عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Digital Dispute Settlement Provides Appropriate Environment for Saudi Private Sector

One of the sessions of the International Judicial Conference on Monday, in Riyadh, in the presence of a group of legal experts (Asharq Al-Awsat)
One of the sessions of the International Judicial Conference on Monday, in Riyadh, in the presence of a group of legal experts (Asharq Al-Awsat)
    Riyadh - Bandar Al-Mosalam and Mohammed Halal
TT
20
TT

Digital Dispute Settlement Provides Appropriate Environment for Saudi Private Sector

One of the sessions of the International Judicial Conference on Monday, in Riyadh, in the presence of a group of legal experts (Asharq Al-Awsat)
One of the sessions of the International Judicial Conference on Monday, in Riyadh, in the presence of a group of legal experts (Asharq Al-Awsat)

International experts have warned of the biases of artificial intelligence rulings in the judicial system, stressing the importance of providing modern technologies with correct data and updated information, to ensure fair and equitable decisions for all parties.

In a session on data analysis within the International Judicial Conference on Monday, a group of international jurists pointed to the importance of digital transformation in the Saudi justice system and in dispute settlement.

The experts noted that Saudi Arabia was able to keep pace with the massive and rapid development in technology by reducing time and effort and providing a justice environment suitable for all parties, including the local and foreign private sectors.

Wang Ju, a law professor and director of the Big Legal Data Lab in China, said that research and development were underway to employ artificial intelligence technologies in addressing complexities in judicial systems.

He also stressed the need to integrate technical and ethical information to make modern technologies capable of issuing fair judgments.

Another session on Monday highlighted the future of alternative dispute solutions in light of the digital transformation, with the participation of a number of international experts in legal affairs. Those pointed to the importance that workers in the judicial field understand the latest technologies and use them appropriately to accelerate the pace of business and ensure high quality of services.

Yousef Alghamdi, Director of the Saudi Justice Ministry’s Remote Reconciliation Platform, said that the Ministry of Justice has rich experience in digital transformation and modern technology, enabling it to keep pace with rapid technological development.

He added that the ministry has launched several initiatives aimed at providing a sustainable system, qualified capabilities, and high-quality services supported by social awareness.

Most Viewed

 
Business

Japan's Nikkei Falls, Australia and New Zealand Dollars Tumble amid Israel's Strike on Iran

Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel
Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel
TT
20
TT

Japan's Nikkei Falls, Australia and New Zealand Dollars Tumble amid Israel's Strike on Iran

Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel
Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Rouble pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel

The Australian and New Zealand dollars tumbled on Friday as Israel's strike on Iran hammered global stocks and drove investors into safe-haven assets, with domestic bond yields diving to over a month lows.

The commodity-sensitive currencies often track global risk sentiment and tend to take a hit when equity markets slide.

The Aussie plunged 0.9% to $0.6474, having risen 0.5% overnight to as high as $0.6534. It was already showing signs of fatigue as the currency has been unable to break a key resistance level of $0.6550 overnight even as the greenback slid due to another round of soft data.

For the week, it is down 0.3%.

The kiwi dollar dropped 1% to $0.6011. It gained gaining 0.7% overnight, hitting a high of $0.6071. Support comes in around $0.5990, while resistance is at the multi-month top of $0.6080. For the week, it is down 0.1%.

Israel said early on Friday that it struck Iran. Oil prices jumped over 6%, Wall Street futures dropped over 1%, while safe-haven currencies like the Japanese yen and Swiss franc rose.

Local bonds also rallied. Australia's ten-year government bond yields slid 11 basis points to 4.133%, the lowest since May 1, while New Zealand's ten-year government bond yields dived 8 bps to a six-week low of 4.529%.

Sean Callow, a senior analyst at ITC Markets, said the trend for the Aussie is still up given the pressure on the US dollar from a sluggish US economy and investor unease over the U. policy outlook.

"Investors are likely to expect that Israel's strikes will be contained to a relatively short period, not something that will dictate market direction multi-week," he said.

Also, Japan's Nikkei share average fell on Friday, mirroring moves in US stock futures, oil and other stock markets on news that Israel had conducted a military strike on Iran.

As of 0106 GMT, the Nikkei was down 1.5% at 37,584.47.

The broader Topix fell 1.28% to 2,7473.9.

"The market was selling stocks on caution for geopolitical risks, but the news was not driving a fire sale because investors still wanted to monitor the development of the attacks," said Naoki Fujiwara, a senior fund manager at Shinkin Asset Management.

Chip-making equipment maker Tokyo Electron fell 5.5% to drag the Nikkei the most. Uniqlo-brand owner Fast Retailing lost 2.1%.

Exporters fell as the yen strengthened, with Toyota Motor and Nissan Motor falling 2.75% and 1.5%, respectively.

All but three of the Tokyo Stock Exchange's 33 industry sub-indexes fell.

Energy sectors rose as oil prices jumped, with oil explorers and refiners gaining 3.6% and 2.2%, respectively.

The utility sector rose 0.7%.