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☆ New York City sues social media platforms over youth mental health crisis
▼ + stars: | 2024-02-14 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +4 min

CNN —New York City is suing a handful of social media networks, alleging their platforms’ designs exploit young users’ mental health and cost the city $100 million in related health programs and services each year. A growing number of families have sued social media companies, along with US states and municipalities, over the alleged impact on the mental health of their children. The city also released a social media action plan that highlights how it plans to hold social media companies accountable, provide education and support to young people and families, and study the long-term impacts of social media on youth. Last month, Mayor Adams called social media a “public health hazard” and an “environmental toxin” during his State of the City address. The lawsuit also builds on last year’s Surgeon General warning that declared social media a “profound risk of harm” for kids.

Persons: TikTok, Ed Adams, ”, Meta, Facebook –, “ We’ve, Mayor Adams, Adams, he’s, CNN’s Nic Anderson Organizations: CNN, New, Facebook, YouTube, , New York City, Yorkers, EU’s Digital Service Locations: New York City, New York, , New York, York City

☆ Outside the US, teens’ social media experiences are more tightly controlled
▼ + stars: | 2024-02-13 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +4 min

Here’s a closer look at how child safety is regulated on social media platforms in other parts of the world. “It will take a couple of years until the first round of the audits of social media companies mandated in the DSA are published,” he said. Can social media companies be sued in the EU? At the same time, however, China’s government also largely blocks access to social media platforms as part of its efforts to monitor and censor the internet. And in Brazil, a data protection law includes special protections for children’s data, including consent to share personal data.

Persons: Here’s, Apple –, what’s, haven’t, Fernando Hortal Foronda, ”, “, Asha Allen, Brian Fung, Clare Duffy Organizations: CNN, European, Meta, Apple, Digital Services, Companies, Big Tech, EU, European Consumer Organisation, DSA, ” Tech, European Commission, EU’s Digital Service, Centre of Democracy and Technology, Justice, European Union, Minor Protection Locations: EU, Centre of Democracy and Technology Europe, China, India, Brazil

☆ EU officials warn Google and YouTube about Hamas-Israel disinformation and graphic content
▼ + stars: | 2023-10-13 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

Washington CNN —The European Commission sent a warning letter Friday to Google and its subsidiary YouTube over disinformation and graphic content linked to the Hamas-Israel conflict, in the European Union’s latest effort to scrutinize Big Tech’s handling of the war. The letter from European Commissioner Thierry Breton, addressed to Google CEO Sundar Pichai and also sent to YouTube CEO Neal Mohan, reminded the company about its content moderation obligations under the EU’s Digital Services Act (DSA). Breton shared the letter on X.Breton highlighted legal requirements for Google to keep graphic content such as hostage videos away from underage users; to act swiftly when authorities flag content that violates European laws; and to mitigate disinformation. It also warned of possible penalties if a future investigation were to find Google (GOOGL) is not complying with the DSA. Unlike some of those previous letters, however, Breton’s letter to Google does not directly suggest the company has spread misleading or illegal content.

Persons: Thierry Breton, Sundar Pichai, Neal Mohan, Breton, ” Breton, Ivy Choi, ” Choi, “, CNN’s Organizations: Washington CNN, European Commission, Google, YouTube, EU’s Digital Services, DSA, CNN Locations: Israel, Brussels, Gaza

☆ EU Warns Musk's X Platform Over Content Circulating About Conflict
▼ + stars: | 2023-10-10 | by ( ) www.wsj.com time to read: 1 min

European Union official Thierry Breton warned X, Elon Musk’s social-media platform, that it could be violating content-moderation rules under the EU’s Digital Services Act by allowing certain content to be circulated about the conflict between Israel and Hamas. “We have indications that your platform is being used to disseminate illegal content and disinformation in the EU,” Breton wrote in a letter to Musk, who acquired the platform known as Twitter late last year and renamed it X.

Persons: Thierry Breton, X, Elon, “, ” Breton, Musk Organizations: EU’s Digital, Twitter Locations: Israel

The companies now have six months to start complying with the Digital Markets Act's requirements, which are spurring changes in how Big Tech companies operate. “So that’s the endgame.”For example, under the DMA tech companies can't stop consumers from connecting with businesses outside their platforms. That means Telegram or Signal users could exchange texts or video files with WhatsApp users. That means Meta can't mix together a user's data from Facebook, Instagram and WhatsApp services without clear consent. Google noted that it's already doing this and said it would remind European users of their choices.

