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AI labour displacement danger minimal in short term: Bridgewater
Bridgewater Associates says the risk of AI-induced mass layoffs will stay low this year, as limits on computer power and a robust economy will dampen the technology’s near-term impact on employment.
The research report gives some more details:
Adoption remains restricted, with less than 20% of U.S. companies reporting AI use in any business function in a two-week span, mostly in information, technology and professional services, Bridgewater said using Census Bureau data.
The survey said more than 90% of companies adopting AI reported no impact to employment during the preceding six months, while more said they increased than decreased headcount in those that were impacted.
Bridgewater highlighted two dangers to that prediction in the near term: an escalation of the Iran conflict and cost pressures from corporations’ AI capital investments.
Even if the labor market remains subdued, Bridgewater cautions that without the help of AI to cool the economy, the Federal Reserve may struggle to manage inflationary pressures in a tight labor market.
The Pakistan Stock Exchange (PSX) started on a bullish note on Tuesday as the benchmark index regained the 179,000-point level in early trade.
Market statistics showed the KSE-100 Index jumped over 900 points in early trade to 179,405 points.
Market observers said the move was buoyed by restored investor confidence after last session’s turmoil.
The index had closed lower on the last trading day, down 450 points to 178,471 points.
The Pakistan Stock Exchange witnessed a comeback in market confidence as trading started for the second business day of the week with early gains.
KARACHI: The former director of the Karachi BRT Yellow Line project, Zameer Abbasi, was detained on Monday over financial violations.
Details said that Anti-Corruption Establishment Karachi has detained Zameer Abbasi from Lahore in an intelligence-based operation.
Anti-corruption officials said a complaint was lodged against him on June 10. They added that efforts were being made to shift him from Lahore to Karachi.
It is worth mentioning here that allegations have been made against the project director of illegally releasing over Rs 7 billion to contractors and this led to the inquiry and his detention.
— Security forces stopped a major terrorist conspiracy in Balochistan’s Panjgur district in a timely and information based response, security sources said.
The operation was undertaken in the Jirak area on the basis of secret information and a considerable quantity of weapons and communication equipment was recovered, security sources said. During the operation, the police seized 4 rocket fuses and many improvised explosive devices (IEDs) from a vehicle.
Security officials stated the explosive supplies were intended to be used in a possible large-scale terrorist attack, which was being prepared in the region.
They noted that the prompt and professional action by the security forces had prevented serious destruction and protected the area from a possible catastrophe.
This successful operation is a clear sign that the security forces are still a formidable barrier against the anti-peace groups in Balochistan, claimed the security forces.
PSX starts on a positive note, KSE-100 index reclaims 179,000 mark
Former Karachi BRT Yellow Line project director Zameer Abbasi detained.
Security agents avert big terror plot in Panjgur
ICC board meeting in India: Mohsin Naqvi gets invitation
The IMF mission has arrived in Pakistan for discussions regarding the budget.
Is the US-Iran standoff exposing deep fault lines in US intelligence coordination?
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