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☆ US small business sentiment slumps to more than 10-year low
▼ + stars: | 2023-05-09 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

WASHINGTON, May 9 (Reuters) - U.S. small business confidence fell to more than a 10-year low in April on worries about the near-term economic outlook and persistent worker shortages, but there were few signs that businesses were having difficulties accessing credit. The National Federation of Independent Business (NFIB) said on Tuesday its Small Business Optimism Index dropped 1.1 points to 89.0 last month, the lowest level since January 2013. "As we've argued before, though, measures of sentiment are often a poor guide of what is likely to happen in the economy because it tells us more about how business owners are feeling, rather than what they are doing." The share of owners expecting better business conditions over the next six months fell two points to a net negative 49%. Forty-five percent of owners reported job openings that they could not fill, up 2 points from March.

☆ MBA professors identified which kinds of workers are most at risk when new tech comes along — and the ones who'll stay relatively safe
▼ + stars: | 2023-05-09 | by ( Roberta Kwok | Kellogg Insight | ) www.businessinsider.com time to read: +12 min

That allowed them to track how breakthrough technologies impacted the exposure of workers in relevant occupations over time. Based on U.S. Census surveys from 1910 to 2010, the team found that an increase in technology exposure was linked to a decline in employment. These employees saw their wages slow down by more than twice as much as average workers in the same occupation with the same level of technology exposure. Even when their technology exposure did go up, their income didn't slow down as much as it did in other types of occupations. "Not all technology is bad for workers," Seegmiller says.

☆ AI is doing the work of 250 people at an energy company and satisfying customers better than trained workers, CEO says
▼ + stars: | 2023-05-09 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

The CEO of Octopus Energy says AI is doing the work of hundreds of people at the company. He said emails written by AI delivered better customer satisfaction than trained workers. The CEO of Octopus Energy, a UK-based household energy supplier, says artificial intelligence is doing the work of 250 people at the company. Now, AI replied to more than a third of customer emails, which is the work of about 250 people, Jackson said. Representatives for Octopus Energy did not immediately respond to Insider's request for further comment.

☆ ChatGPT is powered by these contractors making $15 an hour
▼ + stars: | 2023-05-08 | by ( David Ingram | ) www.cnbc.com time to read: +7 min

Out of the limelight, Savreux and other contractors have spent countless hours in the past few years teaching OpenAI's systems to give better responses in ChatGPT. So far, AI contract work hasn't inspired a similar movement in the U.S. among the Americans quietly building AI systems word-by-word. watch nowJob postings for AI contractors refer to both the allure of working in a cutting-edge industry as well as the sometimes-grinding nature of the work. There's no definitive tally of how many contractors work for AI companies, but it's an increasingly common form of work around the world. A spokesperson for OpenAI said no one was available to answer questions about its use of AI contractors.

☆ How much money do you need to buy a home in 2023?
▼ + stars: | 2023-05-04 | by ( Ana Connery | ) edition.cnn.com time to read: +9 min

Whether you’re looking to buy your first home or upgrade the one you already have, homebuyers often wonder how much money they really need to buy a home. And these days, the answer is ever more complicated thanks to the high interest rates and inflation. Refinance it with a balance transfer cardToday’s average homebuyerWe may see interest rates fall once rent comes down. The main culprits that everyone points to are inflation and interest rates, but many experts think interest rates have peaked. Home inventory is still low in some areasDespite high interest rates, you might still see multiple offers on one home.

☆ Check out the pitch deck that Ukraine startup Fuelfinance, which aims to help finance teams replace Excel with better tools, used to raise $1 million from a war zone
▼ + stars: | 2023-05-04 | by ( Melia Russell | ) www.businessinsider.com time to read: +2 min

In January, it raised $1 million in seed funding from angels at Google, Meta, and Salesforce. That's the situation Alyona Mysko found herself in as the chief executive and cofounder of Fuelfinance, a tiny accounting startup based in Ukraine. In January, Fuelfinance raised $1 million in a seed round of funding from angel investors at companies including Google, Meta, Salesforce, and Uber. Fuelfinance is taking on giants like Microsoft Excel and Pilot with its cloud-based approach to financial planning. Here's the pitch deck that Fuelfinance used to convince employees of Google, Meta, and Salesforce to invest $1 million.

