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By HALELUYA HADERO The emergence of generative artificial intelligence tools that allow people to efficiently produce novel and detailed online reviews with almost no work has put merchants , service providers and consumers in uncharted territory, watchdog groups and researchers say. Phony reviews have long plagued many popular consumer websites, such as Amazon and Yelp. They are typically traded on private social media groups between fake review brokers and businesses willing to pay. Sometimes, such reviews are initiated by businesses that offer customers incentives such as gift cards for positive feedback. But AI-infused text generation tools, popularized by OpenAI’s ChatGPT , enable fraudsters to produce reviews faster and in greater volume, according to tech industry experts. The deceptive practice, which is illegal in the U.S. , is carried out year-round but becomes a bigger problem for consumers during the holiday shopping season , when many people rely on reviews to help them purchase gifts. Fake reviews are found across a wide range of industries, from e-commerce, lodging and restaurants, to services such as home repairs, medical care and piano lessons. The Transparency Company, a tech company and watchdog group that uses software to detect fake reviews, said it started to see AI-generated reviews show up in large numbers in mid-2023 and they have multiplied ever since. For a report released this month, The Transparency Company analyzed 73 million reviews in three sectors: home, legal and medical services. Nearly 14% of the reviews were likely fake, and the company expressed a “high degree of confidence” that 2.3 million reviews were partly or entirely AI-generated. “It’s just a really, really good tool for these review scammers,” said Maury Blackman, an investor and advisor to tech startups, who reviewed The Transparency Company’s work and is set to lead the organization starting Jan. 1. In August, software company DoubleVerify said it was observing a “significant increase” in mobile phone and smart TV apps with reviews crafted by generative AI. The reviews often were used to deceive customers into installing apps that could hijack devices or run ads constantly, the company said. The following month, the Federal Trade Commission sued the company behind an AI writing tool and content generator called Rytr, accusing it of offering a service that could pollute the marketplace with fraudulent reviews. The FTC, which this year banned the sale or purchase of fake reviews, said some of Rytr’s subscribers used the tool to produce hundreds and perhaps thousands of reviews for garage door repair companies, sellers of “replica” designer handbags and other businesses. Max Spero, CEO of AI detection company Pangram Labs, said the software his company uses has detected with almost certainty that some AI-generated appraisals posted on Amazon bubbled up to the top of review search results because they were so detailed and appeared to be well thought-out. But determining what is fake or not can be challenging. External parties can fall short because they don’t have “access to data signals that indicate patterns of abuse,” Amazon has said. Pangram Labs has done detection for some prominent online sites, which Spero declined to name due to non-disclosure agreements. He said he evaluated Amazon and Yelp independently. Many of the AI-generated comments on Yelp appeared to be posted by individuals who were trying to publish enough reviews to earn an “Elite” badge, which is intended to let users know they should trust the content, Spero said. The badge provides access to exclusive events with local business owners. Fraudsters also want it so their Yelp profiles can look more realistic, said Kay Dean, a former federal criminal investigator who runs a watchdog group called Fake Review Watch. To be sure, just because a review is AI-generated doesn’t necessarily mean its fake. Some consumers might experiment with AI tools to generate content that reflects their genuine sentiments. Some non-native English speakers say they turn to AI to make sure they use accurate language in the reviews they write. “It can help with reviews (and) make it more informative if it comes out of good intentions,” said Michigan State University marketing professor Sherry He, who has researched fake reviews. She says tech platforms should focus on the behavioral patters of bad actors, which prominent platforms already do, instead of discouraging legitimate users from turning to AI tools. Prominent companies are developing policies for how AI-generated content fits into their systems for removing phony or abusive reviews. Some already employ algorithms and investigative teams to detect and take down fake reviews but are giving users some flexibility to use AI. Spokespeople for Amazon and Trustpilot, for example, said they would allow customers to post AI-assisted reviews as long as they reflect their genuine experience. Yelp has taken a more cautious approach, saying its guidelines require reviewers to write their own copy. “With the recent rise in consumer adoption of AI tools, Yelp has significantly invested in methods to better detect and mitigate such content on our platform,” the company said in a statement. The Coalition for Trusted Reviews, which Amazon, Trustpilot, employment review site Glassdoor, and travel sites Tripadvisor, Expedia and Booking.com launched last year, said that even though deceivers may put AI to illicit use, the technology also presents “an opportunity to push back against those who seek to use reviews to mislead others.” “By sharing best practice and raising standards, including developing advanced AI detection systems, we can protect consumers and maintain the integrity of online reviews,” the group said. The FTC’s rule banning fake reviews, which took effect in October, allows the agency to fine businesses and