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Economy Jun 02, 2026

Will the AI Economy Create a Permanent Underclass? – Kenneth Rogoff

Kenneth Rogoff warns that the rapid expansion of the AI economy could cement a global underclass, a…
Executive Overview: AI Boom Fuels a New Socio‑Economic DivideThe surge of artificial‑intelligence investment in the San Francisco Bay Area resembles a modern gold rush, yet beneath the hype lies a growing anxiety that a permanent underclass could emerge worldwide.From Bay‑Area Gold Rush to Global Underclass ConcernsTop programmers are being courted with compensation packages worth hundreds of millions of dollars, and early‑stage engineers are already contemplating retirement before age 35. Billboards line the Bayshore Freeway promoting hyper‑niche AI products, underscoring how lucrative targeting founders has become compared with traditional advertising.Despite this wealth concentration, many young tech elites fear that failure will relegate them to the “permanent poor” as AI automates large swaths of white‑collar work, especially coding.Compensation Packages and Regional Disparities: The Numbers Behind the FrenzyOffers of hundreds of millions to switch firms illustrate the premium placed on AI talent.Early‑stage employees consider exiting the workforce before 35, a stark contrast to typical career trajectories.South Korean giants Samsung and SK Hynix have become trillion‑dollar players thanks to AI‑driven demand for memory chips.Europe’s standout is ASML, holding a near‑monopoly on high‑end lithography machines.Why the AI Economy Threatens Developing Nations and Mid‑Level WorkersCountries that cannot secure a foothold in the AI supply chain risk being left behind. Africa and Latin America lack the electricity infrastructure and capital needed for data‑centres, while mineral‑rich nations may see AI‑related revenues but lack institutions to distribute them.India’s massive outsourcing sector faces exposure as AI replaces mid‑level white‑collar roles, even though the country possesses deep technical talent that often migrates to California.China, already an AI powerhouse, is only beginning to grapple with the social implications of large‑scale job displacement.The United States, despite its dynamism, may see wealth concentrated among a small group of first‑movers unless policy intervenes.Scenarios for Mitigating an AI‑Driven UnderclassImplementing a universal basic income funded by progressive taxation of AI‑generated profits.Investing in basic infrastructure—electricity, broadband, and education—in Africa and Latin America to enable participation in the AI value chain.Strengthening institutions in mineral‑rich economies to ensure AI‑related revenues are channeled into public services.Encouraging corporate responsibility among Silicon Valley firms to share gains with broader society.Without coordinated action, the AI economy could deepen existing inequalities, creating a permanent underclass that spans continents.
#Kenneth Rogoff #Artificial Intelligence #Silicon Valley
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Business Jun 02, 2026

Ferrari Shares Plummet After Unveiling First Electric Vehicle, Luce

Ferrari's share price dropped by as much as 8% after unveiling its first electric vehicle, the Luce…
The Launch of Ferrari's First Electric Vehicle Ferrari's share price has dropped after it revealed a long-awaited first electric vehicle, with a minimalist look created by the former Apple design chief Jony Ive that departs from the Italian manufacturer's petrol sportscars. Ferrari Luce: Design and Specifications The Luce, starting at $640,000 (£477,000), has a range of 329 miles (530km) thanks to its battery capacity of 122 kilowatt hours, the company said, with four motors that can accelerate from 0 to 100km/h in 2.5 seconds, with a top speed of more than 310km/h (193mph). Market Reaction and Investor Sentiment The launch was hotly anticipated, given the world's most valuable sportscar maker's totemic status among car and Formula One racing fans. However, the Luce's saloon-like design immediately proved divisive, with some analysts questioning whether it lived up to Ferrari's sportscar heritage. Ferrari's share price dropped by as much as 8% in morning trading on Tuesday in Milan, before recovering to a 6% decline. The carmaker, which produces all its cars in Maranello, northern Italy, was valued at €56bn (£48bn) before the launch. The Impact of Jony Ive's Design The Luce was developed in partnership with LoveFrom, the studio founded by Ive after his long career at Apple, during which he led the design of products including the iPhone, MacBook and Apple Watch. Others said they believed it diverged too far from the blueprint that has made Ferrari one of the most profitable carmakers in the world. The Luce looks like a “mix between a Honda Accord EV and Tesla 3”, wrote Pierre-Olivier Essig, the head of research at AIR Capital, in a note for clients reported by Bloomberg. Ferrari's Future Plans Ferrari, founded in 1939, said the car's design was “simplified and rationalised in service of the driving experience”, and emphasised that was creating an “entirely new Ferrari”. The company last year scaled back its ambitions to shift from petrol to electric. It is aiming to have a 2030 lineup of 40% internal combustion engine models, 40% hybrids and 20% fully-electric.
#Ferrari #Jony Ive #Electric Vehicle
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Sports Jun 02, 2026

