It's a 'very long road ahead' to rebuild collapsed Baltimore bridge, Maryland governor says, despite Feds' $60 billion in aid
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Maryland Governor Wes Moore warns of a 'very long road ahead' to recover from the loss of Baltimore's Francis Scott Key Bridge despite $60 million in immediate federal aid. The U.S. Army Corps of Engineers is moving the largest crane on the Eastern coast to remove the wreckage of the bridge. The state is grateful for the federal funds and support. The governor promises that the best minds are working on plans to clear the debris, move the cargo ship that rammed into the bridge, recover the bodies of the four missing workers, and investigate the cause of the collapse. The bridge collapse has disrupted port operations and will cause shipping delays. The governors of New York and New Jersey have offered to take on cargo shipments to minimize supply chain problems. Transportation Secretary Pete Buttigieg has not provided a timeline for reopening the port and rebuilding the bridge. The bridge collapse was caused by a cargo ship striking a support pillar, resulting in extensive damage and the loss of life.

#Baltimore #BridgeCollapse #FederalAid #Recovery #CargoShip #PortDisruption #ShippingDelays

https://fortune.com/2024/03/29/baltimore-bridge-rebuild-60-billion-federal-governmen/ 

 Microsoft knows you love tricking its AI chatbots into doing weird stuff and it’s designing ‘prompt shields’ to stop you
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Microsoft is developing new safety features for Azure AI Studio to prevent people from tricking AI chatbots. The features include 'prompt shields' to detect and block deliberate attempts to make an AI model behave in an unintended way. Microsoft is also addressing 'indirect prompt injections' where hackers insert malicious instructions into the data a model is trained on. The company aims to boost trust in its generative AI tools and is rolling out a feature that alerts users when a model generates erroneous responses. Microsoft is OpenAI's largest investor and is committed to deploying AI safely.

#Microsoft #AiChatbots #AzureAiStudio #PromptShields #GenerativeAi #Openai

https://fortune.com/2024/03/29/microsoft-openai-chatbots-prompt-shields-safety-features-user-tricks/ 

 Janet Yellen says China's rapid green energy production is creating unfair competition that will hurt American workers and distort global prices
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Treasury Secretary Janet Yellen criticizes China's rapid production of green energy, including solar energy, electric vehicles, and lithium-ion batteries, calling it unfair competition that distorts global prices and hurts American firms and workers. Yellen plans to address this issue during her upcoming trip to China and will urge Chinese counterparts to take necessary steps. China is the dominant player in batteries for electric vehicles and has a rapidly expanding auto industry. Yellen's remarks come as China files a World Trade Organization complaint against the US over discriminatory requirements for electric vehicle subsidies. Yellen warns that Chinese government support in industries like steel and aluminum has led to overinvestment and excess capacity, forcing industry in the rest of the world to contract. Yellen's criticism contrasts with Chinese leader Xi Jinping's call for closer trade ties with the US. Yellen's speech highlights concerns expressed by government counterparts and the global business community. The article also mentions the reopening of a solar cell manufacturing facility in Georgia due to incentives provided by the Democrats' Inflation Reduction Act.

#JanetYellen #China #GreenEnergy #UnfairCompetition #GlobalPrices #AmericanWorkers #SolarEnergy #ElectricVehicles #LithiumionBatteries #WorldTradeOrganization #SteelIndustry #AluminumIndustry #XiJinping

https://fortune.com/2024/03/27/janet-yellen-china-evs-distorts-global-prices-green-manufacturing/ 

 AI 'apocalypse' could wipe out 8 million jobs in the U.K., and women and Gen Z are most at risk
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As many as 8 million UK workers are at risk of losing their jobs to artificial intelligence (AI) with current government policy, according to the Institute for Public Policy Research (IPPR). AI already impacts 11% of tasks done by UK staff, a figure that could rise to almost 60% if firms integrate the technology more deeply. Part-time, entry-level, and back-office jobs such as customer service are most at risk, but higher-paying work will increasingly be affected. The IPPR report highlights the challenges facing the government as it bets on AI to boost productivity. The government's policy will determine whether AI adoption leads to job losses or economic growth. Without any policy changes, AI is estimated to wipe out 8 million jobs in the UK. However, the technology could add as much as £306 billion per year to the UK economy without any job losses in the best-case scenario, depending on government policy. Women and Gen Zers are most at risk of being displaced by AI, as women are disproportionately employed in tasks most impacted by the technology, and companies may rely more on AI for entry-level tasks instead of hiring graduates. The IPPR recommends developing an industrial AI strategy to support job transitions and the distribution of automation gains across the economy. The government should also provide fiscal incentives to augment jobs, make regulatory changes, and support green jobs that are less prone to automation. The UK lags behind other countries in AI skills, and fewer than half of UK businesses are investing in up-skilling their workers. The Department for Science, Innovation, and Technology called the research 'hugely speculative' and stated that AI already contributes more than £3.7 billion to the UK economy annually.

