AI news today: Over 10,000 jobs lost in 2025 due to artificial intelligence, Karnataka working with cos to assess workforce impact and more
In India, the AI conversation spans both innovation and accountability. Force Motors launched an AI-driven fleet intelligence platform for its commercial vehicles, offering real-time analytics and predictive maintenance. Karnataka IT Minister Priyank Kharge revealed that the state is conducting a survey on AI's workforce impact, expected to conclude in a month. On the cultural front, actor-filmmaker Farhan Akhtar weighed in on the controversy over the AI-altered re-release of Raanjhanaa , expressing his support for creative integrity and the original vision of filmmakers.
OpenAI to share parts of ChatGPT tech with public
In a move likely to draw both praise and concern from AI experts, OpenAI announced on Tuesday that it will make two of its chatbot-powered AI models freely available.
US criticizes use of AI to set personalized airline tickets, would investigate
U.S. Transportation Secretary Sean Duffy said Tuesday the department has concerns about the use of AI to set personalized airline ticket prices and will investigate if anyone does so.
Abu Dhabi's MGX could raise as much as $25 billion for AI investment fund, Bloomberg News reports
Abu Dhabi-based MGX is considering plans to raise billions of dollars in third-party capital as it looks to ramp up investments in artificial intelligence, Bloomberg News reported on Tuesday.
MGX could raise as much as $25 billion for the vehicle, the report said, citing people familiar with the matter.
AI has led to more than 10,000 job cuts this year, shows report
AI has been linked to over 10,000 job losses in the U.S. so far in 2025, according to a new report by Challenger, Gray & Christmas.
Force Motors launches AI-driven fleet intelligence analytics platform
Pune-based automaker Force Motors on Tuesday announced the launch of a new connected vehicle platform for AI-driven fleet intelligence and predictive analytics, and said the new offering will come as a standard feature across all its commercial vehicles besides as a certified aftermarket solution through authorized dealerships.Karnataka to complete AI workforce impact survey in a month: Priyank Kharge
Karnataka IT Minister Priyank Kharge on Tuesday said the state is talking to companies to evaluate the impact of AI on workforce and the assessment is expected to be completed in about a month.
"I will always stand with the creator": Farhan Akhtar amid controversy over AI-altered re-release of 'Raanjhanaa'
The controversy surrounding the AI-altered ending of the Dhanush-starrer 'Raanjhanaa' has gained momentum, as after filmmaker Aanand L Rai and Dhanush, now actor-filmmaker Farhan Akhtar has spoken about it and shown his support for the creators. He said, "I will always stand with the creator of the film. And, if the creator of the film was unhappy about his or her work being changed, I will always support the creator. So that's where my loyalty lies. The rest, the finer print of what happened there, I am not privy to. But that's all I can say about that".
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The Hindu
9 minutes ago
- The Hindu
U.S. government gets a year of ChatGPT Enterprise for $1
OpenAI on Wednesday said it was letting the U.S. government use a version of ChatGPT designed for businesses for a year, charging just $1 for the service. Federal workers in the executive branch will have access to ChatGPT Enterprise in a partnership with the U.S. General Services Administration, according to the pioneering San Francisco-based artificial intelligence (AI) company. "By giving government employees access to powerful, secure AI tools, we can help them solve problems for more people, faster," OpenAI said in a blog post announcing the alliance. ChatGPT Enterprise does not use business data to train or improve OpenAI models and the same rule will apply to federal use, according to the company. Earlier this year, OpenAI announced an initiative focused on bringing advanced AI tools to U.S. government workers. The news came with word that the U.S. Department of Defense awarded OpenAI a $200 million contract to put generative AI to work for the military. OpenAI planned to show how cutting-edge AI can improve administrative operations, such as how service members get health care, and also has cyber defense applications, the startup said in a post. OpenAI has also launched an initiative to help countries build their own AI infrastructure, with the US government a partner in projects. The tech firm's move to put its technology at the heart of national AI platforms around the world comes as it faces competition from Chinese rival DeepSeek. DeepSeek's success in delivering powerful AI models at a lower cost has rattled Silicon Valley and multiplied calls for U.S. big tech to protect its dominance of the emerging technology. The OpenAI for Countries initiative was launched in June under the auspices of a drive, dubbed 'Stargate,' announced by U.S. President Donald Trump to invest up to $500 billion in AI infrastructure in the United States. OpenAI, in "coordination" with the U.S. government, will help countries build data centres and provide customised versions of ChatGPT, according to the tech firm. Projects are to involve "local as well as OpenAI capital."
