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☆ World Bank’s green overhaul is slowly taking shape
▼ + stars: | 2023-08-21 | by ( Rebecca Christie | ) www.reuters.com time to read: +7 min

BRUSSELS, Aug 21 (Reuters Breakingviews) - To step up the fight against climate change, World Bank President Ajay Banga wants to overhaul the lender’s balance sheet without overturning its credit rating. Earlier this year, the World Bank pledged $50 billion over 10 years via changes to how it manages its equity to loan ratio. Such backing has been used before, for example by the UK to fund $1 billion of World Bank projects in India. The central banks would hold those bonds as liquid reserves, while the World Bank could use the SDRs for financing its operations. All of these options are more complicated than if the World Bank’s shareholders simply increased its paid-in capital outright.

Persons: Ajay Banga, Janet Yellen, Lawrence Summers, N.K, Singh, Joe Biden, Yellen, ”, Guarantors, Brad Setser, Stephen Paduano, George Hay, Francesco Guerrera, Streisand Neto Organizations: Reuters, World, Treasury, World Bank, Reuters Graphics, Mastercard, Citigroup, AAA, U.S, Bank, London School of Economics, International Monetary Fund, European Union, U.S ., Thomson Locations: BRUSSELS, U.S, Asia, Banga, India, Japan, China, European, Marrakech, Singh

☆ 41 dead in migrant shipwreck in central Mediterranean
▼ + stars: | 2023-08-09 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +1 min

Rome CNN —Forty-one people reportedly died in a migrant shipwreck near the Italian island of Lampedusa, survivors say, the latest tragedy amid a spike in efforts in people making the dangerous sea crossing from North Africa to Europe. The survivors told the Red Cross that the migrant boat left Sfax, Tunisia several days ago. They said they were wearing life jackets and were able to crawl on a remnants of a different shipwrecked boat, according to the Red Cross. Lampedusa, not far from Sicily and the closest Italian island to Africa, is a major destination for migrants seeking to enter European Union countries. On Sunday, three bodies were recovered, including a 3-year-old child and a pregnant woman, and at least 30 people were missing after two migrant boats sank off the Italian island, the Italian Coast Guard said in a statement.

Persons: Rome, Rome CNN —, Giorgia Meloni Organizations: Rome CNN, Italian Coast Guard, CNN, European Union Locations: Lampedusa, North Africa, Europe, Sfax, Tunisia, Italy, Sicily, Africa

☆ EU starts preparing sanctions against Niger junta - sources
▼ + stars: | 2023-08-09 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +2 min

An EU official involved in sanctions work and an EU diplomat said the bloc has started discussing the criteria for punitive measures. "The next step would be sanctions against individual members of the junta" deemed responsible, the EU diplomat said. National officials were discussing the matter on Wednesday, said the official and another EU diplomat. "The EU is ready to support ECOWAS's decisions, including the adoption of sanctions," said Peter Stano, the EU executive's spokesman on foreign policy. EU foreign ministers are expected to discuss the Niger situation, including sanctions, at a meeting in Toledo, Spain, on Aug. 31.

Persons: Niger's, Mohamed Bazoum, Peter Stano, Gabriela Baczynska, Andreas Rinke, Crispian Balmer, Angus MacSwan, Gareth Jones Organizations: Union, Reuters, United, EU, Economic, West African States, ECOWAS, Thomson Locations: BRUSSELS, Niger, United Nations, EU, Toledo, Spain, Berlin, Rome

☆ German inflation eases to 6.5% in July
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: 1 min

A general view of a fruit and vegetable stand on a weekly market in Berlin, Germany, March 14, 2020. REUTERS/Annegret Hilse/File PhotoBERLIN, Aug 8 (Reuters) - German inflation eased in July, the federal statistics office said on Tuesday, confirming preliminary data. German consumer prices, harmonised to compare with other European Union countries, increased by 6.5% on the year in July. This follows a 6.8% increase in June. (This story has been corrected to say inflation eased, not rose, in the headline and in paragraph 1)Reporting by Friederike Heine, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Annegret, Friederike Heine, Miranda Murray Organizations: REUTERS, Union, Thomson Locations: Berlin, Germany

Summary German inflation falls modestly in JulyStronger declines expected starting in SeptemberCore inflation easesBERLIN, July 28 (Reuters) - German inflation fell in July, resuming the decline since the start of the year that was interrupted the previous month due to the base effects in June's data. Although inflation fell in July, economists called the pace of decline sluggish mainly due to the comparison with last year. By comparison, inflation fell to 5.0% in France and it rose to 2.1% in Spain. Italian and euro zone inflation data is due on Monday. Economists polled by Reuters expect euro zone inflation to fall to 5.2% in July from 5.5% in June.

