Business

47% of Jobs Will Disappear in the next 25 Years, According to Oxford University

“No government is prepared,” The Economist reports. Philip Perry Big Think The Trump campaign ran on bringing jobs back to American shores, although mechanization has been the biggest reason for manufacturing jobs’ disappearance. Similar losses have led to populist movements in several other countries. But instead of a pro-job growth future, economists across the board predict further losses as AI, robotics, and other technologies continue to be ushered in. What is up for debate is how quickly this is likely to occur. ... Read More »

What if Donald Trump did fire the Federal Reserve chairman?

Reports that US President Donald Trump discussed whether he could fire Federal Reserve board chairman Jerome Powell with his advisers have produced widely differing opinions of what would happen if he did. Stephen Bartholomeusz The Age The reports elicited a peculiar response from the White House. While Trump himself remained silent, Treasury Secretary Steve Mnuchin tweeted on his behalf. “I totally disagree with Fed policy. I think the increasing of interest rates and the shrinking of the Fed portfolio is ... Read More »

Trump says Fed is ‘the only problem’ of US economy

President Donald Trump has lashed out at the US central bank for stock market turmoil, saying the American economy’s only problem is the Fed itself. BBC In a tweet, Mr Trump said the Federal Reserve lacks understanding of markets and “necessary trade wars”. The salvo came as Mr Trump’s treasury secretary scrambles to calm nervous investors. The Dow Jones fell 400 points on Monday, before recovering slightly. Last week was its worst in a decade. The sharp decline comes amid ... Read More »

‘No more Huawei’: Vodafone CEO expects telcos to dump Chinese suppliers

Vodafone Hutchison Australia chief executive Iñaki Berroeta believes the government’s decision to ban Chinese telecommunications equipment providers from Australia’s high-speed 5G rollout means Huawei will be phased out from all local mobile networks. Jennifer Duke WAtoday Vodafone uses equipment from Swedish supplier Ericsson in the core its 3G and 4G mobile networks where sensitive information processing takes place, and Finland’s Nokia and China’s Huawei for non-core parts. The Australian government banned Huawei on security grounds in August, making it the first country ... Read More »

Overtourism: too much of a good thing

The global tourism boom isn’t slowing down. What can travelers do to keep things in balance and aid in sustainability? Jonathan Tourtellot National Geographic Reykjavík isn’t what it used to be. The Icelandic capital’s main shopping street, Laugavegur, now belongs to tourism. Shops bill themselves in English, not Icelandic: Icemart, Chuck Norris Grill, a “Woolcano” gift shop. A lone hardware store has survived the wave of touristification. The term “overtourism”—too many tourists—has been moving from travel-industry jargon into the mainstream, ... Read More »

Fresh Hungary ‘slave law’ protests in Budapest

Thousands of people have joined fresh protests in Hungary against a new so-called “slave law” that nearly doubles how much overtime employees can work. BBC The protesters marched to the office of President Janos Ader, angry that he signed the legislation. Prime Minister Victor Orban says it gets rid of “silly rules” so that those who want to earn more can work more. The new law boosts the overtime employers can demand from 250 to 400 hours a year. Meanwhile ... Read More »

Germany’s last black hard coal mine Prosper-Haniel closes

Ceremonies have been held to mark the end of 155 years of coal mining at Prosper-Haniel in the industrial Ruhr Valley. DW RWE’s Hambach Garzweiler brown coal, lignite open mine continues to expand. For decades, the Prosper-Haniel colliery was the biggest employer in Bottrop, a coal town in the industrial Ruhr Valley. On Friday the mine was formally closed in the presence of miners and dignitaries from across the country and beyond. President Frank-Walter Steinmeier received the last piece of local ... Read More »

UK and German immigration: a tale of two very different laws

While Britain seems to put politics above the economy, Germany’s new law welcomes foreign job-seekers Jon Henley The Guardian Two European countries announced radical overhauls of their immigration rules on Wednesday, but there the similarity ended. Britain, where concerns about long-term impacts of immigration helped drive the 2016 vote to leave the European Union, billed its stricter regime as “a route to strengthened border security and an end to free movement”. Germany, however, facing such a shortage of workers that is threatening economic ... Read More »

