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European Union Lawmakers Propose Strict Rules And Regulations For Artificial Intelligence Tools

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European Union

A group of European lawmakers has proposed strict rules and regulations for Artificial Intelligence tools to regulate them from posing a risk to society.

In a letter formulated by 12 members of the European Parliament, titled “A call to action on very powerful AI from the European Parliament”, these lawmakers are urging international corporations on the need to regulate the development of AI tools which industry experts have warned could pose danger if precautions are not taken.

In the letter, these Lawmakers aim to steer the development of very powerful artificial intelligence in a direction that is human-centric, safe, and trustworthy through an AI act.

The letter reads in part,

“The recent advent of and widespread public access to powerful Al, alongside the exponential performance improvements over the last year of Al trained to generate complex content, has prompted us to pause and reflect on our work. The Al Act is a risk-based legislative tool, meant to cover specific high-risk use cases of Al.

“However, we believe that we also need a complementary set of preliminary rules for the development and deployment of powerful General Purpose Al systems that can be easily adapted to a multitude of purposes. In this spirit, we took note of the open letter initiated by the Future of Life Institute and co-signed by hundreds of academics, experts, and business leaders calling for a 6 months moratorium on the development of powerful artificial intelligence. We share some of the concerns expressed in this letter, even while we disagree with some of its more alarmist statements.

“We are nevertheless in agreement with the letter’s core message: with the rapid evolution of powerful Al, we see the need for significant political attention. Our actions and decisions can guide us into a world full of Al potentials, whereas inaction can widen the gap between the development of Al and our ability to steer it, leaving the door open for more challenging future scenarios”.

The proposed rules and regulations by the EU lawmakers are coming following recent advances in the field of Artificial Intelligence (AI), which have demonstrated that the speed of technological progress is faster and more unpredictable than policymakers around the world have anticipated.

These lawmakers are therefore determined to provide within the framework of the AI Act, a set of rules specifically tailored to steer the development of AI in the right direction. Investors King understands that they have also called on the European Commission President Ursula Von Der Leyen and the United States President Joe Biden to organize a high-level global summit on Artificial Intelligence with the view to agreeing on a set of principles for the development, control, and deployment of AI rules.

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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood

Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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