PressMonkey

PressMonkey PressMonkey writes & distributes your campaign to 5k+ News, Bloggers and Influencers on autopilot
(3)

PressMonkey is the first ever AI that writes & distributes your PR or campaign to 5,000+ Press/Media, Bloggers, Podcasters & Influencers on autopilot

Fake Monet and Renoir on eBay among 40 counterfeits identified using AIPaintings identified as fake using cutting-edge t...
08/05/2024

Fake Monet and Renoir on eBay among 40 counterfeits identified using AI

Paintings identified as fake using cutting-edge technology are ‘tip of the iceberg’ specialist Dr Carina Popovici saysA “Monet” and a “Renoir” are among up to 40 fake paintings that are being offered for sale on eBay, according to research by a leading expert.Dr Carina Popovici, a specialist in authenticating artwork, said she applied cutting-edge artificial intelligence (AI) technology to pictures advertised on the online platform and was shocked to discover that many had a “high probability” of being “not authentic”. Continue reading...

Paintings identified as fake using cutting-edge technology are ‘tip of the iceberg’ specialist Dr Carina Popovici says

Elon Musk says AI has no 'use' at SpaceX — at least for nowTesla CEO Elon Musk speaks at the 27th annual Milken Institut...
07/05/2024

Elon Musk says AI has no 'use' at SpaceX — at least for now

Tesla CEO Elon Musk speaks at the 27th annual Milken Institute Global Conference at the Beverly Hilton in Los Angeles on May 6, 2024.FREDERIC J. BROWN/AFP via Getty ImagesElon Musk revealed that SpaceX "basically uses no AI."The SpaceX CEO said that although he's open to using it, he hasn't found a use for it yet."There's still a long way to go," he said.Elon Musk is not planning on recreating "2001: A Space Odyssey" anytime soon.Musk, who answered questions during 27th annual Milken Institute Global Conference on Monday, spent a sizable portion of his talk extolling the benefits of artificial intelligence. At one point, he said a "truth-seeking" AI could "foster human civilization" when asked about the role the technology would play in human's everyday lives.But when asked whether AI could "accelerate" his efforts in space exploration, he seemed less excited about the technology. "Can AI accelerate your efforts in space? How do you see it helping you in what you're trying to achieve?" financier Michael Milken, who moderated the talk, asked."I mean, oddly enough, one of the areas where there's almost no AI used is space exploration," Musk replied. "So SpaceX uses basically no AI, Starlink does not use AI. I'm not against using it. We haven't seen a use for it."Musk continued, saying that he's been testing improved AI language models by asking them questions about space — and the results have been disappointing."With any given variant of or improvements in AI, I mean, I'll ask it questions about the Fermi paradox, about rocket engine design, about electrochemistry — and so far, the AI has been terrible at all those questions," Musk said, referencing the paradox that asks why we haven't come across alien life despite the high likelihood it exists in the universe. "So, there's still a long way to go."Musk is still reaching for the AI starsThough he expressed some skepticism about AI for space exploration, Musk has still invested heavily in the development of artificial intelligence through his startup company, xAI, a project that aims to use the tech "to accelerate human scientific discovery," according to its website. Musk has previously predicted AI will outsmart humans by the end of 2026.At his other companies, AI use is much more integrated. At X, Musk integrated his AI chatbot Grok — similar to ChatGPT — into the social media platform. Musk also considered using AI to help summarize news on the site.And at Tesla, Musk hopes to build a sentient labor robot called Optimus — though for his cars, he's paused AI development because he did not hold 25% stake in the company. The billionaire said it would allow him more control over the direction of AI at the company."If I have 25%, it means I am influential, but can be overridden if twice as many shareholders vote against me vs for me. At 15% or lower, the for/against ratio to override me makes a takeover by dubious interests too easy," he said on X. He has also expressed wariness about potential risks to humanity and society that AI could bring about, including the spread of misinformation and widespread automation of jobs. The tech billionaire also believed there was a small chance that a super-intelligent AI could save humanity — or end it."I think there's some chance that it will end humanity. I probably agree with Geoff Hinton that it's about 10% or 20% or something like that," Musk said, speaking in a "Great AI Debate" seminar at the four-day Abundance Summit in March.But, he added we should take the risk anyway, saying: "I think that the probable positive scenario outweighs the negative scenario."Representatives for Musk and the Milken Institute did not immediately respond to requests for comment from Business Insider.Read the original article on Business Insider

Elon Musk spoke about how AI is used at his space exploration companies during the 27th annual Milken Institute Global Conference.

