Latest news with #EU-style
Business Times
05-08-2025
- Business
- Business Times
Neutrality got the Swiss nowhere on tariffs
AFTER the European Union (EU), it's now Switzerland's turn to bemoan humiliation and surrender at the hands of the Trump administration. Politicians and companies are reeling from the shock of a new tariff of 39 per cent, well above the EU's 15 per cent, which could cost the country 1 per cent of GDP. For Swiss drugmakers like Novartis, the stay of execution granted to the sector feels temporary, with a possible 25 per cent pharmaceutical tariff to come if no deal is done. Local media have compared it to the Swiss defeat at Marignano at the hands of the French in 1515. This is obviously not an emerging-market-style crisis moment: Switzerland is one of the richest countries in the world, and Rolex watches are somewhat less price-sensitive than Volkswagen cars. The Swiss stock market, which quickly recovered early losses, is taking solace in the fact that 39 per cent feels like a blustery prelude to more concessions and a handshake. Already, the Alpine country is scrambling to offer more goodies to an irate US administration. One might imagine more EU-style pledges are coming, such as buying more US energy. Yet, there are deep geopolitical doubts rocking the land of nine million, which has had its fair share of recent crises including the collapse of Credit Suisse in 2023. The shock stems from the abundance of confidence that Swiss leaders had in their ability to sweet-talk Trump, shying away from retaliation and making all sorts of positive noises from buying US jets to encouraging more Swiss investment across the Atlantic (Roche Holding AG says it will invest US$50 billion). President Karin Keller-Sutter even claimed some credit for Trump's initial tariff climb-down in April. Her Midas touch, if it was ever there, has gone; some parties are using this as a chance to call for a more pro-EU political direction. The humbling reality is that maybe this is not a negotiation after all but a test of strength as US economic policy goes full-on mercantilist – a test that Bern could never really win. The Trump administration sees Switzerland as a currency manipulator (the Swiss National Bank disagrees) that is ripping off Americans via a US$38 billion trade surplus in goods, even if a huge chunk of this is gold bullion refining. Switzerland seems to have played up its small size, happy neutrality and dependence on the US as plus points in trade talks – failing to realise that playing nice with a bully can also have costs. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Making matters worse is the collective action problem that seems to be plaguing the entire European continent, if not the world. Last month, the Kiel Institute published a proposal to counter the misguided economics of Trump's tariffs with a coalition of countries representing 50 per cent of goods exports to the US, including the EU, Canada and South Korea. The proposed retaliation would be concentrated and powerful enough to get the US to blink. Yet, we seem to be getting further away from such a scenario, with Switzerland the latest example of a country that could only have made a difference as part of a larger bloc including the EU. Even knowing the likelihood that collective action would work better than every market going its own way, the urge will always be to negotiate separately in the hope of getting a better deal than your neighbour. Whatever happens next, the message can't be just business as usual. Pharmaceutical industry consultant Lawrence Lynch reckons one silver lining of a lose-lose tariff fight for drugmakers would be a stronger and more integrated European market and more diversification away from the US to make up for higher barriers. And as for the politicians now preparing for subsequent rounds of arm-twisting over trade, there should be a recognition that the turmoil is just getting started. Dodging a bullet today doesn't mean escaping another tomorrow. BLOOMBERG
Sydney Morning Herald
01-06-2025
- Business
- Sydney Morning Herald
Big business says it will transform productivity. Unions say it will destroy jobs. Labor's in the middle
Big business and unions are on a collision course over Labor's plans to curb the use of artificial intelligence – a policy with potential to create another flashpoint with the Trump administration. The federal government has been mulling new laws or regulations to limit the potentially damaging effect of some automated tools, mirroring moves in Europe. The EU attracted the wrath of US Vice-President JD Vance, who said in February that 'excessive regulation of the AI sector could kill a transformative industry'. Australia's most influential corporate lobby group, the Business Council of Australia, is calling on Prime Minister Anthony Albanese to shun calls for heavier regulation stemming from the ethics debates surrounding advances such as OpenAI. The argument to avoid curbs puts the business lobby on the side of Treasury secretary Steven Kennedy, who said last week that AI presented immense economic opportunities and existing regulations should be favoured instead of new rules. But unions are pushing for federal regulations to protect workers, setting up a fresh contest on industrial relations in Labor's second term. BCA boss Bran Black wants schools to teach about AI in primary school and is arguing for large boosts to research in the sector to drive up Australia's sagging rate of productivity and material living standards. Australia must avoid EU-style laws which are too broad, according to Black, a former adviser to ex-NSW premier Dominic Perrottet. 'We should always start from the premise that the application and use of AI is overwhelmingly positive and will increase our collective prosperity,' Black told this masthead. The BCA is pointing to existing applications of AI to prove its potential as an economic boon, including Commonwealth Bank using machines to read documents, BHP using the technology to manage resources and save water, and Salesforce addressing 84 per cent of customer inquiries without human involvement.