Persons: Ralph Solveen, Thomas Gitzel, Maria Martinez, Miranda Murray, Rachel More, Sharon Singleton Organizations: Union, Analysts, Reuters, European Central Bank, VP Bank Group, ECB, Thomson Locations: BERLIN, France, Spain, Germany

☆ Protesters burn Koran in front of Egyptian embassy in Denmark
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, July 25 (Reuters) - Five anti-Islam activists set fire to a Koran in front of the Egyptian embassy in Copenhagen on Tuesday, the third such incident in Denmark in less than a week, following Koran burnings in nearby Sweden that enraged Muslims. Denmark and Sweden have said they deplore the burning of the Koran but cannot prevent it under rules protecting free speech. Last week, protesters in Iraq set the Swedish embassy in Baghdad ablaze. Tuesday's demonstration in Copenhagen by a group called "Danish Patriots" followed Koran burnings the group staged on Monday and last week in front of the Iraqi embassy. Iraq's foreign ministry on Monday called on authorities of European Union countries to "quickly reconsider so-called freedom of expression and the right to demonstrate" in light of the Koran burnings.

Persons: Trine Baumbach, Louise Breusch Rasmussen, Terje Solsvik Organizations: Patriots, European Union, Islam, University of Copenhagen, Reuters, Thomson Locations: COPENHAGEN, Copenhagen, Denmark, Sweden, Iraq, Swedish, Baghdad, European, Turkey

☆ JPMorgan to expand online bank Chase to Germany, EU - Handelsblatt
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, July 21 (Reuters) - JPMorgan (JPM.N) will expand its online bank Chase to Germany and other European Union countries, CEO Jamie Dimon told German newspaper Handelsblatt, a move that increases competition for European rivals in a crowded market. Reuters has reported preparations for the move, but the CEO's comments to Handelsblatt published on Friday mark the first official confirmation. "It has always been clear to us that we want to introduce Chase not only in the UK, but also in Germany and other European countries," Dimon was quoted as saying. "In Germany, 'Chase' is not yet so well known, but worldwide it is a strong brand. We are also a trustworthy bank with a strong balance sheet - and private customers know that," he was quoted as saying.

Persons: Jamie Dimon, Handelsblatt, Chase, Dimon, Tom Sims, Rachel More, Christian Schmollinger Organizations: JPMorgan, Chase, Union, Reuters, Reuters Graphics JPMorgan, European Union, Deutsche Bank, Thomson Locations: FRANKFURT, Germany, United States, Frankfurt

☆ JPMorgan to expand online bank Chase to Germany, EU, Handelsblatt reports
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

☆ NATO Isn’t Really About Defense, and It Never Was - The New York Times
▼ + stars: | 2023-07-11 | by ( Grey Anderson | Thomas Meaney | ) www.nytimes.com time to read: +4 min

In the realm of defense, the alliance was not as advertised. The war in Ukraine, for all the talk of Europe stepping up, has left that asymmetry essentially untouched. Far from a costly charity program, NATO secures American influence in Europe on the cheap. Before Russia’s invasion of Ukraine, roughly half of European military spending went to American manufacturers. Yet already there are signs that NATO is making headway in getting Europe to follow its lead in the theater.

Persons: — Organizations: NATO, European Union, U.S . Locations: Czech Republic, Prague, United States, Ukraine, Europe, U.S, Brussels, American, America, Washington, Germany, China, South China

Several countries, including Venezuela, Argentina and Sudan have been saddled with skyrocketing costs for decades. In advanced economies overall, inflation averaged 2.4% since the 1990s – the earliest aggregate data the IMF has available. In 2022, Venezuelan inflation was still 310%, the highest in the world that year. “Because everything will be more expensive tomorrow, people spend their money as they receive it, increasing the inflation,” Anselmi told CNN. Using US currency for transactions is common in Venezuela, as people don’t trust the volatile local currency, according to Guevara.