Jon Stewart says Biden is so old he 'shouldn't be president'Jon Stewart.The Daily ShowJon Stewart says Joe Biden, 81, is...
06/05/2024

Jon Stewart says Biden is so old he 'shouldn't be president'

Jon Stewart.The Daily ShowJon Stewart says Joe Biden, 81, is just too old to be president."When you watch him on television, you're nervous, aren't ya?" Stewart said on Friday.If Biden wins in November, he will be 82 on Inauguration Day and 86 by the time he leaves office.A second Trump term may be frightening, but President Joe Biden is just too old to be reelected, says comedian Jon Stewart."I know liberals say, 'Don't say Joe Biden is old' — don't say what people see with their own eyes," Stewart said of the 81-year-old president. "I know you know how fu***ng old he is, and I know you don't want to say it because Trump is so scary, but he's so fu***ng old.""When you watch him on television, you're nervous, aren't ya?" Stewart continued."The Daily Show" host offered his assessment on Biden and his rival, former President Donald Trump, 77, on Friday while performing at this year's Netflix Is a Joke Festival, per The Hollywood Reporter."I'm not saying that Biden can't contribute to society, he just shouldn't be president," Stewart told his audience.Putting both Biden and Trump on the ballot, Stewart said, was a mistake."Why are we allowing this? And now we're going to have a president that's the two oldest people that have ever run for the office of the presidency," Stewart said earlier in his segment.This isn't the first time Stewart has commented on the upcoming presidential election. When Stewart made his return to "The Daily Show" in February, the late-night host questioned Biden's and Trump's fitness for the Oval Office."These two candidates. They are both similarly challenged," Stewart said on February 12. "And it is not crazy to think that the oldest people in the history of the country to ever run for president might have some of these challenges."Both Biden and Trump will make history no matter who prevails in this year's presidential election.If Biden wins, he would be 82 years old on Inauguration Day and 86 by the time he leaves office. Likewise for Trump, who will become oldest person ever to be inaugurated if he beats Biden. Trump will turn 78 on June 14.But criticisms about Biden's age hasn't dulled the octogenarian's confidence in his campaign. In fact, Biden says his age is actually an asset for his candidacy."I have acquired a hell of a lot of wisdom and know more than the vast majority of people. And I'm more experienced than anybody that's ever run for the office," Biden told MSNBC in May.Representatives for Stewart, Biden, and Trump didn't immediately respond to requests for comment from BI sent outside regular business hours.Stewart's remarks about Biden and Trump come months before the November polls, with the two presumptive nominees now locked in an intense fundraising battle.Biden's campaign revealed last month that it raised more than $90 million in March. The campaign accumulated over $187 million in donations in the first quarter of this year.And on Saturday, Trump's team told donors they raised more than $76 million in April, Politico reported, citing a person familiar with the matter.Read the original article on Business Insider

"When you watch him on television, you're nervous, aren't ya?" Stewart said of President Joe Biden, 81.

Blockbuster weight loss drug Wegovy's sales just doubled — and could heat up even more with a price cutWegovy is adminis...
03/05/2024

Blockbuster weight loss drug Wegovy's sales just doubled — and could heat up even more with a price cut

