Latest news with #Xiao
Finextra
7 days ago
- Business
- Finextra
EBAday 2025: Managing the complex European regulatory ecosystem
How well-crafted regulation can act as an accelerator, not inhibitor, in becoming more resilient and successful in the future was answered by industry experts at EBAday 2025. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The panel was moderated by Thomas Egner, secretary general, Euro Banking Association, and consisted of Giorgio Andreoli, director general, European Payments Council; Heather Xiao, founder and CEO, Horizon Zero; Jenny Winther, head of payment schemes, Handelsbanken, and Nuno Epifânio, team leader payments policy, European Commission. Egner kicked off the session by asking panellists to reflect on what went well and what didn't go so well in the past year, and to provide recommendations for the future. Andreoli highlighted the success of the self-regulatory body in managing the complex European ecosystem. 'The starting point was a situation where every single country had different standards and rules, in some cases hardly conceivable rules, to what is now the point everybody is able to issue credit, credit transfer, or perform a direct link, cross border, across Europe, or more than Europe across the CEPA. I believe this approach paid off.' Xiao mentioned, 'we have gone quite a long way in open banking and SEPA, most of Europe has been leading the way because we have clear regulation. I felt that's something that was celebrated.' Adding to Xiao's point, Winther discussed the importance of market-driven initiatives in driving innovation and standardisation, 'even though we don't have a regulation like SEPA, we now realise standardisation and harmonisation is so important. Hence we created the Nordic payments Council, in order to make our countries with different currencies to the Euro also adapt. This was strung completely by a market driven initiative.' Epifânio highlighted the role of other EU legislations in governing payments, and the need for improved clarification. 'We have a number of other pieces of EU legislation that are relevant for payments, like the Digital Services Act, that might provide some legal answers we need for payments. Again, moving towards regulations, but also clarifying there are other sources of law out there that need to be considered. I assume that is something that we as legislators need to do better.' The conversation was directed by Egner to the importance of strategic guidance from regulators, and the need for clear and timely regulations to support innovation. Xiao commented on the role of regulators in guiding, rather than pressing the industry into a framework, giving the analogy 'like a gardener in the ecosystem, the gardener will be able to foster a very fertile, innovative environment, guiding off the pests and then allowing frogs or other animals to help the ecosystem. Basically, the regulators play this enabler role to help, that's how I see we help the ecosystem.' Winther highlighted 'I think one of the important enablers is to actually allow all the different actors in infrastructure to have sustainable business models. I think that's one of the key issues.' On the importance of collaboration and communication in driving innovation. Epifânio then discussed the challenges and responsibilities of creating effective regulation. 'Good regulation should encapsule vision for payments, but it also becomes complex because it needs to solve problems that are already in the market that need to be fixed, and that is being brought to our attention by credit institutions and third party providers. Every time we address a given problem, this generates a reaction, that's why people have mixed views about our role as legislators, someone is going to be upset with the fixes that we are coming up with in legislation. To get it right, we need to learn from the market.' Xiao added, 'what regulation needs to be is simple and clear, and then using principles to get everyone aligned so regulators can use the power of helping the market or helping ecosystems align to galvanize our efforts.' The panel concluded by Egner highlighting the need for clear and simple regulations, and effective collaboration and communication to support innovation.
Sky News AU
26-05-2025
- Business
- Sky News AU
‘Ethically questionable': China lashes out at Albanese government over Port of Darwin takeback plan
Ambassador Xiao Qian recently visited the port and called the Albanese government's plan 'ethically questionable', warning that it could damage bilateral ties. Mr Xiao said in a statement that Chinese firm Landbridge, which secured the 99-year lease to operate the port in 2015, should be encouraged, not punished for its investment. 'Such an enterprise and project deserves encouragement, not punishment,' Mr Xiao said in a statement posted to his official website. 'It is ethically questionable to lease the port when it was unprofitable and then seek to reclaim it once it becomes profitable.' 'China and Australia are comprehensive strategic partners. The two sides should foster mutual trust, as mutually beneficial cooperation aligns with our shared interests," Mr Xiao said. 'We hope the Australian federal government and the Northern Territory government will create a fair, transparent, and predictable business environment for Chinese enterprises operating in Australia.' The ambassador's remarks come as the Albanese government continues to weigh options for returning the Port of Darwin to Australian hands. Prime Minister Anthony Albanese promised during the election campaign to regain control of the port, after the NT government leased it out in 2015. Mr Albanese said his government was prepared to 'directly intervene' to end Chinese control and has confirmed discussions with firms about taking over the lease. But Mr Xiao insisted the original agreement between the Northern Territory government and Landbridge was fully above board and should be respected. 'A decade ago, the Landbridge Group secured the lease for the Port of Darwin through an open and transparent bidding process,' he said. 'Over the past ten years, Landbridge Group has made significant investments in maintaining and building Darwin Port's infrastructure. 'These efforts have brought remarkable improvements to the port, turning its financial situation from losses to profits and contributing positively to local economic and social development.' The ambassador warned that tearing up the lease could undermine Australia's reputation as a stable and predictable place for foreign investment. The Port of Darwin has been at the centre of national security debate since Landbridge acquired operational rights in 2015 under the then-CLP-led NT government. Defence analysts and Australian and US officials have expressed concern about Chinese control over such a strategically vital asset in northern Australia. During the recent election campaign, both Labor and the Coalition pledged to end Landbridge's involvement. Landbridge has publicly maintained that the port is not for sale.
