US Treasury yields dropped after unexpected job losses of 23,000 in July, complicating Fed's interest rate decision with inflation still elevated.
Meta CEO Mark Zuckerberg asserts that AI is a net job creator, citing infrastructure needs, despite Meta laying off 8,000 employees and reassigning 7,000 others this year. He distinguishes between jobs created in construction and engineering for AI infrastructure and those eliminated internally, while investors question the high spending.
A new Gallup report indicates that while Americans are more knowledgeable about AI, skepticism is rising. 39% now believe AI does more harm than good, 79% expect job reductions, and trust in businesses to use AI responsibly has declined, especially among younger adults.
Lloyds Banking Group plans to cut £2bn in costs and invest £13bn by 2030, leveraging AI and new technology to drive growth, improve efficiency, and expand internationally. CEO Charlie Nunn detailed the four-year strategy, which includes AI-powered advice and faster mortgage approvals.
Jeff Bezos, Amazon founder, has returned to an operational role as co-CEO of his AI startup, Prometheus, which builds AI models for physical tasks. He cited the company's potential and his desire for active involvement. Bezos also reiterated his view that AI will create a labor shortage, not job losses.
The US has escalated tensions with Iran, Donald Trump vowed to hit the country 'hard again tonight.' Australia is still reeling from a nationwide Telstra mobile network outage. In UK politics, Nigel Farage faces Count Binface in a byelection, while New South Wales won the State of Origin decider.
The German car industry warns of potential mass job losses in Europe due to competition and declining demand. Volkswagen plans up to 100,000 job cuts, sparking protests. The VDA suggests foreign ownership of plants to save jobs and calls for 'bold decisions' to address the crisis.
A federal report identifies telemarketers, advertising staff, and accountants as most exposed to AI job displacement. While widespread losses haven't occurred, the government plans to regulate AI and support workers with training.
Microsoft is cutting 4,800 jobs, about 2.1% of its workforce, with a significant number of layoffs impacting Xbox. Four Xbox game development studios will also be spun off as part of a major restructure aimed at adapting to a rapidly changing industry and leveraging AI.
Xbox is undergoing its most significant restructure, impacting approximately 3,200 roles by FY27, with 1,600 layoffs today. Four studios will transition to new management, including Compulsion Games and Double Fine becoming independent, and Ninja Theory and Undead Labs moving to new ownership. The company cites unhealthy business operations, lower margins, and industry hardware crises as reasons for the changes, aiming to simplify operations and refocus content strategy.
Microsoft has announced job losses primarily affecting its Xbox division and commercial sales organizations, though specific numbers or locations were not detailed in the brief report.
Meta CEO Mark Zuckerberg believes AI-driven job losses are overstated, advocating for tools that empower individuals. This comes after Meta laid off 8,000 employees, reassigning 7,000 to AI projects, as the company invests heavily in its SuperIntelligence Lab.
Meta CEO Mark Zuckerberg stated fears of AI-driven job losses are overstated, suggesting a focus on empowering individuals could create more jobs. This follows Meta's recent layoff of 8,000 employees, about 10% of its workforce, amidst significant AI investments and a "reboot" of its AI strategy.
Jeff Bezos and Kevin O'Leary critique government inefficiency, sparking debate on taxation. Bezos argues doubling his taxes wouldn't solve systemic issues, while O'Leary calls NYC a 'disaster' and opposes taxing billionaires.
Jeff Bezos and Kevin O'Leary critique government inefficiency, arguing taxation won't solve systemic issues, sparking debate with former NYC Mayor Bill de Blasio.
California Governor Gavin Newsom's office launched a new online portal to track AI-related job losses in the state, designed as an "early warning system." Developed with the California Employment Development Department and the California Policy Lab, it uses Unemployment Insurance claims data and will be updated monthly.
US official Bessent warns China's AI advancements pose the greatest threat to the US, citing America's current technological lead as the reason for China's willingness to discuss AI cooperation.
Sens. Elizabeth Warren and Mark Kelly argue in a letter that President Trump's tariff policies have harmed U.S. workers and manufacturing, leading to job losses and a growing trade deficit in manufactured goods, contradicting his promises of a manufacturing boom.
Amazon founder Jeff Bezos predicts AI will increase demand for human labor, creating shortages rather than job losses. Speaking at VivaTech Paris, he countered concerns about AI-induced redundancy, highlighting its potential to remove barriers and unlock new opportunities. He also discussed his AI venture Prometheus and his vision for lunar colonization.
Replika CEO Eugenia Kuyda believes fears of AI-driven job elimination are "justified" and could lead to widespread protests. She notes junior roles are already disappearing, making startups hesitant to hire inexperienced workers.
Jeff Bezos, speaking at VivaTech in Paris, rejected concerns about AI causing job losses. He believes AI will instead lead to a labor shortage by increasing productivity and demand for human effort, contrasting with widespread fears and warnings from other tech leaders and policymakers.
The BBC is cutting 550 jobs in news, nations, and TV/radio content as part of a plan to save £500m over two years. The cuts include ending Radio 4's The World Tonight, reducing presenters on Today, and merging production teams for Sunday with Laura Kuenssberg and Newsnight.
Nvidia CEO Jensen Huang stated society must change with the advent of AI, advocating for widespread adoption. He highlighted AI's potential for economic growth and scientific breakthroughs, while also addressing concerns about job losses and existential threats.
BBC News is preparing for significant job cuts, potentially hundreds, as part of a £500m cost-saving initiative. The cuts, expected soon, may involve eliminating entire services or programs, with the news operation facing larger reductions than other departments.
