Embracing AI revolution: Gear up before AI gets you out of job

 

A technology known as artificial intelligence (AI) can carry out tasks that are usually completed by people. 

Some people fear that AI will eliminate jobs, but it's more likely that it will alter the labor market by eliminating monotonous activities and generating new opportunities. In the same way that employment was lost due to automation in the past, such as automated switching in the telecom industry, new jobs were also created.

According to experts, we should welcome AI and benefit from it rather than be afraid of it. AI can deliver real-time data analysis and increase the efficiency of our work. It can aid managers and professionals by taking over tedious activities and offering specialized assistance in areas like customer segmentation and decision-making.

Even while AI can do many things, some abilities, such as creativity, empathy, and critical thinking, are still unique to humans. AI cannot replace these abilities and will always be in demand. Therefore, it's crucial to concentrate on honing these talents and figuring out how to add value on top of outputs produced by AI.

The ability to learn and adapt will be necessary for professionals to prosper in an AI-driven future. They ought to be aware of AI's potential and how to use it in their careers. It's not always required to have deep technical knowledge; instead, they should use commercially available AI tools to increase their productivity.

Although it is difficult to forecast precisely which talents will be most useful as AI develops, it is evident that the capacity for adaptation and learning will always be crucial. Creativity and ongoing learning can set people apart in a world dominated by AI.

Instead of being used for reproduction, AI can be a potent tool for augmentation. We can ensure that our skills remain relevant and in demand by using them to improve our capabilities and bring value above and beyond what AI can achieve.

AI will alter the work market by replacing some duties and generating new opportunities. To increase their performance, professionals should embrace AI, concentrate on building specialized abilities that AI cannot duplicate, and use AI as a tool. By doing this, they may prosper in the changing AI environment and maintain their value in the labor market.

What happens if Pakistan defaults on debt?

 ISLAMABAD: In the event of a sovereign default, Pakistanis face catastrophic economic and social problems that might lead to a lack of fuel, food, medicine, and other necessities as well as the money required to import and buy them.

There is not much time left for Prime Minister Shehbaz Sharif to decide quickly whether Pakistan move forward with his intentions to present a well-liked budget that would further irritate international creditors. Finding a long-term, sustainable economic revival framework should be his second and final alternative because doing so is now necessary to stop the impending default.

Our fingers are crossed that the government can guide the economy out of the current crisis and prevent a default. People won't have enough money to buy consumables in the event of a sovereign failure, and the government and private importers will need hard currency to bring in everything from beans to medications and from crude oil to cooking oil.

In addition to high prices and interest payments, a sovereign default will cause hyperinflation, which will reduce the purchasing power of the average person's salary.

Although Pakistan's officials proudly assert that their country has never defaulted save for one instance, Pakistan is not exceptional.

In April of last year, Sri Lanka made its first default in history due to severe political and economic hardships. Pakistan is currently being pushed towards default by similar causes that are present there.

Approximately 147 nations have missed payments on their sovereign debt since 1961. Argentina, Sri Lanka, Russia, and Lebanon are recent instances, according to KTrade, a research tool of KASB.

The nation's capital, Colombo, is a hive of activity with crowded eateries and filled markets. In February, the Financial Times published an article by Zeinab Badawi stated, "Travels across the central mountain region and the small settlements are equally deceiving.

In Islamabad, where decision-makers and urban elites believe that the nation won't default, a similar false situation exists.

Pakistan should have enough external cash, according to JP Morgan Chase Bank's research on May 19, to satisfy its financing needs through June. The fiscal year 2023–24, however, sees a major increase in default threats. In addition, the report stated that "at some point in the second half of 2023, Pakistan faces the material risk of running out of usable reserves to meet foreign obligations."

Ishaq Dar, the finance minister, disputes that Pakistan faces a significant risk of default.

For many, Sri Lanka has evolved into a stark illustration of the negative effects that excessive borrowing may have on weaker nations. The circumstance in Pakistan is the same.

