Summarize this content to 2000 words in 6 paragraphs in Arabic Today\u2019s top storiesIsraeli Prime Minister Benjamin Netanyahu dissolved the war cabinet he created after Hamas\u2019s October 7 attack following the resignation of two of its members.Ukraine urged international bondholders to accept deep cuts on the value of more than $20bn in debt to help finance the nation\u2019s war effort. Its government is facing a tight deadline to secure the debt restructuring, which it needs to continue receiving a bailout from the IMF.EU leaders are set to approve Ursula von der Leyen for a second five-year term as European Commission president this evening, ahead of a formal rubber-stamping later this month. For up-to-the-minute news updates, visit our\u00a0live blogGood evening.The IMF today joined a growing list of organisations to warn about the implications of generative AI, arguing that it raised \u201cprofound concerns about massive labour disruptions and rising inequality\u201d.Governments needed to do more to prepare workforces such as improving unemployment insurance, the IMF said, pointing out that, unlike the disruptive technologies of the past, higher-skilled occupations were also at risk.Generative AI \u2014 the ability of computers to generate text or images from human prompts \u2014 first came to mass attention with the launch of OpenAI\u2019s ChatGPT in 2022, fuelling a boom in global tech stocks.The question of how the technology is regulated has also been rising up the agenda, kick-started by the EU\u2019s AI Act and initial responses in the US, which are provoking a fierce response from Big Tech. Silicon Valley is particularly upset over California\u2019s AI safety bill, which calls for a \u201ckill switch\u201d to turn off powerful AI models.\u00a0\u00a0Big Tech\u2019s AI dealmaking is also under fire from US antitrust authorities, which are concerned that the transformative technology is being concentrated among a few deep-pocketed companies. The likes of OpenAI meanwhile are upping their lobbying efforts.Governments at the same time are vying for a piece of the action. We report today on how India is offering incentives to Big Tech to spend billions on infrastructure to transform the country into a major consumer and exporter of AI. Argentina meanwhile is trying a different tack, offering itself as a low-regulation AI hub for companies hampered by restrictions in the US and EU.The impact on the labour market has been at the forefront of concerns. The IMF estimated in January that AI would affect almost 40 per cent of jobs around the world, while Goldman Sachs said AI could replace 300mn full-time jobs, while creating others and boosting productivity.If organisations are successful in retraining workers for the AI world in skills such as \u201cprompt engineering\u201d \u2014 the process of writing the most effective text prompts to generate the desired response from an AI application \u2014 the productivity gains could be immense. One AI software company says global productivity improvements from generative AI could be worth $1.75tn a year by 2033.Moreover, sweeping predictions of a job apocalypse (see Elon Musk\u2019s assertion that AI would make all jobs obsolete) are rather overdone, writes FT innovation editor John Thornhill. Such dystopian forecasts ignore our past experience with new technologies, often confusing technological feasibility with economic viability, Thornhill writes. And while it is easy to see the jobs that will be disrupted by AI, it is hard to imagine those that will be created: many of today\u2019s jobs did not exist just a few decades ago \u2014 in medicine, software, or solar power, for example.It will still be incumbent on governments however to take an \u201cagile\u201d approach that prepares them for \u201chighly disruptive scenarios\u201d, the author of today\u2019s IMF report argues. And because of the global reach of AI, \u201cit\u2019ll be really important more than ever for countries to work together,\u201d the author concludes.Need to know: UK and Europe economyRachel Reeves, the UK\u2019s new chancellor should Labour win the general election, told the FT she would seek to improve UK-EU trade terms. In an interview outlining her preparations for government, Reeves said she wanted to secure billions of pounds of investment via an early international summit.Oil and gas chiefs said Labour\u2019s pledge to axe North Sea tax allowances threatened their investments in the basin, with several projects already put on hold. While Labour\u2019s plan to stop issuing new licences was expected by the industry, several companies told the FT they were now unsure about the profitability of projects they already have licences for. The big question for many people of course is: will the election leave me better off? FT writers examine the party manifestos to see which will have the biggest impact on your personal finances.Join us on July 5 at 13:00 UK (GMT+1) when Political Fix podcast host Lucy Fisher will dissect the election outcome with Inside Politics author Stephen Bush, political editor George Parker and columnists Robert Shrimsley and Miranda Green. Register and put your question to the panel.A European Central Bank official dismissed the idea of using emergency powers to intervene in the French bond market after the announcement of a snap parliamentary election caused a debt sell-off. French stocks have just had their worst week since 2022 over fears of a populist poll win.Need to know: global economyChina opened an anti-dumping investigation into EU pork imports, increasing trade tensions just a few days after Brussels said it would impose tariffs on electric vehicle shipments from China. Fresh data underlined the challenges facing Chinese policymakers as growth in industrial output slowed and property prices fell sharply.Australia\u2019s trade with China meanwhile has hit record levels, despite wider tensions in the region, as relations between the two countries recovered after a damaging dispute sparked by the pandemic. Pakistan, the fourth-largest exporter of rice, is selling record amounts to global markets as it profits from trade restrictions introduced last year by India, the world\u2019s biggest. The windfall is sorely needed in a country beset by weak economic growth and double-digit inflation.Need to know: BusinessGlobal defence companies are hiring at the fastest rate since the end of the cold war as order books overflow, according to an FT survey. Governments around the world have ramped up military spending since Russia\u2019s full-scale invasion of Ukraine and amid widespread geopolitical tensionsUS bosses\u2019 pay is rising at the fastest rate in 14 years, according to official data which critics say risk worsening social inequality. A key example is last week\u2019s victory by Tesla chief Elon Musk in securing a $56bn package of stock options \u2014 the largest in US history.Chilean state-owned Codelco, the world\u2019s biggest copper miner, said it could reverse a severe production slump that has hit 25-year lows just as global demand surges. The head of Freeport, the third-biggest copper producer, said oil and gas-style industry consolidation was vital for the clean energy transition.Japan\u2019s TDK claimed a breakthrough in its small solid-state batteries. The Apple supplier said new material provided an energy density \u2014 the amount that can be squeezed into a given space \u2014 about 100 times greater than its current battery. The World of WorkCompanies have been busy trumpeting their enlightened approach to mental health in the workplace. A new report however suggests fear of discrimination means many workers are still nervous about revealing the nature of their problems.One of the drivers of mental ill health is excessive working hours, especially in sectors such as banking, where senior and junior staff alike are feeling the burden of rising workloads and demands amid intense competition. Could discrimination against working class accents when it comes to Britain\u2019s top jobs finally be on the way out? Big banks and City law firms are among those employers attempting to address the problem,Business leaders are stepping up efforts to manage Gen Z workers, a cohort, according to a new survey, that is more engaged with social and political causes.\u00a0Ever thought of WFH (working from hairdressers, that is)? Salons are busy installing power sockets and creating quiet areas for remote working in a bid to draw back customers.Some good newsToday is World Day to Combat Desertification and Drought. Amid dire warnings about the state of the planet, there is however a glimmer of hope: sustainable sources of energy, including solar and wind power, can help reverse the process, the UN says.<\/p>\n","protected":false},"excerpt":{"rendered":"
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