Mediaboss Marketing

The European Unionstrongly condemnsthe decision of Russian authorities todeclarethe activities ofEU-RussiaCivil Society Forumas undesirable, according to a statement from the European Union External Action (EEAS) on Wednesday.

The Russian Prosecutor Generals Office on Tuesday had effectively shut down the Berlin-based organization which hosts intergovernmental conferences and civil society events.

Civil society cooperation beyond borders and people-to-people contacts can only be desirable. However, under the current circumstances, we do not have any other choice than to discontinue cooperation with our partners from Russia, theEU-RussiaCivil Society Forum said onLinkedInas its webpage has nowgone offline.

This decisionfurther intensifiesthecrackdownonindependent civil society and media in Russia, taking place againstthe backdrop of Russias war of aggression against Ukraine, the EEAS said in its statement.

The European Union urges the Russian authoritiestorepeal the current legislation on the so-called undesirable organizations and foreign agents,which severely restricts the freedoms of association and opinion, the statement added.

The European Union stands in solidarity with Russian citizens who are prevented from exercising their human rights.We will continue to support the important work of Russian civil society organizations, human rights defenders and independent media and journalists inside and outside Russia, it added.

Read more:
European Union strongly condemns intensified crackdown on ... - Egypt Independent

Ongoing strikes in France have resulted in flights across Europe facing cancelation as international airlines face the closure of French airspace. Air Traffic Controllers in France are joining other workers' unions to participate in industrial action across the country as Ryanair calls on the European Union to intervene.

Low-cost-carrier Ryanair is petitioning the European Union Commission to enact policies that protect flights overflying France during the ongoing French Air Traffic Control (ATC) strikes as it faces hundreds of last-minute cancelations. Current minimum service laws in France prevent the strikes from affecting domestic flights, but flights flying over the country (for instance, from London to Rome) are not protected.

The airline issued a strongly-worded condemnation of the EU Commission today (April 13th) as it faced the 38th day of French ATC strikes in just three months. Ryanair called out EU Commission President Ursula von der Leyen for her "inexcusable failure" to protect the fundamental right to the Freedom of Movement that EU citizens are entitled to by irresponsibly allowing EU skies to be closed repeatedly during French ATC strikes.

The airline confirmed that some 627,000 Ryanair passengers were destined to travel on flights that were canceled at short notice due to French ATC strikes in the first three months of 2023 alone. Such neglect, the airline argues, diminishes essential intra-European connectivity and damages tourism. A spokesperson for Ryanair today reiterated the airline's call for an intervention:

Today, French ATC are striking for the 38th day in just 3 months with thousands more EU passengers having their flights to see friends and family unfairly cancelled at short notice. While we have no difficulty with French unions exercising their right to strike, we do expect President von der Leyen to do her job and defend and protect EU citizens/visitors fundamental right to the Freedom of Movement, which she and her College of Commissioners have inexplicably failed to do.

"It is completely disproportionate and unfair that the French [Government] can use Minimim Services Legislation to protect internal French flights but force the cancellation of flights over France. President von der Leyen should protect EU citizens/visitors on non-French flights overflying French Airspace from Germany, Spain, Italy, the UK and Ireland. The EUs Single Market for air travel and overflights should not be repeatedly cancelled because the EU Commission fails to take action."

The continuing strikes have resulted in significant delays and cancelations for Europe's airlines. Ryanair is not alone in its situation. British Airways was forced to cancel 8% of its flights recently, as many of the carrier's short-haul services overfly France.

Last month, the low-cost carrier launched a petition to implement policies to protect flights overflying France during the ongoing nationwide strikes. The letter calls for the European Commission to take several immediate actions to protect passengers' rights, both visitors and EU citizens, trying to travel across the continents. As of press time, some 178,348 people have signed the petition. If any petition receives one million signatures from seven different EU countries, the Commission is required to consider it officially.

The petition argues that there are four primary ways that passengers could easily make it to their final destinations without impeding on French ATC unions' right to strike with the following measures:

Ryanair reiterated that it supports the French unions but emphasizes that they can exercise their right to strike without being allowed to close the entire upper French airspace. Air Traffic Controller unions in Spain, Italy, and Greece have previously initiated industrial action while protecting overflights. A spokesperson for the airline labeled it "completely disproportionate and unfair" that internal French flights are protected as overflights from Germany, Spain, Italy, the UK, and Ireland face cancellation.

This is not the first time the airline has brought up the subject of air traffic control reform. Ryanair's Michael O'Leary spoke to Simple Flying in late March on what he views as the failure of President von der Leyen and the EU Commission to protect EU citizens' right to the Freedom of Movement:

"The Commission don't like taking any action. Particularly this commission here led by von der Leyen and Adina Vlean, the transport commissioner, is useless. They've done nothing for three years."

The strikes are part of an ongoing nationwide movement across various industries.

