TRTWORLD — Business News
20261012 070000 UTC
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[00:00:09] of
[00:00:16] You're watching TRT World, I'm Yashini
[00:00:18] a Padiachi with the reminder of our main headlines. Hundreds of
[00:00:22] flights out of Saudi Arabia's
[00:00:24] of capital are being cancelled after the main airport came
[00:00:28] of under attack for second day. One person was killed and 11
[00:00:31] wounded in attack on Sunday afternoon. The ansarala Hutis
[00:00:35] from neighboring Yemen are claiming responsibility. They say they were also
[00:00:39] behind Saturday's missile strike on King Khalid International
[00:00:43] Airport, which killed 13 and injured more
[00:00:45] than 300. An oil tank has gone up in
[00:00:49] flames after hitting naval mine in the straight of Hormus. The vessel was
[00:00:53] trying to get through the
[00:00:54] a waterway after deactivating its navigation system. Iran's
[00:00:58] revolutionary guard says. three tankers have hit mines and caught fire in
[00:01:02] the straight since Saturday. Israel's military
[00:01:06] is continuing to expand its so-called yellow line in the east of
[00:01:10] Gaza City. military vehicles advanced beyond their
[00:01:13] existing
[00:01:14] a positions of in of the shujaia neighborhood under cover of heavy gunfire
[00:01:18] and
[00:01:19] of shelling. The UN says
[00:01:20] of nearly two-thirds
[00:01:21] of the strip is inaccessible to Palestinians or subject to
[00:01:25] severe
[00:01:26] of restrictions. President Valadimir Zelensky says
[00:01:30] Russia has attacked Ukraine's energy facilities despite
[00:01:33] of of a truce announced by the US president.
[00:01:36] of Earlier, Donald Trump posted on social media to say Moscow and Keeve had
[00:01:40] agreed to stop targeting each other's energy infrastructure, but
[00:01:44] didn't provide further details. It comes days after Trump struck deal
[00:01:48] with the Russian president to buy large quantities of
[00:01:51] diesel. Pakistan's government has
[00:01:54] taken control of Kaiba Pakunqua province, the stronghold of
[00:01:58] jailed former prime. minister Imran Khan's party. Officials
[00:02:02] accused the provincial government of failing to tackle armed groups. The
[00:02:06] elected
[00:02:07] of administration has
[00:02:08] of now been suspended. They blocked
[00:02:12] all the roots by placing containers. Why have the roots been blocked? The
[00:02:15] public voted for them. Where is
[00:02:18] in democracy? Who is not implementing the constitution? Look here, wherever the
[00:02:22] constitution is not being implemented, you
[00:02:24] of should get it implemented. Why are you humiliating the
[00:02:27] public? And in India. the opposition align is
[00:02:31] expected to march towards the Supreme Court in the coming hours to support the youth
[00:02:35] lead cockroach movement. The proposed demonstration comes a day after the
[00:02:39] movement's leaders were released from
[00:02:40] detention. The news continues on
[00:02:44] TRT World.
[00:02:47] Intuitive, inclusive, informative. From
[00:02:51] the remotest reaches to the teaming
[00:02:54] Metropolises. The world is one click
[00:02:57] away. TRTworld.
[00:02:59] come
[00:03:14] of
[00:03:20] oil prices fall as Trump announces an energy cease fire has been
[00:03:23] agreed by Russia and Ukraine. Meanwhile, China extends
[00:03:27] its massive gold buying spree as a
[00:03:29] of dumps treasuries and
[00:03:31] of AI experts warn of human extinction by the year
[00:03:34] 20100 as retail algorithms quietly and play
[00:03:38] daily grocery built. hello, i'm
[00:03:41] of with your business news here on TRT
[00:03:42] World.
