Organization for Economic Co-operation and Development (OECD) has published a report for the 2023 labor market and artificial intelligence focusing on the manufacturing and financial sectors. The OECD Outlook 2023 gives a deeper understanding of the benefits and downsides of artificial intelligence (AI) in the workplace.

According to OECD Outlook 2023, the United Kingdom proves to be the foremost among other countries when it comes to the active engagement of employers in consulting their employees and the worker representatives regarding the usage of artificial intelligence at the workplace. Ireland and Germany come next to the United Kingdom, but the United States and France are far behind in the list of countries actively involved in…

Mexico ranks top as the trading partner for the United States at the beginning of 2023, according to the most recent data published by the U.S. Census Bureau. Mexico's total trade with the United States increased by 12 percent year-over-year to USD 64 billion compared to the same period in 2022. Canada ranks second, and China ranks third with their trade with the United States, with USD 62 billion and 51.3 billion, respectively, in 2023

With most of the exports for the United States going to Mexico, Canada, China, Japan, and the United Kingdom, the country exported to a record of 39 countries in 2022, as per USA Facts. The U.S. imported USD 4 trillion in goods and services and exported USD 3 trillion in 2022, and the biggest trading…

Japan is one of the biggest importers of energy commodities, and the country suggests setting up a global emergency reserve for natural gas like the emergency reserve for oil requirements by the International Energy Agency (IEA) to control any future shortages and hikes in the prices of resources.

According to reliable sources, Japan is expected to put forward the idea of global emergency gas stock at a natural gas conference in Tokyo in July 2023. The European Union has a collective target to have gas storage sites to 90 percent by November 1st of every year after some geopolitical issues. Japan's proposal for an emergency reserve of natural gas is very similar to the IEA emergency oil stocks. Japan is the founding member of the IEA…

Artificial intelligence (AI) plays a significant role in almost every global market sector. This technology helps in creating new work opportunities along with new business models. By supplementing human capabilities, artificial intelligence contributes in various ways that can lead to higher productivity and more human workforce demand.

The Organization for Economic Cooperation and Development (OECD) has released a new report on the employment outlook 2023. It talks about various risks due to artificial intelligence and the significant issues that must be addressed urgently. One among the series of threats that comes with artificial intelligence is trustworthy usage. This issue includes privacy, security, transparency, accountability, and…

The electric vehicle (EV) maker company Tesla is growing its production and reaching new levels of achievement in the global market. The company released its second-quarter earnings in 2023 in July. It cited the second quarter earnings as the record quarter on many platforms due to production and deliveries together as a joint venture for better results.

The company gained around USD 25 billion in revenue in a single quarter and is pleased to achieve this figure. Simultaneously, Tesla has also marked the challenges faced by the company to overcome the macroeconomic environment and cites it as exciting in tackling the occurring issue. The company is playing on the market with the strategy of investing in the long-term market share over…

China is enhancing its position in renewable power by making the country's place in the top globally in 2023. The country hopes to improve its position in its own energy targets.

According to the information given by Global Energy Monitor, by doubling its capacity, China expects to generate 1200 gigawatts of wind and solar energy by the end of 2023 to achieve its 2030 goal in the same segment in five years. Global Energy Monitor is an NGO that tracks the operation of utility-scale wind and solar farms as future targets of China. The source adds that China's utility-scale solar capacity has achieved 228 gigawatts in the first quarter of 2023. The achieved goal is even more than the rest of the world could achieve. The power installations…

China is ahead of other economies in selling battery electric vehicles (BEV) and will soon lead globally. Whether electric car sales will remain higher than the 20 percent target in 2023 is uncertain.

Based on a survey, China has become the forerunner of the global battery electric vehicle (BEV) in the last ten years by raising its annual sales from 10,000 in 2012 to 4.4 million in 2022 for electric cars. The electric car sales in January 2023 sank, nearly 10 percent lower than in January 2022 as the demand declined for various reasons. According to the data released by the International Energy Agency (IEA), three countries showed that most BEVs sold in 2022 were among the top five countries. It has been the scenario since reducing carbon…

The rate of price rises in the supermarkets of the United Kingdom hit a new high in May 2023 due to chocolate, coffee, and non-food goods. The British Retail Consortium (BRC) and NielsenIQ said that the overall inflation rate at grocers is 9 percent. The prices for fresh food have fallen marginally, and the costs of some commodities like cocoa and coffee have jumped.