The Age
01-06-2025
- Business
- The Age
Big business says it will transform productivity. Unions say it will destroy jobs. Labor's in the middle
Big business and unions are on a collision course over Labor's plans to curb the use of artificial intelligence – a policy with potential to create another flashpoint with the Trump administration. The federal government has been mulling new laws or regulations to limit the potentially damaging effect of some automated tools, mirroring moves in Europe. The EU attracted the wrath of US Vice-President JD Vance, who said in February that 'excessive regulation of the AI sector could kill a transformative industry'. Australia's most influential corporate lobby group, the Business Council of Australia, is calling on Prime Minister Anthony Albanese to shun calls for heavier regulation stemming from the ethics debates surrounding advances such as OpenAI. The argument to avoid curbs puts the business lobby on the side of Treasury secretary Steven Kennedy, who said last week that AI presented immense economic opportunities and existing regulations should be favoured instead of new rules. But unions are pushing for federal regulations to protect workers, setting up a fresh contest on industrial relations in Labor's second term. BCA boss Bran Black wants schools to teach about AI in primary school and is arguing for large boosts to research in the sector to drive up Australia's sagging rate of productivity and material living standards. Australia must avoid EU-style laws which are too broad, according to Black, a former adviser to ex-NSW premier Dominic Perrottet. 'We should always start from the premise that the application and use of AI is overwhelmingly positive and will increase our collective prosperity,' Black told this masthead. The BCA is pointing to existing applications of AI to prove its potential as an economic boon, including Commonwealth Bank using machines to read documents, BHP using the technology to manage resources and save water, and Salesforce addressing 84 per cent of customer inquiries without human involvement.
Politico
28-05-2025
- Health
- Politico
A psychedelics hire at HHS
WASHINGTON WATCH A well-known drug-policy lawyer is joining the Department of Health and Human Services to work on psychedelics policy, according to two sources with knowledge of the move who requested anonymity because it hasn't been announced yet, POLITICO's Natalie Fertig reports. Matt Zorn, most recently a partner at Yetter Coleman, is listed in the HHS employee directory as deputy general counsel. Zorn has been involved in numerous cannabis and psychedelics cases over the years, including representing one of the parties selected to participate in the DEA's administrative law hearings regarding the ongoing effort to move marijuana from Schedule I to Schedule III under the Controlled Substances Act. Psychedelics momentum: Zorn's hiring is the latest in a string of encouraging signs for the psychedelic medicine advocates watching to see whether the Trump administration will support their agenda. Supporters were initially heartened when Trump tapped Robert F. Kennedy Jr. to lead HHS, since he previously expressed support for psychedelics. They were further encouraged when Veterans Affairs Secretary Doug Collins referenced psychedelics on a podcast appearance, on the social media platform X and at a cabinet meeting when Trump pressed him on what he's doing to drive down the high suicide rate among veterans. While the FDA rejected drugmaker Lykos Therapeutics' plan last summer to offer the lab-made MDMA — also known as ecstasy — alongside therapy as a treatment for post-traumatic stress disorder, Food and Drug Administration Commissioner Marty Makary said that getting answers to patients about psychedelic medicine is a top FDA priority during a News Nation interview earlier this month. 'When it comes to some of these psychedelics and other plant-based therapies, I don't think we're listening to patients,' Makary said. He further promised 'an expeditious and rapid review' of data from forthcoming psychedelics clinical trials. 'I don't think it's a silver bullet, but we owe it to people who are suffering to do everything we can as a government to get a decision on the results as soon as they are available.' WELCOME TO FUTURE PULSE This is where we explore the ideas and innovators shaping health care. There's a limit to how much California Gov. Gavin Newsom is willing to restrict artificial intelligence, an industry on whose tax revenues the state's coffers are increasingly reliant, our California colleagues report. Asked by Sutter Health CEO Warner Thomas on Tuesday how the state should regulate AI, Newsom cautioned against overregulation. 