Eu Financial News

Elon Musk on Friday said Twitter, rebranded X, was working to comply with new EU rules that force tech firms to protect users against illegal content. «We are working hard on this,» Musk posted on X, replying to a video by the European industry commissioner Thierry Breton, who hailed the newborn EU Digital Services Act.

Spain became one of the first countries in the European Union to establish its own task force for regulating Artificial Intelligence (AI). The Spanish Agency for the Supervision of Artificial Intelligence (AESIA) should guarantee, along with the national digital strategy, that the AI development in the country will be "inclusive, sustainable, and citizen-centered."

developing economies, according to a paper from the Bank for International Settlements. «Cryptoassets hold out the illusory appeal of being a simple and quick solution for financial challenges» especially in emerging markets, but «have so far not reduced but rather amplified the financial risks in less developed economies,» the BIS report showed. The report looks at what would happen if crypto and traditional financial markets become more integrated in the future, with a focus on possible financial stability risks as cryptoassets «should be assessed from a risk and regulatory perspective like all other assets.» The risks are multi-fold, with cryptoasset vulnerabilities stemming from the nature, structure, composition and function of those markets.

student visa category. The UK Home Office data reveals a 54% spike in the issuance of sponsored study visas to Indians, reaching a total of 142,848 visas granted.

Sullivan convened the national security and senior G20 representatives of the Quint (an informal decision-making group consisting of the United States and France, Germany, Italy, the United Kingdom and the European Union) at the White House to discuss the ensuing G20 Leaders' Summit in New Delhi, according to a White House release. The participants discussed their unified support for the G20 and India's G20 Presidency, as well as their commitment to ensuring strong outcomes in New Delhi, including demonstrating the G20's role as the premier forum for economic cooperation, driving an affirmative and ambitious agenda for developing and emerging countries, and making progress on evolving the multilateral development banks to be more responsive to shared global challenges, the official release informed. The G20 Summit is slated to take place on September 9-10 at the recently-inaugurated state-of-the-art Bharat Mandapam convention centre at Pragati Maidan in New Delhi. Many heads of state and diplomats including US President Joe Biden, Chinese Premier Xi Jinping, Canadian Prime Minister Justin Trudeau and French President Emmanuel Macron are expected to be attending the G20 Leaders' Summit. The 18th G20 Heads of State and Government Summit in Delhi, under India's presidency will be a culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials, and civil societies. Sullivan also convened the Quint national security advisors of France, Germany, Italy, and the United Kingdom at the White House on Thursday. Noting that it is also Ukraine's Independence Day, participants reiterated their enduring commitment to supporting Ukraine in its defence against Russian aggression for as long

UK in the year to June as employers scrambled to recruit from overseas amid ongoing labor shortages, according to official figures. The Home Office data showed how reliant the UK remains on foreign workers 2 1/2 years after the post-Brexit immigration regime came into force. The number of work visas issued was 45% more than a year earlier. Over a third of the total, 121,290, were “health and care” visas – a 157% increase in the previous year – as the UK struggled to meet the staffing needs of the National Health Service and care providers. Indian and Nigerian nationals accounted for the largest share. With employers unable to fill over a million jobs, the government has responded by expanding the shortage occupation list, its visa rule exemption system, to make it easier to bring workers into the country. However, soaring migration numbers have become a political headache for Prime Minister Rishi Sunak given the promises the Conservative government made to control Britain’s borders after the 2016 referendum that put Britain on a path out of the European Union.

European Union has proposed an investment court system to India to resolve investor-state disputes, a substantive change from its earlier proposal, as the two sides thrash out the modalities of the proposed bilateral investment protection pact. EU commissioner for trade Valdis Dombrovskis also indicated the two sides may resolve their outstanding dispute. The two are involved in a dispute over tariffs imposed by New Delhi on information and communication technology goods outside the World Trade Organization. Noting India's ambition to become a manufacturing hub and integrate itself with the global value chains which requires a lot of investment, he said: «For this investment to come, there also needs to be proper investment protection and a proper mechanism to solve disputes as they arise.» India and the EU are negotiating a trade pact, an investment protection agreement and an agreement on geographical indications. The bloc has proposed the investment court system on the lines of agreements with other countries. «We are awaiting India's proposal on this,» said Dombrovskis, who is in India for the two-day G20 trade and investment ministers meeting that began Thursday. «It's a change of EU approach instead of relying on arbitrations where sometimes it was not transparent.

NEW DELHI : The European Union (EU) has proposed an investment court system for dispute resolution as part of the bilateral investment treaty (BIT) under negotiation alongside the free trade agreement, European commissioner for trade Valdis Dombrovskis said. EU officials plan to discuss the proposal with finance minister Nirmala Sitharaman on Saturday, Dombrovskis said in an interview. In a sign of easing trade tensions, the EU trade chief said that settlement of outstanding disputes at the World Trade Organization (WTO) is also on the agenda.

