by Samuel Mbaki | Jun 21, 2023 | Technology
Key Points
- India’s Prime Minister has confirmed the visit of Elon Musk to the country
- The two had business deliberations geared towards economics and businesses to boost investment in the country.
- Musk is looking forward to investing in the country.
Elon Musk has met with India’s Narendra Modi for deliberations on business and investment opportunities as he gears up to invest in the country. The meeting occurred on June 21, 2023, days after he visited France, Italy, and China for similar purposes.
India wants Elon Musk to invest there
Tesla and Twitter CEO Elon Musk has confirmed visiting India to have talks with the serving Prime Minister Narendra Modi. He was on a business trip in the country that involved figuring out the available investment opportunities.
Word is out that Elon Musk is looking for a place to set up a new Tesla Gigafactory, preferably in Asian or European countries. Therefore, he has been visiting potential countries to build good business ties and evaluate the validity of his project there.
It doesn’t come without saying that countries also seek him to start his factories and invest with them. He was in France earlier this month for the VivaTech summit. He met with President Emanuel Macron and the Digital Minister during his visit.
The Minister revealed that the country is seeking him to build his Tesla Gigafactory there, saying that the country is also investing in EV batteries and would welcome EV manufacturers there. The same case went for Italy’s Prime Minister, who met with him earlier this month to lure him into investing in the country.
Musk had also traveled to China to inspect the work in his installments in the country. Now, he is in India for a business trip. However, it doesn’t mention the wanting conditions of India’s infrastructure.
Recently, a train accident happened, claiming the lives of hundreds. Now, observers were keen on the Tesla auto drive being implemented in the country.
Some told Elon Musk that the congestion in the area could be a hindrance, but he brushed it off, saying that the cars are good and computers view obstacles and traffic via slow motion making them less risker.
However, no official information has been released on whether he will set up the next mega project there. Keep watching Fintech Express for updates on the top investors and other Fintech-related developments.
by Samuel Mbaki | Jun 15, 2023 | Technology
Key Points
- The US is investigating the impacts of a cyber attack that has hit several governmental agencies.
- The attack comes after popular cyber criminal groups sent a warning saying they had allied and would attack the country.
The US government is investigating the impacts of a massive countrywide cyber attack that has targeted several of its official agencies. The US Cybersecurity and Infrastructure Security Agency says it is supporting several federal agencies that have experienced intrusions affecting their MOVEit applications.
Hackers go after US government agencies shortly after sending a warning
According to Eric Goldstein, the Executive Assistant Director for Cyber Security at US Cybersecurity and Infrastructure Security Agency, several federal agencies currently require their support. In a statement to CNN, Goldstein said that the impacted software is MOVEit.
“We are working urgently to understand impacts and ensure timely remediation.” He said.
Groups responsible for the attack are not yet identified though they had issued a warning earlier in the day speaking Russian. They claimed credit for numerous big hacks as part of their hacking campaign.
The news comes when cyber attacks in the country are increasing. Several hacking sprees against US government officials and entities have been noticed, with universities and State governments adding to the tally.
John Hopkins University, Baltimore, and its renowned health system said earlier this week that “sensitive personal and financial information,” like health billing records, may have been stolen in the hack. Additionally, Georgi’a’s state-wide university system that spans the 40,000 student University of Georgia and other state colleges confirmed to be investigating a hack.
As this becomes all too common, it is still yet to be known what the real intentions or motives behind the attacks are. However, the US government is working on investigations and looking for a remedy to deal with the attacks. Keep watching Fintech Express for updates on this and other technology stories.
by Samuel Mbaki | Jun 14, 2023 | Technology
Key Points
- European Union has passed the first regulatory framework for the artificial intelligence industry.
- The law requires generative AI systems like GPT4 to be reviewed before commercial release. It also bans real-time facial recognition.
- The development sets the bloc above most world governments and powers as the industry is newly formed and highly unregulated.
EU leads the world in regulating artificial intelligence by passing the first comprehensive set of regulations. The new rules will monitor how generative AI like GPT4 is built and released commercially. It will also bring users more protection, like inhibiting live recording, detailing, and other facial recognition systems.