Wegovy is administered via injection pens.Michael Siluk/UCG/Universal Images Group via Getty ImagesNovo Nordisk said it will cut prices of Wegovy amid rising sales and competition.Sales of the blockbuster drug more than doubled in the first quarter year-on-year.Novo faces competition from Eli Lilly and scrutiny from the US government over drug pricing.Danish drugmaker Novo Nordisk will lower prices of its weight loss drug Wegovy as it plans to raise sales volumes and navigate tough competition.Prices for the blockbuster drug fell in the first quarter. The company plans to continue to cut prices in the US because of high volume and competition, chief financial officer Karsten Munk Knudsen said on the company's Thursday earnings call.Sales of Wegovy more than doubled in the first quarter year-on-year, to 9.4 billion Danish crowns, or $1.3 billion, according to the company's earnings. In the US, more than 25,000 new patients are starting the drug weekly, compared to 5,000 in the beginning of the year, Knudsen said.Knudsen and CEO Lars Fruergaard Jorgensen said on the earnings call that they're prioritizing accessibility to Wegovy, instead of keeping prices high — despite significant demand at current costs. They did not specify how much Novo plans to cut Wegovy's prices.The Danish pharmaceutical maker, which also produces viral weight loss drug Ozempic, reported better-than-expected sales of 65 billion Danish crowns, or $9.4 billion, in the first quarter. The company also raised forecasts for 2024 and said it expects to sales to grow between 19% and 27%.The Wegovy price cuts come as Novo faces competition from US rival, Eli Lilly, which also posted earnings this week and reported a 26% increase in revenue in the first quarter. Eli Lilly said that revenue growth was driven by Ozempic and Wegovy competitors Mounjaro and Zepbound, which are used to treat Type 2 diabetes and obesity, respectively.Novo's pricing for Ozempic and Wegovy has come under recent political scrutiny. Last week, US Senator Bernie Sanders launched an investigation looking into "the outrageously high prices" Novo charges for both drugs in the US, which he said were much higher than in other countries.Wegovy and similar weight-loss drugs have become a huge business. With the US adult obesity rate at around 40%, the drugs could be prescribed to 15 million Americans in the next few years, per a 2023 Goldman Sachs report. The bank estimated that the anti-obesity drug market to grow to $100 billion by 2030.The highly-coveted drugs are being snagged by celebrities like Oprah Winfrey, Elon Musk, and Charles Barkley. They are also gaining popularity with people who are going out of their way to afford them.Read the original article on Business Insider

Sales of Wegovy more than doubled in the first quarter year-on-year, to $1.3 billion.

Travis Kalanick's $15 billion food tech company cuts employees globally in profitability pushTravis Kalanick, the CEO of...
03/05/2024

Travis Kalanick's $15 billion food tech company cuts employees globally in profitability push

Travis Kalanick, the CEO of City Storage Systems, speaking at a 2013 event.Eric Piermont/AFPCity Storage Systems' restaurant tech arm cut staff this week, including more than 80 in the US.Otter, which runs a number of software and hardware businesses, is seeking profitability.Otter has $80 million in annual recurring revenue and continues to grow, an executive said on Thursday.Six months after layoffs at food technology company City Storage Systems, another round of cuts hit teams globally, per leaked audio obtained by Business Insider.More than 80 US employees were cut at Otter, the company's restaurant tech arm, said a source familiar with the people laid off. Layoffs also affected teams in Canada and Latin America, among other regions.Otter head Guido Gabrielli told staff in an all-hands meeting on Thursday that Otter made the cuts because the company is "trying to get profitable as soon as possible," per audio obtained by Business Insider. He said leaders would "try our best" to avoid future layoffs.The total number of staff affected was not immediately apparent. CSS employs about 3,300 people — down from about 4,300 in November, before the last significant layoffs.A representative for CSS did not immediately respond to a request for comment sent outside normal business hours.In fall 2021, CEO Travis Kalanick raised $850 million for CSS from investors including Microsoft, at a $15 billion valuation. Since then, the company has faced similar headwinds to the rest of the tech and real estate industries, including higher interest rates and slower customer demand growth than during the pandemic boom.Through CSS, Kalanick wants to reinvent the business of food, just as he upended transportation by founding Uber. CSS's other big unit is CloudKitchens, which renovates warehouses into ghost kitchen facilities for mom-and-pop restaurateurs and big companies like Chick-fil-A.CSS's chief financial officer left in January, BI previously reported.Otter is still growingAt Thursday's all-hands, Gabrielli said the company has notched $80 million in annual recurring revenue and has 100,000 restaurants paying for at least one service."Growth is not something very common today in the SaaS world and in the tech world and we still have it," Gabrielli said.Otter's business includes order management for platforms like DoorDash; a virtual menu arm; a revenue recapture business, which claws back money owed to restaurants; and a newer point of sale system.Gabrielli said Otter has about 500 McDonald's customers for its revenue recapture business. That product faces increased competition and slowing growth, he said.Otter's point-of-sale system "is doing fantastic" for its small size, with about half a million dollars in revenue annually.Otter's leaders have also talked with tech companies that are trying to raise money, Gabrielli said. Some companies that notched billion-dollar valuations two years ago — at the height of zero interest rate-catalyzed investor enthusiasm — are now struggling with a year of no growth, he said.Do you have a story to share? Reach out to this reporter using a nonwork phone on Signal and Telegram at 646 768 1627.Read the original article on Business Insider