Similar to Sri Lankans who, according to the Finance Times, "now seethe with anger," Pakistanis are reportedly resilient.

The loan payments due in June alone would be covered by Pakistan's meager $4.1 billion in foreign exchange reserves, which is perilously low.

Pakistanis may anticipate disaster.

The people of Pakistan would live in a way they have never known if the government doesn't come up with acceptable plans to pay off the $25 billion debt in the upcoming fiscal year, with or without the assistance of the International Monetary Fund (IMF).

A decline in living conditions will affect 250 million individuals. Due to import limitations put in place by the Sharif government to prolong default, shortages of food, fuel, and medications—which are already scarce—will get worse. The rupee's value will keep declining, which would trigger hyperinflation brought on by the fluctuating exchange rate. Import restrictions could be imposed by the government, which would hurt businesses that rely on imported raw materials.

According to a report released last week by Arif Habib Research, sovereign default causes major economic instability, erodes investor trust, and restricts access to global financial markets. A sovereign default is more likely if there is no progress with the IMF, whose approval frequently decides backing from ally nations.

Financial crisis.

The rupee, which has already dropped to as low as Rs313 to the dollar in the open market, will be the biggest victim of a default.

The value of the rupee to the US dollar will fluctuate as people rush to buy up any leftover foreign money.

No bank will open credit accounts, and all purchases made abroad must be made with cash.

The Sri Lankan rupee traded at about 200 to the dollar before the default. Before the official default announcement on April 12, it dropped to 322, then dropped to 370 a dollar. However, after receiving a bailout from the IMF in March of this year, it has progressively increased to 298 a dollar.

Given how strongly its economy depends on imports, Pakistan would be seriously impacted. 

Hyperinflation will be brought on by the currency's devaluation. The cost of everything will increase as a result of the exchange-rate shock, including imported petroleum, pulses, and pharmaceuticals.

trade limitations.

According to reports, Pakistan's GDP expanded by only 0.3% during the current fiscal year despite significant irregularities. Import restrictions implemented by the government to avoid default are one of the causes of this flat growth rate.

Previously $6.5 billion, the average monthly import cost has recently dropped to as little as $3 billion in April. Although this has avoided default, it has resulted in production closures and product shortages.

The nation won't have the luxury of importing even $3 billion worth of products on credit if there is a default.

It will be extremely difficult for Pakistan to import necessities like fuel, machinery, and medicines if it defaults on its debt. 80% of Pakistan's imports, according to estimates from the World Bank, are made up of raw materials, intermediate goods, and necessities.

Consider the effects on day-to-day living when someone wishes to import a product but the bank requires upfront payment. Money will become a rare resource.

According to Arif Habib's research, exports will also suffer from a lack of raw materials, energy constraints, and the cancellation or transfer of export orders to more reliable competitors.

Hyperinflation.

Currency devaluation is one of the causes behind Pakistan's record 36.4% inflation rate, which is the highest it has been in 59 years. In the event of a default, price hikes will happen more quickly and there will be a rush to buy the few products that are still on the market.

Pakistan will be excluded from banks and international markets.

The government's failure to obtain sufficient foreign loans to appease the lender is one of the factors contributing to the delay in obtaining a staff-level agreement with the IMF. Foreign commercial banks will either refuse to lend in the case of failure or demand interest rates that would be challenging for any government to accept.

Multilateral banks including the World Bank, the Asian Development Bank, and the Asian Infrastructure Investment Bank may decide not to give Pakistan financial support loans if Pakistan considers reaching a debt restructuring arrangement with lenders.

Domestic banks will also be impacted by sovereign default because they currently have more than 60% of their balance sheets invested in government debt. The face value of their loans to the government will also be at risk of loss.

The economy will decline.

Even before default, there have been reports of information sources and data anomalies suggesting that Pakistan's economy shrank by at least 0.5% compared to the growth rate of 0.3% approved by the National Accounts Committee.

