440,000 Senior Jobs Increase While Youth Jobs Rise by 10,000 [3-Minute Brief]

[At a Glance]
①International Oil Prices Plunge Amid Concerns Over China's Economic Slowdown
②Google Unveils Gemini, the Most Advanced AI to Date
③Safest Car Brands: Hyundai and Toyota Lead

MARKET INDEX

- US New York Stock Exchange's three major indices slightly down ahead of employment report
- International oil prices continue to fall, confirming weakness in energy-related stocks
- Clear signs of cooling in private employment... wage growth also slowing down

TOP 3 NEWS

■ "Global Banks to Gain KRW 446 Trillion Annually by Adopting AI"

- McKinsey releases report on the value of generative AI
- AI adoption in banks expected to increase profits by 15%
- 70% of future banking tasks likely to be automated

■ Jobs Increased, but Only 440,000 for Elderly and 10,000 for Youth

- 870,000 jobs added last year, half of which were for the elderly
- 440,000 jobs for those aged 60 and above, only 10,000 for people in their 20s
- For the first time, people in their 50s hold the largest share in job scale

■ "GPT-4 Outperforms Humans" Google Unveils AI Language Model 'Gemini'

- Google reveals next-generation large language model (LLM) Gemini
- Top-tier version surpasses OpenAI's GPT-4, currently the best AI
- Integrated into Google's AI chatbot 'Bard'... positioned as a rival to ChatGPT

Graphic News: US Government Debt Sparks 'Gold Price Super Rally'

- Soaring on expectations of Federal Reserve (Fed) interest rate cuts
- Israel-Hamas war and China's gold purchases also driving price increases
- JP Morgan forecasts gold to surpass $2,300 next year... likely a 'long-term rally'

the List

- IIHS evaluates safety ratings considering repair costs
- 'Safest car ratings' mostly Hyundai, Kia & Toyota
- Lexus and Kia SUVs receive highest ratings in all categories

Money-Making Law

■ Lawyers Jump into 'Legal Tech' Startups

- Due to sensitive understanding of legal characteristics and limitations
- Services include AI-powered contract analysis and translation
- Successful startups emerging from large law firms... BHSN, Ro&Good, etc.
☞Read article: https://www.asiae.co.kr/article/lawtimes/2023120618262253804

■ First Female US Federal Supreme Court Justice Played 'Casting Vote' Role

- Former Justice Sandra Day O'Connor balanced conservatives and progressives
- Many rulings protecting minority rights regardless of ideology
- Advocated during her lifetime for diversity in Supreme Court appointments including gender and religion
☞Read article: https://www.asiae.co.kr/article/lawtimes/2023120618325862614

■ Trinity Holds 'Customized Asset Succession' Seminar for Korean-American Community

- Seminar on tailored inheritance and gifting held for Korean-Americans in San Jose, California
- Organized to listen to concerns and provide solutions on cross-border asset allocation, gifting, and inheritance
- Explained that residency matters more than nationality... participants praised for relieving frustrations
☞Read article: https://www.asiae.co.kr/article/lawtimes/2023120618402677681

※ 'Money-Making Law,' a content partnership corner between Asia Economy and Law Times, is published every Tuesday and Thursday.

Term in the News: China's 'Off-Balance Sheet Debt'

- Debts that companies or governments must repay in the future but are not recorded as liabilities
- Nicknamed 'shadow debt' because it does not appear in official data... many cases of deliberate concealment
- China's off-balance sheet debt estimated at up to KRW 1,440 trillion... outlook for national credit rating also downgraded

Today's Key Schedule

○ Domestic
- 10:00 Meeting of Ministers on National Issues
- 10:00 Financial Services Commission, Mid-sized Companies Meeting on Corporate Finance Support Measures
- 10:00 Ministry of Trade, Industry and Energy, Bio Materials Global Supply Chain Meeting
- 14:00 Ministry of Economy and Finance, Fiscal Management Strategy Committee
- 14:00 Ministry of Health and Welfare, Health Insurance Policy Deliberation Committee

○ Overseas
- 12:00 China Trade Balance (November)
- 19:00 Eurozone Employment Data (Q3)
- 22:30 US Initial Jobless Claims
- EU-China Summit Meeting (~8th)
- Japan-Norway Summit Meeting
- 28th UN Climate Change Conference of the Parties (~12th)

◇ Lunch & Commute Weather

○ Lowest Temperature -2℃(▼6℃) ｜ Highest Temperature: 12℃(▲1℃)
○ Precipitation Probability 10% in the morning｜10% in the afternoon
○ Fine Dust Good in the morning｜Moderate in the afternoon

3 minutes is enough, essential time-efficient economic news. Published daily at 8 AM.