Perth Now
26-05-2025
- Business
- Perth Now
China lashes Australia over critical port
The Chinese ambassador to Australia says Anthony Albanese's promise to boot a Chinese company from operating the Port of Darwin is 'ethically questionable,' urging the government to honour the 99-year lease. In a statement released by the embassy on Sunday night, Xiao Qian criticised Australia's 'ethically questionable' behaviour and said port owners Landbridge Group had made 'significant investments' after winning a 99-year lease in 2015 for $506m. The comments follow an election promise to buy back the lease, with the Prime Minister threatening direct intervention if the government is unable to find a new buyer. 'These efforts have brought remarkable improvements to the port, turning its financial situation from losses to profits and contributing positively to local economic and social development,' Mr Xiao said. Ambassador Xiao Qian said plans to kick out the Chinese-owned company Landbridge Group from the Port of Darwin were 'ethically questionable'. NewsWire / Martin Ollman Credit: News Corp Australia 'Such an enterprise and project deserves encouragement, not punishment. 'It is ethically questionable to lease the port when it was unprofitable and then seek to reclaim it once it becomes profitable.' Mr Xiao said Landbridge Group had undertaken an 'open and transparent bidding process' to secure the commercial contract and urged the Australian government to honour its binding commitments. While he acknowledged that Australia and China were 'comprehensive strategic partners', Mr Xiao said the countries needed to 'foster mutual trust'.'We hope the Australian side will view the Darwin Port project objectively, honour its binding commitments under the contract and respect the autonomous decisions made by businesses based on development needs,' he said. 'We hope the Australian federal government and the Northern Territory government will create a fair, transparent, and predictable business environment for Chinese enterprises operating in Australia.' The Australian government has promised to return the critical port to Australian hands. NewsWire/ Thomas Lisson Credit: News Corp Australia As it stands, Australia's special envoy for defence and northern Australia Luke Gosling has confirmed he has met with new buyers and said he was committed to ensuring a 'good return on investment for the Chinese owners Landbridge'. Returning the port's ownership to Australian hands was sparked by concerns the critical piece of infrastructure should not be owned by a foreign entity. It was leased to the Landbridge Group in 2015 under the Country Liberal territory government, reportedly taking the federal government by surprise. However, Landbridge has maintained the port is not for sale and has been contacted for further comment.
