readers are perfect for on-the-go reading. And their long battery life makes them suitable for quick trips to the cabin. Features like adjustable font sizes, backlighting, and text-to-speech enhance accessibility for a broader audience, allowing all readers to access a vast array of books and publications. The rise of digital reading has also significantly impacted writing. It has changed how authors create and distribute their work. Independent authors can now self-publish and reach global audiences, allowing diverse voices to be heard. They can maintain creative control and receive a larger share of royalties. Writers can engage directly with their audience through social media and digital platforms, fostering a more interactive marketing strategy. For now, the coexistence of traditional books and e-readers reflects a broader trend in the media landscape, where digital and analog formats complement rather than replace one another. However, this ongoing battle will likely grow and change as the world gains more access to digital services and the need for sustainability rises to the forefront of global discussion. Global warming will take a back seat in the next few years, so it is unlikely that there will be an enormous shift in the reading world. Whether one prefers the classic charm of a hardcover or the sleek efficiency of an e-reader, the battle rages on, and no one knows for sure. Regardless, the love for reading and writing continues to thrive. Books and e-readers do not win readers’ hearts; the stories within them do. Image by from Writing has always been her passion and a voice for those who cannot speak. She considers herself fortunate to write every day and says her mantra is, "I drink coffee, write, and I know about people and technology." Her writing is diverse and can be found online on websites like LifeHack, You Have a Calling, Medium, TechCrunch and, She Knows.

Saudi Gazette report RIYADH — Saudi Arabia will host the 28th Annual World Investment Conference (WIC) from November 25 to 27, 2024, under the patronage of Crown Prince Mohammed bin Salman. Organized by the Invest in Saudi platform in partnership with the World Association of Investment Promotion Agencies (WAIPA), the conference will spotlight digital transformation, sustainable growth, and expanding investment opportunities. Minister of Investment Eng. Khalid Al-Falih emphasized Saudi Arabia’s rise as a premier investment destination under the Vision 2030 framework, citing unprecedented growth in the volume and diversity of investments. “Hosting the WIC in Riyadh provides Saudi Arabia an opportunity to showcase its strategic vision to global partners and highlight its position as a reliable partner for investment and sustainable economic growth,” Al-Falih said. He noted that Vision 2030 has led to groundbreaking reforms, including issuing over 28,900 foreign investment licenses and allowing 100% foreign ownership in specific sectors. The simplification of commercial registration processes and visa issuance has created a welcoming climate for investors in areas such as renewable energy, logistics services, and artificial intelligence. The WIC will feature high-level ministerial dialogues, sessions on technology, sustainability, and economic cooperation, as well as expert-led workshops for investment professionals. The conference will include an entrepreneurship track to highlight the transformative role of startups and innovators, with exclusive networking sessions designed to foster strategic partnerships between investors, SMEs, and other stakeholders. The conference will cover critical topics such as the impact of artificial intelligence, resilience in global supply chains, energy transitions, and the role of startups in reshaping economies. It aims to promote ambitious investment models and drive global collaboration. < Previous Page Next Page >Cam Akers delivers clutch performance in Vikings’ win‘Direction of India-China relationship encouraging’Sans J.T. Miller, Canucks begin 6-game road trip at Senators

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N ew Delhi: India and Kuwait on Sunday elevated their relationship to a strategic partnership as Prime Minister Narendra Modi and the Kuwaiti leadership focused on a roadmap to expand cooperation in areas such as defence, energy, trade, investment and technology. The two sides signed a memorandum of understanding (MoU) on defence that will lead to an increase in cooperation in training, joint exercises, defence industry and supply of defence equipment during Modi’s visit, the first by an Indian premier to Kuwait in 43 years. The two countries have close energy and business ties and India is among Kuwait’s top trading partners, with two-way trade worth $10.47 billion during 2023-24. Kuwait is India’s sixth largest crude supplier and fourth largest LPG supplier, meeting 3% of the country’s energy needs. Modi held talks with the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, the Crown Prince, Sheikh Sabah Al-Khaled Al-Hamad Al-Mubarak Al-Sabah, and the Prime Minister, Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah, to review the existing relations and to identify new areas of cooperation. At the meeting between Modi and the Amir of Kuwait, the two sides reaffirmed their commitment to expanding bilateral cooperation and agreed to elevate the relationship to a strategic partnership, the external affairs ministry said. During delegation-level talks between Modi and his Kuwaiti counterpart, the two sides discussed a roadmap to strengthen the strategic partnership in areas such as politics, trade, investment, energy, defence, security, health, education, technology, culture and people-to-people ties, according to the ministry. Modi and Sheikh Ahmad witnessed the signing of bilateral agreements, including the MoU on defence cooperation, a cultural exchange programme, a programme for cooperation in sports, and the framework agreement for Kuwait to join the International Solar Alliance. Arun Kumar Chatterjee, secretary (Overseas Indian Affairs) in the external affairs ministry, told a media briefing that the MoU on defence will institutionalise bilateral cooperation in this field. The main areas of cooperation are training, joint exercises, cooperation in defence industry, supply of defence equipment, collaboration in research and development, and exchange