SNAPSHOT S&P 500, Nasdaq hit record highs at open on September rate cut hopes
The Dow Jones Industrial Average (.DJI), opens new tab rose 112.9 points, or 0.25%, at the open to 44571.53. The S&P 500 (.SPX), opens new tab rose 16.9 points, or 0.26%, to 6462.67, while the Nasdaq Composite (.IXIC), opens new tab rose 82.6 points, or 0.38%, to 21764.548.
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Daily Mirror
2 hours ago
- Daily Mirror
Best money apps to transform your finances and save you over £300 a year
While saving money may be hard, savvy savers are turning to technology to get the most out of their money and the best bargains according to Tynah Matembe, founder of Money Matix Apps can help you save money to help beat the cost of living crunch. Smart shoppers are going high tech, so forget clipping coupons from newspapers - the modern bargain hunter is armed with apps, alerts, and money-saving hacks right at their fingertips. Today's savvy shoppers aren't just watching the pennies - they're letting tech do the hard work, from clawing back cash to sniffing out sizzling discounts in seconds. There's a growing army of FREE apps out there that help you stack up vouchers, grab cashback, and slash your weekly spend like a pro. It comes after thousands of Brits to get shock letter from HMRC after drastic new tax rule comes into force. Just do a Google search and you will find them and then you can work out what's best for you. So whether you're doing the big food shop or eyeing up a must-have gadget, never buy anything without checking what deals are on offer first otherwise you could be missing out on some serious savings! Also check you existing banking app, most banks, especially the new challenger banks (Monza/ Zopa/ Chase etc) are offering cash back and or 'everyday spending offers' – but warning you need to activate these don't just expect them to automatically apply when you shop. So, get tapping, downloading, and scanning - because every quid counts, and these clever tools are helping shoppers stay one step ahead in the fight against rising bills. It's time to outsmart the crisis and put YOUR money back where it belongs - in your pocket! Don't forget to check out cashback sites like TopCashBack and Quidco, which offer money back on a range of purchases. TopCashBack members save on average £28.75 per month – so you could save £143.75 before Christmas which will help with the Christmas Shopping. Users in the community report earning well over £300 a year, even reaching £2,500+ over several years by using TopCashback consistently. It's all just about knowing which tech and websites work in your favour. One of the best-kept secrets in the cashback world right now is JamDoughnut – and trust me, it's deliciously good. Here's how it works: Buy a gift card through the app for places you already shop at (think Tesco, Asda, Boots, M&S, Just Eat – the list is LONG!) Use that gift card to pay for your shopping like normal at the till. Boom! You get instant cashback, often up to 10%, straight into your JamDoughnut account. For example, spend £100 at M&S using a JamDoughnut gift card – and you can get £5–£10 back just for using the app. Do that across your monthly spending, and you could rack up hundreds in cashback without changing a thing about your routine. It's money you would've spent anyway – only now you're earning it back. Next, always check for an online discount voucher before you shopf from sites like Honey, Groupon, Wowcher, and VoucherCodes can help you save more than you think – and those savings add up fast. Where Savings Typically Come From Supermarkets Loyalty apps and vouchers (e.g. Tesco Clubcard, Nectar) – up to £100/year Online Retail Promo codes and browser extensions – £100–£300/year Dining & Events Groupon, Tastecard, 2-for-1 offers – £100–£200/year Travel & Holidays Voucher codes and cashback – £100+ per trip
Times
4 hours ago
- Times
Forget rows about interest rates — we should watch out for AI
The US president and the chairman of the Federal Reserve board are at swords drawn over the relation between changes in interest rates and job creation. While the president concentrates on defenestrating bureaucrats who report fewer jobs than he believes exist, and the chairman of the Fed ponders the significance of 'cracks' in the labour market, artificial intelligence is making those concerns pale into insignificance. Morgan Stanley estimates that these large models that are equipping machines to perform tasks typically associated with human intelligence will gobble $3 trillion of capital in the next three years. It is the double-digit unemployment gorilla sitting in congressional hearing rooms, in the Fed board room and at the dining table at