The World Bank sharply reduced its global economic growth forecast for 2025 to 2.3% from 2.7%, warning that the current decade is on track to become the weakest for the global economy since the 1960s. The Washington-based lender attributed the downgrade to mounting costs from "international discord -- about trade, in particular," as Donald Trump's tariff policies create unprecedented uncertainty.

The revised forecast would mark the slowest growth rate outside full-blown recessions since 2008. Even with a modest recovery to 2.4% expected in 2026, the bank characterized the outlook as merely "tepid." Chief economist Indermit Gill said "outside of Asia, the developing world is becoming a development-free zone." Growth in developing economies has steadily declined from 6% annually in the 2000s to 5% in the 2010s, now falling below 4% in the 2020s. The bank said that "many of the forces behind the great economic miracle of the last 50 years" have reversed, with more than half of low-income countries either in debt distress or at high risk.

The Class of 2025 is encountering the worst entry-level job market in years with unemployment among recent degree-holders aged 22 to 27 reaching 5.8% this spring -- the highest level in approximately four years and well above the national average. According to Federal Reserve Bank of New York data, 85% of the unemployment rate increase since mid-2023 stems from new labor market entrants struggling to find work.

Corporate hiring freezes implemented under threats of President Trump's tariffs, combined with AI replacing traditional entry-level positions, have severely constrained opportunities for new graduates. More than 60% of executives surveyed on LinkedIn indicate that AI will eventually assume tasks currently assigned to entry-level employees, particularly mundane and manual roles.

The impact varies significantly by major, with computer engineering graduates -- once highly sought-after -- now facing a 7.5% unemployment rate, the third-highest among recent graduates. Employment in computer science and mathematical jobs for those under 27 has dropped 8% since 2022, even as it grew 0.8% for older workers.

The Internet Corporation for Assigned Names and Numbers (ICANN) has called for changes to the roster of officials appointed to oversee the forthcoming election at the African Network Information Centre (AFRINIC), the latest twist in a conflict that stretches back years and has left the African regional internet registry in limbo. From a report: AFRINIC is one of the world's five regional internet registries, the governance bodies that delegate and manage IP addresses and autonomous systems numbers in co-ordination with ICANN. The African organization has essentially been dead in the water, operating without a board or CEO since 2022. The problems started in 2020 when AFRINIC alleged that one of its members -- a company called Cloud Innovation -- had breached its agreement with the registry in ways that could lead AFRINIC to reclaim the company's IP address holdings.

Cloud Innovation countered that AFRINIC acted improperly and launched multiple lawsuits in Mauritius, the Indian Ocean nation the registry calls home. Other parties also sued AFRINIC for similar reasons. The lawsuits left AFRINIC's bank accounts frozen and meant it was unable to convene a board or run elections. In February 2025, the Supreme Court of Mauritius appointed a receiver to secure AFRINIC's assets and reconstitute its board.

The Associated Press reports that on Friday, U.K. High Court justice Victoria Sharp and fellow judge Jeremy Johnson ruled on the possibility of false information being submitted to the court. Concerns had been raised by lower-court judges about "suspected use by lawyers of generative AI tools to produce written legal arguments or witness statements which are not then checked." In a ruling written by Sharp, the judges said that in a 90 million pound ($120 million) lawsuit over an alleged breach of a financing agreement involving the Qatar National Bank, a lawyer cited 18 cases that did not exist. The client in the case, Hamad Al-Haroun, apologized for unintentionally misleading the court with false information produced by publicly available AI tools, and said he was responsible, rather than his solicitor Abid Hussain. But Sharp said it was "extraordinary that the lawyer was relying on the client for the accuracy of their legal research, rather than the other way around."

In the other incident, a lawyer cited five fake cases in a tenant's housing claim against the London Borough of Haringey. Barrister Sarah Forey denied using AI, but Sharp said she had "not provided to the court a coherent explanation for what happened." The judges referred the lawyers in both cases to their professional regulators, but did not take more serious action.

Sharp said providing false material as if it were genuine could be considered contempt of court or, in the "most egregious cases," perverting the course of justice, which carries a maximum sentence of life in prison.

Intel has implemented a strict new policy requiring all new projects to demonstrate at least a 50% gross margin to move forward. CEO Lip-Bu Tan explained Intel's new risk-averse policy as "something that we probably should have had before," later clarifying that the number is a figure the company is aspiring toward internally. Tom's Hardware reports: Tan is reportedly "laser focused on the fact that we need to get our gross margins back up above 50%." To accomplish this, Tan is also said to be investigating and potentially cancelling or changing unprofitable deals with other companies. Intel's margins have slipped to new lows for the company in recent months. MacroTrends reports Intel's trailing 12 months gross margin for Q1 2025 was as low as 31.67%. Intel's gross margins had hovered around the 60% mark for the ten years leading up to the COVID-19 pandemic, falling beneath 50% in Q2 2022 and continuing to steadily fall ever since.

