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☆ California regulator proposes $45 mln penalty for PG&E over 2021 Dixie fire
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +1 min

A firefighter continues to hold the line of the Dixie Fire near Taylorsville, California, U.S., August 10, 2021. REUTERS/David Swanson/File Photo Acquire Licensing RightsOct 10 (Reuters) - The California Public Utilities Commission (CPUC) on Monday proposed a $45 million shareholder-funded penalty against Pacific Gas and Electric Company (PG&E) for its connections to the destructive 2021 Dixie wildfire. The proposed penalty, pending CPUC Commissioner's approval, consists of a $2.5 million fine to the California General Fund, $2.5 million payment to tribes impacted by the fire for remediation, and $40 million for capital expenditures to transition records to electronic format. CPUC enforcement staff is recommending this penalty under an Administrative Consent Order (ACO) and Agreement, as per a release on the state regulator's website. Reporting by Anjana Anil and Swati Verma in Bengaluru; editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: David Swanson, Anjana Anil, Swati Verma, Miral Organizations: REUTERS, California Public Utilities Commission, Pacific Gas and Electric Company, California General Fund, Thomson Locations: Taylorsville , California, U.S, California, Bengaluru

☆ Snapchat's AI chatbot may pose privacy risk to children, says UK watchdog
▼ + stars: | 2023-10-06 | by ( Sachin Ravikumar | Thomson Reuters | Sachin Ravikumar Is A Correspondent For Reuters In London Covering General News Across The Uk. Over Nine Years At Reuters | ) www.reuters.com time to read: +2 min

The Information Commissioner's Office (ICO) said if the U.S. company fails to adequately address the regulator's concerns, "My AI", launched in April, could be banned in the UK. "The provisional findings of our investigation suggest a worrying failure by Snap to adequately identify and assess the privacy risks to children and other users before launching 'My AI'", Information Commissioner John Edwards said. "My AI went through a robust legal and privacy review process before being made publicly available," a Snap spokesperson said. The ICO is investigating how "My AI" processes the personal data of Snapchat's roughly 21 million UK users, including children aged 13-17. Social media platforms, including Snapchat, require users to be 13 or over, but have had mixed success in keeping children off their platforms.

Persons: Lucas Jackson, John Edwards, OpenAI's ChatGPT, Snapchat, Farouq Suleiman, Sachin Ravikumar, William James, Sarah Young, Louise Heavens Organizations: Inc, New York Stock Exchange, REUTERS, Commissioner's, ICO, Reuters, Thomson Locations: New York City , New York, U.S

☆ India central bank keeps key rate steady; liquidity measures in focus
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas Acquire Licensing RightsMUMBAI, Oct 6 (Reuters) - The Reserve Bank of India's key lending rate was held steady at a fourth consecutive policy meeting on Friday, as widely expected, with investors more focused on the regulator's liquidity management plan amid a resurgence in inflation. The country's monetary policy committee (MPC) kept the repo rate (INREPO=ECI) unchanged at 6.50%, in a unanimous decision. It has raised rates by 250 basis points (bps) since May 2022 in a bid to cool surging prices. High inflation has put the focus back on liquidity management amid the reduced ability to keep hiking rates at the risk of hurting growth and commentary and further measures, if any, are being closely monitored by market participants.

Persons: Francis Mascarenhas, Das, Swati Bhat, Sudipto Ganguly, Savio D'Souza Organizations: Bank of India, REUTERS, Rights, Reserve Bank of, Reuters, Thomson Locations: Mumbai, India, Rights MUMBAI

☆ China plans to ease one of the biggest hurdles for foreign business
▼ + stars: | 2023-10-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

China News Service | China News Service | Getty ImagesBEIJING — Chinese authorities are signaling a softer stance on once-stringent data rules, among recent moves to ease regulation for business, especially foreign ones. But foreign businesses have found it difficult to comply — if not operate — due to vague wording on terms such as "important data." The country's top executive body, the State Council, in August revealed a 24-point plan for supporting foreign business operations in the country. The text included a call to reduce the frequency of random inspections for companies with low credit risk, and promoting data flows with "green channels" for certain foreign businesses. When U.S. Commerce Secretary Gina Raimondo visited China in August, she called for more action to improve predictability for U.S. businesses in China.