#Ai #JobLosses #Uk #Women #GenZ

https://fortune.com/europe/2024/03/27/ai-apocalypse-could-wipe-out-8-million-jobs-in-the-u-k-women-and-gen-z-are-most-at-risk/ 

 Google’s former Andys—Conrad and Harrison—reunited at VC firm S32, talk AI
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Dr. Andy Conrad and Andy Harrison, both former employees of Google, have reunited at VC firm S32. Conrad, known for starting Alphabet's life sciences organization Verily, joined S32 because Verily had grown to a level that required a different type of intention. Harrison, the CEO and general partner of S32, recruited Conrad to the firm. The two have a distinct point of view on AI due to their Google background. They believe AI is currently in the product phase and hope for a future phase of scale and impact. S32's portfolio includes AI-focused companies such as Cohere, Scale AI, Inworld AI, and Phaidra. Conrad and Harrison emphasize the importance of bringing the right humans together to advance AI. They believe that an increasingly AI-ified world will still require human expertise and collaboration. S32 is optimistic about the potential of AI and believes that with the right tools, a combination of wisdom, humility, and technical know-how, AI can be successful.

#Ai #VentureCapital #Google #S32

https://fortune.com/2024/03/27/google-andy-conrad-harrison-reunited-vc-firm-s32-ai/ 

 Spurned by the economy, young Americans are feeling so lonely and powerless they plunged the nation’s happiness score
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Young Americans, especially Gen Zers and millennials, are experiencing a decline in happiness, particularly in English-speaking countries. The World Happiness Report found that the happiness rankings for older respondents are much higher than for the youth in the United States, Canada, Australia, and New Zealand. In the United States, young adults are particularly unhappy, causing the national average ranking to drop. The report attributes part of this decline to the loneliness epidemic, with younger generations reporting heightened isolation after the pandemic. Additionally, young people in these countries feel a lack of relative progress or success that they believe was promised to them. They struggle to find well-paying jobs after college, face financial challenges, and feel less socially supported than older generations. The report also highlights the impact of economic straits, climate change, and geopolitical unrest on the discontent of younger generations. The imbalance in happiness brings everyone down, as people tend to be happier in countries with greater equality in happiness. The report suggests that happiness inequality has increased in North America, particularly for younger generations.

#Happiness #YoungAmericans #GenZ #Millennials #LonelinessEpidemic #EconomicChallenges #SocialSupport #Inequality

https://fortune.com/2024/03/23/world-happiness-report-genz-american-dream-boomers-financial-future/ 

 One thing Donald Trump and Joe Biden have in common is nominating Jerome Powell to the Fed—but their treatment of him is vastly different
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Donald Trump and Joe Biden both nominated Jerome Powell to the Federal Reserve, but their treatment of him differs greatly. Biden adhered to the expectation that the president does not interfere with the Fed's monetary policy, while Trump exerted public pressure on Powell. Powell was first appointed to the Federal Reserve Board of Governors in 2011 by Barack Obama, then nominated by Trump for his first term, and later re-nominated by Biden. Trump openly criticized Powell and considered firing him, while Biden distanced himself from such behavior. Biden expressed faith in the Fed's ability to lower prices and committed to respecting the Fed's independence. The article highlights the different beliefs each candidate has about the role of the Federal Reserve.

