London: The Bank of England on Wednesday warned that technology firms focused on artificial intelligence could be overvalued, posing a risk to financial stability. Its financial policy committee also said the economy was at risk from threats to the independence of the Federal Reserve caused by interference by US President Donald Trump. Its quarterly update cited US tariffs, elevated government debt worldwide and geopolitical unrest as other risk factors. &quot;On a number of measures, equity market valuations appear stretched, particularly for technology companies focused on artificial intelligence,&quot; the report said. &quot;This, when combined with increasing concentration within market indices, leaves equity markets particularly exposed should expectations around the impact of AI become less optimistic,&quot; it added. The price of gold on Wednesday topped $4,000 an ounce for the first time. Analysts said support for the safe-haven asset was in part due to investor concerns about stock markets regularly reaching all-time highs as tech company valuations soar. AI progress could be hit by &quot;material bottlenecks... from power, data, or commodity supply chains&quot;, the BoE warned. Other threats to AI included &quot;increased competition which could drive a re-evaluation of currently high-expected future earnings&quot;, it added. On the Fed, the BoE said: &quot;A sudden or significant change in perceptions of Federal Reserve credibility could result in a sharp repricing of US dollar assets, including in US sovereign debt markets, with the potential for increased volatility... and global spillovers.&quot; And it added that &quot;risks associated with geopolitical tensions, global fragmentation of trade and financial markets, and pressures on sovereign debt markets remain elevated. &quot;The risk of a sharp market correction has increased,&quot; the BoE warned. &quot;A crystallisation of such global risks could have a material impact on the UK as an open economy and global financial centre,&quot; it added.&nbsp;

Europe

The Bank of England warned that technology firms focused on artificial intelligence could be overvalued, posing a risk to financial stability

Bank of England warns on high AI company valuations

Web Desk

ISLAMABAD: The University of Oxford has become the first institution in the United Kingdom to provide its students and staff access to ChatGPT Edu, a version of ChatGPT built for universities that includes enterprise-level security and controls.&nbsp;&nbsp;In a press release, the university said the decision was made after a successful year-long trial period. The initiative is part of a five-year partnership between Oxford and OpenAI.&nbsp;&ldquo;This university-wide rollout follows a successful year-long pilot involving around 750 academics, research staff, postgraduate research students and professional services staff in a wide range of roles across the University and Colleges,&rdquo; the university said.&nbsp;Professor Anne Trefethen, the University of Oxford&rsquo;s Pro-Vice-Chancellor for Digital, called the move &ldquo;an exciting step in our ongoing process of digital transformation.&rdquo;&nbsp;&ldquo;There is huge potential for us to harness this to accelerate high-impact, curiosity-led research and innovation, and to facilitate breakthroughs that could address major global challenges,&rdquo; he said.&nbsp;He added that the tool would be accessible to all students, supporting personalised learning and encouraging exploration and creativity in academic work.&nbsp;Jayna Devani, OpenAI&rsquo;s international education lead, praised Oxford&#39;s initiative as &quot;setting a new standard&quot; for AI integration in higher education.&nbsp;&ldquo;By making ChatGPT Edu available to everyone, Oxford is equipping all its students, academics, and staff with the AI skills, tools, and training they need to truly benefit from this transformative technology and succeed in the AI era,&rdquo; she said.&nbsp;The rollout will be accompanied by comprehensive training on using ChatGPT Edu and other generative AI tools, with a focus on ethical use, critical thinking, and responsible application.

ChatGPT Edu, Oxford University, artificial intelligence

Artificial Intelligence

The initiative is part of a five-year partnership between Oxford and OpenAI and follows a year-long trial involving students and staff.