The Hindu
9 minutes ago
- The Hindu
Infosys sets up Centre for Advance AI in Hubballi
Minister for Rural Development and Panchayat Raj and IT, BT Priyank Kharge has said that new innovations are happening in Hubballi, Dharwad, Belagavi, along with other centres, in Karnataka. He was speaking at the launch of Infosys Centre for Advanced AI, Cybersecurity, and Space Technology at its Hubballi Development Center (DC) in Karnataka on August 6. This new centre is part of 'Infosys Living Labs', a network of over 12 established centres globally designed to help clients accelerate innovation and leverage emerging technologies to future-proof their businesses. The Minister said that and in the last 12 months, 23 companies had involved themselves in various innovations in the region, and in the last two years, 40 companies had shown interest in expanding their operations in the region. 'The government of Karnataka is extending assistance of ₹50 lakh to start-ups. Hubballi alone has 125 start-ups,' he said. Steps had been taken to provide employment in the IT sector in Mandya, Mysuru, Bengaluru South (Ramanagara), and Davanagere districts. 'The State has exported IT products worth ₹4.5 lakh, with Hubballi contributing ₹3,500 crore, Belagavi ₹3,000 crore, Mysuru ₹5,000 crore, and Tumakuru ₹1,500 crore,' he said. 'Infosys is expanding its presence in north Karnataka through its Hubballi Development Centre. This milestone not only creates vital employment opportunities, but also strengthens industry-academia collaboration, paving the way for local talent to thrive in emerging domains like AI and cybersecurity,' said the Minister. He encouraged Infosys to explore possibilities of expanding its business footprint to other districts of north Karnataka as well, further boosting regional growth and inclusivity. 'The Living Lab will drive economic activity, strengthen industry-academia collaboration, and position Hubballi as a vital contributor to Karnataka's digital future,' said Mr. Kharge. Minister for Large and Medium Industries and Infrastructure Development M.B. Patil said that the success of Infosys in Hubballi was the result of the 'Beyond Benglauru' initiative. 'We are committed to develop innovation corridors in Mysuru, Mangaluru and Belagavi,' he said. Mr. Patil said that along with IT development, the government had prioritised expansion of skill development initiatives and quality infrastructure development. 'For this purpose, prominent cities had been identified. Through the initiatives, it had been planned to make world class companies set up their bases in the State, including in north Karnataka, and also make opportunities available to talented youth from the region,' he said. Mr. Patil hopes that the Hubballi campus of Infosys would grow bigger than its Bengaluru campus. Sunil Kumar Dhareshwar, Executive Vice-President, Infosys, said, 'The new Living Labs is a significant step forward in our mission to deliver AI-driven digital solutions that transform industries. This centre would help Infosys to address key client needs while driving innovation at scale.' According to the company, the centre is expected to establish Hubballi as a key technology hub for Infosys, specialising in advanced digital solutions like AI, cloud computing, cybersecurity, engineering services, SAP, and space technology. The centre will serve clients globally across industries, including manufacturing, financial services, retail and healthcare.
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Business Standard
9 minutes ago
- Business Standard
Private credit drives a 'Buy Now, Pay Later' lending boom in Asia
By Kari Soo Lindberg, Claire Jiao, Olivia Poh and Ditas B Lopez Maria Hazel Regalado, a 48-year-old mother of four in the Philippines, needed a computer last year so she could work from home. Regalado, who helps manage rental properties in Australia, didn't have the cash or a credit card. A friend suggested she get a 'buy now, pay later' (BNPL) loan from Billease, an online lender. The computer cost 37,999 Philippine pesos ($664), almost as much as Regalado earns in a month. Still, Billease approved her application within minutes. She agreed to make 12 monthly payments of 4,493 pesos each, including principal and interest. The effective annual rate: 42 per cent. 'At first I was hesitant, but I didn't have much choice,' says Regalado, who lives in southern Manila and had four installments left as of mid-July. 'I really needed that laptop.' Lenders worldwide last year made $334 billion in BNPL loans, five times their value from five years before, according to technology analysis and consulting firm Juniper Research Ltd. In the US, merchants typically pay any fees, so customers get no-interest loans as long as they keep current. But the developing world has a different model: charging eye-popping interest rates to cash-strapped borrowers. While Indonesia, Malaysia and Thailand have been tightening regulation and warning consumers about the cost and risk of BNPL loans, companies such as Manila-based First Digital Finance Corp., which operates as Billease, say they're opening up consumer finance in underserved markets. They're attracting investors with a socially responsible tilt, such as private equity giant TPG Inc.'s The Rise Fund, one of Billease's owners. Traditional lenders didn't want to take on the risks of extending this kind of credit, says Georg Steiger, Billease's chief executive officer and co-founder. 