Latest news with #AI-focused
Daily Tribune
3 days ago
- Business
- Daily Tribune
GCC Surges Ahead Despite Global Slump
The Gulf economies are expected to grow faster than earlier projected, defying a broader global downturn and weak oil prices, according to the latest ICAEW Economic Insight report released on Monday. The Q2 update revises the GCC's 2025 GDP forecast upward to 4.4% from 4.0%, underscoring the region's resilience amid rising trade barriers and fiscal pressures. Prepared by Oxford Economics for ICAEW, the report contrasts the GCC's improved outlook with the downgrade in global GDP growth to 2.4%, the slowest pace since the 2020 pandemic shock. Oil and beyond A key driver behind the upgraded outlook is a faster-than-expected reversal of OPEC+ production cuts, which has lifted oil sector growth projections from 3.2% to 4.5%. However, the Brent crude average for 2025 is still forecast at a modest $67.3 per barrel, limiting fiscal space for several states. Only the UAE and Qatar are projected to maintain surpluses in 2025. Most other member states are likely to face tightening budgets, with Saudi Arabia forecast to run a deficit of 3.4% of GDP as spending outpaces oil revenues. Still, non-oil sectors are holding up strongly across the region, with forecast growth of 4.1% in 2025 driven by domestic demand, investment momentum, and diversification initiatives. The report highlights that the region remains well-positioned to absorb trade rebalances resulting from the 10% US tariff on GCC imports, which excludes energy products and has limited impact due to low US export exposure. Leaders of the pack Saudi Arabia's GDP forecast has been revised up to 5.2% for 2025, driven by strong oil output and a 5.3% projected rise in non-oil activities. Despite an 18% year-on-year drop in oil revenues during Q1 and growing fiscal deficits, investor confidence remains firm, with S&P upgrading the Kingdom's credit rating to A+. The UAE is expected to post 5.1% growth in 2025, supported by a 4.7% rise in non-oil GDP, increased oil output, and continued strength in tourism and investment. The D33 agenda and AI-focused collaborations are seen as key contributors to its expanding economic base. Dubai's 5.3 million international visitors in Q1 highlight the momentum in the tourism sector, projected to contribute nearly 13% of the UAE's GDP this year. Future outlook While the global economy struggles under trade tensions and slowdowns, the Gulf appears to be charting its own course, powered by diversification, infrastructure spending, and a strategic recalibration of oil production.
The Star
4 days ago
- Politics
- The Star
Asean News Headlines at 10pm on Monday (June 16, 2025)
Malaysia: * Shafee files police report on behalf of Najib over 'royal addendum' * Pragmatic approach needed for energy transition, says Anwar * RON95 petrol subsidy rationalisation to proceed, says Anwar * MetMalaysia warns of thunderstorms in 10 states * Global interconnectedness under strain amid rising geopolitical tensions, says Anwar * High Court grants Muhyiddin's request to transfer case * AGC files appeal over Yusoff Rawther's acquittal * Malaysia mulls drafting AI-focused laws, says Azalina * Gerik bus tragedy: Six victims still being treated at hospital, say cops * BN will field MCA, MIC candidates in GE16, says Zahid * Public tertiary institutions offer places to over 150,000 SPM leavers * Customs foils bid to smuggle ganja buds worth RM1.43mil in Rantau Panjang * Anwar: TNB earmarks RM43bil to upgrade national grid with AI, battery storage systems * National Service 3.0 absentees under scrutiny, may face legal action, says deputy minister * Pamela Ling abduction: More info given, yet no updates from cops for weeks, says family's lawyer Women hold their cats while taking part in a contest at an animal exhibition in a shopping mall in Banda Aceh. --Photo by CHAIDEER MAHYUDDIN / AFP Singapore: * Warm, humid nights to continue till end-June; expect thundery showers in the day too * Jail and fine for two women caught stealing at Changi Airport while in transit to Bali * China remains Singapore's top tourists source in first five months of 2025 * Singapore, Indonesia leaders hope to strengthen excellent ties in new era of cooperation: PM Wong * Singaporean ex-actor Ian Fang to begin 40-month jail sentence for sexual offences against 15-year-old girl * Singapore's first private assisted living pilot ready by 2026; operator taps China's eldercare expertise * Singapore to have six public holiday long weekends in 2026 * No need for travel e-SIM or roaming: S'pore telcos offer generous cross-border data bundles * Oil prices rise further as Israel-Iran extends into fourth day Indonesia: * Indonesia will 'copy' Singapore's successful policies with pride, says President Prabowo * Indonesian president Prabowo to make state visit to Rissia this week for talks with Putin * Indonesia's shining star Feby Putri is back to serenade Malaysian fans for the third time * Indonesia and EU launch special dedicated desk to deepen investment ties * Charging stations have now become promising investment in Indonesia as EV users grow in country * Batik makers packing in as imitations flood market * Police search for two men with Australian accents in deadly Bali shooting Alexander Albon of Thailand and Williams walks away from his car during the F1 Grand Prix of Canada at Circuit Gilles-Villeneuve in Montreal, Quebec.--/AFP Thailand: * Thailand suspends June deployment of over 2,000 workers to Israel and Iran * Paetongtarn vows not to yield to threats after Hun Sen's ultimatum * Thai Airways to exit debt restructuring programme * Army dismisses fake news of Cambodian troops blocking Thai road * Thailand denies JBC discussed Cambodia's ICJ plan over disputed border sites * Chinese tour operators enter 'hibernation mode' as Malaysian tourists to Thailand overtake China for first time in 13 years * Legend Rashid raving about Thai singles star Kunlavut Philippines: * China's military conducts patrols in South China Sea, warns Philippines * Expanded feeding programme in schools will begin in July: Marcos * Philippines, Japan hold joint drills after reciprocal access agreement * Asia stocks show resilience, oil rally moderates * Asian stocks, FX weaken on Mideast tensions; central bank meetings in focus * OPEC sees solid second-half of 2025 for world economy, trims 2026 supply People run across a pedestrian crossing in Bangkok on Monday, June 16, 2025. -- Photo by Lillian SUWANRUMPHA / AFP Vietnam: * Vietnam's national assembly adopts historic constitutional amendments * Vietnam death toll from Typhoon Wutip rises to seven * US pushes Vietnam to decouple from Chinese tech: Sources * Miss Vietnam 2024 rescheduled due to Storm Wutip * Vietnam to enhance voice, role of developing nations as Brics partner country * Heatwaves are increasing pregnancy complications, study says Myanmar: * 16 hotels destroyed by earthquake in Myanmar's Mandalay * Myanmar and China discuss cooperation in science and technology development * Heavy rain triggers flooding in eastern-central Myanmar * Hundreds flee amid clashes despite truce in Myanmar * UN cuts aid appeal after donors slash budgets Cambodia: * Thailand seeks more talks with Cambodia as border row lingers * Hun Sen urges Thailand to reopen borders or face Cambodian shutdown * Cambodian, Thai officials conclude talks over border issues * Cambodia threatens to ban imports of vegetables, fruits from Thailand Laos: * Lao govt outlines comprehensive plans to boost tourism * Lao Bullion Bank, Lao non-bank financial institutions forge new financial innovations * UN makes brutal cuts to humanitarian aid as funding crisis deepens Brunei: * Brunei commits to sustainable ocean management * Chinese temple donates BND54,400 to charities, schools * Brunei inks agreements for mega solar project in its efforts for renewable energy transition Kazakhstan President Kassym-Jomart Tokayev (C-R) welcomes China's President Xi Jinping (C-L) upon his arrival at the airport in Astana to attend the second China-Central Asia Summit. - AFP Photo AseanPlus: * Asean ministers convene in Langkawi for education roundtables on June 17 * Norman KRU pays tribute to dad on Father's Day * Zizan Razak named as G-Shock's first-ever Malaysian ambassador * K-pop sensation Jang Dong Woo of Infinite to thrill the fans in his solo concert at Zepp KL on Aug 15 * Asean energy officials convene in Kuching for policy talks * Sabah strengthens ties with China for sustainable growth * Sandakan gallery to spotlight American explorers, boost Sabah's heritage tourism * Air India Dreamliner returns to Hong Kong after technical issue mid-air * Air India crash victim families upset by slow recovery efforts * Second