Sir Richard Lambert on the rise of the robots

#artificialintelligence

Sir Richard Lambert told an audience at Warwick Business School that companies need to take responsibility for the consequences of the rise of the robots. Speaking in the first of the WBS 50th Anniversary Distinguished Lectures held at WBS London at The Shard, Sir Richard outlined the threat to society of the increasing use of automation through machine learning, artificial intelligence and robots. The Bank of England's chief economist Andy Haldane has warned that 15 million jobs in the UK are under threat from mass automation, almost half those employed in the country. The possible destruction of so many jobs has led a number of academics, economists and prominent CEOs, like Tesla's Elon Musk, to predict that governments will have to hand out a universal basic income to citizens. Sir Richard, who was Director General of the Confederation of British Industry (CBI) from 2006 to 2011, believes CEOs must make sure their companies shoulder their share of responsibility, either voluntarily or by force of regulation.


Machine learning platform minimized Brexit fallout for investors

#artificialintelligence

The U.K.'s Brexit vote was something few prognosticators saw coming prior to the June 23 referendum. But once the results were in, it was clear the vote to leave the European Union would have a major impact on financial markets. The pound sterling fell in value by 11% two days after the vote, and both the Dow Jones Industrial Average and the London Stock Exchange's FTSE 100 index lost more than 2% of their total value. This left millions of traders all over the world scrambling to find safer investment positions. But at least one group of investors was relatively calm, according to Omer Cedar, CEO of Omega Point Research Inc., a New York-based software company that sells analytics tools to help investment managers review their portfolios for risks.


ROBOT WARNING: Artificial intelligence to steal 'thinking jobs within 45 YEARS'

#artificialintelligence

As a result, the chief economist has called on a huge skills drive so that those who are displaced by robots in the workplace will be better equipped to find a new career when the inevitable does happen. Mr Haldane continued: "Given that the scale of job loss, job displacement is likely to be at least as large as that of the first three industrial revolutions, we will need even greater numbers of new jobs to be created in the future if we are not to suffer this longer term feature called technological unemployment. "It has not been a feature of the past, but could it possibly be a feature of the future? I think that is a much more open question than at any previous point possibly in history." He adds that the previous industrial revolutions had a "wrenching and lengthy impact on the jobs market, on the lives and livelihoods of large swathes of society."


Bank of England trials artificial intelligence and blockchain in bid to stay ahead of the pack

#artificialintelligence

The Bank of England has paired up with artificial intelligence and blockchain specialists in a bid to keep up to date with the fast-growing financial technology sector. The central bank is testing an artificial intelligence system with Canadian startup MindBridge AI to allow it to spot abnormalities in financial transactions and "explore the benefit of machine learning technology for analysing the quality of regulatory data input." It has also partnered with San Francisco-based startup Ripple, which opened an office in London last year, to trial a blockchain-based technology that would make cross-border payments and the movement of currencies more immediate. Blockchain is the technology which underpins crypto-currencies like bitcoin. The Bank said that its aim with Ripple is to "show how this kind of synchronisation might lower settlement risk and improve the speed and efficiency of cross-border payments."


Bank of England trials artificial intelligence and blockchain in bid to stay ahead of the pack

#artificialintelligence

The Bank of England has paired up with artificial intelligence and blockchain specialists in a bid to keep up to date with the fast-growing financial technology sector. The central bank is testing an artificial intelligence system with Canadian startup MindBridge AI to allow it to spot abnormalities in financial transactions and "explore the benefit of machine learning technology for analysing the quality of regulatory data input." It has also partnered with San Francisco-based startup Ripple, which opened an office in London last year, to trial a blockchain-based technology that would make cross-border payments and the movement of currencies more immediate. Blockchain is the technology which underpins crypto-currencies like bitcoin. The Bank said that its aim with Ripple is to "show how this kind of synchronisation might lower settlement risk and improve the speed and efficiency of cross-border payments."