In the case of a default, the economy will contract more severely, resulting in increased unemployment and poverty across all economic sectors. This can exacerbate existing political turmoil and possibly lead to social upheaval.

Pakistan still has time to avert disaster.

Restructuring decisions should be made as soon as possible, both for local and international debt. A Chinese rescue may only postpone the inevitable; it won't deal with the underlying problem.

Only after Colombo and its international creditors agreed to restructure Sri Lanka's foreign debt due to China, India, Japan, and commercial bondholders, did the IMF agree to offer a $3 billion loan to the island nation.

In reaction to the suggestion made by economist Atif Mian on Saturday, the Ministry of Finance, in a statement, rejected the idea of debt restructuring.

Atif Mian concluded that Pakistan should "take decisive actions, aggressively restructure and take courageous actions" after contrasting the experiences of Ghana and Sri Lanka. This is a covert call to declare a default, according to the finance ministry. The statement went on to say that this is an unfair criticism made from a strictly theoretical standpoint.

Published on May 30th, 2023.

 

The Board of Executive Directors approves funding to strengthen risk protection and improve vital services and livelihoods in communities affected by floods in 2022.

                                             

On Thursday, the Board of Executive Directors of the World Bank approved $213 million in financing for Balochistan to boost risk protection, enhance basic services, and improve livelihoods in communities impacted by the 2022 floods.

The money will be a key component of the plan developed in conjunction with the government to address the terrible floods that hit Pakistan this summer and promote a climate-resilient Pakistan. The Balochistan administration will continue to work closely with the World Bank to provide aid to the impacted populations, according to Najy Benhassine, the country director for Pakistan. The main goals of this help will be to support livelihoods, restore irrigation systems, and rebuild flood defenses.                                                                                                                                                                                  By enhancing the population's resilience against future natural disasters and emergencies related to climate change, this project will not only help to restore livelihoods but also put the protection of the populace first. The complete post-flood rehabilitation and resilient-reconstruction program that was agreed upon with the authorities includes this project.

Geneva climate moot: There’s ‘full clarity’ about $10.9bn foreign aid pledges: minister

 

In Pakistan, a country of 220 million people, record monsoon rains in the south and southwest combined with glacier melt in the north caused flooding that affected up to 33 million people last year. Over 1,700 people died as a result of the flooding, which also destroyed homes, crops, bridges, highways, and livestock. 

World Bank says Pakistan in want of 10mn houses

   

World Bank says Pakistan in want of 10mn houses

ISLAMABAD: According to the World Bank, Pakistan now has a housing shortfall of roughly 10 million units, with about half of those units located in metropolitan areas.

According to research by the bank titled "Towards a More Nuanced Approach to Measuring Housing Affordability Evidence from Pakistan," 47 percent of households in urban areas reside in overcrowded dwelling units in informal settlements (katchi abadis) with poor infrastructure and amenities.

The Residual Expenditure Method (REM) was used to calculate the housing affordability for households in metropolitan areas of Pakistan using data from the Pakistan Household Integrated Economic Survey (HIES) 2018–19.

The data imply that around 25 percent of households are unable to meet their basic food and non-food, non-housing expenses after accounting for housing prices, with the lowest sector suffering the biggest affordability difficulty (94 percent).

It went on to say that, in contrast, the expenditure-to-income ratio (EIR) approach suggests that only 44% of households are unable to afford housing and that the highest quintile has the lowest housing affordability, with close to 60% of households spending more than 30% of their household income on housing.

The REM approach emphasizes the demand for a significantly more precise technique to enable a comprehensive understanding of affordability in the Pakistani housing industry.

After taking into account a household's ability to cover its necessities outside of the housing, the RIM calculates housing affordability. The RIM technique classifies households as suffering unaffordable housing conditions if they lack the resources to cover these remaining fundamental necessities by establishing a minimum threshold of non-housing expenditure.

