Connect with us

Published

on

Artificial intelligence will affect about 60% of all jobs in the US — and worsen income and wealth inequality, the International Monetary Fund warned.

Advanced economies such as the US are at the greatest risk due to the prevalence of cognitive task-oriented jobs, the IMF said, cautioning that the disruptive technology could replace more than half the jobs available in regions that also include Canada, the UK, Japan, Germany, France and Italy.

Comparatively, AI exposure was estimated to impact 40% of jobs in emerging economies and 26% of positions in low-income countries.

“Automation…had the strongest effect on middle-skilled workers, [but] AI displacement risks extend to higher-wage earners,” the new analysis said.

IMF chief Kristalina Georgieva wrote in a blog post following the release of Sunday’s report that the rapidly-advancing technology provides opportunities to “help less experienced workers enhance their productivity more quickly.”

However, as AI is brought into the workplace, “we may see polarization within income brackets, with workers who can harness AI seeing an increase in their productivity and wages — and those who cannot falling behind,” Georgieva said.

Older workers are most at risk of losing their place to AI as they “may struggle with reemployment, adapting to technology, mobility and training for new job skills.”

In contrast, “younger workers who are adaptable and familiar with new technologies may also be better able to leverage the new opportunities.”

Georgieva called the findings “a troubling trend” that she urged policymakers to “proactively address to prevent the technology from further stoking social tensions.”

The IMF report was released as the world’s business and political leaders flew Monday to the Swiss resort town of Davos for the annual World Economic Forum.

AI is expected to be the hot topic, as The Post reported, at this year’s confab, which runs through Friday with the theme of “Rebuilding Trust.”

Global executives are increasingly worried about the long term viability of their businesses, a PricewaterhouseCoopers pre-Davos survey released Monday showed, with pressures mounting from generative artificial intelligence and climate disruption.

Some 45% of more than 4,700 global CEOs surveyed do not believe their businesses will survive, barring significant changes, in the next 10 years, the “Big Four” auditor said.

“There’s the 55% who think they don’t have to change radically, and I would argue that’s a little naive because the world is changing so fast around them,” PwC Global Chairman Bob Moritz told the Reuters Global Markets Forum ahead of the meetings.

Advancements in generative AI were top of the concerns for most survey respondents, with almost 75% predicting it would significantly change their business in the next three years.

The US continues to weigh federal regulation of the burgeoning technology after a much-hyped summit in Washington, DC, last September. TheEuropean Union, meanwhile,reached a tentative dealin December thatdrew up some guardrails.

Last April, Goldman Sachs warned generative AI — which is trained on different sets of data to learn pattern recognition — could impact as many as 300 million full-time jobs globally.

A month later, AI was blamed for nearly 4,000 Americans losing their jobs, according to the analytics firm Challenger, Gray, and Christmas, which cited market and economic conditions as well as mergers and acquisitions as key factors.

On the positive side, Goldman Sachs said that generative AI — which is seen in OpenAI’s ChatGPT, Google’s Bard and Microsoft’s Copilot — could boost GDP by as much as 7% thanks to an increase in productivity.

JPMorgan CEO Jamie Dimon also touted AI’s “tremendous” impact on the world in an interview with Fox Business last week, calling the technology “crucial.”

“It’s going to change a tremendous amount of stuff in health care alone. It may come up with new compounds. It could do a better job diagnosing diseases, preventing diseases,” Dimon told Fox.

“God knows what it’s going to do for people. It may have some downsides. It’s very hard to figure out how you should regulate it, but it might eventually have to be some regulations around it,” he added.

One of the latest breakthroughs in AI has seen the medical industry rolling out “the world’s first AI doctor’s office,” which is slated to open this year in New York and other major US metros.

Called CarePod, the doctor’s office is actually a self-service cube where patients can be screened for issues relevant to diabetes, hypertension, and depression and anxiety, according to its maker, Forward.

The high-tech health stops will reportedly be installed in malls, gyms and offices for members who pay its $99-per-month fee.

