On 1 August, the Bank of England’s (BoE’s) rate-setting committee shaved a quarter point from its policy rate by a 5-to-4 vote. The cut takes the rate from 5.25 percent, a 16-year high where it has remained since last August, to 5 percent now.
Category: 6 August 2024
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EUROZONE INFLATION TICKS UP IN JULY
Last month, inflation in the 20-country Eurozone edged up to 2.6 percent after falling to 2.5 percent in June.
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CHINA’S WEAK ECONOMY TANKS COMMODITIES MARKET
Persistent weak demand in China and an abundance of supplies have driven many investors and speculators out of the commodities market, dumping about $41 billion in long positions on the way out.
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GOING OUT OF BUSINESS TRENDS
The economic landscape has presented an array of challenges that have profoundly affected the business community. Some of the most significant challenges include soaring inflation rates, escalating interest rates, increased minimum wage, looming fears of a recession, and a tangible decrease in revenues for many sectors…
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
It’s global. The numbers are there for all to see. From developed to underdeveloped nations, economies are slowing down and/or contracting.
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MICROSOFT WILL INVEST MORE IN CLOUD AS GROWTH SLOWS
Microsoft will continue pouring money into expanding its cloud infrastructure to support the AI economy even though growth in its cloud business has slowed, the company announced.
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GOOGLE MOVES AGAINST DEEPFAKE PORN
Google is enlisting its iconic search engine in the battle against deepfake porn.
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MORGAN STANLEY BUILDS ITS OWN AI TOOL FOR FINANCIAL ADVISORS
Morgan Stanley has deployed AI@Morgan Stanley Debrief, which summarizes meetings and rough-drafts follow-up emails for the company’s financial advisors. Instead of adapting a bot built by an AI company, the bank worked with engineers at OpenAI to create this AI from scratch, customized to its own needs. With that approach, “you get to design it,......
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ORNL CREATES AN AI TO DEFEND THE ELECTRIC GRID
The Oak Ridge National Laboratory (ORNL) is leading a project developing an AI to protect the U.S. electric grid from cyberthreats, a growing concern as the country’s aging electrical infrastructure connects more and more distributed power sources ranging from home batteries and wind turbines to electric cars.
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OPENAI ANNOUNCES ITS OWN SEARCH ENGINE
OpenAI is testing SearchGPT, a search engine that could dethrone Google from the pinnacle of the Internet search market.