15 Aug
Chapter News

IMF | Carbon Emissions from AI and Crypto Are Surging and Tax Policy Can Help

By Shafik Hebous, Nate Vernon-Lin | Crypto mining and data centers now account for 2 percent of global electricity use and nearly 1 percent of global emissions, and their footprint is growing. What do crypto assets and artificial intelligence have in common? Both are power hungry. Because of the electricity used by high-powered equipment to “mine” crypto assets, one Bitcoin transaction requires roughly the same amount of electricity as the average person in Ghana or Pakistan consumes in three years. ChatGPT queries require 10...

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15 Aug
Chapter News

ECB | Rate hikes: How financial knowledge affects people’s reactions

Blog post by Evangelos Charalambakis, Omiros Kouvavas and Pedro Neves | How quickly do consumers react to rate hikes? The answer depends in part on how much they know about financial matters. This ECB Blog post shows that the better informed they are, the quicker their reaction. When central banks raise interest rates they aim to dampen demand in the economy, which ultimately helps keep inflation at bay. Consumers are key for that. They make decisions every day: how much...

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15 Aug
Member News

Stephenson Harwood | The Neural Network – August 2024

In this edition of the Neural Network, we look at key AI developments from July and August 2024. In regulatory updates, the EU AI Office launched a consultation on trustworthy general-purpose AI models, the European Commission published updates to its AI Act Q&A page, and the European Data Protection Board adopted a statement on data protection authorities' role in the AI Act framework. In AI enforcement and litigation news, the US Federal Trade Commission, US Department of Justice, the UK Competition and...

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14 Aug
Member News

William R. Rhodes Global Advisors | Meeting Global Challenges Requires Financial Innovation

The sums required to meet global challenges like mitigating climate change and strengthening financial-market stability far exceed available public funding. Attracting voluntary private investment, however, will require the development of a menu of innovative financial instruments. WASHINGTON, DC – No one doubts that many of the world’s biggest challenges – such as mitigating climate change, strengthening financial-market stability, and boosting economic growth in developing and emerging economies – are deeply intertwined. Multilateral cooperation will thus lead to better outcomes than...

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14 Aug
Chapter News, New York Related News

New York State Governor | Governor Hochul and Majority Leader Schumer Announce Significant Progress Towards Edwards Vacuum’s $319 Million Semiconductor Supply Chain Facility in Genesee County

Majority Leader Charles Schumer and Empire State Development President, CEO & Commissioner Hope Knight Joined Edwards Vacuum Officials on Tour of Construction Site of Major Semiconductor Supplier at the Western New York Science & Technology Advanced Manufacturing Park, Global Manufacturer of Dry Pumps Will Strengthen New York’s Semiconductor Supply Chain, Create up to 600 Jobs in the Finger Lakes Region, Project Complements “Finger Lakes Forward” – The Region’s Comprehensive Strategy To Revitalize Communities and Grow the Economy. Construction Site Photos...

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14 Aug
Chapter News, New York Related News

New York State Governor | Governor Hochul Announces Additional $200 Million Environmental Bond Act Funding Now Available for Zero-Emission School Buses

New York School Bus Incentive Program Makes Clean Buses and Charging Infrastructure More Affordable for Public Schools, Helps Improve Air Quality and Reduce Transportation Pollution in Local Communities and Across the State. Governor Kathy Hochul today announced that an additional $200 million is now available to school districts and bus operators for zero-emission school buses through the second installment of funding from the historic $4.2 billion Clean Water, Clean Air, and Green Jobs Environmental Bond Act (Bond Act). The funding,...

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14 Aug
Chapter News, New York Related News

New York State Governor | Governor Hochul Announces Upcoming Convening of Global Experts to Discuss Expanding Clean Energy in New York’s Growing Economy

Summit Will Gather Feedback on Strategies to Accelerate Renewable Energy Deployment and Explore the Potential Role of Next Generation Clean Energy Technologies, supports Advancement of Clean Energy, Economic Growth and Workforce Opportunities for New York while Bringing Benefits to Disadvantaged Communities, builds on Governor Hochul's Unprecedented Investments and Actions to Scale Renewable Energy and Achieve New York's Clean and Renewable Energy Targets. Governor Kathy Hochul today announced New York State will convene global experts to discuss the role of next...

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12 Aug
Chapter News

DoC | Two Years Later: Funding from CHIPS and Science Act Creating Quality Jobs, Growing Local Economies, and Bringing Semiconductor Manufacturing Back to America

Two years ago today, President Biden signed the historic and bipartisan CHIPS and Science Act into law investing nearly $53 billion in funding to bring semiconductor supply chains back to the U.S, create jobs, support American innovation, and protect our national security. To date, the Commerce Department has announced over $30 billion in proposed CHIPS private sector investments spanning 23 projects in 15 states. These projects include 16 new semiconductor manufacturing facilities and are expected to create over 115,000 manufacturing and construction...

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12 Aug
Chapter News

NY Fed | Medium-Term Inflation Expectations Decline; Short and Longer-Term Inflation Expectations Unchanged

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the July 2024 Survey of Consumer Expectations, which shows that inflation expectations were stable at the short- and longer-term horizons, but fell sharply at the medium-term horizon to a new series low. Labor market expectations were mixed, with respondents expecting lower earnings growth and a lower likelihood of finding a new job within three months if they were laid off. Delinquency expectations continued their upward trend...

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12 Aug
Member News, Trade & TTIP Related

Jaguar Freight | The Weekly Roar – The ILA is finalizing contract demands, container rates remain high, ongoing concerns for peak season, limited approval for commercial drone flights, and new technology for cargo ships.

The International Longshoremen’s Association (ILA) is preparing to finalize its contract demands and potentially strike on October 1st if an agreement with the United States Maritime Alliance (USMX) is not reached. They’re seeking significant wage increases, citing record profits by companies, and opposing the use of automated systems in ports. They haven’t returned to the bargaining table, instead, they’ve officially notified employers of the contract’s expiration on September 30th, as required by federal labor law. Shippers should be prepared for potential...

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