Thursday, May 25 — 5 significant news stories

Today ChatGPT read 1207 top news stories and gave 8 of them a significance score over 6.5.

After removing duplicates and repeats, here is today’s significant news:

[7.5] Germany enters recession due to soaring energy prices. — The Telegraph, Financial Times

Germany has entered a technical recession due to soaring energy prices, according to new data. The country's economy shrank by 0.3% in the first quarter of 2023, following a contraction of 0.5% at the end of last year. This makes Germany the only economy in the G7 to suffer a technical recession amid the ongoing conflict in Ukraine. Despite avoiding the worst-case scenarios, Germany's economy remains sluggish, and analysts predict a slow recovery with limited growth. While gas prices have decreased, concerns remain about a potential cold winter and its impact on economic growth.

[7.2] Chinese Government Hacking Group Installs Malicious Code in US Telecommunications Systems. — The New York Times, Reuters.com

American intelligence agencies and Microsoft have detected a malicious computer code, installed by a Chinese government hacking group, that has been appearing in telecommunications systems in Guam and other parts of the United States. The code, called a "web shell," enables remote access to a server and has been installed with great stealth, sometimes flowing through routers and other common internet-connected consumer devices, to make the intrusion harder to track. Microsoft and the National Security Agency have published details of the code to enable corporate users, manufacturers, and others to detect and remove it. Home routers, especially older models that have not had updated software and protections, are particularly vulnerable.

[7.1] OpenAI leaders call for regulation of "superintelligence" to reduce existential risk. — The Washington Post, Financial Times

Leaders of OpenAI, including co-founders Greg Brockman and Ilya Sutskever and CEO Sam Altman, have called for the regulation of artificial intelligence (AI) and "superintelligence" to mitigate existential risks. They propose the establishment of an international regulatory body similar to the International Atomic Energy Agency to inspect AI systems, require audits, test compliance with safety standards, and impose restrictions. OpenAI's CEO warned that failing to regulate AI could lead to significant harm. Critics, however, express concerns about the profit motives behind such calls for regulation. The European Union's proposed AI Act has drawn opposition from OpenAI and Google, with warnings that it could lead to companies ceasing operations if they cannot comply. The debate over regulating AI is ongoing, with policymakers aiming to balance innovation and safety.

[6.7] The future of the dollar as the world's dominant currency under scrutiny. — Reuters

The US dollar's status as the world's dominant currency is under scrutiny due to rivalry with China, fallout from Russia's war in Ukraine, and wrangling over the US debt ceiling. The dollar share of official FX reserves fell to a 20-year low of 58% in Q4 2022, according to IMF data. However, the dollar's status is underpinned by the $23tn US Treasury market, which is viewed as a safe haven for money. While there may not be a single dollar successor, mushrooming alternatives could create a multipolar world.

[6.5] Russian mercenary leader warns of dire consequences for Russia unless drastic measures taken. — The New York Times

Yevgeny V. Prigozhin, the founder of the Wagner mercenary group, has warned that Russia could lose the war in Ukraine and called for total war, including a new wave of mobilisation, martial law and a focus on ammunition production. Prigozhin, an oligarch closely allied with President Vladimir V. Putin, has been ramping up pressure on Russia’s military leadership with bombastic diatribes on public internet platforms, and extending his criticism to the country’s moneyed elites. He has been further empowered by his notorious mercenary force’s role in the recent conquest of Bakhmut, Russia’s first battlefield victory in months.

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