IMF chief reveals worries about private credit market keep her awake at night – as it happened

The head of the IMF has revealed that worries about a crisis in the private credit market keeps her awake at night, sometimes.Kristalina Georgieva was asked at today’s press briefing whether she is concerned about the health of the private credit markets, following the collapse of US auto parts supplier First Brands and car dealership Tricolor in recent weeks.Those failures prompted the boss of JP Morgan, Jamie Dimon, to warn this week that more “cockroaches” could emerge from the private credit sector.Q: Is this a concern for you about the health of the credit market – could it boil over into a crisis? How prepared is the world to cope with another crisis?Georgieva replies that the IMF is “concerned”, which it made clear in the financial stability report it issued this week.She says there has been a “very significant shift of financing” from the banking sector to non-bank financial institutions, to a point where more than half of financing is now there

Head of IMF says risks in private credit market keep her awake at night

The head of the International Monetary Fund has admitted that worrying about the risks building up in non-bank lending markets keeps her awake at night.Kristalina Georgieva on Thursday urged countries to pay more attention to the private credit market, after the failure of the sub-prime auto lender Tricolor and the car parts supplier First Brands.Speaking at the IMF’s annual meeting in Washington DC, Georgieva said the fund was concerned about the “very significant shift of financing” from the banking sector to non-bank financial institutions (NBFIs).Those NBFIs are not regulated as closely as the banking sector, she pointed out, meaning the world could end up in “a difficult place” if the private credit sector continued to grow significantly and the global economy then weakened.“This is why we are urging more attention to the non-bank financial institutions,” Georgieva told reporters, suggesting there should be more oversight of the sector

Barrister found to have used AI to prepare for hearing after citing ‘fictitious’ cases

An immigration barrister was found by a judge to be using AI to do his work for a tribunal hearing after citing cases that were “entirely fictitious” or “wholly irrelevant”.Chowdhury Rahman was discovered using ChatGPT-like software to prepare his legal research, a tribunal heard. Rahman was found not only to have used AI to prepare his work, but “failed thereafter to undertake any proper checks on the accuracy”.The upper tribunal judge Mark Blundell said Rahman had even tried to hide the fact he had used AI and “wasted” the tribunal’s time. Blundell said he was considering reporting Rahman to the Bar Standards Board

Italian news publishers demand investigation into Google’s AI Overviews

Italian news publishers are calling for an investigation into Google’s AI Overviews, arguing that the search engine’s AI-generated summaries feature is a “traffic killer” that threatens their survival.FIEG, the Italian federation of newspaper publishers, said it has submitted a formal complaint to Agcom, Italy’s communications watchdog.Similar complaints have been filed in other EU countries. Coordinated by the European Newspaper Publishers’ Association, the aim is to push the European Commission to open an investigation against Google under the EU Digital Services Act.The threat posed by AI Overviews, which gives users information without them having to click through to the original source by summarising searches with a block of text at the top of the results page, is among the main concerns of European news outlets

Women’s Cricket World Cup: Australia storm to 10-wicket win over Bangladesh

That, it must be said, was a display of piss-taking by this Australian team. England struggled to chase a score against Bangladesh, South Africa struggled to chase a score against Bangladesh, and now the Aussies have come out and done inside 25 overs without losing a wicket. And that means their semi-final spot is locked up.It was a really poor performance by Bangladesh in the field, though. So many runs given away, dropped catches, missed stumpings

Bill Belichick built an empire on control. But UNC is letting chaos reign | Andrew Lawrence

The NFL’s great tactician was meant to elevate North Carolina football. Instead, his rigid ways, fraying staff and tone-deafness have made the Tar Heels a cautionary taleIt used to be that there was no stronger brand in football than a “Bill Belichick-coached” outfit. For most of his nearly 50 years in the pros, the phrase connoted teams that prepared for every scenario, executed directions to perfection and met all the moments in between to secure victory time and again. But since the NFL turned its back on Belichick, who stepped down to the college ranks and took the head job at North Carolina seemingly for appearances, the Belichick-coached team slogan has become less of a mark of excellence than a bright warning label for a program run amok.The concerns at this juncture, still short of midway through Belichick’s freshman season, are overwhelming