On The Wire: Today's Top Stories In Finance & Tech

Your daily briefing of some of the most important stories from the crypto, finance, and tech space.

The daily news roundup from REX Wire

Welcome to your daily briefing, where we bring you stories from the forefront of finance, technology, and market analysis, sent directly to your inbox.

In today's roundup, wage growth is slowing across major economies, but the latest figures show inflation is heading the wrong way. As details emerge of a meeting between US and Chinese representatives to establish international safety standards for AI, a PwC survey suggests that the new technologies will lead to workforce reductions this year. Tether has responded to the UN's accusations about USDT's use in money laundering, and data is filtering through about inflows for the new bitcoin spot ETFs.

Global Wage Growth Deceleration In Major Economies

Wage growth is slowing in the US, UK, and eurozone, with increases in advertised salaries dropping to 3.8%. This trend, amid falling inflation rates, signals possible central bank policy shifts, including interest rate cuts, and varies across eurozone countries.

Global Wage Growth Deceleration In Major Economies
Major economies witness wage growth slowdown, raising questions about future interest rate cuts.

Bitcoin ETF Inflows: The Story So Far

Delays in reporting mean the picture for the BTC ETF launches is only now becoming clear. Grayscale has seen huge outflows, but these are far less than the total inflows to new products.

Bitcoin ETF Inflows: The Story So Far
Day 2 demand was strong, and the first figures for Day 3 indicate a similar picture.

AI's Impact On Jobs

A PwC survey of 4,702 global CEOs reveals 25% expect at least 5% workforce reductions due to generative AI in 2024. Industries like media and banking are most affected, while 46% see profitability boosts. Concerns rise over AI's cybersecurity risks and the need for new skills among employees.

AI’s Impact On Jobs
25% of CEOs predict AI-driven job cuts this year, with generative AI impacting profitability and workforce.

Tether Responds To UN Report

Tether rebuts UN's allegations of USDT's role in illicit financing, highlighting the cryptocurrency's positive impact in emerging markets. Cantor Fitzgerald affirms Tether's reserve strength, while Tether urges the UN to better understand blockchain technology and collaborates with authorities to address financial crime challenges.

Tether Responds To UN Report
In response to UN allegations, Tether suggests a proactive blockchain learning approach.

US And Chinese Experts Collaborate On AI Safety

In secret meetings in Geneva, AI companies OpenAI, Anthropic, and Cohere discussed AI safety with Chinese experts. The collaboration aimed to address AI's risks and establish international safety standards, amidst the US-China race in cutting-edge technology. Future dialogues will focus on aligning AI with societal values.

US And Chinese Experts Collaborate On AI Safety
OpenAI, Anthropic, and Cohere hold secret talks with Chinese AI experts on AI safety, aiming for global standards.

UK Inflation Posts Surprise Increase

Inflation rose to 4% for December, up from 3.9% in November and higher than the expected 3.7%. The figures call into question the speed at which the Bank of England might now cut interest rates.

UK Inflation Posts Surprise Increase
Alcohol and tobacco were the biggest contributors to rising consumer prices.

IRS Postpones Unworkable Crypto Tax Reporting Rule

The rule, which required businesses to report transactions and sender information for amounts above $10,000, was supposed to come into effect earlier this month.

IRS Postpones Unworkable Crypto Tax Reporting Rule
After comments that the rules were impossible to follow, the IRS has delayed the new requirements.

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