Persons: Thierry Breton, who's, ”, Alexandre de Streel, ” de Streel, it's Organizations: Apple, Microsoft, Google, Meta, Big Tech, Digital Services, EU, Digital, University of Namur, Epic, Spotify, Facebook Locations: Europe, Brussels, EU

☆ Meta could become even more dominant in social media with Threads
▼ + stars: | 2023-07-07 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

Washington CNN —In less than 48 hours, Meta’s Twitter rival Threads has surpassed 70 million sign-ups, upended the social media landscape and appears to have rattled Twitter enough that it is now threatening legal action against Meta. By promoting Threads through Instagram, and by sharing Instagram user data with Threads to let people instantly recreate their social networks, Meta has significantly greased the onboarding process. The issue isn’t limited to the realm of social media. Rather than viewing it through the lens of a social media market, one helpful way to look at the issue is from the perspective of the advertising market, he said. That could lead to further antitrust scrutiny for Meta even if the question about competition in social media is ambiguous.

Persons: Elon, Meta, Mark Zuckerberg, ”, Instagram, Musk, ” Reddit, Alexis Ohanian, Ohanian, Agustin Reyna, Reyna, Adam Mosseri, Geoffrey Manne, ” Manne, Zuckerberg, Manne, Jeff Blattner, Mosseri, Charlotte Slaiman, “ Organizations: Washington CNN, Meta, Twitter, EU, Google, Center for Law Locations: Europe, Brussels, Portland , Oregon, Washington

☆ Meituan's insider AI deal does not compute
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

Meituan describes Light Year as a leading AI innovator in China. Its backers include Meituan CEO Wang Xin and Sequoia Capital China's HongShan fund, which is controlled by a Meituan non-executive director. Meituan is paying out roughly $234 million in cash and covering some $50 million-worth of Light Year's convertible bonds. Interestingly, Meituan's total outlay is roughly equal to the target's net cash position. For investors, understanding this AI deal is no small challenge.

Persons: Wang Huiwen, Meituan, Wang Xin, Robyn Mak, ’, crouch, Eli Lilly, Antony Currie, Thomas Shum Organizations: Reuters, Meituan, Sequoia Capital, Twitter, Thomson Locations: HONG KONG, HK, China

☆ KKR wins $2 billion bidding war the old-fashioned way
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 30 (Reuters Breakingviews) - KKR (KKR.N) has affirmed a simple lesson: price matters. The private-equity giant made a bumped-up $2 billion offer for valve-maker Circor International (CIR.N) on Thursday that tops an offer from a rival. KKR broke the mold by offering sweeteners other than money – but in the end, it threw in more cash too. Circor’s board says KKR’s offer is more valuable because it can close more quickly. KKR knows that money isn’t the only thing that talks, but it still talks pretty loudly.

Persons: Jonathan Guilford, ’, crouch, John Foley, Streisand Neto Organizations: YORK, Reuters, KKR, Circor, Arcline Investment Management, Twitter, Thomson Locations: China

☆ US threat gives ASML new headache on China exports
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, June 30 (Reuters Breakingviews) - ASML (ASML.AS) now has to look to Washington, not its home government in The Hague, to determine which of its top-class chip-making machines it can still sell to Chinese companies. The Dutch government on Friday moved to restrict sales by the $294 billion semiconductor giant of EUV and certain types of its DUV lithography machines. That gives Biden reach over not only Dutch firms but also suppliers like Germany’s Trumpf and Zeiss, which make lasers and lenses respectively. ASML said Friday's Dutch announcement won’t have a material impact on its bottom line. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Joe Biden, Biden, ASML, Rebecca Christie, ’, crouch, George Hay, Pranav Kiran Organizations: Reuters, China’s, HK, Zeiss, Union, Twitter, Thomson Locations: BRUSSELS, Washington, The Hague, U.S, Netherlands, Japan, Brussels

☆ Consumers crack open IPO door
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 29 (Reuters Breakingviews) - The market for U.S. initial public offerings is starting to crack open, but some trends are playing better than others. Shares in thrift store chain Savers Value Village (SVV.N) opened 38% above their IPO price on Thursday even as two other new entrants, Fidelis Insurance (FIHL.N) and energy company Kodiak Gas Services (KGS.N), got a frosty reception. After pricing above its indicated range and then rising further, Savers Value was worth nearly $4 billion in its early hours of trading. It follows Cava (CAVA.N), the Mediterranean lunch chain that by Thursday was worth nearly double the IPO price of $22 it established in mid-June. Meanwhile, Fidelis and Kodiak had to cut their price range, and both debuted below their opening price.

