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☆ Runaway government debt could sink markets and slam the economy, 2 watchdogs warn
▼ + stars: | 2024-03-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The US government's ballooning interest payments are eating a hole in its budget, they said. "We are headed toward record spending levels, record deficit levels, record debt levels, record interest payments — the list goes and on," Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, told Fox Business this week. While the US isn't at imminent risk of that kind of chaos, bond markets could "snap back" if the government's interest payments soar to $1 trillion in 2026 as expected, Swagel said. AdvertisementHowever, she noted that some experts on Wall Street were "incredibly worried" about the national debt and interest payments. DoubleLine Capital CEO Jeffrey Gundlach has also sounded the alarm on debt payments.

Persons: —, MacGuineas, Philip Swagel, Liz Truss, Swagel, bitcoin, Jim Rogers, George Soros, He's, Jeffrey Gundlach Organizations: Investors, Service, Federal Budget, Fox Business, Congressional, Office, Financial Times, Bank of, CBO, Wall, DoubleLine

☆ Ripple Labs accuses the SEC of trying to 'punish and intimidate' by seeking $2 billion in penalties from XRP developer
▼ + stars: | 2024-03-26 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

The SEC is seeking fines and penalties worth $2 billion from Ripple Labs, its legal chief said. Stuart Alderoty said the SEC wanted to "punish and intimidate Ripple" and the wider crypto sector. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US's top financial watchdog is seeking penalties worth billions of dollars from Ripple Labs, the company behind the XRP cryptocurrency, its chief legal officer said. Stuart Alderoty wrote on X that the Securities and Exchange Commission asked US District Judge Analisa Torres to fine Ripple $2 billion.

Persons: Stuart Alderoty, XRP, —, Analisa Torres Organizations: SEC, Ripple Labs, Service, Securities and Exchange Commission, Business

☆ Analysis: Trump’s DJT stock creates a unique new ethical nightmare
▼ + stars: | 2024-03-26 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +7 min

In the meantime, he’s also trying to sell “God Bless the USA” Bibles via his social media platform Truth Social for $59.99. )”A history of bankruptcyAnother note of caution for investors in DJT should the history of the last company Trump took public. Trump’s casino company also went by the ticker DJT, but on the New York Stock Exchange between 1995 and 2004, when it went bankrupt and was delisted. None of that has stopped what some experts have referred to as a bubble forming around the Trump Media & Technology Group. Susquehanna International Group did not return a request for comment about the company’s stake in Trump Media & Technology Group.

Persons: ”, Donald John Trump, he’s, CNN’s Matt Egan, “, Kara Swisher, Laura Coates, Egan, Reddit, Trump, Daniel Dale, Jeff Yass, Jordan Libowitz, ” Libowitz, Kedric Payne, ” Payne, can’t, weren’t Organizations: CNN, Nasdaq, Trump, “ Trump Media, Trump Media, New York Stock Exchange, Trump Media & Technology, NYSE, GameStop, AMC, Susquehanna International Group, Yass ., Yass . Susquehanna International Group, Trump Media & Technology Group, Supreme, DC, Trump Organization, New York Times Locations: United States, New York, DJT, Trump’s, ByteDance, TikTok, Yass, Trump, Yass . Susquehanna, Washington, Saudi Arabia, Qatar, DC

☆ Federal judge tosses Elon Musk’s case against hate speech watchdog CCDH
▼ + stars: | 2024-03-25 | by ( Brian Fung | ) edition.cnn.com time to read: +5 min

CNN —A federal judge on Monday threw out a lawsuit by Elon Musk’s X that had targeted a watchdog group for its critical reports about hate speech on the social media platform. In a blistering 52-page order, the judge blasted X’s case as plainly punitive rather than about protecting the platform’s security and legal rights. X has blamed CCDH’s reports, which showcase the prevalence of hate speech on the platform, for amplifying brand safety concerns and driving advertisers away from the site. In the suit, X claimed that it had suffered tens of millions of dollars in damages from CCDH’s publications. “If CCDH’s publications were defamatory, that would be one thing, but X Corp. has carefully avoided saying that they are,” Breyer wrote.

