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  China’s economy likely recovered in the second quarter, according to a private survey with more than 4600 respondents and conducted by China Beige Book between mid-April and mid-April 2023. Sopa Images | Lightrocket | Getty Images China’s monetary stimulus last year did little to boost loan demand in the second quarter — even though borrowing costs for businesses were lower than a year ago, according to China Beige Book survey released Friday. It suggests  rate cuts by the People’s Bank of China in August  may have had limited effect in spurring growth, and throws doubt on whether  the latest round of rate cuts in mid-June  will be effective. “For months, analysts have pumped the idea that Beijing has little choice but big-bang monetary easing,” said Leland Miller, chief executive of China Beige Book. “The PBoC started its push some months ago, and the string didn’t move.” China’s 2023 rebound isn’t sharp, but it’s also not finished yet. Shehzad Qazi MANAGING ...

  A shopper browses fruit and vegetables for sale at an indoor market in Sheffield, UK. The OECD recently predicted that the UK will experience the highest inflation among all advanced economies this year. Bloomberg | Bloomberg | Getty Images LONDON — U.K. inflation came in hotter than expected in May, as consumer prices rose by an annual 8.7%, unchanged from the previous month. Economists polled by Reuters had projected an annual rise in the headline consumer price index of 8.4%. On a monthly basis, headline CPI increased by 0.7%, while core inflation — which excludes volatile energy, food, alcohol and tobacco prices — gained by an annual 7.1%, up from 6.8% in April and the highest rate since March 1992, according to the Office for National Statistics. “Rising prices for air travel, recreational and cultural goods and services, and second-hand cars resulted in the largest upward contributions to the monthly change in both the CPIH and CPI annual rates,” the ONS said. The consumer ...

  Chief AI Scientist at Meta Yann LeCun spoke at the Viva Tech conference in Paris and said that artificial intelligence does not currently have human-level intelligence but could do one day. Chesnot | Getty Images News | Getty Images Current artificial intelligence systems like ChatGPT do not have human-level intelligence and are barely smarter than a dog,  Meta’s  AI chief said, as the debate over the dangers of the fast-growing technology rages on. ChatGPT, developed by OpenAI, is based on a so-called large language model. This means that the AI system was trained on huge amounts of language data that allows a user to prompt it with questions and requests, while the chatbot replies in language we understand. The fast-paced development of AI has sparked concern from major technologists that, if unchecked, the technology could pose dangers to society. Tesla CEO  Elon Musk  said this year that AI is  “one of the biggest risks to the future of civilization.”...

  Turkey’s President Recep Tayyip Erdogan has named former economy chief Mehmet Simsek as his new treasury and finance minister. Source: World Economic Forum Turkish President Recep Tayyip Erdogan on Wednesday appeared to make a crucial shift regarding the future of his inflation-ridden country’s monetary policy. Erdogan said he would accede to his new finance minister’s outlook on interest rates in Turkey, meaning a return to economic orthodoxy after years of heavy state control over the central bank and refusing to raise interest rates despite soaring inflation. Newly-appointed Finance Minister Mehmet Simsek, who previously served as deputy prime minister and finance minister between 2009 and 2018, is widely respected by investors. Economists and analysts see Simsek as someone who can turn the tide in Turkey’s cost-of-living crisis, which has seen the  Turkish lira’s  value against the dollar fall some 80% in the last five years. “Some of our friends should not be mista...

  WATCH NOW VIDEO 01:23 JPMorgan reaches settlement with Jeffrey Epstein victim in lawsuit JPMorgan Chase  said Monday it has reached a settlement with one of late sexual predator Jeffrey Epstein’s victims, who had been suing the bank in federal court. The bank’s litigation with the U.S. Virgin Islands in the Epstein matter remains, however. Its claims against former executive Jes Staley, who was friends with Epstein, are also active, the bank said. The announcement didn’t disclose the terms of the settlement. Last month, Deutsche Bank, where Epstein was became a after he left JPMorgan in 2013,  settled with Epstein victims  for $75 million. The victim and the Virgin Islands, where Epstein owned a private island, both claim JPMorgan continued working with Epstein after learning he had been a predator, and facilitated his sex trafficking crimes. The announcement comes more than a week after JPMorgan CEO Jamie Dimon  gave a deposition  in the Epstein cases. O...

  Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on June 3, 2023 Joe Klamar | Afp | Getty Images Saudi Energy Minister Prince Abdulaziz bin Salman defended the voluntary output cuts announced by some allied oil producers in April, which he noted were first criticized as likely to spike crude prices — then, as failing to support them. On April 3, several producers of the Organization of the Petroleum Exporting Countries and its partners — collectively known as OPEC+ — revealed a combined 1.66 million barrels per day of production declines until the end of this year. This Sunday,  they extended these measures through the end of 2024 , with Riyadh announcing an additional 1 million-per-day voluntary and extensible drop, starting in July. The OPEC+ group otherwise collectively decided to stick to its targets for 2023, with production at 40.463 million barrels per day next year. The...