☆ US Declining Population, Worker Shortage Will Cause Economic Crisis Without a Fix
▼ + stars: | 2023-05-04 | by ( Gadel Valle | ) www.businessinsider.com time to read: +15 min

That means that unless people start having a lot more kids, the US population could eventually start to shrink — just like China's population has. While the US population has managed to avoid an outright drop, population growth reached an unprecedented low of 0.12% in 2021. One way the US could encourage more immigration is by focusing on temporary visas for specific industries that need workers. And the treatment of workers in the country on temporary visas has been a problem for decades. After all, the US is running out of options, and soon its growing people shortage is going to spell economic disaster.

☆ High-skilled customer service workers given an AI assistant saw 'close to 0' boost in their productivity
▼ + stars: | 2023-05-04 | by ( Sindhu Sundar | Madison Hoff | ) www.businessinsider.com time to read: +4 min

The study found AI can help lower-skilled workers “communicate more like high-skill agents.”Morning Brew Insider recommends waking up with, a daily newsletter. New research may be showing insight into what generative AI could mean for workers at different skill levels. "But, as you can imagine, it doesn't help the high-skill workers that much, because that's the stuff that they already knew." "I think that we all are beginning to see that generative AI is different from some of the earlier waves," Brynjolfsson said. But he added that generative AI could be helpful for brainstorming ideas, or for creative purposes.

☆ Dubai to build world's first 3D-printed mosque
▼ + stars: | 2023-05-03 | by ( Nadia Leigh-Hewitson | ) edition.cnn.com time to read: +3 min

CNN —In recent years, 3D-printing has been used to build everything from homes to businesses and even bridges. Now, Dubai is set to construct the world’s first 3D-printed mosque. A rendering of the 3D-printed mosque, which will be built in Bur Dubai. By 2019 it held the world record for the largest 3D-printed structure – the Dubai Municipality building (standing 9.5 meters tall with an area of 640 square meters) – as well as being home to the world’s first 3D-printed office, and a 3D-printed drone research laboratory. He believes that a project like Dubai’s proposed mosque is the next phase in 3D-printed architectural design, but anticipates it will face challenges.

☆ Workers in a study got an AI assistant. They became happier, more productive, and less likely to quit.
▼ + stars: | 2023-05-03 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

Instead of looking at whether AI will replace workers, a study suggests it could improve work lives. A recent study by Erik Brynjolfsson, Danielle Li, and Lindsey R. Raymond shows that generative AI can actually boost productivity for workers. While their study was about generative AI and its impact on workers at a company, the researchers noted that the purpose of the study isn't to "shed light on the aggregate employment or wage effects of generative AI tools." The paper stated that the AI system used was "designed to augment, rather than replace, human agents." The AI system used by some of the workers in the study consisted of a GPT-based large language model along with machine learning algorithms.

☆ Germany has a plan to tackle a rapidly ageing workforce: recruiting robots
▼ + stars: | 2023-05-01 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

But what does enhancing the workforce through robots and digitalization actually look like? There won't be major job losses as a result of digitalization, according to Ulrich Walwei, vice director of Germany's Institute for Employment Research. Ultimately, the goal of integrating robots into the workplace is to augment human capabilities, not replace them. "Our robots can free up human workers to focus on more complex and creative work, leading to more fulfilling and engaging jobs," Pehlivan told CNBC via email. "Ultimately, the goal of integrating robots into the workplace is to augment human capabilities, not replace them," he added.