[00:03:54] of of oil
[00:03:57] of prices fell on Monday as expectations of additional Russian diesel supplies
[00:04:01] eased concerns about global fuel shortages, but renewed attacks in the
[00:04:05] Middle East continue to threaten energy supplies and keep
[00:04:08] investors cautious. International Benchmark Brent fell towards
[00:04:12] $103 a barrel after two-day rally, as US President
[00:04:16] Donald Trump said his administration had reached an agreement for Russia
[00:04:20] to provide hundreds of thousands of tons of diesel fuel. He
[00:04:24] also claimed Russia and Ukraine had agreed to immediate cease
[00:04:27] fire on attacks against energy. infrastructure, although the
[00:04:31] details remain
[00:04:32] a unclear. On Sunday, Saudi Arabia's main airport was targeted again,
[00:04:36] while another tanker was attacked in the straight of wars, although
[00:04:40] crude exports from the Persian Gulf continue to flow at rates
[00:04:44] close to pre-war levels. That also weighed on stock markets across
[00:04:48] Asia with South Korea's Cosby, plunging more than 3 and a half
[00:04:52] percent. Meanwhile, the US dollar held near its strongest level
[00:04:55] in a year and a half as escalating Middle East conflict kept
[00:04:59] investors. worry ahead of key US inflation data later this
[00:05:03] week that will influence monetary policy. for more on this, let's
[00:05:06] cross to Francesco sassi who's a professor of energy politics at the
[00:05:10] University of Oslo. Welcome. back to the program, professor, now Brent
[00:05:14] Crude is easing after President Trump announced a major deal for
[00:05:18] Russia to supply diesel, but given the escalating geopolitical
[00:05:22] friction, how realistic is this supply relief and can Russian
[00:05:25] diesel truly alleviate the global fuel
[00:05:28] shortage? thanks for having me, first of
[00:05:31] all, let me say that Russia
[00:05:34] anticipated the embargo on fuel
[00:05:38] exports because the agreement with the U.S.
[00:05:43] so I think and it's logical to accept that Russia
[00:05:47] demanded some guarantees,
[00:05:49] some safety guarantees from the US in order to be able to export
[00:05:53] this diesel fuel not just to the US but to
[00:05:57] the global markets, this is what Donald Trump
[00:06:01] has asserted
[00:06:02] and at the same time you have seen off lifting sanctions on
[00:06:06] Russian refined products import
[00:06:09] until next April, so we are... speaking about
[00:06:13] six month window that could really
[00:06:16] shift the relationship between US and Russia and
[00:06:20] mid the war in Ukraine and the
[00:06:24] very likely possibility that Ukraine will continue
[00:06:28] to strike against Russian energy infrastructure because the
[00:06:31] sensitivity these infrastructures for the
[00:06:35] Russian war ch the f tr during
[00:06:38] the war but also because it global oil
[00:06:43] 'ers
[00:06:43] are will continue to stay very high because the
[00:06:47] war around the street the moves between the US and
[00:06:50] Iran and there is incentive for UK to
[00:06:54] continue these strikes also because Russia has not start
[00:06:58] striking against right Ukrainian energy
[00:07:02] infrastructure right and we don't have many details about this
[00:07:06] agreement that Trump has announced between Ukraine and Russia but if it does hold
[00:07:10] how much relief could that provide'?
[00:07:13] Well, we are not able to see into this
[00:07:17] agreement because the strategic ambiguity is one the
[00:07:20] leverage the United States has been using not just against
[00:07:24] Russia, but I would say against global competitors, China,
[00:07:28] but also a moment where the
[00:07:32] western immunity in sanctioning the Russian energy
[00:07:36] exports that is really fragile. At this point there is a
[00:07:40] US behavior, a US policy. with Russia that is
[00:07:43] really the opposed one compared to the
[00:07:47] Europe behavior and we cannot
[00:07:51] understand right now how long this fire may
[00:07:54] hold or how great the supply from Russia
[00:07:58] will help with the US to somehow lower diesel
[00:08:02] prices internally, the US administration, the Trump
[00:08:06] administration has major interest in having a very short
[00:08:10] term impact from this agreement because the
[00:08:13] incoming
[00:08:15] um midterm elections and obviously the American energy
[00:08:19] dominance strategy, the agenda that has been there
[00:08:23] since Trump day one is now a peril because
[00:08:26] the rising prices
[00:08:30] with within the US, the markets are are right now
[00:08:34] pricing
[00:08:36] decreasing oil price
[00:08:39] within the US because the... with
[00:08:43] Russia, but it's likely that tomorrow we will
[00:08:46] witness another attack on energy infrastructures around the world
[00:08:50] that will upward will increase the
[00:08:54] upward global prices and then
[00:08:58] again it will present another political problem, a political
[00:09:02] issue for the Trump administration ahead the mid-term
[00:09:06] elections and over the weekend another tanker was attacked in the
[00:09:10] straight of rumors while Saudi Arabia's main airport. was targeted,
[00:09:13] yet crude exports from the Persian Gulf are still flowing at
[00:09:17] near pre-war levels, is the market
[00:09:21] underpricing the physical risk to infrastructure here, or has it
[00:09:24] become immune to this conflict?