To determine a minimal requirement for non-housing (food and non-food) expenditure, poverty estimating approaches can be modified in the absence of easily accessible budget criteria.

In particular, the methodology used to establish the poverty line can also be used to establish a non-housing poverty line or a spending cap for residual needs other than housing. This consists of fundamental dietary requirements, to which a basic non-housing and non-food requirement is added. 

            

 

                                                                                                                                         

  

OpenAI's Official ChatGPT App for iPhone Expands to 40+ Countries

This week, OpenAI revealed that, in addition to the US, the official ChatGPT app for the iPhone and iPad is now accessible in more than 40 other nations. Last week saw the app's debut in the United States, and OpenAI promised that it will soon be available in additional nations.

As of right now, the application is usable in the nations indicated:   Albania, Algeria, Argentina, Azerbaijan, Bolivia, Brazil, Canada, Chile, Croatia, Costa Rica, Ecuador, Estonia, France, Germany, Ghana, India, Iraq, Ireland, Israel, Jamaica, Japan, Jordan, Kazakhstan, Korea, Kuwait, Lebanon, Lithuania, Mauritania, Mauritius, Mexico, Morocco, Namibia, Nauru, New Zealand, Nicaragua, Nigeria, Oman, Pakistan, Peru, Poland, Qatar, Slovenia, Tunisia, the United Arab Emirates, and the United Kingdom, and the United States.

The official app provides users with a secure way to use ChatGPT while on the go, even though OpenAI's ChatGPT has long been reachable via the web and has previously been made available on iOS through numerous third-party apps, many of which are barely above scam apps.

For those who are unfamiliar with ChatGPT, it is an AI-powered chatbot that uses generative algorithms to answer questions and provide advice on a variety of subjects. According to OpenAI, ChatGPT can help with the following:

Get precise answers right away without having to sift through advertisements or numerous search results.

Receive individualized guidance on cooking, making travel plans, or creating heartfelt messages.

Develop gift ideas, plan presentations, or write the ideal poem as examples of creative inspiration.

Professionalism: Boost output by providing feedback on concepts, summarizing notes, and aiding with technical topics.

Learning opportunities: Learn new languages, study contemporary history, and more at your own pace.

Whisper speech recognition is integrated into ChatGPT, and history is synced across devices so you can view your conversations on the web and on iOS devices.

Although the ChatGPT app is free to use, the ChatGPT Plus service has a monthly fee of $19.99. The price is the same online, but Plus offers availability even during periods of high demand, quicker response times, and priority access to new features like GPT-4, a more sophisticated iteration of ChatGPT.

An OpenAI account is necessary to utilize the ChatGPT app, and it may be downloaded from the App Store.

ChatGPT-maker warns it might leave EU over planned AI law

                   | OpenAI chief executive Sam Altman

The CEO of the business that created ChatGPT has stated that if a planned law on artificial intelligence (AI) is not followed, the company may consider leaving the EU.

The regulation that the EU intends to enact may be the first to directly govern AI.

Additionally, it might force companies using generative AI to disclose which protected content was used to train their systems to generate text and visuals.

According to Sam Altman of OpenAI, the current draught of the EU AI Act would overregulate.

However, we have heard that it will be pulled back.

Many in the creative sectors charge that AI firms use the work of actors, singers, and artists to train machines to mimic their performances.

However, according to Time magazine, Mr. Altman is concerned that OpenAI won't be able to adhere to certain of the AI Act's safety and transparency standards.

At a University College London event, Mr. Altman added that he was confident AI could increase job creation and decrease inequality.

To examine the risks of the technology, which range from disinformation to threats to national security and even "existential threats," as well as the voluntary activities and regulations necessary to handle them, he also met with Prime Minister Rishi Sunak and the leaders of the AI businesses DeepMind and Anthropic.

