More than 200 economists, tech bosses and researchers from across the globe have put their names on a short, sharply worded open letter cautioning that artificial intelligence is on track to shake up the job market in a big way, and that governments are lagging behind. Organised by the Stanford Digital Economy Lab, the letter is titled “We Must Act Now,” with the subtitle “A Statement on AI’s Transformation of the Economy.” It runs to just 88 words, and every one of them appears to have been chosen with care.

Also Read: US job cuts: Moody’s chief economist Mark Zandi sees ‘big warning’ signs in June data. Here’s why he’s worried about the labour market

That brevity is exactly what makes the letter stand out. Getting rival camps, the people building AI and the economists who study what AI might break, to agree on anything is rare. Getting them to agree in under 100 words is rarer still. That’s the real story here: not just what the letter says, but who is standing behind it.

The Guest List Reads Like A Tech-Economics Power Summit

Scroll through the signatories and a few names jump out immediately. Former Google chief Eric Schmidt is on there. So is LinkedIn co-founder Reid Hoffman. Three Nobel laureates — Joseph Stiglitz, Daron Acemoglu and Simon Johnson — have added their signatures too. From inside the AI industry itself come Google AI lead Jeff Dean, Anthropic co-founder Jack Clark and OpenAI’s finance chief Sarah Friar. Even the so-called “Godfathers of AI,” Yoshua Bengio and Yann LeCun, along with venture capitalist Vinod Khosla, are named.

Put simply, this isn’t a letter from AI skeptics on the outside looking in. Several of the people who signed it are the very ones building the technology being warned about.

So What Does The Letter Actually Say?

Strip away the drama, and the message is fairly simple: AI is going to get a lot more powerful over the next decade, and if policymakers don’t get moving, a lot of people could lose their jobs. Here is the letter, word for word:
‘We Must Act Now’
A Statement on AI’s Transformation of the Economy
AI may become radically more powerful over the next 10 years.

This could drive an unprecedented transformation of our economy, larger than the Industrial Revolution, but unfolding over a vastly shorter time frame. It could bring risks, including large-scale job displacement, as well as opportunities such as major gains in living standards.

Economists, policymakers and technology leaders must act now to understand the economics of transformative AI and to build the incentives, guardrails, and institutions needed to steer AI in a direction that complements humans and benefits society.

Not Everyone Agrees On How Bad It’ll Get

The letter lands at a moment when opinions on AI and jobs are all over the map. Anthropic CEO Dario Amodei has gone further than most, predicting that AI could wipe out as much as half of all entry-level white-collar jobs within five years. Not everyone shares that level of alarm, many economists and technologists land somewhere in the middle, arguing that AI is more likely to reshape jobs than erase them completely.

Either way, the message from this unusually broad coalition of signatories is the same: the clock is running, and the guardrails aren’t built yet.

Shares of Biocon jumped more than 6% on Tuesday, on track to record the sharpest single day surge in 18 months, as Viatris-owned Mylan is set to sell up to 9.2 crore shares worth up to Rs 3,481 crore, exiting the Indian drugmaker.

Biocon shares jumped more than 6% to trade at Rs 436.15 apiece on Tuesday. If the stock manages to hold on to the gains till the end of the session, then today would mark its best day since January, 2025.

Mylan, which is part of global healthcare company Viatris, planned to sell the stake which represents 5.64% of Biocon’s outstanding shares, according to a term sheet as per a Reuters report. The floor price of the offer was fixed at Rs 378.50 per share, implying a discount of nearly 8% to Biocon’s previous closing price of Rs 410.95 per share. The report added that Citigroup Global Markets India and Jefferies India were the joint bookrunners and brokers for the deal.

Meanwhile, around 4.4 crore shares, or 2.7% equity, changed hands in a block deal in the early trading hours, followed by another block deal that saw 4.6 crore shares change hands, ET Now reported. This brings the total number of shares which were traded in block deals to nearly 9 crore, nearly matching what Mylan was expected to sell, although the seller in the block deals that took place in the morning is yet to be ascertained.

Also Read | Mylan to sell up to $363 million stake in India’s Biocon, term sheet shows

Biocon shareholding pattern

Mylan held 5.64% stake in Biocon at the end of the financial year 2026, according to data on the company’s shareholding pattern available on NSE. Promoter Kiran Mazumdar Shaw held around 30% stake, while Glentec International held around 15% stake.

Around 39 mutual funds held over 15% stake in the company, while insurance companies held more than 6% stake. Nearly 3.74 lakh retail shareholders meanwhile owned 6% stake in the company, as of March 31, 2026.

