The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
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California's state Assembly has passed the AI safety bill SB 1047, which mandates companies to ensure their AI technologies do not cause significant harm. The bill, which received 41 votes in favor and nine against, now heads back to the state Senate for confirmation before reaching Governor Gavin Newsom's desk.
Key Provisions and Controversies:
AI Safety Requirements: The bill requires companies developing powerful AI models to take "reasonable care" to prevent "severe harm," such as mass casualties or property damage over US$500 million. It mandates measures like implementing a kill switch and submitting models to third-party testing.
Mixed Reactions: The bill has sparked debate, with some tech leaders and companies like OpenAI opposing it, arguing it represents government overreach and could stifle innovation. However, others, including Elon Musk and AI firm Anthropic, have shown cautious support, acknowledging the need for safety measures.
State vs. Federal Regulation: Critics argue that such regulations should be implemented at the federal level, fearing that state-specific laws could hinder California's leadership in AI innovation. Supporters, however, believe California must take the lead in the absence of federal action, with the bill focusing on larger companies and exempting smaller startups.
The outcome of SB 1047 now hinges on further amendments and the decision of Governor Newsom, with significant lobbying efforts from both supporters and opponents of the bill.
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