Global US-Dollar Shortage - Are We Already in a Recession?

[k1976]

92% of IT jobs will be transformed by AI​

News
12 Aug 20243 mins
Artificial IntelligenceCareersIT Jobs

https://www.cio.com/article/3485322/92-of-it-jobs-will-be-transformed-by-ai.html?amp=1

The biggest change will be experienced by mid- and low-level positions, as manual tasks become less relevant or easily replaceable by this technology.​

Credit: fizkes / Shutterstock

No doubt artificial intelligence will be a paradigm shift for society. But the extent to which AI will replace human workers in the future remains up for debate.

To get a better idea how AI will change the labor market for technology professionals, the recently formed AI-Enabled ICT Workforce Consortium has published its inaugural report, “The Transformational Opportunity of AI on ICT Jobs,” which reveals that 92% of IT jobs will see a high or moderate transformation due to advances in AI.

The study argues that the biggest changes will be seen in mid-level (40%) and entry-level (37%) technology jobs, as certain skills and capabilities become more or less relevant.

AI ethics, responsible AI, rapid engineering, AI literacy, and large language model (LLM) architecture are expected to rise in importance in this new era, while traditional data management, content creation, documentation maintenance, basic programming and languages, and research information will become less relevant.

 

[k1976]

https://www.financeasia.com/article/asian-central-banks-to-continue-gold-purchasing/496051

Asian central banks to continue gold purchasing Central banks in China, India and Singapore have added to their gold reserves amid geopolitical and foreign exchange uncertainties.

In the first quarter of 2024, global gold demand, including OTC, was up 3% year-on-year to reach 1,238 tonnes, marking the strongest first quarter since 2016.

China, India and Singapore were among the Asian markets that added the most to their gold purchasing during the first quarter, with an increase of 27.06, 18.51 and 6.57 tonnes respectively

 

[k1976]

Japan Set for Yet Another New Leader as PM Kishida Steps Aside​

• Kishida due to hold news conference at 11:30 a.m. local time
• Winner of LDP race all but assured of becoming next PM

By Isabel Reynolds and Yoshiaki Nohara
August 14, 2024 at 9:35 AM GMT+8
Updated on
August 14, 2024 at 9:48 AM GMT+8
Save

Japanese Prime Minister Fumio Kishida won’t run for a second term as leader of the long-ruling Liberal Democratic Party in September, opening the door for a new party member to take over the post of premier.

Kyodo News and national broadcaster NHK on Wednesday cited government sources as saying Kishida will not run in the LDP race. Kishida is due to hold a news conference at 11:30 a.m., Kyodo reported.

 

[k1976]

Iran rejects western plea not to launch retaliatory attack against Israel​

Jason Burke International security correspondent
Wed, 14 August 2024 at 12:38 am SGT4-min read

A billboard in Tehran shows the late Hamas leader Ismail Haniyeh (left) joining hands with the Iranian president, Masoud Pezeshkian.Photograph: Vahid Salemi/AP
Iran has rejected western calls not to retaliate against Israel for the killing in Tehran of Ismail Haniyeh, the political leader of Hamas, late last month.

“Such demands lack political logic, are entirely contrary to the principles and rules of international law, and represent an excessive request,” Iran’s foreign ministry spokesperson, Nasser Kanani, said.

A report on Tuesday from the official IRNA news agency said President Masoud Pezeshkian, in a phone conversation late on Monday with the British prime minister, Keir Starmer, said that the west’s silence about “unprecedented inhumane crime” in Gaza, and Israeli attacks elsewhere in the Middle East, was “irresponsible” and encouraged Israel to put regional and global security at risk.

 

[k1976]

Kishida’s Exit Clears Path for Higher BOJ Rates, Strategists Say​

Fumio Kishida Photographer: Philip Fong/AFP/Bloomberg
By Hideyuki Sano and Yasutaka Tamura
August 14, 2024 at 12:31 PM GMT+8
Save

Japanese Prime Minister Fumio Kishida’s decision to not run for a second term may clear the way for a new leader who is supportive of the central bank’s efforts to normalize policy, according to market strategists.