Persons: Z, Bolivar, bolivars, Andrés Guevara, bolivar, ”, “, Nelson Sánchez, Sanchez, Emiliano Anselmi, Luis Robayo, ” Anselmi, Guevara, Gaby Oraa, Anselmi Organizations: CNN, Bureau of Labor Statistics, International Monetary Fund, IMF, Federal Reserve, European Union, Pensioners, Andrés Bello Catholic University, Getty, U.S Locations: United States, Venezuela, Argentina, Sudan, Ukraine, United Kingdom, US, Caracas, Buenos Aires, AFP, Venezuelan

☆ Bloggers who turned their side hustle into their main income share 6 ways they make more than $100,000 from their blogs
▼ + stars: | 2023-07-07 | by ( Ella Hopkins | ) www.businessinsider.com time to read: +7 min

To find her audience, North created a Facebook group, called Get US Citizenship, where she shared blog posts from her website. "Then you could write 10 blog posts on one topic cluster and another 10 blog posts around another cluster." She said that using affiliate platforms such as ShareASale helped keep affiliate marketing passive. Reach out to brands for partnershipsNorth said brand partnerships could be more lucrative than affiliate marketing. "It's more labor-intensive than affiliate marketing, but it's more tailored as well,"she said.

Persons: Samantha North, she'd, Jasper, ChatGPT, Bonds, Whitney Bonds, Jobs, North, who'd, ShareASale, — Organizations: Union, Google, Facebook, North Locations: Portugal, Europe

Romanian port operators shipped 8.6 million tonnes last year, and 6.3 million tonnes in the first five months of 2023, the Constanta Port authority told Reuters. The port handled 12.17 million tonnes of grains overall in the first five months, a 21% jump on the year. "There are premises that Constanta Port will see a new traffic record," the authority said. As a result, the port could be overwhelmed, even if Black Sea grain initiative is extended, according to Cezar Gheorghe of Romanian grain market consultancy AGRIColumn. The port has a storage capacity of 2 million tonnes, but flows need to be stringently separated for origin certification.

Persons: Cezar Gheorghe, Gheorghe, Luiza Ilie, Marek Strzelecki, Pavel Polityuk, David Evans Organizations: United, Constanta Port, Reuters, AGRIColumn, European Union, EU, Thomson Locations: BUCHAREST, Constanta, Romania, Ukraine, United Nations, Turkey, Romanian, Constanta Port, Moldova, Odessa, Istanbul, Russian, Suez, Western Ukraine, Bucharest, Europe, Warsaw

☆ Dutch curb chip equipment exports, drawing Chinese ire
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +4 min

"We have taken this step in the interest of our national security" said Dutch Trade Minister Liesje Schreinemacher, adding such equipment may have military applications. Schreinemacher said a "very limited" number of companies and product models would be affected, and China was not named. But the Chinese Embassy in the Netherlands described the move as an "abuse of export control measures" that violate trade rules. ASM International, which makes atomic layer deposition tools, said it did not expect a material change to its forecasts as a result of the Dutch rules, which also discuss that technology. The new Dutch list may later be adopted by other European countries or added to the EU list, though few European firms export high-end chipmaking equipment.

Persons: ASML, Liesje Schreinemacher, Schreinemacher, Toby Sterling, Louise Heavens, Mark Potter Organizations: Dutch Trade, Embassy, U.S, Washington, ASM International, Lam Research, Materials, Reuters, Union, EU, Zeiss, Thomson Locations: China, AMSTERDAM, U.S, Beijing, Netherlands, Dutch, Japan, Taiwan, ASML

☆ Asia shares steady as weak China data fuel stimulus hopes, yen frail
▼ + stars: | 2023-06-30 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Futures indicated European stocks were set for a higher open, with Eurostoxx 50 futures up 0.18%, German DAX futures up 0.24% and FTSE futures 0.28% higher. But before that euro zone June inflation data will likely provide cues to the broader picture in the region, after data on Thursday showed German inflation rose more than expected in June. The strong economic data sent Treasury yields higher, with the yield on 10-year Treasury notes touching a three-month high of 3.868% on Thursday. China's blue-chip CSI300 Index (.CSI300) and the Shanghai Composite Index (.SSEC) rose nearly 1%, while Hong Kong's Hang Seng Index (.HSI) was up 0.24% on stimulus hopes. U.S. crude was flat at $69.87 per barrel and Brent was at $74.49, up 0.2% on the day.