Mar-a-Lago. Dario Amodei, CEO of Anthropic, a powerful creator of AI systems, estimates that AI will wipe out half of all entry-level white-collar jobs in the next one to five years, and drive the unemployment rate to as high as 20 per cent. Indeed, even now, recent college graduates — unemployment rate 6.5 per cent — are complaining of extreme difficulties in finding jobs. McKinsey, the management consultancy, reckons that AI could automate 30 per cent of hours currently worked across the US economy by 2030, and that 60 per cent will be significantly altered by AI tools. JPMorgan Chase CEO Jamie Dimon says: 'AI is everywhere … it hedges our equity portfolios … there's nothing it's not going to touch.' Gone will be bank tellers, data entry clerks, administrative assistants and executive secretaries. More optimistic observers point out that when Henry Ford reduced the horse from a major means of transportation to dressage, starring roles in cowboy movies, and polo, consumers wanted, then needed cars — and more than one — creating millions of jobs for auto workers and mechanics. When Thomas Alva Edison created the light bulb he relegated candlemakers to making scented gifts, while creating jobs for manufacturers of those bulbs and enabled students to engage in myriad night time activities, including, but not limited to, studying. When Steve Jobs created the iPhone and thin Macs, he replaced latter-day Bob Cratchits with spread sheets, and AT&T repairmen with programmers and manufacturers of computers, carrying cases, ergonomic chairs. The supply of each invention created its own demand, along with the burning desire for their add-ons. Apple AirPods, anyone? We do not yet know whether the beneficent effects of this new force will be outweighed by its ability to seize control of its creators. But the speed with which AI is penetrating almost every phase of economic life, and uncertainty about just what products it will create or make newly affordable for consumers, make it unwise to mumble something about the historic fecklessness of Luddites and do nothing. The potential transition costs will be too high, the potential strains on society and the pressures on politicians too great for a policy of benign neglect. Imagine this: in the morning strange metal objects directed by AI 'agents', software systems capable of planning and reasoning, are directing machines, usually robots, that are mowing your lawn and cleaning your pool. An AI agent-directed drone has deposited the book you ordered on your doorstep after an AI-directed robot selected it from the bottom of a pile in a huge warehouse. You enter an AI- directed driverless car that delivers you to your golf club while you adjust the Metaglasses that have replaced iPhones and read news reports written by an AI agent specially for you, based on your recent purchases, travels, conversations at home and other personal data sprinkled by you across the internet. No waiting for a sci-fi future; it has arrived. The question, where have all the workers gone? The answer, AI agents have replaced them, every one. Some experts, including Jamie Dimon, believe the past is prologue: AI will create more jobs than it will destroy, proving John Maynard Keynes right again when he wrote almost 100 years ago, that 'technological unemployment … is only a temporary phase of maladjustment.' Possible. But even so, there will be high transition costs for which policies must be thought through before the full blast of AI makes itself felt. Government budgets already under strain will make it difficult to supplement the incomes of displaced workers, at a time when an ageing population places greater demand on the existing social safety net. Past efforts at retraining programmes have largely failed, and must be reshaped. Taxes will be needed to transfer some of the benefits of AI to the adversely affected. But without destroying incentives to retrain and find work, as would a universal basic income — no work required — being mooted by some guilt-ridden Silicon Valley magnates. Add measures that provide incentives to accelerate the development of new products and the consequent new jobs for humans, and the higher incomes capable of financing the amelioration of the costs of change. Make fast write-offs of research and development costs and investment a permanent feature of the tax code. I leave the question of regulating scams, abuses, of what Amodei calls 'extreme blackmail behaviour' and robots that are capable of assassinating their creators to others. irwin@ Irwin Stelzer is a business adviser
Daily Mail
4 hours ago
- Daily Mail
Air Canada is ordered to squash union conflict as passengers are left in limbo over hundreds of cancelled flights