Some researchers worry that the existence of humanity may be threatened by highly sophisticated AI systems.

But Mr. Sunak believes that AI has the potential to transform humanity and improve public services. However, he also acknowledges the risks associated with AI and calls for a responsible approach.

The leaders of the US, UK, Germany, France, Italy, Japan, and Canada agreed that developing "trustworthy" AI must be "an international endeavor" at the G7 meeting in Hiroshima.

Additionally, the European Commission wants to create an AI agreement with Alphabet, the parent firm of Google, before any EU legislation is implemented.

According to EU industry chief Thierry Breton, who met with Google CEO Sundar Pichai in Brussels, international cooperation is crucial for regulating AI.

Mr. Breton claimed that he and Sundar had come to the conclusion that it was not practical to wait for AI regulation to become enforceable. Instead, they made the decision to work with all AI developers to proactively create an AI agreement before the deadline.

According to Tim O'Reilly, creator of O'Reilly Media and a veteran of Silicon Valley, legislating openness and creating regulatory institutions to enforce responsibility would be the ideal place to start.

He voiced worry that the alarmism surrounding AI and its complex regulatory structure would lead to analysis paralysis.

Companies developing advanced AI must collaborate to develop a complete set of metrics that can be frequently and reliably presented to regulators and the general public, as well as a procedure for updating those measures when new best practices arise.

Scientists succeed in 'mind-reading' using ChatGPT

 

A woman can be seen going into the MRI machine as the healthcare worker assist her. — Unsplash/File

Neuroscientists think they've discovered a means to verbalize brain activity with the use of Chat GPT, an AI-powered platform, which is a significant advancement for patients with diseases like "locked-in" syndrome and stroke who are unable to communicate.

The revolutionary Open AI human-like chatbot was employed by researchers from the University of Texas at Austin to demonstrate the applications of AI in the healthcare industry as the technology continues to develop and modernize, eventually affecting every aspect of our everyday life.

We prefer not to use the phrase "mind reading," according to Alexander Huth, assistant professor of neurology and computer science at the University of Texas at Austin. We believe it makes things appear that we are actually incapable of.

Professor Huth took part in the study and spent 20 hours confined in an fMRI (functional magnetic resonance imaging) equipment while listening to audio samples. The device was also taking precise pictures of his brain activity.

His brain activity and the audio he was listening to were examined by the AI system, which eventually allowed the technology to predict the words he was hearing just by keeping an eye on his brain.

The chatGPT-1 model from Open AI, which amassed a sizable library of publications and websites, was the technology employed by the researchers.

The researchers discovered that by examining mental activity, the AI system successfully predicted what participants were watching and listening to.

Though still in its early phases, the technology has potential. Additionally, it emphasizes the difficulty of mind-reading by AI.

Huth stated that the actual potential use of this is in aiding those who are unable to communicate.
According to the researchers, patients with "locked-in" syndrome, stroke victims, and others whose brains are functioning but they are unable to communicate may employ this technology in the future.

"Ours is the first instance where we show that without a brain operation, we can get this level of precision. Therefore, we believe that this is sort of the first step towards genuinely assisting those who are mute without requiring them to have neurosurgery," he said.

Although the technology's results are encouraging, worries have also been expressed regarding how it might be applied in contentious situations.

The brain scans "must take place in an fMRI machine, the AI technology needs to be trained on a subject's brain for many hours, and subjects need to give their consent," the researchers observed.

It simply won't function if someone refuses to listen to the audio and does not think in accordance with the requirements.

According to Jerry Tang, the paper's primary author, "We believe that everyone's brain data should be kept private. One of the last unexplored areas of our privacy is kind of our minds.
Obviously, there are worries that brain decoding technology could be applied in harmful ways, says Tang.
"What we can get is the big ideas you're thinking about," said Huth. If you're attempting to tell a story to yourself, we can kind of get at the story that someone else is telling you.

