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EU deal to nearly double renewable energy by 2030

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The EU reached a deal to raise the share of renewables in its energy mix to 42.5 percent, from 22 percent today
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The European Union reached a deal Thursday to almost double the share of renewables in the 27-nation bloc’s energy consumption by 2030 amid efforts to become carbon neutral and ditch Russian fossil fuels.

The provisional political agreement, which was reached after nightlong negotiations between the EU parliament and states, seeks to raise the share of renewable energy to 42.5 percent, from 22 percent today.

The EU has set an ambitious target to become a “climate neutral” economy by 2050, with net-zero greenhouse gas emissions.

The move also comes as it has sought to slash dependence on Russian fossil fuels after Moscow cut gas supplies last year and the bloc placed bans on seaborne crude and other petroleum products from the country.

“Renewable energy will… contribute to our energy sovereignty by reducing fossil fuel imports,” European Commission vice president Frans Timmermans said, adding it would also mean cheaper energy for consumers and business.

But environmental groups criticised the agreement, saying it did not go far enough.

“A mandatory 45 percent target would already be weak and outdated… anything lower than 45 percent simply shows European disunity and lack of ambition,” said Cosimo Tansini, policy officer for renewable energy at the European Environmental Bureau.

– Cutting red tape –

The deal is a compromise between the 45 percent share for renewables that was sought by EU lawmakers and the European Commission, the EU’s executive branch, and the 40 percent preferred by the states.

The previous target for 2030 had been set at 32 percent.

The deal says member states should, however, make every effort to achieve 45 percent.

The proposed directive also seeks cutting red tape for renewable energy projects.

The goal is to “fast-track the deployment of renewable energies” as part of the EU’s plan “to become independent from Russian fossil fuels, after Russia’s invasion of Ukraine”, said a statement from the Council of the EU which represents the bloc’s governments.

Companies have complained that red tape has slowed the development of such infrastructure.

– Nuclear debate –

The agreement includes hydrogen, nuclear power and biomass on the list of sources of renewable energy along with solar and wind technology.

Biomass derives from organic material such as trees, plants and urban waste, and includes the burning of wood to produce electricity.

Scandinavian countries defend the practice, but it is criticised by environmental groups over concerns about its impact on forests.

Pascal Canfin, chairman of the European Parliament’s environment committee, said the agreement sets strict rules on using biomass.

“The use of biomass is better regulated even if the parliament wanted to go further,” Canfin, of the centrist Renew political group, said.

Markus Pieper, of the right-wing European People’s Party, said the agreement makes biomass “100 percent green”.

Canfin said the deal also “recognises the specific role of nuclear (energy) which is neither green nor a fossil fuel”.

The inclusion of nuclear power was hotly debated in recent weeks.

Major nuclear energy producer France and its allies wanted “low-carbon hydrogen”, which is made using nuclear energy, to have the same status as hydrogen made from renewables such as solar and wind pwoer.

A group led by Germany had been opposed to including hydrogen produced from nuclear power over concerns it would slow investments in renewables.

A deal was finally reached after Sweden, which holds the rotating EU presidency, proposed a compromise.

Canfin said the deal means that France will be able to use nuclear energy and not be forced to build renewables infrastructure to produce hydrogen for industry and transport.

“It was an absolute condition for France to support the final agreement,” Canfin said.

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Meta ‘supreme court’ takes on cases of deepfake porn

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Meta's independent oversight board can make recommendations regarding the social media giant's deepfake porn policies but it is up to the tech firm to actually make any changes
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Meta’s oversight board said Tuesday it is scrutinizing the social media titan’s deepfake porn policies, through the lens of two cases.

The move by what is referred to as a Meta “supreme court” for content moderation disputes comes just months after the widespread sharing of lewd AI-generated images of megastar Taylor Swift on X, formerly Twitter.

The Meta board picked its two cases, regarding images shared on Instagram and Facebook, to “assess whether Meta’s policies and its enforcement practices are effective at addressing explicit AI-generated imagery,” it said in the release.

The board can make recommendations regarding the social media giant’s deepfake porn policies but it is up to the tech firm to actually make any changes.

The first case taken up by the Meta Oversight Board involves an AI-generated image of a nude woman posted on Instagram.

The woman pictured resembled a public figure in India, sparking complaints from users in that country.

Meta left the image up, later saying it did so in error, the board said.

The second case involves a picture posted to a Facebook group devoted to AI creations.

That image depicted a nude woman resembling “an American public figure” with a man groping one of her breasts, the board said in a release.

The board did not name the woman, who it said was identified in a caption on the synthetic image at issue.

Meta removed the image for violating its harassment policy, and the user who posted the content appealed the decision, according to the board.

People were invited to submit comment, particularly on the gravity of harms posed by deepfake pornography and the harm it does to women who are public figures.

