Finance leaders warn over Mythos as UK banks prepare to use powerful Anthropic AI tool
British banks will be given access in the next week to a powerful AI tool that was deemed too dangerous to be released to the public, as a series of senior finance figures warned over its impact.Anthropic, which has so far limited the release of the new model to a small clutch of primarily US businesses, including Amazon, Apple and Microsoft, said it would expand that to UK financial institutions.“That is in the very near term, in the next week,” Pip White, Anthropic’s head of UK, Ireland and northern Europe operations, said in a Bloomberg TV interview.“As you would expect, the engagement I have had from UK CEOs in the last week has been significant.”Anthropic, which is the company behind the Claude family of AI tools, has said that its latest model, Mythos, poses an unprecedented risk because of its ability to expose flaws in IT systems.
“AI models have reached a level of coding capability where they can surpass all but the most skilled humans at finding and exploiting software vulnerabilities,” Anthropic said in a blogpost earlier this month.“The fallout – for economies, public safety, and national security – could be severe.”Finance ministers, executives and regulators have discussed the potential threats as they gathered in Washington this week for the IMF and World Bank spring meetings, while also handling concerns over the global ramifications spilling over from the US-Israeli war with Iran.The Canadian finance minister, François-Philippe Champagne, told the BBC: “Certainly it is serious enough to warrant the attention of all the finance ministers … The difference with the strait of Hormuz is that we know where it is and we know how large it is.“The issue that we’re facing with Anthropic is that it’s an unknown unknown.
It requires a lot of attention so that we have safeguards, and we have processes in place to make sure that we ensure the resiliency of our financial system.”Andrew Bailey, the governor of the Bank of England who also chairs the Financial Stability Board of global regulators, said: “It is a very serious challenge for all of us.It reminds us how fast the AI world moves.”However, he said regulators were having to consider whether, and how hard, to clamp down on the technology, as governments seek to reap AI’s economic rewards.“What is the optimum moment to frame the rules of the road?” Bailey asked.
“If you go too early you a) risk missing the target and b) you risk distorting the evolution, and if you go too late things can get out of control,”The European Central Bank’s president, Christine Lagarde, said: “The development we’ve seen with Anthropic and Mythos is a good example of a responsible company that is suddenly thinking: ‘Ah, that could be really good’ – but if it falls in the wrong hands, it could be really bad,“Everybody is keen to have a framework within which to operate,” Lagarde told Bloomberg TV,But she added: “I don’t think there is a governance framework that is there to actually mind those things,We need to work on that.
”The US treasury secretary, Scott Bessent, summoned US bank bosses to Washington last week to discuss the Mythos model.That meeting focused on systemically important banks – where regulators believe that a major disruption to their operations, or their potential collapse, would put financial stability at risk.UK regulators are due to raise the issue of Mythos’s risks with bank bosses and government officials in the coming weeks.Dan Katz, deputy head of the IMF and former chief of staff to Bessent, said: “The evolution of digital technology is posing immense risks from a cybersecurity perspective … this is really going to be absolutely essential on the international agenda for the next few months.”
Quarter of a million people could lose job by middle of 2027 as UK ‘flirts with recession’, analysis says
A quarter of a million people could lose their jobs by the middle of next year as Britain “flirts with recession”, analysis suggests, after business confidence was shattered by the US-Israel war on Iran.As the chancellor, Rachel Reeves, summoned bank chiefs for talks aimed at containing the fallout, twin reports from top accounting firms underlined the scale of the economic threat facing the UK.Iran’s retaliatory closure of the strait of Hormuz trade route and its strikes on its regional neighbours, which have sent oil and gas prices soaring, will cause the biggest economic hit since the Covid pandemic, according to the EY Item Club, an economic forecast group.A separate report by Deloitte found finance bosses at big UK businesses were already reining in their spending plans, taking action that was likely to weigh on economic activity and hiring.The EY Item Club said it expected the UK economy to flatline in the second and third quarters of this year, leaving the country at risk of recession, defined as two successive quarters of contraction
William Hill owner Evoke in talks on £225m takeover by casino group Bally’s
Evoke, the London-listed gambling company that owns William Hill and the 888 online casino brand, is in takeover talks with the US casino operator Bally’s Intralot.The heavily indebted company said in a statement to the stock market that it was in discussions with Bally’s “regarding a possible offer” for the business at 50p a share, almost a third higher than its closing price on Friday and valuing the group at £225m.It comes four years after the company, previously known as 888 Holdings, paid £2.2bn to buy William Hill’s network of 1,400 bookmakers. Since then, its shares have fallen by 90%
Kenyan firm sacks more than 1,000 workers after losing Meta contract
More than 1,000 low-paid workers in Kenya have been abruptly sacked by an outsourcing company contracted by Meta, in what activists said was a shocking move exposing the precariousness of tech jobs in the global south.Sama, a company based in Nairobi to which Meta outsourced content moderation and AI training work, announced on Thursday that the workers were being laid off after Meta terminated a contract.Last month reports said some Kenyan workers involved in data annotation were asked to view content filmed using Meta’s AI smart glasses showing wearers using the toilet or having sex.The sacked workers, many involved in AI training, have been given six days’ notice, according to the Oversight Lab, an organisation that advocates for fair regulation and deployment of technology across Africa. It said it was advising the workers on legal options
UK’s OnlyFans tops $3bn valuation amid talks to sell stake to US investor
OnlyFans, the UK adult video platform, is in talks to sell a minority stake to a US investor that will value the business at more than $3bn (£2.2bn).The London-based company is in advanced talks to sell a stake of less than 20% to the San Francisco-based investment firm Architect Capital, according to the Financial Times. Sources familiar with the process confirmed the talks to the Guardian.OnlyFans has decided that offloading a minority stake is the best guarantee of stability for a business dealing with the death of its owner, Leonid Radvinsky
Jack Draper faces French Open fitness race as knee injury worries deepen
Jack Draper has been sidelined for at least another month as injuries continue to disrupt his hopes of establishing himself as one of the top players in the world.Draper has withdrawn from the Madrid Open this week and the subsequent Italian Open due to the aggravated knee tendon injury that forced him to retire from his opening match at the Barcelona Open last week.Although he will miss most of the clay-court season, Draper is still aiming to compete at Roland Garros, which begins in five weeks on 24 May. He is considering entering one of the tournaments scheduled a week before the French Open.“An aggravated tendon in my knee means I am not able to play in Madrid and Rome,” Draper said in a statement
LeBron James is 41. And he’s somehow still carrying his team in the playoffs
The Lakers star would have been expecting to play a supporting role as he burrows into his 40s. But injuries means he has assumed a familiar roleLeBron James must be so sick of this. If he wanted to experience being the best player on an otherwise thin team, he could simply remember the Cleveland Cavaliers’ run to the NBA finals in 2007. Or the 2015 NBA finals when his best teammates, Kyrie Irving and Kevin Love, suffered injuries. Or the 2018 season, which convinced SNL to make a spoof of James’ support staff
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