Google is pushing in its chips to compete with OpenAI and other big tech companies in the race to develop increasingly complex artificial intelligence. We look at what the company’s CEO, Sundar Pichai, had to say about the ongoing AI arms race going on in Silicon Valley and how Google is planning to compete. Plus, the Bank of England has hiked interest rates, which comes at a time of economic stagnation in addition to eye-watering inflation. And, we chat with Bob Brown of The CPA Solution about the biggest municipal fraud scheme in U.S. history. 

With about three weeks left before the U.S. government runs out of money to pay its dues, Treasury Secretary Janet Yellen is saying at a meeting of G7 finance ministers that the wider global economy is at risk if the White House and Congressional Republicans fail to reach a deal. Plus, Title 42, a key pandemic-era border rule, expires today. We look at how the post-pandemic recovery led to an influx in border crossings. And, new guidelines on mammograms could help women screen out breast cancer earlier, but it also comes with extra costs. 

From the BBC World Service: With rapid gains being made in the world of AI, regulators are now scrambling to catch up. Lawmakers in Europe are today considering new rules to manage the industry. We hear from one of those who’s been involved in drawing up the legislation. Plus, markets are poised for another rate rise from the Bank of England. And, how Cairo could become a center for fashion as it hosts its first Fashion Week this weekend.

Today’s Consumer Price Index data on inflation is out, and it showed something that will buoy the spirits of monetary policymakers everywhere — inflation again tapered, the tenth-straight month of decline. Susan Schmidt, Head of Public Equities at the State of Wisconsin Investment Board, helps us break down the latest report. Plus, the BBC spoke with an executive at the German carmaker BMW about the Inflation Reduction Act. And, the rising cost of food in Turkey, which is part of the country’s broader economic problems, is affecting voters’ opinions ahead of upcoming elections. 

Airbnb reported its first-quarter earnings yesterday, and it was a thoroughly mixed bag for investors. On one hand, last quarter looked pretty good — on the other, the gig-work hospitality company is projecting fewer bookings even as the summer travel season kicks off. We take a closer look at what the report says. Plus, states in the Mountain West are experiencing inflation at higher rates than other regions, partly due to high prices at the pump. And, the United Nations is turning to GoFundMe to raise money to avert an ecological disaster in war-torn Yemen.

From the BBC World Service: BMW Chief Financial Officer Nicolas Peter tells us that President Biden’s Inflation Reduction Act confirms they’re heading in the right direction as an organisation, but it’s infrastructure not subsidies that the industry needs. Plus ex NFL star JJ Watt explains why he’s investing in an English Soccer team, and finally, BBC’s Sydney reporter Phil Mercer reports from Australia the government has brought 10 days paid leave to help those suffering domestic abuse.

The Fed’s closely-watched Financial Stability Report was released yesterday, and monetary policymakers pointed to some areas of concern like commercial real estate loans. But there were also signs of resilience in the banking sector. Plus, Apple co-founder Steve Wozniak spoke with the BBC about the dangers of rapid artificial intelligence development. And, a recent survey conducted by the National Federation of Independent Business says that small business owners are increasingly gloomy about the short-term future of the economy.  

The debt ceiling fight between President Biden and House Republicans is getting closer and closer to the 11th hour as both sides make scant progress toward a compromise. Marketplace’s Nova Safo explains what’s on tap today for the latest round of negotiations, and why the talks are unlikely to bear any fruit. Plus, airlines are bracing for a potentially record-setting travel season this summer. And, the BBC’s Samira Hussain looks at the growing prevalence of “nearshoring” as tensions between the U.S. and China damage trade relations. 

From the BBC World Service: Steve Wozniak, the co-founder of Apple, tells the BBC that AI needs to be properly regulated as he warns of the potential for scams. Plus, Dan Harris, a lawyer working with foreign companies in China, says many foreign businesses are thinking of leaving after yet another U.S. company is subjected to a search. And finally, BBC’s Samira Hussain reports from Monterrey, Mexico where business is booming as American companies relocate closer to the U.S.