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The first legally binding international AI treaty, known as the AI Convention, has been signed by countries including European Union members, the United States, and Britain. The treaty, which has been in development for years, aims to address the risks associated with AI while promoting responsible innovation. Shabana Mahmood, Britain's justice minister, said: "This Convention is a major step to ensuring that these new technologies can be harnessed without eroding our oldest values, like human rights and the rule of law." The AI Convention focuses on protecting the human rights of individuals affected by AI systems and is distinct from the EU AI Act, which regulates AI within the EU internal market. The Council of Europe, an international organization with 47 member countries, initiated the framework for this treaty in 2019.

 

Straits Times

Reuters

Workplace well-being levels mirror those of 2019, the year before COVID hit, according to a report published last week by Johns Hopkins' Carey Business School in partnership with the organization Great Place to Work. The report’s results were generated using a proprietary employee survey known as The Trust Index Survey that was administered to more than 2,500 organizations and more than 1.5 million survey respondents. The data is from 2023, the most recent available. The pandemic "created a very strong employer-employee trust, and that trust became super important," said Richard Smith, director of the Human Capital Development Lab at Johns Hopkins' Carey Business School. "Many of us who did this study thought, 'Well, isn't [the decline in workplace well-being levels] a shame?' Couldn't we have kept that up, in terms of our focus around employees and how they're doing, checking in and focusing on the humanity we created during the crisis? . . . And wouldn't it be great if we could continue that?"

 

Milwaukee Journal Sentinel

The International Labour Organisation (ILO) has reported a significant decline in the global labour income share, which has fallen by 1.6% since 2004. This decrease translates to an annual shortfall of $2.4 trn in 2024 compared to what workers would have earned if the share had remained stable. Celeste Drake, the ILO's deputy director-general, said: "Countries must take action to counter the risk of declining labour income share," and emphasised the need for equitable economic policies. The ILO's report highlights that technological advances, particularly automation and the rise of artificial intelligence, are key factors contributing to the decline. Currently, workers earn only 52.3% of global income, while capital income continues to concentrate among the wealthiest. The ILO also noted the persistent issue of youth unemployment, with a NEET (not in employment, education, or training) rate of 20.4%, and a significant gender gap in this statistic.

 

Gulfnews.com

In a significant address at the Economic Club of New York, Republican presidential candidate Donald Trump outlined his economic agenda, promising to reduce the corporate tax rate from 21% to 15% for companies that make their products in the U.S., cut regulations, and audit the federal government. He emphasized his commitment to "low taxes, low regulations, low energy costs, low interest rates, secure borders, [and] low, low, low crime," contrasting his plans with those of his Democratic rival, Kamala Harris. Mr. Trump proposed additional measures to boost domestic manufacturing and corporate research, including immediate writeoffs for capital expenses and an expanded tax credit for research and development. A second Trump administration would also establish a government efficiency commission headed by billionaire supporter Elon Musk, "tasked with conducting a complete financial and performance audit of the entire federal government." "I look forward to serving America if the opportunity arises," the Tesla chief wrote on X on Thursday. "No pay, no title, no recognition is needed."

 

Fox News

Politico

Reuters

Wall Street Journal

The number of Americans filing new applications for jobless benefits declined last week as layoffs remained low, helping to allay fears that the labor market was deteriorating. The Labor Department said Thursday that claims in the seven days to August 31st totaled 227,000, 5,000 down from the previous week. Economists polled by Reuters had forecast 230,000 claims for the latest week. Continuing claims, reported with a one-week lag, fell 22,000 to 1.838m. The weekly figures preceded the government's August employment report, to be released later today, which will help the Federal Reserve decide whether to cut interest rates this month. "There are signs of a slowdown in hiring with fewer job openings, but until payroll jobs actually decline there is no recession," said Christopher Rupkey, chief economist at FWDBONDS. "At the moment, it does not look like the Fed is behind the curve."

 

CNN

The Hill

Newsweek

Reuters

Cyber-attacks pose a risk as big as terrorism and flooding, according to insurance groups Zurich and Marsh McLennan, which are urging state support to help the industry to absorb losses. 