black box recovered from India crash site: official * Rare museum-quality clocks steal the spotlight at the Hong Kong Watch Auction * Nepal begins first power exports to Bangladesh via India's grid * Police officer killed in Tasmania shooting incident * Japan seeks trade deal with US as G7 looms * South Korea to introduce second extra budget for this year * Opinion polls show support for Japan PM Ishiba recovering before election * Former Michelin-starred restaurant owner in Japan arrested after food poisonings * Xi takes push for global sway to Central Asia with Kazakh visit * Pakistan shut borders with Iran amid rising Iran-Israel tensions * Hong Kong bourse seeks to woo Southeast Asia, Middle East firms for second listings * Taiwanese actress Michelle Chen weeps at Stefanie Sun's first concert at Beijing's National Stadium * Change in S. Korean govt leaves foreign domestic worker programme in limbo * Indian colleges alarmed by AI misuse: Professors fight back with oral quizzes, live handwritten exams * Australia's Albanese says he will press AUKUS, Indo Pacific security in Trump meeting * Taiwanese actress Michelle Chen weeps at Stefanie Sun's first concert at Beijing's National Stadium * Soccer-Japan's King Kazu wants more after first appearance of 40th season * Hong Kong's gig economy workers want industry regulated. Can city deliver? * More than 1,300 shops gutted in devastating fire in India's Kolkata * China security office flexes new power with Hong Kong probe * A bridge collapse at an Indian tourist site kills two people and injures 32 * Prince William's billionaire friend Sunjay Kapur dies after swallowing a bee at polo match * 'Elephants trampling on global trade': EU sidelined by US-China showdown * How Lewis Hamilton and Apple brought F1 racing to the movie screen * Motor racing - Russell wins in Canada as McLarens collide * Golf - Spaniard Carlota Ciganda ends long LPGA title drought with gritty win at Meijer LPGA Classic for Simply Give * Golf - Golf-Spaun caps rainy US Open with monster putt for first major title
India Today
13-06-2025
- Business
- India Today
India's formal job market rises 8.9% in May, now 80% above pre-Covid levels: Report
Indian job postings increased 8.9% in May, ending an eight-month losing streak. That is more significant that recent posting levels are nearly 80% higher than they were before the pandemic indicates steady but continued growth in employment in the country. The report has been released by Indeed, a globally recognised platform for job roles mentioning generative AI have more than doubled year-on-year, with Karnataka and Telangana emerging as leading hubs for such they are 1.8% lower than a year ago and around 16% below their peak. Despite trending downwards recently, Indian job postings are almost 80% above pre-pandemic levels. That ranks highly compared to other major Indeed markets, although it isn't a like-for-like comparison. Several countries, led by the United Kingdom, New Zealand and Switzerland, have posting volumes that are currently below pre-pandemic levels. By comparison, India's posting volumes are very healthy.2wSECTORS WITH JOB POSTING INCREASES (LAST THREE MONTHS)Childcare: +27%Personal Care & Home Health: +25%Education: +24%Production & Manufacturing: +22%While software development opportunities have declined recently, the sector continues to have the largest volume of job opportunities on Indeed, accounting for around one-in-five Indian job highlights how prominent the tech sector has been to India's emerging formal sector, with multi-nationals trying to tap into India's large talent AI JOBS CONTINUE TO SURGEadvertisementIndeed's data shows that, as of May 2025, 1.5% of Indian job postings explicitly mentioned generative AI in their job descriptions, more than doubling over the past AI opportunities are concentrated in the tech sector, but are increasingly 12.5% of data analytics roles mention generative AI, ahead of software development (3.6%) and scientific research (3.1%).It's also commonly mentioned across a range of office roles, including marketing (1.1% of job postings) and management (0.9%).Regional hubs have emerged for jobs that either use or help develop generative WISE GENERATIVE AI MENTIONS IN JOB POSTINGKarnataka:2.4% of job postings mention generative AIHighest percentage share among Indian statesTelangana:2.3% of job postings mention generative AIClose second in terms of AI-focused rolesMaharashtra:1% of job postings mention generative AIHas the largest total job volume overallHolds the second-largest number of AI-specific roles (by absolute count)Job creation across India's formal sector remains strong and rose sharply during continues to facilitate a shift from lower-productivity to higher-productivity work as workers transition into the there is no shortage of workers in India, finding the right set of skills continues to be challenging in some Watch
