Task for the week: limit the fallout from biggest oil shock in decades | Richard Partington

The world’s finance ministers and central bank governors gather in Washington this week for the half-yearly meetings of the International Monetary Fund and the World Bank, with the global economy in a perilous spot.Not since the foundation of the Bretton Woods institutions late in the second world war have global conflicts triggered this much economic turbulence. The volatile 1970s come close. But the US-Israeli war on Iran, coming so soon after the Covid pandemic and Russia’s invasion of Ukraine, take the prize.Even if a durable peace deal in the Middle East can be reached, there will still be permanent economic scars

Low-tax Texas opens London office to lure jobs and investment

The US state of Texas is putting UK businesses in its crosshairs with the launch this month of a dedicated London office to lure jobs and investment to the low-tax Lone Star State.Texas recently secured approval for the new site, adding to a growing list of international offices from which it can try to draw corporate heavyweights across its borders.It is the latest sign that Texas lobbyists, led by the office of the state’s Republican governor, Greg Abbott, are widening their economic ambitions beyond American borders, having already had success luring jobs and investment from rival US states including California, Delaware and New York.Lobbyists working in the London office are likely to court UK bosses with incentives including new, fast-track business courts and multimillion dollar subsidies. Texas charges neither corporation nor income tax

AI companies know they have an image problem. Will funding policy papers and thinktanks dig them out?

OpenAI made a surprise announcement this week – not an update to ChatGPT or another multibillion-dollar datacenter – but a policy paper that called for a reimagining of the social contract based around “a slate of people-first ideas”. It’s the latest move in an aggressive effort by the major AI players to reshape the narrative around their industry, as polls show public disapproval of AI increasing.OpenAI’s 13-page paper, titled Industrial Policy for the Intelligence Age, follows its surprise acquisition of tech-friendly podcast TBPN and its announcement of plans to open a Washington DC office that will feature a dedicated space called the OpenAI workshop for non-profits and policymakers to learn about and discuss the company’s technology.OpenAI’s rival Anthropic has meanwhile announced its own thinktank, the Anthropic Institute, which similarly proclaimed an intention to explore how the growth of AI would disrupt society.As disruptions from AI become more tangible and calls for greater scrutiny of big tech companies grows louder, the industry appears to be both recognizing the widespread discontent and looking for ways to reframe the debate

‘Too powerful for the public’: Inside Anthropic’s bid to win the AI publicity war

This week, the AI company Anthropic said it had created an AI model so powerful that, out of a sense of overwhelming responsibility, it was not going to release it to the public.The US treasury secretary, Scott Bessent, summoned the heads of major banks for a chat about the model, Mythos. The Reform UK MP Danny Kruger wrote a letter to the government urging it to “engage with AI firm Anthropic whose new frontier model Claude Mythos could present catastrophic cybersecurity risks to the UK”. X went wild.Others were more sceptical, including the noted AI critic Gary Marcus, who said: “Dario [Amodei] has far more technical chops than Sam [Altman], but seems to have graduated from the same school of hype and exaggeration,” referring to the CEOs of Anthropic and its rival, OpenAI

Craig Overton completes game to remember to finish off Essex – as it happened

Somerset notched up 21 points at Chelmsford, thrashing Essex by 10 wickets. Craig Overton, in his vast Somerset sweater, added a couple of batters and a catch to his century on Saturday, a stand-in captaincy performance to remember. Essex inched a lead of just 47 and Archie Vaughan, Somerset’s second injury substitute, made a bid for a permanent spot by punching the majority of the runs himself, twice plonking Simon Harmer over midwicket for six.A zinger of a catch by Matthew Potts sealed an innings victory for Durham at Bristol. Gloucestershire spent the day bailing out the bath with a teaspoon, but sank after tea

Sergio García warned after breaking club in Masters meltdown before carrying Jon Rahm’s bag

A winner on day four of the Masters was not even part of the remaining field. Robert MacIntyre, somewhere, surely raised a smile.The Scot was the recipient of widespread criticism on Thursday after offering a single-fingered salute to Augusta National when en route to a nine at the 15th. A range of expletives and a whack of the sacred turf also featured in his first round. MacIntyre’s passionate approach to his profession is admirable but this was all over the top