With Post wires

Continue Reading

Politics

Starmer vows to fight any plots to oust him – as Labour MPs fear major budget backlash

Published

on

By

Starmer vows to fight any plots to oust him - as Labour MPs fear major budget backlash

Sir Keir Starmer is vowing to fight any challenge to his leadership rather than stand aside, amid claims of plotting by MPs being compared to TV’s The Traitors.

Number 10 is going on the attack ahead of a difficult budget this month, with fears it could prove so unpopular that Labour MPs may move against Sir Keir.

But Sky News political editor Beth Rigby reports the prime minister “has no intention of giving way”, with allies warning any challenge would lead to a “drawn-out leadership election, spook the markets, and create more chaos that further damages the Labour brand”.

One senior figure told Rigby any move against Sir Keir would be more likely to arrive after next May’s elections, rather than the budget.

They said many Labour MPs could probably get behind measures like tax rises for wealthier workers, pensioners and landlords, as well as scrapping the two-child benefit cap, if that’s what the chancellor announces on 26 November.

But there are a series of potentially damaging elections in May, including in London and for the Senedd in Wales, as Labour face a challenge from Reform UK on the right and parties like the Greens and Plaid Cymru on the left.

Rigby said there is a “settled view among some very senior figures in the party that Starmer lacks the charisma and communication skills to take on Nigel Farage and win over the public, particularly if or when he breaks a bunch of manifesto pledges”.

Sir Keir and Rachel Reeves have refused to rule out breaking their manifesto promises not to raise income tax, national insurance, or VAT at the budget.

The Number 10 operation to ward off a challenge comes after Sky News deputy political editor Sam Coates likened the febrile mood in the Labour high command to the TV hit The Traitors.

Speaking on the Politics At Sam And Anne’s podcast, he said: “A minister got in touch at the start of the weekend to say they believe that there’s some quite substantial plotting going on.

“They say there was at least one cabinet minister telling colleagues that Keir Starmer, and I quote, is finished.”

We’ve been here before…


John Craig

Jon Craig

Chief political correspondent

@joncraig

When Boris Johnson was facing mutiny from Conservative MPs, his allies launched “Operation Save Big Dog”.

When Margaret Thatcher was about to be ousted by her rebellious MPs in 1990, she declared: “I fight on, I fight to win.”

And Harold Wilson, constantly paranoid about plots, famously quipped in 1969: “I know what’s going on. I’m going on.”

Boris Johnson was ousted less than six months after “Operation Save Big Dog”, Margaret Thatcher resigned the following morning after saying “I fight on”, and Harold Wilson lost a general election to Edward Heath a year after vowing that he would go on.

Just saying.

Read more:
What tax rises will Reeves announce?

Coates said the cabinet minister “absolutely and totally denies they are up to anything nefarious whatsoever”.

“I actually do think that this is all in the style of The Traitors, because I’m not sure that there is hard and fast evidence of plotting – there might be some hints from some quarters,” he added.

“But what seems to be completely logical is that if you’re a bit worried in Number 10, you’re trying to pitch roll and ward off people who are maybe thinking about the need to position themselves by starting to get out rumours of plots and hoping that the political system turns against them for disloyalty.”

Who is plotting to unseat the PM? Pic: PA
Image:
Who is plotting to unseat the PM? Pic: PA

Cloak-and-dagger

Reports emerged on Tuesday night in The Times, The Guardian, and from the BBC of a “bunker mode” in Number 10, “regime change”, and “plotting” to replace Sir Keir.

Responding to the reports, Health Secretary Wes Streeting denied he was seeking to oust the prime minister.

A spokesperson for Mr Streeting told Sky News: “These claims are categorically untrue.

“Wes’s focus has entirely been on cutting waiting lists for the first time in 15 years, recruiting 2,500 more GPs and rebuilding the NHS that saved his life.”