The government asks supermarkets to set a limit for prices on food items to help with inflation, which would be voluntary, and limit the price of basic foods like bread and milk. But the BRC on dismissing caps states that the government should ignore the delays caused due to government services, so resources could be directed towards keeping prices low. Sainsbury cut the cost…

Deaths from drug-resistant infections are expected to rise by 2050, according to the United Nations (UN) report in 2023. Necessary Actions should be taken, or else it can lead to a shortfall of USD 3.4 trillion in the Gross Domestic Product (GDP) annually in the next decade from 2023 onwards and push 24 million more people into poverty.

Climate change and antimicrobial resistance are a great threat to global health, as per the new reports from the UN in 2023. According to recent estimations in 2019, 1.27 million deaths were attributed to drug-resistant infections globally, while 4.95 million deaths were linked to bacterial Antimicrobial Resistance (AMR). It is above the death counts of major killers HIV/AIDS and malaria, that has claimed…

The United Nations Department of Economic and Social Affairs (UN DESA) has recently, in May 2023, organized a meeting of the expert groups regarding "Cooperatives in social development: supporting cooperatives as Sustainable and successful business enterprises." There were various objectives based on which the meeting was conducted, but having insights and recommendations for expanding the cooperative sector was the focus of discussions.

In 2020, with the highest turnover, the State Farm was the United States cooperative, and in the corresponding year, the mutual insurance produced an income of approx. USD 42 billion. Cooperatives generally own the most successful companies in the United States in two sectors – insurance and agriculture &amp…

With the rising crude oil prices, diesel and gasoline prices also soar in July 2023. The rise in oil prices has been witnessed after months of lower crude prices, diesel, and gasoline prices.

Energy Information Administration (EIA) forecasts that oil prices will remain high in the second half of 2023 and for 2024 at a moderate level. The organization also expects less production from the Organization for Petroleum Countries (OPEC) members. It anticipates petroleum consumption to an average drawdown of 0.4 million barrels per day starting from July 2023 by the end of 2024. The forecast by EIA shows the price of bent crude oil will rise to USD 80 per barrel by the end of 2024 with USD 75 per day from June 2023. In the United States, the…

Adapting artificial intelligence in different sectors is supposed to take up most jobs, encouraging workers to switch jobs or upgrade their skills. With the recent employment outlook published by the OECD in 2023, however, workers have explained that artificial intelligence (AI) has significantly helped through changes in the tasks they perform at their workplace and work performance.

The changes that come with artificial intelligence directly impact the quality of work done by employees in various sectors. For example, artificial intelligence helps carry out complex tasks that imply job satisfaction and safety in specific jobs. According to the report by OECD, artificial intelligence will impact the labor market affecting every sector and…

The Bank of England (BOE) has consecutively raised interest rates for the 12th time as it tries to stop prices from rising so quickly. The bank rate increased to 4.5 percent from 4.25 percent following a meeting of the Monetary Policy Committee.

According to the National Statistics (ONS), prices rose 8.7 percent from April 2023. There has been a series of bank rate increases since December 2021 to control inflation. The BOE will be keen to dampen the economy, but the peak would still be lower than the initial predictions after the 2022 minibudget. According to the government's English Housing Survey, only a third of households have mortgages. As per BOE, four million households will face higher monthly mortgage bills in 2023. An estimated…

The International Business Machine (IBM) releases Watsonx, for its artificial intelligence and data platform, to support the enterprises in July 2023. It has also been previewed at the IBM THINK in May 2023. Watsonx consists of three segments – watsonx.ai, watsonx. data, and watsonx. These segments will support organizations in enhancing artificial intelligence (AI).

Watsonx.ai studio will help with new foundational models, machine learning, and generative artificial intelligence (AI). For data storage and memory, watsonx.data will be helpful, which is built on an open lakehouse architecture as per the information given by the organization. Lastly, watsonx. governance toolkit will help enable the artificial intelligence workflows smoothly…