Persons: Reva Goujon, Goujon, Gabriel Wildau, Gina Raimondo, Martin Chorzempa, Samm Sacks, Yale Law School Paul, Chorzempa, Sacks, Beijing's Organizations: China News Service, Getty, Cyberspace Administration of China, Government, European Union Chamber of Commerce, CNBC, EU, State, China Corporate, CAC, State Council, Commerce, Peterson Institute for International Economics, Yale Law School, Yale Law School Paul Tsai China Center and New, Baidu Locations: Chongqing, BEIJING, China, Beijing, Covid, U.S, Yale Law School Paul Tsai China Center and New America

☆ Analyst on regulator's probe in tech giants' role in the cloud sector
▼ + stars: | 2023-10-06 | 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 Email'Being big is not bad', analyst discusses regulator's probe in tech giants' role in the cloud sectorCompanies always use multiple cloud service providers, says Brent Thill of Jefferies. He adds that Microsoft and Amazon always "find harmony" with the regulators.

Persons: Brent Thill, Jefferies Organizations: Microsoft

Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Coinbase Global Inc FollowOct 3 (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Tuesday asked a federal judge to deny a motion from Coinbase Global (COIN.O) to dismiss the regulator's lawsuit against the cryptocurrency exchange. THE TAKETuesday's filing showed that the SEC is seizing on the Terraform Labs ruling to raise questions about the ruling in the Ripple case, which the crypto industry had hailed as a victory. THE CONTEXTThe SEC sued Coinbase in June, accusing it of operating illegally as a national securities exchange, broker and clearing agency without registering with the regulator. Thus, the Motion hinges on whether Coinbase intermediated transactions involving investment contracts, and thus securities.

Persons: Dado Ruvic, Coinbase, Paul Grewal, Hannah Lang, Chris Prentice, Jonathan Stempel, Cynthia Osterman, Stephen Coates Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Coinbase, Ripple Labs, Terraform Labs, Terraform, Thomson Locations: Manhattan, Washington, New York

Companies Coinbase Global Inc FollowNEW YORK, Oct 3 (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Tuesday asked a federal judge to deny a motion from Coinbase Global (COIN.O) to dismiss the regulator's lawsuit against the cryptocurrency exchange. Reporting by Jonathan Stempel Writing by Chris Prentice Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Jonathan Stempel, Chris Prentice, Chris Reese Organizations: Coinbase, U.S . Securities, Exchange Commission, SEC, Thomson

☆ FCC enforces first space debris penalty in $150,000 settlement with Dish
▼ + stars: | 2023-10-02 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Signage is seen at the headquarters of the Federal Communications Commission in Washington, D.C. The Federal Communications Commission announced a settlement with Dish Network on Monday in the regulator's first penalty related to space debris. Dish admitted it was liable for failing to properly dispose of the EchoStar-7 broadcast communications satellite, and agreed to pay a fee of $150,000, the FCC said. Dish launched the EchoStar-7 satellite in 2002 and planned to remove it from service in May 2022. The company had previously agreed to an "orbital debris mitigation plan" with the FCC to relocate the satellite.

Persons: Loyaan Egal Organizations: Federal Communications Commission, Washington , D.C, Dish Network, FCC, Dish Locations: Washington ,

SYDNEY, Sept 29 (Reuters) - The blocking of three major deals by Australia's antitrust regulator in the past year was a coincidence, its chair told Reuters, pushing back against concerns among bankers that it has become deal-averse. "There happens to have been a sequence, frankly coincidentally as it turns out, of oppositions," ACCC Chair Gina Cass-Gottlieb said in an interview. There are some concerns that it could be blocked as Brookfield owns AusNet, a poles and wires asset in Victoria state. Cass-Gottlieb also said she doubted foreign investors have been dissuaded from pursuing deals in Australia which does not require companies to get formal clearance before proceeding with a takeover. "The recent stream of merger blockages will make foreign investors think twice."