Yahoo
13-06-2025
- Business
- Yahoo
5 things to know about Alexandr Wang, the buzzy Scale AI founder
Meta is expected to make a nearly $15 billion investment in Scale AI. Scale's CEO, Alexandr Wang, will also become a top-level Meta executive, the startup confirmed. In January, the 28-year-old wrote a letter to Trump outlining how the US needs to invest in AI. Mark Zuckerberg is making a 28-year-old CEO the lynchpin of Meta's investment in the AI race. On Thursday, Meta confirmed that it's buying a 49% stake in Scale AI, giving the company a valuation of over $29 billion. The tech giant is spending about $15 billion for the stake. Scale's founder and CEO, Alexandr Wang, is joining Meta to work on the tech giant's AI efforts. Here are five key things to know about Wang. After his freshman year, Wang dropped out of the Massachusetts Institute of Technology. He and cofounder Lucy Guo had launched Scale AI three years before, out of famed Silicon Valley startup incubator Y Combinator. Their summer 2016 cohort included The Athletic, a sports news site now owned by The New York Times, and furniture retailer Burrow. "The great thing about Scale is that it is taking advantage of an opportunity that is hiding in plain sight," Jared Friedman, a YC partner, said on the accelerator's blog in 2016. Wang had an expansive vision for the company. "Long-term, we want to power any human-powered process for any company," he told the YC blog. Three years after cofounding Scale AI, Wang was becoming the talk of Silicon Valley. Forbes compared him to fellow dropouts Bill Gates and Mark Zuckerberg. At 24, he became the world's youngest self-made billionaire. He then briefly fell off the billionaire's list. As of June, Forbes estimates that Wang is worth $3.6 billion. "Focus on building the business and then the rest will kind of take care of itself," Wang told Business Insider in 2020. Peter Thiel's Founders Fund helped Scale reach unicorn status with a $100 million investment in 2019. In five years, Wang had grown his business to the point that he was the youngest self-made billionaire in the world. Like other tech CEOs, Wang has made repeated trips to Washington as Congress and the White House weigh AI policy. Prior to President Donald Trump's 2024 win, Wang, along with just about every major tech CEO, attended then-Senate Majority Leader Chuck Schumer's series of closed-door AI-focused panel discussions. Wang told lawmakers that a 2018 trip to China made it clear to him that US national security depends on AI. "The race for AI global leadership is well underway, and our nation's ability to efficiently adopt and implement AI will define the future of warfare," Wang said in written testimony that was made public. Earlier in 2023, Wang testified before a House subcommittee on military uses for AI. A day after Trump's second inauguration, Wang outlined five ways that the president could advance AI in his first 100 days. Scale published an open letter to Trump in a full-page ad in the Washington Post on January 21. "If the United States remains on our current trajectory, we risk falling and staying behind," Wang wrote in the open letter. The CEO wrote that he wanted the US government to emulate tech giants by spending more on data and compute. He also wrote that the administration should establish an interagency task force to review regulations to ensure jobs in AI can flourish in the US. Wang attended Trump's second inauguration. "Honored to be invited to attend the Inaugural at the Capitol!," he wrote on X. "Optimism about AI and tech is palpable in DC this week." On Thursday, Scale said that Wang is joining Meta to work on the company's AI efforts. He will continue to serve as a director on Scale's board. Wang is going to work on Meta's superintelligence arm. The tech giant said in a statement that it would share more information about the team soon. Wang wrote a note announcing his departure to Scale employees that he shared on social media on Thursday. "The idea of not being a Scalien was, frankly, unimaginable. But as I spent time truly considering it, I realized this was a deeply unique moment, not just for me, but for Scale as well," he wrote. "The proceeds from Meta's investment will be distributed to those of you who are shareholders and vested equity holders," he added. Read the original article on Business Insider