#DonaldTrump #JoeBiden #JeromePowell #FederalReserve #MonetaryPolicy

https://fortune.com/2024/03/16/donald-trump-joe-biden-jerome-powell-federal-reserve-2024-presidential-election/ 

 First Princess Kate, tomorrow the world: How one botched photoshop opened a Pandora's Box of 'the wider public doubting what they see'
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The Kate Middleton photo debacle highlights the erosion of trust in media that is likely to accelerate in the coming years. The British royal family has carefully controlled their image and perception, with televised royal weddings drawing millions of viewers. However, a manipulated photo released by Kate Middleton has sparked public mistrust in media. The incident raises concerns about trusting authoritative organizations and institutions in the future. The photo controversy is a turning point in the wider public doubting what they see. The public reaction highlights the erosion of trust in media that is likely to accelerate in the coming years. The Kate Middleton photo drama involves manipulated photos of her, including one with her three children that was criticized for being doctored. The incident is a preview of the crisis of confidence that the communications industry may face as AI becomes more mainstream. The advent of generative AI has supercharged image manipulation, leading to an increasing level of mistrust. The incident with Kate Middleton's photos is the first of what may be many 'corrections' made in the future as AI usage proliferates. AI-generated or manipulated photos are expected to become more mainstream, and media outlets may have to accept them for breaking stories and famous people. The incident highlights the need for ethical considerations and principles in AI usage. The erosion of trust in media is a growing concern as AI technology advances.

#KateMiddleton #RoyalFamily #ImageManipulation #Ai #MediaTrust

https://fortune.com/2024/03/13/kate-middleton-photo-debacle-ai-public-trust/ 

 Britain has the most ‘fragile firms’ in Europe
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About 15% of small and medium-sized enterprises in the UK are at risk of defaulting on their debts over the next four years, according to research by Allianz Trade. This is higher than France at 14%, Italy at 9%, and Germany at 7%. Allianz Trade predicts that more than 7,000 firms will go bankrupt in the UK in 2024. The UK slipped into a recession at the end of last year, and Prime Minister Rishi Sunak is under pressure to boost growth. However, with inflation above target and interest rates at their highest since 2008, businesses are feeling pressure. Allianz Trade warns of a rise in global business insolvencies, with a 9% increase expected this year and the largest spikes predicted in the US, Spain, and the Netherlands in 2024.

#Uk #SmallAndMedium-sizedEnterprises #Default #AllianzTrade #Recession #RishiSunak #Growth #Inflation #InterestRates #BusinessInsolvencies

https://fortune.com/europe/2024/02/28/britain-has-the-most-fragile-firms-in-europe/ 

 Malaysia's prime minister doesn't want to choose between the U.S. and China
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Malaysia's Prime Minister Anwar Ibrahim condemns rising 'China-phobia' in Western countries and emphasizes Malaysia's neutrality in the superpower rivalry between the U.S. and China. Anwar aims to attract investments from both China and Western governments, with companies like Tesla, Micron, Intel, and Infineon expanding their presence in Malaysia. Malaysia has also received a significant investment from China through the Belt and Road Initiative. Anwar believes geopolitics is not a zero-sum game and wants to maintain good relations with both the U.S. and China, similar to other Southeast Asian countries like Indonesia, Vietnam, and Singapore.



https://fortune.com/asia/2024/02/26/malaysia-prime-minister-anwar-ibrahim-does-not-want-to-choose-between-china-us/ 

 2 of the world’s biggest economies have slumped into recession
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The United Kingdom and Japan have both entered into recession, while the United States continues to defy expectations. The UK economy weakened in the final three months of 2023, marking the second consecutive quarter of recession. In contrast, the US economy experienced a sixth straight quarter of growth in the fourth quarter of 2023. US households have continued to spend at a solid rate, supported by government stimulus and pay raises. The US job market remains strong, with fewer workers filing for unemployment benefits. While risks still exist, the US outlook appears better than other major economies. The US stock market has performed well, and the International Monetary Fund cited the resilience of the US economy as a major reason for upgrading its global growth forecast. Unique characteristics of the US economy, such as significant government aid and a surge in immigration, have helped shelter it from recessionary storms. In contrast, the UK has struggled with rising mortgage rates and a population decline, while Europe faces weak consumer sentiment. China's economy is under pressure due to a sluggish recovery and troubles in the property sector. The US economy is forecasted to cool this year as interest rate hikes take effect. Retail sales in the US slumped in January, and some pillars of support for consumer spending, such as student loan repayments and credit card balances, are weakening. Inflation remains a top concern for US consumers. Low-income consumers are particularly pressured. Overall, the US economy faces challenges but continues to perform better than other major economies.

