Companies

India asks tech firms to seek approval before releasing , ‘unreliable’ AI tools

by
India asks tech firms to seek approval before releasing , ‘unreliable’ AI tools

India has mandated that tech firms must obtain government approval before publicly releasing artificial intelligence (AI) tools that are considered “unreliable” or are still under trial. These tools must also be clearly labeled to indicate their potential for providing incorrect responses to user queries. This directive was issued by India’s IT ministry in an advisory, emphasizing that the deployment of such AI technologies, including generative AI, on the Indian internet requires explicit government permission. The move is part of India’s broader efforts to regulate AI and tighten regulations for social media companies, reflecting a global trend towards establishing rules for AI governance. The advisory was prompted by a recent incident involving Google’s Gemini AI tool, which generated a controversial response about Indian Prime Minister Narendra Modi. Following the incident, Google acknowledged the tool’s potential unreliability, especially regarding current events and political topics. Deputy IT Minister Rajeev Chandrasekhar emphasized that platforms have a legal obligation to ensure safety and trust, and being “unreliable” does not exempt them from legal responsibilities. Additionally, the advisory highlighted the importance of AI tools not compromising the integrity of the electoral process, especially in light of the upcoming general elections in India.

Amazon, ’s AWS removes data transfer fees for clients switching to rivals

by
Amazon, ’s AWS removes data transfer fees for clients switching to rivals

Amazon’s AWS announced that customers wishing to transfer their data to another cloud service provider will no longer incur any network fees globally. This decision comes amidst regulatory scrutiny over such fees and their impact on competition. The European Union’s upcoming Data Act will mandate cloud providers to facilitate easier switching for customers to competitors. Additionally, the UK’s media regulator Ofcom has requested an investigation into the dominance of Amazon, Google, and Microsoft in Britain’s cloud market. Earlier, Google Cloud also eliminated its fees for data transfers and aimed to simplify the process for customers to change providers, although it highlighted ongoing concerns regarding unfair licensing practices.

Cyprus: weak tax administration and prolific tax evasion

by
Cyprus: weak tax administration and prolific tax evasion

– Tax evasion in Cyprus is defined as the deliberate non or underpayment of taxes and is illegal, while tax avoidance involves using legal methods to minimize tax owed.
– Weak and ineffective tax administration in Cyprus contributes to large-scale tax evasion.
– The Tax Department’s primary goal is to collect taxes and enforce payment in accordance with tax laws.
– Tax collections in Cyprus are below potential, with a significant shortfall attributed to widespread tax evasion.
– It is difficult to quantify tax evasion levels, but as of end-September 2023, taxes owed to the state amounted to €3.4 billion, with nearly €900 million deemed uncollectible.
– Self-employed persons in Cyprus paid on average €1,080 in personal income taxes in 2022, compared to employees who paid on average €1,920.
– Tax evasion and avoidance deprive the government of revenue, limit the scope for reducing tax rates, and hurt honest taxpayers.
– Cyprus’s reputation for weak law enforcement and corruption attracts corrupt politicians and criminals from abroad.
– The inefficiency of Cyprus’s tax administration contributes to tax evasion, with personal income tax returns taking about five years to process.
– The government has been promised €24.2 million from the EU’s Recovery and Resilience fund to improve tax administration efficiency.
– Increased digitalization and coordination between tax units could help curtail tax evasion and avoidance.
– Simplifying the tax registration and filing process could encourage greater tax compliance.
– Government policies that delay the submission of tax returns and payments foster tax evasion and avoidance.
– Enhanced digitalization of public services and harsh penalties for late tax payments are suggested to enforce timely tax payment and compliance.

Tatar moves to fire education chief

by
Tatar moves to fire education chief

Turkish Cypriot leader Ersin Tatar filed a case to have Turgay Avci, the head of the higher education committee (Yodak), fired. Tatar received complaints regarding not firing Avci, who is a former ‘education minister’. The dismissal of Avci is contingent upon an evaluation by the ‘court’, according to the ‘law’ on higher education. This action follows allegations against Avci related to the Cyprus University of Health and Social Sciences in occupied Morphou. Avci, facing these allegations, gave a statement to the police and was hospitalized in northern Nicosia due to hand pain. He was taken to court over allegations of fraudulently obtaining 926,286TL (€27,451) through 19 invoices from six different companies.

The hidden costs of feeding the world

by
The hidden costs of feeding the world

Kathleen Merrigan finds that the true cost of food is far higher than what consumers pay at the checkout counter, taking into account economic, environmental, social, and health impacts. The United Nations Food and Agriculture Organization’s 2023 report using true cost accounting reveals that the global cost of the agrifood system in 2020 was up to US.7 trillion more than retail prices, about 10% of global GDP or per person per day worldwide. Hidden costs in wealthy countries are mainly due to unhealthy dietary patterns, while in low-income countries, they stem from poverty and undernourishment. Environmental costs, including nitrogen runoff and greenhouse gas emissions, represent about 20% of the global hidden costs. True cost accounting could guide policy changes, potentially reallocating 0 billion in agricultural subsidies worldwide to support more sustainable and equitable food production methods.

