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☆ The AI boom could go one of 2 ways, and the path companies choose could make or break the US workforce
▼ + stars: | 2023-05-28 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

Businesses are expected to use AI to boost productivity and their profits. The adoption of AI could mean higher wages for workers — or that they lose their jobs altogether. In the years ahead, generative AI including ChatGPT could disrupt — not necessarily replace — 300 million full-time jobs across the globe, according to Goldman Sachs. Over the next decade, that AI productivity boost could increase S&P 500 profits by 30% or more, Ben Snider, a senior strategist at Goldman Sachs, told CNBC last week. "AI will make superstar companies more productive and profitable, but those profits might be achieved at the expense of other companies," he said.

☆ BT is cutting 55,000 jobs. Its CEO says AI could replace 10,000 of those by 2030.
▼ + stars: | 2023-05-19 | by ( Aaron Mcdade | Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

British telecommunications giant BT said it will cut between 40,000 and 55,000 jobs by 2030. British telecommunications giant BT Group said it's planning to cut as many as 55,000 jobs by 2030 — and at least 10,000 of those jobs could be replaced by some form of artificial intelligence. BT Group CEO Philip Jansen said on an earnings call that the company will be a "beneficiary of AI — unequivocally," according to CNN. Jansen estimated that about 10,000 of the jobs BT will eliminate can be replaced by processes of "digitization and automation," like AI replacements. Now there's also a little research indicating how workers, particularly those in customer service, are interacting with such tools.

☆ Morning Bid: Get ready for the debt ceiling rally
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Kevin BucklandEuropean shares look poised to rally after a wave of optimism that a U.S. debt ceiling deal could be reached as soon as the weekend, which lifted stocks on Wall Street and in Asia. Analysts highlighted how both parties agreed to new, smaller teams to continue negotiations, which they took as a sign that discussions have moved to a more advanced stage. Cash available at the U.S. Treasury general account, used to pay for all official U.S. obligations, is draining fast as extraordinary measures are exhausted, pending a debt ceiling deal to raise the limit. The Nasdaq is on the cusp of a 13-month peak, and the Dax is hovering near its highest since January of last year. Reporting by Kevin Buckland; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ British telecom giant BT to cut up to 55,000 jobs by 2030
▼ + stars: | 2023-05-18 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

LONDON — U.K. telecommunications giant BT Group said Thursday it will cut between 40,000 to 55,000 of its workforce between 2028 and 2030. The layoffs, which will include both direct BT employees and third-party workers, will mark a 31-42% reduction in company staffing. New BT Group will be a leaner business with a brighter future," BT Chief Executive Philip Jansen said in a statement. BT's last large-scale workforce reduction saw the company announce in 2018 that it would slash 13,000 posts over a three-year period. BT shares were down 8% by 9:30 a.m. London time.

☆ BT to cut up to 55,000 jobs by 2030 as fibre and AI arrive
▼ + stars: | 2023-05-18 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

By that time, the bulk of its full-fibre network build will be completed. But free cash flow (FCF) fell 5% to 1.3 billion pounds, at the lower end of its guidance, due to increased cash capital expenditure. Forecasts for free cash flow for 2024 were also lighter than analysts had expected. It has been investing heavily to build out its fibre network faster than rival Virgin Media O2 and smaller "alt nets". BT said it expected to grow both revenue and core earnings on a pro forma basis this year.

☆ BT jobs: Company will shed as many as 55,000 workers by 2030
▼ + stars: | 2023-05-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —BT Group is planning to slash up to 55,000 jobs in the next five to seven years as it makes greater use of technology to cut costs and simplify its business. The UK telecom company said Thursday that its total workforce would fall to between 75,000 and 90,000 by 2028-2030, from 130,000 at present. “New BT Group will be a leaner business with a brighter future.”Earlier this week, Vodafone (VOD), once the world’s biggest mobile telecom group, said it would cut 11,000 jobs, or about 11% of its workforce, over three years. The company also unveiled a turnaround plan to revive its ailing fortunes under new CEO Margherita Della Valle. Its adjusted earnings rose 5% to £7.9 billion ($9.8 billion).

☆ BT to reduce workforce by up to 55,000 jobs by 2030
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

LONDON, May 18 (Reuters) - BT Group (BT.L), Britain's biggest broadband and mobile provider, said on Thursday it would reduce its workforce by up to 55,000 jobs by the end of the decade to become a much leaner business. The announcement came after it met market expectations with a 5% rise in full-year adjusted core earnings of 7.9 billion pounds ($10 billion) after growth in networks and consumer offset a decline in enterprise. "New BT Group will be a leaner business with a brighter future," he said. He said BT had grown both pro forma revenue and core earnings for the first time in six years in the year to end-March, while navigating an "extraordinary macro-economic backdrop". The group said it expected to grow both revenue and core earnings on a pro forma basis this year.