Source: Forbes, Ryanair, Travel Weekly

See the original post here:
Ryanair Calls Out The EU Commission President Over Continued ... - Simple Flying

BERLIN, April 13 (Reuters) - Europe must not turn a blind eye to the tensions between China and Taiwan because a military escalation in the region would be a "worst-case scenario" for the global economy, German Foreign Minister Annalena Baerbock said on Thursday.

Speaking during a visit to China, Baerbock struck a different tone to French President Emmanuel Macron, who warned the European Union last week not to get "caught up in crises that are not ours" with regard to Taiwan.

"Germany and the European Union are economically vulnerable, which means that we cannot be indifferent to the tensions in the Taiwan Strait," Baerbock said - in an audio file provided by her ministry - during a stopover in the Chinese port of Tianjin.

Macron's comments drew a backlash in the United States and Europe as they were widely perceived as taking a weak line on Taiwan and a gift to what analysts called Beijing's goal of dismantling transatlantic unity.

As a result, the stakes of Baerbock's inaugural China trip have risen, with many EU members hoping Germany will use this opportunity to set out a clear and united EU line on China.

"Fifty percent of global trade passes through the Taiwan Strait, 70% of semiconductors pass through the Taiwan Strait, so the free passage is in our economic interest as well," Baerbock underscored.

"A military escalation in the Taiwan Strait ... would be a worst-case scenario globally and affect us as one of the biggest industrial nations in particular," she added of Germany, the EU's largest economy.

Tianjin was Baerbock's first stop on a China trip expected to focus on damage control in the wake of Macron's remarks, which suggested a rift in the EU's approach to the rising superpower.

Even without Macron's comments the visit would have been delicate for Baerbock, who has been more hawkish on China than German Chancellor Olaf Scholz, and is drafting a China policy aimed at reducing German dependence on trade with Beijing.

Baerbock is due to meet her counterpart Qin Gang and China's top diplomat Wang Yi during her two-day trip.

(Reporting by Sabine Siebold, editing by Friederike Heine and Mark Heinrich)

Read the original here:
Baerbock warns Europe against turning blind eye to tensions over Taiwan - Yahoo Finance

From the discovery of earths place in the solar system to the invention of the plane, photography, or the internet: history is full of examples where scientific and technological progress was initially held back by fear.

Recent calls to pause the development of advanced artificial intelligence (AI) systems more powerful than the Generative Pre-trained Transformer 4 (GPT-4) model for at least six months are therefore no surprise. And while there are valid concerns about the potential risks of AI, it is already well understood that the overwhelming benefits of continued innovation in this field will outweigh potential risks.

Instead of hitting the brakes on AI innovation, EU policymakers should hit the accelerator on smart AI regulation. In this respect, the European Union has already taken a step in the right direction with its risk-based AI Act that is currently going through parliament.

Nevertheless, with ChatGPT and other innovative AI-powered tools making headlines, the focus of the debate is often on alarmist stories which tend to overlook the many societal benefits. For example, AI can help people with disabilities to access services more easily, or enable healthcare professionals to diagnose and treat patients more accurately and efficiently. Continued research and innovation is likely to unlock new solutions to the worlds most pressing problems, including climate change and pandemics.

Yet contrary to some alarmist claims, AI will not replace or substitute humans. What it holds is the potential to empower people in many different ways. In its early days, photography was also feared to replace the art of painting, so it is understandable that some are concerned with AI. But just like any other technology, AI first and foremost remains a tool developed and controlled by humans.

Putting a brake on research and innovation in AI will not only deprive society of all its benefits, but also jeopardise the development of many other technologies. This, in turn, will result in a distinct competitive disadvantage for countries or regions in the EUs case that choose the regressive path instead of going forward.

As recently pointed out by Bruno Sportisse, CEO of the French National Institute for Research in Digital Science and Technology, all digital innovations are in fact intertwined today. The future of cybersecurity also lies in the development of AI algorithms to automatically detect and respond to attacks, which is key to the controlled spread of the cloud.

This means that everything from cybersecurity to cloud and quantum computing is heavily dependent on developments in artificial intelligence, which is powering current and future innovations in all these fields. As European policymakers discuss the blocs new AI Act, the first of its kind in the world, they should therefore focus on promoting the safe and responsible use of AI technology and not on that brake.

The risk-based approach of the new regulation will impose rules on providers and users of AI systems, depending on the risks a particular AI application poses. For example, end users will have to be informed when they are interacting with an AI system and regulatory sandboxes will be introduced, allowing developers to create and test their systems in safe environments in collaboration with regulators.

These EU rules will thus protect consumers and provide useful guidance for developers. Although the AI Act can still be further improved in order to unlock AIs full potential, the current proposal already properly addresses the risks posed by AI and will improve trust. Combined with strong innovation and education policies, Europes new rulebook will help society to safely leverage the huge potential of AI.

While the EU is at the forefront of AI regulation in the world, some still argue that these European rules come too late. But it is wrong to think that states and society are not equipped to deal with new technological innovations. Not only does the EU already have an extensive regulatory framework for the digital sector that also applies to AI, including the General Data Protection Regulation (GDPR), but companies and AI labs themselves are adhering to strict rules when it comes to developing and deploying AI.

