Technology to spawn the next black swan: BlackRock CEO

Singapore

THE sweeping changes brought on by technology in various industries could be a destabilising force in the job market and in societies, particularly in developing countries, says the CEO of the world's largest asset management firm BlackRock.

Technology has already driven, and will continue to drive, persistently lower oil prices, said BlackRock's Larry Fink, who spoke at a Credit Suisse conference here on Tuesday. But in developing countries, technology is changing key sectors such as manufacturing and agriculture - and at a time when such countries are trying to grow their middle class, and create jobs.