Bill

• The Reserve Bank of India (RBI) is proposing a new AI risk framework that would mandate strict compliance for banks, NBFCs, and fintech companies. • The framework applies to all AI models, whether developed internally, sourced from third-party vendors, or created through joint partnerships. • Institutions will be required to implement board-approved risk frameworks, independent validations, stress testing, and enhanced cybersecurity controls.

• The AI Architecture Design Software Market is projected to reach a valuation of USD 18.6 billion by 2033, growing at a compound annual growth rate (CAGR) of 22.4%. • Growth is being driven by an increased demand for smart urban planning, resilient infrastructure, and defense-related construction modeling. • Geopolitical tensions, specifically scenarios involving a US-Iran conflict, are cited as indirect catalysts accelerating the adoption of these AI tools for strategic infrastructure needs.

• SNS Telecom & IT reports that the private 5G market is projected to reach $6.6 billion, driven by the integration of "Physical AI" and mission-critical network requirements. • The growth is fueled by a shift from legacy systems, such as the GSM R railway networks, toward the 5G-based Future Railway Mobile Communication System (FRMCS). • This transition is significant as it moves private cellular networks from fringe solutions to core infrastructure capable of supporting high-reliability industrial automation and AI.

• Financial institutions are facing rising operational costs as tech companies shift their pricing models for AI services, leading banks to seek ways to reduce "token" expenditures. • While AI was initially expected to drive significant cost savings, the increasing expense of implementing and scaling these tools is causing lenders to balk at current pricing. • To rein in spending, banks are exploring more frugal strategies for AI consumption and evaluating how to optimize their use of large language models.

• AI chip startup SambaNova Systems, backed by Intel CEO Lip-Bu Tan, is reportedly in talks to raise between $800 million and $1 billion. • The fundraising round would propel the company's valuation to approximately $10 billion. • This surge in interest is driven by cloud providers and AI developers seeking lower-cost alternatives to Nvidia's dominant hardware.

• South Korea has announced a massive $576 billion investment plan focused on the development and production of AI chips. • The initiative aims to secure global leadership in the semiconductor industry and stimulate regional economic growth. • This strategic move is critical as nations compete for dominance in AI hardware to power the next generation of computing and intelligence.

Two independent reviewers of terrorism legislation call for safeguards for NGOs and journalists before bill becomes law this weekBritish foreign correspondents could be at risk of prosecution if they use sources within state-backed groups in countries such as Iran under national security legislation being rushed through parliament this week.David Anderson, the UK’s former independent reviewer of terrorism legislation, has warned that unless the bill is amended it could accidentally pull journalists working in danger-zone countries into prosecutions for terrorism. Continue reading...

• President Lee of South Korea is set to unveil a massive investment plan totaling up to $650 billion targeting AI, semiconductors, and robotics. • The strategy centers on the creation of a new semiconductor hub in the underdeveloped southwest, specifically covering Gwangju and South Jeolla province. • This initiative aims to bridge the industrial development gap between the southwest region and the dominant Seoul metropolitan area.

• South Korea is set to unveil a massive $649 billion investment plan focused on semiconductors, AI data centers, and physical AI. • The initiative will be led by the nation's largest tech conglomerates, specifically Samsung and SK Group. • The presidential office stated the plan is part of a regional development strategy to decentralize advanced industries away from the Seoul metropolitan area.

• South Korea has unveiled a massive investment plan totaling US$576 billion aimed at dominating the global artificial intelligence and semiconductor markets. • The initiative is led by President Lee, who intends to align the nation's technological ambitions with a broader strategy to revive regional economies. • This strategic move is designed to narrow regional disparities by distributing tech growth and infrastructure across the country.

• A NASA Office of Inspector General audit revealed that canceled hardware contracts for the Artemis program reached a total of $5.9 billion. • The report highlights significant cost overruns and extended timelines, specifically noting a stage adapter that was on track to cost nearly $500 million. • These findings underscore systemic inefficiencies and financial mismanagement within the agency's procurement process for lunar exploration hardware.

• NPCI CEO Dilip Asbe stated that AI will propel Unified Payments Interface (UPI) transactions from 750 million to one billion daily. • The growth will be driven by AI-powered fraud detection, improved credit distribution, and the implementation of multilingual voice onboarding. • Asbe noted that voice models must achieve higher accuracy levels before they can become a critical component of the payment ecosystem.

Out-going Louisiana senator’s rebuke over Iran war is rare instance of a Republican politician standing up to TrumpBill Cassidy, the Republican senator from Louisiana who is being ousted from his position after Donald Trump successfully backed a challenger in May’s primary, has accused the US president of treating Congress as “merely an appendage” in his handling of the Iran war.In an interview on Sunday with CBS News’s Face the Nation, the out-going Cassidy explained his recent face-to-face row with Trump over the president’s failure to brief Congress on the prosecution of the hostilities with Tehran. In a fleetingly rare instance of a Republican politician directly standing up to Trump, Cassidy let rip at a Capitol Hill lunch over the senator’s support for a war powers resolution that was a symbolic rebuke to the White House. Continue reading...

Quarterly Ofgem price cap rises to equivalent of £1,862 a year from 1 July amid growing consumer energy debtMinisters are facing growing pressure to lower energy costs as households in Great Britain face the steepest rise in summer bills in four years this week.The quarterly cap on gas and electricity charges will rise by 13% from Wednesday to the equivalent of £1,862 a year for an average household, just days after figures revealed that consumer energy debt had reached fresh record highs. Continue reading...

