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☆ The cult of the ‘Spoons’: Inside the spartan, cavernous pubs that divide Britain
▼ + stars: | 2024-11-23 | by ( Will Noble | ) edition.cnn.com time to read: +15 min

Wetherspoon pubs are an institution in the UK. More than 800 Wetherspoon chain pubs freckle the country — from The Muckle Cross in Scotland to The Tremenheere in Cornwall. The Moon Under WaterA Wetherspoon pub (now closed) featuring the face of chain founder Tim Martin on its sign. Recalling a well-meaning yet beleaguered teacher from his childhood, Martin renamed the pub “Wetherspoon.” (The “J D” was a nod to J.D. “The thing about Wetherspoons pubs which differentiates them from many is that they have a very wide cross-section of customers.

Persons: London CNN — Utter, ”, George Orwell, ” Orwell, Orwell, Francophile foodies, Oxford marmalade, Biscuits, boozer, cobbling, Tim Martin, Alex Davidson, Wetherspoons don’t, Alexander Graham Bell, Sir John Borlase Warren, Tim Martin’s, Martin —, New Zealand —, “, serendipitously, Martin, Boss ” Hogg, “ The Dukes, Hazzard, George Orwell’s, ” Martin, Mortimer, ‘ ahh, I’ve, George Orwell ’, Stout, Waters, Gareth Fuller, questing, Angus, you’re, Maureen McLean, “ Mate, Wetherspoons ”, ‘, ’ ”, Thomas Frost, Orwell’s, drunks, ” Tim Martin, benedict, tipple —, Ale, Whatever’s, it’s, Boris Johnson, Henry Nicholls, Nigel Farage Organizations: CNN, London CNN, “, Oxford, Stroud, Crosse, Royal Victoria, rowdies, London's, Airport, PAL, YouTube, European Union, Getty Locations: London, Britain, Scotland, Cornwall, “, Yorkshire, England, Swansea, Edinburgh, Nottingham, Muswell Hill, North London, Norwich, New Zealand, Stroud Green, Watford, Ramsgate, City of London, Kent, Scottish, ”, Wetherspoons, Liverpool, Gatwick, South London, AFP, British, Clacton, Poland, Ireland, America

☆ Wealthy countries' $300 billion offer seeks to end COP29 stalemate
▼ + stars: | 2024-11-23 | by ( ) www.cnbc.com time to read: +1 min

People walk past the logotype at the venue for the 2024 United Nations Climate Change Conference (COP29) in Baku on November 11, 2024. The European Union, U.S. and other wealthy countries at the COP29 summit have agreed to raise their offer to $300 billion per year by 2035 to help developing nations deal with climate change, sources told Reuters on Saturday, after a previous proposal was dismissed as insultingly low. The shift in position came after a $250 billion proposal for a deal, drafted by Azerbaijan's COP29 presidency on Friday, was panned by developing countries as insufficient. It was not clear if the wealthy countries' revised position had been formally communicated to developing countries at COP29, and whether it would be enough to win their support. The U.S. delegation at COP29 and the UK energy ministry did not immediately respond to requests for comment.

Persons: —, Azerbaijan's COP29 Organizations: Change, European Union, Reuters, EU, Commission, U.S Locations: Baku, COP29, United States, Australia, Britain

☆ Hungary's Orban breaks with neighbors to dismiss ICC's arrest warrant for Netanyahu
▼ + stars: | 2024-11-22 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +3 min

Hungarian prime minister Viktor Orban said Friday he would invite Benjamin Netanyahu to visit his country and that he would guarantee that an International Criminal Court arrest warrant against the Israeli prime minister would "not be observed." Ireland's prime minister Simon Harris said Friday that his country would be prepared to arrest the Israeli prime minister if he came to the country. The International Criminal Court has issued arrest warrants for former Israeli Defense Minister Yoav Gallant and Israeli Prime Minister Benjamin Netanyahu. The ICC issued arrest warrants on Thursday for Netanyahu and his former defense chief Yoav Gallant, as well as Hamas military chief Mohammed Deif, for alleged war crimes and crimes against humanity in the Gaza conflict. Benjamin Netanyahu, left, and Viktor Orban at the parliament in Budapest, Hungary, on July 18, 2017.