Persons: Elon Musk’s, ”, Charles Breyer, ” Breyer, X, CCDH’s, Musk, Alex Jones, Breyer, “, CCDH, X’s, Imran Ahmed, @CCDHate, @ElonMusk’s @X, ” Ahmed, Ahmed, “ X Organizations: CNN, Court, Northern, Northern District of, Twitter, X Corp, Center Locations: Northern District, Northern District of California, Newtown , Connecticut, California, San Francisco

☆ Lawsuit filed by Elon Musk's X against nonprofit CCDH thrown out by judge on free speech grounds
▼ + stars: | 2024-03-25 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

A federal judge in California dismissed a lawsuit filed by Elon Musk's X against the nonprofit Center for Countering Digital Hate, writing in a judgement Monday that the "case is about punishing the Defendants for their speech." X sued the research group in July, accusing it of implementing a "scare campaign" to drive away advertisers. The company also accused CCDH of improperly accessing data from the platform and selectively picking posts to "falsely claim" that X is "overwhelmed with harmful content." CCDH also found that Twitter failed to act on 89% of anti-Jewish hate speech and 97% of anti-Muslim hate speech on the platform. In one instance, X has sued an Israeli web data collection company called Bright Data over its allegedly unauthorized scraping of data from its social media platform.

Persons: Elon Musk's, X, CCDH, Musk, Charles Breyer, Breyer, Roberta Kaplan, Donald Trump, E, Jean Carroll, Trump, Carroll, Xfinity Organizations: CCDH, Northern District of, Twitter, CNBC, X, Bright, Media Matters, America, Apple, Bravo, IBM, Oracle Locations: California, Northern District, Northern District of California, Silicon Valley, Texas

☆ Lawsuit by Elon Musk's X was an attempt to punish free speech, judge rules
▼ + stars: | 2024-03-25 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA lawsuit that Elon Musk's X filed last year against a research group was thrown out Monday, with US District Judge Charles Breyer saying, "This case is about punishing the Defendants for their speech." But Breyer wrote "there can be no mistaking" that the real motive of the suit was to bully X's critics into silence. Related storiesWhen asked for comment on the decision, the press email for X replied, "Busy now, please check back later." Musk has previously said he's a "free speech absolutist" and that his "thermonuclear" lawsuits against media-watchdog groups are about "protecting free speech."

Persons: —, Elon Musk's X, Charles Breyer, X, Breyer, Musk, Imran Ahmed, lawfare Organizations: Service, US, Northern District of, Business, X Corp, Media Matters Locations: Northern District, Northern District of California

☆ Singapore's former transport minister S Iswaran slapped with 8 new charges
▼ + stars: | 2024-03-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

S. Iswaran, Singapore's transport minister, leaves the Singapore State Courts in Singapore, on Thursday, Jan. 18, 2024. Iswaran was charged with corruption, the latest development in the biggest political scandal to hit the city state in close to four decades. Photographer: Ore Huiying/Bloomberg via Getty ImagesSingapore's former Transport Minister S Iswaran was handed eight additional charges in court on Monday, bringing the total number of charges against him to 35. In January, Iswaran was handed 27 charges, including corruption — he pleaded not guilty to those charges. A statement from Singapore's anti-graft watchdog said the alleged offences were committed between November 2021 and November 2022, and was in connection with Iswaran's official function as Minister for Transport.

Persons: Iswaran, —, Lum Kok Organizations: Courts, Bloomberg, Getty, Singapore, Transport Locations: Singapore, Australia, Brompton

☆ Son Jun-ho: South Korean soccer player returns home after being detained in China on suspicion of accepting bribes
▼ + stars: | 2024-03-25 | by ( Gawon Bae | ) edition.cnn.com time to read: +1 min

CNN —South Korean soccer star Son Jun-ho, who was detained in China for allegedly accepting bribes, has recently returned home, the country’s Ministry of Foreign Affairs said in a statement on Monday. The ministry has been communicating with the Chinese authorities through “various channels” and requested cooperation to “ensure a swift and fair process,” it said without giving details of the release. He has also represented South Korea’s men’s national team and reached the knockout stages of the World Cup in 2022 with the squad. Son became the first foreign soccer player to be investigated and detained since the CSL started in 2004, according to China’s state-run Global Times. His arrest was part of a broader initiative by Beijing to rid Chinese soccer of alleged corruption in the highest levels of the sport, during which the Communist Party’s anti-graft watchdog has been investigating a host of Chinese Football Association figures.

