28/05/2026

BIZ & FINANCE THURSDAY | MAY 28, 2026

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UK jobs under threat from AI o Falling pay and fewer opportunities pushing translators, filmmakers and young workers to change careers

economics professor at King’s College London. He said it would require “a massive adjustment for society,” which could mean “a big increase in unemployment.” According to one of his studies, professions most exposed to AI such as software developers and data analysts, reduced job postings after the launch of ChatGPT in November 2022, particularly for entry-level positions. The growth of AI comes as Britain already faces high levels of youth unemployment, with the war in the Middle East and an increased minimum wage weighing on hiring. One in six Britons aged 16 to 24 is out of work, the highest level since 2014, according to official data. Teeselink said, however, that another market dynamic is at play with AI: productivity gains could lead to lower prices, which in turn could stimulate demand and increase employment. He said the UK was “reasonably well positioned” for the AI transition thanks to its high-quality universities, which are set to play a crucial role in “upskilling young people to use AI well.” Hong Kong overtakes Switzerland as top cross-border wealth hub ZURICH: Hong Kong has overtaken Switzerland as the top global booking centre for cross-border wealth, a first that is unlikely to be reversed as hubs in Asia grow faster than the European safe-haven, Boston Consulting Group said yesterday. Wealth from China and an IPO boom in 2025 helped Hong Kong rise to a US$2.95 trillion (RM11.7 trillion) offshore behemoth for the world’s rich, narrowly surpassing Switzerland’s US$2.94 trillion in cross-border wealth, according to BCG’s 2026 Global Wealth Report. “Hong Kong is cementing its role as China’s gateway to global markets, though that same concentration ties its trajectory tightly to economic and regulatory developments on the mainland,“ the authors said. Both Hong Kong and Singapore are projected to continue growing as cross-border booking centres at around 9% annually through 2030, compared to an expected 6% average in Switzerland over the same period. Cross-border wealth globally grew 8.4% to US$15.7 trillion last year, driven by strong markets and more demand for geographical diversification, and it flowed overwhelmingly to the world’s top 10 booking centres, further boosting concentration, BCG added. Despite slower growth rates, Switzerland’s diversification may prove an advantage as it draws clients from all regions, while the Asian hubs largely depend on growth in China, the report added. “Geopolitical uncertainty reaffirms Switzerland’s role as a core global booking centre, attracting flight-to-safety flows from more volatile regions such as the Middle East,“ BCG said. Wealthy individuals have been looking to shift assets from the Gulf region to Switzerland in the wake of the ongoing conflict, bankers and financial advisers have told Reuters. “What ultimately matters is client proximity,“ said Michael Kahlich, who co authored the BCG report, adding that two hubs are forming globally – Singapore and Hong Kong for Asia, and Switzerland, the UK, and the US for the Western region. As being close to clients has become more important, Swiss banks have expanded to other major hubs, Kahlich added. “UBS is number one in wealth management in both Singapore and Hong Kong,“ he said.

workforces by 8% in the year to October 2025 – more than in Germany, Japan or Australia. Among the countries featured in the report, only the US saw employment rise with AI. “Film work has definitely been impacted by AI... it’s really kicked us down,” said Laura, 35, a director of photography in London, who preferred not to share her last name for professional reasons. To escape the broader crisis hitting the film industry, she is retraining as an outdoor instructor in Dorset, southwest England, earning minimum wage. After working on the short film Mad Bills to Pay, which won an award at the Sundance Film Festival, 35-year-old Rufai Ajala also changed direction and is now training to become a plumber. “I’m not going to rely on film as my main focus... I don’t see it as a career option anymore where you can have stability,” Ajala said, adding that the aim was to find an “AI-proof” career. “There is going to be sort of a painful transition process because new jobs will take time to emerge,” said Bouke Klein Teeselink, an “My father died of shock after hearing that my brother was dead,“ he said. “I cannot afford to leave home now.” The family of the ship’s captain Ashish Kumar Singh, 38, from the eastern state of Bihar, is mourning his death. “I just want the government to help me get my husband’s remains back,“ said his wife Anshu Kumari. “How do I otherwise get closure?” Raju Ram, 33, also from Rajasthan, has been on a tanker in the port of Fujairah in the United Arab Emirates since April, waiting to cross the Strait of Hormuz. He has witnessed a “flurry of missiles” near his vessel. “It is risky of course,“ he told AFP, by telephone from the vessel. “But at least our families respect us for the money we send back home.” Pooniya, meanwhile, says he has few other options. “The jobs that people like us get in India, you are always stuck in a cycle of debt,“ he said. “In this line of work, at least the money is good.”