OpenAI, the creator of ChatGPT, for example, is strongly committed to developing trustworthy and responsible AI, and to that end works together with industry players and policymakers. Other companies that lead on AI innovation, such as Google and Meta, have introduced AI principles and pillars of responsible AI, respectively, which they are committed to uphold.

If there is one conclusion that we can draw, it is that there is a compelling case for steering towards more, not less, innovation in AI. As scientific and technological breakthroughs will continue to emerge at an increasing pace in the coming years, regulators, policymakers, and society at large should embrace a more progressive approach.

The EU should not be fixated on what is making headlines today, but rather focus on ensuring we create a regulatory framework that is ready for the future, which will bring about innovations that we are not even able to grasp yet.

Just like our generation with its pocket-sized camera phones now has to laugh at the thought that the earliest room-sized cameras were seen as an existential threat to painters like Rubens or Michelangelo, future generations will be wondering what Europe was thinking when it briefly considered a freeze on the development of those very first room-sized AI applications.

The rest is here:
Instead of Hitting the Brakes on AI, the EU Should Embrace Smart ... - Disruptive Competition Project

Estimated reading time: 4 minutes

Recent news reports have suggested that the European Union Parliament will likely retain treatment of certain trade finance instruments at a credit conversion factor (CCF) of 20% instead of increasing it to 50%, but trade finance specialists tracking the ongoing proceedings have said that the EU banking community needs to remain extremely cautious.

Christian Cazenove, group head of trade oversight at Societe Generale, is part of the coalition of bankers who have enlisted the help of corporates under the umbrella of the ICC (International Chamber of Commerce) and drawn from solid industry data to make the case to EU policymakers that hiking the CCF to 50% for performance-related trade finance instruments such as bonds, guarantees, and standbys is unwarranted and would be deleterious for corporates, competitiveness, and ultimately national economies.

In late October 2021, the EU Commission launched a Capital Requirements Regulation (CRR3) proposal, which included provisions to raise at 50% the CCF for performance guarantees and set fixed maturity at 2.5 years for all trade finance instruments as part of the much broader movement to implement Basel III capital adequacy reforms.

This unwelcome development prompted a small coalition of banks within the EU to band together along with corporates, Global Credit Data (GCD) and Fleishman-Hillard agency under the ICC to gather compelling data and initiate an effort to convince the EU to reconsider.

Since mid-April 2022, the coalition has conducted over 70 meetings with EU member states, the European Council, and other EU governmental bodies.

By November 2022, the Council adopted the text and agreed to consider the coalitions amendment to keep the CCF at 20% and an effective maturity rate for trade finance products.

In January 2023, the European Parliaments Economic and Monetary Affairs Committee decided to maintain the 20% CCF for off-balance sheet trade finance instruments. The EU trialogue (EU Commission, Council and Parliament) is expected to take up the matter in early March 2023.

Cazenove said, When we discussed the issue, the (European) Council said they would not oppose the amendment, but we are still far from the final outcome and must leave member states do their role.

Sweden holds the Presidency of the Council for the first half of 2023 and indications are that the issue would be settled before the end of their leadership.

To get more appropriate treatment of performance-related trade instruments this far was only possible with the backing of corporates and robust data.

If it was only the banks, it would have been too tough, Cazenove explained to DCW. It was important to gather corporates because a move (of the CCF) from 20% to 50% would have a huge impact on risk weighting for the banks and a massive impact on pricing for corporates. But a worst-case scenario would be banks cutting many credit lines, preventing small/middle-sized corporates from having access to credit from banks. Thats whats at stake.

To illustrate the pricing shock users of performance-related trade products could face if the CCF was increased to 50%, Cazenove cited an example from a December 2021 ICC paper on the treatment of trade finance assets under the proposed CRR3. This report demonstrated the potential impact on corporates needing performance guarantees to develop infrastructure projects (like building a road or an energy station) or participate in a tender.

In the scenario given, Company A delivers work to Company B (beneficiary), with a duration of 1 year and Company B is covered by a Performance Guarantee for 100 million. It has been estimated that the RWA (Risk Weighted Asset) resulting from an increase of CCF would reach 7.4 million (CCF 50%) compared to 2.9 million (CCF 20%).

In total, the new 50% CCF proposed could cause a price increase of 150%, raising the cost to 330,000 instead of 130,000 for Company A.

Corporates from the manufacturing, transportation, and energy sectors, along with large industrial companies, aligned with the coalition of banks to push back against the proposed CCF increase. The coalition relied on statistical evidence obtained from Global Credit Data and the ICC Trade Register to demonstrate that trade finance products are a lower-risk asset class.

This article was originally published in Documentary Credit World (DCW), published by the Instituteof International Banking Law & Practice.

See the article here:
EU Banks, Corporates Cautiously Optimistic While Awaiting Decision on Treatment of Trade Finance Products - Trade Finance Global