Artificial intelligence gets regulated in the EU
European Union spearheads Artificial Intelligence regulation worldwide as its parliament approves a landmark framework called EU AI Act. The framework becomes the first to go into effect in the West.
Artificial Intelligence (AI) has recently become a main topic, with its risks being widely spoken about by people like Elon Musk. However, just because an innovation is risky doesn’t mean it should be banned. Otherwise, it could be rebuilt illegally and overrun the world later when we are not well prepared for it.
As such, lawmakers in different places, including the U.S., have drafted bills to make AI more friendly. This approach has been slow as only the European Union has managed to pass a regulatory bill through all legal processes required to make it a law.
The bloc’s parliament voted on June 13, 2023, to adopt the EU AI Act with 499 votes in favor, 28 against it, and 93 abstentions. Though it passed through this crucial stage, it is still far from becoming law.
The next stage is for negotiators at European Union institutions like the EU executive body and 27 member states. On Monday, U.K. Prime Minister Rishi Sunak boldly pitched to make the U.K. the “geographical home” of AI safety regulation as the nation heads to holding its first global AI safety summit later in the year.
Keep watching Fintech Express for updates on AI and other technology-related news and developments.
by Samuel Mbaki | Jun 14, 2023 | Technology
Key Points
- France is trying to lure tech billionaire Elon Musk to invest in the country by building the next Tesla Gigafactory there.
- The nation’s digital minister, Jean-Noel Barrot, says they have invested in electric batteries and would love to welcome EV manufacturers and specifically Musk, there.
- Nevertheless, Barrot says that Twitter could face a ban in the EU if it fails to comply with the upcoming Digital Services Act.
France Digital Minister Jean-Noel Barrot hints that the country is planning to convince Elon Musk to invest in the next Tesla Gigafactory there. Barrot made these statements in an interview with a CNBC Journalist on June 14 though she also noted that if his Twitter platform does not comply with the upcoming EU Digital Services Act, it will get banned.
France to convince Elon Musk to invest in the country
In an interview with a CNBC Journalist, France’s Digital Minister Jean-Noel Barrot claimed that France had invested in electric batteries and would love to convince Elon Musk to build his next Tesla Giga factory there.
“It will be great to have a Tesla factory in France, there has been a lot of effort and energy to make sure this is possible and this can happen,” Jean-Noel Barrot told CNBC’s Charlotte Reed at the Viva Tech conference in Paris.
“We have also invested in an … entire sector of electric batteries so we will try to convince him that France is the best possible place in Europe to establish the next Tesla factory,” Barrot added.
Musk is expected to take the stage in Paris on June 15, 2023, at the Viva Tech Summit. He has been on the hunt for a new Gigafactory location, and his empire hasn’t gone unnoticed by France, who wants him to join them. He has been exploring wider networks for the Tesla market after setting up Gigafactories in U.S., Germany, and China.
When asked why Musk, Barrot praised him, saying he is a “great inventor, probably one of the greatest of the beginning of this century.”
Barrot’s comments on wanting to lure Musk to France did not come without the topping of a possibility of a Twitter ban. Last month Barret also warned that Twitter could get banned in the country as it still does not comply with the EU’s upcoming Digital Services Act that goes into effect this August.
The Digital Services Act will force Tech giants like Twitter to police illegal content and disinformation more aggressively or risk multi-billion dollar fines.
“There will be huge scrutiny by the EU commission … on the actions Twitter is going to take to meet these new obligations. If Twitter fails to comply with these obligations , Twitter will face sanctions of up to 6% of global sales … In case those failures to comply are not … corrected, they will face an obligation to leave the EU.”
Barrot also topped up her comments, saying:
“In the past couple of weeks, what we’ve seen is not reassuring as to the ability of Twitter to comply with these new rules.”
These developments come at a time when Elon Musk is working hard to bring free speech to Twitter. However, it doesn’t go without his words that free speech is valid only when it abides by the laws. What will transpire next remains to be seen?
Keep watching Fintech Express for updates on this and other technology-related developments.
by Samuel Mbaki | Jun 9, 2023 | Technology
Key Points
- Bipartisan bills targeting government AI usage have been tabled by U.S. senators.