'We have to be very careful in that respect,' Newsom said. 'No one is calling for an EU-style regulation,' he added. 'Some of you might be. We're certainly not.' Share any thoughts, news, tips and feedback with Danny Nguyen at dnguyen@ Carmen Paun at cpaun@ Ruth Reader at rreader@ or Erin Schumaker at eschumaker@ Want to share a tip securely? Message us on Signal: Dannyn516.70, CarmenP.82, RuthReader.02 or ErinSchumaker.01. WORLD VIEW France is a step closer to legalizing assisted dying, our POLITICO colleagues in Europe report. On Tuesday, the French National Assembly voted 305-199 to pass a bill granting the 'right to assistance in dying for adult patients afflicted with a serious illness who have requested it.' Big picture: France joins a growing list of Western European countries, including Austria, Belgium, Luxembourg, the Netherlands, Spain and Switzerland, which are moving toward enabling people to end their lives under strict conditions. In the U.K., British members of Parliament voted in favor of legalization in November. The legislation is nearing its final phase. Putting safeguards in place: Those who oppose assisted dying warn such laws can endanger vulnerable people, especially young people and those with mental health conditions. The French bill includes several safeguards against those risks: — Patients must be over 18 and either French nationals or permanent residents. — They must have a 'serious and incurable' illness that's both life-threatening and has reached an advanced or life-limiting stage. — Their suffering, whether physical or psychological, must be considered 'unbearable' or 'resistant to treatment.' — Patients must be capable of giving informed consent and must self-administer the lethal medication, unless unable to do so. — A patient's doctor will make the final call. The legislation requires that doctors consult with at least one other medical professional who specializes in a patient's pathology, as well as with a health care worker who was involved in the person's care. What's next: The French bill will be debated in the Senate, which is controlled by a conservative majority that could seek to amend or remove several provisions. If the parliamentary process fails to produce an agreement between the two chambers, President Emmanuel Macron — who promised the legislation during his 2022 campaign — has suggested the issue could be put to the public via a referendum, although constitutional experts have questioned the legality of such a move. French lawmakers also unanimously green-lighted a separate bill to improve palliative care in France.
Time of India
14-05-2025
- Business
- Time of India
Canada gets its first-ever AI minister, what makes this appointment important
Canada acknowledged the growing importance of AI and the country has appointed its first-ever Minister of Artificial Intelligence and Digital Innovation . The newly appointed minister, Evan Solomon , a former journalist, will head this new portfolio. This move by Prime Minister Mark Carney signals Canada's intent to play a leading role in the development and regulation of AI technologies. Why the appointment of AI minister is important The creation of this dedicated ministry reflects the increasing recognition of AI's transformative potential across various sectors, including the economy, healthcare, and governance. Previously, AI responsibilities were largely under the industry portfolio. Experts believe that having a minister focused specifically on AI will allow for more concentrated efforts and a streamlined approach to policy development and implementation. "The extremely positive thing is that this signals to the world how serious this government is about AI," Rob Goehring, CEO of the industry association AI Network of B.C. (AInBC) told Business Intelligence for BC. Evan Solomon's role as AI minister by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like KÖLN 5% Zinsen sichern bevor Banken den Geldhahn zudrehen Attraktive Bankzinsen Undo Solomon, a former journalist and newly elected MP from Toronto Centre, will oversee: AI policy development , including potential regulations for high-impact AI systems. Investment in AI training, adoption, and commercialization to boost Canada's tech sector. Balancing AI innovation with privacy and security concerns, ensuring responsible AI deployment. It is excepted that Solomon's appointment could revive AI governance efforts, potentially aligning Canada's policies with EU-style tech regulations.