Freya Kemp's All-Round Brilliance Levels England-India Series

Freya Kemp's explosive batting performance (39* from 13 balls) and crucial bowling (2/15) helped En…
The Lead: England's Victory in Bristol England successfully leveled their T20 international series against India with a commanding 26-run victory in Bristol, thanks largely to an extraordinary all-round performance from Freya Kemp. The young all-rounder smashed an unbeaten 39 from just 13 balls, including two sixes and four fours, while also contributing with the ball by taking two crucial wickets. This victory sets up a fascinating series decider at Taunton on Tuesday, with both teams using this match as final preparation for the upcoming World Cup. Kemp's All-Round Impact Kemp's performance was particularly significant given her recent battle with a serious back injury. Having sent down just six overs this season as England carefully managed her return, she made an immediate impact with figures of two for 15, dismissing the dangerous Smriti Mandhana. Her batting, however, stole the show, as she combined with Dani Gibson to add 39 from the final two overs, showcasing England's newfound firepower at the death. Kemp described her path back to fitness as "a bumpy ride" but credited head coach Charlotte Edwards for her unwavering support throughout her recovery. The Turning Point: India's "Retired Out" Decision The match turned on an extraordinary decision when India captain Harmanpreet Kaur retired out her opening partner Yastika Bhatia on 33 from 36 balls. With India needing 60 from the final 30 balls, Kaur adjudged Bhatia to be "chugging along too slowly" and made the unprecedented call to remove her from the crease. The decision completely disrupted India's rhythm, with Bhatia's replacement Jemimah Rodrigues caught off the second ball she faced. India subsequently collapsed to 142 for nine, losing their last six wickets for just 28 runs. Series Implications This match provided both teams with valuable preparation ahead of the World Cup, which begins on June 12. For England, it offered an opportunity to test their batting depth, with several players making strong cases for inclusion. Danni Wyatt-Hodge made a successful return from parental leave with 29 from 25 balls, while Amy Jones (28) and Heather Knight (18 off 14) also contributed. The performance of Kemp, who has been fighting for a middle-order spot, may have settled the selection question in her favor. For India, the match highlighted vulnerabilities in their chase strategy, particularly under pressure. The Road Ahead With the series now all square at 1-1, Tuesday's decider at Taunton promises to be a thrilling contest. Both teams will use this final match to fine-tune their combinations before the World Cup, where England will be looking to defend their title. The record Bristol crowd of over 4,000 was treated to a spectacle of aggressive batting and sharp fielding, setting the stage for what should be an exciting conclusion to this pre-World Cup series. For Kemp, the performance represents another step in her remarkable recovery and a statement of her growing importance to England's World Cup ambitions.
#Freya Kemp #England Cricket #India Cricket
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Tech Jun 01, 2026

