Business
Elon Musk paints a startling picture of the future dominated by Artificial Intelligence
AI will be so advanced that probably none of us will have a job, he says
By Sanath Nanayakkare
US-based tech billionaire Elon Musk isn’t exactly assuaging fears about artificial intelligence (AI) just like the global lender-of-last-resort — International Monetary Fund (IMF).
“Probably none of us will have a job” in the future, Musk predicted last Thursday.
Despite his confidence in AI’s role in the world’s future, Musk described the technology as his biggest fear and was vocal about his concerns.
“If you want to do a job that’s kind of like a hobby, you can do a job,” Musk said, speaking via webcam to a tech conference in Paris. “But otherwise, AI and the robots will provide any goods and services that you want.”
The end of labor would require a new societal system in which the government gives everyone “universal high income,” he also predicted.
Governments, regulators, companies and consumers are still figuring out how to use AI responsibly and there are fears in many industries about its capacity to cause huge redundancies as many jobs are automated.
Artificial intelligence is generally understood as the ability of computers and machines to handle tasks that require human intelligence.
Machine learning, which is one of the most common applications of AI, involves training machines with large amounts of data to recognise patterns, analyse data, and run forecasts and algorithms.
Experts largely believe that many jobs that require a high emotional intelligence and human interaction will not be replaced, such as mental health professionals, creatives and teachers.
In January 2024, the BBC reported a story titled, “AI to hit 40% of jobs and worsen inequality”, quoting its source as IMF.
“According to an analysis by the International Monetary Fund (IMF), artificial intelligence is set to affect nearly 40% of all jobs,” it said.
“In most scenarios, AI will likely worsen overall inequality,” IMF’s managing director Kristalina Georgieva had said taking a macroeconomic view of the simulation of human intelligence processes by machines
Ms Georgieva added that policymakers should address the “troubling trend” to “prevent the technology from further stoking social tensions”.
The IMF said AI is likely to affect a greater proportion of jobs – put at around 60% – in advanced economies. In half of these instances, workers can expect to benefit from the integration of AI, which will enhance their productivity.
“In other instances, AI will have the ability to perform key tasks that are currently executed by humans. This could lower demand for labour, affecting wages and even eradicating jobs,” the IMF said.
Meanwhile, the IMF projected that the technology would affect just 26% of jobs in low-income countries.
Ms Georgieva said “many of these countries don’t have the infrastructure or skilled workforces to harness the benefits of AI, raising the risk that over time the technology could worsen inequality among nations”.
More generally, higher-income and younger workers may see a disproportionate increase in their wages after adopting AI. Lower-income and older workers could fall behind, the IMF believes.
“It is crucial for countries to establish comprehensive social safety nets and offer retraining programmes for vulnerable workers,” Ms Georgieva said. “In doing so, we can make the AI transition more inclusive, protecting livelihoods and curbing inequality,” she had said.
Elon Musk recently launched his Starlink service (a cluster of satellite unit services) on Indonesia’s resort island of Bali as the country aims to extend internet to its remote areas. Millions of people in Indonesia, a vast archipelago of more than 17,000 islands, are not currently hooked up to reliable internet services.
President Ranil Wickremesinghe met with Elon Musk in Bali on 19 May 2024 and discussed Sri Lanka being connected to the starlink network. This meeting took place when Wickremesinghe went to Bali to attend the 10th World Water Forum at the invitation of Indonesian President Joko Widodo.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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