Oxford gives students access to ChatGPT Edu

SEOUL: North Korean leader Kim Jong Un oversaw a test of an attack drone and ordered greater use of artificial intelligence (AI) in the technology, state media said Friday.&nbsp;Images shared by the official Korean Central News Agency showed the unmanned vehicle taking off and then destroying a target.&nbsp;State media reported that the exercise demonstrated the &quot;excellent combat effectiveness of Kumsong-series tactical attack drones,&quot; stating that Kim expressed &quot;great satisfaction&quot; with the result.&nbsp;Drones are emerging as a &quot;major military activity asset, raising it as a top-priority and important task in modernizing the armed forces of the DPRK,&quot; Kim reportedly said, using the acronym for North Korea.&nbsp;He also ordered &quot;efforts to rapidly develop the newly-introduced artificial intelligence technology&quot; as well as the &quot;expanding and strengthening&quot; of drone production capabilities.&nbsp;Analyst Hong Min at Seoul&#39;s Korea Institute for National Unification said Kim sees drone technology as critical to securing &quot;great power status.&quot;&nbsp;&quot;The drones raise concerns because they offer low-cost, high-efficiency threats: autonomous mission execution, improved accuracy and lethality, suitability for mass production, and enhanced tactical flexibility,&quot; he added.&nbsp;Lessons from RussiaPyongyang unveiled its first attack drones last year, and experts have warned its new capability in this area could be linked to its budding alliance with Russia.&nbsp;Analysts also say North Korean troops sent to fight for Russia will be gaining modern warfare experience, including how drones are used on the battlefield.&nbsp;And Lim Eul-chul at South Korea&#39;s Kyungnam University said AI could allow North Korean drones to &quot;operate even if GPS or communications signals are jammed, relying on pre-trained algorithms.&quot;&nbsp;North Korea has tested GPS jamming attacks on the South Korean assets &mdash; an operation that affected several ships and dozens of civilian aircraft.&nbsp;&quot;The AI drive has gained momentum since 2024, drawing on Russian technology transfers and lessons from the war in Ukraine,&quot; Lim said.&nbsp;South Korean and Western intelligence agencies have said the North sent over 10,000 soldiers to Russia in 2024 &mdash; primarily to the Kursk region &mdash; along with artillery shells, missiles and long-range rocket systems.&nbsp;Around 600 North Korean soldiers have been killed and thousands more wounded fighting for Russia, Seoul has said.

Asia

Kim Jong Un emphasizes the military importance of AI-powered drones and calls for increased production, likely with technological support from Russia.


North Korea's Kim oversees drone test, orders AI development

Reuters

ISLAMABAD: Meta Platforms launched its first consumer-ready smart glasses with an integrated display on Wednesday, building on the success of its popular Ray-Ban smart glasses in the AI era.&nbsp;&nbsp;The company&rsquo;s CEO Mark Zuckerberg introduced the Meta Ray-Ban Display glasses along with a new wristband controller at Meta&rsquo;s Connect event, despite some technical difficulties during the demonstration.&nbsp;Zuckerberg highlighted the glasses as an ideal way to achieve &ldquo;personal superintelligence&rdquo; by enabling users to stay engaged with their surroundings while accessing AI tools that apparently improve communication, memory, and senses.&nbsp;&nbsp;The new glasses feature a small digital display on the right lens for simple tasks like notifications and will be priced at $799, available in stores starting September 30.&nbsp; <img src="https://paktv-assets-7d41fab8.s3.eu-west-2.amazonaws.com/c4d42edf-7c68-40a2-bf05-98acb744a011.png" style="width: 300px;" class="fr-fic fr-dib" alt="Meta Platforms launched its first consumer-ready smart glasses with an integrated display on Wednesday, building on the success of its popular Ray-Ban smart glasses in the AI era. (Meta.com)"> &nbsp;The package includes a wristband that converts hand gestures into commands such as replying to texts and calls.Meta also introduced Oakley-branded Vanguard glasses designed for athletes, priced at $499. These glasses integrate with fitness platforms and offer nine hours of battery life, with availability beginning October 21. The company also refreshed its Ray-Ban glasses without displays, enhancing battery life and camera quality, priced now at $379, up from $299.&nbsp;The glasses were unveiled at Meta&rsquo;s annual Connect conference in Menlo Park, California. Although Meta has been a pioneer in smart glasses technology, it still trails competitors like OpenAI and Google in releasing advanced AI systems.&nbsp;Zuckerberg has initiated efforts to recruit top engineers from competitors and pledged substantial investments in cutting-edge AI hardware.Although analysts don&rsquo;t expect strong initial sales for the Display model, it is seen as a step toward Meta&rsquo;s future &quot;Orion&quot; glasses scheduled for 2027, a prototype of which was shown last year.&nbsp;&nbsp;Industry experts compare the new glasses to Apple&rsquo;s launch of the smartwatch as a new wearable tech category, recognizing the potential of glasses as a practical, everyday device despite the need to convince consumers of their value.&nbsp;Meanwhile, Meta faces scrutiny over its handling of child safety issues on its social media platforms, including reported controversial interactions between chatbots and children, and concerns about virtual reality&rsquo;s impact on young users.&nbsp;

Meta launches AI-powered smart glasses with gesture control

Gadgets

The company’s CEO Mark Zuckerberg introduced the Meta Ray-Ban Display glasses along with a new wristband controller at Meta’s Connect event, despite some technical difficulties.