Tang expressed worries to CNN, saying that in order to preserve "brain data"—our thoughts—legislators needed to take "mental privacy" seriously. This is one of the more dismal ideas I've heard in the age of AI.
"It's important not to get a false sense of security and think that things will be this way forever," Tang cautioned.

"As technology advances, it may affect both our ability to decode and whether decoders need human cooperation."

Govt Planning to Ban Cash Transactions Across Pakistan Beyond Certain Limit

 The government is debating whether to implement a novel plan in the budget (2023–24) to impose a ban on cash transactions in retail stores and food retail outlets/restaurants beyond a specified threshold beginning on July 1, 2023.

The feasibility of this concept and whether or not it will lead to more documentation are both being investigated by the Federal Board of Revenue (FBR).

The plan, according to sources, is viable, but it is yet unclear whether it would actually be feasible in practice. These significant limitations on cash transactions over a threshold would encourage electronic payments.

The recommendation is that retail stores and food retail outlets/restaurants should not permit cash transactions above a particular threshold, such as Rs 10,000 and Rs 5,000. Instead of encouraging cash payments, non-cash payment alternatives like debit/credit cards, mobile payments, or other electronic means should be promoted.

Retail establishments should be mandated to install Point of Sale (POS) devices that allow non-cash transactions for this reason. The government must also offer incentives to retailers who use electronic payment methods.

The promotion of electronic payments and limitations on cash transactions beyond a specific threshold can increase the retail industry's openness and accountability.

It will make sure that every transaction is documented and traceable, decreasing the possibility of tax evasion and illegal acts. Additionally, it will promote financial inclusion and the usage of banking services while also offering information that may be put to use, according to sources.

Bing replaces Google as Chat GPT's primary chatbot search engine.

 Microsoft and Open AI have announced a substantial agreement in which Microsoft's Bing search engine will be the chatbot Chat GPT's default search engine.

The two organizations, which are both major players in the expanding industry of generative artificial intelligence, have reached another milestone with their collaboration.

Microsoft is leveraging Open AI's AI chatbot technology in several applications, including search, email, Word documents, Excel spreadsheets, and data analysis. Microsoft has made enormous financial commitments to Open AI.

Satya Nadella, CEO of Microsoft, expressed excitement about the collaboration during the company's Build conference in Seattle. He said that this was just the beginning of their efforts to integrate Bing's capabilities into the Chat GPT experience. Open AI uses Microsoft's Azure cloud in addition to financial investment for its computing requirements. Together, the businesses hope to compete with Google, which has been creating its own generative AI models and making significant investments in AI startups.

Subscribers to the Chat GPT Plus service will have the option to use a Bing search plugin as part of the integration, giving them access to a top-notch search engine right within the chat interface. This improvement will use the web to provide more current and timely responses. Microsoft's head of consumer marketing, Yusuf Mehdi, stressed the importance of this connection by pointing out that it would provide Chat GPT's responses citations and the option to explore other resources.

Bing's inclusion in Chat GPT is in line with Microsoft's strategic goal of increasing the usage and market share of its search engine, which has long been in a fierce battle with Google. Amy Hood, the chief financial officer of Microsoft, stated earlier this year that each percentage point rise in the company's share of the search advertising market would result in an increase in revenue of $2 billion.

The inability of Chat GPT to discuss recent events has previously been criticized. The launch of plugins by Open AI in March, however, was intended to alleviate this problem. Notably, the Open AI-powered Bing chatbot demonstrated the capacity to offer solutions based on up-to-date information. Expedia, Instacart, Shopify, and Slack are just a few of the online providers that have already created plugins; additional businesses have expressed interest in getting on the queue.

Microsoft has also made plans for enabling the creation of plugins for Microsoft 365 programs like Word and Excel that are compatible with Chat GPT, Bing, and the future Copilot chatbot. 

This action creates new opportunities for combining various functionality and enhancing chatbots powered by AI.

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