[00:09:28] well, I think pressure gold states are
[00:09:31] learning by doing that
[00:09:35] exporting oil through the very unstable
[00:09:39] geopolitical situation in the area has.
[00:09:43] cost for these countries in terms of transport because they have
[00:09:47] to transship oil through the straight
[00:09:51] of moves under the US protection and sometimes
[00:09:54] Iran have been able to strike against tankers that
[00:09:58] are becoming more expensive to hire and just take
[00:10:02] on companies kind
[00:10:04] of bear the risk of doing so so we are
[00:10:06] seeing state interest and state acting
[00:10:10] and is hapting more directly into
[00:10:14] managing these flows, this has a cost,
[00:10:18] immediate cost for stated companies
[00:10:21] in Qatar, in Iraq, in Saudi Arabia.
[00:10:25] but also there is also the possibility that the kinetic warfare
[00:10:29] within the region will increase further the cost and this will
[00:10:33] have obviously negative effects for global oil
[00:10:37] prices. we are seeing instability
[00:10:40] mounting over another instability, the
[00:10:44] one of energy infrastructure, energy trade and supply
[00:10:47] chains and geopolitical variable that continue to
[00:10:51] append the free flow of global.
[00:10:55] oil and refined products, but also LNG from the straight
[00:10:59] of removed from the fire golf to the
[00:11:02] global and marketing. Professor Francesco Sasi
[00:11:06] from the University of Oslo, thank you very much for your insights. Thank
[00:11:09] you. China is
[00:11:13] doubling down on gold, extending its buying streak to the
[00:11:16] longest since at least 2015, and recent slump in
[00:11:20] prices could be giving Beijing a chance to buy even more. The
[00:11:24] people's. Bank of China added around 23 tons of gold in
[00:11:28] September, its biggest monthly purchase in nearly 3 years
[00:11:31] and demand is booming beyond the central bank. Gold
[00:11:35] imports topped 1,00 tons in the first eight months the
[00:11:38] year, hitting record 158 billion dollars
[00:11:42] in value, and the recent price drop may be offering buyers an
[00:11:46] attractive entry point. Gold fell more than eight% in
[00:11:49] September after soring to record highs of above
[00:11:53] $5,500. in January. The freezing of
[00:11:56] Russia's central bank assets after its war in Ukraine underscored
[00:12:00] the risk of holding reserves overseas. Against that backdrop,
[00:12:04] Beijing has been cutting its US treasury holdings, which fell to an
[00:12:08] 18-year low of $618 billion dollars in July as
[00:12:12] it diversifies its reserves. Ordinary Chinese are
[00:12:15] also buying. The prolonged property slamp has weakened what was
[00:12:19] once key source of household wealth. It's also left families with
[00:12:23] fewer attractive places. to invest their savings, with options
[00:12:27] limited and economic uncertainty lingering, many are
[00:12:31] turning to gold. Let's speak now to Mark Oswald who's
[00:12:34] chief economist and global strategist at ADM investor services.
[00:12:38] Welcome back to the program, Mark. Now, why is China so aggressively
[00:12:42] chasing gold right now, and how much higher can this record buying streak
[00:12:46] actually go? Um, I'm not
[00:12:50] sure I would call it aggressively chasing. It's basically down
[00:12:54] to volume of trade, there's much less which
[00:12:57] is being done in dollars, so the rational for
[00:13:01] china actually holding the sort of volumes of treasuries that it
[00:13:05] used to is simply not there anymore,
[00:13:09] diversification as we've you basically central
[00:13:13] banks in in emerging markets above all in Asia
[00:13:16] have been looking for diversification, but keep on
[00:13:20] looking at things like the yen, the euro and finding there just
[00:13:24] not the... same sort of store of value that gold
[00:13:28] is um and so it's it's an actual
[00:13:31] shift in the portfolio structure um
[00:13:35] though it is also reflects a changing global trade.