Otter has $80 million in annual recurring revenue and continues to grow, an executive said on Thursday.

'Shark Tank's' Kevin O'Leary says pro-Palestinian student protesters are 'screwed' when they apply for jobs because empl...
03/05/2024

'Shark Tank's' Kevin O'Leary says pro-Palestinian student protesters are 'screwed' when they apply for jobs because employers will use AI to identify them and filter them out

"Shark Tank" host and investor Kevin O'Leary.Roy Rochlin via Getty ImagesStudents protesting Israel's war on Gaza may be ruining their career prospects, says Kevin O'Leary.The "Shark Tank" host said employers could identify applicants who joined in the protests using AI."I can't believe the stuff I find in background checks now. These people are screwed," he said."Shark Tank" host and investor Kevin O'Leary says pro-Palestinian student protesters will be "screwed" when they start job hunting.This, O'Leary says, is because employers can now use AI technology to screen applicants and filter out those who have taken part in protests. Advancements in technology have made it much easier to identify people on camera, the businessman added."Here's your resume with a picture of you burning a flag. See that one. That goes in this pile over here, cause I can get the same person's talent in this pile that's not burning anything," O'Leary told Fox News' The Five on Wednesday."There's plenty of consequences for all those people. Even an image that far away, AI can generate who they are by the way the body moves. I can't believe the stuff I find in background checks now. These people are screwed," he said.Kevin O'Leary on the campus protests: "There's plenty of consequences for all those people. Even an image that far away, AI can generate who they are ... These people are screwed." pic.twitter.com/P1NnWqbL23— The Post Millennial () May 1, 2024O'Leary told CNN in an interview on the same day that protesters could still be identified even if they tried to mask their identity by donning a mask. This is because they can be identified via retinal scanning, he claimed."This is what's happening with AI. So if you're burning down something, or taking a flag down, or fighting with police, I'm sorry, you're trashing your personal brand," O'Leary told CNN's Laura Coates.Representatives for O'Leary did not immediately respond to a request for comment from BI sent outside regular business hours.O'Leary isn't the only business executive who has weighed in on the pro-Palestinian student protests taking place at various campuses, such as Columbia University and UCLA.Darren Woods, the CEO of Exxon Mobil, told CNBC in an interview last month that the oil giant "wouldn't be interested" in hiring students from universities that have been embroiled in pro-Palestinian protests."Harassment and intimidation, there's no place for that, frankly at those universities, and certainly no place for that at a company like Exxon Mobil," Woods told the outlet. "If that action or those protests reflect the values of the campuses where they're doing it, we wouldn't be interested in recruiting students from those campuses."Exxon Mobil CEO shares his thoughts on campus protests. "Harassment and intimidation, I think there's no place for that at those universities and certainly no place for that at a company like Exxon Mobil." pic.twitter.com/Zkgs99bjmH— Squawk Box () April 26, 2024Comments from executives like O'Leary and Woods underscore the damage students might be inflicting on their own careers through their political activism.In October, law firm Winston & Strawn said it revoked a job offer for a New York University law student who publicly condemned Israel for Hamas' terrorist attacks. The announcement came on October 10, just three days after Hamas had attacked Israel.Read the original article on Business Insider

O'Leary said the protesters could be filtered out by employers using AI technology to conduct background checks on job applicants.

Cambios en Bumble: ahora ellos pueden dar el primer pasoLa aplicación de citas ahora ofrece una función llamada “Opening...
02/05/2024

Cambios en Bumble: ahora ellos pueden dar el primer paso

La aplicación de citas ahora ofrece una función llamada “Opening Move” que permite a los hombres iniciar la conversación.