of personnel and experts, he said. Modi and Sheikh Ahmad also focused on deepening economic cooperation. Modi invited a delegation comprising the Kuwaiti Investment Authority and other stakeholders to visit India to explore new opportunities in energy, defence, medical devices, pharmaceuticals and food parks. Chatterjee said the cooperation in health and pharmaceuticals could include Kuwaiti investments in India and enhanced exports of Indian pharmaceutical products. The leaders also discussed cooperation in agricultural research and welcomed the recent decision to set up a Joint Commission for Cooperation (JCC) under which new joint working groups (JWGs) were created in trade, investment, education, technology, agriculture, security and culture. These groups are in addition to existing JWGs on health, manpower and hydrocarbons. A joint statement said both sides discussed avenues for investments in India, and Kuwait expressed interest in exploring opportunities in technology, tourism, healthcare, food security and logistics. They acknowledged the need for closer engagement between Kuwait’s investment authorities and Indian institutions, companies and funds. The leaders directed authorities in both countries to fast-track negotiations on a bilateral investment treaty. In the field of energy, the two sides discussed ways to move from a buyer-seller relationship to a comprehensive partnership, with greater collaboration in upstream and downstream sectors, the joint statement said. Both sides will support companies to increase cooperation in exploration and production of oil and gas, refining, engineering services, petrochemical industries and renewable energy. They also agreed to discuss Kuwait’s participation in India’s strategic petroleum reserve programme. The two sides condemned all forms of terrorism, including cross-border terrorism, and called for disrupting terror financing networks and safe havens and dismantling terror infrastructure. They agreed to enhance cooperation in counter-terror operations, intelligence sharing, exchanging experiences and technologies, law enforcement and anti-money laundering. They also discussed ways to promote cooperation to prevent the use of cyberspace for terror and radicalisation. Modi thanked the Amir of Kuwait for ensuring the well-being of the one-million-strong Indian community. The Amir expressed his appreciation for the contributions of Indian expatriates to Kuwait’s development. Modi appreciated Kuwait’s new initiatives to fulfil its “Vision 2035”, while the Amir expressed appreciation for India’s role as a “valued partner in Kuwait and the Gulf region”, the external affairs ministry said. The Amir said he looked forward to India’s greater contribution towards realising Kuwait’s Vision 2035. During his meeting with the Crown Prince, Modi said India attaches “utmost importance” to its relations with Kuwait. The two leaders emphasised on the need for close coordination at the UN and other multilateral forums. Modi expressed confidence that ties between India and the Gulf Cooperation Council (GCC) will be strengthened under Kuwait’s presidency of the bloc. Modi invited all three Kuwaiti leaders to visit India.Melody Chen JD Industrials has relaunched a bid to list in Hong Kong, aiming to raise funds to enhance its supply chain capabilities and expand its business. The industrial technology and service provider was launched in 2017 as an independent unit of its parent JD.com (9618) and was featured on the e-commerce giant homepage as a main category by 2018. As a business-to-business platform for industrial products, the company was the largest player in China's maintenance, repair, and operations procurement services market, measured by gross merchandise value last year, with a size twice that of the next largest competitor, according to China Insights Consultancy. Its GMV soared from around 17.4 billion yuan (HK$18.5 billion) in 2021 to 26.1 billion yuan in 2023, showing a compound annual growth rate of 22.5 percent. JD Industrials recorded an interim net profit of 291.2 million yuan this year from a net loss of 187.2 million yuan during the same period last year. Most of its revenue came from product sales, with the rest derived from marketplace, advertising, technology and other services. Product revenue rose to 8.1 billion yuan in the first half of the year, from 6.6 billion yuan during the same period last year, accounting for over 95 percent of total revenue. Service revenue was 550 million yuan, down from 608.5 million yuan in 2023. JD Industrials offers around 65 product categories across approximately 41.7 million stock-keeping units, topping CIC's list for the broadest variety of industrial products. Leveraging its digital supply chain advantages, the company built the broadest customer coverage and became the largest service provider in the sector, with a market share of 4.1 percent, it says. Its key accounts include around half of China's Fortune 500 companies and more than 40 percent of Global Fortune 500 companies with operations in China. However, the businesses capitalize and depend on the JD group and its associates to a large extent. The revenue generated from the group's platforms was 6.66 billion yuan in 2022, 7.52 billion yuan in 2023 and 3.66 billion yuan in the first half of 2024 respectively, making up 47.1 percent, 43.4 percent and 42.5 percent of total revenue respectively. Therefore, any negative developments in its relationship with the JD group or unfavorable publicity concerning the group could adversely impact the business and brand, the company warns. The listing plan is not new: JD.com had announced plans back in March 2023 to spin off JD Industrials and JD Property for separate listings in Hong Kong. JD Industrials was reportedly looking to raise US$1 billion (HK$7.8 billion) when it filed for an initial public offering last year but the attempt was unsuccessful due to market volatility and its financial losses at the time. If JD Industrials completes its IPO this time round, it will be JD.com's third successful spinoff after JD Logistics (2618) and JD Health International (6618). JD.com's fintech arm JD Technology had also attempted unsuccessfully to go public on the Shanghai Stock Exchange's Star market back in 2020. Merrill Lynch, Goldman Sachs and Haitong International Capital are the sponsors of the share sale.

