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close video This is a skill artificial intelligence will never have: Jessica Melugin

Tech expert Jessica Melugin discusses Twitter CEO Elon Musk’s concerns about artificial intelligence and his claims the U.S. government had access to Twitter DMs on The Evening Edit.

The rise of artificial intelligence (AI) technologies have the potential to revolutionize workflows and automate aspects of many jobs, but not all professions will be impacted in the near term, according to a recent report.

Generative AI and large language models (LLMs) are technologies that have received a lot of attention lately. Both use algorithms to take existing, human-created content, like text, images, audio and video, to create new content and analyze vast quantities of data. 

In most professions, AI will serve as a complementary tool for human workers that helps them become more productive by automating some tasks rather than putting those people out of work, according to a report by Goldman Sachs. 

The report found that, while about two-thirds of U.S. jobs are exposed to some degree of AI-informed automation, the average number of tasks in the daily workload for a given job ranged between a quarter to one-half, leaving a significant amount of work for humans. 

CRYPTO CRIMINALS BEWARE: AI IS AFTER YOU

AI-informed chatbots like ChatGPT are tools that can complement tasks in a number of professions. (Karl-Josef Hildenbrand/picture alliance via Getty Images / Getty Images)

"Although the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI," Goldman Sachs Research economists Joseph Briggs and Devesh Kodnani wrote.

The Goldman Sachs study found that several industries had relatively little exposure to automation by AI technologies, including cleaning; installation, maintenance and repair; construction and extraction; production; and transportation moving. Each had over half of their tasks viewed as not being automatable with AI largely serving as a complementary tool for the remainder of those tasks.

AI LEADER SAYS TECH WILL REVEAL PROBLEMS OR COULD ‘GO OFF THE RAILS;' HUMANS MUST STILL ‘RIDE HERD’ OVER IT

An iPhone using the Google Bard generative AI language model in Lafayette, Calif., March 22, 2023. (Smith Collection/Gado/Getty Images / Getty Images)

Generally, fields less exposed to AI-driven automation tend to involve manual and outdoor work or specialized knowledge. 

The Goldman Sachs report found health care practitioners and support staff; fishing, farming, and forestry; personal care; and protective services had less than one-quarter of their tasks that weren’t exposed to AI-driven automation. Although each had at least a portion of their tasks that could be complemented by AI.

Most of the industries analyzed by the Goldman Sachs researchers were viewed as fields AI would be complementary to human workers for most of their daily tasks, including architecture and engineering; arts, design, entertainment, media and sports; business and financial operations; community and social service; computers and math; education; management; and sales.

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OpenAI is a company using artificial intelligence technology that launched ChatGPT, an artificial intelligence chatbot launched in November 2022 using reinforcement learning techniques both from machine and human feedback. (Nicolas Economou/NurPhoto via Getty Images / Getty Images)

Industries with a higher proportion of tasks that are exposed to automation and replacement by AI include the legal field along with office and administrative support, which each had about one-third of their tasks assessed as being replaceable by AI. The types of tasks in these professions that are automatable tend to be those that can be performed by chatbots or transcription tools. But more than half of those professions' tasks were viewed as likely to be complemented by AI.

The authors of the Goldman Sachs study noted that while broader adoption of AI tools could replace some jobs, the increased productivity and economic output could lead to the creation of new types of jobs spawned by the wave of innovation, like how the rise of information technology created several new professions like internet marketers and web designers.

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"Every job function is starting to see the potential of AI tools," Jeetu Patel, EVP and GM for security and collaboration at Cisco, told FOX Business. "What’s interesting is, historically, technology and automation have first impacted areas like process work rather than knowledge work. But the way AI is starting to take effect, the creative professionals are seeing a fair amount of use of AI.

"Productivity of a creative worker, someone like a product marketing professional, can be meaningfully augmented with AI. Today, everyday operations around writing, summarization, research, education and learning and more are becoming very logical areas to add a ton of value with the use of AI."

FOX Business’ Breck Dumas contributed to this article.

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Pakistan allocates 2,000MW power for Bitcoin mining and AI centers

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Pakistan allocates 2,000MW power for Bitcoin mining and AI centers

Pakistan allocates 2,000MW power for Bitcoin mining and AI centers

Pakistan has allocated 2,000 megawatts of surplus electricity exclusively for Bitcoin mining and artificial intelligence centers.

The move is part of a broader digital transformation plan spearheaded by the Pakistan Crypto Council and backed by the Ministry of Finance, according to a May 25 report by local news outlet 24NewsHD TV Channel.

In the first phase, the government plans to channel excess power into AI infrastructure and crypto mining operations. Finance Minister Muhammad Aurangzeb said the decision is expected to attract billions in foreign investment while generating high-tech employment across the country.

The initiative’s second phase will introduce access to renewable energy for mining operations, aiming to balance growth with environmental responsibility.

Related: Trump-backed World Liberty Financial partners with Pakistan Crypto Council

Pakistan unveils tax incentives to attract investors

Per the report, interest from international Bitcoin (BTC) miners and AI firms has already picked up. Officials confirmed that multiple foreign delegations have visited Pakistan in recent months to explore potential partnerships.

To further incentivize investment, the Ministry of Finance announced a package of tax incentives for AI centers and duty exemptions for Bitcoin miners.

Bilal Bin Saqib, CEO of Pakistan’s Crypto Council, reportedly welcomed the development, calling it a “turning point” for the country’s digital economy.

Saqib claimed that with clear regulations and a transparent framework, Pakistan could emerge as a significant player in the global crypto and AI sectors.

Saqib first proposed using the country’s runoff energy to fuel Bitcoin mining at the Crypto Council’s inaugural meeting on March 21.

