[LINKS]: Links of the week

See all the links and our weekly headline roundup here.

Aryza and Acquired.com Form Strategic Partnership to Enhance Financial Solutions: Aryza and Acquired.com join forces to offer innovative financial services solutions for improved user experience. Read more
EU Takes Step Towards Passing Landmark AI Legislation: The EU progresses with draft legislation that includes a ban on police use of live facial recognition technology, shaping one of the world’s first AI laws. Read more
Business Insolvencies Surge 40% in May: Rising costs, creditor pressure, and high inflation contribute to a significant increase in business insolvencies, driven by the pandemic fallout. Read more
Generative AI Unleashes Economic Potential: The increased capability of generative AI in understanding natural language holds the potential to automate up to 50% of work activities by 2030-2060. Read more
Rightmove Warns of Early Summer Slowdown: Average new seller asking prices decline, signaling a quicker transition from spring price bounce to summer slowdown in the property market. Read more
UK Inflation Remains Stubborn at 8.7%: Inflation persists at a high rate, driven by soaring prices for gig tickets, video games, air fares, and rapid increases in food and drink prices. Read more
Bank of England Raises Interest Rates to 5%: The Bank of England continues its consecutive rate hikes, aiming to combat stubborn inflation influenced by record food prices and high energy costs. Read more
Interest-Only Mortgages Decline 7% in 2022: Lenders reduce interest-only mortgages by 7%, managing down the size and risk profile of these loan books. Read more
German Tabloid Bild to Replace Jobs with AI: German tabloid Bild plans to replace editorial jobs with AI and automated processes as part of a cost-cutting program and embraces the opportunities of artificial intelligence. Read more
Two in Five People Struggle with Unexpected Bills: Two in five individuals face difficulties covering unexpected expenses, with a decline in the proportion using savings or income to manage these costs. Read more
Low-Income Households Cut Down or Skip Meals: 76% of low-income households on Universal Credit have experienced hunger, cutting down on or skipping meals, emphasizing the need for an Essentials Guarantee to protect their health. Read more
Residential Mortgage Arrears Increase by 11%: Pepper Advantage observes an 11% rise in residential mortgages in arrears, marking the highest growth rate since the global Financial Crisis. Read more
Pub Closures Rise by 68%: Despite increased business failures, optimism among publicans grows, and a declining percentage consider raising prices to cover energy, raw material, and labor costs. Read more
Lithium Production Dominated by Australia and Chile: Australia and Chile account for nearly 77% of global lithium production, with Australia extracting lithium directly from hard rock mines. Read more
Bank of England Governor Acknowledges Impact of Interest Rate Rise: Bank of England Governor Andrew Bailey recognizes the challenges and pain caused by interest rate increases but emphasizes the need to control inflation. Read more
Annual Working Hours Vary Across OECD Countries: OECD countries exhibit significant variations in annual working hours, with California and New York offering the highest average internship salaries. Read more
UK GDP Per Capita Analysis by Sector: The EU’s gross domestic product sees a significant contribution from services, while Ireland leads in the industry sector’s share of GDP. Read more
AI Apocalypse: Perspectives from AI Luminaries: IEEE Spectrum presents insights from 22 AI luminaries on the future of large language models, artificial general intelligence (AGI), and the risks associated with AGI development. Read more
Electric Vehicles’ Life Cycle Emissions: Visual Capitalist explores the life cycle emissions of electric, hybrid, and combustion engine vehicles, with Australia and Chile emerging as top lithium producers. Read more
UK Mortgage Holders Struggle with Household Bills: 6.9 million mortgage holders face challenges in keeping up with household expenses, indicating the impact of rising costs on individuals’ financial well-being. Read more