Vodafone says Germany will return to growth this year
The group, which operates in Europe and Africa, reported adjusted core earnings of 10.9 billion euros, which it said met its 11.0 billion target when hyperinflation in Turkey was taken into account.
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CNA
2 hours ago
- CNA
Explainer-Will the EU delay enforcing its AI Act?
STOCKHOLM :With less than a month to go before parts of the European Union's AI Act come into force, companies are calling for a pause in the provisions and getting support from some politicians. Groups representing big U.S. tech companies such as Google owner Alphabet and Facebook owner Meta, and European companies such as Mistral and ASML have urged the European Commission to delay the AI Act by years. WHAT IS THE AUGUST 2 DEADLINE? Under the landmark act that was passed a year earlier after intense debate between EU countries, its provisions would come into effect in a staggered manner over several years. Some important provisions, including rules for general purpose AI (GPAI) models, are due to apply on August 2. GPAI, which includes foundation models like those made by Google, Mistral and OpenAI, will be subject to transparency requirements such as drawing up technical documentation, complying with EU copyright law and providing detailed summaries about the content used for algorithm training. The companies will also need to test for bias, toxicity, and robustness before launching. AI models classed as posing a systemic risk and high-impact GPAI will have to conduct model evaluations, assess and mitigate risks, conduct adversarial testing, report to the European Commission on serious incidents and provide information on their energy efficiency. WHY DO COMPANIES WANT A PAUSE? For AI companies, the enforcement of the act means additional costs for compliance. And for ones that make AI models, the requirements are tougher. But companies are also unsure how to comply with the rules as there are no guidelines yet. The AI Code of Practice, a guidance document to help AI developers to comply with the act, missed its publication date of May 2. "To address the uncertainty this situation is creating, we urge the Commission to propose a two-year 'clock-stop' on the AI Act before key obligations enter into force," said an open letter published on Thursday by a group of 45 European companies. It also called for simplification of the new rules. Another concern is that the act may stifle innovation, particularly in Europe where companies have smaller compliance teams than their U.S. counterparts. WILL IT BE POSTPONED? The European Commission has not yet commented on whether it will postpone the enforcement of the new rules in August. However, EU tech chief Henna Virkkunen promised on Wednesday to publish the AI Code of Practice before next month. Some political leaders, such as Swedish Prime Minister Ulf Kristersson, have also called the AI rules "confusing" and asked the EU to pause the act. "A bold 'stop-the-clock' intervention is urgently needed to give AI developers and deployers legal certainty, as long as necessary standards remain unavailable or delayed," tech lobbying group CCIA Europe said. The European Commission did not respond immediatelyt to requests for comment.
CNA
4 hours ago
- CNA
Italy needs to upgrade ageing stadiums for club revenue boost, Euro 2032
MILAN :Milan's San Siro is one of the most famous stadiums in world soccer, but the storied home of AC Milan and Inter Milan is showing its age and lags behind what other major European clubs offer their fans. Italy is trying to raise its game when it comes to stadiums, pressed by foreign investors who have acquired a number of clubs including the two Milan giants, and also needing arenas that are fit for purpose when it co-hosts the 2032 Euros, with Turkey. But teams like AC Milan and Inter, as well as Lazio and Roma further south, are struggling to rebuild or renovate, wrangling with public bodies who often own stadiums, and getting caught up in red tape. The result is that only six Italian stadiums were built or redeveloped in the 2007-2024 period, compared with 19 in Germany, 13 in England and 12 in France, according to consultancy firm PwC. "At the San Siro stadium, we can't cook anything. The little food that we sell is all microwaved three minutes beforehand," AC Milan Chairman Paolo Scaroni told a PwC Italy event in March. He contrasted it to the situation in Britain, where Tottenham Hotspur's new stadium even features an in-built microbrewery "because the English like to drink beer, and we can't even cook a plate of spaghetti." The Tottenham stadium, designed by specialist company Populous, opened in 2019 at a cost of around 1 billion pounds ($1.4 billion) and features a retractable pitch. It also hosts other events such as NFL games. GOVERNMENT HELP The Italian government is trying to help, with a plan in the works to appoint a special commissioner with power to fast-track projects worth 5 billion euros ($5.8 billion) across different agencies, and speed up preparations for Euro 2032, the first major tournament in Italy since the 1990 World Cup. The Italia 90 tournament, when matches were played at 12 venues across the country, marked the last time Italy embarked on a serious round of stadium upgrades. "For Italian teams, sports facilities are the real gap with European peers," said Luigi De Siervo, Chief Executive Officer of Italy's top flight soccer league Serie A. Although crowds have risen to levels not seen since the early 2000s, Serie A clubs generated just 440 million euros in matchday revenue in 2023-24 - according to a report from Deloitte - less than half