La aplicación de citas ahora ofrece una función llamada “Opening Move” que permite a los hombres iniciar la conversación.

Russia is displaying its war 'trophies' — an array of captured Western hardware like Abrams and Leopard tanks — saying '...
02/05/2024

Russia is displaying its war 'trophies' — an array of captured Western hardware like Abrams and Leopard tanks — saying 'victory is inevitable'

A US Abrams tank was put on display for Moscow residents to see in an open-air exhibition featuring equipment from nearly a dozen NATO countries.Russian Ministry of DefenseRussia is using an open-air exhibition to boast about its "trophies" from the war in Ukraine.The exhibition featured more than 30 NATO vehicles taken from Ukrainian forces, like an Abrams tank.Russia has sought to portray NATO's supplying of Ukraine with arms as an act of war.Russia launched an open-air exhibition on Monday showing off more than 30 North Atlantic Treaty Organization vehicles that it captured from Ukraine.Among the seized assets on display were a US-made Abrams tank, a German Leopard tank, a British Husky support vehicle, and dozens of vehicles from countries like France, Sweden, and Australia.Photos of the opening showed visitors snapping selfies with an M1A1 Abrams main battle tank, its nose gun pointed toward the ground, and armor visibly burned and cracked."Our victory is inevitable. No Western military equipment will change the situation on the battlefield," the Russian Defense Ministry wrote in a Telegram post announcing the exhibition.Reuters reported that state media placed special emphasis on the captured Abrams tank, which TV hosts said wasn't the "wonder weapon" touted by the US."But that was all nonsense — look at this — all of its reputation has been destroyed," a state reporter said, per Reuters' translation.Visitors look at a M1A1 Abrams main battle tank, made in the USA, and captured in Ukraine, at the Trophies of Russian Army exhibition, while celebrating the International Worker's Day, at the Poklonnaya Hill, May 1, 2024, in Moscow, Russia.Contributor/Getty ImagesThe exhibition, named "Trophies of the Russian Army," is being held for a month at Victory Park, a memorial dedicated to the Soviet Union's defeat of N**i Germany during World War II.A range of other military assets was present, including a Ukrainian T-72A tank, a US Bradley fighting vehicle, a French AMX-10 RC fighting vehicle, and an M777 Howitzer.Smaller arms, such as American mortars, German mines, and an Israeli launcher, were also flaunted.The BBC's Russia editor, Steve Rosenberg, wrote that he saw a "long line of German armor" when visiting the exhibition, including a sign saying: "History is repeating itself."Russia has sought to cast its invasion of Ukraine as a defense of its sovereignty against NATO. It repeatedly says that Western equipment sent to Ukraine means that nations like the US are already at war with Russia.The exhibition also comes as the Pentagon withdraws its Abrams tanks from the front lines in Ukraine due to concerns about Russian drone attacks. The US has given 31 Abrams tanks to Ukraine, and five have been reported lost in combat.Each costs around $10 million, and the US tanks were once seen as a key tool for Kyiv's attempted retaking of its invaded lands. However, the widespread use of drones on the battlefield has undermined the Abrams' effectiveness because the tanks are more easily detected and attacked.The US has recently confirmed another $61 billion in aid for Ukraine, resupplying its forces with vital ammunition and arms to resist a grinding but advancing Russian push on the eastern front.In response, Russia's representatives have said that the Kremlin has already gained the upper hand in the war and that the new tranche of aid "will not change this dynamic."Read the original article on Business Insider

Russia is showing off more than 30 captured NATO vehicles as it seeks to blame the treaty organization for the Ukraine war.

