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ANZ boss warns global markets in 'dangerous situation' as interest rates rise
Nuno Matos says governments should be careful about competing too aggressively for global capital. (ABC News: Luke Stephenson)
Nuno Matos says equity markets at record highs and rising interest rates are a "dangerous situation".
He says he is not expecting Australia's economy to experience a recession.
Mr Matos says governments should be thinking about how they compete for global capital.
The head of ANZ says he sees a "dangerous situation" with global markets.
Nuno Matos, ANZ's chief executive, says the competition for capital is intense globally, driven by the AI and data centre build-out, which is feeding an expenditure super-cycle.
Australia news as it happened: Head of ANZ encourages reduction in government spending; China’s Xi says Taiwan ‘reunification’ must happen
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Cairo: An Israeli airstrike on a building at Nasser Hospital in southern Gaza killed at least six people, including a surgeon, and wounded 20 others early on Thursday, a spokesman for Gaza’s civil defence service told Reuters.
The Israeli military later said it had targeted a senior Hamas militant and other members of the group’s armed wing who it said were operating inside the hospital in Khan Younis.
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AI job fears miss the real risk for insurance, says ANZIIF chief
ANZ chief executive Nuno Matos told a parliamentary hearing in Canberra on Thursday that if artificial intelligence drove job cuts of up to 50%, "it's going to be a global crisis", HRD reported. He said he couldn't yet tell whether AI would be good or bad for jobs overall, and that none of ANZ's recent cuts were caused by the technology, though he couldn't promise there would be no AI-related losses later.
His advice to workers was practical: those who build AI skills lower their risk.
Katrina Shanks, chief executive of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF), makes a similar case for insurance, albeit with a far less alarming soundbite. "It's not a matter about what's going to happen to your role, it's how you can enhance your role," she told Insurance Business’s Daniel Wood. "I think the real risk is you're not ready for what 2030 is going to look like."
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