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3. Reputation Risks: As a high-profile figure in the business world, Wang Sicong's reputation is closely tied to the success of his ventures. Any negative publicity, such as the forced execution of his company's assets, could damage his reputation and erode investor confidence in his businesses.
By Nate Raymond (Reuters) -A U.S. appeals court on Wednesday ruled that Nasdaq could not impose rules designed to increase diversity in corporate America by requiring companies listed on the exchange to have women and minority directors on their boards or explain why they do not. The 9-8 ruling by the conservative-majority New Orleans-based 5th U.S. Circuit Court of Appeals found that the rules approved by the U.S. Securities and Exchange Commission ran afoul of federal securities law. The decision is a significant legal victory for opponents of policies meant to boost racial and gender diversity in corporations. The diversity rules were challenged by conservative think tank the National Center for Public Policy Research and Alliance for Fair Board Recruitment, a group founded by Edward Blum, who led the successful U.S. Supreme Court challenge against race-conscious college admissions policies. "SEC has intruded into territory far outside its ordinary domain," U.S. Circuit Judge Andrew Oldham, who was appointed by Republican President-elect Donald Trump in his first term, wrote for the majority. The SEC said it was reviewing the ruling, which it would have to appeal to the Supreme Court to overturn. Nasdaq said that while it believed its rule would benefit companies and investors, it respected Tuesday's ruling and would not appeal. At issue was a Nasdaq requirement designed to bolster the diversity of corporate boards that have long been mostly white and male, studies show. Nasdaq required companies to have at least one woman, racial minority, or LGBTQ person on their boards or explain why they do not. Companies must also disclose annually how board members identify in those categories. A three-judge panel of the 5th Circuit comprised entirely of appointees of Democratic presidents in October 2023 upheld the SEC's decision to approve Nasdaq's rules, saying the regulator acted within its authority. But the conservative-majority court opted to have all of its judges reconsider the matter. All nine judges in the majority were appointed by Republican presidents. Oldham said the SEC wrongly concluded that because Nasdaq's proposal would require information about exchange-listed companies to be disclosed, it fit within the purposes of the Securities Exchange Act of 1934, which governs stock trading. He said any disclosure rule must have "some connection to the ails Congress designed the Act to eradicate," such as "speculation, manipulation, and fraud, and removing barriers to exchange competition." Mark Chenoweth, whose legal group the New Civil Liberties Alliance represented the National Center for Public Policy Research, said the ruling "should chasten SEC to stick to its knitting and stop trying to abuse its market-regulating power." Eight judges dissented including U.S. Circuit Judge Stephen Higginson, an appointee of Democratic former President Barack Obama, who said the SEC's limited role in reviewing Nasdaq's proposed rules precluded it from making a different decision. (Reporting by Nate Raymond in Boston; editing by Diane Craft, Sonali Paul, and Saad Sayeed)
TOKYO , Dec. 15, 2024 /PRNewswire/ -- Representatives from China and Japan shared their insights on promoting artificial intelligence (AI) governance and data sharing at a sub-forum of the 20th Beijing-Tokyo Forum in Tokyo recently. The sub-forum contributed eastern wisdom to AI governance and digital social development, demonstrating the significance of international cooperation for the development of the digital economy, according to Gao Shaolin, advisor at Peking University's Legal Artificial Intelligence Research Center. AI governance framework The participants agreed that the next 10 years will be a critical period for the development of AI. Gao Wen, academician of the Chinese Academy of Engineering (CAE), said since China's State Council issued a guideline on developing AI in 2017, the nation has made significant progress in AI research and development and industrial layout, especially in computing power and 5G network construction. By the end of 2023, China had over half of the world's 1.57 billion 5G users, according to the World Internet Development Report 2024. It ranked second globally in AI and computing power scale, which has laid a solid foundation for the rapid development of AI. Tatsuo Yamazaki , project professor at the International University of Health and Welfare, said it was very meaningful for Japan and China to discuss strengthening AI governance rules. Fumihiko Kamio , research director of the Nomura Research Institute, echoed his view. He emphasized that the core goal of AI technology is to improve productivity and eliminate obstacles to social development, and called on Chinese and Japanese experts to work together to build an AI governance framework to cope with the global challenges. Deepening international cooperation China put forth the Global AI Governance Initiative in October last year. In July, the UN General Assembly adopted a China -sponsored resolution on enhancing international cooperation on AI capacity-building. The participants spoke highly of the Global Cross-Border Data Flow Cooperation Initiative recently proposed by China . They agreed that AI governance requires global collaboration, especially in the formulation of international standards and the construction of ethical frameworks, where China and Japan can play an active role. Ding Wenhua, academician of the CAE, said China and Japan have both similarities and differences in technology development and governance priorities, so deepening cooperation will bring unique value to global AI governance. " China and Japan should deepen AI technology cooperation between enterprises, work together in AI security research, talent exchange, and jointly explore more possibilities for the application of technology," Wang Zhongyuan , president of the Beijing Academy of Artificial Intelligence, said. Balancing development & risks AI governance refers to the guardrails established to ensure AI systems and tools remain safe and ethical and respect human rights. Xu Zhilong , editor-in-chief of Science and Technology Daily, stressed that AI, as a revolutionary technology, has far-reaching impacts on all areas of society and economy. However, its potential risks such as data leakage and the spread of false information should not be ignored. "Technological progress and security ethics should be developed in a balanced way to ensure that AI technology always serves the progress of human civilization," Xu said. AI governance should not only heed the current technological ethics issues, but also prevent possible long-term risks, such as AI going out of human control, according to Toshio Iwamoto , senior corporate advisor of NTT DATA. He said AI R&D and application should abide by the principles of fairness, transparency, safety and availability. Yuan Yue, chairman of Beijing Dataway Horizon, shared his view from the perspective of regulatory models. "Policy choices should be based on the current status and goals of national technological development," Yuan said, adding that China prefers to provide a more friendly development environment for enterprises while ensuring an effective response to risks. View original content to download multimedia: https://www.prnewswire.com/news-releases/science-and-technology-daily-promoting-ai-governance-jointly-302332050.html SOURCE Science and Technology DailyScottie Scheffler in a landslide to win PGA Tour player of the year for third straight timeThe raid on the DIC has also prompted speculation about the involvement of foreign intelligence agencies or other hostile actors in the suspected espionage activities. South Korea's geopolitical position, wedged between regional powerhouses like China, Japan, and North Korea, makes it a prime target for intelligence gathering and espionage operations.
Kyle Cameron showed St Johnstone boss his team values but St Mirren line-up is fresh piece of paperAs a prominent local state-owned enterprise, Jiangsu State Construction Corporation has secured its place in the top three with a solid sales performance. With a diverse portfolio of projects spanning residential, commercial, and infrastructure development, the corporation continues to be a key player in the province's real estate market.
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