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Big Data Is Rapidly Changing How We Look at Economics

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Big data has evolved from a technology buzzword into a real-world solution that helps companies and governments analyze data, extract the meaningful statistics, and apply it into their specific business needs. It’s not so much the realization that this information is collected, but what can be effectively done with it. There is a use for big data in pretty much everything we do, with the economic forecasts proving to be no different.

The emergence of big data and artificial intelligence (AI) is no big secret in the private sector, but the use of it to improve the understanding of the economy and social issues – and better direct policy creation to make significant changes. Both the quality and quantity of economic activity data have increased in recent years, and there is no reason that should suddenly stop any time soon.

Obviously, big data also is used by companies to help better understand their customers and partners, help design new products, and streamline how they deliver their services. It’s an incredible time in technology when data can be integrated to help predict how purchases are made, and major retailers such as Amazon and eBay already do this extremely well.

Economists now have the ability to shift from small sample data sets and government surveys to much larger data collections. Everything from employment data, wages, education, the rental and home owners’ markets, and more can be quickly analyzed using computers. Big data might have a large impact, but won’t replace regular economic forecasting, a common tool used by economists.

With or without big data, don’t expect to see a policy research firm change course – they will still focus on economics, macro strategy, investment strategy, and other key components of financial research. The use of recent tech trends helps given them even more tools at their disposal, along with micro-level analysis of information.

Better Economic Forecast

Big data allows for local, state, and national governments to collect varying levels of data, ranging from tax collection, education and demographics, social programs, and more. Being able to populate and study these varying data sets definitely allows for a stronger economic forecast.

Data can also be moved from yearly or quarterly data sets down to a granular level of minute-by-minute or hour-by-hour. As researchers are able to better determine what information is important to them, then the information collected can be carefully refined. The development of guidelines to help cater to these new time frames must be drafted, because not all information needs such a frequent reporting pattern.

It’s not just public sector government entities able to enjoy the use of big data, either. Private sector data is expanding, including information from public sources, providing a much more comprehensive image of both public and private sectors overall economic health.

Challenges

Too much of a good thing can actually be detrimental – and big data is no different. There are some major concerns that must be addressed, such as privacy and confidentiality. It doesn’t matter if it’s public or private data, but what is collected, who has access, and what is done with that data are all key areas of concern. Keep in mind, time is money, and trying to make sense of unstructured data can be an extremely burdensome task.


Also, finding ways to manage the data and create new programming abilities to make the information scalable must be addressed. Companies must be extremely cautious when they decide to share data with researchers, as they must disclose this fact to their customers. Even when they do that, they open themselves up to additional liability if there is a data breach or some other issue arises.

Standard computational resources must change to adapt to big data, and new tools and user interfaces need to be created to adapt to these changes. Even though big data is expected to improve consumer protection and decision-making by governments and regulatory bodies, there is concern that the use of big data may actually increase inequality.

Final Thoughts

Economists must still be careful in the age of big data, and avoid getting buried in an avalanche of needless information. Since every little scrap of information can be populated – much of it not important depending on the scope of work – so expect to see better measurement strategies implemented in the future.

As economists become more comfortable with this data, they’ll be able to pose better questions regarding the economy, populations, and other key groups they hope to analyze.

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Source: https://www.smartdatacollective.com/big-data-is-changing-how-we-look-at-economics/

Big Data

Meituan shares slump as fallout from CEO’s poem post festers

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SHANGHAI (Reuters) – Shares of Chinese food delivery giant Meituan slumped further on Tuesday in a sell-off precipated by the social media posting by its chairman of an ancient poem that was perceived by some as criticising the government and President Xi Jinping.

The company, which recently raised $10 billion, has lost $30 billion in market value over two days amid a broader drop in Chinese tech shares as investors remain jittery over a regulatory clampdown that last month ensnared Meituan.

The poem, posted on May 6 by Chairman and CEO Wang Xing on a small social media site that he founded, criticises the emperor of the Qin dynasty, who burnt books to suppress intellectual dissidents, only for it to be overthrown by illiterates. While many on Chinese social media interpreted the posting as an allusion to the anti-monopoly campaign backed by Xi, Wang on Sunday said he was referring to business rivals, saying that “the most dangerous opponents are often unexpected ones”.

The original posting has been removed.

Meituan declined further comment.

Adding to investor concerns, the Shanghai Consumer Council said late on Monday that it had summoned Meituan and e-commerce firm Pinduoduo, accusing them of violating consumer rights. On Tuesday, Meituan shares tumbled 5.3% to a seven-month low. “I think mainland investors paid more attention to the poem, but international investors are more worried about the rising cost of employing riders of the company,” said Fred Wong, chief investment officer at Hong Kong-based eFusion Capital.

He was referring to social media criticism of Meituan and other industry players’ treatment of delivery riders, most of whom are not covered by basic social and medical insurance.

The Hang Seng Tech Index, which includes Chinese tech giants Alibaba, Tencent and JD.com, dropped as much as 4.5% on Tuesday to a six-month low.

(Reporting by Shanghai and Beijing newsrooms, Editing by Tony Munroe and Gabriela Baczynska)

Image Credit: Reuters

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Source: https://datafloq.com/read/meituan-shares-slump-fallout-ceos-poem-post-festers/14574

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Big Data

Meituan shares slump as fallout from CEO’s poem post festers

Avatar

Published

on

SHANGHAI (Reuters) – Shares of Chinese food delivery giant Meituan slumped further on Tuesday in a sell-off precipated by the social media posting by its chairman of an ancient poem that was perceived by some as criticising the government and President Xi Jinping.