Biocon share price

Biocon shares sharply jumped more than 6% on Tuesday to trade at Rs 436.15 apiece on NSE, the highest level seen since May 29 this year. The shares of the company have jumped around 7% in one week and 4% in one month.
The shares of the drugmaker have gained around 12% in 2026 so far. In the longer term, Biocon shares have delivered 14% returns over one year, 66% returns over three years and 9% returns over five years.Also Read | Sensex falls 500 points, Nifty slips below 24,100 as US-Iran conflict escalates. What lies ahead?

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Historic shopping destination set to move to former TJ Hughes site

Plans for how the new Birkenhead Market in the Pyramids Shopping Centre could look, have been submitted to Wirral Council. The historic 19th century market is set to move to the former TJ Hughes store.

After a period of uncertainty surrounding the market’s future location, the council this week announced that work at the TJ Hughes site is set to begin. Some market traders are now preparing to make the move over to the new site, which is expected to take place before the end of the year.

A planning application has been launched, on behalf of the council, for changes to the exterior of the former TJ Hughes site. Plans explain the main entrance to the new market will be from the north, on Borough Pavement, where a new glazed sliding double door is set to be introduced. The new-look entrance will have a “neutral and contemporary material palette.”

A second entrance is expected to be formed in between the main entrance and the CEX unit next door. Plans say the shopfront with be ‘upgraded’ in the process of the works.

Planning permission is only sought for the external changes to the site. Submitted plans explain the internal alterations do not require planning permission.

Celebrating the news that work is set to begin on the new market, the leader of Wirral Council, Cllr Paula Basnett said: “This marks the start of an exciting new chapter for Birkenhead Market, and for the town centre as a whole. A huge amount of work has been going on behind the scenes to get to this stage. I’m incredibly pleased that people will soon start to see a real transformation getting underway at the former TJ Hughes site to create the town’s new market.

“Birkenhead Market’s greatest strength has always been the people who make it what it is, and despite the challenges of recent years our traders have continued to serve customers and champion the market. Their partnership and commitment has been instrumental in bringing us to this point and will continue to be vital as we create a market fit for the future. This is fantastic for Birkenhead, for traders and for local people, and will be placing the Market at the heart of the town centre where it should be.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

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The fruit harvesting machinery business had been in operation for more than four decades

A Somerset fruit machinery business that once supplied the royal household has been rescued from administration, saving 15 jobs. SFM Technology had collapsed owing to cashflow difficulties, but has now been acquired by Bramley Precision Aerospace, which has bought its assets, goodwill and intellectual property.

The well-established engineering company had been operating for four decades and will continue trading from its current Martock premises.

Its roots date back to 1985 when it was established as Somerset Fruit Machinery, designing and manufacturing bespoke fruit harvesting equipment for apple and blackcurrant producers.

Its new owner say its foundation in practical, high-quality agricultural engineering enabled the firm to build a respected reputation in the fruit harvesting industry, with machinery and specialist support delivered to clients in the UK and internationally.

In 2012, SFM Technology was granted a Royal Warrant for the supply of fruit harvesting machinery to the royal family, “reflecting the quality and standing the business had achieved”.

The firm later diversified into aerospace and advanced manufacturing, applying its design and fabrication knowledge to specialist precision engineering sectors.

Over the years, SFM developed sophisticated capabilities across CAD design and prototyping, CNC machining, laser and waterjet cutting, welding, fabrication, 3D printing and complex assembly work, reports Somerset Live.

The business has served national and international aerospace and defence firms, as well as clients in advanced manufacturing and specialist engineering. Its expertise and highly skilled workforce made it an appealing prospect for Graham and Emma Bramley, who operate a thriving manufacturing firm, Bramley Engineering.

The family-run enterprise designs and manufactures bespoke cranes and lifting equipment for utilities, transport and civil engineering companies, and will now operate under two distinct brands: Bramley Aerospace for advanced aerospace engineering, and Bramley Harvesting for its specialist fruit harvesting machinery division.

Graham Bramley, managing director of Bramley Aerospace, said: “Businesses like SFM are built on people, skill and years of experience. When we looked at SFM, we saw a proud Somerset engineering business with a remarkable history, a talented team and real potential for the future.

“Our priority is to keep work moving for customers and give the team in Martock the confidence to look forward again.”

Director Emma Bramley added: “We understand what it takes to run a specialist engineering business, and we also understand the responsibility that comes with protecting skilled jobs and long-standing customer relationships.

“SFM has a remarkable story, from its origins in fruit harvesting machinery through to advanced aerospace and manufacturing work. We are proud to be able to carry that story forward as Bramley Aerospace, while keeping the business rooted in Martock. Local customers and supply chains matter to us and we will be seeking to establish strong relationships in Somerset whilst also supporting the local economy.”