individuals who engage in the practice. Tech companies hosting such reviews are shielded from the penalty because they are not legally liable under U.S. law for the content that outsiders post on their platforms. Tech companies, including Amazon, Yelp and Google, have sued fake review brokers they accuse of peddling counterfeit reviews on their sites. The companies say their technology has blocked or removed a huge swath of suspect reviews and suspicious accounts. However, some experts say they could be doing more. “Their efforts thus far are not nearly enough,” said Dean of Fake Review Watch. “If these tech companies are so committed to eliminating review fraud on their platforms, why is it that I, one individual who works with no automation, can find hundreds or even thousands of fake reviews on any given day?” Consumers can try to spot fake reviews by watching out for a few possible warning signs , according to researchers. Overly enthusiastic or negative reviews are red flags. Jargon that repeats a product’s full name or model number is another potential giveaway. When it comes to AI, research conducted by Balázs Kovács, a Yale professor of organization behavior, has shown that people can’t tell the difference between AI-generated and human-written reviews. Some AI detectors may also be fooled by shorter texts, which are common in online reviews, the study said. However, there are some “AI tells” that online shoppers and service seekers should keep it mind. Panagram Labs says reviews written with AI are typically longer, highly structured and include “empty descriptors,” such as generic phrases and attributes. The writing also tends to include cliches like “the first thing that struck me” and “game-changer.”
NonePresident-elect Donald Trump campaigned on the promise that his policies would reduce high borrowing costs and lighten the financial burden on American households. But what if, as many economists expect, interest rates remain elevated, well above their pre-pandemic lows? Trump could point a finger at the Federal Reserve, and in particular at its chair, Jerome Powell, whom Trump himself nominated to lead the Fed. During his first term, Trump repeatedly and publicly ridiculed the Powell Fed, complaining it kept interest rates too high. Trump’s attacks on the Fed raised widespread concern about political interference in the Fed’s policymaking. Powell, for his part, emphasized the importance of the Fed’s independence: “That gives us the ability to make decisions for the benefit of all Americans at all times, not for any particular political party or political outcome.” Political clashes might be inevitable in the next four years. Trump’s proposals to cut taxes and impose steep and widespread tariffs are a recipe for high inflation in an economy operating at close to full capacity. And if inflation were to reaccelerate, the Fed would need to keep interest rates high. Because Powell won’t necessarily cut rates as much as Trump will want. And even if Powell reduces the Fed’s benchmark rate, Trump’s own policies could keep other borrowing costs — such as mortgage rates — elevated. The sharply higher tariffs that Trump vowed to impose could worsen inflation. And if tax cuts on things like tips and overtime pay — another Trump promise — quickened economic growth, that, too, could fan inflationary pressures. The Fed would likely respond by slowing or stopping its rate cuts, thereby thwarting Trump’s promises of lower borrowing rates. The central bank might even raise rates if inflation worsens. “The risk of conflict between the Trump administration and the Fed is very high,” Olivier Blanchard, former top economist at the International Monetary Fund, said recently. If the Fed increases rates, “it will stand in the way of what the Trump administration wants.” Yes, but with the economy sturdier than expected, the Fed’s policymakers may cut rates only a few more times — fewer than anticipated just a month or two ago. And those rate cuts might not reduce borrowing costs for consumers and businesses very much. The Fed’s key short-term rate can influence rates for credit cards, small businesses and some other loans. But it has no direct control over longer-term interest rates. These include the yield on the 10-year Treasury note, which affects mortgage rates. The 10-year Treasury yield is shaped by investors’ expectations of future inflation, economic growth and interest rates as well as by supply and demand for Treasuries. An example occurred this year. The 10-year yield fell in late summer in anticipation of a Fed rate cut. Yet once the first rate cut occurred Sept. 18, longer-term rates didn’t fall. Instead, they began to rise again, partly in anticipation of faster economic growth. Trump also proposed a variety of tax cuts that could swell the deficit. Rates on Treasury securities might then have to be increased to attract enough investors to buy the new debt. “I honestly don’t think the Fed has a lot of control over the 10-year rate, which is probably the most important for mortgages,” said Kent Smetters, an economist and faculty director at the Penn Wharton Budget Model. “Deficits are going to play a much bigger role in that regard.” Occasional or rare criticism of the Fed chair isn’t necessarily a problem for the economy, so long as the central bank continues to set policy as it sees fit. But persistent attacks would tend to undermine the Fed’s political independence, which is critically important to keeping inflation in check. To fight inflation, a central bank often must take steps that can be highly unpopular, notably by raising interest rates to slow borrowing and spending. Political leaders typically want central banks to do the opposite: keep rates low to support the economy and the job market, especially before an election. Research has found that countries with independent central banks generally enjoy lower inflation. Even if Trump doesn’t technically