Persons: Fidelis, It’s, Jennifer Saba, ’, crouch, Eli Lilly, John Foley, Sharon Lam Organizations: YORK, Reuters, U.S, Fidelis Insurance, Kodiak Gas Services, Renaissance Capital, Twitter, Thomson Locations: Cava, Fidelis, Kodiak

☆ Casino extends creditors’ losing streak
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

Casino had previously hinted that it was seeking to restructure the unsecured portion of its debt, worth around 3.6 billion euros, implying that the remaining 4 billion euros of secured debt would remain intact. That implies borrowings of less than 2.7 billion euros, based on analysts’ forecasts compiled by Refinitiv. As a result, between 1 and 1.5 billion euros of the secured debt may also be converted into equity. Casino reckons it needs at least 900 million euros of new money to finance the company’s business plan in the next few years. The winner, who will be the group’s largest shareholder, will then determine whether they can end Casino’s losing streak.

Persons: Daniel Kretinsky, Xavier Niel, Pierre Briancon, crouch, Eli Lilly, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Casino, Refinitiv, Twitter, Thomson Locations: Czech

☆ EU’s digital euro plan reflects defensive crouch
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

A digital euro, he argues, is essential so that the EU does not fall “behind the curve” in global payments, private-label digital currencies and electronic versions of central bank money. Under the proposal, the European Central Bank would have control over who can use the digital euro, how it will be used internationally, and how much people can hold at one time. At the same time, the plan calls for a digital European currency to have an international role, part of efforts to shore up the euro as a global reserve currency. The EU plan calls for the digital euro to be accepted as legal tender almost everywhere, at no cost to ordinary consumers. If there is going to be a digital euro, Europe’s governments and institutions are clear that they, not the private sector, will be in charge.

Persons: Valdis Dombrovskis, Rebecca Christie, Eli Lilly, Aston Martin, George Hay, Oliver Taslic Organizations: Reuters, European Central Bank, U.S . Federal Reserve, Bank of England, EU, ECB, Twitter, Thomson Locations: BRUSSELS

☆ Europe condemns Elon Musk suspending journalists from Twitter, warns of 'red lines'
▼ + stars: | 2022-12-17 | by ( Leila Sackur | ) www.nbcnews.com time to read: +6 min

Musk reinstated the suspended journalists early Saturday after a Twitter poll, but he had already drawn rebukes from the European Union and United Nations. “The EU’s Digital Services Act requires respect of media freedom and fundamental rights. officials have also estimated they will add more than 100 full-time staff by 2024 to enforce the Digital Services Act and other new rules on digital competition. “The Digital Services Act is unprepared for this kind of problem, because it’s not designed for that,” said Downing, speaking of Thursday’s suspensions of tech journalists. “There was never a conception that journalists would be banned from Twitter, because that’s not what Twitter does,” he added.

☆ European Union threatens sanctions over Twitter's ban of journalists
▼ + stars: | 2022-12-16 | by ( Julia Horowitz | ) edition.cnn.com time to read: +3 min

London CNN —Elon Musk’s decision to suddenly ban prominent tech journalists from Twitter is fanning a fierce backlash in Europe. Germany warned of the impact on press freedom, while a senior EU official said Twitter must comply with the bloc’s rules or face possible sanctions. “The EU’s Digital Services Act requires respect of media freedom and fundamental rights. European leaders previously said they were watching how Musk’s takeover of Twitter would affect the platform. Thierry Breton, a top EU official, warned Musk in late November that the social media platform must take significant steps to comply with the bloc’s content moderation laws.

☆ Twitter must comply with Europe’s platform rules, EU digital chief warns Musk in virtual meeting
▼ + stars: | 2022-11-30 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Twitter has “huge work ahead” to meet its obligations under the Digital Services Act, Europe’s new platform regulation, said Thierry Breton, the EU’s digital chief, in a readout of his meeting with Musk. European commissioner for internal market Thierry Breton (L) attends the weekly College meeting at the European Commission headquarters in Brussels, Belgium on November 9, 2022. The meeting between Breton and Musk follows an earlier discussion the two had in May in which Musk expressed support for the European regulations. In addition to EU scrutiny, Musk’s Twitter could also face additional pressure at home. Yellen added that it could be appropriate for the Committee on Foreign Investment in the United States (CFIUS) to review Musk’s Twitter takeover.

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