FirstFT: Sunak is set to announce the UK’s first global AI regulation summit

UK will accept first global AI regulation summit this fall, the prime minister is going to announce today.

Rishi Sunak is expected to tell US President Joe Biden that the UK can play a leading role in creating “fences” for new technology and will hold a meeting to discuss how internationally coordinated regulation can mitigate risks.

Downing Street said the summit would bring together political and industrial leaders from “like-minded countries” but that China would likely be excluded. “Invitations will be sent out at the appropriate time,” Sunak’s spokesperson said.

Today, Sunak will hold talks with Biden in Washington about bolstering “economic security,” including a possible deal between the US and the UK to develop supply chains in vital sectors such as critical minerals, bypassing China. The two leaders will also discuss Ukraine’s long-term security.

Here’s what else I’m tracking today:

• Economic data: Analysts expect today’s revised data to show that Eurozone economy contracted in the first quarter.

• Extraordinary meeting of the Central District Hospital: London is under scrutiny once again as shareholders of the world’s largest building materials group vote to move its main listing to New York.

Five more main stories

1. Exclusive: The United States, Taiwan and Japan must exchange real-time data from maritime reconnaissance drones, demonstrating Washington’s desire to strengthen coordination in the event of a Chinese attack on Taiwan. Taipei is also due to receive four MQ-9B Sea Guardians, a naval variant of the Reaper drones widely used by the US in the Middle East. Read full story.

2. Understanding the threats of biodiversity loss is critical to the economy, European Central Bank board member Frank Elderson made the announcement in response to accusations of mission sprawl as the central bank embarks on its first major investigation into such risks. That’s why Elderson claims it’s “not some flower power exercise.”.

3. British marine insurance dealer “kept North Korea’s foreign trade fleet afloat.” in clear violation of UN sanctions, years after the UK government became aware of suspicions about its activities, said a UN sanctions expert. The late David Skinner issued fake insurance certificates to at least 29 North Korean ships five years before his death in 2016.

4. Cryptocurrency ownership in the UK has more than doubled in the last year. more than one in 10 surveyed, the Financial Conduct Authority said, announcing an October start date to crack down on illegal selling in a sector often referred to as the financial “Wild West.” Learn more about the UK’s plans to crack down on the industry.

5. New York had the worst air quality in the world yesterday due to smoke from wildfires in Canada. swept across parts of North America, with health warnings issued to millions of people in the eastern United States and Canada. Unhealthy air has disrupted everything from air travel to Broadway shows..

Big Read

Italy, a society that still sees itself as traditional and family-oriented, is experiencing what some are calling a “demographic winter.” The annual number of new births has been steadily falling as women delay or forgo motherhood altogether in a country that lags far behind its European counterparts in supporting working mothers. But many skeptical of Georgia PM Meloni’s attempts to entice women to have children.

We also read. . .

Schedule of the day

Investor support for environmental and social activism has fallen at US companies’ annual meetings this year, reflecting hesitation over increasingly prescriptive proposals and mounting political pressure.

Take a break from the news

In anticipation of the release Black mirrorIn the sixth season, the Financial Times interviews Charlie Brooker, creator of the dark satirical Netflix series. Brooker Discusses How to Avoid Elon Musk and NFTs and ask ChatGPT to write a synopsis of the episode..

Additional material by Benjamin Wilhelm and Gordon Smith