As major health systems open their own programs, longevity medicine is gaining credibility and becoming more accessible.

US Federal Reserve boss Kevin Warsh said on Friday that AI technology was the "most consequential change" to the global economy he had seen, predicting its effects would be positive but the path forward would be "bumpy". "I'd say the advent of this new technology is probably the most consequential change to the US and the global economy in my lifetime," he told an event at the IMF-World Bank Annual Meetings in Bangkok. Warsh said he takes the macroeconomic implications of the technology – including a short-term driving of inflation through demand-side effects and an expected positive supply-side shock in the long term – "soberly, responsibly" in his role as head of the US central bank. He conceded that the AI investment boom would drive prices up in the short term, but "there really is, I think, a huge benefit to the global economy, to the US economy over the horizon". He said he expected the Fed to use AI to be able to better analyse data in its conduct of monetary policy, as an example of the positive effects. He also reiterated his previously stated belief that the technology would "make economies and countries that put it to good use more productive". He cautioned, however, that the path forward was still laced with uncertainty about how markets would evolve around the technology. "The path from where we are to there is likely to be a very bumpy one, bumpy in our understanding of the technology, bumpy because we really don't know what the market structure is going to be of these new technologies," he said. (AFP) Edited by Aaron Tam

Indonesian stocks plunged more than 11 percent on Friday as index compiler MSCI said it was "no longer appropriate" to maintain the country's emerging-market status, fuelling fears of an exodus of foreign investment. The US firm said earlier this year that investors had raised concerns about "ongoing opacity in shareholding structures" as well as co-ordinated trading behaviour that affected price information. Authorities in Jakarta said in April they had completed reforms, hoping to avoid the downgrade, which could deal a blow to government efforts to kickstart Southeast Asia's biggest economy, and have a significant impact on investment decisions. But on Friday MSCI said investors had indicated the "sufficient progress has not been observed consistently across the Indonesian equity market". "Despite the announced reforms, significant concerns remain around market dysfunction, including continued suspected coordinated trading behaviour and lack of evidence of meaningful enforcement. "Accordingly, MSCI considers Indonesia's continued classification as an Emerging Market no longer appropriate and is launching a consultation on a proposal to reclassify Indonesia as a Standalone Market." "A reclassification to Frontier Markets would not properly recognise the depth of the market problems," it said. A standalone classification could force investment funds tracking the MSCI's emerging market indexes to sell Indonesian holdings. Argentina, Lebanon and Palestine are among the markets with the designation, with none in Asia. The Jakarta Composite Index collapsed eight percent at the open, sparking a trading halt. When trading resumed it was down 11.1 percent, its heaviest fall since early 1998 and sitting at its lowest level since 2020. New York-based MSCI produces international indexes used by investors as a benchmark to balance their portfolios. It has a significant impact on investment decisions through its flagship emerging markets index, which contains 1,200 companies with a market capitalisation more than US$10 trillion. Fund managers worldwide keep a close eye on what countries are included or excluded in MSCI's indexes as that can trigger adjustments to their portfolios. (AFP) Edited by Aaron Tam