☆ UK equities rise on upbeat global mood, BT Group tumbles on weak cash flow
▼ + stars: | 2023-05-18 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

"There's clearly a lack of real strategy and it's not enough to just say we're going to cut costs. Vodafone Group Plc (VOD.L) earlier this week said it would cut 11,000 jobs globally over three years after it warned that a poor performance in its biggest market Germany would hit cash flow. The blue-chip FTSE 100 (.FTSE) rose 0.6%, reflecting an upbeat mood in global markets on hopes that Washington is edging closer to a deal to raise the U.S. debt ceiling and avert a default. Among other movers, luxury group Burberry Group Plc (BRBY.L) fell 6.2% as continued weakness in the United States overshadowed a stronger-than-expected fourth quarter sales driven by a rebound in China. EasyJet Plc rose 1% after the airline posted a first-half loss in line with its guidance.

“All it took was for the government to change,” said Alessia Crocini, an activist with LGBT group Rainbow Families. “The climate that has been created over the last few months is really like a witch hunt.”Salvatore Laporta/IPA/Zuma

☆ Factbox: What is embattled British business group the CBI?
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +5 min

Below is some information about the CBI and its role:WHAT IS THE CBI? Founded in 1965, the CBI is Britain's top business lobby group. A not-for-profit organisation, the CBI says it represents 190,000 businesses employing nearly 7 million people, including many of Britain's biggest companies. In his speech, Sunak called the CBI "a valued institution in this country and a powerful voice for business". A spokesperson for NatWest said the bank had no confidence in the CBI's capacity to be a strong representative voice for British business at present.

[1/2] A Confederation of British Industry (CBI) logo is seen during their annual conference in London, Britain November 9, 2015. "While the CBI was not previously aware of the most serious allegations, it is vital that they are thoroughly investigated now and we are liaising closely with the police," CBI President Brian McBride said. Virgin Media O2 criticised how the CBI had dealt with the allegations. Aviva (AV.L) and two other insurers, Phoenix Group and Zurich Insurance Group (ZURN.S), also quit on Friday along with asset manager Schroders. Accountancy firm PWC suspended activity with the CBI, as has telecoms company BT Group, while bank Santander said it was reviewing its membership.

☆ Goldman Sachs' top stock picks in Europe include three with over 100% upside
▼ + stars: | 2023-03-31 | by ( Zavier Ong | ) www.cnbc.com time to read: +2 min

"The macro backdrop remains uncertain … That said, we see scope for alpha opportunities with returns dispersion across sectors," Goldman's analysts, led by John Sawtell, wrote in a Mar. Out-of-consensus buys The bank identified a raft of out-of-consensus stock picks, where each stock is rated "buy" by fewer than 50% of analysts covering them. Goldman gives Deutsche Bank potential upside of 114%. UBS , which recently swooped in with a rescue deal for embattled Credit Suisse, is also on Goldman's screen, with potential upside of 104%. The bank gave British telecommunications firm BT Group potential upside of 101%.

☆ UK's Ofcom delays BT fibre pricing decision after CEO remarks
▼ + stars: | 2023-03-17 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

Rivals such as Virgin Media O2 and alternative fibre providers known as altnets are investing billions of pounds to build competing networks. 'SIGNIFICANT CONCERN'But comments made by BT Chief Executive Philip Jansen to the Financial Times - headlined "BT chief warns Openreach fibre push will 'end in tears' for rivals" - caused "significant concern", Ofcom said. Ofcom chief Melanie Dawes said in a letter to Jansen, published on Friday, that the regulator was committed to network competition. "They must question why BT Group is reducing its wholesale charges whilst increasing the prices that consumers pay for broadband," INCA said. BT's earlier wholesale pricing, Equinox, was challenged by altnet CityFibre, but Ofcom decided not to intervene.

Meanwhile, extremely wide forecasts for new public borrowing requirements make the outlook for government bonds uncertain. Here are the main budget predictions for UK stocks, gilts and the pound. However NatWest analysts flagged that the OBR will likely revise down growth forecasts for the next five years, making the outlook for interest rates finely balanced. Hunt will likely keep the budget "reasonably dull" after Truss's "mini-budget" sent sterling to its lowest on record, she added. Investors in UK stocks are already grappling with a wide valuation gap with U.S. equities.

Bankman-Fried, FTX's founder, pleaded not guilty to eight criminal charges filed against him in December. Bankman-Fried now faces 12 criminal charges after prosecutors unsealed a new indictment against him last week. Singh is the third Bankman-Fried close associate to plead guilty and agree to cooperate with prosecutors. Caroline Ellison, who was Alameda's chief executive, and Gary Wang, who was FTX's chief technology officer, pleaded guilty in December to seven and four criminal charges, respectively. Singh was a close friend of Bankman-Fried's younger brother in high school, Bankman-Fried wrote in a deleted blog post.