Air traffic controllers at Lebanon’s only civilian airport say they are badly understaffed and are planning to go on strike next month

Global energy giant BP is optimistic it can export green hydrogen to Europe and Japan by the end of the decade from a repurposed, 70-year-old oil refinery south of Perth.

targeted advertisements and give researchers more access to data on how its products work, to comply with landmark European Union online content rules, the Alphabet unit said on Thursday. Known as the Digital Services Act (DSA), the new rules are more onerous for Meta Platforms, Microsoft, Twitter, booking.com, Pinterest, Snap Inc's Snapchat, Wikipedia, Zalando and Alibaba's AliExpress because of their large number of users. The DSA will go into effect on Friday and requires companies to do more to tackle child sexual abuse material and disinformation, be more transparent on their algorithmic processes, bots and targeted advertisements and to remove illegal, unsafe or counterfeit products sold on their platforms. «We will be expanding the Ads Transparency Center, a global searchable repository of advertisers across all our platforms, to meet specific DSA provisions and providing additional information on targeting for ads served in the European Union,» Google's vice president for trust and safety, Laurie Richardson, said in a blogpost. «We will increase data access for researchers looking to understand more about how Google Search, YouTube, Google Maps, Google Play and Shopping work in practice, and conducting research related to understanding systemic content risks in the EU,» she said. The U.S.

Ukrainian police officers are receiving crypto crime investigation training from EU officials, with the nation continuing to streamline its crypto and blockchain policy with Brussels.

Mining giant South32 says cost increases are the new normal in the industry and that in terms of labour much more pronounced in Australia than other jurisdictions where it operates.

European Union and India will try to advance talks on a trade deal this week as the bloc’s demands for strict sustainability requirements have become a key stumbling block. European Commission Vice President Valdis Dombrovskis will discuss the proposed pact with Indian commerce minister Piyush Goyal on the sidelines of a Group of 20 trade meeting in India, as both sides seek to diversify their economies away from China. The EU has a strong interest in sealing the trade deal but the bloc’s sustainability regime is complicating its trade negotiations across a number of countries, people familiar with the matter said. The bloc needs to figure out how to communicate more clearly that green elements in the trade talks are legally required to avoid being labeled as protectionist, the people added. The EU sees part of its mission as using its economic weight to promote green goals globally, but other countries are often reluctant to make those kind of commitments, which has snagged negotiations on a range of trade deals from South America to Asia.

Narendra Modi on Thursday expressed gratitude to world leaders for their wishes on Chandrayaan-3's successful landing on Moon. The prime minister in reply to UAE President Sheikh Mohamed bin Zayed Al Nahyan's wishes said the milestone is not just India's pride but a beacon of human endeavor and perseverance. «I thank HH Sheikh @MohamedBinZayed for his wishes. This milestone is not just India's pride but a beacon of human endeavor and perseverance.

visa application requirements are grappling with the compliance requirements that could get triggered under the new Digital Personal Data Protection (DPDP) Act. Significant data fiduciaries will also have to assess implications not just from a compliance standpoint, but the cash flow impact in tax laws as well under the law that came to effect earlier this month, experts said. The travel and hospitality sector has traditionally had access to a lot of customer data which could all come under scrutiny now. «Companies need to take explicit user consent before user data is used under the new law, and the travel and hospitality sector will see a lot of digital transformation. Because of some of the physical touch points and points of sale, companies are grappling with sensitising their front desks on the matter.

Germany plans to ease rules for obtaining its citizenship under legislation approved by the Cabinet

Meta Platforms, Microsoft, Twitter, TikTok and other tech giants should use EU online content rules that apply to them this Friday to restore trust and safety in their platforms, EU industry chief Thierry Breton said on Wednesday. The rules known as the Digital Services Act (DSA) require the companies to perform risk management, conduct external and independent auditing, share data with authorities and researchers and adopt a code of conduct. Obligations for the companies, which also include booking.com, Pinterest, Snap Inc's Snapchat, Wikipedia, Zalando and Alibaba's AliExpress are more onerous than others because they have more than 45 million users. These very large online platforms and very large online search engines have until Friday to provide their first annual risk assessment to the European Commission. «Complying with the DSA is not a punishment — it is an opportunity for these online platforms to reinforce their brand value and reputation as a trustworthy site,» Breton said in a statement. «Child protection will be an enforcement priority, as will be fighting disinformation, including pro-Russian propaganda, in particular as we are entering a period of elections in Europe,» he said. The DSA also forces the companies to be more transparent on their algorithmic processes, bots and targeted advertisements that amplify content and do more to tackle illegal, unsafe or counterfeit products sold on their platforms. Breton, who can hand out fines up to 6% of a company's global turnover for violations, said he would not hesitate to act. «My services and I will thoroughly enforce the DSA, and fully use our new powers to investigate and sanction platforms where warranted,» he said.

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PRAGUE (Reuters) — The Czech government will scale back a planned loan from the European Union's post-COVID recovery fund to 19.4 billion crowns (805.75 million euros), from the initially planned 137 billion crowns, Industry Minister Jozef Sikela said on Wednesday.

On June 28, the European Council and Parliament achieved a political consensus on the Data Act, which moves the legislation regarding non-personal data closer to fruition.