#Recession #Economy #UnitedKingdom #Japan #UnitedStates #Growth #Households #Stimulus #JobMarket #StockMarket #Resilience #GovernmentAid #Immigration #MortgageRates #PopulationDecline #Europe #China #Inflation #ConsumerSpending

https://fortune.com/2024/02/16/japan-united-kingdom-recession/ 

 Only 25% of business economists say the U.S. will have a recession this year, but they worry about China-Taiwan conflict and the 2024 elections
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Only 25% of business economists and analysts expect the United States to fall into recession this year. Any downturn would likely result from an external shock, such as a conflict involving China, rather than from domestic economic factors. Respondents to a National Association of Business Economics survey expect year-over-year inflation to exceed 2.5% through 2024. The Fed has stopped raising rates and has signaled that it expects to reduce rates three times this year. Business forecasters worry that the Fed is keeping rates unnecessarily high. Respondents are concerned about the chances of a conflict between China and Taiwan, conflict in the Middle East driving oil prices above $90 a barrel, political instability in the United States before or after the Nov. 5 presidential election, and U.S. government finances. They believe government budget policy should focus on promoting medium- to long-term growth and reducing the federal deficit and debts. 57% say budget policies need to be more disciplined. 45% of respondents believe the most important objective of government budget policy should be promoting medium- to long-term growth, followed by reducing the federal deficit and debts at 42%. Only 25% of business economists say the U.S. will have a recession this year, but they worry about China-Taiwan conflict and the 2024 elections.

#BusinessEconomists #Recession #China-taiwanConflict #2024Elections #Inflation #FederalReserve #InterestRates #EconomicFactors #GovernmentBudgetPolicy

https://fortune.com/2024/02/12/quarter-business-economists-us-recession-worry-china-taiwan-conflict-2024-elections/ 

 S&P 500 briefly tops 5,000 for first time ever
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The S&P 500 briefly surpassed the 5,000 level for the first time ever, offering a psychological boost for the market. The milestone doesn't hold much significance in a market driven by math and dollars, but it reflects how far the market has come. The U.S. economy has exceeded expectations for a recession, with fewer workers applying for unemployment benefits. Good news on the economy is seen as positive for stocks, driving profits for companies. The latest earnings reports from big U.S. companies were mixed, with The Walt Disney Co. and Alibaba reporting stronger profits, while S&P Global and New York Community Bancorp reported weaker profits. The bond market saw the yield on the 10-year Treasury rise to 4.14%. Traders expect rate cuts to come later in the year, with the first cut predicted for May or June. Stock markets in Asia and Europe were mostly higher, with Shanghai climbing 1.3% and Hong Kong falling 1.3%.

#S&p500 #StockMarket #Economy #Milestone #EarningsReports #BondMarket #RateCuts #Asia #Europe

https://fortune.com/2024/02/08/sp-500-record-high-tops-5000-first-time/ 

 Chilly relations with Beijing mean Mexico now exports more than China to the U.S. for the first time in over 20 years
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Mexico has surpassed China as the leading source of goods imported by the United States for the first time in over 20 years. The value of goods imported by the United States from Mexico rose nearly 5% from 2022 to 2023, reaching over $475 billion, while the value of Chinese imports dropped 20% to $427 billion. The last time Mexico's imports exceeded China's imports was in 2002. The shift reflects growing tensions between the US and China, as well as US efforts to import from countries that are friendlier and closer to home. The Trump administration imposed tariffs on Chinese imports in 2018, and President Joe Biden retained those tariffs after taking office in 2021. The Biden administration has encouraged companies to seek suppliers in allied countries or to reshore manufacturing to the US. Some Chinese manufacturers have established factories in Mexico to take advantage of the US-Mexico-Canada Trade Agreement. Overall, the US trade deficit in goods with the rest of the world narrowed 10% in 2023 to $1.06 trillion.