'Early on, banks were not very comfortable with the type of collateral that we can offer, which is basically secured against a loan book,' he says. So the booming $1.7 trillion private credit industry filled the gap. These lenders, which make loans outside both traditional banking and the world of publicly traded bonds, initially catered primarily to small and medium-size companies but have been expanding into consumer finance. Billease has tapped private debt investors including UK-based Lendable Inc., which has raised money from Shell Plc's charitable foundation, development banks and investment firms catering to wealthy families. So have two of its biggest competitors, both based in Singapore: Kredivo Group Inc. has borrowed from money manager Janus Henderson Group's Victory Park Capital Advisors, and Apaylater Financials Pte., which does business as Atome, has looked to the growing private credit operations of BlackRock Inc., the world's largest money manager. The private credit companies typically lend out money to Southeast Asian BNPL outfits at annual rates of 10 per cent to 15 per cent, making the deals attractive to the companies' investors. In Jakarta, Indonesia's capital, ads for the BNPL companies are almost inescapable both online and on billboards, city buses and commuter trains. One for Kredivo encourages customers to use BNPL loans for smaller daily purchases, even for train fares and items at convenience stores. 'It's that flexible!' the tagline reads. Huy Pham, a senior finance lecturer at the Royal Melbourne Institute of Technology Vietnam who specializes in financial technology, says BNPL loans can lead to splurges from consumers with unstable incomes, exposing both them and their lenders to growing risks. 'At the end of the day, if customers are not able to pay back the loans, then the platforms will be in trouble,' Pham says. Indonesia's BNPL-related debt in May reached almost $1.9 billion, up 40 per cent from a year earlier. According to the country's Financial Services Authority, 3.74 per cent was nonperforming—meaning borrowers were more than 90 days behind on their payments—up from 3.22 per cent a year earlier. 'Consumers should assess their ability to repay the debt before using 'pay later' services,' says Agusman, the agency official who supervises financing, venture capital, microfinance and other financial institutions. (Like many Indonesians, he goes by only one name.) The authority has been conducting financial literacy campaigns, aimed particularly at younger borrowers. It recently announced rules that will require individuals to be at least age 18 or married and have a minimum monthly income of 3 million rupiah ($184), just under Indonesia's average, before they can take out BNPL loans. Last year the regulator capped maximum daily interest rates for online personal loans at 0.3 per cent per day, which translates into an annualized rate of 109.5 per cent. BNPL loans can be controversial in Indonesia, a nation of 284 million that has the world's largest population of Muslims, whose religion forbids the charging or paying of interest. The Indonesian Ulema Council, the nation's top body of Islamic clerics, issued a legal opinion on online lending in 2021, saying the practice is 'problematic.' It cited 'usury practices with extremely high interest rates, borrowers failing to repay on time as agreed, and lenders threatening or even physically assaulting those who default.' Last year the government started requiring debt collectors to stick to certain scripts and visit debtors only during specified times. A 2023 paper by business school professors in Indonesia and Malaysia concluded that consumers generally had positive views of the online short-term loans despite what the academics called unethical interest rates and aggressive debt collection practices. 'People are borrowing beyond their means and buying things they cannot afford, because it's so easy to get loans,' says co-author Sri Rahayu Hijrah Hati, a professor of marketing at the University of Indonesia. 'People are borrowing beyond their means and buying things they cannot afford, because it's so easy to get loans' BNPL lenders say they obey debt collection rules and the rates they charge reflect the risks of the population they're serving. They say they don't purport to be compliant with Muslim law and most banks in the country also collect interest on loans. Andy Tan, Atome's chief commercial officer, says his company must contend with customers who disappear and erase their online presence, among other kinds of fraud. 'Credit risk is something we monitor day in and day out,' he says. Billease's Steiger says his company's borrowing cost is close to 20 per cent after factoring in the midteens rates it pays on private debt, foreign currency hedges, withholding taxes and other expenses. At the same time, he says, Billease is flexible with clients who need more time to repay their debt. He adds that the company keeps collections in-house, recording conversations between borrowers and the company to prevent rude behavior, and refrains from charging more in late fees than the loan's original principal. Kredivo CEO Akshay Garg says his company approves less than a quarter of its loan applications and primarily targets middle- and upper-class borrowers who are likely to repay. 'We're just lending to people who should be getting credit cards,' he says. Kredivo sends payment reminders to borrowers through its app and in emails, Garg says, and individuals get to keep the items they bought even if they default because the debt is unsecured. BNPL lenders are betting on customers like Alexandra Santos, a 31-year-old tech professional in Manila. In 2023 she wanted to tour the province of Albay, in the southeast of the Philippines' Luzon island and famous for its cone-shaped Mayon volcano. She funded the holiday with a Billease loan of 8,200 pesos, payable in six installments of 1,552 pesos each over three months. That included total interest of about 1,112 pesos—an effective interest rate of 13 per cent over the period, or 52 per cent on an annualized basis. Santos fully repaid the loan before its final due date and continues to borrow from Billease and other lenders. 'In our culture, being in debt carries a stigma,' she says. 'But in my view, it's not really bad to have debt as long as you know your financial responsibilities.' If she and most other customers can keep paying back their loans, the profit for Billease will be enormous. The company typically charges 3.5 per cent a month on its loans, but it also turns the money it lends over many times a year. Steiger has estimated the expected annual return on this cash: 90 per cent.