Elias Neocleous law firm, W11 Ventures enter strategic tie

by
Elias Neocleous law firm, W11 Ventures enter strategic tie

Elias Neocleous & Co LLC (ENC) and W11 Ventures have formed a partnership to provide strategic, multi-functional seed-to-scale advisory services globally. This partnership leverages ENC’s legal expertise and tech-driven approach with W11’s experience in business innovation strategy, technologies, governance, translational R&D, and investments. The collaboration aims to support companies in becoming more agile and competitive, enhancing their market position through a range of services including legal practice, technology transfer, public policy, digital design, commercialization, startup support, growth acceleration, capital raising, investment readiness, and change management. ENC is a leading law firm with offices in various cities, known for its international expertise and a tech law department that assists startups and technology companies. W11 Ventures is a boutique growth and innovation advisory firm that connects corporates with the innovation ecosystem and supports startups and innovative companies in various development phases.

Working in Cyprus: an essential guide for expats, remote workers

by
Working in Cyprus: an essential guide for expats, remote workers

Cyprus is a strategic location at the crossroads of Europe, Asia, and Africa, making it an attractive destination for professional expansion. The work landscape in Cyprus includes employment with a Cyprus company, self-employment, and working for a foreign company. Employees in Cyprus sign a contract of employment, are subject to Income Tax, Social Insurance, and contributions to the General Healthcare System, with a tax-free threshold for salary income set at EUR 19,500. Self-employment involves a contract of services, with taxation based on annual profits and mandatory registration for Social Insurance and the General Healthcare System. Working for a foreign company in Cyprus involves considerations regarding tax residency, with over 183 days spent on the island likely resulting in Cyprus tax residency. Non-Cyprus EU employers may need to register as local employers, while non-EU employers might need to establish a branch or company in Cyprus.

In State of the Union, Biden to sharpen contrast with Trump

by
In State of the Union, Biden to sharpen contrast with Trump

U.S. President Joe Biden will use his fourth State of the Union address to highlight differences between him and Donald Trump, discuss the strong economy, advocate for higher taxes on the wealthy, and address concerns about his age. The address is part of a constitutional requirement for the president to report to Congress on the state of the union. It will take place at 9 p.m. (1400 GMT) before a joint session of the House of Representatives and the Senate, and will be nationally televised. Polls show Biden and Trump closely tied in battleground states, with most U.S. voters not enthusiastic about a rematch. Biden aims to convince voters of his efforts to protect democracy, abortion rights, and reduce costs. He will propose tax reforms targeting wealthy Americans and large corporations, support for unions, and highlight legislative successes. Biden will also emphasize U.S. leadership globally, including support for Ukraine and Israel, and push for a billion aid package. House Speaker Mike Johnson criticized Biden’s impact on the U.S. economy and reputation. The economy is performing well, but Republican voters are dissatisfied, according to polls. Biden’s campaign plans to criticize Trump on various issues. The NAACP has released a policy agenda for Biden’s address, focusing on voting rights and criminal justice reform. Concerns about Biden’s fitness for a second term due to his age will be scrutinized during his speech. White House press secretary Karine Jean-Pierre mentioned Biden’s accomplishments and his work on the speech at Camp David.

EU countries to exit energy treaty over climate concerns, officials say

by
EU countries to exit energy treaty over climate concerns, officials say

European Union countries decided to leave the 1998 Energy Charter Treaty due to concerns it conflicts with climate change efforts. The treaty allows energy companies to sue governments over policies affecting their investments, which has been used to challenge the shutdown of fossil fuel plants. The decision was made at a meeting in Brussels and will next seek approval from the European Parliament, where consent is highly likely. The move follows initial proposals and pressure from several EU member states. Despite some countries’ reluctance and concerns over wasting modernization efforts, an agreement was reached to accept treaty reforms before exiting. These reforms, agreed by around 50 signatories, include reducing the protection period for energy firms’ investments from 20 to 10 years.

Ship evacuated after first civilian fatalities in Houthis’ Red Sea attacks

by
Ship evacuated after first civilian fatalities in Houthis’ Red Sea attacks

India’s navy evacuated all 20 crew members from the vessel True Confidence in the Red Sea after a Houthi missile attack, which resulted in the death of three seafarers and severe injuries to two others. The attack occurred approximately 50 nautical miles off Aden, setting the ship ablaze. The deceased included two Filipinos and one Vietnamese. The crew and three armed guards were taken to a hospital in Djibouti. The vessel, flagged by Barbados and operated by a Greek company, is now drifting and arrangements for its salvage are being made. The Houthis have been attacking vessels in the Red Sea since November, citing solidarity with Palestinians. The cost of insuring voyages through the Red Sea has significantly increased since these attacks began. The International Transport Workers’ Federation has called for better protection for seafarers and suggested diverting ships around the Cape of Good Hope until safe transit through the Red Sea can be guaranteed. The True Confidence was transporting steel products and trucks from China to Jeddah and Aqaba.