Using AI and Video to Learn How the World Works

Simple actions like waving hello to a friend, objects falling to the ground and other visual movements are easily understood by humans but would confound machines. Knowledge@Wharton Twenty Billion Neurons (TwentyBN), a startup based in Toronto and Berlin, is developing the artificial intelligence capability of imbuing an understanding of the visual world in robots by using videos and deep learning, according to Roland Memisevic, its CEO and chief scientist, who spoke at the recent AI Frontiers conference in… Recently, TwentyBN launched Millie, an AI-powered context-aware ... Read More »

China will ’never seek hegemony,’ Xi says in reform speech

China will never pursue hegemony, President Xi Jinping said Tuesday as global concerns persist over the country’s growing economic influence. BEIJING – Associated Press Hurriyet During a speech to mark 40 years of market reforms, Xi repeated China’s commitment to a multilateral trading system and further opening of its economy. However, he did not announce any new initiatives to counter a slowing economy and trade frictions with the United States. The Chinese leader said China would not develop “at the expense of other countries’ ... Read More »

Goldman’s Woes Mount as Malaysia Slaps First Criminal Charge

Malaysia is demanding Goldman Sachs Group Inc. bear the brunt of the 1MDB scandal, opening up another legal front for the Wall Street firm over its role raising money for the investment fund. By Anisah Shukry and Sridhar Natarajan Bloomberg The country filed the first criminal charges against the U.S. bank in the global corruption probe on Monday, after publicly urging Goldman to come to the negotiating table or face litigation. The firm already is in the thick of investigations ... Read More »

Five things we learned from Australian media in 2018

From explosive, leaked emails, to the fall of the digital giants, there are plenty of lessons to be learned from the stories that dominated the media industry in 2018. John McDuling Brisbane Times Here are five of the best of them: Lesson one: emails are the gift that keeps on giving Former Cricket Australia chairman, David Peever’s, leaked email to CBS executive, Armando Nuñez, admonishing Network Ten (which CBS owns) for its “appalling tactics” and for being “bottom feeders in this market” ... Read More »

China Confronts Its Eternal Dilemma

With pressure building for major stimulus, leaders must decide whether boosting growth or controlling debt is more important. Christopher Balding Bloomberg China’s top leaders meet this week in Beijing to set economic policy objectives for the coming year. The central question is whether they will do what they want or what the country needs. Clear evidence has emerged in the past couple of months that the Chinese economy is slowing to an uncomfortable degree. That’s raised expectations that the leadership ... Read More »

Mounting legal threats surround Trump as nearly every organization he has led is under investigation

Two years after Donald Trump won the presidency, nearly every organization he has led in the past decade is under investigation. By David A. Fahrenthold, Matt Zapotosky and Seung Min Kim The Washington Post Trump’s private company is contending with civil suits digging into its business with foreign governments and with looming state inquiries into its tax practices. Trump’s 2016 campaign is under scrutiny by special counsel Robert S. Mueller III, whose investigation into Russian interference has already led to guilty pleas ... Read More »

‘Everyone has time to sit down and have a coffee’: Fitzroy cafe bans takeaway coffees

Fitzroy cafe Napier Quarter is banning takeaway coffee in a bid to get its customers to slow down. Cara Waters The Age “Our customers are all locals and they enjoy the ritual and part of their day is sitting down and having a coffee or pastry,” owner Daniel Lewis says. “There is a conglomerate of people standing around with backpacks, on their phones, and it takes away from the experience. It’s turning into a takeaway generation, it’s not what we ... Read More »

Role reversal: China cites human rights in spat with Canada

When China’s government recently protested the arrest in Vancouver of Huawei Technologies executive Meng Wanzhou, it used something rarely heard from Beijing — the language of… David Webster The Conversation “The detention without giving any reason violates a person’s human rights,” a spokesperson for the Chinese foreign ministry said. In using this sort of “rights talk,” China is not simply jumping on the fact that Meng was in detention on the 70th anniversary of the Universal Declaration of Human Rights. ... Read More »