Among top contenders for leadership in the election for the presidency of the ruling Liberal Democratic Party in September are former defense minister Shigeru Ishiba, minister for digital transformation Taro Kono, party heavyweight Toshimitsu Motegi and minister for economic security Sanae Takaichi.

 

[Dr Christopher Cheok C S]

 

[Dr Christopher Cheok C S]

China’s Bank Loan Gauge Contracts for First Time in 19 Years​

https://finance.yahoo.com/news/china-credit-growth-weaker-expected-091055939.html

(Bloomberg) -- China’s bank loans to the real economy contracted for the first time in 19 years, a grim milestone that underscores why weak domestic demand has emerged as a major hurdle to the economy’s growth and recovery. Yuan-denominated bank loans that exclude those extended to financial institutions shrank by 77 billion yuan ($10.7 billion) at the end of July from a month ago, according to data released Tuesday by the People’s Bank of China. That marked the first drop since July 2005, as more debt was repaid than taken out.

 

[Dr Christopher Cheok C S]

 

[k1976]

https://sg.news.yahoo.com/temasek-s...ech-stocks-before-july-selloff-070836781.html

Temasek spent billions on US tech stocks before July selloff​

Bloomberg
Thu, 15 August 2024 at 3:08 pm SGT2-min read

Singaporean state-owned investor Temasek increased the value of its holdings in 11 big tech firms by US$3.3 billion ($4.35 billion) in the three months ended 30 June, according to an analysis of its two most recent 13F filings. (Photo: Edwin Koo/Bloomberg) (Bloomberg)More
By Jun Luo


(Bloomberg) — Singaporean state-owned investor Temasek Holdings Pte. spent billions of dollars in the second quarter buying shares in US technology giants, just before the sector dropped in July.

Temasek increased the value of its holdings in 11 big tech firms by US$3.3 billion in the three months ended 30 June, according to an analysis of its two most recent 13F filings.

The vast bulk of the increase – some $3.2 billion – went into six of those firms: Microsoft Corp., Apple Inc., Nvidia Corp., Alphabet Inc., Meta Platforms Inc. and Amazon.com Inc.

 

[k1976]

Many of the tech shares held by Temasek have started to recover this week and it’s unclear how it invested since Jun 30.

The firm may have made gains depending on its purchase price, sold right before the fall or even snapped up more as they declined in an effort to buy the dip.

With a net portfolio value of S$389 billion as at Mar 31, the purchases would have represented around 1 per cent of its total holdings.

The multi-billion US dollar buying spree underscores Temasek’s commitment to ramping up investments in the US, which it said last month would be the largest destination for its capital with plans to invest US$30 billion over the next five years. BLOOMBERG

 

[k1976]

Central banks dump dollars and yuan in favor of gold​

The 'stateless currency' shines as a haven amid geopolitical tension

According to the International Monetary Fund, as of March 2024, the total balance of global foreign reserves stood at $12.3499 trillion, with the dollar accounting for 58.9% based on currency allocation. © Reuters
YOHEI HIROSE, Nikkei staff writerAugust 10, 2024 12:15 JST

TOKYO -- Central banks are diversifying away from the dollar and yuan while loading up their foreign exchange reserves with a "stateless currency," gold, in a nod to intensifying geopolitical tensions and global economic uncertainties.

The proportion of the U.S. currency in global foreign reserves has dropped significantly, from over 70% in the early 2000s. Currently, the dollar's share of foreign reserves held by central banks and governments worldwide sits at a historic low. China's currency is also trending lower.

