[Preliminary Agreement Reached Between EU Member States and Lawmakers on Simplified AI Regulations] Golden Finance reported that on May 7, EU member states and European Parliament lawmakers reached a consensus on Thursday regarding a simplified version of the landmark Artificial Intelligence (AI) regulations, which includes a delay in implementation. Critics argue that this move signals Europe yielding to tech giants. The preliminary agreement was reached after nine hours of negotiations and will still require formal approval from EU member state governments and the European Parliament in the coming months. 'The agreement reached today on the AI Act will provide strong support to businesses by reducing redundant administrative costs,' Cyprus Deputy Minister for European Affairs Marilena Raouna said in a statement. Cyprus currently holds the EU's rotating presidency. The act will take effect in August 2024, with its core provisions originally planned for phased implementation. The revisions are part of the European Commission's initiative to simplify a series of digital regulations. The simplification measures stem from complaints by businesses that overlapping regulatory rules and excessive bureaucracy have weakened their ability to compete with counterparts in the U.S. and Asia. (East News Agency)