Business Insider
13-06-2025
- Business
- Business Insider
5 things to know about Alexandr Wang, the buzzy Scale AI founder
Mark Zuckerberg is making a 28-year-old CEO the lynchpin of Meta's investment in the AI race. On Thursday, Meta confirmed that it's buying a 49% stake in Scale AI, giving the company a valuation of over $29 billion. The tech giant is spending about $15 billion for the stake. Scale's founder and CEO, Alexandr Wang, is joining Meta to work on the tech giant's AI efforts. Here are five key things to know about Wang. 1. He's an MIT dropout. After his freshman year, Wang dropped out of the Massachusetts Institute of Technology. He and cofounder Lucy Guo had launched Scale AI three years before, out of famed Silicon Valley startup incubator Y Combinator. Their summer 2016 cohort included The Athletic, a sports news site now owned by The New York Times, and furniture retailer Burrow. "The great thing about Scale is that it is taking advantage of an opportunity that is hiding in plain sight," Jared Friedman, a YC partner, said on the accelerator's blog in 2016. Wang had an expansive vision for the company. "Long-term, we want to power any human-powered process for any company," he told the YC blog. 2. Wang became the youngest self-made billionaire in 2021. Three years after cofounding Scale AI, Wang was becoming the talk of Silicon Valley. Forbes compared him to fellow dropouts Bill Gates and Mark Zuckerberg. At 24, he became the world's youngest self-made billionaire. He then briefly fell off the billionaire's list. As of June, Forbes estimates that Wang is worth $3.6 billion. "Focus on building the business and then the rest will kind of take care of itself," Wang told Business Insider in 2020. Peter Thiel's Founders Fund helped Scale reach unicorn status with a $100 million investment in 2019. In five years, Wang had grown his business to the point that he was the youngest self-made billionaire in the world. 3. Wang is a frequent visitor to DC. Like other tech CEOs, Wang has made repeated trips to Washington as Congress and the White House weigh AI policy. Prior to President Donald Trump 's 2024 win, Wang, along with just about every major tech CEO, attended then-Senate Majority Leader Chuck Schumer's series of closed-door AI-focused panel discussions. Wang told lawmakers that a 2018 trip to China made it clear to him that US national security depends on AI. "The race for AI global leadership is well underway, and our nation's ability to efficiently adopt and implement AI will define the future of warfare," Wang said in written testimony that was made public. Earlier in 2023, Wang testified before a House subcommittee on military uses for AI. 4. He wrote to Trump about his AI views. A day after Trump's second inauguration, Wang outlined five ways that the president could advance AI in his first 100 days. Scale published an open letter to Trump in a full-page ad in the Washington Post on January 21. "If the United States remains on our current trajectory, we risk falling and staying behind," Wang wrote in the open letter. The CEO wrote that he wanted the US government to emulate tech giants by spending more on data and compute. He also wrote that the administration should establish an interagency task force to review regulations to ensure jobs in AI can flourish in the US. Wang attended Trump's second inauguration. "Honored to be invited to attend the Inaugural at the Capitol!," he wrote on X. "Optimism about AI and tech is palpable in DC this week." 5. He is poised to become Zuckerberg's newest AI exec On Thursday, Scale said that Wang is joining Meta to work on the company's AI efforts. He will continue to serve as a director on Scale's board. Wang is going to work on Meta's superintelligence arm. The tech giant said in a statement that it would share more information about the team soon.