Holthaus predicts a "tug-of-war" to ensue within Intel in the coming months as engineers and executives reckon with being forced between a rock and a hard place. "We need to be building products that... fit the right competitive landscape and requirements of our customers, but also have the right cost structure in place. It really requires us to do both." [...] Tan is also quoted as wanting to turn Intel into an "engineering-focused company" again under his leadership. To reach this, Tan has committed to investing in recruiting and retaining top talent; "I believe Intel has lost some of this talent over the years; I want to create a culture of innovation empowerment." Maintaining a culture of empowering innovation and top talent seems, on its face, at odds with layoffs and a lock on projects not projected to gross 50% margins, but Tan seemingly has Intel investors on his side in these pursuits.

Morgan Stanley has deployed an in-house AI tool called DevGen.AI that has reviewed nine million lines of legacy code this year, saving the investment bank's developers an estimated 280,000 hours by translating outdated programming languages into plain English specifications that can be rewritten in modern code.

The tool, built on OpenAI's GPT models and launched in January, addresses what Mike Pizzi, the company's global head of technology and operations, calls one of enterprise software's biggest pain points -- modernizing decades-old code that weakens security and slows new technology adoption. While commercial AI coding tools excel at writing new code, they lack expertise in older or company-specific programming languages like Cobol, prompting Morgan Stanley to train its own system on its proprietary codebase.

The tool's primary strength, the bank said, lies in creating English specifications that map what legacy code does, enabling any of the company's 15,000 developers worldwide to rewrite it in modern programming languages rather than relying on a dwindling pool of specialists familiar with antiquated coding systems.

"This month, millions of young people will graduate from college," reports the New York Times, "and look for work in industries that have little use for their skills, view them as expensive and expendable, and are rapidly phasing out their jobs in favor of artificial intelligence." That is the troubling conclusion of my conversations over the past several months with economists, corporate executives and young job seekers, many of whom pointed to an emerging crisis for entry-level workers that appears to be fueled, at least in part, by rapid advances in AI capabilities.

You can see hints of this in the economic data. Unemployment for recent college graduates has jumped to an unusually high 5.8% in recent months, and the Federal Reserve Bank of New York recently warned that the employment situation for these workers had "deteriorated noticeably." Oxford Economics, a research firm that studies labor markets, found that unemployment for recent graduates was heavily concentrated in technical fields like finance and computer science, where AI has made faster gains. "There are signs that entry-level positions are being displaced by artificial intelligence at higher rates," the firm wrote in a recent report.

But I'm convinced that what's showing up in the economic data is only the tip of the iceberg. In interview after interview, I'm hearing that firms are making rapid progress toward automating entry-level work and that AI companies are racing to build "virtual workers" that can replace junior employees at a fraction of the cost. Corporate attitudes toward automation are changing, too — some firms have encouraged managers to become "AI-first," testing whether a given task can be done by AI before hiring a human to do it. One tech executive recently told me his company had stopped hiring anything below an L5 software engineer — a midlevel title typically given to programmers with three to seven years of experience — because lower-level tasks could now be done by AI coding tools. Another told me that his startup now employed a single data scientist to do the kinds of tasks that required a team of 75 people at his previous company...

"This is something I'm hearing about left and right," said Molly Kinder, a fellow at the Brookings Institution, a public policy think tank, who studies the impact of AI on workers. "Employers are saying, 'These tools are so good that I no longer need marketing analysts, finance analysts and research assistants.'" Using AI to automate white-collar jobs has been a dream among executives for years. (I heard them fantasizing about it in Davos back in 2019.) But until recently, the technology simply wasn't good enough...

With over 200 million people, Brazil is the world's fifth-largest country by population. Now it's testing a program that will allow Brazilians "to manage, own, and profit from their digital footprint," according to RestOfWorld.org — "the first such nationwide initiative in the world."

