Hello there,

In an era where artificial intelligence is on the rise and reshaping industries across the globe, the European Union is ensuring that financial institutions remain accountable and vigilant.

Recently, the European Securities and Markets Authority (Esma) issued its inaugural statement on AI.

It underscores that banks and investment firms cannot evade their boardroom responsibilities or their legal obligation to protect customers while integrating AI into their operations.

This directive outlines how financial entities within the 27-country bloc can leverage AI in their day-to-day activities without breaching the EU's MiFID securities law, emphasising a balance between innovation and regulation.

Esma highlighted that the potential impact on retail investor protection is likely to be significant. As we stand on the brink of this technological revolution, it is crucial for us to remain informed and proactive about these changes.

So, what does this mean for banks and investment firms? It means they must navigate AI integration with caution and responsibility.

The Big Story

The future of media

In brief | Omar Al Olama, Minister of State for AI, Digital Economy and Remote Work Applications, said the rapid rise of AI will “change the media sector”, but pledged it would create, rather than cost, jobs in the industry if fully embraced.

Mr Al Olama was speaking at Dubai's Arab Media Forum, where he said journalists who will “adopt and use AI” have nothing to fear from a fast-changing media landscape.

The AI minister also addressed concerns that the technology could be used to manipulate public opinion, amid the spread of increasingly sophisticated deepfakes.

“AI will change the media sector in the future. It will provide big potential for the media sector,” he said.

Why it matters | There is no doubt that the rise of AI brings time reduction and efficiency, especially with media outlets using this technology for repetitive reporting, but it also raises fear around job cuts and deepfakes.

Only last year, Goldman Sachs reported the new wave of AI systems may also affect employment markets around the world. It warned that workflow shifts triggered by these advances may result in 300 million full-time jobs being lost to automation.

Experts have noticed that media is no longer merely about consuming, but also about creating engaging storytelling experiences. Therefore, media outlets should hop on the AI bandwagon.

The Associated Press was one of the first to use AI technology in 2014.

Its business desk began automating stories about corporate profits to free up journalists to focus more on in-depth reporting.

According to a study the news outlet conducted, 70 per cent of respondents said they used AI for content production.

A Kuwaiti media outlet also made headlines after creating a virtual news presenter using AI. 'Fedha' first appeared on the X account, formerly Twitter, of Kuwait News, an affiliate of the Kuwait Times, last year.

Mr Al Olama said journalists should follow the pace of AI advancement to develop their performance and take advantage of the capabilities of technology in content creation.

Quoted | “Losing jobs or creating jobs in the media sector in the future will depend on the people working in the sector. The one who adopts and uses AI tools in the job will not lose the job”

– Omar Al Olama, Minister of State for AI, Digital Economy and Remote Work Applications

Future in focus

Space preparation | China prepares to land its Chang'e-6 vehicle on the far side of the Moon this weekend

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Joint investment | The details behind Elon Musk's xAI raising $6 billion with the help of Saudi Arabia's Prince Alwaleed

Predicting the future: Signal or noise?

Did you know jet engines do not give out emissions when they are switched off? So, why not use electrical power to move aircraft when they are on the ground?

This idea pushed Isaiah Cox to found WheelTug, a company that fits electric motors into the front wheels of aircraft, enabling the plane to taxi from gate to runway without using the engines and, as such, without burning fuel and emitting carbon dioxide and other particulates.

This is a signal: At many of the world's airports, planes are now spending much more time on the ground than in years gone by as demand leads to more flights being offered, with corresponding air and ground-traffic congestion. At the moment, most aircraft are hooked up to a towing vehicle and moved to a point where the pilots take over and use the engines to taxi to the runway.

With WheelTug technology in the front wheel assembly, an aircraft can move, powered by electric motors connected to the plane's auxiliary power unit or APU (a small engine in the rear of the plane), from gate to runaway by itself. No need for a tow, no need to use the engines for propulsion beyond having to warm them up.

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