LONDON: When a client asked her a year ago to design a glossary to train an artificial intelligence (AI) system, translator Jessica Spengler realised she was going to train her own replacement. “That was the day I really thought... my job is going,” said the 52-year-old, who translates into English for German educational and historical organisations. In the UK, where services account for around 80% of the economy, AI has become flexible, fast and inexpensive competition for many white collar workers, with the impacts beginning to emerge. The IMF estimated in 2024 that more than two-thirds of British workers perform tasks that AI could potentially carry out, making the country more exposed than many other advanced economies. “Some publishers have offered me lower

rates than I was getting 10 years ago,” the Brighton-based Spengler told AFP, adding that she no longer receives requests to translate corporate press releases or user manuals, typically an “entry point” into the profession. Instead, she is increasingly offered work proofreading machine-generated translations. Translators “have to rewrite the whole thing, redo the translations, but they still only get paid the reduced rate,” said Holly Parsons, a Spanish to-English translator at the beginning of her career. “It’s hard as a translator to actually charge what the work is worth because people just don’t want to pay it,” the 24-year-old added. She still earns most of her income working as a children’s activity leader. According to a report from Morgan Stanley, British companies that adopted AI cut their

Indian sailors risk work at sea as Iran war grinds on NEW DELHI: Born to landless Indian farmers, Sunil Pooniya thought a job at sea would be his ticket out of poverty. Instead his first voyage saw him diving into the ocean to escape a deadly attack driven by the Iran war. The US has imposed its own naval blockade on Iranian ports. Ships have been hit by projectiles and fired on in dozens of incidents, according to the British maritime security monitor UKMTO. was roughly three times the average income of a rural household. His brother Manoj Singh, a stone cutter, had been hoping to follow him to sea – a plan he has since abandoned.

An Indian-flagged ship carrying livestock from Somalia was reported hit and sunk off Oman on May 13 – all 14 crew were rescued. Thousands of Indians are among the estimated 20,000 seafarers stranded by the Strait of Hormuz blockade. But Manoj Yadav, general-secretary of the Forward Seamen’s Union of India, said people just want to earn a living. “We have a massive unemployment problem,“ he said. “Being on a ship is a convenient way out for many, as it is a relatively well-paying job for the qualification it demands.” Dalip, 25, a high-school graduate from the hot deserts of Rajasthan, was an engineering support member, on his second voyage. “Year after year, he failed to get a government job,“ his younger brother Manoj Singh, 24, told AFP. Desperate for a better life for his family, Dalip borrowed money and enrolled himself in a maritime training programme, and secured a job on a merchant ship. Dalip’s salary – U S $ 4 5 0 (RM1,783) a month –

For hundreds of thousands of Indians, merchant shipping jobs are a lucrative proposition despite the inherent risks. The attack on Pooniya’s ship killed two fellow Indians – the country’s sailors are among the highest merchant maritime casualties from the Middle East war. Dalip Singh and Ashish Kumar Singh were the first Indians killed in the conflict, after their oil tanker was hit on March 1 by projectiles off Oman’s Khasab port. “There was a huge noise and the whole ship shook,“ Pooniya recalled. “I thought something had gone wrong with the engine, but a missile had hit us,“ added Pooniya, who had been on the Palau-flagged MV Skylight. “The whole ship was up in flames.” Pooniya, 26, had travelled together with Dalip to Dubai, where they boarded the tanker. “Everyone jumped into the sea wearing life jackets,“ Pooniya told AFP, now back home in India. “I screamed for Dalip, but he was gone in the fire.” India is one of the largest contributors of sailors on merchant shipping worldwide, with more than 320,000 active seafarers in 2025, according to the country’s shipping ministry. Eleven merchant sailors have been killed in the conflict, according to the International Maritime Organisation (IMO). At least four were Indian. Iran has restricted shipping through the Strait of Hormuz – which normally carries about one-fifth of the world’s oil and liquefied natural gas. (LNG) shipments – since the US and Israel launched attacks on Feb 28.

With jobs scarce in India, many seafarers say risking their lives at sea is still preferable to a future trapped in debt. – PEXELS PIX