European parliament approves world's first comprehensive regulation on artificial intelligence

Morning! Can we just sleep and you wake us up when our Ramazan-sleeping schedule is finally aligned with our office hours so we can stop feeling like a sleep-deprived zombie stumbling through the day? Thnx.

P.S. Ramazan Mubarak ❤️

In this week’s edition:

💡 Where Info Meets Inspo: Sana Khalid from i2i (Invest2Innovate)

💰 Why borrowing money for poor countries might get harder

💵 You might need to double-check your new Rs. 1,000 note

⚖️ EU shows US how sh*t gets done

🛡️ Punjab police to step up

- The Itla Squad 💼

Itla Careers

Where Info Meets Inspo with Sana Khalid 💡 

Where Info Meets Inspo is an Itla segment where we highlight professionals who work within the tech and business realm - in Pakistan or abroad. Hit reply if you’d like a chance to be featured.

What it was like to handover during the transition as CEO?

Transitioning out of the CEO role is a bitter-sweet experience. It's handing over something you've poured so much into, hoping the next person will carry it forward with the same passion and dedication. A CEO handover is so much about relationships; perhaps more than it’s about operational details. A lot of the things that CEOs hand over are intangibles - like trying to download everything in your brain about running this company into someone else's head. It's about making sure the new leader is not just taking over a role, but embracing a mission, with all its challenges and opportunities. The new CEO needs to be able to make informed decisions from day one, even while they're still finding their feet.

At the same time, it’s also important for the team to feel safe. It's important to create an environment where the new CEO's arrival is seen as a positive evolution, not a disruption.

A CEO transition is also not just an internal shift; it's about ensuring the world outside—our clients, and partners — sees a seamless transition so they feel confident that nothing will fall through the cracks.

What’s the most interesting project you’ve worked on?

This is tough. I think I’ve spent my entire career with curious, googly eyes like a kid in a candy shop. Might be safe to say the most interesting project I’ve worked on has been my life/career, then? I've worked on so many unique things – a campaign to bring back the lost art of handwritten letters, ludo tournaments, a design conference that set the bar high for conferences in Pakistan, organizing mini expos to spotlight small businesses at a time when hardly anyone else was, and so many others that aren’t even directly linked to my career trajectory. I’ve moved from running a people excellence lab to growing a coworking space to leading a startup ecosystem builder.

In my personal life, too, I’m very mindful of the life I’ve built and continue to build for myself. My career has been about designing a life full of fun, excitement, and making things better for others. Each project has been a step in that direction, making my journey one big, rewarding project (still a work in progress with lots to improve).

What’s your favorite tech/business-related media you read/watch/listen to?

I have a monkey mind - I can hardly stick to one thing consistently so there isn't one. I binge-watch Shark Tank, I'm now reading more books, and I follow a few LinkedIn content creators (Sahil Bloom is one of them). Once in a while I read a McKinsey report or HBR article. Sometimes there are great reads on Medium. So, not any specific media.

Business

Global 🌎️

Poor countries: “Can I have..?”
New York lawmakers: “Nope”

No one likes dealing with people who owe them money and New York lawmakers are no different. They proposed big changes in a bill to address how to handle countries that can't pay their debts aka sovereign debt restructuring.

The details:

• The proposed changes would make rules for dealing with countries in debt more strict. They want to limit how much money creditors can get back when a country can't pay its debts.

• New York's courts handle a lot of the debt of countries trying to borrow money. If this bill passes, it could make it harder for poor countries (like Pakistan) to borrow money and pay off debts.

• Some people like the bill because they think it will stop creditors from being too harsh on countries in debt. Others don't like it because they think it will cause problems for the market and could make it harder for countries to borrow money.

Way forward: Experts say that the bill needs to be clearer about how it will treat different types of creditors. Experts also say that instead of just focusing on New York's rules, it might be better to work with other countries and groups to come up with better ways to deal with countries in debt.

TLDR: New York wants to change how they deal with countries in debt. They're making rules stricter, which might make it harder for poor countries to borrow money. While some applaud the move for its fairness, others fear market disruptions. Experts say they need to make the rules clearer and work with other countries to find better solutions.

What else is new in news

✶If you've noticed more women joining the workforce post-pandemic, you're not alone. According to a recent report from Moody's, the percentage of women who are either working or actively seeking work, called labor force participation rates, has exceeded pre-pandemic levels in countries such as the U.S., the E.U., Japan, Australia, and numerous other major countries in Asia and Latin America.

Local 🇵🇰

How sure are you about your shiny new Rs. 1,000 note?