AI Weather Startup Outforecasts Government Agencies

WindBorne Systems, an AI weather startup founded by Stanford students, has released a new weather f…
The Rise of AI Weather Forecasting A new AI weather forecasting tool released by WindBorne Systems offers more frequent and accurate predictions on key variables than the world-leading system developed by European governments. This advancement is thanks to improvements in how sensor readings are fed into deep learning models. WeatherMesh-6: A More Accurate Forecast Founded by a group of Stanford students in 2019, WindBorne began by building a better weather balloon, with the idea of selling weather data. However, with the arrival of weather-forecasting deep learning models in 2022, the team realized they could capture more value by building their own model as well. Today marks the release of the sixth version of that model, WeatherMesh-6, which the company says is more accurate than traditional and AI forecasts produced by the ECMWF. The Data Advantage WindBorne has about 400 balloons in flight gathering sensor readings at any given time, launched from 15 sites around the globe. The advances in its current model come from improvements in how the data collected by the balloons is fed into the models. Outperforming Traditional Forecasts One simple way to understand it is that WeatherMesh-6 "is as accurate five days out as a traditional forecast is the day before," particularly on surface temperature measurements. WeatherMesh-6 produces a forecast every hour, as opposed to every six hours, as traditional models do, and its resolution is now down to 3 km in the continental U.S. The Future of Weather Forecasting The company suffered a scare last year when a United Airlines jetliner flew into one of its balloons. While the plane suffered minor damage, no one was hurt, in part because WindBorne followed U.S. regulations about how large its sensor package could be. Now, however, the company uses the global aviation surveillance system ADS-B to move its balloons out of the way of passing aircraft, in an effort to reduce the odds of another crash. Business Model and Funding WindBorne, which has raised $25 million in venture funding with a reported valuation of $85 million in 2024, sells its balloon data to NOAA, where it is used in the American weather forecasting enterprise, and the U.S. Air Force and Navy. The company also sells its forecasts to investors and commodity traders.
#WindBorne Systems #AI weather forecasting #European Centre for Medium-Range Weather Forecasts
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Sports Jun 01, 2026

Pulisic Leads USMNT to 3-2 Victory Over Senegal in World Cup Warm‑up

Christian Pulisic ended a six‑month goal drought, assisting and scoring as the United States beat S…
Christian Pulisic ended a six‑month goal drought, assisting and scoring as the United States defeated Senegal 3‑2 in Charlotte, North Carolina, kicking off their World Cup preparations. Match Recap: Pulisic Breaks Goal Drought in US Win Over Senegal The friendly, played before a crowd of 57,741 at Bank of America Stadium, saw the US take an early 2‑0 lead thanks to a 20‑yard strike from Pulisic after an assist from Ricardo Pepi. Senegal rallied through Sadio Mané, but the US restored the lead with a Folarin Balogun finish, sealing a 3‑2 victory. Attendance and Key Statistics Highlight the Match’s Scale Attendance: 57,741 spectators Goal timeline: US 2‑0 (19′), Senegal 2‑1 (45′+), US 3‑1 (62′), Senegal 3‑2 (46′+) US goal contributors: Christian Pulisic (1 goal, 1 assist), Ricardo Pepi (assist), Folarin Balogun (goal) Senegal scorers: Sadio Mané (2 goals) US goalkeeper changes: Matt Turner started, replaced at halftime by Chris Brady Implications for USMNT’s World Cup Preparations The performance signals a resurgence in US attacking confidence after a “dour” March window, yet defensive lapses that led to both Senegal goals raise concerns about organization and goalkeeper hierarchy under coach Mauricio Pochettino. Looking Ahead: What the Win Means for the US at the 2026 World Cup If the US can tighten defensive transitions while maintaining Pulisic’s form, they position themselves as serious contenders on home soil. The match also underscores the need for a clear first‑choice goalkeeper before the tournament’s opening match.
#Christian Pulisic #USMNT #Mauricio Pochettino
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Health Jun 01, 2026

