The United States has moved to reclassify marijuana as a less dangerous drug in a historic shift that sent shares in cannabis firms soaring.

The US Justice Department’s recommendation on Tuesday that cannabis be classified as a schedule three drug – the same as ketamine and Tylenol with codeine – does not legalise recreational use outright, but opens the way to lighter punishments as well as greater private investment and tax benefits for the industry.

Cannabis firms are currently prevented from deducting normal business expenses at tax time due to the drug’s classification as a schedule one on par with heroin and LSD.

Shares of Canada’s Canopy Growth Corporation and Cronos Group surged 80.02 percent and 15.71 percent, respectively, while US-based Cronos Group jumped nearly 40 percent.

The proposed change, which follows a review initiated by US President Joe Biden, will be subject to approval by the White House Office of Management and Budget, a period of public comment, and review by an administrative judge before taking effect.

The move helps narrow a widening gulf between federal law and the legal frameworks in about 40 states where the drug is legal in some form.

Biden initiated a review of federal law on marijuana in October 2022 and announced pardons for thousands of Americans convicted for possession.

“Too many lives have been upended because of our failed approach to marijuana. It’s time that we right these wrongs,” Biden said in December.

Although the cannabis industry is estimated to be worth tens of billions of dollars in the US, the drug is considered a controlled substance under federal law, hampering interstate commerce, blocking business’s access to banking services and limiting funding for medical research.

Prohibition of the drug, which was first outlawed at the national level in 1937, has also been blamed for exacerbating racial inequality in the justice system.

Black people are 3.6 times more likely than white people to be arrested for marijuana possession despite using the drug at similar rates, according to the American Civil Liberties Union.

In a Pew Research Center survey last month, 88 percent of Americans said marijuana should be legal for medical or recreational use.

Colorado and Washington became the first states to legalise cannabis for recreational use in 2012.

(Aljazeera)

Microsoft has announced plans to invest $1.7bn in artificial intelligence and cloud services in Indonesia.

Under the plans unveiled by Microsoft CEO Satya Nadella, the tech giant will train 840,000 people in Indonesia in the use of AI and provide support for the country’s growing ranks of tech developers.

The announcement marks the biggest investment by Microsoft in its nearly three-decade history in the Southeast Asian country.

Nadella on Tuesday held talks with President Joko Widodo, popularly known as Jokowi, at Jakarta’s presidential palace before delivering a keynote speech about AI in the Indonesian capital.

“This new generation of AI is reshaping how people live and work everywhere, including in Indonesia,” Nadella said on the first stop of a tour of Southeast Asia.  “The investments we are announcing today – spanning digital infrastructure, skilling, and support for developers – will help Indonesia thrive in this new era,” he said.

Nadella said Microsoft’s investment would “bring the latest and greatest AI infrastructure to Indonesia”.  “We’re going to lead this wave in terms of AI infrastructure that’s needed,” he said.

Indonesia, with a population of about 280 million people, is Southeast Asia’s biggest economy and is home to the third-largest developer community in the region after India and China.

In a 2020 study, global consulting firm Kearney said that AI could contribute nearly $1 trillion to Southeast Asia’s gross domestic product by 2030, with Indonesia expected to capture $366bn of the gain.

Nadella’s visit comes after Apple CEO Tim Cook last month met Widodo and President-elect Prabowo Subianto in Jakarta, where said he would “look at” manufacturing in the country.

Microsoft is seeking to boost support for the development of AI globally, and last month announced multibillion-dollar investments in cloud and AI infrastructure in Japan and the UAE-based AI firm G42.

(Aljazeera)

By Ifham Nizam

Southern MICE Expo 2024 is poised to be a transformative force for Sri Lanka’s economic landscape, heralding a new era of growth and opportunity, Tourism, Lands, Sports and Youth Affairs Minister Harin Fernando said.

Fernando was speaking on the MICE event at a press briefing held at Galle Face Hotel, Colombo on Monday.

Fernando underscored the profound impact that the expo is expected to wield on the bourgeoning Meetings, Incentives, Conferences and Exhibitions (MICE) tourism sector, positioning Sri Lanka as an irresistible destination marked by its rich cultural tapestry, breathtaking natural vistas and a myriad of immersive experiences waiting to be discovered.

Fernando emphasized the event’s pivotal role as a dynamic platform where both local and international stakeholders within the tourism industry can converge, foster strategic alliances and unveil the diverse array of offerings that Sri Lanka has in store for discerning MICE travelers.

Launched with great fanfare on April 29, 2024, Southern MICE Expo 2024 stands as a collaborative effort spearheaded by the Sri Lanka Convention Bureau (SLCB), in close partnership with the Ministry of Tourism and Lands, with the primary aim of positioning the southern region as the quintessential destination for business tourism on the global stage.

Fernando commended the tireless endeavors of SLCB in spotlighting the Southern Province as a premier MICE locale, stressing the expo’s role in not only fostering connectivity but also in curating unparalleled experiences that leave an indelible impression on participants.

Thisum Jayasuriya, chairman, SLCB, elucidated on the distinctive allure of the Southern Region, characterized by its harmonious blend of vibrant cultural heritage and pristine coastal vistas, which collectively render it an idyllic haven for MICE endeavors. Underscoring the Bureau’s unwavering commitment to sustainability and community empowerment, Jayasuriya extended a warm invitation to international agents, urging them to partake in this transformative event and contribute to the improvement of the local economy.

‘Southern MICE Expo 2024 aims to attract a diverse cadre of international MICE agents and media luminaries from an array of countries, offering an unparalleled platform for networking, knowledge exchange, and experiential immersion in the splendor of the Southern region. Moreover, the expo presents a golden opportunity for local vendors to forge symbiotic partnerships with their international counterparts, facilitated by specially curated participation packages designed to enhance accessibility and inclusivity, forum sources said.

Virazmi Aher, Manager of SriLankan Holidays, lauded the SLCB for orchestrating yet another momentous MICE expo, underscoring its pivotal role in Sri Lanka’s tourism narrative.

She emphasized the invaluable contribution of SriLankan Airlines, in tandem with the SLCB, in championing Sri Lanka’s appeal as a preeminent MICE destination, particularly in key markets, such as India.