• A recent tech sell-off has exposed the volatility of Wall Street's $270 billion speculation machine, where leveraged products amplified both AI-driven rallies and subsequent reversals. • Retail investors heavily targeted AI chips and SpaceX-linked funds, with the latter attracting nearly $1 billion since launching earlier this month despite a 40% drop from debut. • The trend highlights how financial engineering in crypto and leveraged ETFs can lead to rapid gains followed by swift, significant losses for those chasing late-stage IPO momentum.

• A recent audit has uncovered Rs 3.41 billion in financial irregularities within Pakistan's health sector, including fraud, embezzlement, and procurement violations. • Despite the scale of the mismanagement, only Rs 127.27 million has been recovered following the audit's intervention. • The audit warns that keeping public funds outside prescribed financial systems undermines fiscal transparency and significantly increases the risk of further misuse.

• Amazon has announced a $13 billion investment dedicated to expanding its AI infrastructure and developing new data centers. • The funding aims to strengthen the company's leadership position in the competitive cloud computing and artificial intelligence sectors. • Industry experts note that the AI race has shifted from mere algorithm development to a battle for "hard infrastructure," including specialized chips and advanced servers.

• Amazon has announced a total investment plan of USD 48 billion to expand and support its various business operations in India by 2030. • A specific portion of this funding, USD 13 billion, is dedicated to enhancing AI and cloud infrastructure within the local Indian market. • This initiative follows a previous announcement made six months ago where the company committed USD 35 billion to new investments in the region.

• The U.S. advance goods trade balance reported a deficit of $105.8 billion, significantly wider than the $85.0 billion deficit analysts had expected. • Published by the Census Bureau, this monthly report provides an early estimate of exports, imports, and the overall goods deficit before the full FT-900 figures are released. • The larger-than-expected deficit matters as it serves as a key indicator of domestic consumption and global trade health, potentially influencing market sentiment and economic forecasts.

• King Charles has become the first monarch to publicly disclose his tax bill, revealing he paid £12.9m in tax last year. • The royal public funding is set to double to £100m, with the new figures showing an increase in financial transparency from the monarchy. • The detailed breakdown of how the tax was calculated has not been disclosed, sparking potential questions about the royal family's financial dealings.

California governor calls for national tax on super-wealthy and suggests the US should own a stake in AI companiesUS politics live – latest updatesCalifornia’s governor, Gavin Newsom, called for a national “billionaires tax” on Friday as he fights a ballot measure targeting the ultra-wealthy in his home state.Newsom, who is expected to run for president in 2028, published his proposal the day after California officials certified a ballot proposal to levy a one-time 5% tax on residents worth more than $1bn. The proposal, called the California Billionaire Tax Act, was brought by the Service Employees International Union-United Healthcare Workers West (SEIU-UHW) and would fund the state’s healthcare, education and food assistance programs. Continue reading...

• Major Asian stock indexes, including the Nikkei, Kospi, Hang Seng, Taiex, and Shanghai composite, experienced a massive sell-off on Friday. • The plunge was triggered by a rush to cash out on AI-related gains following significant losses on Wall Street. • This "bloodbath" wiped out billions in market value as traders reacted to volatility in the high-growth artificial intelligence sector.

Scrutiny of Black’s association with Epstein has intensified after DoJ released millions of files last year and this yearThe billionaire financier Leon Black is scheduled to appear Friday morning before the House committee on oversight and reform as part of its investigation into Jeffrey Epstein.The interview will be conducted behind closed doors, though the committee is expected to release a transcript at a later date, as it has done with previous interviews. Continue reading...

• Global companies are investing billions of dollars into India's AI infrastructure, cloud computing, and data centers, reflecting strong confidence in the nation's digital expansion. • Despite this trend, HSBC Private Bank's latest Asia investment roadmap prioritizes high-conviction bets on China, Japan, South Korea, and Singapore over India. • This divergence highlights a gap between long-term infrastructure growth in India and the immediate strategic investment preferences of major global financial institutions.

• Amazon has invested €17 billion in low-carbon technologies across the EU and UK since 2021, focusing on carbon-free energy, transport electrification, and sustainable packaging. • An independent analysis by Frontier Economics reveals these investments have supported up to 144,000 jobs and generated approximately €11 billion in gross value added (GVA). • The initiative aims to accelerate Europe's transition to a low-carbon economy while enhancing the region's overall industrial competitiveness.

Plan to levy 5% tax on California billionaires championed by progressives – but state’s super rich are forcefully opposedFull story: California billionaire tax heads to ballotThe proposed billionaire tax in California is officially heading to voters’ ballots in November. After getting more than double the necessary signatures to qualify, the secretary of state certified the ballot measure late on Thursday.The confirmation came after backroom dealing didn’t pan out between California’s governor, Gavin Newsom, who opposes the proposal, and the labor union backing it. Continue reading...

Proposal to introduce one-time tax of 5% will go to voters in November after backers decline to withdraw measureCalifornia’s billionaire tax, explained: what you need to knowCalifornia voters will get to decide in November whether billionaires should pay a one-time 5% tax, after a deadline passed on Thursday for its backers to withdraw the measure.The so-called billionaire tax is among the highest-profile ballot efforts in the US this year taking aim at rising wealth disparities, and is set to be one of the state’s most contentious ballot initiatives. It has already spurred tech moguls to pour millions of dollars into attempts to stop the proposal. Continue reading...

• On the 25th, Prime Minister Kim Min-seok announced that the government will not submit the prosecution reform plan developed by the Prosecution Reform Promotion Team, despite maintaining a basic position to abolish the prosecution's supplementary investigation authority. • Advisory committee members condemned the decision as "irresponsible," claiming Kim abandoned his official duties to prioritize his political ambitions for the Democratic Party's leadership election in August. • This conflict highlights a significant rift between the government's executive leadership and the specialized team tasked with implementing legal reforms.