Genomic Test Allows Millions of Women to Safely Skip Chemotherapy

A landmark international trial demonstrates that millions of women with breast cancer can safely sk…
The Breakthrough in Breast Cancer TreatmentA landmark international study has revealed that millions of women with breast cancer could safely skip chemotherapy thanks to a genomic test that determines who needs the treatment and who doesn't. The randomised trial specifically examined whether the test could identify patients who would not benefit from chemotherapy, allowing them to avoid the potentially debilitating treatment without compromising their outcomes.The Scientific Evidence Behind the TestThe results of the Optima trial, which will be presented at the American Society of Clinical Oncology's annual meeting, are being hailed by experts as gamechanging. The five-year cancer-free survival rate was 93.7% in the group that skipped chemotherapy, which was statistically non-inferior to the 94.9% rate in patients randomly assigned to receive chemotherapy.The Prosigna genomic test analyzes the activity of 50 specific genes in tumor tissue to determine the molecular subtype and develops a risk of recurrence score to help doctors decide if chemotherapy is necessary. This precision medicine approach allows for personalized treatment decisions based on the unique characteristics of each patient's cancer.A Patient's Journey to Avoiding ChemotherapyKaren Bonham, a speech and language therapist from Swansea in Wales, was one of 4,429 patients with breast cancer recruited to the trial from countries including the UK, Norway, Sweden, Australia, New Zealand and Thailand. Diagnosed with cancer in 2017 at the age of 55 after routine breast screening, Bonham described the news as shocking."It certainly propels you into a world of uncertainty. Life priorities realign – you simply want to survive," she said. Dreading chemotherapy, she agreed to join the Optima trial after undergoing surgery. She was only days away from starting treatment and had already cut her hair short when the results came back in September 2017.While taking a walk on a Welsh beach, Bonham received a phone call from her hospital informing her she had been allocated to the group of patients that would not be having chemotherapy. "How to describe the initial feeling? Immense relief? Like Christmas? Certainly a mixture of the two," she said.The Future of Personalized Cancer CareToday, Bonham, now 64, retired and living in Cardiff, is free of cancer, healthy and shows no signs of the disease coming back. "It is coming up to nine years since my diagnosis," she said. "I am mindful of my diagnosis, alert to potential changes in my body but do not feel defined by [it]. I walk, enjoy yoga and live well."While not every woman with breast cancer will be able to skip chemotherapy—the treatment remains necessary and important for many—the trial results suggest that genomic testing can safely identify those who can avoid it. This approach represents a significant shift toward personalized medicine in oncology, reducing unnecessary treatment and its associated side effects while maintaining excellent outcomes."I hope that the trial will bring positive patient outcomes to many," Bonham said, reflecting on the potential impact of this research on future breast cancer patients.
#breast cancer #genomic testing #chemotherapy
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Sports Jun 01, 2026

T20 Blast 2026: Early Season Thrills, Surprising Upsets and Rising Stars

The 2026 Vitality Blast returns with 17 matches played in its opening weekend, delivering dramatic …
The men’s Vitality Blast launched on Friday, and within three days 17 matches across the South, North and Central‑West groups have already set the tone for a season of high‑octane cricket.The Blast Kicks Off with 17 Matches Across Three GroupsOpening fixtures saw the Warwickshire Bears suffer two early defeats, while Somerset maintained a 100% record, crushing Hampshire and the Bears in succession. The women’s finals day is slated for Friday 17 July at the Oval, followed by the men’s showdown on Saturday 18 July at Edgbaston.17 matches completed in the first three daysThree regional groups: South, North, Central‑WestKey venues: The Oval, Edgbaston, Headingley, Lord’sStat Sheet: High‑Scoring Chases and Early UpsetsSeveral innings highlighted the format’s explosiveness. Moeen Ali smashed five sixes as Yorkshire chased down 194 against Derbyshire, with Andrew Tye and Hasan Ali sealing the win with four balls to spare. In another thriller, Surrey recovered from 56‑4 to chase 144, thanks to a partnership between Sam Curran and Laurie Evans. Zak Crawley posted an unbeaten 75 to guide Kent to a 199 chase against Sussex.30.5 overs required for the Bears vs Gloucestershire matchWarwickshire reduced to 48‑6 by South African pacersYorkshire’s win: 4 balls remainingWhy the T20 Blast Is Reshaping County CricketThe rapid pace and lucrative prize money are drawing international talent back to the county circuit, as seen with the involvement of Hasan Ali and Andrew Tye. Smaller counties benefit from the exposure, while larger clubs leverage star power to boost attendance. The format also offers fringe players—like the Curran brothers—a platform to showcase all‑round abilities, influencing future England selections.Looking Ahead: Finals Day and the Race for the CrownWith Somerset unbeaten and Kent topping the South Group, the early leaderboard suggests a tight contest. The upcoming finals day on 17‑18 July will likely set the narrative for the second half of the season, and teams that can blend experienced internationals with emerging county talent stand the best chance of lifting the trophy.
#Vitality Blast #Moeen Ali #Yorkshire
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Sports May 31, 2026

