Tag: IBM
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US Treasury Warns of Imminent Cash Shortage by June 1, Biden to Hold Debt Ceiling Meeting
US Treasury Secretary Janet L Yellen warns of brewing cash crisis due to current debt ceiling impasse. In response, President Joe Biden has called to action leaders from both parties to resolve the issue, as well as suspending issuance of State and Local Government Series Treasury securities. Yellen highlights the significant risks for US taxpayers and the US credit rating if urgent action is not taken.
IBM to Freeze Hiring and Replace Jobs with AI – Impact on Human Jobs?
IBM, led by CEO Arvind Krishna, is making a big shift, replacing up to 7,800 jobs with AI over the next five years. With cost-saving potential and focus on customer-facing roles, IBM is embracing robotics technology to renew their workforce and annual cash flow. Recent surveys suggest the AI talent in India is rising rapidly, pushing for further automation, yet the superiority of humans over robots is still a challenge.
Union Finance Minister Nirmala Sitharaman’s Visit to South Korea: A 4-Day Tour
Union Finance Minister Nirmala Sitharaman begins four day visit to South Korea for the Asian Development Bank's 56th Annual General Meeting of the Board of Governors. Minister to meet officials from other nations, and discuss policies to aid Asia's rebound from the pandemic. She will also look to promote FDI and spread diaspora awareness.
IBM Stops Recruiting for 7800 Positions that Could be Replaced by AI
IBM, the global technology leader, is redefining the future of work by freezing its non-AI-related hiring process. CEO Arvind Krishna's decision could free up 7,800 jobs that could be automatized over 5 years. Despite worries over AI's impact on tech, media, and legal industries, IBM has already created 1.5% more jobs this year. With roles ranging from Cloud and Cognitive Software to analytics and supercomputing, IBM is driving digital transformation for the future.
OpenAI Attempts to Trademark ‘GPT’ Following Its ‘Open’ Name
OpenAI, a non-profit organization aiming to offer open-source technology and AI, is looking to trademark the term "GPT". This move has raised some eyebrows given their open-source values - GPT has become associated with AI chatbots, due to OpenAI's success. OpenAI applied for the USPTO trademark but the lack of documents means they will have to wait 5 months for a decision. OpenAI hopes this trademarking will protect its core concept and ensure its founders get credit where due.