Persons: Son, “, ” Organizations: CNN, South, country’s Ministry of Foreign Affairs, Chinese Super League, Football Association, Korea’s, CSL, Times, Communist, Chinese Football Association Locations: South Korean, China, China’s, Liaoning, Shandong Taishan, Beijing

☆ Trump New York fraud bond cut to $175 million in appeal from $454 million
▼ + stars: | 2024-03-25 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

A New York appeals court on Monday paused for 10 days a massive civil fraud judgment against former President Donald Trump, and sharply reduced to $175 million the bond amount he would have to post to obtain a longer stay of that damage award. The ruling came the same day that New York Attorney General Letitia James would have been allowed to start seizing Trump's real estate and bank accounts to satisfy the $454 million-and-rising business fraud judgment in the case. Because of the size of the fraud judgment, the companies insisted that Trump show "cash reserves approaching $1 billion," according to his lawyers. But neither Trump nor the Trump Organization company has that amount of cash on hand, the filing said. The order also stayed Engoron's judge's ruling that had barred Trump's sons, Donald Trump Jr. and Eric Trump, from serving as officers and directors of New York companies for two years.

Persons: Donald Trump, Letitia James, James, Trump, Arthur Enfgoron's, Donald Trump Jr, Eric Trump Organizations: Manhattan Criminal, New York, Trump Organization, Trump, Manhattan, New Locations: New York City, York, New York

☆ How your iPhone could get better if Apple loses its big legal battle
▼ + stars: | 2024-03-23 | by ( Jordan Hart | ) www.businessinsider.com time to read: +9 min

More smartwatch optionsA Google Pixel Watch and the iPhone don't play as nicely together as an Apple Watch and the iPhone. GoogleIf the Apple Watch isn't your cup of tea, a court loss for the company could make using an alternative watch with the iPhone more seamless. Prosecutors said the Apple Watch depends too much on the iPhone while other smartwatches aren't nearly as compatible with the iOS system. iOS users might have been overcharged for music streaming subscriptions due to the fees placed on app developers by Apple, regulators said. "This lawsuit threatens who we are and the principles that set Apple products apart in fiercely competitive markets," Apple told BI in a statement.

Persons: —, Apple's, you'll, Apple, Jonathan Kanter, Kanter, Riley Testut, Jamie Court, you've, they've, Testut Organizations: Apple, DOJ, Service, US Department of Justice, CNBC, EU's, EU, Epic, Consumer, LA Times, Watch, Apple Watch, Google, Prosecutors, European Commission Locations: EU

☆ Trump is fundraising to keep NY AG's 'filthy hands' off Trump Tower — but using donor cash this way may be illegal
▼ + stars: | 2024-03-21 | by ( Natalie Musumeci | Laura Italiano | ) www.businessinsider.com time to read: +7 min

In the frenzied fundraising message blasted out to MAGA voters on Wednesday, Trump's campaign called on one million "Pro-Trump patriots to chip in and say, STOP THE WITCH HUNT AGAINST PRESIDENT TRUMP!" AdvertisementIt called for supporters to donate to the Trump Save America Joint Fundraising Committee, Trump's main campaign PAC. But it suggested the money would somehow back his battle cry of "KEEP YOUR FILTHY HANDS OFF OF TRUMP TOWER!" Kathy Willens/Associated PressRepresentatives for Trump's campaign did not immediately respond to a request for comment by BI on Thursday. Trump once again railed against his massive civil fraud judgment in a post Thursday to his social media platform, Truth Social, and insisted he did "nothing wrong."

Persons: —, Donald Trump's, there's, Robert Maguire, Trump, Maguire, MAGA, HUNT, PRESIDENT TRUMP, Letitia James —, James, Joe Biden, Letitia James, Kathy Willens, CREW's Maguire, hasn't, Daniels, Michael Cohen, Donald Trump, Sue Ogrocki Trump, Trump's, Arthur Engoron Organizations: Service, Business, Citizens, Republicans, Federal, Commission, Trump, New York, Bloomberg, Trump Save America, York, Associated Press, BI, FEC, AP Locations: York, Washington, Manhattan, Westchester County, Tulsa, Okla, New York

Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, October 25, 2023. A judge ordered Donald Trump's company Thursday to inform a court-appointed financial watchdog about any efforts to obtain an appeal bond. His lawyers have said that more than 30 surety companies rejected writing a bond for Trump because they would not accept real estate as collateral. Trump has asked the appeals court to pause the judgment from taking effect without having to secure a bond. In his order Thursday, Engoron told the Trump Organization it must tell its financial overseer, Barbara Jones, "in advance, of any efforts to secure surety bonds."

