Business
The Reserve Bank of Australia surprised markets by increasing its rate by a quarter of a point to 3.85%. In April, the bank had left the rate on hold, indicating that a rapid run of increases was over.
The disruptive potential of generative artificial intelligence was highlighted when Chegg, an online study aid provider, reported that the use of ChatGPT by students was starting to affect revenues. Although the CEO tried to reassure investors that this “is not a sky-is-falling thing” and the effects are “just on the margin,” Chegg’s share price fell, dragging down the stock of other online education companies.
The Writers Guild of America called its first strike in 15 years over a pay dispute with studios such as Apple, Disney, and Netflix. The television and film writers claim that the studios are creating “a gig economy” in the industry, for example, by moving to “day rates” in comedy variety. They also want to limit the use of AI in creating scripts. The last strike by Hollywood’s scriptwriters lasted 100 days.
2023-05-04 08:07:11
Source from www.economist.com