Al Etihad
22-05-2025
- Business
- Al Etihad
G42 and WWT launch Forge42 to accelerate ‘Made in the Emirates' AI innovation
22 May 2025 19:47 ABU DHABI (ALETIHAD) In a major boost for the UAE's technology ambitions, Abu Dhabi-based tech group G42 and US firm World Wide Technology (WWT) have launched Forge42, a new company dedicated to accelerating artificial intelligence (AI) development. The announcement was made at Make it in the Emirates, the UAE's top manufacturing event, in the presence of Dr. Sultan Al Jaber, Minister of Industry and Advanced is designed to be a world-class AI hub that helps businesses develop, test, and scale new AI-powered solutions. It will support companies working in vital industries such as manufacturing, energy, logistics, healthcare, and finance—giving them the tools and infrastructure to become more efficient, smarter, and globally aim is to move the UAE beyond simply using advanced technologies to becoming a global leader in developing and exporting them. Forge42 will allow local and international businesses to embed AI into their products and services, making them ready for both domestic use and international Xiao, Group CEO of G42, said: 'This collaboration with WWT represents a shared commitment to building meaningful, lasting AI infrastructure and solutions that empower nations and industries alike. We are building not just technology, but momentum—momentum that fuels innovation, increases competitiveness, and enhances the UAE's role in shaping the global AI and economic landscape.'Forge42 is what experts call a "full-stack AI accelerator"—meaning it provides everything a company needs to go from an idea to a working product. This includes high-powered computers, secure data systems, and advanced testing company will also work closely with some of the world's leading tech firms such as NVIDIA, AMD, Dell, and Microsoft. These partnerships will help Forge42 deliver next-generation computing power while keeping control of key technologies within the UAE. Omar Mir, International Board Member of WWT, added: 'WWT is proud to partner with G42 and contribute our global expertise in infrastructure and advanced technology integration to this visionary initiative. Together, we are creating an innovation environment that allows ideas to move quickly from prototype to impact – both within the UAE and beyond.' Make it in the Emirates Continue full coverage
Time of India
21-05-2025
- Science
- Time of India
James Webb Space Telescope identified Milky Way's cosmic twin from the universe's first billion years
Astronomers have discovered Zhúlóng, an enormous spiral galaxy observed as it was just 12.8 billion years ago, challenging current theories about galaxy formation . Identified through the James Webb Space Telescope 's PANORAMIC survey, Zhúlóng shows a well-defined spiral structure—unexpected for such an early stage in the universe. Until now, spiral galaxies were rarely seen beyond 11.5 billion years ago. With a diameter of 62,000 light-years and a stellar mass comparable to the Milky Way, Zhúlóng suggests that mature, organized galaxies may have formed much earlier than scientists once believed. Zhúlóng: A mature galaxy born in the universe's first billion years Astronomer Mengyuan Xiao and his team from the University of Geneva state, "Zhúlóng reveals that mature galaxies formed much earlier than previously thought, within the first billion years following the Big Bang." Their research, published in Astronomy & Astrophysics, describes the galaxy's 'highly evolved structure,' which includes a classical quiescent bulge, a star-forming disk, and grand-design spiral arms. These spiral arms stretch from the nucleus to the galaxy's outer regions, defining its grand-design spiral shape. Such complex features are typically seen in older galaxies, making Zhúlóng's early development—just one billion years after the Big Bang—especially significant and challenging earlier models of galaxy formation. Consequences of James Webb Space Telescope identified-twin galaxy formation and evolution "Our discovery provides essential constraints for models of massive galaxy formation and the origins of spiral structures in the early universe," the researchers state. Earlier, it was assumed that the development of spiral galaxies was a slow process, with these structures forming predominantly after the first billion years of cosmic history. However, the detection of Zhúlóng suggests that the processes responsible for galaxy formation, such as star settling into disks and the formation of spiral arms, might have occurred much more rapidly. This challenges existing models and calls for a reassessment of factors like gas dynamics, star formation rates, and the role of dark matter halos. Zhúlóng's swift evolution within 800 million years after the Big Bang offers a new benchmark for astrophysical models and simulations aimed at understanding the early universe. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Keep Your Home Efficient with This Plug-In elecTrick - Save upto 80% on Power Bill Learn More Undo A Milky Way twin like never before found by James Webb Space Telescope 'Zhúlóng stands out due to its striking resemblance to the Milky Way in terms of shape, size, and stellar mass,' says Xiao. With a diameter of around 62,000 light-years and a mass comparable to that of the Milky Way, Zhúlóng is a close cosmic relative despite its ancient origins. The galaxy's central black hole appears inactive, indicating a decline in its star formation rate, which is estimated to be between 20 and 155 solar masses per year. This suggests a shift from a highly active star-forming phase to a more mature, stable state. The galaxy's well-formed classical bulge and star-forming disk further confirm its advanced structural development, providing a rare glimpse into the Milky Way's early evolutionary stages. A new timeline perspective of Galaxy after James Webb Space Telescope's discovery The discovery of Zhúlóng in such an early stage suggests that massive galaxies could form up to ten times faster than previously believed. This revised timeline challenges traditional views on the pace of cosmic evolution during the first billion years after the Big Bang. Investigating the factors that enabled Zhúlóng's rapid formation will provide insights into the conditions of the early universe, including the availability of cold gas, star formation efficiency, and feedback from black holes or supernovae. As the JWST continues its study of the Cosmic Dawn, findings like Zhúlóng will enhance our understanding of how the universe evolved from its primordial state to a structured cosmos filled with complex galaxies like the Milky Way. Also read: 8 interesting scorpion facts that will blow your mind: Know about their characteristics, origin and more
