Welcome to the Stephenson Harwood Data Protection update, covering the key developments in data and AI laws from May 2024. This month the EU AI Act was adopted by the EU Council and the Data Protection and Digital Information Bill (the "DPDI Bill") fell in the Parliament wash-up period ahead of the UK General Election. In AI news, Max Schrems' data privacy group noyb filed a complaint to the Austrian Data Protection Authority ("DPA") regarding ChatGPT's "hallucinations", the AI Seoul Summit...

What to expect from the European Parliament election With the elections beginning this week, there are EU election projections surfacing. Below Vulcan’s team has analysed what is expected from the upcoming results.  Although there is an anticipated far-right surge, a centrist majority comprising of the centre-right, liberals, and socialists still prevails. The centre-right European People’s Party (EPP) is expected to take first place with 182 seats, followed by the Socialists and Democrats (S&D) with 136 seats. Along with Renew Europe (81 seats),...

Overview: The dollar is mostly softer today, ahead of tomorrow's employment report. The ECB meeting and President Lagarde's press conference are main events today. There is little doubt that it will cut rates today and do so ahead of the Federal Reserve for the first time. The ECB's forward guidance may be the key to the market's reaction. That said, the euro is in the upper end of its recent range, near $1.09. The Mexican peso, which was crushed at...

Cilcare, a leading biotech company specializing in auditory sciences, is pleased to announce a landmark agreement with Shionogi, an impact-driven pharmaceutical company. This exclusive option agreement grants Shionogi the right to license global rights to CIL001 and/or CIL003, two promising drug candidates aimed at treating hearing disorders, with a particular focus on addressing the increasing prevalence of hidden hearing loss and tinnitus. Under the terms of the agreement: Shionogi will receive an exclusive option to license global rights to CIL001...

Mannheimer Swartling has acquired the majority of the assets in Troublemaker AB. Troublemaker, founded in 2023 by William Wigström and Emil Wårdh, has developed the AI platform Trubl, which many analysts consider to be the absolute best AI tool for Swedish law and legal investigations. In connection with the acquisition, Mannheimer Swartling is also hiring Troublemaker’s co-founder, William Wigström, as AI Counsel in the firm’s Innovation Department. William will be responsible for the continued development of both Trubl and the...

Eurozone inflation surged in May, exceeding expectations with a year-over-year rise of 2.6%. Core inflation also increased to 2.9%, driven by positive energy inflation and a service sector rebound. These inflation figures have cast doubt on the European Central Bank's (ECB) plans for a rate cut in June. While some ECB policymakers still favor the cut, they may need to reassess if inflationary pressures persist. Market reactions were mixed, with slight increases in bond yields and a modest rise in the euro...

In this week’s Roar: diesel at a two-year low, new FMC rules in force, port congestion in Singapore, good news for air cargo demand, and the real costs of the Red Sea conflict. Diesel prices continue to fall, with the U.S. price reaching its lowest point in the past two years. The average price per gallon is now $3.758, which is 30.3 cents lower than the price was on April 8, 2024. Prices are down in nine out of the...

What a Labour Government means for the UK Economy With the UK General Election cycle having completed its first week, the pressure has been on the Labour Party, who hold a significant polling lead over the Tories, to provide details on what exactly a Labour government means for the United Kingdom? In particular, what can voters expect from Sir Kier Starmer’s party on the economy. In her first speech on the campaign trail, Shadow Chancellor Rachel Reeves MP provided some insights into...