Persons: Viktor Orban, Benjamin Netanyahu, Simon Harris, Yoav Gallant, ” Harris, Netanyahu, Harris, Mohammed Deif, Orban, Israel’s, ” Orban, Karoly Arvai, Josep Borrell, Petr Fiala, ” Organizations: Israeli, Getty, RTE, International Law, ICC, Fidesz, Czech Foreign Ministry Locations: Ireland, Netherlands, Switzerland, Italy, Spain, Slovenia, Rome, Gaza, Hungary, “, Budapest, Czech Republic, Czech, Prague

☆ Spain slaps $187 million fine on Ryanair, EasyJet and others for 'abusive' cabin luggage fees
▼ + stars: | 2024-11-22 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Spain's Ministry of Consumer Rights on Friday slapped a $179 million euro ($186 million) fine on five low-budget airlines for "abusive practices" including charging additional cabin luggage fees. Spanish low-cost airline Vueling was ordered to pay 39.2 million euros and EasyJet was fined 29 million euros. Scandinavia's second-largest airline Norwegian and Spanish airline Volotea each received penalties in excess of 1 million euros. The five airlines should discontinue their practice of requiring additional payment for cabin luggage and reserving a seat near a dependent traveler, the ministry said. "We completely disagree with the decision of the Spanish Consumer Ministry and find the proposed sanctions outrageous," an EasyJet statement said, stressing it considers its cabin luggage policy to be aligned with all applicable laws.

Persons: Vueling, EasyJet, Javier Gandara, Michael O'Leary Organizations: Ministry of Consumer Rights, Ryanair, Spanish, Spain's Association of Airlines, CNBC, Ministry of Consumer, ALA, Spain's Consumer Affairs Ministry, Governments, Spanish Consumer Ministry, Boeing, International Air Transport Association Locations: Spain, Europe

☆ How AI regulation in California, Colorado and beyond could threaten U.S. tech dominance
▼ + stars: | 2024-11-21 | by ( Rachel Curry | ) www.cnbc.com time to read: +6 min

California Governor Gavin Newsom vetoed California's bill at the end of September but signed into law another bill which requires transparency in generative AI systems. "A lot of the privacy risks associated with AI can be tackled through a comprehensive data privacy regime," she said. The U.S. has historically approached data privacy with decentralized, state-by-state legislation, which is where AI regulation is currently headed. Regarding Colorado's successful AI bill, Maroney wrote on Facebook, "It is unfortunate that Connecticut chose not to join Colorado as a leader in this space. Even a model approach, if done wrong, could pose a major risk to the U.S. "Everybody's looking at California, especially when it comes to tech," Elgendy said.

Persons: Scott Weiner, Wiener, Gavin Newsom, California's, Tatiana Rice, Jonas Jacobi, Mohamed Elgendy, Elgendy, Rice, Robert Rodriguez, James Maroney, Maroney Organizations: Conference, AI Alliance, Washington D.C, U.S ., European Union AI, Privacy, Data, American, White, Office of Science, Technology, Democratic, Colorado Senate, Democratic Connecticut State, Facebook, Colorado Locations: California, San Francisco, Washington, Puerto Rico, U.S, U.S . Virgin Islands, Colorado, Silicon, Connecticut

☆ HSBC names 3 'underappreciated' Asian stocks to watch in 2025 — giving one 63% upside potential
▼ + stars: | 2024-11-21 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

Meituan HSBC is bullish on Meituan and has a target price of 220 Hong Kong dollars ($28.30) on the stock, giving it 25.8% upside potential. "Despite the macro challenges, Meituan's growth profile remains resilient," said Charlene Liu, HSBC Global Research's head of internet and gaming research for Asia-Pacific. Calling it a "best-in-class small-cap" idea, HSBC Global Research's India health-care analyst Damayanti Kerai believes it is "well positioned to sustain healthy growth." Kia's shares have been on an uptrend, gaining around 8% in the last five days. HSBC has a target price of 160,000 Korean Won ($114.80) on the stock, implying nearly 63.1% upside potential.

