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China Ranks First In The World In AI Patents

More patents related to generative artificial intelligence have been filed by China every year since 2017 than by the rest of the world, the World Intellectual Property Organization (WIPO) reported to the United Nations in Geneva, DPA reported. Examples include artificial intelligence applications such as ChatGPT or Gemini .

KEY FACTS

  • According to WIPO, Chinese companies and institutes registered over 38,000 patents in the field of generative AI in the 10 years to 2023.
  • Far behind is the US with 6,300, followed by South Korea, Japan and India. Britain is in fifth place with 714, closely followed by Germany with 708, which WIPO says has registered more patents than the UK in recent years.
  • The increase in patent applications worldwide also shows that the sector is booming. According to WIPO, there were a total of 54,000 patent applications in the field of generative AI between 2014 and 2023, but over a quarter of those were filed in the past year alone.

KEY QUOTE

“Generative AI has emerged as a game-changing technology with the potential to transform the way we work, live and play,” said WIPO Director General Darren Tang.

Cyprus Fuel Prices Expected To Rise As Oil Prices Increase

International Oil Market Dynamics

Fuel prices in Cyprus are expected to rise gradually in the coming weeks as international crude oil prices continue to increase. Recent reports show that heavy crude prices moved from about $93 per barrel to a peak of $117 before settling near $107, reflecting continued volatility in global energy markets.

Projected Retail Impact And Stage-Wise Price Adjustments

Sabbas Prokopiou, president of the Pan-Cypriot Fuel Stations Owners Association, said these international price movements are expected to gradually affect retail fuel prices in Cyprus. A recent increase of around two cents per litre has already been recorded. Additional price adjustments may follow in the coming weeks as international fuel costs pass through the supply chain and reach the retail market.

Geopolitical Tensions And Market Reactions

Geopolitical developments have also contributed to recent price movements. Concerns about potential regional conflict initially pushed crude prices higher. In a single trading session, prices reportedly rose by about $10 per barrel. More recently, attacks targeting oil storage facilities have added further pressure to international crude markets.

Strategic Outlook And Industry Insights

Prokopiou said further increases in fuel prices remain possible depending on developments in international oil markets. However, he noted that estimating the scale of retail price adjustments remains difficult during periods of geopolitical uncertainty. Similar market patterns were observed in 2022 following the start of the Russia-Ukraine war, when international crude prices rose sharply.

Market participants, including fuel importers and the Consumer Protection Service of the Ministry of Energy, Commerce and Industry, continue to monitor developments in international energy markets.

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