Deepfake porn images of celebrities are not new, but activists and regulators are worried that easy-to-use tools employing generative AI will create an uncontrollable flood of toxic or harmful content.

The targeting of Swift, one of the world’s top-streamed artists whose latest concert tour propelled her to the top of American fame, shined a spotlight on the phenomenon, with her legions of fans outraged at the development.

“It is alarming,” said White House Press Secretary Karine Jean-Pierre, when asked about the images at the time.

“Sadly we know that lack of enforcement (by the tech platforms) disproportionately impacts women and they also impact girls who are the overwhelming targets of online harassment,” Jean-Pierre added.

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Samsung returns to top of the smartphone market: industry tracker

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Smartphone market tracker International Data Corporation expects Samsung and Apple will continue to dominate when it comes to high-end smartphones but that pressure will increase from Chinese rivals making more budget priced handsets
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Samsung regained its position as the top smartphone seller, wresting back the lead from Apple as Chinese rivals close the gap on both market leaders, industry tracker International Data Corporation (IDC) reported Monday.

South Korea-based Samsung overtook Apple as worldwide smartphone shipments grew nearly 8 percent in the first quarter of this year to 289.4 million, IDC said, citing its preliminary data.

It was the third consecutive quarter of growth in the global smartphone market, signalling that a recovery from a slump in the sector is underway, according to IDC.

IDC Worldwide Mobility and Consumer Device Trackers team vice president Ryan Reith expected top smartphone companies to gain share and small brands to struggle for position as recovery progresses.

Samsung shipped 60.1 million smartphones in the first quarter of this year, claiming nearly 21 percent of the market, according to IDC figures.

Apple shipped 50.1 million iPhones, garnering just over 17 percent of the market in the same period, IDC reported.

Apple smartphone shipments were down 9.6 percent in a quarter-over-quarter comparison, while Samsung shipments slipped less than one percent, according to the market tracker.

Meanwhile, China-based Xiaomi saw shipments grow about 33 percent to 40.8 million and Transsion about 85 percent to 28.5 million, taking third and fourth positions in the overall smartphone market, IDC reported.

“While Apple managed to capture the top spot at the end of 2023, Samsung successfully reasserted itself as the leading smartphone provider in the first quarter,” Reith said.

IDC expects Samsung and Apple to maintain their hold on the high end of the smartphone market while Chinese competitors seek to expand sales, according to Reith.

Nabila Popal, research director with IDC’s Worldwide Tracker team, said: “There is a shift in power among the Top 5 companies, which will likely continue as market players adjust their strategies in a post-recovery world.

“Xiaomi is coming back strong from the large declines experienced over the past two years and Transsion is becoming a stable presence in the Top 5 with aggressive growth in international markets.”

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Hong Kong conditionally approves first bitcoin and ether ETFs

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Hong Kong's securities regulator granted conditional approval for city's first spot-bitcoin and ether exchange traded funds
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Hong Kong’s securities regulator on Monday granted conditional approval to start the city’s first spot-bitcoin and ether exchange-traded funds (ETFs), firms involved said, positioning it as a leader in Asia for the use of cryptocurrencies as investment tools.

ChinaAMC (HK), the city’s unit of China Asset Management, said in a statement it had received regulatory approval from Hong Kong’s Securities and Futures Commission of Hong Kong (SFC) for the provision of virtual asset management services.

The company is “actively deploying resources in the development of spot Bitcoin ETF and spot Ethereum ETF”, it said. 

This will be done in partnership with BOCI-Prudential Trustee Limited, a joint venture of the fund management arm of Bank of China (HK) and the British multinational insurance firm.

Two other fund managers — the Hong Kong units of Harvest Fund Management and Bosera Asset Management — also said they had received conditional approvals from the SFC, Bloomberg reported.

The SFC declined to comment on individual applications.

OSL Digital Securities will provide custody services to China AMC and Harvest to ensure trading safety, the licensed digital assets platform announced Monday. 

“This collaboration marks a critical advancement in the financial landscape of the region, heralding a new chapter in digital asset investments,” OSL said in a statement. 

Hong Kong has been trying to edge ahead as a regional digital asset hub as its international financial centre status has been dented by political turmoil in recent years and China’s economic downturn.

The latest move came three months after the United States gave the green light to ETFs pegged to bitcoin’s spot price, making it easier for mainstream investors to add the unit to their portfolio.

Hong Kong is also widely considered an experimental field for including cryptocurrencies as mainstream investment tools — which are banned in mainland China.

“The financial hub is looking to establish itself as a competitor in the space competing with Dubai and Singapore as regulators open up crypto markets to institutional demand,” said James Harte, an analyst from Tickmill. 

He added that Bitcoin futures were down “around 7 percent at the lows of the day before sentiment reversed on” Hong Kong’s news. 

Last December, the city’s SFC said it was ready to allow retail investors to buy funds that are 100 percent invested in some of the digital assets, triggering the first wave of applications from fund managers. 

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