 

[k1976]

There is a big potential downside when the U.S. uses its economic privilege to bend other countries to its will.​

Trading Dollars for Gold​

Using dollars as weapons may seem like an effective way to keep the “bad guys” in line, but it comes with risk. Consider this - if you recognize something makes you vulnerable, what do you do?

If you’re smart, you take steps to eliminate or at least minimize that vulnerability.
So, if you’re worried that the U.S. and its allies might cut off your access to dollars, what would you do?

Minimize your dependence on dollars. In other words, if you are concerned that the U.S. could pull the "dollar rug" out from under you, why not pull out from the dollar system first?

This is already happening.
And if enough countries diversify away from the dollar, it could ultimately undermine the greenback’s role as the world reserve currency.

 

[superpower]

There is a big potential downside when the U.S. uses its economic privilege to bend other countries to its will.​

Trading Dollars for Gold​

Using dollars as weapons may seem like an effective way to keep the “bad guys” in line, but it comes with risk. Consider this - if you recognize something makes you vulnerable, what do you do?

If you’re smart, you take steps to eliminate or at least minimize that vulnerability.
So, if you’re worried that the U.S. and its allies might cut off your access to dollars, what would you do?

Minimize your dependence on dollars. In other words, if you are concerned that the U.S. could pull the "dollar rug" out from under you, why not pull out from the dollar system first?

This is already happening.
And if enough countries diversify away from the dollar, it could ultimately undermine the greenback’s role as the world reserve currency.

Exactly why dedollarisation is gaining pace. And the support for the upcoming BRICs currency, most likely digital.

 

[k1976]

Exactly why dedollarisation is gaining pace. And the support for the upcoming BRICs currency, most likely digital.

I love Digital...

 

[k1976]

 

[superpower]

 

[k1976]

 

[k1976]

​

https://finance.yahoo.com/news/targ...tail-stocks-making-moves-today-155046926.html

US employment falls by 818,000 in latest government revision​

Josh Schafer
·Reporter
Updated Wed, Aug 21, 2024, 11:12 PM GMT+83 min read

The US economy employed 818,000 fewer people than originally reported as of March 2024, showing the labor market may have been cooling long before initially thought.
The revisions are a yearly practice from the Bureau of Labor Statistics; final revised numbers are expected to be released early next year.
The report, released Wednesday morning, showed the largest downward revisions to the professional and business services industry, where employment was revised down by 358,000 during the period. Leisure & hospitality saw the second-largest downward revision of 150,000.

The report moves down the monthly job additions seen in the US economy over the time period to 174,000 from 242,000.
"Despite this big downward revision, that's still a very healthy growth rate in terms of the monthly jobs added to the economy," Omair Sharif, Inflation Insights president, told Yahoo Finance.

Furthermore, economists cautioned ahead of the release about how much investors should read into the print given its backward-looking nature.
"The realization that the economy created fewer jobs than initially estimated [does not] change the broader trends in GDP growth, stock market and wealth gains, and consumption," RBC Capital Markets US economist Michael Reid wrote in a note to clients on Aug. 16.
This release comes at an important time for labor market data, as recent signs of slowing have prompted economists to argue the Federal Reserve's current monetary policy stance is too restrictive.
A weak July jobs report helped tilt the focus toward the slowing labor market. The report showed the second-weakest monthly job additions since 2020 and the highest unemployment rate, 4.3%, in nearly three years.

 

[k1976]

 

[k1976]

https://allthatsinteresting.com/chinese-ghost-cities

It is unclear how many of these Chinese ghost cities currently exist, but estimates put the number as high as 50 municipalities.

Some of these cities have yet to be completed while others are fully functioning metropolises, save for the lack of residents. The occurrence of these ghost cities across China has, unsurprisingly, attracted significant attention from international observers.

"All of them are bizarre, all of them are surreal. There's no other way to describe a city meant for thousands of people that's just completely empty," explained Samuel Stevenson-Yang, a photographer working to document this modern Chinese phenomenon, in an interview with ABC Australia