Persons: Shunichi Suzuki, DAX, Rob Carnell, Jerome Powell, Hong, Brent, Ankur Banerjee, Stephen Coates, Kim Coghill Organizations: Federal Reserve, Finance, Investors, U.S, Reuters, Union, Bank of Japan, Thomson Locations: SINGAPORE, China, Asia, Pacific, Japan, Spain, Italy, U.S, Shanghai

☆ Morning Bid: Markets await euro zone inflation; wary of yen
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +3 min

[1/2] A general view of a fruit and vegetable stand on a weekly market in Berlin, Germany, March 14, 2020. Economists polled by Reuters expect the euro zone inflation rate to fall to 5.6% in June from 6.1% in May. The hawkish rhetoric was shared by other major central banks including U.S. Federal Reserve Chair Jerome Powell, who signalled the U.S. central bank was ready to resume its rate-hike campaign. Meanwhile, the yen broke beyond 145 a dollar, a proverbial 'line in the sand', resulting in fresh warning from Japan's finance minister. The intervention launched in September, when the yen weakened past 145 per dollar, was the first in 24 years.

Persons: Ankur Banerjee, Christine Lagarde, Jerome Powell, Shunichi Suzuki, Christopher Cushing Organizations: REUTERS, Ankur, Reuters, Union, ING, European Central Bank, U.S . Federal, U.S, Thomson Locations: Berlin, Germany, Spain, Italy, U.S, North America, Singapore

☆ German inflation bucks downward trend in June with higher-than-expected rise
▼ + stars: | 2023-06-29 | by ( Maria Martinez | Thomson Reuters | Maria Martinez Is A Reuters Correspondent In Berlin Covering German Economics | ) www.reuters.com time to read: +3 min

French and euro zone inflation data is due on Friday. Economists polled by Reuters expect euro zone inflation to fall to 5.6% in June from 6.1% in May. "The June figures in Germany only interrupt the downward trend in the inflation rate and do not mark its end," said Ralph Solveen, senior economist at Commerzbank. Non-harmonized consumer prices rose 6.4% in June year-on-year, following a 6.1% rise in the previous month. The year-on-year rebound in German inflation midway through the second quarter is almost exclusively due to base effects from last year's temporarily-reduced rail fare, said Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics.

Persons: Analysts, Ralph Solveen, year's, Claus Vistesen, Carsten Brzeski, Commerzbank's Solveen, Brzeski, Maria Martinez, Friederike Heine, Miranda Murray, Angus MacSwan, Conor Humphries Organizations: Union, Reuters, Commerzbank, Pantheon, European Central Bank, ING, Economists, ECB, Thomson Locations: BERLIN, Spain, Italy, Germany

☆ Exclusive: Romania mulling measures to protect farmers at Constanta port, source says
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view of the cereal terminal with grain silo in the Black Sea port of Constanta, Romania, May 11, 2022. The harvest season begins around July, when Ukraine's Black Sea grain corridor could collapse, and it typically runs until October. At its peak, Constanta port handled roughly 25 million tones of grain exports a year. Agritel estimates its wheat harvest at 8.76 million tonnes, while grain trade association Coceral sees it at 9.57 million tonnes and Romanian consultancy AGRIColumn at 10.5 million tonnes. By comparison, Romanian consultancy AGRIColumn expects Romania will have up to 21 million tonnes of grains and oilseeds available to export in the 2023/2024 season.