The government says it's partnering with California-based data valuation/monetization firm DrumWave to create "data savings account" to "transform data into economic assets, with potential for monetization and participation in the benefits generated by investing in technologies such as AI LLMs." But all based on "conscious and authorized use of personal information." RestOfWorld reports: Today, "people get nothing from the data they share," Brittany Kaiser, co-founder of the Own Your Data Foundation and board adviser for DrumWave, told Rest of World. "Brazil has decided its citizens should have ownership rights over their data...." After a user accepts a company's offer on their data, payment is cashed in the data wallet, and can be immediately moved to a bank account. The project will be "a correction in the historical imbalance of the digital economy," said Kaiser. Through data monetization, the personal data that companies aggregate, classify, and filter to inform many aspects of their operations will become an asset for those providing the data...

Brazil's project stands out because it brings the private sector and the government together, "so it has a better chance of catching on," said Kaiser. In 2023, Brazil's Congress drafted a bill that classifies data as personal property. The country's current data protection law classifies data as a personal, inalienable right. The new legislation gives people full rights over their personal data — especially data created "through use and access of online platforms, apps, marketplaces, sites and devices of any kind connected to the web." The bill seeks to ensure companies offer their clients benefits and financial rewards, including payment as "compensation for the collecting, processing or sharing of data." It has garnered bipartisan support, and is currently being evaluated in Congress...

If approved, the bill will allow companies to collect data more quickly and precisely, while giving users more clarity over how their data will be used, according to Antonielle Freitas, data protection officer at Viseu Advogados, a law firm that specializes in digital and consumer laws. As data collection becomes centralized through regulated data brokers, the government can benefit by paying the public to gather anonymized, large-scale data, Freitas told Rest of World. These databases are the basis for more personalized public services, especially in sectors such as health care, urban transportation, public security, and education, she said.
This first pilot program involves "a small group of Brazilians who will use data wallets for payroll loans," according to the article — although Pedro Bastos, a researcher at Data Privacy Brazil, sees downsides. "Once you treat data as an economic asset, you are subverting the logic behind the protection of personal data," he told RestOfWorld. The data ecosystem "will no longer be defined by who can create more trust and integrity in their relationships, but instead, it will be defined by who's the richest."

Thanks to Slashdot reader applique for sharing the news.

An anonymous reader quotes a report from CNBC: Microsoft said Wednesday that it broke down the Lumma Stealer malware project with the help of law enforcement officials across the globe. The tech giant said in a blog post that its digital crimes unit discovered more than 394,000 Windows computers were infected by the Lumma malware worldwide between March 16 through May 16. The Lumma malware was a favorite hacking tool used by bad actors, Microsoft said in the post. Hackers used the malware to steal passwords, credit cards, bank accounts and cryptocurrency wallets.

Microsoft said its digital crimes unit was able to dismantle the web domains underpinning Lumma's infrastructure with the help of a court order from the U.S. District Court for the Northern District of Georgia. The U.S. Department of Justice then took control of Lumma's "central command structure" and squashed the online marketplaces where bad actors purchased the malware. The cybercrime control center of Japan "facilitated the suspension of locally based Lumma infrastructure," the blog post said. "Working with law enforcement and industry partners, we have severed communications between the malicious tool and victims," Microsoft said in the post. "Moreover, more than 1,300 domains seized by or transferred to Microsoft, including 300 domains actioned by law enforcement with the support of Europol, will be redirected to Microsoft sinkholes." Cloudflare, Bitsight and Lumen also helped break down the Lumma malware ecosystem.

The U.S. trade deficit persists due to fundamental macroeconomic imbalances rather than just export shortfalls, according to Federal Reserve Bank of New York economist Thomas Klitgaard. His analysis shows the deficit reflects a persistent gap between domestic saving and investment spending, with the U.S. borrowing from foreign sources to fund domestic investment when savings fall short.

This macroeconomic reality means targeting specific trade categories won't resolve the overall imbalance -- even when the petroleum deficit disappeared by 2019 due to increased domestic production, the total trade deficit grew to $441 billion, consistent with a widening saving gap.

Bureau of Economic Analysis data reveals household saving has remained below pre-pandemic levels as consumers spend down accumulated savings from 2020-21, while business saving has remained relatively stable. Reducing the deficit would require significant macroeconomic adjustments, including higher domestic saving or reduced investment spending, which studies indicate would likely cause economic pain as demonstrated during the 2008 recession.

Cryptocurrency exchange Coinbase said Thursday it is offering a $20 million reward for information leading to the arrest and conviction of criminals who attempted to extort the company for the same amount after stealing customer data.

The criminals bribed customer support agents in overseas markets to access records containing addresses, phone numbers, government IDs, and partial bank and Social Security details of more than 80,000 customers. "It sucks but when we see a problem like this we want to own it and make it right," Coinbase Chief Security Officer Philip Martin told Fortune.