Persons: Donald Trump, Donald Trump's, Arthur Engoron's, Trump, Letitia James, Engoron, Barbara Jones Organizations: U.S, Trump Organization, Court, New, Trump Locations: New York, Manhattan, New York City

☆ China Evergrande's flagship unit, founder punished for securities fraud
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: +1 min

The Evergrande Group headquarters building in Shenzhen is pictured on January 11, 2022 in Shenzhen, Guangdong Province of China. China Evergrande Group founder Hui Ka Yan will be barred from the securities market for life and fined 47 million yuan ($6.53 million) after the regulator accused the group's flagship unit of inflating results, securities fraud and failing to make timely disclosures. China Evergrande Group founder Hui Ka Yan will be barred from the securities market for life and fined 47 million yuan ($6.53 million) after the regulator accused the group's flagship unit of inflating results, securities fraud and failing to make timely disclosures. It comes days after the China Securities Regulatory Commission, or CSRC, vowed to crack down on securities fraud, and protect small investors with "teeth and horns". Last September, Evergrande said its founder was being investigated over suspected crimes.

Persons: Hui Ka Yan, Evergrande Organizations: Group, China Evergrande Group, Evergrande, Hong Kong High Court, China Securities Regulatory Commission Locations: Shenzhen, Guangdong Province of China, China

☆ Coca-Cola unveils all-new bottles — sort of
▼ + stars: | 2024-03-19 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

A year later, Coca-Cola made a major change when it took out Sprite bottles’ green PET, which was an additive that was difficult to recycle into new bottles. Here's what the new Coca-Cola bottles look like. However, the label and caps will not be made from 100% recycled plastic. Companies like Coca-Cola have been making more environmentally packaging as consumer awareness and demand for action has intensified in recent years. Coca-Cola’s Smartwater brand also plans to introduce bottles made with 100% recycled plastic in New York and California later this year.

Persons: ” Kurt Ritter, “, Ritter, it’s, Emma Priestland, “ Coke, ” Organizations: New, New York CNN, CNN, Dasani, Cola Company, Coca Locations: New York, North America, California

☆ An AI-generated rat with a giant penis highlights a growing crisis of fake science that's plaguing the publishing business
▼ + stars: | 2024-03-18 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +7 min

Guo et al., 2024; Frontiers in Cell Developmental BiologyTo its credit, the journal quickly retracted the paper. Guo et al., 2024; Frontiers in Cell Developmental BiologyBut this rat's towering phallus is just one symptom of a crisis of fake science. Each step has holes in it that bad science could squeeze through, but the overlapping steps tend to cover each other's holes, making it difficult to squeeze all the way through the whole process. Still, bad science does make it through sometimes, and over the years more holes have opened up. The retracted paper's corresponding author, Dingjun Hao, did not respond to Business Insider's request for comment.

Persons: —, Guo, Guo et, you've, Ivan Oransky, Peter Finch, Vox, Fred Fenter, Fenter, Dingjun Hao, Oransky, they've Organizations: Service, Cell Development, Business, Cell, Springer, IEEE, Guardian Locations: Swiss

☆ TikTok: Is it really Chinese?
▼ + stars: | 2024-03-18 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Is TikTok Chinese? In March 2023, CEO Chew was repeatedly pressed by US lawmakers on whether TikTok was Chinese. According to TikTok’s own website, its subsidiaries around the world are all structured under Bytedance Ltd.Is ByteDance Chinese? At last year’s congressional hearing, Chew didn’t directly answer any questions about whether ByteDance is a Chinese company either. That means the Chinese government now owns 1% of Beijing Douyin Information Service, which is the domestic Chinese unit of Bytedance.

