As AI continues to take over human jobs, Open AI CEO Sam Altman, said that although AI isn’t the cause of all layoffs, it has been responsible for displacing human workers, according to CNBC-TV18.
Category: TRENDS ON THE GLOBAL ECONOMIC FRONT – May 5 2026
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SPOTLIGHT: BIGS GETTING BIGGER
Finland-based Kone Oyj, a global leader in the elevator business, is buying Germany’s TK Elevator for €29.4 billion (about $34.4 billion).
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SPOTLIGHT: THE ACCELERATING SHIFT TO CLEAN ENERGY
At the first international conference on transitioning from fossil fuels, more than 50 countries agreed to work together on trade agreements that will reduce reliance on coal, natural gas, and oil.
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OPEC+ RAISES OIL OUTPUT A THIRD TIME SINCE HORMUZ CLOSURE
The Organization of Oil Exporting Countries and its allied nations agreed on 3 May to raise the group’s permitted output by a modest 188,000 barrels a day.
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UAE QUITS OPEC, WEAKENING OIL CARTEL’S GRIP ON PRICES
The United Arab Emirates (UAE), OPEC’s third largest oil producer, has quit the 65-year-old oil cartel due to long-standing tensions with Saudi Arabia, OPEC’s dominant member, and frustrations with the group’s policy of dictating each members’ limits on oil production.
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BANKS STRUGGLE TO OFFLOAD RISK OF MASSIVE AI LOANS
JPMorgan Chase, Morgan Stanley, SMBC, and other major banks that have made gigantic loans to cloud service providers such as CoreWeave and Oracle are trying to entice other lenders to share the risk but are having trouble persuading them, people familiar told the Financial Times.
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ASIA BRACES FOR WAR-RELATED INFLATION SHOCK
Asian nations, heavily reliant on oil and gas imports from Gulf nations, face the prospect of continuing price increases and scarcities of fuels, which increase the chance that the region will fall into a major economic crisis, the Financial Times reported.
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GERMANY’S ECONOMY CONTINUES TO IMPLODE
Key factors are converging to sink the German economy into recession, according to a report by Russian news service RT.
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GERMAN, SPANISH INFLATION HIGHEST IN TWO YEARS
In March, inflation in Germany and Spain ticked up 0.1 of a percentage point, accelerating price increases to their fastest annual rate in two years.
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EUROZONE BARELY ESCAPES A FLATLINED ECONOMY
In this year’s first quarter, the economy of the 20-country Eurozone grew 0.1 percent from 2025’s final three months. It posted an annualized GDP increase of 0.6 percent.