[00:13:39] remember now that 50% of China's trade is actually
[00:13:42] denominated in Chinese Yuan rather than in
[00:13:46] dollars. Right and with the precious metal falling
[00:13:49] 8% last month is Beijing just smartly buying the dip
[00:13:53] here or is this price collapse? a warning sign that the global
[00:13:56] gold rally is indeed losing
[00:13:58] steam?
[00:14:02] um, gold, gold is caught between two
[00:14:05] forces: one, you've got diversification, on the other hand,
[00:14:09] rising us interest rates, particularly with
[00:14:12] us 5 and 10 year yields above 5%, and
[00:14:16] gold not giving giving offering any interest makes
[00:14:20] it less of less attractive in terms of
[00:14:23] opportunity cost. so
[00:14:26] um uh the other side of that is
[00:14:30] obviously what China does typically with any commodities, it doesn't
[00:14:34] matter whether agricultural, precious metals, industrial metals,
[00:14:37] energy, you it's always looking uh any
[00:14:41] setbacks to increase its stocks uh and
[00:14:45] tends to pull back when prices are high, that's a very standard
[00:14:49] practice which we've observed for 30 years right, and it's not
[00:14:53] just banks every... say Chinese consumers are also pouring
[00:14:57] their money into gold because the property market just isn't offering
[00:15:01] any returns. Does this massive shift signal a loss of
[00:15:04] faith in China's real estate
[00:15:06] sector? Oh, I think the loss of
[00:15:10] faith in China's real estate sector is very real. We've had property
[00:15:14] investment overall uh falling between 12
[00:15:18] and 20% every year for three years. Um,
[00:15:22] there there is no belief in the property sector. amongst the
[00:15:25] consuming consumers, and there are not enough
[00:15:29] measures being taken, because
[00:15:32] it would be a loss of face to rectify this,
[00:15:35] because the... of debt that's
[00:15:39] there in the property sector due to this slump
[00:15:42] is absolutely enormous, it requires something along the
[00:15:46] lines the resolution trust corp that happened in the US in the
[00:15:50] late late 80s and early 90s to try and resolve
[00:15:53] this, but that would be also an admission by the authorities in
[00:15:57] China that basically driving consumers into the
[00:16:00] property sector was to the extent that they
[00:16:03] did uh was not actually very clever and How else
[00:16:07] can China as you said diversify its
[00:16:11] portfolio given its ongoing economic
[00:16:13] problems?
[00:16:17] um, there's not actually much more in the way
[00:16:21] of diversification other than looking at the
[00:16:25] growing um, the the big emerging
[00:16:28] markets uh economies such as Brazil such as
[00:16:32] India, though there are obviously political tensions there with
[00:16:36] India, but looking... those as an alternative, but
[00:16:40] in terms of scale uh relative to
[00:16:44] dollars and gold, they they really only make up a
[00:16:48] small amount, but it's going to be in China's interest to actually
[00:16:51] hold some these, simply because of trade related
[00:16:55] needs for foreign exchange reserves. right, we will leave it there for
[00:16:59] now, Mark Oswalt in London, thank you very much for the
[00:17:01] voice, my
[00:17:04] pleasure, let's take a look at some other stories we follow around the
[00:17:08] world, global wheat prices fell for fourth straight day after Donald
[00:17:12] Trump said Russia and Ukraine had agreed to immediate energy
[00:17:15] ceasefire. The move raised hopes that black sea shipping disruptions
[00:17:19] could ease helping grain supplies flow more freely. Ukrainian
[00:17:23] president Vladimir Zelensky says Kief supports the truce, though
[00:17:27] traders are still waiting for official confirmation from
[00:17:30] Moscow. The IMF says
[00:17:34] strong spending on AI infrastructure is helping keep. global
[00:17:37] growth at around 3%. Asian economies that supply
[00:17:41] chips and other technology are seeing some the biggest
[00:17:45] gains, but the fund warns AI could also reshape
[00:17:49] about 40% of jobs over time. the fund says
[00:17:53] governments will need to manage the shift carefully so
[00:17:57] the benefits of AI are shared more
[00:17:59] widely. and china has sanctioned
[00:18:03] senior ministers from paraguay and belies over their country's
[00:18:06] ties. with Taiwan, the measures freeze any assets they hold in
[00:18:10] China and block Chinese firms and individuals from doing business
[00:18:14] with them. Beijing says the move is aimed at defending its
[00:18:18] sovereignty and opposing support for
[00:18:20] Taiwan.