Persons: TikTok, Shou Chew, Trump, Chew, Jose Luis Magana, Musical.ly, TikTok’s, ByteDance, Zhang Yiming, Liang Rubo, Zhang, Liang, Jinri, Chew didn’t, Shannon Stapleton, Zhang Fuping, Xi Jinping, Wu Shugang, Shu Yuting Organizations: Hong Kong CNN, TikTok LLC, TikTok Ltd, ByteDance Ltd, Bytedance Ltd, Tianjin’s Nankai University, ByteDance, Carlyle Group, General Atlantic, Susquehanna International Group, Reuters, Communist, Cyberspace Administration, Beijing Douyin Information Service, Chinese Communist Party, National Intelligence Law, Commerce Ministry Locations: China, Hong Kong, United States, Beijing, California, Los Angles, Singapore, Delaware, Culver City , California, Cayman Islands, Shanghai, Chinese, TikTok

☆ Emails show how a right-wing group steers GOP leaders on major policy issues
▼ + stars: | 2024-03-17 | by ( Bob Ortega | Daniel Medina | ) edition.cnn.com time to read: +18 min

Missouri Secretary of State Jay Ashcroft speaks with reporters on Jan. 23 in Jefferson City, Missouri. In Wyoming, a GOP state senator forwarded an FGA draft bill to Secretary of State Chuck Gray that would prohibit sending out unsolicited absentee ballot request forms. Emails show the group strategized with the secretary of state’s office for weeks leading up to Ashcroft proposing his own such rule last January. FGA notches wins with weakened child labor lawsFGA’s lobbying group, The Opportunity Solutions Project, spearheads its efforts at the state level. Chip Somodevilla/Getty ImagesFGA also continues its push at the state level across the country to enact its policy priorities.

Persons: State Jay Ashcroft, “, Ashcroft, Kacen Bayless, FGA, –, Chuck Gray, ” Gray, Gray, ”, Joe Biden’s, Jay, Daniel Garrett, Garrett, “ It’s, Missouri’s, Scott Fitzpatrick, BlackRock, ” Fitzpatrick, Mark Felix, Fitzpatrick, ALEC, Andy Puzder, Carls Jr, ” Puzder, Kristina Shelton, Puzder, ” Kristina Shelton, they’ve, Tarren Bragdon, Rebecca Burkes, It’s, Tyson, ’, Bragdon, Sarah Bryner, Florida Governor Ron DeSantis, Paul Renner, Donald Trump, Chip Somodevilla, Shelton, ” Shelton Organizations: CNN, State, Republican, Foundation, Government, Missouri, Kansas City Star, Tribune, Service, GOP, Ashcroft, Conservative, Missouri Chamber of Commerce, National, University of Pennsylvania, Brookings Institution, Exxon, BlackRock, ” BlackRock, Energy, ExxonMobil, Washington Post, American Legislative Exchange Council, Heritage Foundation, Heritage, Boston, Wisconsin Democratic, FGA, Solutions, Tyson Foods Inc, George’s Inc, US Department of Labor, Solutions Project, Daily, The Heritage Foundation, Alliance, Trump, Florida Governor, Bragdon, Florida House, House, FBI, Justice Department, Department of Education, Center, Pleaides Locations: Missouri, Texas, Jefferson City , Missouri, Wyoming, Kansas , Indiana, BlackRock, Florida, ExxonMobil Baytown, Baytown , Texas, Washington, ” Wisconsin, Wisconsin, Arkansas, Iowa, Park City , Utah, DeSantis, Rome , Georgia

MADISON, Wis. (AP) — Wisconsin voters are set to decide next month whether to make it unconstitutional to accept private grant money to help administer state elections, one of two Republican-backed ballot measures that Democrats say are meant to make it harder to conduct elections in the presidential battleground state. The Wisconsin measures are supported by Republicans and conservative groups and opposed by an array of government watchdog and liberal groups including the American Civil Liberties Union, Common Cause Wisconsin, Wisconsin Conservation Voters and the League of Women Voters of Wisconsin. Three courts and the bipartisan Wisconsin Elections Commission rejected complaints challenging the legality of the grant money. It’s unclear how adoption of the amendment would change current practice, other than place requirements currently in state law into the constitution. Federal law already requires U.S. citizenship to vote in national elections and no state constitutions explicitly allow noncitizens to vote in state or local elections.