Liverpool's Post-Slot Era: Key Challenges for the New Manager

Liverpool faces significant challenges as they prepare for life after Arne Slot, with the new manag…
The Lead: Liverpool at a CrossroadsAs Liverpool prepares for life after Arne Slot, the club faces significant challenges that will define their immediate future. The Dutchman's tenure ended without the dominance expected, leaving a squad in need of strategic overhaul both on and off the pitch. The new manager inherits a team that must rediscover its identity while addressing key personnel departures and tactical shortcomings.Style Evolution: From Heavy Metal to Soft RockPerhaps Mohamed Salah's style of communication wasn't the slickest, but he was correct that Liverpool need to redefine the style of football they play. Everything on the pitch last season under Arne Slot felt very placid as Liverpool failed to dominate opponents and were often found overrun. The new head coach will want to demonstrate his plans and implement an attacking style to best use what is available to him. Anfield does not want to witness back-foot football, fans want to see a swagger to those in red. Supporters and Slot suffered from a disconnect in the final months. The Dutchman was hindered by not possessing the vivacious personality of Jürgen Klopp nor the results in the end, and the aforementioned tedious style. The successor will want to put fans at the forefront and build a strong bond between stands and dugout, built on a platform of attractive play.Investment Analysis: Underperforming Key SigningsAfter spending heavily last summer trying to build a squad capable of dominating the Premier League for years to come, it was difficult to pick out someone who thrived. Hugo Ekitiké was the best of the new arrivals but record signings Florian Wirtz and Alexander Isak barely made the season's footnotes. Isak could at least attribute his struggles to fitness and injury problems, including a leg fracture, but the German's first taste of English football was a sour one. He never looked comfortable as a No 10, physically finding it tough going as speed on the ball and strength in battle were lacking. Getting the best out of a clearly talented player must be a priority, because Wirtz has the capabilities to open defences and help Liverpool control games but needs a confidence boost and an arm around the shoulder.Structural Impact: Midfield Deficiencies and Leadership VacuumWirtz is part of a wider midfield issue that lacks physicality and an obvious No 6. Ryan Gravenberch was elected as the man for the role by Slot, which worked well when the possession stats were in Liverpool's favour but finding someone who can break things up effectively is advisable. Every other team have someone who can break up play but Liverpool lack someone in that role. Not since Georginio Wijnaldum or Fabinho have the club possessed someone capable of overwhelming opponents with their physical attributes and in an evolving sport, this oversight must end. Dominik Szoboszlai being moved around the pitch was unhelpful because he can be one of the best central midfielders in the world but needs a defined position to make his own.The players departing Anfield are weighed down with individual and team trinkets, thanks to the success they have enjoyed with Liverpool. Arguably, the influence of Salah and Andy Robertson on the pitch waned in their final season with the club but their experience and winning mentality will be a huge loss to the dressing room and training ground. Ibrahima Konaté is another exiting, providing a recruitment headache the club were not fully anticipating. It does beg the question if it is the right time to allow Alisson Becker, who has suffered from injury problems in recent times, to be sold and allow a new generation to start afresh, with Virgil van Dijk leading the transition. There are plenty of potential internal candidates who can take on greater responsibility but it may require a change in transfer strategy to acquire players in their late-20s with Champions League experience to help give the right balance.Defensive Rebuild: Addressing Key DeparturesKonaté's contract expiration will be softened by Jérémy Jacquet's impending arrival but further investment is required. Van Dijk's longevity is unknown so finding a partnership for the long term will be critical; a more rugged centre-back like Nottingham Forest's Murillo could be an ideal choice to offer balance and greater aggression. Competition for Milos Kerkez will be important, but if Andoni Iraola does take the job the reunion could get the best out of the Hungarian and get him to flourish after a mixed first year on Merseyside. On the opposite side, continuity would help everyone because Slot was forced to trying numerous people in the role, many out of position. Ideally, Conor Bradley or Jeremie Frimpong can make it their own, having struggled to replace Trent Alexander-Arnold, although both have suffered with injury problems. If they can stay fit, they both possess the quality to be a solution, especially if clever coaching can embrace their attacking prowess and incorporate more defensive discipline.Future Outlook: Rebuilding the AttackSlot insisted that new wingers would change the dynamic next season but he will not be the one to benefit. Salah is off, Federico Chiesa cannot carry on as a bit-part, so will almost certainly leave too, freeing up some space on the flanks. Rio Ngumoha offered brief teenage glimpses of excitement as someone with the pace and trickery to get past full-backs. Frimpong, brought in as a right-back, was more often found on the wing because he possessed the speed Slot desired in those areas, while also offering a further indication that the transfer dealings left a lot to be desired. They did not replace the maverick tendencies of Luis Díaz and Cody Gakpo has never looked a natural winger. Targeting new wide men will be imperative. RB Leipzig's Yan Diomande, Brighton's Yankuba Minteh or Athletic Club's Neco Williams would be ideal candidates to bring thrust to a side lacking dynamism and get supporters off their seats.
#Liverpool FC #Arne Slot #Premier League
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Economy May 31, 2026