It's not me, insists Wes Streeting. Pic: Reuters
Image:
It’s not me, insists Wes Streeting. Pic: Reuters

However, there is clearly a co-coordinated campaign by allies of the increasingly unpopular Sir Keir to try to prevent a leadership challenge by a cabinet minister or stalking horse.

Sir Keir’s biographer Tom Baldwin questioned the logic of those briefing from within the corridors of power.

“I’m at a loss to understand why anyone would think this sort of briefing will help Keir Starmer, the government, or even their own cause,” he said on social media. “Some people just can’t resist, I guess, but it’s all a bit nuts.”

What next?

It comes ahead of Prime Minister’s Questions this lunchtime, handing Tory leader Kemi Badenoch the chance to make it an awkward afternoon for Sir Keir.

The health secretary will start his day on Sky News’ Morning With Ridge And Frost and will then speak at an NHS providers’ conference.

Watch and follow live coverage across Sky News – including in the Politics Hub.

Continue Reading

UK

Starmer vows to fight any plots to oust him – as Labour MPs fear major budget backlash

Published

on

By

Starmer vows to fight any plots to oust him - as Labour MPs fear major budget backlash

Sir Keir Starmer is vowing to fight any challenge to his leadership rather than stand aside, amid claims of plotting by MPs being compared to TV’s The Traitors.

Number 10 is going on the attack ahead of a difficult budget this month, with fears it could prove so unpopular that Labour MPs may move against Sir Keir.

But Sky News political editor Beth Rigby reports the prime minister “has no intention of giving way”, with allies warning any challenge would lead to a “drawn-out leadership election, spook the markets, and create more chaos that further damages the Labour brand”.

One senior figure told Rigby any move against Sir Keir would be more likely to arrive after next May’s elections, rather than the budget.

They said many Labour MPs could probably get behind measures like tax rises for wealthier workers, pensioners and landlords, as well as scrapping the two-child benefit cap, if that’s what the chancellor announces on 26 November.

But there are a series of potentially damaging elections in May, including in London and for the Senedd in Wales, as Labour face a challenge from Reform UK on the right and parties like the Greens and Plaid Cymru on the left.

Rigby said there is a “settled view among some very senior figures in the party that Starmer lacks the charisma and communication skills to take on Nigel Farage and win over the public, particularly if or when he breaks a bunch of manifesto pledges”.

Sir Keir and Rachel Reeves have refused to rule out breaking their manifesto promises not to raise income tax, national insurance, or VAT at the budget.

The Number 10 operation to ward off a challenge comes after Sky News deputy political editor Sam Coates likened the febrile mood in the Labour high command to the TV hit The Traitors.

Speaking on the Politics At Sam And Anne’s podcast, he said: “A minister got in touch at the start of the weekend to say they believe that there’s some quite substantial plotting going on.

“They say there was at least one cabinet minister telling colleagues that Keir Starmer, and I quote, is finished.”

We’ve been here before…


John Craig

Jon Craig

Chief political correspondent

@joncraig

When Boris Johnson was facing mutiny from Conservative MPs, his allies launched “Operation Save Big Dog”.

When Margaret Thatcher was about to be ousted by her rebellious MPs in 1990, she declared: “I fight on, I fight to win.”

And Harold Wilson, constantly paranoid about plots, famously quipped in 1969: “I know what’s going on. I’m going on.”

Boris Johnson was ousted less than six months after “Operation Save Big Dog”, Margaret Thatcher resigned the following morning after saying “I fight on”, and Harold Wilson lost a general election to Edward Heath a year after vowing that he would go on.

Just saying.

Read more:
What tax rises will Reeves announce?

Coates said the cabinet minister “absolutely and totally denies they are up to anything nefarious whatsoever”.

“I actually do think that this is all in the style of The Traitors, because I’m not sure that there is hard and fast evidence of plotting – there might be some hints from some quarters,” he added.

“But what seems to be completely logical is that if you’re a bit worried in Number 10, you’re trying to pitch roll and ward off people who are maybe thinking about the need to position themselves by starting to get out rumours of plots and hoping that the political system turns against them for disloyalty.”

