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Search resuls for: "Economic Area"


7 mentions found


☆ Factbox: Global regulatory actions against FTX
  + stars: | 2022-11-11 | by ( ) www.reuters.com   time to read: +1 min
FTX and its local units, had already attracted scrutiny from regulators around the world. The Securities Commission of the Bahamas said on Thursday it would freeze the assets of FTX Digital Markets, the group's local unit, and also appointed a provisional liquidator for the unit. EUROPE/CYPRUSCyprus's Securities and Exchange Commission asked FTX EU to suspend its operations on Nov. 9, the regulator said on Friday. FTX announced in September it had received approval from the Cypriot regulator to operate as a Cyprus Investment Firm, allowing the company to fully own a local investment firm it had previously acquired. The local unit resumed withdrawals on Friday.
☆ TikTok makes clear European data can be accessed by China-based employees
  + stars: | 2022-11-03 | by ( Brian Fung | ) edition.cnn.com   time to read: +2 min
Washington CNN Business —TikTok updated its privacy policies for European users on Tuesday, adding explicit disclosures that personal data from the app may be viewed by employees in China. The announcement, which TikTok said was aimed at providing greater transparency, applies to users in the European Economic Area, the UK and Switzerland — not the United States, though TikTok said it does store European users’ data in the US and in Singapore. In addition to China, TikTok data may be handled by employees in countries including Brazil, Canada, Israel, Japan, Malaysia, the Philippines, Singapore, South Korea and the US, the company said. TikTok has also migrated US user data from proprietary servers in the US and Singapore to cloud-based servers hosted by Oracle. But that has not dampened criticism that user data could still be accessed by China-based individuals subject to that country’s security laws, a practice TikTok would not commit to stopping and further emphasized would continue with Tuesday’s European policy update.
☆ UK breaching Brexit agreement on EU citizens’ rights, London court told
  + stars: | 2022-11-01 | by ( Sam Tobin | ) www.reuters.com   time to read: +2 min
LONDON, Nov 1 (Reuters) - The British government is breaching the withdrawal agreement with the European Union by requiring EU citizens to reapply for the right to live and work in the United Kingdom, an independent body set up to oversee citizens’ rights told a London court on Tuesday. The Independent Monitoring Authority (IMA) says the Home Office’s post-Brexit settlement scheme unlawfully requires up to 2.6 million EU citizens to make a second application after being allowed to remain in the UK or lose their rights of residence. He said that this aspect of the EU settlement scheme – and a similar scheme for citizens from the countries of the European Economic Area and the European Free Trade Association – is “straightforwardly incompatible with the withdrawal agreement”. Palmer also said the European Commission, which has intervened in the case, supports the IMA’s interpretation of EU citizens’ rights under the withdrawal agreement. David Blundell, representing the Home Office, argued in court documents that the settlement scheme gives EU citizens “significantly more generous protection” than is required under the withdrawal agreement.
☆ Germany's pension system will collapse without reform, influential lobby group says
  + stars: | 2022-10-31 | by ( Hannah Ward-Glenton | ) www.cnbc.com   time to read: +2 min
Germany's pension system won't be financially viable in five years' time without reform, according to Rainer Dulger, the president of the Confederation of German Employers' Associations. The influential lobby group represents around 20 million employees in the German workforce. Dulger told Germany's Bild am Sonntag newspaper Sunday that the German economy is weakening and the social system is on "the verge of collapse." Labor shortages and an aging population are contributing to the challenges faced by the German pension system. The West German pension system was extended to East Germany, causing years of financial upheaval.
☆ Whistleblowers dodged $10 bln in EU cartel fines in past 16 years
  + stars: | 2022-10-25 | by ( Foo Yun Chee | ) www.reuters.com   time to read: +1 min
BRUSSELS, Oct 25 (Reuters) - Companies that alerted European authorities to cartels in the last 16 years dodged 10 billion euros ($9.97 billion) in potential fines, EU antitrust regulators said on Tuesday as they announced efforts to encourage more whistleblowing. Launched in 1996 and revised several times since then, the European Commission's leniency programme offers the first company that reports wrongdoing total immunity from fines while those that subsequently come forward with evidence can get discounts up to 50%. It said the total amount of fines imposed during the same period was 15 billion euros. Making it even easier for whistleblowers to test the water before committing themselves to the procedure, the leniency programme allows companies to start informal talks with the EU competition enforcer without disclosing their names and the sector they are in. They can also make a hypothetical application with details of wrongdoing to see if they qualify for reduced fines.
☆ EU clears Celanese to buy DuPont unit on divestment condition
  + stars: | 2022-10-12 | by ( ) www.reuters.com   time to read: +1 min
Celanese announced the deal in February but had to offer remedies to address EU antitrust concerns. The combined entity would have been the largest producer of thermoplastic copolyester (TPC) in the European Economic Area and globally, with only a few alternative suppliers remaining. Register now for FREE unlimited access to Reuters.com RegisterThe EU approval is conditional on Celanese divesting its global TPC business, including its production facility in Italy and certain brands. DuPont is remoulding its portfolio to focus on high-margin electronics and water solutions businesses. Register now for FREE unlimited access to Reuters.com RegisterReporting by Charlotte Van Campenhout; editing by Philip BlenkinsopOur Standards: The Thomson Reuters Trust Principles.
☆ French telecoms tycoon Niel ventures into crowded payment sector
  + stars: | 2022-09-27 | by ( Mathieu Rosemain | ) www.reuters.com   time to read: +2 min
Xavier Niel, founder of French broadband Internet provider Iliad, arrives for a hearing on the concentration of media ownership in the country, at the French Senate in Paris, France, February 18, 2022. REUTERS/Sarah Meyssonnier/File PhotoRegister now for FREE unlimited access to Reuters.com RegisterPARIS, Sept 27 (Reuters) - Xavier Niel, the founder and owner of French telecoms group Iliad, is venturing into the crowded payment sector with the aim of applying the same low-cost formula he used for mobile phone services. Register now for FREE unlimited access to Reuters.com RegisterThe payment sector includes bigger companies such as U.S.-based Stripe and Netherlands-based Adyen (ADYEN.AS), currently valued at about 40 billion euros ($38.50 billion). Iliad's Free Mobile services shook France's mobile market in 2012 with cheaper contracts, unleashing a wave of cut-throat competition whose effects are still be felt today. ($1 = 1.0391 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Mathieu Rosemain; editing by Richard LoughOur Standards: The Thomson Reuters Trust Principles.
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