
Tech lobby group urges EU leaders to pause AI Act
Tech lobbying group CCIA Europe, whose members include Alphabet, Meta and Apple, on Thursday urged European Union to pause implementation of the AI Act, saying a rushed roll-out risks jeopardizing the continent's AI aspirations. Europe's landmark AI rules entered into force in June last year with various provisions to be implemented in a phased manner.
Important provisions of the EU AI Act, including rules for general purpose AI (GPAI) models, were due to apply on August 2. But some parts of the GPAI, which were expected to be published on May 2, got delayed. "With critical parts of the AI Act still missing just weeks before rules kick in, we need a pause to get the Act right, or risk stalling innovation altogether," said Daniel Friedlaender, CCIA Europe's senior vice president.
Political leaders such as Swedish Prime Minister Ulf Kristersson have also called AI rules "confusing" and asked the EU to pause the Act, ahead of a meeting with other EU leaders in Brussels on Thursday. More than two-thirds of European businesses said they struggle to understand their responsibilities under the EU AI Act, according to a survey by Amazon Web Services. The EU AI Act is more comprehensive than the United States' light-touch voluntary compliance approach while China's approach aims to maintain social stability and state control. "We are currently implementing the AI Act," EU tech chief Henna Virkkunen told EU lawmakers earlier this month when asked if she would consider a temporary halt to enforcing the AI Act. "I want to implement it in a very innovation friendly manner ... the main concern among some stakeholders is that this is hindering innovations." Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Punit Goenka reloads Zee with Bullet and OTT focus. Can he beat mighty rivals?
3 critical hurdles in India's quest for rare earth independence
HDB Financial may be cheaper than Bajaj Fin, but what about returns?
INR1,300 crore loans for INR100? Stamp duty notice to ArcelorMittal, banks.
Stock Radar: Titan Company breaks out from 3-month consolidation; check target & stop loss for long positions
For risk-takers: More than bullish, be selective; 5 mid-cap stocks from different sectors with an upside potential of up to 38%
Multibagger or IBC - Part 12: If transition is successful then there is no limit. But there is a big 'IF'
These mid-cap stocks with 'Strong Buy' & 'Buy' recos can rally over 25%, according to analysts
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Indian Express
25 minutes ago
- Indian Express
‘AI is now doing 30-50% of work at Salesforce,' says CEO Marc Benioff
Salesforce seems to be doubling down on artificial intelligence (AI) to streamline workflows and automate tasks in a hard pivot that comes months after the enterprise software giant announced mass layoffs as part of its broader restructuring efforts. Marc Benioff, the company's CEO, has said that AI currently accounts for about 30 to 50 per cent of Salesforce's work. 'All of us have to get our head around this idea that AI could do things, that before, we were doing, and we can move on to do higher-value work,' Benioff said in an interview with Bloomberg. His remarks come at a time when the tech industry is increasingly looking toward AI as a way to cut costs, boost productivity, and reshape workforces. Earlier this year, Salesforce reportedly laid off over 1,000 employees as it sought to restructure the company around AI. The impact of AI on jobs has become a hot-button issue, amplified by warnings from tech CEOs themselves about the disruptive potential of the technology. Anthropic CEO Dario Amodei has said that AI may eliminate 50 per cent of entry-level white-collar jobs in the next five years. Research studies and surveys have also echoed a similar concern. American think tank, The Brookings Institution, found that AI could replace more than half of the tasks carried out by entry-level roles, including market research analysts, sales representatives and graphic designers. In another Bloomberg interview last month, Robin Washington, the chief financial and operations officer at Salesforce, had said that the company is hiring fewer software engineers due to productivity gains from artificial intelligence. 'We view these as assistants, but they are going to allow us to hire fewer people and, hopefully, make our existing team more productive,' she said. Benioff termed the rise of AI in the workforce as a 'digital labour revolution.' He further revealed that Salesforce has reached about 93 per cent accuracy with AI. He said that it was not realistic to hit 100 per cent accuracy with AI. Other vendors are at much lower levels because they don't have as much data and metadata to build higher accuracy, he added. Other tech companies such as cybersecurity firm CrowdStrike and Swedish fintech Klarna are also investing in AI while shrinking their headcount. Amazon will also use AI to reduce roles, as per the e-commerce giant's CEO Andy Jassy. As millions of students around the world, particularly in India, prepare to become software engineers—and many even consider studying abroad for their master's degrees—their chances of landing a job at the world's biggest tech companies are beginning to look slimmer, all thanks to AI.