Persons: Olimpiu Gheorghiu, Coceral, AGRIColumn, Luiza Ilie, Louise Heavens Organizations: REUTERS, Union, United, Reuters, European Union, EU, Thomson Locations: Black, Constanta, Romania, BUCHAREST, Ukraine, United Nations, Turkey, Brussels, Kyiv, Romanian

☆ Countries back weakened EU nature law, seek more biodiversity funding
▼ + stars: | 2023-06-20 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

Germany, Lithuania and Romania were among countries that had raised concerns over funding. POLITICAL PUSHBACKEU climate chief Frans Timmermans told reporters he was not worried by countries' tweaks to make the law more flexible. But he criticised lawmakers in the European Parliament who are trying to block the law and are refusing to negotiate. EU countries and the European Parliament must both approve the final bill. A motion by EU lawmakers to reject the entire proposal last week failed by a razor-thin margin, ahead of a full EU Parliament vote in July.

Persons: Eamon Ryan, Christianne van der Wal, Frans Timmermans, Timmermans, Kate Abnett, Jonathan Oatis, Gareth Jones Organizations: Sierra, EU, Union, European Commission, Reuters, EU Parliament's, Thomson Locations: Andalusia, Nieves, Brussels, LUXEMBOURG, Germany, Lithuania, Romania, Ireland, Netherlands

☆ EU countries fail to agree energy reforms after coal subsidy clash
▼ + stars: | 2023-06-19 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

EU energy ministers meeting in Luxembourg ended talks without a joint stance on the reforms that seek to avoid a repeat of last year's energy crisis, when record-high gas prices left consumers with soaring energy bills. EU countries' ambassadors will take up the negotiations, aiming for a deal this month. Asked about the coal proposal, Swedish Energy Minister Ebba Busch said ensuring Poland, which borders Ukraine, had stable power generation could help it support Ukraine with back-up power. Poland, which gets around 70% of its power from coal, could prolong its support scheme for coal plants, potentially until 2028, under the proposal. EU countries must negotiate the final power market upgrade with the EU Parliament, with the aim to pass the law before EU parliamentary elections next year.

Persons: Ebba Busch, Anna Moskwa, Robert Habeck, Kate Abnett, Tassilo Hummel, Sudip Kar, Giles Elgood, Emelia, Barbara Lewis, Marguerita Choy Organizations: Union, Swedish Energy, Reuters, European Commission, Climate, EU, Thomson Locations: Poland, Belgium, Germany, LUXEMBOURG, Luxembourg, Sweden, Ukraine, Ukrainian, Austria, Greece, Spain

☆ Late push for coal subsidies upsets EU deal on energy reforms
▼ + stars: | 2023-06-19 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

EU countries' energy ministers meet in Luxembourg on Monday to agree a joint stance on new EU power market rules, aimed at expanding low-carbon power and avoiding a repeat of last year's energy crisis, when record-high gas prices left consumers with soaring energy bills. Poland - which could prolong its support scheme for coal plants beyond 2025 under the proposal - said last week the idea had majority support. Some EU countries say they need more flexibility in how fast they exit the fuel and support new industries in communities that have long relied on coal sector jobs. The official said they expected ministers to approve the power market reforms - but that it was not clear if the coal carve-out would make it into the final deal. Once EU countries agree their stance, they must negotiate the final power market upgrade with EU Parliament, aiming to pass the law before EU Parliament elections next year.

Persons: Kate Abnett, Giles Elgood Organizations: Union, EU, Reuters, EU Parliament, Thomson Locations: LUXEMBOURG, Luxembourg, Sweden, Poland

☆ Beyoncé shows blamed for fueling inflation in Sweden
▼ + stars: | 2023-06-16 | by ( Patrick Smith | ) www.cnbc.com time to read: +5 min

Beyoncé performs onstage during the opening night of the “RENAISSANCE WORLD TOUR” at Friends Arena on May 10, 2023 in Stockholm, Sweden. Beyoncé has won a record number of Grammys, has become one of the best-selling musical artists in the world and is on a sold-out, record-breaking world tour. "So whilst Beyoncé may have caused a shock to one month's data, she's not the reason for inflation in Sweden that's well above the central bank's target," he said. As in many European countries, Sweden has faced sharp inflation and higher household costs since Russia's invasion of Ukraine disrupted the wholesale energy market and distribution networks. And as for Grahn, he is not expecting to remain of interest to either Beyoncé fans or the world's media.