Persons: Donald Trump, Joe Biden, Sen, Eric Wimberger, ”, Mark Zuckerberg, Priscilla Chan, Biden, Zuckerbucks ”, ” Kyle Koenen, Zuckerberg, Chan, Tony Evers, Evers, noncitizens Organizations: —, Republicans, American Civil Liberties Union, Wisconsin Conservation Voters, League of Women Voters of, Democratic, Center for Tech, Facebook, “, Wisconsin Institute for Law and Liberty, Democratic Gov, Wisconsin, Bureau Locations: MADISON, Wis, — Wisconsin, Wisconsin, League of Women Voters of Wisconsin

From 1985 to 2002, he worked at Goldman Sachs, one of the most storied — and criticized — investment banks on Wall Street. He famously swooped in to turn around the struggling IndyMac bank after its failure in the financial crisis of 2008. Earlier this month, Mnuchin jumped back into the headlines when his PE firm led a roughly $1 billion investment in embattled New York Community Bancorp. In 2009, OneWest Bank Group, where Mnuchin was chairman and CEO, bought the troubled IndyMac after federal regulators took over the bank. Mnuchin was Treasury secretary in 2020, when the Trump administration brokered a deal where Oracle and Walmart would take a large stake in TikTok.

Persons: Steven Mnuchin, Donald Trump’s, Goldman Sachs, Mnuchin, Max, Mnuchin's dealmaking, Robert Weissman, ” Weissman, Robert Rubin, Clinton, Weissman, couldn’t, NYCB, George Soros, John Paulson, OneWest, Kevin Kaiser, “, ” Kaiser, Maxine Waters, ”, Trump, doesn't, Chris Caulfield, ” Caulfield, ” ___ Rugaber Organizations: Trump, Public Citizen, Treasury, Treasury Department, Liberty Strategic Capital, Citizens, New York Community Bancorp, OneWest Bank Group, Federal, of Insurance Corp, FDIC, Wharton School, Oracle, Walmart, CNBC Locations: Wall, TikTok, Saudi Arabia, East, Washington, Congress, U.S, China, West Monroe, “

☆ U.N. Agency in Gaza Says One in Three Children Under 2 Is Acutely Malnourished
▼ + stars: | 2024-03-16 | by ( March | At A.M. | ) www.usnews.com time to read: +2 min

(Reuters) - One in three children under age 2 in northern Gaza is now acutely malnourished and famine is looming, the main U.N. agency operating in the Palestinian enclave said on Saturday. "Children's malnutrition is spreading fast and reaching unprecedented levels in Gaza," the U.N. Hospitals in Gaza have reported some children dying of malnutrition and dehydration. Israel says it puts no limit on humanitarian aid for civilians in Gaza and blames slow aid delivery on incapacity or inefficiency among U.N. agencies. Israel has accused UNRWA of complicity with Hamas, saying some staff members took part in the Oct. 7 attack and calling for the agency to be dismantled.

Persons: Israel, Janez Lenarcic, Angus McDowall, Jason Neely Organizations: Reuters, Works Agency for Palestine Refugees, IPC, Air, UNRWA, Union Locations: Gaza, Israel, Cyprus

☆ Italy fines TikTok $11 million for failing to protect minors
▼ + stars: | 2024-03-14 | by ( Maisie Linford | ) edition.cnn.com time to read: +1 min

London CNN —Italy’s competition authority has fined TikTok €10 million ($11 million) for failing to control the spread of content that it said threatened the safety of minors and other vulnerable people. The antitrust agency, AGCM, said Thursday that TikTok, which is owned by China’s ByteDance, had failed to take into account the specific vulnerabilities of adolescents using its platform, such as a tendency toward copying group behaviors. The trend involved TikTok users pinching their own cheeks to leave a lasting bruise, Reuters reported last month. A TikTok spokesperson told CNN that it disagreed with the AGCM’s decision. “We long ago restricted visibility of this content to (under-18s).”This is a developing story and will be updated.