☆ Indian shares set to fall for third day on Fed rate-hike worries
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 8 (Reuters) - Indian shares were set to dip for a third straight session on Thursday, as concerns over a possible U.S. recession and the pace of the Federal Reserve's rate hikes dampened sentiment. India's NSE stock futures listed on the Singapore exchange were down 0.07% at 18,658.50 as of 8:05 a.m. IST. U.S. worker productivity data for the third quarter beat forecasts on Wednesday, muddying a debate on the trajectory of Fed's rate hikes. Foreign institutional investors sold a net 12.42 billion rupees ($151.09 million) worth of equities on Wednesday, while domestic investors bought net 3.89 billion rupees ($47.32 million) worth of shares, as per provisional NSE data. read more** Axis Bank : Lender to raise up to 120 billion Indian rupees through sale of Basel III compliant Tier-II bonds.

JAKARTA, Dec 6 (Reuters) - Indonesia's new criminal code ushers in a raft of new laws, including banning sex outside of marriage, insulting the president, and expressing any view that runs counter to state ideology. Indonesia is also trying to entice foreign visitors back after the pandemic and the national tourism board described the new code as "totally counter-productive". We have already expressed our concern to the ministry of tourism about how harmful this law is," said Maulana Yusran, deputy chief of Indonesia's tourism industry board. Indonesia has been discussing revising its criminal code since declaring independence from the Dutch in 1945. Defending the passage of the bill against criticism, Indonesia's Law and Human Rights Minister Yasonna Laoly told parliament on Tuesday: "It's not easy for a multicultural and multi-ethnic country to make a criminal code that can accommodate all interests."

☆ Web designer opposed to gay marriage at center of U.S. Supreme Court clash
▼ + stars: | 2022-12-02 | by ( Andrew Chung | ) www.reuters.com time to read: +7 min

[1/4] Web designer Lorie Smith, plaintiff in a Supreme Court case who objects to same-sex marriage, poses for a portrait at her office in Littleton, Colorado, U.S., November 28, 2022. She argues that Colorado anti-discrimination law violates free speech rights by forcing artists - including web designers - to express messages through their work that they oppose. The Supreme Court did not take up one aspect of her challenge to Colorado law based on religious rights also protected by the First Amendment. His legal battle with Colorado also reached the Supreme Court, which ruled narrowly in his favor in 2018. The state warned against endorsing Smith's view of free speech protections.

☆ Despite the recent chaos, UK stockpickers are rubbing their hands: Here's what they're buying
▼ + stars: | 2022-11-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

The U.K. has been beset by political and economic instability in recent months, but as the investment environment undergoes a fundamental transition, investors see opportunity. These attractive valuations for U.K. stocks were also identified in a note last week by BlackRock Fundamental Equities. "Not only has the U.K. discount widened to a level not seen since 2008, but companies are buying back record amounts of their own shares. This compares to the current yield on UK 10-year gilts of around 4%." GAM holds around 50% of its U.K. equity income portfolio in small and midcap stocks, with a focus on companies with strong competitive moats.

☆ EXCLUSIVE With eye on Big Tech, energy crisis, EU telcos call for shared network costs
▼ + stars: | 2022-09-26 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

REUTERS/Wolfgang Rattay/BRUSSELS, Sept 26 (Reuters) - Deutsche Telekom (DTEGn.DE), Orange (ORAN.PA), Telefonica (TEF.MC) and 13 other European telecoms providers on Monday made their strongest push for Big Tech to share network costs, citing the energy crisis and EU climate change goals. Register now for FREE unlimited access to Reuters.com Register"Costs of planning and construction works are increasing. Similarly, the hikes in energy prices and in the prices of other inputs are also hitting the connectivity sector," they said. Big Tech has rebuffed such requests, saying they are already investing in equipment and technologies to deliver content more efficiently. ($1 = 1.0301 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Foo Yun Chee;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

☆ BT Group workers announce further strike action over pay dispute
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterLogo of British Telecom (BT) is displayed outside a store in London, Britain, November 15, 2019. REUTERS/Simon Dawson/File PhotoSept 21 (Reuters) - About 40,000 British workers for telecoms company BT Group (BT.L) and its networking arm Openreach will hold a national strike over pay in October, the Communication Workers Union (CWU) said on Wednesday. Members of the union, including BT Group's 999 emergency call handlers, will hold a strike for four days in October: Oct. 6, Oct. 10, Oct. 20 and Oct. 24. The dispute centres on workers opposing the imposition by company of an "incredibly low flat-rate pay rise," the union said. ($1 = 0.8836 pound)Register now for FREE unlimited access to Reuters.com RegisterReporting by Akriti Sharma in Bengaluru; Editing by Chris Reese and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

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