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Lowdown Today: Intelligence Briefings

AI: Jobs, Power & Money
Developing6 Nov · 22 updates
Economic

AI: Jobs, Power & Money

AI now shows up in central banks' forecasts, risk lists and capex lines before it shows up in payrolls.

Key Developments
The Reserve Bank of Australia raised its cash rate by a quarter point to 4.85% on 3 November. Its Statement on Monetary Policy says activity was "supported by rapid growth in data centre investment" and cites "rapid growth in AI-related prices" abroad as one reason global inflation stays above targets into 2027.The Bank of Japan's Outlook Report of 30 October named "developments in AI-related demand" the second of its main risks. On 2 November, Central Bank of Ireland governor Gabriel Makhlouf flagged "the scale of the debt financing driving these investments" as a financial-stability risk.Amazon, Alphabet and Microsoft each roughly doubled capital spending in the quarter to September: $77.3bn, $51.4bn and $39.4bn. Amazon added 43,000 staff and Alphabet 5,824; Microsoft's results gave no headcount.The Office for Budget Responsibility's 28 October outlook shows output per worker in information and communication growing 7.6% a year between late 2024 and mid-2026, against 1.3% a year from early 2022 to late 2024. Professional, scientific and technical services rose to 3.7% from -0.8%.HM Treasury's Data Centre Covenant of 28 October asks developers to "create good, well-paid jobs that last beyond construction" and to fund paid apprenticeships at every site.Korea's four largest banks rehired 1,013 retirees last year, equal to 79.1% of their graduate intake, according to the Korean news agency News1 on 3 November.The Singapore Ministry of Manpower put third-quarter retrenchments at 4,800, up from 4,620 and the highest since late 2020 by press counts. It named information and communications, financial services and manufacturing, and gave business reorganisation as the main driver.The High Court of Justice of Madrid ruled in judgment 864/2026, dated 8 October and made public in early November, that introducing AI is not on its own a ground for dismissal.Challenger, Gray & Christmas reported on 5 November that market and economic conditions overtook AI as the leading stated reason for 2026's US job cuts, at 130,531 against 121,401. AI was cited for 1,265 of October's 43,994 cuts.The International Labour Organisation's 4 November brief puts ten-year output gains in a high-productivity scenario at about 5% in advanced economies and about 2.7% in low-income ones. In 2025, 17% of small firms used at least one AI tool against 55% of large ones.The Reserve Bank of Australia raised its cash rate by a quarter point to 4.85% on 3 November. Its Statement on Monetary Policy says activity was "supported by rapid growth in data centre investment" and cites "rapid growth in AI-related prices" abroad as one reason global inflation stays above targets into 2027.The Bank of Japan's Outlook Report of 30 October named "developments in AI-related demand" the second of its main risks. On 2 November, Central Bank of Ireland governor Gabriel Makhlouf flagged "the scale of the debt financing driving these investments" as a financial-stability risk.Amazon, Alphabet and Microsoft each roughly doubled capital spending in the quarter to September: $77.3bn, $51.4bn and $39.4bn. Amazon added 43,000 staff and Alphabet 5,824; Microsoft's results gave no headcount.The Office for Budget Responsibility's 28 October outlook shows output per worker in information and communication growing 7.6% a year between late 2024 and mid-2026, against 1.3% a year from early 2022 to late 2024. Professional, scientific and technical services rose to 3.7% from -0.8%.HM Treasury's Data Centre Covenant of 28 October asks developers to "create good, well-paid jobs that last beyond construction" and to fund paid apprenticeships at every site.Korea's four largest banks rehired 1,013 retirees last year, equal to 79.1% of their graduate intake, according to the Korean news agency News1 on 3 November.The Singapore Ministry of Manpower put third-quarter retrenchments at 4,800, up from 4,620 and the highest since late 2020 by press counts. It named information and communications, financial services and manufacturing, and gave business reorganisation as the main driver.The High Court of Justice of Madrid ruled in judgment 864/2026, dated 8 October and made public in early November, that introducing AI is not on its own a ground for dismissal.Challenger, Gray & Christmas reported on 5 November that market and economic conditions overtook AI as the leading stated reason for 2026's US job cuts, at 130,531 against 121,401. AI was cited for 1,265 of October's 43,994 cuts.The International Labour Organisation's 4 November brief puts ten-year output gains in a high-productivity scenario at about 5% in advanced economies and about 2.7% in low-income ones. In 2025, 17% of small firms used at least one AI tool against 55% of large ones.
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Different Perspectives
Korea's four largest banks, as reported by News1
Korea's four largest banks, as reported by News1on AI: Jobs, Power & Money
KB Kookmin, Shinhan, Hana and Woori rehired 1,013 retirees last year, equal to 79.1% of their graduate intake, according to News1. Graduates face a smaller entry intake while returners take fixed-term credit-screening roles at lower pay, News1 reports.
High Court of Justice of Madrid
High Court of Justice of Madridon AI: Jobs, Power & Money
The court's employment chamber ruled in judgment 864/2026, dated 8 October and made public in early November, that introducing AI is not on its own a ground for dismissal. Employers must prove AI's effect through the four causes the Workers' Statute already lists.
Singapore Ministry of Manpower
Singapore Ministry of Manpoweron AI: Jobs, Power & Money
The Singapore Ministry of Manpower put third-quarter retrenchments at 4,800, concentrated in information and communications, financial services and manufacturing, with business reorganisation the main driver. Its release does not mention AI.
What’s Uncertain
The trilateral date, diesel progress and Shenzhen claim come from Ushakov alone. Lowdown found no US readout.
The tanker data show about three days without loadings. ua.news says technical work at the port or its feed pipeline may explain it; strike damage is not established.
The Air Force publishes counts, not shares. The percentages are Lowdown's arithmetic on preliminary figures.
Beglov confirmed fires at the terminal and the Ruchyi depot. Fire Point's claim that its FP-1 drones made the hits, and the 1,015 drones downed, remain unverified.
The PGSA has not said what "legal action" means, and the Korea Shipowners' Association disputes that the listed ships are Sinokor-owned. No Iranian state-media text of the notice was obtained.
The IRGC named no tanker for its 17, 22 and 29 October mine claims. UKMTO logged a vessel on fire near Khasab without giving a cause.
Only the Houthis claim a hit on Ras Tanura; neither Riyadh nor Saudi Aramco has confirmed it.
No ICE or wire settlement for 23 or 27 October was found, so this briefing makes no spot-futures premium claim. The EIA spot series is first-party.