Rising Gasoline Prices Hit Inflation-Weary Americans Costs are making life harder for businesses that have been managing inflation for months
(…) A gallon of regular gasoline averaged about $3.82 nationally on Sunday, about 60 cents higher than at the beginning of the year, according to OPIS, an energy-data and analytics provider. Diesel prices are down about 31 cents compared with early January but have gained more than 40 cents from a month ago. (…)
The Cleveland Fed estimated there was a 0.8% increase in the consumer-price index in August from the month before. That rise was largely driven by the increase in gasoline prices, Nationwide Mutual’s Ayers said. (…)
This is the latest Cleveland Fed inflation nowcast:
China Pledges to Speed Up Fiscal Spending Government aims to use up 2023 special bond quota by Sept.
(…) Zheng highlighted China’s economic challenges, saying growth momentum is not strong, the foundation for sustainable recovery is not solid, and the environment is “full of uncertainties,” according to Xinhua. (…)
Liu said authorities will ensure proactive fiscal policy will be more forceful and effective, and will “reasonably accelerate” fiscal spending. The aim is to ensure local governments use up this year’s quota of new special bonds, which are mainly used to finance infrastructure investment, by the end of September, and that the funds are utilized by the end of October, he said. (…)
U.S., China Agree on Steps to Ease Trade Tensions Commerce Secretary Gina Raimondo announced a new bilateral forum after meeting in Beijing with her Chinese counterpart.
The U.S. and China agreed to set up new channels of communication for economic and commercial issues, Commerce Secretary Gina Raimondo said Monday, including a new bilateral forum to discuss export control measures to reduce misunderstanding of national security policies. (…)
“The world is counting on the U.S. and China to responsibly manage and maintain our commercial relationship,” Raimondo said. (…)
At their meeting Monday, Raimondo and Wang also agreed to set up a new working group made up of government officials and business representatives to seek solutions on trade and investment issues with an aim to expand commercial opportunities. The working group will meet twice annually, starring in early 2024. (…)
Raimondo and Wang agreed they will meet in person at least once annually.
FYI
Gen AI: The Transformation of Global Business In Real-Time
Generative AI is imposing massive change on global business, presenting unprecedented opportunities and challenges—and at a break-neck speed. This new technology can generate content, images, and even entire virtual environments autonomously, thereby disrupting various industries.
The capacity of generative AI to automate creative tasks and produce realistic, high-quality content in near real-time has immense implications for marketing, advertising, customer support, engineering, legal, entertainment, and many other business sectors. It can streamline content creation processes, reduce costs, and enable personalized customer experiences, leading to increased engagement and customer loyalty.
In addition to content generation, generative AI can significantly transform manufacturing and product design. By generating 3D models and prototypes, it can accelerate product development cycles and facilitate rapid prototyping. This innovation can drive efficiencies, shorten time-to-market, and enable businesses to respond swiftly to changing consumer demands.
Furthermore, generative AI can influence decision-making processes across businesses. It can analyze vast datasets, identify patterns, generate valuable insights and recommendations, enable dynamic browsing and shopping, enhance business intelligence, and aid in strategic planning.
As a result, companies can make data-driven decisions, optimize operations, and gain a competitive edge—if they are planning for, investing in, and using generative AI.
With such transformational potential comes challenges. Ethical concerns arise due to the potential misuse of generative AI for misinformation, deep fakes, data mingling and security, and other malicious purposes.
Safeguarding against these risks becomes critical as the technology becomes more pervasive.
The potential impact of generative AI on global business is evident, reshaping industries, revolutionizing content creation, optimizing processes, and redefining how companies leverage data. Embracing generative AI responsibly and proactively will be key for businesses to unlock their full potential and remain competitive. (Lucidworks)