Persons: Charlene Liu, Liu, Damayanti Kerai, Kerai, Will Cho, Cho, — CNBC's Michael Bloom Organizations: HSBC, Hong, HSBC Global Research's, Morningstar, Hong Kong Exchange, Krishna, Medical Sciences, Bombay Stock Exchanges, Kia, Korea Exchange, Won Locations: Asia, Hong Kong, U.S, HSBC Global Research's India, Korean, HSBC Global Research's Korea, EU

☆ Trump 2.0 could lead to a fragmented EU, says Eurasia Group president
▼ + stars: | 2024-11-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrump 2.0 could lead to a fragmented EU, says Eurasia Group presidentIan Bremmer, president and founder of Eurasia Group, discusses what President-elect Donald Trump's return to the White House could mean for U.S. relations with the European Union.

Persons: Ian Bremmer, Donald Trump's Organizations: Trump, Eurasia Group, European Union Locations: Eurasia

☆ They relocated to Spain six years ago. Now this couple say they’d be ‘very depressed’ if they ever had to move back to the United States
▼ + stars: | 2024-11-20 | by ( Tamara Hardingham-Gill | ) edition.cnn.com time to read: +14 min

Starting overThe couple, pictured at a friend's party in Malaga, also considered moving to Singapore, but decided on Spain due to its closer proximity to the United States. Gail and Greg WarnerThey’d originally planned to leave the United States in December 2018. The couple quickly put their Florida home on the market and set about winding down their lives in the United States. Now that they’ve lived outside of the US for so long, the couple say they can’t imagine ever moving back, and feel as though they were often on a “hamster wheel” before. Just go with it.’”Gail and Greg couldn’t be happier with their new lives, but the couple do have one regret about leaving the United States and starting over in Spain.

Persons: Gail, Greg Warner, they’re, ’ ”, Beau, Gail Warner “, ”, Greg, who’ve, ” Greg, “, ” “ We’d, Greg Warner They’d, Guess I’m, I’ve, ” Gail, she’d, ’ ” Greg, he’s, Sergio, they’ve, “ I’m, Betty Rivas “, United States “, ’ ” Gail, Greg couldn’t Organizations: CNN, EU, “, Malaga City Locations: United States, Florida, Chicago, Singapore, Spain, Europe, Spanish, Valencia, Indiana, Malaga, Canada, France, States, Costa del Sol, Southern Spain, Andalucía, Slovenia

☆ Greeks go on general strike demanding higher pay
▼ + stars: | 2024-11-20 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +2 min

ATHENS — Ships docked at Greek ports, and railway and bus services were disrupted on Wednesday as transport workers, hospital doctors, school teachers together with construction workers joined a nationwide strike to protest squeezed living standards and demand higher pay. Many Greeks saw their wages and pensions slashed in return for bailouts worth 280 billion euros ($297 billion) during a 2009-2018 debt crisis which shaved a quarter off Greece’s economic output and nearly pushed the country out of the eurozone. Workers were expected to protest in central Athens later on Wednesday. The strike comes as the government submits later on Wednesday its final 2025 budget to the 300-seat parliament for debate before a vote due next month. The draft budget sees economic growth of 2.3% next year and higher tax revenues thanks to expanding digital payments and booming property sales.

Persons: Kyriakos Mitsotakis, ”, Greece —, Mitsotakis Organizations: ATHENS — Ships, Workers Locations: ATHENS, Greece, Athens

☆ I'm an Iraq War vet who left the US for a life in Europe. I have no regrets.
▼ + stars: | 2024-11-20 | by ( Joshua Nelken-Zitser | ) www.businessinsider.com time to read: +5 min

She said moving to Europe was the best decision for her family and she has no regrets. This as-told-to essay is based on conversations with Michelle B. Dallocchio, an Iraq War veteran of Pacific Islander heritage who left the US for Europe. Moving back to the US is a hard noUltimately, I have no regrets about moving abroad. Michelle Dallocchio has no regrets about moving abroad. For us, moving abroad and ending up in Italy was the right move.