Who is plotting to unseat the PM? Pic: PA
Image:
Who is plotting to unseat the PM? Pic: PA

Cloak-and-dagger

Reports emerged on Tuesday night in The Times, The Guardian, and from the BBC of a “bunker mode” in Number 10, “regime change”, and “plotting” to replace Sir Keir.

Responding to the reports, Health Secretary Wes Streeting denied he was seeking to oust the prime minister.

A spokesperson for Mr Streeting told Sky News: “These claims are categorically untrue.

“Wes’s focus has entirely been on cutting waiting lists for the first time in 15 years, recruiting 2,500 more GPs and rebuilding the NHS that saved his life.”

It's not me, insists Wes Streeting. Pic: Reuters
Image:
It’s not me, insists Wes Streeting. Pic: Reuters

However, there is clearly a co-coordinated campaign by allies of the increasingly unpopular Sir Keir to try to prevent a leadership challenge by a cabinet minister or stalking horse.

Sir Keir’s biographer Tom Baldwin questioned the logic of those briefing from within the corridors of power.

“I’m at a loss to understand why anyone would think this sort of briefing will help Keir Starmer, the government, or even their own cause,” he said on social media. “Some people just can’t resist, I guess, but it’s all a bit nuts.”

What next?

It comes ahead of Prime Minister’s Questions this lunchtime, handing Tory leader Kemi Badenoch the chance to make it an awkward afternoon for Sir Keir.

The health secretary will start his day on Sky News’ Morning With Ridge And Frost and will then speak at an NHS providers’ conference.

Watch and follow live coverage across Sky News – including in the Politics Hub.

Continue Reading

UK

Government to reconsider whether to give compensation to Waspi women

Published

on

By

Government to reconsider whether to give compensation to Waspi women

A decision not to award compensation to the Waspi women will be reconsidered by the government because of undisclosed “evidence”, the Work and Pensions Secretary has said.

Waspi women – Women Against State Pensions Inequality – are those born in the 1950s who say they were not given sufficient warning of the state pension age for women being lifted – to be in line with men – from 60 to 65.

Politics Live: Who are the Waspi women and what happened to them?

They have long argued that this was done too quickly, leaving some women financially unprepared to cope with the number of years when they were no longer able to claim their state pension.

The government said in December that they would not be compensated, because most women knew the changes were coming.

Waspi campaigners at a protest in Westminster in October last year. Pic: PA
Image:
Waspi campaigners at a protest in Westminster in October last year. Pic: PA

But Pat McFadden told the Commons on Tuesday: “Since then, as part of the legal proceedings challenging the government’s decision, evidence has been cited about research findings from a 2007 report.”

The cabinet minister was referring to the rediscovery of a 2007 Department for Work and Pensions evaluation which had led to officials stopping sending automatic pension forecast letters out.

Mr McFadden said: “In light of this, and in the interest of fairness and transparency, I have concluded that the government should now consider this evidence. This means we will retake the decision made last December as it relates to the communications on State Pension age.”

Read more from Sky News:
Unemployment rate jumps to highest level since late 2020
Chancellor all but confirms she’ll break tax promises

Around 3.6 million women were impacted by the change to the state pension age. The government has previously said compensating them could cost £10.5bn.

Mr McFadden stressed that reviewing the decision should not be taken as an indication that the government will “decide that it should award financial redress”.

Angela Madden, the chair of Waspi, said the decision was a “major step forward”.

“The government now knows it got it wrong, and we are pleased they are now trying to do it properly,” she said.

“The only correct thing to do is to immediately compensate the 3.6 million Waspi women who have already waited too long for justice.”

The decision to refuse compensation was made despite a recommendation by the Parliamentary and Health Service Ombudsman (PHSO) that the women should be paid up to £2,950 each.

The PHSO’s findings are not binding, and last year the then-work and pensions secretary Liz Kendall said that the cost could not be justified as most women knew about the changes.

Sir Keir Starmer also said compensation would “burden” the taxpayer.

Continue Reading

Trending