INTERNATIONAL FINANCIAL SYSTEM : SUMMIT MASTER PRECIS

 

Paris : Finance summit ends with minor steps on developing nations' debt. The French president is hopeful that the pledge to deliver $100 billion to poorer nations will finally be fulfilled.

A global summit seeking to overhaul the international financial system wraps up Friday after taking small steps toward easing the debt burden of developing nations weighed down by climate and economic crises.

While host country France pitched the conference as a consensus-building exercise, leaders are under pressure to produce clear outcomes from the two-day meeting as economies stagger under growing debt after successive crises in recent years.

The summit comes amid growing recognition of the scale of the financial challenges ahead, with warnings that the world's ability to curb global warming at tolerable levels is reliant on a massive increase in clean energy investment in developing countries.

One key announcement on the summit's first day on Thursday came from IMF director Kristalina Georgieva, who said a pledge to shift $100 billion of liquidity boosting ''special drawing rights'' into a climate and poverty fund had been met.

Work Bank president Ajay Banga said the lender would introduce a ''pause'' mechanism on debt repayments for countries hit by a crisis so they could ''focus on what matters'' and ''stop worrying about the bill that is going to come''.

French President Emmanuel Macron said he was hopeful that a pledge to deliver $100 billion a year in climate finance to poorer nations by 2020 would finally be fulfilled this year - although actual confirmation the money has been delivered will take months if not years.

This week, the International Energy Agency said annual investment just for clean energy in these countries will need to jump to $2 trillion within a decade.

This is crucial to keep alive the Paris Agreement goal of limiting global warming to ''well below'' two degrees Celsius since pre-industrial times, and below 1.5 C if possible. [AFP]

ETHICAL -LEGAL- ETERNAL : COMES A.I. COMPREHENSION

Equally impressive is a version of Grow Old With Me, one of the last songs penned by Lennon, which was posthumously released after his 1980 murder and and recently remade by an A.I. creator who goes by Dae Lims.

With enhanced audio quality, an orchestral arrangement and harmonized backing vocals that evoke the Liverpudlian rockers' heyday, that song's most stirring moment comes when McCartney croons over a soaring melody with poignant lyrics about ageing.

' When I hear this, I lose it. I start crying,'' said music YouTuber Steve Onotera, who goes by SamuraiGuitarist and has a million followers, in a recent video discussing the new works' unforseen sentimental resonance.

After the most influential band in history parted ways acrimoniously, fans were deprived of a final ''happy ending,'' he said. '' So, when we do get that reunion artificially yet convincingly created by AI, well, it's surprisingly emotional.''

AI Here, There and Everywhere : Like an earlier track called  Heart on a Sleeve which featured AI-generated vocals of Drake and The Weeknd and racked up millions of hits on TikTok and other platforms, these covers use scraping technology that analyses and captures the nuances of a particular voice.

The creators would have probably then sung the parts themselves and then applied the cloned voice. In a manner similar to placing a filter on a photograph.

While results can be astonishing, getting there isn't simple and require skilled human operators combining new AI tools with extensive knowledge of traditional music processing software, Zohaib Ahmed, the CEO of Resemble AI, a Toronto-based voice cloning company, told AFP.

'' I think we're still seeing a very small percentage of the population that can even access these tools,'' he said. They need to ''jump through hoops, read documentation, have the right computer, and then put it all together.''

Zohaib Ahmed's company is one of several offering a platform that can make the technology more accessible to clients in the entertainment sector - and counts a recent Netflix documentary series  ''narrated'' by late art icon Andy Warhol using its technology as an early success.

For Patricia Alessanandrini, a composer and assistant professor at Stanford's Center for Computer Research in Music and Acoustics, the recent spate of AI tracks represent a coming-of-age for a technology that has been advancing exponentially - yet largely out of public view over the past decade.

'' This is a great example of what AI does very well, which is anything that's resemblance : to train it on something existing,'' she told AFP.

But, she added, it flounders when it comes to new ideas. ''There's really no expectation that it's going to replace the rich history of humans originating art and culture.''

Litigation coming : For the music industry, the ramifications are enormous. As the technology progresses, software that will easily allow people to transform their vocals into one of their favorite singers is likely not far away.

'' If they're getting paid for their vocal license, hey, everyone's happy,'' said Onotera. '' But what if they're long since passed away? Is it up to their estate?

AI is already proving a helter-skelter impact on the copyright world. In the case of Heart on a Sleeve, Universal Music Group was quick to assert copyright claims and have the track pulled down from streaming services, but that hasn't stopped it pooping back up on small accounts.

Marc Ostrow, a New-York based music copy-right lawyer, told AFP  AI generated music is a ''grey area''. Copyright can be asserted both by songwriters whose material is used, as well as holders of the master recordings.

On the other hand, AI creators can argue it falls under ''fair use'' citing a 2015 court ruling that said Google was permitted to archive the world's books because it wasn't competing with sellers and displaying only snippets.

Last month, however, the US Supreme Court tipped the balance back the other way in ruling a Warhol print of the late pop star Prince violated the copyright of the photographer who took the original image.

Add to the mix that celebrities can protect their likeness under the ''right to publicity,'' established when Bette Midler successfully sued Ford Motor Company in the late 1980s for using a singer that sounded like her in an ad.

Ultimately, ''I think there may be voluntary industry standards ....... or it's going to be done by litigation,'' said Ostrow.

Rights holders will also need to think about the negative PR that could come with suing over works that are clearly fan-created tributes and not intended to be monetized. [AFP]