Persons: Michelle B, Dallocchio, honking, Trump, I've, Michelle Dallocchio Organizations: Pacific, US Army, Westin Locations: London, Italy, Iraq, Europe, Las Vegas, LA, Los Angeles, EU, Dallocchio, Florence, Milan, Portugal

Members of the EU Parliament applaud at the end of a videoconference speech by Ukrainian President Volodymyr Zelensky at the EU Parliament in Brussels, Belgium, on Tuesday. Nicolas Tucat/AFP/Getty ImagesUkraine is hoping to make 2025 “the year of peace,” President Volodymyr Zelensky said in an address to the European Parliament held to mark the 1,000th day of Russia’s full-scale invasion of Ukraine. “Ukraine deserves to make the next year the year of peace,” Zelensky said in a video call to lawmakers in Strasbourg, France. “Ukrainian people have endured 1,000 days of this war,” he said in a later post on social media. We must do everything to end this war fairly and justly,” he said.

Persons: Volodymyr Zelensky, Nicolas Tucat, ” Zelensky, ”, Zelensky, Donald Trump, Trump, Putin, “ Organizations: EU, Getty, “, White, Ukraine Locations: Brussels, Belgium, AFP, Ukraine, “ Ukraine, Strasbourg, France, Europe, Russia

☆ I quit my six-figure corporate job to work on a vineyard for less than $500 a month. I have no regrets.
▼ + stars: | 2024-11-19 | by ( ) www.businessinsider.com time to read: +6 min

Armed with shears and headlamps to guide us, we filed into the vineyard rows like soldiers, performing the synchronized ritual that has existed for centuries: picking grapes for wine harvest. AdvertisementI instantly answered: "I want to work a wine harvest in Europe." I spent hours firing off emails, asking if they had any open positions on their harvest team. I worried about running out of money and blowing through the savings I'd spent years growing. It was all underpinned by one fear: Is this worth upending the life I'd built?

Persons: wouldn't, I'd, Gruner, I've, I'm Organizations: Australia Locations: Austria, Burgenland, Coast of California, Europe, Slovenia, England, Australia, Austrian

PARIS (AP) — French farmers are mobilizing for widespread protests on Monday targeting the EU-Mercosur trade agreement. Backed by their government, they argue the deal threatens their livelihoods by allowing a surge of South American agricultural imports produced under less stringent environmental standards. A partial EU-Mercosur deal, with many of the parts that French farmers find unsavory, could be agreed over their heads since France does not hold veto power. Other nations like Germany and Spain would like to see a far-reaching deal with their South American counterparts. French Agriculture Minister Annie Genevard has publicly opposed the EU-Mercosur trade agreement, citing risks of deforestation and health concerns linked to hormone-treated meat.

Persons: Villacoublay, ”, Jean, Noël, Luis Planas Puchades, Annie Genevard, Emmanuel Macron Organizations: PARIS, EU, Mercosur, European Union, French, South American, Spanish Farm, North, TF1, South, Farmers, Associated Press Locations: Paris, Velizy, Brazil, Argentina, Paraguay, Uruguay, Bolivia, France, EU, Germany, Spain, Mercosur, European, Auch, Agen, Europe, South America, South American

☆ The second Trump era will see a rebalancing of U.S., UK and EU relations, economist says
▼ + stars: | 2024-11-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe second Trump era will see a rebalancing of U.S., UK and EU relations, economist saysWith two months to go before Donald Trump's second term as president of the U.S., RSM Chief Economist Joe Brusuelas discusses defense spending in Europe.

Persons: Trump, Donald Trump's, Joe Brusuelas Organizations: EU, RSM Locations: U.S, Europe

☆ Dollar sitting pretty, yen bears wary of Bank of Japan hawks
▼ + stars: | 2024-11-18 | by ( ) www.cnbc.com time to read: +3 min

Yen bears were tense in case Bank of Japan Governor Kazuo Ueda used a speech later Monday to flag a possible rate hike in December, in part due to the weakness of the currency. Markets imply around a 55% chance of a quarter-point rate hike to 0.5% when the BOJ meets on Dec. 19. Against a basket of currencies the dollar held at 106.730, having touched a one-year top of 107.07 on Friday. The rally has coincided with a savage swing in 10-year Treasury yields, which have climbed 70 basis points since the start of October, fuelling a 5.4% rise in the U.S. dollar index . Analysts generally assume Trump's touted policies of tariffs, reduced immigration and debt-funded tax cuts will be inflationary, so limiting the scope for further rate cuts by the Federal Reserve.