Former M&S Chief Appointed to Lead UK Youth Employment Initiative

Former Marks & Spencer CEO Marc Bolland has been appointed as a government jobs adviser to tackle t…
The Government's Response to the Youth Employment CrisisA former chief executive of Marks & Spencer has been appointed as a government jobs adviser in its latest attempt to tackle the growing youth unemployment crisis. Marc Bolland, who oversaw the retail chain from 2010 to 2016, will lead a summit of business leaders, amid warnings that the country risks a "lost generation" without urgent intervention.The Scale of the Youth Unemployment ChallengeAbout 1 million people aged 16 to 24 – about one in eight – are not in education, employment or training. An interim report published by the former health secretary Alan Milburn warned that this cohort – known as Neets – could increase to 1.25 million by the 2030s without radical action. The proportion of Neets in the UK is significantly higher than in many other developed countries. In the Netherlands, about 5% of 16 to 24-year-olds are not in education or work, while it is about 12.5% in Britain.Bolland's Role and StrategyIn light of Milburn's findings, Bolland has been appointed as lead non-executive director at the Department for Work and Pensions (DWP), Downing Street said. Bolland, who also led supermarket Morrisons, is understood to have been chosen for the role thanks to his existing involvement with the DWP via his charity Movement to Work. The government said a collaboration with Movement to Work had already helped more than 200,000 unemployed young people find jobs.Economic Impact of Youth UnemploymentThe economic cost of the crisis is estimated to be about £125bn. Milburn's report found that six in 10 young people have never had a job, compared with four in 10 in 2005. He said that an increasing number of young people were being ruled as unfit to work due to health conditions including anxiety, depression and neurodevelopmental conditions. However, it is estimated that for every £25 the government spends on benefits for young people, it devotes just £1 to helping them find work.Focus on Vulnerable GroupsA central part of Bolland's role will be to work with charities supporting disabled young people to ensure they have access to training and employment opportunities. Almost half of those who claim a health or disability benefit before the age of 24 are still unemployed or not in education a decade later.Future Outlook and CollaborationThe government said Bolland would work with "leading chief executives across sectors" to "create clear routes into work and tackle the longstanding challenge of youth unemployment." It added that he would also advise the work and pensions secretary, Pat McFadden, on how the government should respond to Milburn's findings. McFadden said that Bolland's appointment sent a "clear signal" that the government was "serious about tackling that challenge" of youth unemployment. Bolland said he was "honoured and passionate" about working with the government, adding: "I know that working hand in hand with business to support young people gives them the best possible chance of success."
#Marc Bolland #Marks & Spencer #UK Government
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