[00:18:25] Halal may be the best known for food, but its business reach
[00:18:28] extends far beyond it, from tourism to banking and
[00:18:32] technology. In the UK, the London Halal forum is exploring
[00:18:36] how companies can tapping to hallow markets and attract
[00:18:39] investment to like all
[00:18:42] the reports for businesses looking
[00:18:45] to reach new customers, halal can open doors, it
[00:18:49] shapes what people buy, where they travel and how they
[00:18:53] invest. at London's queen Elizabeth the second center, the
[00:18:56] second London Halal forum puts those commercial opportunities on the
[00:19:00] agenda under the theme halal tayib for
[00:19:03] humanity. So the slogan of London Halal forum alway.
[00:19:08] we decided that for th for the first five
[00:19:12] editions to be for
[00:19:14] humanity, so which means halal
[00:19:18] with a high quality for all people, not just
[00:19:22] for muslims, technology is also on the agenda with an exhibition
[00:19:26] zone and a workshop exploring halal compliant artificial
[00:19:30] intelligence. you have some the biggest companies in the world like open ai
[00:19:34] and tropic, they are consulting with people like imams.
[00:19:39] faith leaders to understand what is ethical, so for us as
[00:19:43] entrepreneurs, as people as ecosystem enablers, halal is
[00:19:47] decision making, it's a way of life, it's the way that we operate, it's the
[00:19:51] way that we govern, it dictates everything, so it's not
[00:19:55] just you know capitalistic idea of revenue generation,
[00:19:58] it's also how do you govern ethically, that's what halal means
[00:20:02] in my mind anyway, last year's London Halal forum
[00:20:06] drew more than 1500 participants with over
[00:20:10] 35 international speakers and exhibition boots from
[00:20:14] more than 10 countries. Muslim consumer spending
[00:20:18] across all hal sectors was $2.3 trillion dollars
[00:20:22] in 2023 and is expected to reach $3.6
[00:20:26] trillion dollars in 2028. That growth offers
[00:20:30] opportunities to businesses beyond the few dial. For businesses
[00:20:34] here, success will depend on understanding the consumers.
[00:20:50] compete with Billionaire Makashambani's low-cost of alliance
[00:20:53] Go. His comments come just days before Goo's parent company
[00:20:57] launches India's largest ever IPO, targeting evaluation
[00:21:01] of $106 billion dollars. Musk has accused the Indian government
[00:21:05] of delaying Starling's entry to favor reliance, claim
[00:21:09] New Delhi denies. Meanwhile,
[00:21:13] the European Union plans to cap hybrid car imports at
[00:21:16] 350,000 vehicles year from December. as it
[00:21:20] tries to protect local manufacturers. The limit will apply to all
[00:21:24] hybrid imports, not only those from China to stay within world
[00:21:28] trade organization rules. The deal also includes China cutting
[00:21:32] some tariffs on auto parts and easing duties on certain
[00:21:35] products. And power has been
[00:21:39] restored to eastern Cuba following a partial grid failure that left
[00:21:43] several provinces without electricity. The outage comes as the
[00:21:47] country struggles with fuel shortages and aging power plants
[00:21:51] making the grid more vulnerable and rolling blackours can already
[00:21:55] last up to 20 hours a day, disrupting businesses,
[00:21:58] water supplies and phone
[00:22:00] services.
[00:22:09] Palestinian farmers in the occupied west bank are vowing to defend their
[00:22:12] land from illegal Israeli settlers who stole half their
[00:22:16] harvest and some farming equipment on Sunday. The farm.