ISLAMABAD: Albanian Prime Minister Edi Rama said Thursday he appointed the world&rsquo;s first AI government minister to oversee public procurement to ensure transparency, eliminate corruption, and resist bribery. The bot named &lsquo;Diella&rsquo;, named after the Albanian word for &ldquo;sun,&rdquo; will manage and award all government contracts to private companies through public tenders. Diella was first introduced as a virtual assistant to help citizens access documents and services through the government&rsquo;s e-Albania platform.&nbsp; The digital avatar, depicted as a woman in traditional Albanian attire, has so far issued 36,600 documents and facilitated nearly 1,000 services, the Guardian reported. The AI-generated bot uses voice commands with the full range of bureaucratic tasks they need to perform in order to access about 95% of citizen services digitally.&nbsp; Diella&rsquo;s launchRama started his fourth consecutive government at the ruling Socialist party conference in Tirana, Rama said Diella would become &ldquo;the servant of public procurement&rdquo;. &ldquo;Diella is the first government member who is not physically present, but virtually created by artificial intelligence,&rdquo; Rama told party members.&nbsp; Corruption-free processRama said that entrusting the assistant with procurement decisions would make the process &ldquo;100-percent corruption-free and every public fund submitted to the tender procedure will be perfectly transparent.&rdquo; Public tenders have long been a source of corruption scandals in Albania. Local media described the addition of Diella as &ldquo;a major transformation in the way the Albanian government conceives and exercises administrative power, introducing technology not only as a tool, but also as an active participant in governance.&rdquo; Rama is expected to formally present his cabinet to lawmakers in the coming days.

social media underage ban, Australia social media curbs

Albania appoints Diella, the world’s first AI government minister, to oversee public procurement and combat corruption. Prime Minister Edi Rama says the digital avatar will ensure transparency and manage tenders via the e-Albania platform.

AI bot “Diella” appointed to avoid corruption in Albania

BEIJING: Pakistan and China signed bilateral agreements worth $8.5 billion on Thursday across various sectors, with Prime Minister Shehbaz Sharif describing it as a &ldquo;long march of economic growth.&rdquo; Chinese and Pakistani companies signed $7 billion in memoranda of understanding (MoU) and $1.54 billion in joint ventures at the Second Pakistan-China B2B Investment Conference in Beijing. Sectors covered include agriculture, electric vehicles (EVs), solar energy, health, chemicals, petrochemicals, iron, and steel. In his address, the Pakistani PM announced the launch of CPEC 2.0, aimed at attracting investment into diverse sectors and creating job opportunities. He assured Chinese investors that bureaucratic delays would be eliminated. Describing the forum as a reflection of the &ldquo;iron-clad brotherhood&rdquo; between Pakistan and China, Mr. Shehbaz stated that Pakistan was committed to investor facilitation and security for Chinese nationals. &ldquo;The safety of Chinese citizens is paramount,&rdquo; he said. The Pakistani PM praised China&rsquo;s transformative influence on Pakistan&rsquo;s energy and infrastructure. He noted that Pakistan overcame severe power outages thanks to China&rsquo;s support.He also pledged to focus CPEC 2.0 on business-to-business investments in agriculture, IT, artificial intelligence, minerals, and industrial relocation. Highlighting the importance of special economic zones for attracting investment, Sharif called for Chinese partnerships to modernize Pakistan&rsquo;s agriculture. Over 60% of the country&rsquo;s population is employed in the agriculture sector. The Pakistani PM recalled his first visit to China in 1982. He lauded China&rsquo;s economic rise and leadership under President Xi Jinping, stating he was committed to replicating China&rsquo;s development model to transform Pakistan&rsquo;s economy. The conference was attended by senior Chinese and Pakistani officials, including Deputy Prime Minister Ishaq Dar, Pakistan&rsquo;s Ambassador to China Khalil Hashmi, and Chinese trade representatives.

Economy

The deals aim to boost investment, job creation, and economic growth 

Articles tagged with "artificial intelligence"

Bank of England warns on high AI company valuations

Oxford gives students access to ChatGPT Edu

North Korea's Kim oversees drone test, orders AI development

Meta launches AI-powered smart glasses with gesture control

AI bot “Diella” appointed to avoid corruption in Albania

CPEC 2.0: Pakistan, China sign $8.5 billion economic deals