of what England's Premier League earned. "More modern arenas structurally generate higher match day revenues, they usually have a higher occupancy rate, more food outlets, with different price ranges, and pricier tickets," said Cristian Celoria, partner at consultancy firm PwC. EURO 2032 CONCERNS Besides frustrating club owners, Italy's lack of progress in redeveloping its sporting infrastructure could harm its role as a co-host of the Euros. Italy must give European soccer's ruling body UEFA a list of five stadiums to host Euro 2032 games by October next year. At present, among the 10 arenas Italy named in its initial bid document, only the Juventus one in Turin - one of the few club-owned grounds in Italy - is fit for the tournament, according to a UEFA official. The 41,000-seater venue was completed only in 2011, replacing the Stadio delle Alpi which was built for the 1990 World Cup. Venues needing redevelopment or new builds can be included in the final Euro 2032 shortlist, but the projects need to be fully financed and approved by next year's deadline, said the UEFA official, who asked not to be named. "The need for a special commissioner is becoming even more urgent, as next year we will undergo a series of checks that may even result in some matches being reallocated to Turkey," said De Siervo, the Serie A chief. However, the Italian Football Association remains confident it can meet the deadline, with work underway in Bologna and Florence and scope to bring Rome's Olympic Stadium and the current San Siro venue in line with specifications. FATE OF SAN SIRO The San Siro, with its striking spiral staircases wrapped around the outside of the stadium, was one of the symbols of Serie A's golden age in the 1990s, but much like Italian soccer in general, it has seen better days. AC Milan and Inter - owned by U.S. investment firms RedBird and Oaktree respectively - have billed as unfeasible a full revamp of the arena, officially known as the Giuseppe Meazza after a forward who played for both clubs in the 1920s-1940s. AC Milan and Inter are in talks to jointly buy the stadium, built in 1926, and the surrounding area from the Milan municipality as part of a 1.2 billion euro redevelopment including a real estate project. The plan, first presented in 2019, envisages the clubs continuing to use the 76,000-seater stadium until a new one is built nearby. Once that is ready, the old ground would be demolished except for a heritage section comprising part of its second tier. The clubs, however, face opposition from those who would like to preserve one of the temples of Italian soccer. "It is still a functional stadium. It can be modernised, and we have fought for that, but the problem is that no one is listening to our calls," said Luigi Corbani, president of a citizens' committee opposing clubs' demolition plans. Even rock stars who love playing concerts in the huge San Siro have chimed in. "It is the greatest stadium in the world, it has personality, heart and soul," Bruce Springsteen's guitarist Steven Van Zandt, aka Little Steven, told Italy's Corriere della Sera daily, calling plans to knock it down "criminal". ($1 = 0.7378 pounds)
CNA
7 hours ago
- CNA
China, EU should not 'seek confrontation': Foreign minister Wang
BRUSSELS: China's top diplomat warned his EU counterpart against "confrontation", his foreign ministry said on Thursday (Jul 3), after she urged Beijing to stop undermining Europe's security. Meeting Kaja Kallas in Brussels on Wednesday, Wang Yi said China and the European Union "should not be regarded as opponents because of differences, nor should they seek confrontation because of disagreements", according to a Chinese foreign ministry statement. Europe is "facing various challenges", Wang said, but stressed that none were caused by China "in the past, present or future". Ahead of their meeting, Kallas, the EU's foreign affairs chief, said China was " not our adversary, but on security our relationship is under increasing strain". She said Chinese firms were "Moscow's lifeline to sustain its war against Ukraine" and accused Beijing of carrying out cyberattacks, democratic interference and unfair trade practices that "harm European security and jobs". China has portrayed itself as a neutral party in Russia's more than three-year war with Ukraine. But Western governments say Beijing has given Moscow crucial economic and diplomatic support. "Enabling war in Europe while seeking closer ties with Europe is a contradiction Beijing must address," Kallas added on Wednesday. Wang, meanwhile, sought to cast Beijing as a steady counterweight against superpower rival Washington, which has threatened to slap sweeping tariffs on imports from European nations. "The path taken by the United States should not be used as a reflection of China," he said. "China is not the United States." Beijing's foreign ministry also said the two sides had discussed Ukraine, the conflict between Israel and the Palestinians, and the Iran nuclear issue. Beijing and Brussels should treat one another with "respect", Wang said, adding that Europe should pursue a more "active and pragmatic" China policy. The Chinese diplomat also met European Commission chief Ursula von der Leyen and his Belgian counterpart Maxime Prevot on Wednesday. China and the EU should "uphold multilateralism and free trade ... and work together to address global challenges such as climate change", Wang told von der Leyen. Wang will next travel to Germany, where he will hold talks with Foreign Minister Johann Wadephul on diplomacy and security. And in France, Wang will meet minister for Europe and foreign affairs Jean-Noel Barrot, who visited China in March.