Fibre2Fashion
2 hours ago
- Fibre2Fashion
EU's retail, consumer confidence down in June
The Economic Sentiment Indicator (ESI) for the European Union (EU) dropped by 1 point to 94 in June 2025, while the euro area also saw a 0.8-point decline, according to data released by the European Commission. Both indicators remain below the long-term average of 100, reflecting subdued confidence across sectors. The dip in sentiment was driven primarily by weakening industry confidence, with modest declines in retail trade and consumer expectations, the Commission found in the latest Business and Consumer Survey. Among major EU economies, France recorded the sharpest decline of 3.4 points, followed by Spain with 1.4 and Germany down by 0.8, while Poland saw an increase of 1 point. EU's Economic Sentiment Indicator (ESI) fell to 94 in June 2025, reflecting weakened confidence, especially in industry. France saw the steepest decline among major economies. Retail and consumer sentiment also slipped. Selling price expectations fell across most sectors. The Economic Uncertainty Indicator dropped to 16.4, suggesting easing concerns. Industry confidence fell 1.1 points due to deteriorating assessments of order books, production expectations, and stock levels. Retail confidence slipped slightly, with lower business expectations outweighing a modest improvement in past business assessments. Consumer confidence remained broadly stable, though spending intentions weakened. Selling price expectations continued to fall in industry, services, and construction, though they rose in retail. The Economic Uncertainty Indicator (EUI) dropped by 2 points to 16.4, indicating easing concerns across most sectors, especially in services, construction, and industry. Consumers also reported lower financial uncertainty. Fibre2Fashion News Desk (SG)

United News of India
3 hours ago
- United News of India
WTO key to resolving global trade tensions: Italian economist
Rome, June 29 (UNI) The global tariff tensions initiated by the United States (U.S.) should be addressed through the multilateral platform of the World Trade Organization (WTO), an Italian economics expert has said. Mario Tirelli, a professor of economics at the University of Roma Tre, said on Friday that the current U.S.-led trade disputes have broadened to affect nearly the entire world, including the European Union (EU), and are causing heightened uncertainty, something he described as "bad for the EU." "The most important sectors of international trade between the EU and the U.S. are machinery and transportation equipment, which accounted for nearly 40 percent of all EU exports to the U.S. in 2024," Tirelli noted. These sectors, he added, are among the most severely affected by the newly imposed tariffs. He criticized the Trump administration's approach to trade relations, describing it as fundamentally opposed to multilateralism. "We have to try to move this type of negotiation back to multilateral platforms," he said, adding that the WTO remains the ideal venue where countries' concerns can be addressed openly and fairly. As the U.S. has shown declining interest in supporting multilateral institutions such as the WTO, Tirelli called on the EU, China, and other like-minded countries to work together to uphold the multilateral framework. He said this collective support could serve as leverage to encourage the U.S. to return to multilateral negotiations. As a professor of game theory, Tirelli acknowledged that reaching a trade agreement between the EU and the U.S. would be difficult, but emphasized that the EU is not necessarily in a weak position, provided its member states maintain unity. "European countries have to understand that negotiation power will be really weak if they are divided," he said. Tirelli also highlighted the importance of maintaining cooperation between China and the EU, noting that the 50th anniversary of EU-China diplomatic ties presents an opportunity to deepen bilateral trade and investment. "Through trade with China, the EU can achieve highly competitive gains in sectors like green energy, including electric batteries and cars," he said. According to Tirelli, China could likewise benefit from the EU's expertise in areas such as aerospace, machinery, and financial technology, sectors he views as critical to China's continued development. UNI/XINHUA BM