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.
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.
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.
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.
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.
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.
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.
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.
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