Persons: Kazuo Ueda, Ueda, Donald Trump's, Katsunobu Kato, Jonas Goltermann, Trump, Howard Lutnick, Cantor Fitzgerald, Scott Bessent Organizations: Bank of Japan, U.S, Japanese Finance, Capital Economics, Trump, Federal Reserve, Central Bankers Locations: U.S, Japan, Canada

☆ European tech CEOs urge 'Europe-first' mentality to counter U.S. dominance after Trump victory
▼ + stars: | 2024-11-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

Thomas Plantenga, CEO of used fashion resale app Vinted, on center stage during Web Summit 2024 in Lisbon, Portugal. The Republican politician's victory was a key topic on various prominent tech bosses' lips at the Web Summit conference in Lisbon, Portugal. "It's time for Europe to step up," Yen told CNBC on the sidelines of Web Summit. US Big Tech 'playing extremely unfairly'However, Proton's Yen urged the EU not to water down its push to rein in America's tech giants. 'AI sovereignty' now a key battlegroundAnother theme that attracted much chatter on the ground at Web Summit was the idea of "AI sovereignty."

Persons: Thomas Plantenga, Harry Murphy, Donald Trump's, Andy Yen, Yen, Trump, Proton's Yen, Mitchell Baker, Baker, it's, Plantenga, we'll, OpenAI, Christian Kroll, Shelley McKinley, GitHub, McKinley Organizations: Web, Getty Images, Portugal — Tech, Big, Republican, Proton, CNBC, European Union, Apple, Microsoft, Meta, Markets, US Big Tech, Mozilla Foundation, Google, Trump Locations: Lisbon, Portugal, Getty Images LISBON, Europe, America, EU, Lithuania

☆ Russia is locking up butter as inflation crisis reaches new heights
▼ + stars: | 2024-11-18 | by ( Analysis Tim Lister | ) edition.cnn.com time to read: +8 min

But price rises in Russia are eye-watering by comparison – and just one symptom of an economy that is overheating. “Prices are rising because of the war,” Alexandra Prokopenko at the Carnegie Russia Eurasia Center in Berlin told CNN. The military budget will rise by nearly a quarter in 2025, amounting to one-third of all state spending and 6.3 per cent of gross domestic product. Analysts don’t see the Russian economy as tumbling over a precipice but instead as a slowly gathering crisis. Russia has traditionally turned to central Asia for unskilled labor, and Putin recently suggested more foreign workers are needed.

Persons: ” Alexandra Prokopenko, Vladimir Putin, Putin, ”, Anton Vaganov, ” Prokopenko, Natalia Kolesnikova, Vladislav Inozemtsev, Prokopenko Organizations: CNN, Carnegie Russia Eurasia Center, “, Reuters, Russia’s Alfa Bank, Alfa, Monetary Fund, Russia’s State Statistics Service, Getty, Central, United Nations, UK Defense Ministry, Atlantic Council Locations: Russia, Ukraine, Berlin, Saint Petersburg, United States, Asia, Turkey, Russian, India, China, AFP, Moscow, Central Asia, East, South Korea, Dubai

☆ How Europe can avoid a trade war in a 2nd Trump term
▼ + stars: | 2024-11-17 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +6 min

They say the EU will need to employ some retaliatory measures but has to be careful not to escalate. AdvertisementEconomists and analysts said that in order to avoid a trade war, policymakers in Europe need to employ a specific playbook to mitigate the economic drag while keeping trade tensions in check. Kenningham says the EU will likely hit the US with targeted tariffs on certain industries, rather than an across-the-board action. Related storiesTrade deals to avoid tariffsKenningham said EU policymakers could also negotiate a deal to avoid US tariffs. Advertisement"There is a possibility that if the strategy toward Europe is very aggressive, Europeans may change attitudes toward the Transatlantic Alliance.