- One of the bills seeks to form a new office of Global Competition Analysis aimed at helping the U.S. maintain its lead in innovation.
U.S. senators seek to bring transparency and innovation to America via AI
U.S. Senators have introduced a bipartisan bill to increase the transparency behind AI usage and foster innovation. The first bill was tabled on June 8 by Democratic Senator Gary Peters and Republican Senators Mike Braun and James Linkford.
Their bill requires the government to be transparent about how it uses Artificial Intelligence (AI). If passed, governmental organizations would be required to give an account of when and how it interacts with AI to the public, along with a system of appeal for citizens to engage in decisions made using Artificial Intelligence.
Regarding the bill, Senator Mike Braun stated:
“The federal government needs to be proactive and transparent with AI utilization and ensure that decisions aren’t being made without humans in the driver’s seat.”
The second bill was introduced by Democratic Senators Michael Bennet and Mike Warner alongside Republican Senator Young Todd. This bill seeks to establish an office of Global Competition analysis. This new office will be helpful for the U.S. to keep ahead of the curve with emerging technologies and innovation.
It comes at a time when the general public is concerned about the efforts to help the country maintain its lead in innovation basis. Regarding the bill, Senator Michael Bennet said:
“We cannot afford to lose our competitive edge in strategic technologies like semiconductors, quantum computing, and artificial intelligence to competitors like China.“
These bills come after Senate Majority Leader Chuck Schumer called for three briefings to educate lawmakers on Artificial Intelligence (AI) matters. These efforts by U.S. Senators come when the world is trying hard to advance in the industry, thus making them strategic.
Earlier this week, the U.K. stressed the need for stricter AI regulations, which would typically be at the same grade as nuclear weaponry and Medicine. Elsewhere, major governments like China and Russia have kept their cool on the matter, but that doesn’t mean they couldn’t be researching it.
by admin | Jun 9, 2023 | Technology
Key Points
- Palantir CEO Alex Karp claims that tech CEOs are calling for an A.I. pause so they can have time to catch up.
- Karp believes there is an ongoing A.I. race, and every tech CEO wants to grab a top spot.
Palantir CEO calls out tech CEOs for selfishly wanting A.I. to be paused
Karp is opposed to the idea that tech CEOs are genuinely concerned with the after-effects and risks of A.I. He believes that these leaders are calling regulators and governments to stop or pause A.I. products so they can catch up and remain competitive.
His views contrast with the open letter from the Future of Life Institute that has seen signatures from some of the biggest names in the technology industry. The letter has attracted signatures from notable people like Elon Musk, Apple co-founder Steve Wozniak and others who voiced a call for a pause in the release of A.I. research on Artificial Intelligence models larger than GPT-4
The letter also proposes a moratorium where the technology is not paused. An excerpt from it reads.
“if such a pause cannot be enacted quickly, governments should step in and institute a moratorium.”
While speaking in a BBC radio broadcast interview on Thursday, Karp said he believes that “many of the tech CEOs asking for a pause, are asking for a pause because they have no product.”
He added that the tech CEOs who have nothing to offer yet want more time to study Artificial Intelligence and come up with their own products. He added that “studying this and allowing other people to win both on commercial areas and on the battlefield” is a bad strategy.”
When asked if there is an A.I. race going on, Karp stated, “there is already an A.I. arms race, it’s just we’re ahead, [and] it’s not like if we slow down, the A.I. race will stop.” He stated that the most important thing at the moment is not building products for the public like GPT-4 but figuring out how A.I. can be used for military purposes.
He explained that Ukrainians have been using Palantir technologies and A.I. tools to increase the speeds and accuracy of their artillery, giving them an edge over Russian soldiers.
He added that the advent of AI-powered military software on the battle filed “just throws down a gauntlet to every single country in the world, especially [to] our adversaries, they cannot afford for us to have this advantage. And so, the race is on. There’s only a question of do we stay ahead or do we cede the lead.”
Keep watching Fintech Express for more updates on technology and FinTech-related developments.