The Canadian government has ordered Air Canada to squash its union conflict after tens of thousands of staff went on strike, grounding hundreds of flights and leaving passengers stranded. Air Canada announced a full suspension of operations on Saturday as 10,000 flight attendants walked out amid a bitter contract dispute - a move expected to disrupt travel for 130,000 customers each day. Hours into the strike, Jobs Minister Patty Hadju stepped in, ordering binding arbitration, a high-stakes legal process where a neutral third party delivers a final, non-negotiable decision both sides must accept. The measure was imposed between Air Canada and the Canadian Union of Public Employees (CUPE), which represents over 10,000 of the airline's flight attendants. 'It is disappointing to have to conclude today that Air Canada and CUPE flight attendants are at an impasse and remain unable to resolve their dispute,' Hadju said in a statement. Hadju also noted that with massive delays stranding hundreds of travelers, the government felt compelled to intervene in order to protect the country's 'stability and supply chains' which are at risk from prolonged travel disruptions. By invoking Section 107 of the Canada Labor Code, the government has compelled both sides back to the bargaining table to end the strike. CUPE quickly responded on X, accusing Canada's Liberal Party of 'violating our charter rights' and warning that the government's intervention 'sets a terrible precedent'. Jobs Minister Patty Hadju (pictured) stepped in, ordering binding arbitration - a high-stakes legal process where a neutral third party delivers a final, non-negotiable decision both sides must accept The binding arbitration was imposed between Air Canada and the Canadian Union of Public Employees (CUPE), which represents over 10,000 of the airline's flight attendants 'The Liberals have talked out of both sides of their mouths. They said the best place for this is at the bargaining table,' Wesley Lesosky, President of Air Canada Component of CUPE, said in the statement. 'They refused to correct this injustice through legislation,' he added. 'Now, when we're at the bargaining table with an obstinate employer, the Liberals are violating our Charter rights to take job action and give Air Canada exactly what they want - hours and hours of unpaid labor from underpaid flight attendants, while the company pulls in sky-high profits and extraordinary executive compensation.' Air Canada - the country's largest airline - said the strike will disrupt around 500 flights daily, causing delays, cancellations, and other issues while it continues. The feud escalated Friday, after the union turned down the airline's request to enter into government-directed arbitration, which would eliminate its right to strike and allow a third-party mediator to decide the terms of a new contract. Canadian Union of Public Employees spokesman Hugh Pouliot confirmed the strike had started after no deal was reached and operations were halted shortly after. Air Canada said it planned to begin locking flight attendants out of airports as the walkout commenced. In a Saturday press release, the airline said the travel disruptions were 'necessary' after the union called a 72-hour strike demanding higher wages and pay for time spent working while planes are on the ground. The airline said the travel disruptions were 'necessary' after the union called a 72-hour strike demanding higher wages and pay for time spent working while planes are on the ground (stock) The industrial action started around 1am ET, instantly grounding all 700 daily flights the airline operates. As of 10am, more than 13,000 Air Canada flights were delayed and 988 cancelled, according to FlightAware tracking data. The airline 'strongly' advised passengers not to travel to the airport and doubled down on its commitment to 'negotiate the renewal of its collective agreement' with the union. But travelers were outraged by the statement, arguing online that Air Canada is 'treating customers with total disdain' and 'refusing to take responsibility for its own shortcomings in labor relations'. Others stood by the striking workers, demanding the airline pay flight attendants fairly.' Air Canada and CUPE have been negotiating for about eight months but have yet to reach a tentative agreement, with both sides saying they remain far apart on key issues. The airline's latest offer included a 38 percent increase in total compensation, including benefits and pensions over four years, that it said 'would have made our flight attendants the best compensated in Canada.' But the union pushed back, saying the proposed 8 percent raise in the first year didn´t go far enough because of inflation.