Bramley says it will now concentrate on stabilising the business, supporting existing clients, forging relationships with suppliers, and pursuing new opportunities across aerospace and broader specialist engineering. The firm is also exploring recruitment prospects as part of its development plans for the Martock site.

Mr Bramley added: “We want customers to know that the capability they relied on is still here. We want staff to know that their skills are valued. And we want Somerset to know that an important piece of its engineering history has been saved.

“Our focus now is on giving the Martock operation the support it needs, building on SFM’s strengths and creating a positive future for everyone connected to the business.”

As part of its ambitions to grow the Martock site, Bramley Aerospace is currently seeking to fill positions including an office manager, CNC operative and a design manufacturing manager, while also welcoming enquiries from skilled individuals with specialist manufacturing expertise regarding potential future roles.

Shares of Kalyan Jewellers India rose another 4% on Tuesday, extending their five-session rally to 50% and adding over Rs 18,200 crore to the company’s market value, as analysts continued to see further upside.

The stock climbed to Rs 531 apiece, taking the jewellery retailer’s market capitalisation to over Rs 54,800 crore. The sharp rally, which has added nearly one-third to the company’s market value, was sparked by its stronger-than-expected Q1 business update released last week.

Kalyan Jewellers Q1 business update

Kalyan Jewellers last week said that the April-June quarter of the ongoing financial year 2027 was a “very satisfying one” as it recorded consolidated revenue growth of nearly 38% when compared to the same period in the previous financial year. The gold jewellery maker’s 38% revenue growth came despite the 28-day Adhik Maas period falling fully in the recently concluded quarter, when several customers typically avoid gold purchases.

Read More: From Kalyan Jewellers’ 52-week high to Trent’s reality check: LKP Securities’ top trading ideas

The company also posted same-store sales growth of approximately 28%. The share of recycled gold as a percentage of revenue rose to over 46% during Q1 FY27. For June, the share of recycled gold as a percentage of revenue was in excess of 55%.

The international operations recorded revenue growth of approximately 35% year-on-year (YoY) in Q1 FY27. “Within the Middle East specifically, we witnessed revenue growth of approximately 30% for Q1 FY27 as compared to Q1 FY26, driven predominantly by same-store sales growth despite the impact on footfall during April due to the geopolitical tensions in the region,” it added.
Kalyan launched 12 showrooms and 5 Candere showrooms in India during the quarter under review. “The ongoing quarter has started well, and we are upbeat about the new showroom launches, gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country,” the company added further in a statement.

Should you buy Kalyan Jewellers shares now?

Kalyan Jewellers shares have broken out above a downward-sloping trendline, while continuing to trade above all its key short- and long-term moving averages on the weekly chart, reinforcing the strength of the prevailing uptrend, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.The RSI has also registered a breakout above its own downward-sloping trendline on the weekly timeframe, indicating a clear shift from bearish to bullish momentum, he said, adding that the widening gap between the DI+ and DI− lines reflects strengthening buying interest and confirms that bulls remain firmly in control.

Another encouraging sign is that the stock has closed above the upper Bollinger Band in each of the last four trading sessions, a characteristic often observed during the early stages of a strong trending move, Shah explained. “From a technical perspective, the 475–470 zone is expected to act as a strong support. As long as the stock sustains above this zone, the trend is likely to be bullish with the potential for further upside,” he added.

Also read: From Kalyan Jewellers’ 52-week high to Trent’s reality check: LKP Securities’ top trading ideas

What lies ahead for Kalyan Jewellers shares?

After the Q1 business update, brokerages issued bullish calls for the shares of Kalyan Jewellers. Citi believes the stock has the potential to rise to Rs 750 apiece. This implies an upside potential of nearly 47% from the stock’s previous closing price of Rs 510.65 apiece. The international brokerage expects the company’s franchise-led expansion strategy to continue supporting revenue growth. It also believes the company’s asset-light model will aid deleveraging and improve return on capital employed (ROCE).

ICICI Securities, meanwhile, maintained a Buy rating on the stock with a target price of Rs 670, implying an upside of more than 31%. The brokerage said Kalyan Jewellers’ strong Q1 FY27 performance despite multiple headwinds reflects resilient underlying jewellery demand.

It believes continued store expansion and the ongoing formalisation of the jewellery industry reinforce its positive outlook, although it cautioned that any structural decline in natural diamond prices remains a key risk.

Kalyan Jewellers share price

Kalyan Jewellers shares have jumped 50% in one week and 54% in one month. The stock is up nearly 10% in 2026 so far.

In the longer term, the shares of the jewellery-maker have fallen more than 9% in one year, but delivered 191% returns over three years and 598% in five years.

Also read: Kalyan Jewellers stock to double from here? Why analysts are bullish

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)