EU tech chief Margrethe Vestager said on Wednesday she believed a draft code of conduct on artificial intelligence (AI) could be drawn up within weeks, allowing industry to commit to a final proposal "very, very soon," Reuters reported. Policymakers and many in industry have expressed concern about AI, and particularly content-creating generative AI such as ChatGPT, with some equating it to the risks posed by pandemics or nuclear war. Vestager said the U.S. and European Union should push a voluntary code of conduct to provide safeguards while new laws are developed.
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European Union
European Union governments decided on Tuesday to nearly double the amount of EU financial support to Moldova to a total of 295 million euros ($324.74 million), the Swedish presidency of the EU said, Reuters reported. The decision comes just days before a meeting of the European Political Community in Moldova on June 1, as the EU seeks to quell pro-Russian sentiments in parts of Moldova. "Moldova can continue to count on the EU. We will continue to support Moldova, also financially.
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UBS on Thursday won unconditional EU antitrust approval to acquire Credit Suisse as part of a government-orchestrated rescue of its Swiss rival, Reuters reported. The European Commission said the deal would not raise competition concerns in Europe, confirming a Reuters story earlier this month. "The combined entity will continue facing significant competitive pressure from a wide range of competitors in all of those markets, including several major global banks as well as specialist providers and strong local players," the EU competition watchdog said in a statement.
As it marked its 25th anniversary Wednesday, the European Central Bank is readying a proposed design for a digital version of the euro, responding to pressure from developing technology that could change how money is used over the bank’s next decades, the Associated Press reported. ECB President Christine Lagarde says a digital euro could offer a way for people to buy things without depending on payment service providers controlled by non-European companies. Those could include Mastercard, Visa, Apple Pay and Google Pay.
The European Union's executive body said on Wednesday it has formally adopted a draft memorandum of understanding (MoU) to allow financial regulators from Britain and the bloc to cooperate more closely, though stopping short of market access, Reuters reported. Britain has left the EU, largely severing its financial sector's previously unfettered access to the bloc. As part of Britain's Brexit terms with the bloc, the EU agreed to formalise cooperation between financial watchdogs, but it was put on hold by Brussels following disagreements between the bloc and Britain over Northern Ireland.
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European Union states on Tuesday gave the final nod to the world's first comprehensive set of rules to regulate cryptoassets on Tuesday, piling pressure on countries such as Britain and the United States to play catch up, Reuters reported. An EU finance minister meeting in Brussels approved rules that were thrashed out with the European Parliament, which gave its approval in April. The rules are expected to be rolled out from 2024. Regulating crypto has become more urgent for regulators after the collapse of crypto exchange FTX.
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European lawmakers came a step closer to passing new rules regulating artificial intelligence tools such as ChatGPT, following a crunch vote on Thursday where they agreed tougher draft legislation, Reuters reported. The European Union's highly anticipated AI Act looks set to be the world's first comprehensive legislation governing the technology, with new rules around the use of facial recognition, biometric surveillance, and other AI applications.
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A European judicial team questioned on Thursday the brother of Lebanon’s embattled Central Bank governor who is is being investigated abroad over several financial crimes and the laundering of some $330 million, the Associated Press reported. The questioning is part of a probe by a delegation from France, Germany, and Luxembourg, which is now on its third visit to Lebanon to interrogate suspects and witnesses in the case. The delegation questioned Gov.
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A European judicial team pressed on with its corruption probe of Lebanon's embattled Central Bank governor on Thursday, questioning one of his aides and summoning his brother for another hearing next week, the Associated Press reported. The delegation from France, Germany, and Luxembourg is on its third visit to Lebanon to interrogate suspects and witnesses in an ongoing investigation of Gov. Riad Salameh and associates over several financial crimes and the laundering of some $330 million.
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The European Union is set to propose a ban on many goods from transiting through Russia as the bloc attempts to tighten the screws on the enforcement of sanctions imposed over the past year, Bloomberg News reported. he transit ban would extend to numerous technologies and other goods, including several types of vehicles, but not all items would be barred from traveling via Russia en route to third countries. The ban would be part of a new package of sanctions that’s being prepared by the European Commission. Moscow has been able to get around restrictions on several sanctioned technologies.
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