The meeting included lawmakers, the Bank of Pakistan’s governor, the chairman of Pakistan’s Securities and Exchange Commission (SECP), and the federal information technology secretary.

Related: Pakistan proposes compliance-based crypto regulatory framework — Report

Pakistan creates Digital Asset Authority

On May 21, Pakistan’s Ministry of Finance endorsed the creation of a dedicated body to regulate blockchain-based financial infrastructure in the country.

The Pakistan Digital Assets Authority (PDAA) will serve as a regulatory body to oversee licensing and regulating exchanges, custodians, wallets, tokenized platforms, stablecoins, and decentralized finance applications.

The PDAA will also be tasked with tokenizing national assets and government debt, facilitating monetization of Pakistan’s surplus electricity through regulated Bitcoin mining, and helping startups build blockchain-based solutions at scale.

Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, coming in ninth, mainly due to strong retail adoption and transactions at centralized services.

Pakistan allocates 2,000MW power for Bitcoin mining and AI centers
Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, coming in 9th. Source: Chainalysis

Data from Statista also shows Pakistan’s crypto market is “experiencing rapid growth,” estimating the number of crypto users to amount to over 27 million by 2025, out of a population of 247 million.

Magazine: Bitcoin bears eye $69K, CZ denies WLF ‘fixer’ rumors: Hodler’s Digest, May 18 – 24

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Crypto investor charged with kidnapping, torturing an Italian for passwords

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Crypto investor charged with kidnapping, torturing an Italian for passwords

Crypto investor charged with kidnapping, torturing an Italian for passwords

A Manhattan crypto investor is facing serious charges after allegedly kidnapping and torturing an Italian man in a disturbing bid to extract access to digital assets.

John Woeltz, 37, was arraigned on Saturday in Manhattan criminal court following his arrest on Friday. He stands accused of holding a 28-year-old Italian man captive for weeks inside a luxury townhouse in Soho, reportedly rented for $30,000 per month.

According to police reports cited by The New York Times, the victim arrived in the US on May 6 and was allegedly abducted by Woeltz and an accomplice.

The attackers are said to have stolen the man’s passport and electronic devices before demanding the password to his Bitcoin (BTC) wallet. When he refused, the suspects allegedly subjected him to prolonged physical abuse.

Crypto investor charged with kidnapping, torturing an Italian for passwords
Source: Mario Nawfal

Related: Violent crypto robberies on the rise: Six attacks that targeted investors

Crypto victim beaten, electroshocked

The victim described being beaten, shocked with electricity, assaulted with a firearm and even dangled from the upper floors of the five-story building.

He also told police that Woeltz used a saw to cut his leg and forced him to smoke crack cocaine. Threats were also reportedly made against his family.

Photographic evidence found inside the property, including Polaroids, appears to support claims of sustained abuse. The victim managed to escape on Friday and alert authorities, leading to Woeltz’s arrest.

Woeltz was charged with four felony counts, including kidnapping for ransom, and entered a plea of not guilty. Judge Eric Schumacher ordered him to be held without bail. He is expected back in court on May 28.

A 24-year-old woman was also taken into custody on Friday in connection with the incident. However, she was seen walking freely in New York the next day, and no charges against her were found in the court’s online database.

Authorities have yet to clarify the relationship between the suspect and the victim or whether any cryptocurrency was ultimately stolen.

Related: Crypto crime goes industrial as gangs launch coins, launder billions — UN

Crypto executives turn to bodyguards

Executives and investors in the crypto industry are increasingly seeking personal security services as kidnapping and ransom cases surge, especially in France.

On May 18, Amsterdam-based private firm Infinite Risks International reported a rise in requests for bodyguards and long-term protection contracts from high-profile figures in the space.

French authorities have responded by introducing enhanced protections for crypto entrepreneurs and their families, including security briefings and priority access to police assistance.

This comes amid a recent surge in kidnappings and ransom attempts. David Balland, the co-founder of hardware wallet company Ledger, was kidnapped in January 2025 and held for ransom for several days before being rescued by French police.

In May 2024, the father of an unnamed crypto entrepreneur was freed from a ransom attempt after French law enforcement officials raided the location in a Paris suburb where the individual was being held hostage by organized criminals.

Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express

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Gail’s backer plots rare move with bid for steak chain Flat Iron

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Gail's backer plots rare move with bid for steak chain Flat Iron

A backer of Gail’s bakeries is in advanced talks to acquire Flat Iron, one of Britain’s fastest-growing steak restaurant chains.

Sky News has learnt that McWin Capital Partners, which specialises in investments across the “food ecosystem”, has teamed up with TriSpan, another private equity investor, to buy a large stake in Flat Iron.

Restaurant industry sources said McWin would probably take the largest economic interest in Flat Iron if the deal completes.

They added that the two buyers were in exclusive discussions, with a deal possible in approximately a month’s time.

The valuation attached to Flat Iron was unclear on Sunday.

Flat Iron launched in 2012 in London’s Shoreditch and now has roughly 20 sites open.

The chain is solidly profitable, with its latest accounts showing underlying profits of £5.7m in the year to the end of August.

It already has private equity backing in the form of Piper, a leading investor in consumer brands, which injected £10m into the business in 2017.

Flat Iron was founded by Charlie Carroll, who retains an interest in it, but the company is now run by former Byron restaurant boss Tom Byng.

Houlihan Lokey, the investment bank, has been advising Flat Iron on the process.

McWin has reportedly been in talks to take full control of Gail’s while TriSpan’s portfolio has included restaurant operators such as the Vietnamese chain Pho and Rosa’s, a Thai food chain.

A spokesman for McWin declined to comment.

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