China has proposed a new global artificial intelligence co-operation organisation amid a patchwork of regulations among countries, as Beijing's competition with the US over the critical technology heats up.
Chinese Premier Li Qiang on Saturday called for an international framework to regulate AI as its governance is fragmented, he said at the opening of the annual World Artificial Intelligence Conference in Shanghai.
“Global AI governance is still fragmented. Countries have great differences, particularly in terms of areas such as regulatory concepts, institutional rules,” Mr Li said. “We should strengthen co-ordination to form a global AI governance framework that has broad consensus as soon as possible.”
China's proposal comes just days after US President Donald Trump unveiled a three-pillar strategy that his administration refers to as America's AI Action Plan, after much anticipation from US technology companies. Accelerating artificial intelligence innovation, building AI infrastructure in the US and leading in AI diplomacy are the strategy's three main planks.
The plan to export US AI technologies, for example through international data centre initiatives, may help the US to gain influence as other countries seek to join the race to provide computational power for AI.
Hypothetically, it could also give the US a competitive edge over China, which also aims to be a dominant AI player.
Beijing and Washington are locked in a rivalry with AI shaping up as a key battleground between the world's two biggest economies.
'Exclusive game'
During the three-day conference in Shanghai on Saturday, Mr Li said AI could become restricted to a few nations and companies.
“Currently, key resources and capabilities are concentrated in a few countries and a few enterprises. If we engage in technological monopoly, controls and restrictions, AI will become an exclusive game for a small number of countries and enterprises,” Mr Li said.
China will seek to propel AI development in the Global South, Mr Li said, according to a Bloomberg report.
Ma Zhaoxu, China's Vice Foreign Minister, told a gathering of representatives from more than 30 countries, including Russia, South Africa, Qatar, South Korea and Germany, that China wanted the new organisation to promote pragmatic co-operation in AI and was considering putting its headquarters in Shanghai, Reuters reported.
China's AI and semi-conductor sectors are showing strong growth, despite US export controls, according to a June report by Jefferies, an investment banking and capital market firm based in New York.
Huawei debuts AI computing system
At the conference on Saturday, Huawei Technologies debuted its CloudMatrix 384 AI computing system.
Semiconductor research group SemiAnalysis has called the system "China’s answer to Nvidia GB200 NVL72", the US chipmaker's most advanced system-level product in the market.
"This solution competes directly with the GB200 NVL72, and in some metrics is more advanced than Nvidia’s rack scale solution," SemiAnalysis said in April. "The engineering advantage is at the system level, not just at the chip level, with innovation at the networking, optics, and software layers."
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Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
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The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
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