 

Financial Times

Kroger chief executive Rodney McMullen testified Wednesday in a Portland federal courtroom regarding the proposed $24.6bn acquisition of Albertsons, asserting that the merger would lead to lower prices for consumers and create more jobs in Portland. He said: “Kroger is so much better today because of Fred Meyer," highlighting the benefits of past acquisitions. However, regulators, including the Federal Trade Commission, have raised concerns that the merger could harm competition and lead to higher prices. McMullen argued that while Kroger's prices may be lower than without the merger, they might still be higher than current prices. The FTC is scrutinising Kroger's plan to sell 579 stores to maintain market competition, arguing that this remedy may not be sufficient. Judge Adrienne Nelson is set to hear from Albertsons CEO Vivek Sankaran in the ongoing proceedings.

 

Cincinnati Enquirer

Chicago Tribune

The Oregonian

The European Union's aviation safety agency (EASA) has mandated inspections of certain Airbus A350 aircraft following an engine fire incident involving a Cathay Pacific flight. EASA said: "We will require a one-time fleet inspection, which may be applicable only to a portion of the A350 fleet." Cathay Pacific grounded 48 A350s after the incident, which revealed defective engine fuel lines on 15 aircraft powered by Rolls-Royce engines, leading to numerous flight cancellations. The agency is conducting a safety investigation in collaboration with the Air Accident Investigation Authority of Hong Kong (AAIA) and aims to identify and remove any potentially compromised high-pressure fuel hoses. Other airlines in the region are also performing similar checks on their A350 models.

 

France 24

The FT interviews filmmaker, influencer and “anti-woke” activist Robby Starbuck. He says he is having success fighting what he sees as ‘leftwing’ ideology in company boardrooms. 

 

Financial Times

Apple has expressed “significant concerns” regarding the U.K. Competition and Markets Authority's (CMA) investigation into mobile browser dominance, particularly focusing on its Safari browser. The CMA's probe, initiated in 2022, also examines potential restrictions on the cloud gaming market via Apple's app store. In a recent response, Apple described the CMA's analysis as “flawed and insufficient,” warning that unresolved deficiencies could lead to “material harm to users, developers, and competition.” The investigation, which is set to conclude by March 2025, was briefly suspended last year due to a legal challenge from Apple, but the CMA successfully appealed this suspension. A CMA spokesperson clarified that working papers are not final decisions but rather a snapshot of ongoing analysis.

 

City AM

As hurricane season peaks and wildfire risks rise, the IRS emphasizes the importance of having an emergency preparedness plan. September is National Preparedness Month, and taxpayers are encouraged to protect essential documents and create inventories of their property. "Having updated documents readily available can help victims apply for relief," the IRS states. Keeping critical documents in fireproof containers and storing digital copies securely is advised. The IRS disaster loss workbooks can assist in documenting belongings for insurance claims. Following a federal disaster declaration, the IRS may postpone tax deadlines and automatically apply relief to affected taxpayers.

 

Tax Notes

The International Longshoremen's Association (ILA) has convened in New Jersey to discuss wage demands amid a looming strike that could disrupt major U.S. ports. Negotiations with the United States Maritime Alliance (USMX) have stalled since June. The union is seeking a nearly 80% wage increase over six years. ILA President Harold Daggett warned: “there's a real chance we won't have a new agreement in place,” indicating a potential strike on October 1, 2024. The National Retail Federation has urged the White House to intervene, saying that a strike would significantly impact retailers and the economy. A work stoppage could lead to substantial shipping delays.

 

Bloomberg

Investor pressure on Nike is intensifying as Norway's sovereign wealth fund supports a resolution aimed at improving working conditions in garment factories. The resolution, backed by a coalition of investors including Domini Impact Equity Fund, highlights the industry's failure to address "persistent rights abuses such as wage theft." Nike, facing declining sales and criticism over its supply chain practices, has seen its ESG rating downgraded by MSCI. The resolution seeks to encourage Nike to establish binding agreements with workers in high-risk sourcing countries.

 

Reuters

U.S. teenagers’ e-cigarette use dropped by two-thirds over the past five years as health regulators cracked down on illegal sales and distribution of the addictive products. The National Youth Tobacco Survey of middle and high school students, conducted by the U.S. Food and Drug Administration (FDA) and the Centers for Disease Control and Prevention, found that about 1.6m school children currently use the devices, a third of the 5m peak seen in 2019. Nearly half a million middle and high school students used nicotine pouches in 2024, about the same number as a year earlier, and more than one in five used them daily, the survey found. Brian King, director of the FDA’s Center for Tobacco Products, said: "Our guard is up. We’re closely monitoring the evolving tobacco product landscapes for threats to public health, particularly when it comes to kids".

 

Bloomberg