In the first article of this two-part analysis, we looked at who owns the code created by AI chatbots like ChatGPT and explored the legal implications of using AI-generated code. Part I: Who owns the code? If ChatGPT's AI helps write your app, does it still belong to you? Now, we'll discuss issues of liability and exposure. Functional liability To frame this discussion, I turn to attorney and long-time Internet Press Guild member Richard Santalesa . With his tech journalism background, Santalesa understands this stuff from both a legal and a tech perspective. (He's a founding member of the SmartEdgeLaw Group .) "Until cases grind through the courts to definitively answer this question, the legal implications of AI-generated code are the same as with human-created code," he advises. Keep in mind, he continues, that code generated by humans is far from error-free. There will never be a service level agreement warranting that code is perfect or that users will have uninterrupted use of the services. Also: ChatGPT and the new AI are wreaking havoc on cybersecurity in exciting and frightening ways Santalesa also points out that it's rare for all parts of a software to be entirely home-grown. "Most coders use SDKs and code libraries that they have not personally vetted or analyzed, but rely upon nonetheless," he says. "I think AI-generated code -- for the time being -- will be in the same bucket as to legal implications." Send in the trolls Sean O'Brien, a lecturer in cybersecurity at Yale Law School and founder of the Yale Privacy Lab , points out a risk for developers that's undeniably worrisome: The chances that AI prompts might output proprietary code are very high, if we're talking about tools such as ChatGPT and Copilot, which have been trained on a massive trove of code of both the open source and proprietary variety. We don't know exactly what code was used to train the chatbots. This means we don't know if segments of code output from ChatGPT and other similar tools are generated by the AI or merely echoed from code it ingested as part of the training process. Also: 5 ways to explore the use of generative AI at work If you're a developer, it's time to brace yourself. Here's O'Brien's prediction: I believe there will soon be an entire sub-industry of trolling that mirrors patent trolls, but this time surrounding AI-generated works. As more authors use AI-powered tools to ship code under proprietary licenses, a feedback loop is created. There will be software ecosystems polluted with proprietary code that are the subject of cease-and-desist claims by enterprising firms. As soon as O'Brien mentioned the troll factor, the hairs on the back of my neck stood up. This is going to get very, very messy. Canadian attorney Robert Piasentin , a partner in the technology group at Canadian business law firm McMillan LLP, also points out that chatbots could have been trained on open-source work and legitimate sources, alongside copyrighted work. All of that training data might include flawed or biased data (or algorithms) as well as corporate proprietary data. Also: AI scholar Gary Marcus makes a strong case for an AI regulatory agency Piasentin explains: "If the AI draws on incorrect, deficient or biased information, the output of the AI tool may give rise to various potential claims, depending on the nature of the potential damage or harm that the output may have caused (whether directly or indirectly)." Here's another thought: Some will attempt to corrupt the training corpora (the sources of knowledge that AIs use to provide their results). One of the things humans do is find ways to game the system. So not only will there be armies of legal trolls trying to find folks to sue, but there will be hackers, criminals, rogue nation states, high school students, and crackpots -- all attempting to feed erroneous data into every AI they can find, either for the lulz or for much more nefarious reasons. Perhaps we shouldn't dwell too much on the dark side. Who is at fault? None of the lawyers, though, discussed who is at fault if the code generated by an AI results in some catastrophic outcome. For example: The company delivering a product shares some responsibility for, say, choosing a library that has known deficiencies. If a product ships using a library that has known exploits and that product causes an incident that results in tangible harm, who owns that failure? The product maker, the library coder, or the company that chose the product? Usually, it's all three. Also: ChatGPT's latest challenger: The Supreme Court Now add AI code into the mix. Clearly, most of the responsibility falls on the shoulders of the coder who chooses to use code generated by an AI. After all, it's common knowledge that the code may not work and needs to be thoroughly tested. In a comprehensive lawsuit, will claimants also go after the companies that produce the AIs and even the organizations from which content was taken to train those AIs (even if done without permission)? As every attorney has told me, there is very little case law thus far. We won't really know the answers until something goes wrong, parties wind up in court, and it's adjudicated thoroughly. We're in uncharted waters here. My best advice, for now, is to test your code thoroughly. Test, test, and then test some more. You can follow my day-to-day project updates on social media. Be sure to follow me on Twitter at @DavidGewirtz , on Facebook at Facebook.com/DavidGewirtz , on Instagram at Instagram.com/DavidGewirtz , and on YouTube at YouTube.com/DavidGewirtzTV . 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