Persons: Goldman Sachs, Donald Trump, Trump, Joachim Nagel, Emmanuel Macron, Mario Draghi, Andrew Kenningham, Kenningham, Harley, Carlo Bastasin, Bastasin Organizations: Biden, Italian, Capital Economics, European Union, EU, Trade, European, Brookings, Trump, Transatlantic Alliance Locations: Europe, China, European, EU, Trump's, Ukraine, Germany

☆ Georgia election chief doused in paint as protests continue after divisive parliamentary vote
▼ + stars: | 2024-11-16 | by ( Associated Press | ) edition.cnn.com time to read: +2 min

Tblisi, Georgia AP —The head of Georgia’s Central Electoral Commission was doused with black paint Saturday at a meeting to confirm the results of the country’s divisive Oct. 26 parliamentary elections. Protesters gathered outside the commission’s building in Tbilisi, where officials announced that the ruling Georgian Dream party had won 53.93% of the vote. Opposition supporters have rejected the results amid allegations that the vote was rigged, an accusation that Georgian Dream denies. Critics have accused the ruling Georgian Dream, established by Bidzina Ivanishvili, a shadowy billionaire who made his fortune in Russia, of becoming increasingly authoritarian and tilted toward Moscow. Zourabichvili, who holds a mostly ceremonial position, has urged the United States and EU to support the demonstrations.

Persons: David Kirtadze, Giorgi Kalandarishvili, Kirtadze, Kalandarishvili, ” Kalandarishvili, ”, Critics, Bidzina Ivanishvili, Salome Zourabichvili, Zourabichvili Organizations: Georgia AP, Georgia’s, Electoral, Protesters, United National Movement, European Union, Kremlin, EU Locations: Tblisi, Georgia, Tbilisi, Georgian, Russia, Moscow, United States, Washington, Brussels

☆ Russia pumping gas via Ukraine but volumes to Austria cut
▼ + stars: | 2024-11-16 | by ( ) www.cnbc.com time to read: +2 min

Last week, Gazprom accused Ukraine of withholding gas supplies destined for Moldova and threatened to reduce those flows, although Ukraine denied the accusation. Russian gas giant Gazprom continued to pump steady volumes of gas to Europe via Ukraine on Saturday, but supplies to Austrian energy company OMV were halted hours after Vienna said Russia had given notice it would cut off flows. Gazprom said it would send 42.4 million cubic metres of gas to Europe via Ukraine on Saturday, the same volume as on Friday. Flows into Slovakia from Ukraine were stable but nominations for flows to Austria from Slovakia were around 16% below averages seen this month, data from transmission system operator Eustream showed. OMV usually accounts for around 40% of Russian gas flows via Ukraine, or some 17 mcm per day.

Persons: Moscow, OMV, Chancellor Olaf Scholz, Vladimir Putin, Donald Organizations: Gazprom Locations: Ukraine, Moldova, Europe, Austrian, Vienna, Russia, Germany, Soviet, Kyiv, Slovakia, Czech Republic, Austria

☆ China is selling record numbers of cars in Russia
▼ + stars: | 2024-11-15 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

Competition from European, Korean, and Japanese carmakers has vanished since Western sanctions were imposed on Russia. Chinese automakers face increasing tariffs in other regions. Chinese cars are selling at record levels in Russia, according to data from Russian analytics agency Autostat, reported by The Financial Times. AdvertisementIn the first nine months of 2024, Russia imported 849,951 vehicles from China, the FT reported, citing China Passenger Car Association data. The sales boom in Russia comes as Chinese automakers face rising obstacles in other regions.