The company will reimburse customers who fell victim to subsequent social engineering scams. No login credentials or wallet access were compromised in the breach. The extortionists had threatened to publish the stolen information unless paid $20 million in Bitcoin.

Alexander Mashinsky, the former CEO of Celsius Network, was sentenced to 12 years in prison on Thursday after pleading guilty to two counts of fraud, a dramatic fall for the leader of a company once hailed as the "bank" of the crypto industry. From a report: Standing before U.S. District Judge John G. Koeltl in Manhattan's Southern District, Mashinsky faced the consequences of what prosecutors described as a sweeping scheme to defraud investors. In December he pleaded guilty to commodities fraud and a scheme to manipulate the Celsius token.

His sentencing took place in courtroom 14A at 500 Pearl Street -- a venue that has seen several crypto executives-turned-felons. Mashinsky's legal troubles began in 2023 when he was arrested on charges of securities, commodities, and wire fraud, just as Celsius reached a $4.7 billion settlement with the Federal Trade Commission -- one of the largest in the FTC's history.

A 25-year-old from Santa Clarita has pleaded guilty to hacking a Disney employee's computer using malware disguised as an AI art tool, stealing over 1 terabyte of confidential Disney data and threatening to leak it under the guise of a fake Russian hacktivist group. Variety reports: Santa Clarita resident Ryan Mitchell Kramer, 25, pleaded guilty to two felony charges, including one count of accessing a computer and obtaining information and one count of threatening to damage a protected computer. Each charge carries a maximum sentence of five years in federal prison. According to the plea agreement, in early 2024 Kramer posted a computer program on various online platforms that appeared to be used to create AI-generated art, when it really contained a malicious file to gain access to victims' computers.

Between April and May 2024, a Disney employee downloaded the program, and Kramer gained access to the victim's personal and work accounts, including a non-public Disney Slack channel. Kramer dowloaded approximately 1.1 terabytes of confidential data from thousands of Disney Slack channels. In July, Kramer contacted the victim by pretending to be a member of a fake Russian hacktivist group called "Nullbulge" and threatened to leak their personal information and Disney Slack data. On July 12, Kramer publicly released the data, including the victim's bank, medical, and personal information on multiple online platforms.

The sale of bankrupt DNA data bank 23andMe is delayed as the company struggles to secure a lead bidder who can meet regulatory and privacy requirements, pushing the initial auction deadline from Friday to Monday. Seeking Alpha reports: 23andMe Holdings (OTC:MEHCQ), currently in Chapter 11 bankruptcy proceedings, is requiring that any potential bidders for the company's assets "guaranty that they will comply with the Company's privacy policies and applicable law." The genetics company said this is necessary to protect customers' data.

In addition, bidders will need to submit documentation of their intended use of any data, describe the privacy programs and security controls they have in place or would implement, and say whether they would ask for current privacy policies to be amended. 23andMe has also filed a motion asking for the appointment of an independent customer Data representative to review whether a proposed deal is in alignment with the company's privacy policies and data privacy laws.

The head of the Swiss National Bank said on Friday that cryptocurrencies failed to meet the institution's currency reserve standards, rebuffing calls by crypto advocates that it hold bitcoin as a hedge against growing global economic risks. From a report: Cryptocurrency campaigners are ramping up pressure on the SNB to buy bitcoin, arguing that the economic turmoil triggered by U.S. President Donald Trump's tariffs made it more important for the central bank to diversify its reserves. They have launched a referendum campaign to change the Swiss constitution and require the SNB to hold bitcoin in its reserves alongside gold. SNB Chairman Martin Schlegel, however, rejected the idea at the central bank's shareholder meeting in Bern.

Analysts at UBS and Gartner have significantly reduced their growth forecasts for global PC and smartphone markets as a result of mounting pressures from trade tariffs and broader macroeconomic uncertainties that are expected to impact consumer demand through 2026. From a report: In a pair of research reports sent to their clients on Wednesday, UBS and Gartner revised down their global PC shipments forecast for 2025 and 2026 from previous estimates of 5% and 4% growth to just 2% for both years, citing the potential impact of trade policy and macroeconomic headwinds. The investment bank and Gartner also cut their global smartphone shipment growth forecast for 2025 to 1% (1,235 million units) from 2%, while reducing its 2026 projection from 1% growth to flat at 1,235 million units.