Maya Rudolph says she got too burnt out from running her production company, so she left: 'I like working, but I don't l...
02/05/2024

Maya Rudolph says she got too burnt out from running her production company, so she left: 'I like working, but I don't like killing myself'

Maya Rudolph says she left her production company because of burnout.Dimitrios Kambouris/Getty Images for TIMEMaya Rudolph says she was burned out from running a production company she cofounded."I like working, but I don't like killing myself," Rudolph told Town and Country Magazine.The burnout crisis in the US can cost the economy $1.9 trillion in lost productivity.Maya Rudolph says she overworked herself while trying to run the production company she cofounded in 2018.In an interview with Town and Country Magazine about her career, Rudolph shared why she chose to step back from Animal Pictures, the company she cofounded with Natasha Lyonne and Danielle Renfrew Behrens.In between running the company and starring in different shows, the workload caught up to her."But more and more I was starting to feel like there weren't enough hours in the day," Rudolph told Town and Country Magazine. "It takes a lot to create a show, and it's great to be able to create it, but then to actually show up and be on the set every day, it's, 'All right, then I don't have time for this, this, and this…'"She added that she didn't use to "have a choice" when she was younger, but things have changed."I used to not have a choice, and so I did it, because that's what you did. You exhausted yourself. You ended up in bed, comatose, because you left it all on the dance floor or whatever. But when you're taking care of children, that's not really an option," Rudolph said.Rudolph shares four children with her partner, filmmaker Paul Thomas Anderson.Although she still enjoyed what she did at work, the pace was too much for her to handle, she added: "I like working, but I don't like killing myself."Animal Pictures is behind shows such as Netflix's "Russian Doll" — starring Lyonne — and Apple TV+ comedy "Loot," which stars Rudolph.Rudolph left Animal Pictures as a partner last year, per The Wrap. "Moving forward, Natasha will operate under the name Animal Pictures while Maya will produce independently," a statement obtained by the outlet read.A representative for Rudolph did not immediately respond to a request for comment sent outside regular business hours.Burnout can affect anyone. A Gallup survey found that US employees felt more detached from their employers in 2023 than four years ago.Additionally, employees who aren't engaged at work can cost the economy $1.9 trillion in lost productivity.The World Health Organization defines burnout as "a syndrome conceptualized as resulting from chronic workplace stress that has not been successfully managed." It includes feelings of exhaustion or cynicism about one's job, as well as reduced professional efficacy.Some ways to manage burnout include setting boundaries, prioritizing tasks effectively as well as communicating your needs to your manager.Read the original article on Business Insider

"I used to not have a choice, and so I did it, because that's what you did. You exhausted yourself," Maya Rudolph told Town and Country Magazine.

Trump thinks his lawyer is insufficiently aggressive toward the judge, jury, and witnessesFormer President Donald Trump....
01/05/2024

Trump thinks his lawyer is insufficiently aggressive toward the judge, jury, and witnesses

Former President Donald Trump.Justin Lane-Pool via Getty ImagesDonald Trump feels his lead defense lawyer hasn't been aggressive enough, per The New York Times.Trump is currently facing his first criminal trial in Manhattan.He was held in contempt of court on Tuesday and fined $9,000 for repeatedly violating his gag order.Former President Donald Trump thinks the lawyer representing him in his hush-money trial isn't combative enough, The New York Times reported on Tuesday.Trump is currently facing his first criminal trial in a Manhattan court, where he's been accused of falsifying business records to cover up a sexual affair with the p**n star Stormy Daniels. Todd Blanche, an ex-federal prosecutor turned white-collar defense lawyer, is currently representing Trump as his lead lawyer. Trump had once praised Blanche, saying that he was an intelligent and good lawyer, The Times said in a report on April 4.But Blanche, it seems, might no longer be in Trump's good graces.It's been just over two weeks since the trial started on April 15 and Trump has begun grousing about Blanche's performance. The former president has criticized Blanche for being insufficiently aggressive to the trial's judge, jury and witnesses, The Times reported on Tuesday, citing four people familiar with the matter.Alina Habba, a legal spokesperson for Trump told The Times that Blanche is a "crucial part" of the team. Blanche declined comment when approached by The Times."Anonymous comments from people who aren't in the room are just that — anonymous comments from people who aren't in the room," Jason Miller, a senior adviser to the Trump campaign, said in a statement to BI. "I would be highly skeptical of any gossip or hearsay surrounding this case."To be sure, Blanche hasn't had an easy time defending his client. Last week, Blanche was slammed by New York Supreme Court Justice Juan Merchan for his "irrelevant" arguments on why Trump shouldn't be held in contempt of court for violating his gag order repeatedly."You're losing all credibility with the court," Merchan told Blanche on April 23.Trump was ultimately held in contempt of court on Tuesday and fined $9,000 for violating his gag order multiple times.The hush-money trial isn't the only criminal case Trump is on the line for.Trump has also been charged in three other criminal cases, including a state criminal case in Georgia over his efforts to overturn the 2020 election results.Besides Georgia, Trump faces two federal cases: one relating to his attempts to overturn the 2020 election results and another in which he's accused of hoarding classified documents at his Mar-a-Lago estate after leaving office. None of the three cases have firm trial dates set yet.Read the original article on Business Insider