☆ U.S. Struggles to Replenish Munitions Stockpiles as Ukraine War Drags On
▼ + stars: | 2023-04-29 | by ( Doug Cameron | ) www.wsj.com time to read: 1 min

U.S. defense contractors’ inability to quickly replenish weaponry such as missiles and munitions for Ukraine has led Pentagon officials to argue that industry consolidation has gone too far and raised questions about how prepared America is for conflict. Illustration: Adele MorganMore than a year after Russia’s full-scale invasion of Ukraine, U.S. plans to increase production of key munitions have fallen short due to shortages of chips, machinery and skilled workers. Arms makers have added factory shifts, ordered new equipment and streamlined supply chains to boost output of Javelin antitank missiles, artillery shells, guided rockets and much more, which Ukrainian forces are firing by the thousands at the Russian invaders.

☆ U.S. Push to Restock Howitzer Shells, Rockets Sent to Ukraine Bogs Down
▼ + stars: | 2023-04-29 | by ( Doug Cameron | ) www.wsj.com time to read: 1 min

☆ US should supply F-16 fighter jets to Ukraine now to end the stalemate with Russia and win the war, former US Air Force colonel says
▼ + stars: | 2023-04-29 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +3 min

F-16s are "critical" to rapidly defeat Russia, retired Air Force Col. Jeff Fischer told the Kviv Post. It would only take two to six months to train Ukrainian pilots to use the jets, Fischer argued. The Biden administration previously said it would not send the US-made fighter jets to Ukraine. There are 4,500 fighter jets already manufactured, he said, and the US is still producing them. While some have argued the single-seat fighter jets would be a "game changer" for the country, other experts believe it might prove more complicated.

☆ U.S. Says Some Companies Cheat H-1B Lottery, Driving Record Applications
▼ + stars: | 2023-04-28 | by ( Michelle Hackman | ) www.wsj.com time to read: 1 min

Citizenship and Immigration Services has laid out its findings on the H-1B visa lottery in a notice to employers. Photo: Pete Marovich/Washington Post/Getty ImagesWASHINGTON—The Biden administration says it has found evidence that several dozen small technology companies have colluded to increase the chances that their prospective foreign hires will win a coveted H-1B visa for skilled foreign workers in this year’s lottery. Citizenship and Immigration Services, the federal agency that awards H-1B visas, said it has found that a small number of companies are responsible for entering the same applicants into the lottery multiple times, with the alleged goal of artificially boosting their chances of winning a visa. The findings were laid out in a notice to employers viewed by The Wall Street Journal and set to be released Friday.

☆ Companies Are Colluding to Cheat H-1B Visa Lottery, U.S. Says
▼ + stars: | 2023-04-28 | by ( Michelle Hackman | ) www.wsj.com time to read: 1 min

☆ Tech Companies Are Colluding to Cheat H1-B Visa Lottery, U.S. Says
▼ + stars: | 2023-04-28 | by ( Michelle Hackman | ) www.wsj.com time to read: 1 min

Even gaining qualifications in Italy didn't help Abhishek, a 26-year-old migrant from India who got a master's degree in mechanical engineering at Turin's Polytechnic University last year. Italy, which is also contending with an exodus of skilled nationals to stronger economies, needs qualified immigrants to fill growing skilled labour shortages, many economists say. In 2023, work permits will be granted to around 83,000 non-EU migrants, according to government data, less than a third of the 277,000 who applied for them. Barbera at Turin University said the lack of migrants in skilled professions has become entrenched and hard to reverse. "Migrants in Italy have virtually no access to the middle class," he said.

☆ Heading into retirement? Here are 4 key tips for mapping out a game plan
▼ + stars: | 2023-04-28 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Claiming Social Security benefits• Key deadline to watch: By age 60, you should go to the Social Security Administration website and review your statement, recommends Craig Copeland, director of wealth benefits research at EBRI. When to claim Social Security retirement benefits is one of the big questions retirees face. At full retirement age — 66 or 67, depending on your date of birth — you will receive 100% of the benefits you earned. "The later you can file for Social Security, the better it is as far as the amount you're going to get," John said. While you may start your Social Security retirement benefits at age 62, eligibility for Medicare generally does not start until age 65.