The outlook is particularly grim for the US market, which accounts for 24% of global PC units and 31% of global PC value. UBS expects the region to be disproportionately affected by tariff measures, projecting US PC demand could decline by 1.1% in 2025 before registering a modest 0.8% recovery in 2026, significantly underperforming compared to the mid-single-digit growth forecasts for other regions.

The European Commission is issuing burner phones and basic laptops to some US-bound staff to avoid the risk of espionage [non-paywalled source], a measure traditionally reserved for trips to China. Financial Times: Commissioners and senior officials travelling to the IMF and World Bank spring meetings next week have been given the new guidance, according to four people familiar with the situation. They said the measures replicate those used on trips to Ukraine and China, where standard IT kit cannot be brought into the countries for fear of Russian or Chinese surveillance.

"They are worried about the US getting into the commission systems," said one official. The treatment of the US as a potential security risk highlights how relations have deteriorated since the return of Donald Trump as US president in January. Trump has accused the EU of having been set up to "screw the US" and announced 20 per cent so-called reciprocal tariffs on the bloc's exports, which he later halved for a 90-day period.

At the same time, he has made overtures to Russia, pressured Ukraine to hand over control over its assets by temporarily suspending military aid and has threatened to withdraw security guarantees from Europe, spurring a continent-wide rearmament effort. "The transatlantic alliance is over," said a fifth EU official.

"More than three million children around the world are thought to have died in 2022 as a result of infections that are resistant to antibiotics," reports the BBC, citing a study by two leading experts in child health that used data from sources including the World Health Organization and the World Bank: Experts say this new study highlights a more than tenfold increase in AMR-related infections in children in just three years. The number could have been made worse by the impact of the Covid pandemic...

The report's lead authors, Doctor Yanhong Jessika Hu of Murdoch Children's Research Institute in Australia and Professor Herb Harwell of the Clinton Health Access Initiative, point to a significant growth in the use of antibiotics that are meant to only be held back for the most serious infections. Between 2019 and 2021 the use of "watch antibiotics", drugs with a high risk of resistance, increased by 160% in South East Asia and 126% in Africa. Over the same period, "reserve antibiotics" — last-resort treatments for severe, multidrug-resistant infections — rose by 45% in South East Asia and 125% in Africa.

The authors warn that if bacteria develop resistance to these antibiotics, there will be few, if any, alternatives for treating multidrug-resistant infections.
"Antibiotics are ubiquitous around us," Professor Harwell warns in the article. "They end up in our food and the environment and so coming up with a single solution is not easy." The article also quotes a senior lecturer in microbiology at King's College London, who says the new study "marks a significant and alarming increase compared to previous data".

"These findings should serve as a wake-up call for global health leaders. Without decisive action, AMR could undermine decades of progress in child health, particularly in the world's most vulnerable regions."

Thanks to Slashdot reader Bruce66423 for sharing the article.

Increasingly autonomous AI programs could end up manipulating markets and intentionally creating crises in order to boost profits for banks and traders, the Bank of England has warned. From a report: Artificial intelligence's ability to "exploit profit-making opportunities" was among a wide range of risks cited in a report by the Bank of England's financial policy committee (FPC), which has been monitoring the City's growing use of the technology.

The FPC said it was concerned about the potential for advanced AI models -- which are deployed to act with more autonomy -- to learn that periods of extreme volatility were beneficial for the firms they were trained to serve. Those AI programs may "identify and exploit weaknesses" of other trading firms in a way that triggers or amplifies big moves in bond prices or stock markets.

Hackers intercepted about 103 bank regulators' emails for more than a year, gaining access to highly sensitive financial information, Bloomberg News reported Tuesday, citing two people familiar with the matter and a draft letter to Congress. From the report: The attackers were able to monitor employee emails at the Office of the Comptroller of the Currency after breaking into an administrator's account, said the people, asking not to be identified because the information isn't public. OCC on Feb. 12 confirmed that there had been unauthorized activity on its systems after a Microsoft security team the day before had notified OCC about unusual network behavior, according to the draft letter.

The OCC is an independent bureau of the Treasury Department that regulates and supervises all national banks, federal savings associations and the federal branches and agencies of foreign banks -- together holding trillions of dollars in assets. OCC on Tuesday notified Congress about the compromise, describing it as a "major information security incident."

"The analysis concluded that the highly sensitive bank information contained in the emails and attachments is likely to result in demonstrable harm to public confidence," OCC Chief Information Officer Kristen Baldwin wrote in the draft letter to Congress that was seen by Bloomberg News. While US government agencies and officials have long been the targets of state-sponsored espionage campaigns, multiple high-profile breaches have surfaced over the past year.