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Starting this Sunday, the EU’s new AI Act begins to take effect, which includes key provisions empowering the EU to regulate AI models and apply fines to companies that fall out of compliance. The law also gives the EU investigatory powers to penalize non-cooperating companies and individuals.
The Act itself presents a challenge to AI geopolitical realities of power as nations and associations like the EU attempt to use domestic laws to affect foreign AI powers. For instance, the fines countries give to foreign companies doing business in their territory due to non-compliance with their AI rules could become weapons of war in the AI geopolitical reality of power.
EU to begin enforcing AI Act from Sunday with hefty fines for rule breakers – Firstpost– news.google.com
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The European Union will begin enforcing key provisions of its AI Act from Sunday, empowering regulators to oversee AI models and fine companies that violate the bloc’s rules.
The European Union will take a major step in regulating artificial intelligence from Sunday, when authorities gain the power to enforce key provisions of the bloc’s landmark AI Act. The move allows regulators to oversee advanced AI systems, order corrective measures and impose significant financial penalties on companies that fail to comply with the law.
The AI Act, adopted by the European Union in 2024, is being rolled out in phases and follows a risk-based framework.
Under the legislation, AI systems considered to pose greater risks to people’s rights or health face stricter obligations designed to safeguard individuals.
The law also prohibits the use of AI for predictive policing, emotion recognition systems in workplaces or schools, and technologies that manipulate human behaviour.
The Department of Treasury is using its Exchange Stabilization Fund to buy Japanese Yen in the hopes of propping up the dangerously weak currency. This hasn’t happened in 30 years. The U.S. is not using U.S. dollars; it is using Euros.
This action follows a recent previous Treasury intervention to help a weakening Argentinian currency. That deal resulted in the loan being paid back in full (at profit). These interventions signal a shift in Treasury policy from two plus decades of international currency passivity to aggressive interventionism.
U.S. Treasury sells euros, not dollars, to help lift yen. Economists warn it could backfire– fortune.com
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The U.S. is stepping in to help boost Japan’s yen for the first time in nearly three decades after the currency hit a 40-year low, but the intervention has an unusual feature: instead of selling dollars to buy yen, the New York Fed reportedly sold euros to fund the purchase.
The coordinated move on Friday lifted the yen to 157 to the dollar and marked the first time the U.S. and Japan jointly bought the currency since 1998 during the Asian financial crisis. In 2011, the U.S., alongside the G7, weakened the yen after the Fukushima disaster caused the yen to be too strong, threatening Japan’s export-reliant economy.
Japan is estimated to have spent $52.8 billion. The exact amount from the U.S. is unknown, though a photo of Treasury Secretary Scott Bessent’s notepad suggests a range between $5 billion to $10 billion.
U.S. Manufacturing has shown an expansion that hasn’t been seen since 2022, right when the world was recovering from the Covid shutdowns. The Institute for Supply Management showed only one of its 16 industrial categories, chemical production, was contracting. In July, U.S. manufacturing reached 55.6 according to the ISM’s ratings, a level not seen since May 2022.
American Manufacturing Expands At Fastest Pace Since 2022– www.breitbart.com
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The U.S. manufacturing sector is expanding at the strongest pace in four years as output surges, firms add workers, and demand continues to grow, according to a key measure of factory health released Monday.
The Institute for Supply Management’s July barometer of U.S. manufacturing rose to 55.6, the highest since May 2022. This was the seventh consecutive month in which the sector’s reading came in above the threshold of 50 that separates growth from contraction. The reading was higher than economists had forecast.
The employment gauge indicated payroll growth for the first time since September 2023. New orders expanded for the seventh straight month. The measure of production rose to its best reading since late 2021.