US Vice President JD Vance on Tuesday criticised Europe for over-regulating the rapid development of AI and called on the continent to stop trying to rein in big tech, further heightening diplomatic tension between the US and Europe.
Speaking at an AI summit in Paris in his first major overseas trip since his nomination, Mr Vance said the Trump administration was “troubled by the fact that some foreign countries are considering tightening the screws on US tech companies with international footprints”.
Mr Vance, who did not name the countries he was referring to, said that this was “a terrible mistake, not just for the United States of America, but for your own countries”.
Social media platform X, owned by US President Donald Trump's adviser Elon Musk, has been at the heart of a controversy between the US and Europe, where politicians have accused X of pushing far-right views and distorting its algorithms. An investigation was recently launched against X in France.
The European Commission has also sought to curb disinformation and illegal content on social media with its EU's digital services act. This has forced some US companies to block EU users, Mr Vance said. “Is this really the future that we want? Ladies and gentlemen, I think the answer for all of us should be no,” Mr Vance said.
The US and Britain did not sign up to the leaders' declaration at the climax of the summit on "Inclusive and Sustainable Artificial Intelligence". A UK government spokesperson cited "national interest" for Britain not signing. China, France, Germany and India were among 61 signatories who agreed it is a priority that "AI is open, inclusive, transparent, ethical, safe, secure and trustworthy" under "international frameworks".
A dozen world leaders attended the two-day summit, shortly after the first measures of the EU AI act came into effect. It bans the use of high-risk uses of AI such as building facial recognition databases developed by scraping images online or through security footage or emotion recognition systems used at the workplace.
“We believe that excessive regulation of the AI sector could kill a transformative industry just as it's taking off,” Mr Vance said. “I would like to see that deregulatory flavour making its way into a lot of the conversations into a lot of conversations.”
On Monday, French President Emmanuel Macron told the summit Europe would cut back on regulation to make it easier for AI to flourish in the region, urging investment in the EU - and more specifically in France. "We will simplify," Mr Macron said. "It's very clear we have to resynchronise with the rest of the world."
In a pitch to big US firms Mr Macron said France would "work together" with others "whatever the geopolitics will be". He added that France's energy grid and large amounts of nuclear energy meant it was more sustainable and had enough capacity to house large new data centres needed to prop up the notoriously power-hungry technology.
He said: "It's very important, in this world, where I have a friend on the other side of the ocean who says 'drill, baby, drill' - here there is no need to drill.
"It's just 'plug, baby, plug'. Electricity is available. You can plug. It's ready."
In her speech on Tuesday, EU Commission President Ursula von der Leyen highlighted the AI Act was important in providing safety for the EU's 450 million citizens. “Safety is in the interest of business. At the same time, I know, we have to make it easier, we have to cut red tape. And we will,” Ms von der Leyen said.
Ms von der Leyen also pushed back against Mr Trump's announcement of a 25 per cent increase on steel and aluminium import. “Tariffs are taxes – bad for business, worse for consumers. Unjustified tariffs on the EU will not go unanswered – they will trigger firm and proportionate countermeasures,” Ms von der Leyen said.
“The EU stands united in defending the interests of its businesses, workers and citizens,” echoed European Council President Antonio Costa on X.
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UAE currency: the story behind the money in your pockets
The Intruder
Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
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The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
Killing of Qassem Suleimani
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
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