force the Fed to do anything, his persistent criticism could still cause problems. If markets, economists and business leaders no longer think the Fed is operating independently and instead is being pushed around by the president, they’ll lose confidence in the Fed’s ability to control inflation. Once consumers and businesses anticipate higher inflation, they usually act in ways that fuel higher prices — accelerating their purchases, for example, before prices increase further, or raising their own prices if they expect their expenses to increase. “The markets need to feel confident that the Fed is responding to the data, not to political pressure,” said Scott Alvarez, a former general counsel at the Fed. He can try, but it would likely lead to a prolonged legal battle that could even end up at the Supreme Court. At a November news conference, Powell made clear that he believes the president doesn’t have legal authority to do so. Most experts think Powell would prevail in the courts. And from the Trump administration’s perspective, such a fight might not be worth it. Powell’s term ends in May 2026, when the White House could nominate a new chair. It is also likely the stock market would tumble if Trump attempted such a brazen move. Bond yields would probably increase, too, sending mortgage rates and other borrowing costs up. Financial markets might also react negatively if Trump is seen as appointing a loyalist as Fed chair to replace Powell in 2026. Yes, and in the most egregious cases, it led to stubbornly high inflation. Notably, President Richard Nixon pressured Fed Chair Arthur Burns to reduce interest rates in 1971, which the Fed did, as Nixon sought reelection the next year. Economists blame Burns’ failure to keep rates sufficiently high for contributing to the entrenched inflation of the 1970s and early 1980s. Thomas Drechsel, an economist at the University of Maryland, said that when presidents intrude on the Fed’s interest rate decisions, “it increases prices quite consistently and it increases expectations, and ... that worries me because that means inflation might become quite entrenched.” Since the mid-1980s, with the exception of Trump in his first term, presidents have scrupulously refrained from public criticism of the Fed. “It’s amazing, how little manipulation for partisan ends we have seen of that policymaking apparatus,” said Peter Conti- Brown, a professor of financial regulation at the University of Pennsylvania’s Wharton School. “It really is a triumph of American governance.” Get local news delivered to your inbox!
LISBON, Portugal (AP) — Arsenal defender Gabriel kept Viktor Gyokeres quiet — then had the audacity to steal the in-demand Sporting Lisbon striker's trademark goal celebration. After heading in Arsenal's third first-half goal in the Champions League on Tuesday, Gabriel linked the fingers of his hands and placed them over his eyes, before laughing with his teammates. It was most likely a dig at Gyokeres, the Sweden striker who has quickly become one of European soccer's hottest properties . That is how Gyokeres celebrates his goals — and he has scored plenty of those this season. Gyokeres has scored 24 goals for Sporting in all competitions and was coming off netting four for Sweden in a Nations League match against Azerbaijan. Earlier in the first half, Gabriel had enjoyed tackling and dispossessing Gyokeres near the Arsenal area — waving both his arms in a gesture to the crowd. Gabriel's goal made it 3-0 to Arsenal at halftime and the English team went on to win 5-1, with Gyokeres failing to score. He did hit the post with a shot late in the game, however — after Gabriel had gone off with an injury. AP soccer: https://apnews.com/hub/soccerStock market today: Wall Street gets back to climbing, and the Nasdaq tops 20,000
The ongoing crisis in Sri Lanka has greatly affected household debt. As the economy worsened due to inflation, higher living costs and job losses, more households are relying on debt. A significant portion of Sri Lankan households rely on microfinance companies or informal lenders and are trapped in cycles of debt. The situation mirrors what northern and eastern part of the country faced 10 years ago, which led many women to commit suicide or leave their homes. The household debt crisis is often attributed to people taking loans for conspicuous consumption and if financial literacy was provided, the people would avoid falling into the debt trap. However, amidst the current economic crisis, people are caught in another debt crisis. This time no one can deny that people are forced to take loans to meet their livelihood needs and cover daily essentials due to the effects of this crisis. Therefore, simply giving financial literacy will not help them escape the debt trap. Since 2022, when the economic crisis hit, inflation increased the prices of raw materials, energy, and transportation. Sectors such as Agriculture, Manufacturing, Small and Medium – size Entrepreneurs are facing difficulties in maintaining profit margins and have reduced their workforce leading to unemployment. Due to limited job opportunities many family members are migrating abroad for work. When import tariffs and indirect taxes are imposed, and subsidies are removed, people pay higher prices for essential items, thus, medical, educational, fuel, and utility cost have increased. Our country depends on imports even for essentials goods such as rice, dhal, sugar, milk and so on. Therefore, the need for money to run a household has substantially increased. Household incomes are inadequate to keep up with rising living costs. People have been pushed to take loans or lose their small savings or assets to manage their livelihood. The current crisis has eliminated or reduced the means of repaying loans. As a result, more loans are taken to repay the loans previously taken. The ongoing crisis has impacted different social groups in varied