Persons: carmakers, Ilya Frolov, didn't Organizations: The Financial Times, Chery, Geely, Russia, Lada, China Passenger Car Association, EU Locations: Russia, Moscow, Ukraine, Russian, China, Mexico, Brazil, Southeast Asia, Japan, Germany

☆ EU fines Meta €797 million over abusive practices benefiting Facebook Marketplace
▼ + stars: | 2024-11-14 | by ( ) www.cnbc.com time to read: +2 min

Meta, the parent company of social networking site Facebook, has faced calls to do more about financial scams on its platforms. The European Commission on Thursday fined Meta Platforms €797.72 million ($840.24 million) over abusive practices benefiting Facebook Marketplace, it said in a statement, confirming an earlier report by Reuters. "The European Commission has fined Meta ... for breaching EU antitrust rules by tying its online classified ads service Facebook Marketplace to its personal social network Facebook and by imposing unfair trading conditions on other online classified ads service providers," the European Commission said. The move by the European Commission comes two years after it accused the U.S. tech giant of giving its classified ads service Facebook Marketplace an unfair advantage by bundling the two services together. The EU decision argues that Meta imposes Facebook Marketplace on people who use Facebook in an illegal "tie" but Meta said that argument ignores the fact that Facebook users can choose whether to engage with Marketplace, and many do not.

Persons: Meta Organizations: Facebook, European, Reuters, European Commission, Meta, European Union Locations: U.S

☆ Europe fines Meta almost $840 million for linking Marketplace to Facebook
▼ + stars: | 2024-11-14 | by ( Chris Johnston | ) www.businessinsider.com time to read: +3 min

On Thursday, the European Commission fined Meta almost 798 million euros (about $840 million). AdvertisementMeta was fined almost 798 million euros (about $840 million) for breaching European rules by linking Facebook Marketplace to its social network Facebook and imposing unfair trading conditions on other classified platforms. The European Commission said Thursday that all Facebook users are "regularly exposed to Facebook Marketplace whether they want it or not." AdvertisementVestager said Meta's "conduct benefited Facebook Marketplace and gave it "advantages that other online classified ads service providers could not match." Advertisement"The reality is that people use Facebook Marketplace because they want to, not because they have to."

Persons: Meta, —, Margrethe Vestager, Vestager Organizations: European, Meta, Service, Facebook, European Commission

☆ Tech giants are investing in 'sovereign AI' to help Europe cut its dependence on the U.S.
▼ + stars: | 2024-11-14 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

Sovereign AI is "more driven by the industry naming it that, than it is from the policymakers' side," Gow said. On Wednesday, Denmark laid out a landmark white paper outlining how companies can use AI in compliance with the incoming EU AI Act — the world's first major AI law. How regulation fueled a mindset shiftThat's not to say regulations haven't proven an important factor in getting tech giants to think more about building localized AI infrastructure within Europe. The concept of AI sovereignty is also getting buy-in from local European tech firms. Orange hasn't yet selected a partner for these sovereign AI model ambitions.

Persons: Dado Ruvic, Chris Gow, Anthropic's Claude, Filippo Sanesi, Sanesi, hasn't, —, Cisco's Gow, Rather, " Gow, Gow, It's, David Hogan, Hogan, OVHCloud's Sanesi, Qwant, Bruno Zerbib, Zerbib Organizations: Reuters, Portugal — Tech, CNBC, Data, of Justice, EU, General Data Protection, U.S, Sovereign, Nvidia, Orange Locations: Reuters LISBON, Portugal, Brussels, U.S, Europe, OVHCloud, Italy, Italia, Denmark, Berlin, Paris, French

☆ Europe fines Meta $840 million over practices benefiting Facebook Marketplace
▼ + stars: | 2024-11-14 | by ( ) edition.cnn.com time to read: +1 min

The European Union has fined Meta Platforms €798 million ($840 million) over what it called abusive practices benefiting Facebook Marketplace. “The European Commission has fined Meta … for breaching EU antitrust rules by tying its online classified ads service Facebook Marketplace to its personal social network Facebook and by imposing unfair trading conditions on other online classified ads service providers,” the EU’s executive arm said in a statement. Meta (META) said it will appeal the decision, but in the meantime, it will comply and will work quickly and constructively to launch a solution that addresses the points raised. The move by the European Commission comes two years after it accused the US tech giant of giving its classified ads service Facebook Marketplace an unfair advantage by bundling the two services together. The EU decision argues that Meta imposes Facebook Marketplace on people who use Facebook in an illegal “tie” but Meta said that argument ignores the fact that Facebook users can choose whether to engage with Marketplace, and many do not.

Persons: Meta …, Meta Organizations: European Union, Facebook, European Commission

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