The company, which recently raised $10 billion, has lost $30 billion in market value over two days amid a broader drop in Chinese tech shares as investors remain jittery over a regulatory clampdown that last month ensnared Meituan.

The poem, posted on May 6 by Chairman and CEO Wang Xing on a small social media site that he founded, criticises the emperor of the Qin dynasty, who burnt books to suppress intellectual dissidents, only for it to be overthrown by illiterates. While many on Chinese social media interpreted the posting as an allusion to the anti-monopoly campaign backed by Xi, Wang on Sunday said he was referring to business rivals, saying that “the most dangerous opponents are often unexpected ones”.

The original posting has been removed.

Meituan declined further comment.

Adding to investor concerns, the Shanghai Consumer Council said late on Monday that it had summoned Meituan and e-commerce firm Pinduoduo, accusing them of violating consumer rights. On Tuesday, Meituan shares tumbled 5.3% to a seven-month low. “I think mainland investors paid more attention to the poem, but international investors are more worried about the rising cost of employing riders of the company,” said Fred Wong, chief investment officer at Hong Kong-based eFusion Capital.

He was referring to social media criticism of Meituan and other industry players’ treatment of delivery riders, most of whom are not covered by basic social and medical insurance.

The Hang Seng Tech Index, which includes Chinese tech giants Alibaba, Tencent and JD.com, dropped as much as 4.5% on Tuesday to a six-month low.

(Reporting by Shanghai and Beijing newsrooms, Editing by Tony Munroe and Gabriela Baczynska)

Image Credit: Reuters

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Source: https://datafloq.com/read/meituan-shares-slump-fallout-ceos-poem-post-festers/14574

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Renault, Nissan looking for more savings on batteries – De Meo

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PARIS (Reuters) – French carmaker Renault and its Japanese alliance partner Nissan are in talks to collaborate more and improve the savings they can derive from using the same battery technology, Renault Chief Executive Luca de Meo said on Tuesday.

Batteries are one of the costliest aspects of developing electric cars, at a time when auto groups are racing to pull ahead in this segment. For Renault and Nissan, it has also long been one of the weaker points of a partnership stretching back over 20 years, with each sourcing batteries in different ways, including from South Korea’s LG for the French firm.

“If we manage to come up with a very synergetic approach on batteries, the alliance will probably be one of the first to cross the threshold of a million cars sold on the same battery module,” De Meo told a Financial Times car conference.

Collaborating on battery technology will be a big test of the future of the Renault-Nissan alliance, shaken by the 2018 arrest of its architect-turned-fugitive Carlos Ghosn, and which new managers at both firms are trying to get on track.

They face stiff competition from the likes of Volkswagen in the race to produce cleaner, electric vehicles at an appealing price for consumers. Their German rival is planning to build six battery factories in Europe alone by 2030.

De Meo said on Tuesday that Renault and Nissan were cooperating closely on production and sourcing components.

“We are making a lot of decisions to communalise things… battery modules for example is one of the things we’re discussing right now,” De Meo added.

Both firms are still straining to deliver on their own turnaround plans, and Nissan on Tuesday posted a record annual loss, triggered in part by the COVID-19 pandemic. That will drag on earnings at Renault, which has a stake in the firm.

Renault shares were down 4.8% at 0944GMT.

(Reporting by Gilles Guillaume and Sarah White, editing by Estelle Shirbon)

Image Credit: Reuters

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Source: https://datafloq.com/read/renault-nissan-looking-savings-batteries-de-meo/14573

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Big Data

Renault, Nissan looking for more savings on batteries – De Meo

Avatar

Published

on

PARIS (Reuters) – French carmaker Renault and its Japanese alliance partner Nissan are in talks to collaborate more and improve the savings they can derive from using the same battery technology, Renault Chief Executive Luca de Meo said on Tuesday.

Batteries are one of the costliest aspects of developing electric cars, at a time when auto groups are racing to pull ahead in this segment. For Renault and Nissan, it has also long been one of the weaker points of a partnership stretching back over 20 years, with each sourcing batteries in different ways, including from South Korea’s LG for the French firm.

“If we manage to come up with a very synergetic approach on batteries, the alliance will probably be one of the first to cross the threshold of a million cars sold on the same battery module,” De Meo told a Financial Times car conference.

Collaborating on battery technology will be a big test of the future of the Renault-Nissan alliance, shaken by the 2018 arrest of its architect-turned-fugitive Carlos Ghosn, and which new managers at both firms are trying to get on track.

They face stiff competition from the likes of Volkswagen in the race to produce cleaner, electric vehicles at an appealing price for consumers. Their German rival is planning to build six battery factories in Europe alone by 2030.

De Meo said on Tuesday that Renault and Nissan were cooperating closely on production and sourcing components.

“We are making a lot of decisions to communalise things… battery modules for example is one of the things we’re discussing right now,” De Meo added.

Both firms are still straining to deliver on their own turnaround plans, and Nissan on Tuesday posted a record annual loss, triggered in part by the COVID-19 pandemic. That will drag on earnings at Renault, which has a stake in the firm.

Renault shares were down 4.8% at 0944GMT.

(Reporting by Gilles Guillaume and Sarah White, editing by Estelle Shirbon)

Image Credit: Reuters

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://datafloq.com/read/renault-nissan-looking-savings-batteries-de-meo/14573

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