If you‘ve recently gotten your hands on a shiny Rs.1,000 note recently, you might wanna take a closer look.

The State Bank of Pakistan (SBP) recently introduced new currency notes with advanced security features. Now the bank is addressing concerns about misprinting Rs1,000 banknotes after a viral video showed half-printed notes from a National Bank of Pakistan (NBP) branch.

The details:

• The video showed Rs1,000 banknotes, with printing missing on one side, and it seems the notes were given out to people without being checked properly.

• SBP admitted that there are some wrong banknotes out there. But they say these notes still have the security features, so they are still real money. They say only a few of these wrong notes have been found so far, just ten at one bank branch (for now).

• SBP says that Pakistan Security Printing Corporation (PSPC) (responsible for printing currency) implements rigorous quality control measures to prevent printing errors but occasional misprints may occur due to the sheer scale of production.

Moving ahead: If you end up with one of these wrong banknotes, you can exchange it for a correct one. You can do this at certain branches of the State Bank of Pakistan or other designated places.

TLDR: The State Bank of Pakistan (SBP) introduced new currency notes with better security features, but concerns arose when a video showed Rs1,000 banknotes with printing errors. SBP admitted to some misprinted notes but assured they're still valid. They've found only a few misprints so far. T

News Flash

✶ Sui Southern Gas Company (SSGC) is making sure there is no food tempation for us this Ramazan. According to the SSGC statement, we'll have gas available from 3:00am to 9:00am for Sahar, and then again from 3:00pm to 10:00pm for Iftar.

Tech

Global 🌎️

EU to US: “Let me show you how sh*t gets done”

While the US was busy debating whether to ban TikTok, the EU (European Union) was approving the world’s first major AI law to regulate artificial intelligence (AI) which has made EU a leader in regulating this critical technology.

The details:

• The EU AI Act, born in 2021, divides AI technology into categories based on risk, ranging from unacceptable to low hazard.

• AI applications using AI in social scoring systems and biometric-based tools for profiling individuals based on race, politics, or sexual orientation are deemed "unacceptable". This law also bans using AI to interpret the emotions of people in schools and workplaces, and also stops using AI to predict if someone might commit a crime in the future.

• The law identifies specific "high-risk" uses of AI where AI could pose significant risks, like in education or government services, and imposes strict rules to ensure transparency and accountability.

• Companies that create advanced AI models, like OpenAI, must disclose information about their technologies, including labeling AI-generated content like deepfakes.

Way forward: Businesses and AI developers need to get ready to follow the new rules. Even though there was a lot of pressure from different groups, experts say that the EU has stayed strong in focusing on making AI safe and people-centered, making its regulations a global benchmark for trustworthy AI.

TLDR: The EU AI Act, born in 2021, categorizes AI by risk and bans unacceptable uses like social scoring and emotional interpretation. It sets strict rules for high-risk AI in sectors like education, and requires transparency from companies like OpenAI.

What else is new in news

✶ Amazon introduces a new AI feature that lets sellers create product pages with just a link. The system generates descriptions and images from external websites, aiming to streamline the selling process.

Local 🇵🇰 

Punjab police to protect data better

The Punjab Police has issued a new rule to manage criminal data better, especially regarding gender-based violence cases. This move aims to prevent the misuse of sensitive information stored in police databases and protect people from unfair treatment.

The details:

• Complaints about the misuse of personal data stored by the Punjab Police have risen sharply. People have faced difficulties in jobs, education, and travel due to errors in criminal records.

• The Punjab Police now has clear guidelines to prevent data misuse and ensure smoother data management. A designated DIG will oversee data integrity and cybersecurity measures.

• The new rule focuses on keeping data safe by following global standards and cyber laws. Moreover, the DIG IT will manage data sharing about gender-based violence cases and child safety.

Zooming out: The Punjab Police plans to check their rules every two years to make sure they're up-to-date with the latest technology and laws. They also aim to work with others to deal with cases of violence against women and child safety.

TLDR: The Punjab Police issued a new rule to prevent the misuse of criminal data, especially concerning gender-based violence cases. They aim to protect individuals from unfair treatment caused by errors in records. The rule ensures smoother data management, overseen by a designated DIG.

Tech tour of news

✶The Federal Government now requires that all government departments and agencies, including the armed forces and provincial bodies, are now required to use national satellites for their communication needs. This new directive, outlined in the National Space Policy, aims to ensure that government entities rely solely on national satellite capacity.

More interesting Itla (اطلاع) we consumed:

💭 Read The Guardian's article for a powerful perspective shift where 30 dying people share life lessons. It's also a great read for Ramazan reflection.