[00:22:20] ainabr tried to harvest their olives but only
[00:22:24] managed to fill 15 bags before being pushed back by Israeli
[00:22:27] forces who fired stun grenades muhammad has
[00:22:31] more it's their land,
[00:22:35] their farms and their olives, yet the Palestinian
[00:22:39] farmers face a brutal battle every autumn to access
[00:22:43] them under the shadow of Israeli guns and illegal
[00:22:46] occupation, together the residents of in
[00:22:50] the occupied west bank set out on Sunday to harvest their olive
[00:22:54] trees, keeping alive a tradition known as
[00:22:57] Alona, where people help each other pick the
[00:23:00] crop. Another reason for this unity is to protect their
[00:23:04] land from illegal Israeli settlers who have taken over large
[00:23:08] areas. Israel has declared the area a closed military zone,
[00:23:12] preventing Palestinians from accessing their own land, for
[00:23:16] this land owner, even trying to access his property,
[00:23:20] could lead to arrest he has chosen not to show his
[00:23:23] face feeling
[00:23:24] detention. we have come to harvest
[00:23:28] our own olives. these are our village trees inherited from our fathers
[00:23:32] and grandfathers. thank god our spirits are high because we are
[00:23:36] standing on our own land. we are not here to steal or harm
[00:23:39] anyone. they are the ones coming to us stealing our
[00:23:42] harvest. residents had been on their land for just an hour
[00:23:46] when illegal settlers attacked. minutes later israel
[00:23:58] Illegal settlers ramped the village council's vehicle
[00:24:02] forcing it off the road, attacked residents and tried to
[00:24:06] run people over, they then trave stones at olive pickers from
[00:24:10] higher ground, while Israeli forces fired stunt
[00:24:13] grenades at the Palestinians, illegal settlers
[00:24:17] were seen cutting away the stolen olive harvest. and heading towards
[00:24:21] the top the mountain they had previously taken
[00:24:25] over, the Palestinians have been forced to leave, but they remained
[00:24:29] determined to return and harvest their olives. what happened here reflects
[00:24:33] a wider pattern across the occupied west bank where i legal settler
[00:24:36] violence continues escalate. across the
[00:24:40] occupied west bank, more than 10 attacks are reported
[00:24:43] daily with illegal settler stealing olive harvests in front
[00:24:47] their owners and using equipment. to speed up the
[00:24:51] process, according to the agricultural ministry,
[00:24:55] losses to palestinian's olive sector have
[00:24:57] exceeded $157 million dollars since
[00:25:01] 2023 with around 286,
[00:25:05] olive trees damaged in the west bank, the ministry fears
[00:25:09] these losses to rise as the harvest
[00:25:12] continues. mhammed alwan, trt world,
[00:25:16] ramallah, the occupied west bank.
[00:25:20] Meanwhile, new report warns that the misuse of AI could threaten human
[00:25:24] survival by 2100. The technology is already changing
[00:25:27] how businesses set prices with supermarkets and fast food chains
[00:25:31] using data and algorithms to adjust costs and target
[00:25:35] consumers. The shift is raising concerns about fairness and how
[00:25:39] inflation is measured. The Lance Commission has identified
[00:25:43] 17 catastrophic global threads over the next 75
[00:25:46] years. The malicious use of AI, including by weapons and
[00:25:50] nuclear conflict top the list as the only risks capable of
[00:25:54] causing outright human extinction by 2100.
[00:25:58] Meanwhile, food businesses are rapidly digitizing. McDonald's is
[00:26:02] facing... a US anti-trust lawsuit over an alleged AI
[00:26:05] powered pricing engine, while supermarkets like Kroger, Walmark and
[00:26:09] Tesco are rolling out electronic shaft labels and inventory
[00:26:13] apps that allow for rapid real-time price changes.