Persons: London CNN —, TikTok, China’s ByteDance, Angelica Chiara Yazbeck Organizations: London CNN, Reuters, CNN

☆ Putin is coasting towards another term in power. Here’s what to know about Russia’s presidential election
▼ + stars: | 2024-03-14 | by ( Rob Picheta | ) edition.cnn.com time to read: +11 min

CNN —Russia is holding a presidential election that is all but certain to extend Vladimir Putin’s rule throughout this decade and into the 2030s. But this is not a normal election; the poll is essentially a constitutional box-ticking exercise that carries no prospect of removing Putin from power. But that is not to say Russians expect the election to change the direction of the country. Russia’s elections are neither free nor fair, and serve essentially as a formality to extend Putin’s term in power, according to independent bodies and observers both in and outside the country. In order to vote against Putin, you just need to vote for any other candidate,” he said on February 8.

Persons: Vladimir Putin’s, Putin, Alexey Navalny, Natalia Kolesnikova, Joseph Stalin, Putin’s, Dmitry Medvedev, euphemistically, —, Abbas Gallyamov, Gallyamov, ”, Callum Fraser, Nikolay Kharitonov, Leonid Slutsky, Vladislav Davankov, Davankov, Vladimir Zhirinovsky, Boris Nadezhdin, Yekaterina Duntsova, Duntsova, Leonid Volkov, Volkov, Stringer, Alexey Navalny –, –, Yulia Navalnaya, “, “ Putin, Don’t, Navalnaya Organizations: CNN, Russian, Duma, Getty, Levada, Central, Commission, Royal United Services Institute, Communist Party, Slutsky, Liberal Democratic Party of Russia, Kremlin, CEC, Freedom, Putin, European Union, Foreign Affairs Locations: Russia, Ukraine, AFP, Soviet, Lithuanian, Vilnius, Chechen, Grozny, Moscow, Russian

☆ Investigation Finds World Bank Failed to Police Abuse at Kenyan Schools
▼ + stars: | 2024-03-14 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The World Bank’s internal watchdog on Thursday criticized the organization’s handling and oversight of its investment in a chain of Kenyan schools that were subject to an internal investigation after allegations that students were abused. The investigation, which started in 2020, has consumed World Bank officials and shareholders in recent months and led to scrutiny of its investment arm, the International Finance Corporation, which invested in the educational project a decade ago. While the scandal predates the tenure of Ajay Banga, the World Bank’s new president, it has emerged as one of the first tests of his management. Mr. Banga will be responsible for directing any changes related to how the bank invests in private-sector projects. was interfering in the investigation, and U.S. lawmakers have told him that the bank’s future funding could hinge on his handling of the matter.

Persons: Ajay Banga, Banga Organizations: Bank, International Finance Corporation

Here’s a look at the world's first comprehensive set of AI rules:HOW DOES THE AI ACT WORK? The law’s early drafts focused on AI systems carrying out narrowly limited tasks, like scanning resumes and job applications. The astonishing rise of general purpose AI models, exemplified by OpenAI’s ChatGPT, sent EU policymakers scrambling to keep up. Rules for general purpose AI systems like chatbots will start applying a year after the law takes effect. Meanwhile, Brussels will create an AI Office tasked with enforcing and supervising the law for general purpose AI systems.

Persons: Dragos Tudorache, Sam Altman, OpenAI’s ChatGPT, it’s, ”, Joe Biden, that’s, Xi Jinping, they've Organizations: —, Union, Lawmakers, Artificial Intelligence, Big, ACT, EU, Google, Companies, Global AI, Initiative, United Nations, Group Locations: Romanian, Europe, Brussels, U.S, China, Brazil, Japan

☆ Sex Abuse Inquiry Poses Leadership Test for World Bank’s Ajay Banga
▼ + stars: | 2024-03-13 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

At the World Bank’s annual meetings last year in Morocco, the organization’s new president, Ajay Banga, outlined a sweeping vision for how he wanted to rid the world of poverty while keeping the planet habitable. The challenge is related to an investment that the World Bank made a decade ago in a chain of schools in Kenya. The educational project was partially funded through the International Finance Corporation, the bank’s investment arm. It became a source of controversy when allegations emerged in 2020 about widespread sexual abuse at the schools, prompting an investigation by the bank’s internal watchdog. has been reviewing a revised “action plan” that could take effect as soon as this week.

Persons: Ajay Banga, Banga Organizations: World Bank, International Finance Corporation Locations: Morocco, Kenya

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