Trump is currently facing his first criminal trial in a Manhattan, where he's been accused of 34 felony counts of falsifying business records.

Iran's economy is a total mess after decades of sanctions — and offers a warning to Putin's RussiaA billboard depicting ...
01/05/2024

Iran's economy is a total mess after decades of sanctions — and offers a warning to Putin's Russia

A billboard depicting Iranian ballistic missiles in Tehran.AFP/Getty ImagesIran's economy is in bad shape.Decades of sanctions have driven up inflation, government debt, and poverty rates.Iran's struggles could be a warning for Russia as the war in Ukraine drags on.Escalating tensions between Iran and Israel have driven up commodity costs, reignited worries about a flare-up in inflation, and sparked renewed fears of wider conflict in the Middle East.One factor that might avert a regional war is the dismal state of Iran's economy.The country has borne the brunt of Western sanctions for decades, making it tough for Tehran to finance any war effort — and that could be a warning sign for Vladimir Putin as the war in Ukraine drags on.Sanctions packagesThe US first imposed sanctions on Iran after students seized the American embassy in Tehran in 1979, and has stepped up its efforts considerably more recently.In 2018, Donald Trump decided to pull out of a nuclear agreement between the US and Iran. The then-president said he would put "maximum economic pressure" on Iran, setting the stage for sanctions packages that have pummelled the Iranian economy.Most countries that buy Iranian oil are banned from trading with the US. Iran is the world's seventh-largest oil producer, according to data from the US Energy Information Administration, so the restrictions have chipped away at a major engine for growth.Iran's economy fell into a deep, two-year recession shortly after sanctions were reinstated, although economic growth has rebounded into positive territory since then. According to World Bank projections, Iran's economy is expected to have expanded by 4.2% last year.Rising inflation and mounting debtDespite that recent rise in GDP, other issues are plaguing Iran's economy.Sanctions and a tumbling currency, the rial, have pushed inflation close to 50% at times in recent years, with food disproportionately affected. The cost of lentils has soared 130% since the start of this year, IranWire reported, while beans are up 30%, and red meat prices have jumped 25% over the same period, per Iran International.Even before those increases about half the population consumed less than the recommended 2,100 calories a day last year, according to the Iranian parliament's research center, IranWire reported.That cost-of-living crisis has also driven poverty rates higher. About 9.5 million Iranians fell into poverty in the 2010s, according to World Bank data, with over a quarter of citizens living on the equivalent of $6.85 a day or less back in 2017.Stripped of key oil revenues, the government has resorted to borrowing, tripling its debt as a percentage of GDP ratio over the past 15 years. The higher deficit would make it much tougher to raise defense spending if tensions with Israel spiraled into a wider conflict.Warning for RussiaIran's struggles over the past decade could be a warning sign for Russia, sanctioned by the West since Vladimir Putin invaded Ukraine in February 2022.Russia's economy appears to have remained resilient, but forecasters warn that the outlook may worsen as the war with Ukraine drags on.Moscow has struggled to contain a spike in basic foodstuffs this year, leading to Soviet-style queues at supermarkets. Think-tanks have warned that the Kremlin risks becoming reliant on China, North Korea, and even Iran for weapons because it's been cut off from foreign lenders.If Iran's example is anything to go by, even tougher times may lie ahead.Read the original article on Business Insider

Decades of Western sanctions have driven up inflation, government debt, and poverty rates in Iran. Russia could meet the same fate under Putin.

Address


Alerts

Be the first to know and let us send you an email when PressMonkey posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

  • Address
  • Alerts
  • Claim ownership or report listing
  • Want your business to be the top-listed Event Planning Service?

Share