[00:26:17] The line between market driven dynamic pricing and personalized
[00:26:20] pricing is vanishing. Retailers can now leverage AI to
[00:26:24] track transaction histories, browsing behavior and even
[00:26:28] facial recognition to estimate the maximum price in individual
[00:26:32] consumer. is willing to pay. Bank of England economists
[00:26:35] warn that individualized pricing splinters the consumer
[00:26:39] experience. If households are charged varying prices for the
[00:26:43] same goods based on their data, aggregate measures like
[00:26:46] the consumer price index become strained, making true
[00:26:50] inflation nearly impossible to track. For more on this, we're
[00:26:53] joined by IT commentator Arthur Goldstack who's in
[00:26:57] Johannesburg. Welcome back Arthur, now the report puts AI alongside
[00:27:01] nuclear war as an extent.
[00:27:03] but right now consumers are dealing with AI at grocery checkout so
[00:27:07] regulators to focused on these apocalyptic sci-fi scenarios
[00:27:11] while missing how algorithms are actively shifting the daily
[00:27:15] economy? thank you, there's no
[00:27:18] question that the alarmist headlines are distracting
[00:27:22] attention from current issues, and what we have to bear in
[00:27:26] mind there is that the launch report identified
[00:27:29] 17 areas or major? threats to
[00:27:33] human health over the rest the
[00:27:36] century and the most
[00:27:40] severe extinction events that identified
[00:27:43] with nuclear power and AI, so the headlines are
[00:27:47] all around AI nuclear power and equating the
[00:27:51] impact of AI with nuclear power, but what is made very
[00:27:54] clear in the report is if you read between the lines and
[00:27:58] if you read the fine print of course which headline writers don't use,
[00:28:03] uh is the fact that this is based on the worst
[00:28:06] case scenario if nothing is done about it and the very fact that
[00:28:10] economists are warning about AI pricing now
[00:28:13] and we are already seeing action being taken and
[00:28:17] potential anti-trust action or regulatory
[00:28:20] action or fines being levied for personalized
[00:28:24] AI pricing tells us that lot these issues are being
[00:28:28] addressed right now there is
[00:28:31] attempt. by some administrations like the United States
[00:28:35] to keep their hands off regulating AI
[00:28:38] in order not to hold it back, but at the same time there's
[00:28:42] an equal thrust towards punishing companies
[00:28:46] that allow AI to go rogue for example, or that
[00:28:50] violate personal privacy or the rights
[00:28:54] of consumers, and the AI pricing issue
[00:28:57] is a very clear violation of consumer rights,
[00:29:01] so I this will be addressed, but the other element that we must
[00:29:05] bear in mind with regard to the launset
[00:29:09] extinction warning is that it requires a
[00:29:12] massive amount of coordination between different
[00:29:16] sectors and across different infrastructure to make those
[00:29:20] doomsday scenarios possible, and I believe
[00:29:24] that much will be done in the meantime,
[00:29:27] whereas we're not really focusing on current problems causing
[00:29:31] major health. issues like pollution, which the World Health
[00:29:35] Organization says is responsible for 7 million deaths a
[00:29:38] year, that's really severe consequence, and it's not getting the airlines
[00:29:42] that should because the Doomsday scenarios. The Bank of England
[00:29:46] says personalized pricing could break our ability to
[00:29:50] measure consumer uh prices. If everyday
[00:29:53] household uh goods
[00:29:56] are effectively has its own inflation
[00:29:59] rate, how can central banks possibly? set effective a
[00:30:03] monetary policy? guess the central banks will
[00:30:07] use AI to help and come up with new frameworks
[00:30:11] for measuring inflation, but the more serious
[00:30:14] problem is how consumers can budget their own household
[00:30:18] expenses, if they don't know what the price is going to be
[00:30:22] between deciding what they need and getting to the supermarket or
[00:30:26] even going online and seeing that price changing in
[00:30:29] real time it becomes exceptionally difficult to manage. uh finances
[00:30:33] and for that reason I believe that there will be clamp down on AI
[00:30:37] based personalized pricing right
[00:30:39] and we will have to leave it there for now Arthur Goldsteck in Johannesburg thank you very much
[00:30:43] for speaking to us
[00:30:44] thank you well that's the business
[00:30:48] news for now thanks for
[00:30:49] watching
[00:30:58] a journey across a dynamic continent
[00:31:03] Africans,
[00:31:04] you want to be prosperous, don't think of.