ways, however, it reveals a pattern of how they have fallen into debt. People who do not have stable incomes, resources or assets are likely to fall into the debt trap quickly. For the fishing community, an increase in the price of fuel impacted operational costs, making it less profitable to go out to sea. The impact differs depending on the scale. Large-scale fishers have resources such as assets and social connections with state and commercial banks, so they don’t fall into the debt trap immediately. Small-scale fishers don’t have such connections to meet their financial needs in an affordable way. When the cost of fishing equipment (nets, hooks, engines and boats) increases, this makes it difficult for them to maintain or replace their equipment. Many small-scale fishers rely on loans from financial institutions or informal lenders (Sammaddy) to finance their operations. Often, these loans come with high interest rates, further deepening their financial burden and difficulty to repay, and eventually leading to a cycle of debt that many fishermen struggle to escape. Farmers face rising costs for inputs like fertilisers, pesticides, and seeds. The Government’s 2021 ban on chemical fertilisers reduced agricultural productivity, while fuel price hikes, driven by the economic crisis, increased costs for machinery and transportation. These factors reduced profitability, causing farmers to cut back on labour, resulting in fewer job opportunities for agricultural wage workers. To manage these pressures, large-scale farmers turn to state and commercial bank loans or pawn jewellery, while small farmers rely on village-level institutions and microfinance companies. However, poor harvests and rising costs prevent many small farmers from repaying their loans, trapping them in a cycle of debt and eroding their economic resilience. Daily wages have increased from Rs. 1,000 to Rs. 3,000 over the last three years, but job opportunities have decreased, leaving monthly income insufficient for basic needs. Many low-income earners and daily-wage workers have turned to borrowing to cover living expenses, taking out multiple loans from village savings groups, microfinance companies, and credit cooperatives, trapping them in a debt cycle. This crisis has depleted household savings and emergency funds. In this context, microfinance companies exploit people by offering daily, weekly, and monthly loans at high interest rates, targeting vulnerable people because credit is their only available means of survival. State and commercial banks provide loans only to people who have assets or guarantors – Government employees, large-scale farmers and fishermen – afer evaluating the borrower’s credit worthiness. Small-scale farmers, fishermen, daily wage-workers, and low-income earners are unable to access such loans. Microfinance companies claim to provide fast and flexible loans at the doorstep, without assessing borrower’s repayment capacity. Then, they pressure borrowers to repay the loans on time. As a result, families prioritise repaying the loans from their income and are forced to take out new loans to meet their basic needs. Local moneylenders too offer high-interest loans during emergencies in an outwardly friendly manner. However, borrowers end up paying the interest for the rest of their lives for the loan they once received. People end up using most of their time, labour, and incomes to obtain and repay the loans. Many women have become members of multiple village-level credit groups and spend 3 to 4 days a week attending group meetings to become eligible for loans. They also make small savings to use as collateral for the loans they borrow. To build these savings, they borrow money from friends, relatives, and microfinance companies that offer daily loans. Social groups who are directly affected by the debt crisis do not have time or agents to voice their issues or struggle against the exploitation, as all their time and labour are spent on their daily survival. The Government has failed to provide adequate social welfare for low-income and daily wage workers. Cash transfers and food aid have limited scope and don’t reach vulnerable people. The Aswesuma program offers Rs. 3,000-15,000 monthly based on family size and vulnerability, but a four-member household needs at least Rs. 3,000 daily to survive. Delays in aid disbursement and bureaucratic hurdles further prevent timely support. Cooperatives and village groups offer affordable loans that help people maintain financial liquidity. However, they lack the capacity to provide loans for increasing credit needs and higher amounts because they circulate loans from the savings of their members. Cooperatives should enhance access to affordable credit by strengthening cooperative networks with unions and federations. In addition to offering credit services, they should focus on creating marketing opportunities for rural producers and ensuring efficient distribution of quality goods and services to consumers at fair prices. Community-level organisations and non-governmental organisations should not limit their duties to merely providing low-interest loans as an immediate solution to this complex problem. They have a duty to reveal the depth of the issue and pressure the Government for permanent solutions. The current economic crisis cannot be resolved by households or social institutions alone, and loans are not the solution. The Government should introduce livelihood and income stabilisation programs to help people escape the debt trap. It should also leverage cooperatives to create markets and supply chains for rural production, while expanding affordable credit for rural livelihoods and small-scale industrial growth. Additionally, a universal social security program should be implemented. (The writer is a Research Officer at the Northern Cooperative Development Bank and a member of the Feminist Collective for Economic Justice.)