Persons: Beyoncé, Queen Bey, Sweden's, Michael Grahn, It's, Grahn, hadn't, Bruce Springsteen, James Pomeroy, she's, Marcus Widén, I'm Organizations: Friends Arena, National, Denmark's Danske Bank, NBC, HSBC, Sweden that's, Entertainment, Nordic, European Union Locations: Stockholm, Sweden, United States, North Carolina, Europe, Swedish, Gothenburg, Ukraine

☆ Binance to quit Netherlands after failing to register
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

It is the latest in a string of setbacks for Binance including the June 5 decision by the U.S. Securities and Exchange Commission (SEC) to charge the company with evading securities laws. Binance disputes the SEC charges. A spokesperson for Binance, which had been operating in the Netherlands without permission from regulators, said that the company had tried "many alternative avenues" to meet Dutch registration requirements. "While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators," they said. The company said that starting July 17, trading in the Netherlands will be halted and existing Dutch users will only be able to withdraw assets from its platform.

Persons: Binance, Lavanya, Toby Sterling, Nivedita Bhattacharjee, Dhanya Ann Thoppil, Elaine Hardcastle Organizations: U.S . Securities, Exchange Commission, SEC, Binance, Dutch Central Bank, Union, Thomson Locations: Netherlands, Cyprus, Canada, Australia, France, Italy, Spain, Poland, Sweden, Lithuania, Bengaluru, Amsterdam

☆ EU countries right to ban Huawei, ZTE from networks, Breton says
▼ + stars: | 2023-06-15 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, June 15 (Reuters) - The decision by some European Union countries to ban China's Huawei (HWT.UL) and ZTE (000063.SZ) from their 5G telecoms networks is justified and in line with the bloc's guidelines, EU industry chief Thierry Breton said on Thursday. Breton has in recent weeks voiced concerns that some EU countries still have perceived high risk components in their 5G core network, citing intrusive third-country laws on national intelligence and data security - a veiled reference to China. Breton said only 10 of the 27 EU countries had restricted or blocked high-risk vendors. "This is too slow, and it poses a major security risk and exposes the Union's collective security, since it creates a major dependency for the EU and serious vulnerabilities," he said. Huawei, ZTE and Beijing have strongly rejected Western allegations that the companies' equipment might be used for spying.

Persons: Thierry Breton, Breton, Foo Yun, Mark Potter Organizations: Union, Huawei, EU, ZTE, Thomson Locations: BRUSSELS, China, Beijing

☆ Subsidies from Big Tech should be last option for EU telcos - Meta Platforms
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

June 15 (Reuters) - Meta Platforms (META.O) said on Thursday subsidies from Big Tech should be the last option for European Union telecoms operators trying to get U.S. companies to foot some of their network cost. The European Commission launched a consultation early this year on whether tech giants should bear some of the costs of Europe's telecoms network. A majority of European Union countries have also rejected the push to levy a network fee on Big Tech, sources told Reuters earlier this month. The European Commission did not immediately respond to a Reuters request for comment. It added any subsidies be awarded by a tender to ensure availability to all network operators, not just the large players.

Persons: Meta, Akash Sriram, Krishna Chandra Organizations: Big Tech, European Union, Deutsche Telekom, Telefonica, European Commission, Meta, Reuters, Thomson Locations: Orange, Bengaluru

BRUSSELS/STOCKHOLM, June 14 (Reuters) - EU lawmakers on Wednesday voted for tougher landmark draft artificial intelligence rules that include a ban on the use of the technology in biometric surveillance and for generative AI systems like ChatGPT to disclose AI-generated content. The lawmakers agreed the amendments to the draft legislation proposed by the European Commission which is seeking to set a global standard for the technology used in everything from automated factories to bots and self-driving cars. Microsoft, which has called for AI rules, welcomed the lawmakers' agreement. However, the Computer and Communications Industry Association said the amendments on high-risk AIs were likely to overburden European AI developers with "excessively prescriptive rules" and slow down innovation. The lawmakers will now have to thrash out details with European Union countries before the draft rules become legislation.

Persons: Elon Musk, Sam Altman, Brando Benifei, Thierry Breton, Foo Yun Chee, Bart Meijers, Supantha Mukherjee, Emelia Sithole Organizations: European, Microsoft, Elon, Big Tech, Union, Computer and Communications Industry Association, AIs, The Commission, Thomson Locations: BRUSSELS, STOCKHOLM, Europe, United States, China, Brussels, Stockholm

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