The UK and 27 other countries have come together to address the potential risks posed by artificial intelligence (AI). The initiative, known as the Bletchley Declaration, was announced during an AI safety summit hosted by the British government at Bletchley Park. The participation of delegates from China and the US, two major tech powers, highlights the seriousness of the challenge.
Global Agreement to Address AI Risks
The Bletchley Declaration aims to foster collaboration and knowledge sharing among governments and researchers to mitigate the potential "catastrophic" risks associated with AI. Technology Secretary Michelle Donelan emphasized the need for collective action, stating that governments alone cannot solve these challenges.
US Launches AI Safety Institute
During the summit, the US announced the establishment of the American AI Safety Institute. This move followed the Biden administration's directive for US AI companies, such as OpenAI, to share safety test results on new technologies. US Vice President Kamala Harris highlighted the human costs of biases in AI codes and the growing threat of AI-enabled cyber attacks.
No Global Referee or Regulations
Despite concerns about the rapid advancement of AI, the Bletchley Declaration does not introduce a global referee or regulatory framework. The focus of the current agreement is on understanding the problem before implementing solutions. Matt Clifford, chair of the AI Taskforce's advisory board, stated that more empirical work is needed before considering a global regulator.
Future AI Summits Planned
Further gatherings to address AI risks have been scheduled, including one in South Korea in six months and another in France next year. These meetings will continue to focus on cutting-edge AI technologies, particularly the potential for AI to surpass human intelligence.
Fears of Open Sharing of AI Tech
Private discussions during the summit were largely centered around concerns regarding the open sharing of AI technology. There are worries that if AI is available on open-source platforms, it could be used to develop bioweapons and fall into the wrong hands.
Changing the Conversation
Many people in the UK are worried about the impact of AI on their jobs. However, Technology Secretary Michelle Donelan urged for a change in the conversation, highlighting the potential for AI to reduce administrative burdens in sectors such as healthcare, law enforcement, and education.
Executives Discuss AI's Impact on the Arts
Executives from the arts industry also met to discuss the impact of AI on human skills, such as music. There are concerns about the creation of fake songs by AI, which can negatively affect the music industry. Canadian star Grimes has pledged to split royalties from any successful AI-generated song using her voice.
ASOS Faces Sales Slump
Online fashion retailer ASOS has experienced an 11% drop in sales in the past year, with losses increasing from £30 million to £300 million. The company warned investors that sales could further decline by 15% in the coming year. ASOS is closing a warehouse in Lichfield and is considering selling Topshop, which it acquired in 2021.
NEXT Boosts Profit Forecasts
British retailer NEXT has raised its profit forecasts for the fourth time this year. The company saw a 4% drop in sales due to warm autumn weather but experienced increased demand for winter outfits following recent wet weather. NEXT, which now owns Fat Face, aims to achieve profits of £885 million this year.
GLAXOSMITHKLINE's New Vaccine Shows Promise
Pharmaceutical company GlaxoSmithKline (GSK) has reported that its new respiratory vaccine, Arexvy, could become a blockbuster drug. Sales of the vaccine, which targets a virus affecting millions of people globally, have grown by a third. GSK expects to make £1 billion from Arexvy, benefiting from its first-mover advantage in the market.
House Prices Rise Despite Downturn Predictions
Contrary to predictions of a property downturn, house prices in the UK increased by 0.9% in October. Although prices remain 3.3% lower than a year ago, the rate of decline has slowed. Experts suggest that the decision to freeze interest rates last month has instilled confidence in the market.
Halfords Sells Stake in Car Software Business
Halfords, the bike and motoring chain, is selling a 5% stake in its car software business to US tyre giant Bridgestone. This move aims to expand the reach of the technology across the United States. Halfords shares rose by 2% following the announcement.
WEWORK Set to File for Bankruptcy Protection
Flexible office firm WeWork is planning to file for bankruptcy protection in the US. The company's shares plummeted by 50% amid reports of an impending insolvency process. WeWork has been heavily impacted by higher interest rates, which have made its long-term office leases more expensive. The company has already announced that it will miss some bond repayments.
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