☆ Carl Icahn calls Illumina Q1 results ‘very disappointing,’ slams cost-cutting plan
▼ + stars: | 2023-04-28 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Carl Icahn on Friday called Illumina's first-quarter results "very disappointing" and slammed the DNA sequencing company's new plans to cut costs. "Illumina CEO Francis deSouza seems to believe that he can fool all of the people all of the time," Icahn wrote. Illumina's stock is down more than 9% since the company reported earnings. In that missive, Icahn also took shots at cost-cutting plans Illumina unveiled to improve its shrinking margins. Illumina reported a negative operating margin of 5.7% for the quarter, down from 15% during the same period a year ago.

☆ How A.I. could change the future of work
▼ + stars: | 2023-04-28 | by ( Brad Howard | In | ) www.cnbc.com time to read: +1 min

The recent rapid rise of accessible artificial intelligence tools has the potential to upend dozens of industries. A recent report by Goldman Sachs laid out some stark possibilities when it comes to AI and the economy. The report estimates two-thirds of jobs in the U.S. and Europe, and around 300 million positions worldwide could be exposed to automation from new AI advances. The report also notes that one-fourth of all work being done could be replaced by generative AI. Watch the video above to find out more about how AI could change the future of work

☆ Dortmund captain Reus extends deal to 2024-club
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 27 (Reuters) - Borussia Dortmund captain Marco Reus has signed a one-year contract extension to 2024, the Bundesliga club said on Thursday. The 33-year-old, a Dortmund youth player who joined the senior team in 2012 from Borussia Moenchengladbach, has become their talismanic leader despite an injury-plagued career. With 161 goals in all competitions in his Dortmund career he is just 16 shy of the club's record. "But beyond that, I still really want to do my best for the club I've spent over half my life with. Dortmund next play VfL Bochum in the Bundesliga on Friday.

☆ The best of Milan Design Week 2023
▼ + stars: | 2023-04-27 | by ( Marianna Cerini | ) edition.cnn.com time to read: +8 min

Milan CNN —The design world’s largest annual fair enjoyed a return to full pre-pandemic form with its 2023 showcase, transforming the city of Milan with hundreds of exhibitions, site-specific installations, pop-ups and public projects. Almost everywhere, the focus was on sustainable design, circular economy, material innovation and artistry combining craft with innovation. Some of the most interesting ideas were those that looked at waste – literally – to rethink what design can do when it uses what is already there. Shown in various stages of decomposition, the chair challenged viewers to approach products with the end of their lifecycle in mind. Top image: One of two bags design legend Gaetano Pesce created for Bottega Veneta’s Milan Design Week installation.

The fifth of young Chinese without jobs among a highly-educated generation is a record. The number of master's and Ph.D graduates in Beijing exceeds undergraduates for the first time, education authorities said. "However, young people who really pin their hopes on the gods and Buddhas when under pressure are also clearly going astray." "I don't believe I will ever find my ideal job," said the urban planning graduate, who spoke on condition of anonymity to protect her job prospects. "Why, instead of helping private enterprises develop, do you blame 11.58 million graduates for not taking off their scholar gowns?"

☆ Australia to overhaul immigration system, smooth entry for skilled workers
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, April 27 (Reuters) - Australia proposed on Thursday overhauling its immigration system to speed up getting highly skilled workers into the country and smoothening the path to permanent residency. It is failing our businesses, it is failing migrants themselves. Australia has been competing with comparable countries, like Canada and Germany, to lure more skilled migrants, with the surge in demand exacerbated by an ageing population. But it will not add to Australia's annual intake of permanent migrants, she said. From July 1, the government said it would raise the migrant wage threshold of temporary skilled workers to A$70,000 ($46,250) from A$53,900, stuck at the same level since 2013.

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