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EU's code of practice sets key benchmarks for regulating AI development
Business Standard Editorial Comment Mumbai
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As artificial intelligence (AI) evolves, governments are drafting rules to govern the way AI is built, trained, and deployed. Yet, regulators across the world are struggling to keep pace. There is a growing sense of understanding that AI, especially generative AI, doesn't recognise national borders. The European Union (EU) is leading the way in crafting a structured framework. Its AI Act came into force in August last year. Meanwhile, the recently released Code of Practice for general-purpose AI sets important benchmarks on transparency, copyright compliance, and systemic risk management, helping firms comply with those norms and offering legal clarity to

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News18
2 hours ago
- News18
Central Bank of India Q1 net profit rises 33 pc to Rs 1,169 cr
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Time of India
3 hours ago
- Time of India
Explained: What are EU's fresh sanctions on Russia? Here's what they mean
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Under the new rules, any crude purchased above the cap cannot be shipped, insured or reinsured by EU firms, as per a Reuters report. The European Union and Britain had been urging the G7 to reduce the existing $60 price cap on Russian oil, arguing that falling oil futures had rendered it ineffective. However, opposition from the United States stalled any collective action, prompting the EU to act independently. Still, the bloc faces limits in enforcing the measure, as oil is predominantly traded in US dollars and payment clearing is largely controlled by American banks. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2 BHKs starts at ₹ 72.6 Lakh | No Floor rise | Zero PLC Mahindra Happinest Tathawade Get Quote Undo After a six-month grace period, the EU will no longer import petroleum products made from Russian oil, even if they're refined elsewhere. This rule excludes imports from Norway, Britain, the US, Canada, and Switzerland. 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It lifted its veto earlier this week after receiving guarantees from the EU to mitigate potential losses. How did India react? The ministry of external affairs on Friday hit out at the European Union's 'unilateral' sanctions on Russia, criticising the bloc's 'double standards' in energy trade. MEA spokesperson Randhir Jaiswal said in a statement in post on X, "We have noted the latest sanctions announced by the European Union. India does not subscribe to any unilateral sanction measures. We are a responsible actor and remain fully committed to our legal obligations." The MEA further emphasised that ensuring energy security is a top priority for the Indian government to meet the essential needs of its citizens. 'We would stress that there should be no double standards, especially when it comes to energy trade,' the statement added. The EU's latest sanctions against Russia over the Ukraine war include measures targeting an Indian refinery partly owned by Rosneft. The Russian energy giant holds a 49.13% stake in Nayara Energy Ltd, formerly Essar Oil. Nayara operates a major refinery in Vadinar, Gujarat, with an annual capacity of 20 million tonnes, and runs over 6,750 fuel stations across India. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now


Mint
3 hours ago
- Mint
Union Bank of India logs 12 pc rise in net profit to ₹4,116 cr in Q1
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