December 26 - The Cleveland Cavaliers have steamrolled through the first third of their schedule and now face one of their toughest stretches when they open a four-game road trip at the Denver Nuggets on Friday night. The Western Conference swing is the longest road trip of the season so far for Cleveland, which has won five in a row. The Cavaliers are coming off a close win against Utah without forwards Dean Wade (knee) and Isaac Okoro (shoulder). Wade could be back Friday night, but Okoro is expected to miss a couple of weeks with his right shoulder sprain. Without those two available against the Jazz on Monday, the Cavaliers employed a smaller lineup at times but got good production from forward Evan Mobley, who had 22 points and 10 rebounds. The third overall pick of the 2021 NBA Draft, Mobley is averaging a career-best 18.5 points and pulling down nine rebounds a game. He has been a good compliment to guards Darius Garland and Donovan Mitchell, who have led the Cavaliers' early success. Mitchell (23.3 points) and Garland (20.4) lead the team in scoring average, and center Jarrett Allen is averaging a double-double (13 points, 10 rebounds), with Mobley adding another layer to a deep team. "We've all said it, for us to be the team we want to be ... Evan had to take that step," Mitchell said recently. "And the best part about it is Jarrett Allen is his biggest cheerleader." Friday is the last of the two games between the teams, and Denver is trying to get even after losing 126-114 on Dec. 5 in Cleveland. Denver star Nikola Jokic recorded a triple-double in the loss, one of his NBA-leading 11 this season. He has 141 triple-doubles in his career, which ranks third all-time behind Nuggets teammate Russell Westbrook (200) and Hall of Famer Oscar Robertson (181). The Nuggets, who have won five of their last seven games, may not have forward Aaron Gordon available against Cleveland after he left Wednesday night's 110-100 loss at Phoenix with a right calf strain. Gordon missed 10 games earlier this season with the same injury. "Hopefully, Aaron is going to be ready to go for Cleveland, but we'll have to wait and see these next 24, 48 hours," Denver coach Michael Malone said. Gordon is fifth on the team in scoring at 13.7 points a game and he is the team's most versatile defender, with the ability to guard every position. If Gordon can't go, most likely Peyton Watson, the team's leading shot blocker (0.9 per game), would get the start. Jokic leads Denver in scoring (30.7 points), rebounding (12.6) and assists (9.4) and is putting together another MVP-worthy campaign. But the Nuggets will need production from Jamal Murray, who is second in scoring at 18.8 points a gain, despite battling injuries. Murray sat out Monday's win over Phoenix with a right ankle sprain and had only 13 points in his return Wednesday. "I'm just trying not to use (injuries) as an excuse. Not mention it," Murray told The Denver Post. "I know I get slack for it, but (I'm) just going out there, and if I'm good enough to play, I play. That's how I look at it." --Field Level Media Our Standards: The Thomson Reuters Trust Principles. , opens new tab
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EAGAN, Minn. (AP) — Minnesota Vikings linebacker Ivan Pace Jr. has been placed on injured reserve after hurting his hamstring Sunday in a 30-27 overtime victory over the Chicago Bears. The move announced Tuesday means that Pace must miss at least the Vikings next four games. The Vikings also activated outside linebacker Gabriel Murphy from injured reserve and signed linebacker Jamin Davis off the Green Bay Packers practice squad. Pace, 23, had started each of the Vikings nine games this season. The 2023 undrafted free agent from Cincinnati had 56 tackles — including six for loss — and three sacks. Murphy, 24, signed with the Vikings as an undrafted free agent this spring. He was placed on injured reserve Aug. 27. Davis had joined the Packers practice squad Oct. 29 after getting released by the Washington Commanders a week earlier. Washington selected him out of Kentucky with the 19th overall pick in the 2021 draft. The 25-year-old Davis has 282 tackles, seven sacks, one interception, two forced fumble recoveries and two forced fumbles in his NFL career. He led the Commanders with a career-high 104 tackles in 2022. The Vikings (9-2) host the Arizona Cardinals (6-5) on Sunday. AP NFL: https://apnews.com/hub/NFL