#European Union

Egypt sees progress on loan program

European firms sign 20 deals with Egypt as EU looks to bolster ties

European officials say they want to help Egypt become more resilient by boosting investment in the private sector

Egypt gets EUR7.4bn aid package from the EU

Egypt secures EUR7.4bn aid package from the EU

The funding program will prioritise economic stability, investments and trade as well as migration and security

Red Sea

Retailers demand more action from EU to resolve Red Sea crisis

Retailers calling for firm action include members such as supermarket giants Carrefour, Lidl, M&S, and Tesco

AI

Europe agrees landmark AI regulation deal

The accord requires foundation models such as ChatGPT and general purpose AI systems (GPAI) to comply with transparency obligations before they are put on the market

US President Joe Biden (R) speaks with European Commission President Ursula von der Leyen

US-EU Summit: Prospects dim for trade deals, with focus on crises in Middle East, Ukraine

The US has proposed forming a largely tariff-free green steel club that would also be open to other allies

AI's dark side

EU urges Big Tech to alert users about AI’s ‘dark sides’

The EU is rushing to catch up and set rules for generative AI as it negotiates its AI Act, which will go up for a key vote in the European Parliament

Cold storage in Meta data center. Image Credit: META

Meta fined record $1.3bn in EU over US data transfers

The Meta fine coincides with the fifth anniversary of the EU’s General Data Protection Regulation, widely seen as the world’s benchmark for privacy

Responsible AI

What responsible AI means outside of big tech

For many, the main concerns are not around whether AI will be sentient; rather, it’s about being able to understand the advice and decisions AI models make

bilateral trade

UAE, European Union discuss boosting bilateral ties

Non-oil bilateral trade between the UAE and EU amounted to $56bn in 2022, achieving growth of 9.3 per cent

Oil August 1

Oil extends losses on global slowdown and chance of more supply

Investors are also facing the prospect of rising supply as demand moderates

Monkeypox shot

Danish shot gets EU nod for monkeypox as WHO declares emergency

Bavarian Nordic’s smallpox vaccine Imvanex gets permission to be labelled for monkeypox and another disease caused by the vaccinia virus

EU agrees on single phone charger law

The plan would force all companies to make phones, tablets, e-readers and digital cameras to use the USB-C charger

GDPR data

Four tips on robust compliance for UAE businesses in the age of GDPR

A new approach to data management is required – one that makes compliance easier and delivers advanced security while removing data silos

OPEC

OPEC+ sticks to small supply hike as EU eyes Russia oil ban

OPEC and its allies rubber-stamped the standard 432,000 barrel-a-day increase for June

Emmanuel Macron

Macron beats Le Pen to win second term as French president

The 44-year-old Macron becomes the first incumbent to win a second term since Jacques Chirac two decades ago

Green bonds still have a long way to go to dent climate crisis

Global sales of green bonds hit a record $513bn last year

UK inflation at new 40-year high worsens living standards crisis

UK starts trade deal process with Saudi Arabia, Gulf

British trade with the GCC was worth about $61bn in 2019

The benchmarks countries must hit to reach net-zero emissions

More than 100 countries have pledged to get to net-zero emissions in the next 30 years

LEBANON-BLAST

Global powers pledge $298m to Lebanon after blast

Outrage over the August 4 explosion is running high in Lebanon, with protesters taking to the streets to demand regime change

Aramco joins Exxon, BP, Shell in starting to curb own emissions

Members of the Oil & Gas Climate Initiative pledged to reduce the carbon intensity of their operations to between 20 and 21 kilograms of carbon dioxide per barrel of crude equivalent by 2025

Google Apple

Google paying billions to Apple to remain default search engine in Safari

Google reportedly pays approximately $1.5bn every year to Apple to remain as its default search engine in mobile Safari in the UK alone