#Us-mexicoTrade #Us-chinaTrade #Tariffs #Imports #Manufacturing #SupplyChain

https://fortune.com/2024/02/08/chilly-relations-beijing-mexico-exports-more-china-us-first-time-20-years/ 

 Legendary investor Paul Tudor Jones says a 'debt bomb' is about to go off in the U.S.: 'We're fast-pouring consumption like crazy'
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Paul Tudor Jones, a billionaire hedge fund manager, warns that a 'debt bomb' is about to explode in the U.S. due to massive government spending and borrowing. The U.S. economy appears strong, but it is actually 'on steroids' with a 6%-7% budget deficit and fast-pouring consumption. The U.S. deficit essentially doubled in 2023 to $1.7 trillion, and the national debt has surpassed $30 trillion. The Congressional Budget Office projects the deficit to grow to $2.6 trillion over the next 10 years. Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen have also expressed concerns about the growing deficit. Jones believes that the effects of the deficit spending may be postponed by a strong economy, but it is an unsustainable path that will manifest itself in the markets eventually.

#PaulTudorJones #DebtBomb #U.s.Deficit #GovernmentSpending #Borrowing #U.s.Economy #BudgetDeficit #Consumption #NationalDebt #CongressionalBudgetOffice #JeromePowell #JanetYellen

https://fortune.com/2024/02/07/paul-tudor-jones-debt-bomb-u-s-deficit/ 

 Jerome Powell's straight talk stands out in Washington
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Jerome Powell, the Fed chair, gave a TV interview where he discussed various topics. He mentioned that the economy is strong with solid growth, low unemployment, and decreasing inflation. He stated that the decision to cut interest rates will not be influenced by the election and that it is not unusual to beat back inflation without causing a recession. Powell also expressed concerns about the rising federal debt and stated that the U.S. financial system is not deeply intertwined with China's. He emphasized the importance of immigration to the economy and identified geopolitical risks as the greatest threat. Powell highlighted the dynamic and innovative nature of the U.S. economy and the desire for American leadership in the world. He also mentioned the need for an adult conversation about unsustainable fiscal policy. The article also includes unrelated news about Amazon's struggles in the grocery market, Huawei's focus on AI chips, and McDonald's declining global sales due to boycotts in the Middle East and Muslim-majority countries.

#JeromePowell #FederalReserve #InterestRates #Economy #Inflation #FederalDebt #China #Immigration #GeopoliticalRisks #AmericanLeadership

https://fortune.com/2024/02/06/fed-chair-jerome-powell-interest-rates-60-minutes/ 

 After Jamie Dimon warns of market 'rebellion' against $34 trillion national debt, Jerome Powell says it’s past time for an ‘adult conversation’ about unsustainable fiscal policy
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Federal Reserve Chairman Jerome Powell has addressed the issue of the unsustainable national debt in the United States, stating that the country is on an unsustainable fiscal path. The national debt has surged to an all-time high of $34.2 trillion, with the debt-to-GDP ratio reaching over 120%. Powell called for an 'adult conversation' among elected officials to address the issue and prioritize fiscal sustainability. He criticized lawmakers for effectively borrowing from future generations and emphasized the need to put a priority on fiscal sustainability. Powell's comments align with those of other critics, including JPMorgan Chase CEO Jamie Dimon, who warned that the U.S. economy is headed for a 'cliff' if the excessive debt burden is not addressed. Powell acknowledged that the U.S. still has a dynamic and innovative economy, but emphasized the importance of addressing the debt situation sooner rather than later. Treasury Secretary Janet Yellen, however, has brushed off concerns about the rising national debt, stating that net interest payments as a share of GDP are still at a reasonable level.

#NationalDebt #FiscalPolicy #JeromePowell #JamieDimon #Economy #Debt-to-gdpRatio

https://fortune.com/2024/02/05/national-debt-unsustainble-fed-chair-jerome-powell-jamie-dimon-ray-dalio-warn/ 

 Meet the AI-powered robots that could change the multibillion-dollar window-cleaning industry forever
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Verobotics and Skyline Robotics are using AI-driven robots to revolutionize the window-cleaning industry. The estimated $40 billion industry is being made safer and more efficient by these companies, which use robots to mimic the work of human window washers while also scanning the surface for necessary maintenance information. Verobotics' robot, Ibex, suctions itself to the sides of buildings and uses multiple sensors to build a real-time, 3D map of the building. Skyline Robotics' robot, Ozmo, has mechanical arms that mimic human movements and can clean windows three times as fast. The robots are helping to solve the labor shortage problem in the window-washing industry and are providing cost savings and added data for building owners.

#Ai #Robots #Window-cleaning #Verobotics #SkylineRobotics

https://fortune.com/2024/01/11/ai-make-business-better-window-cleaners/