Persons: Gina Cass, Gottlieb, Canada's Brookfield, Cass, Stephen Corones, Hannah Marshall, it's, Byron Kaye, Scott Murdoch, Edwina Gibbs Organizations: Australian Competition, Consumer Commission, Telstra, TPG, ANZ, Transurban, Origin Energy, Brookfield, FOCUS Cass, Investors, Queensland University of Technology, Cass, Marque Lawyers, Thomson Locations: Melbourne, AusNet, Victoria, Australia, Queensland

The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsCompanies Meta Platforms Inc FollowOSLO, Sept 28 (Reuters) - Norway's data regulator will refer the fine it has imposed on Meta Platforms (META.O) to the European data authority, it said on Thursday, a move that could make the fine permanent and widen it to the European Union. The Norwegian regulator, Datatilsynet, is now referring its decision to the European Data Protection Board, which could make the decision permanent if it agrees with the Norwegian regulator's decision. "Datatilsynet has asked the European Data Protection Board (EDPB) for a binding decision in the Meta case," the regulator said in a statement. "In the request, we ask that the Norwegian temporary ban on behaviour-based marketing on Facebook and Instagram be made permanent and extended to the entire EU/EEA."

Persons: Yves Herman, Instagram, Datatilsynet, Meta, Gwladys, Terje Solsvik Organizations: REUTERS, Meta, European Union, Facebook, Big Tech, European Data Protection, Data Protection, EEA, Thomson Locations: Brussels, Belgium, Norwegian, Norway

☆ 'Cash-flow' podcaster made off with millions in Ponzi scheme, SEC alleges
▼ + stars: | 2023-09-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

But Motil's self-described success was an elaborate façade, according to regulatory filings and Ohio bankruptcy proceedings. In a 29-page complaint, the SEC laid out how Motil issued "promissory notes" fully collateralized by property across Ohio to dozens of investors. "Nearly everything about his scheme was a lie," the financial regulator's complaint read. In one instance, according to the SEC, Motil managed to get more than $1 million from 20 different investors for just one single-family home valued at no more than $130,000. Motil and his wife, Amy, profited handsomely from the scheme, the SEC alleged.

Persons: Matt Motil, Motil, Amy Organizations: U.S . Securities, Exchange Commission, Washington , D.C, SEC, CNBC, U.S, Trustee, Federal Trade Commission Locations: Washington ,, An Ohio, Ohio

☆ S&P 500, Nasdaq notch biggest weekly losses since March
▼ + stars: | 2023-09-22 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. All three posted weekly losses, with the S&P 500 and the Nasdaq registering their largest Friday-to-Friday percentage drops since March. On Thursday, the S&P 500 dipped below its 100-day moving average - a key support level - for the first time since March, Its failure to break above that level suggests the index is still under downward pressure. Among the 11 major sectors of the S&P 500, consumer discretionary (.SPLRCD) suffered the steepest percentage loss, while tech (.SPLRCT) and energy (.SPNY) were the only gainers. The S&P 500 posted one new 52-week high and 35 new lows; the Nasdaq Composite recorded 33 new highs and 321 new lows.

Persons: Brendan McDermid, Alibaba, Zachary Hill, Hill, Jerome Powell, Michelle Bowman, Robert Pavlik, Li Auto, Stephen Culp, Ankika Biswas, Shristi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Reuters, UAW, Dow, Nasdaq, Horizon Investments, Benchmark U.S, Treasury, Dakota Wealth, Dow Jones, Ford Motor, United Auto Workers, Activision, Microsoft, PDD Holdings, Baidu, Bloomberg, Hong, NYSE, Thomson Locations: New York City, U.S, Hong Kong, Charlotte , North Carolina, Fairfield , Connecticut, Bengaluru

☆ Microsoft's $68.7 billion Activision acquisition clears key hurdle after UK regulator provisionally approves deal
▼ + stars: | 2023-09-22 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

The CMA provisionally greenlit Microsoft's acquisition of the "Call of Duty" developer. It comes after a lengthy period in which the deal was threatened because of competition concerns. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The CMA will conduct a consultation until October 6, before the acquisition agreement expires on October 18. Activision said in a statement issued to Insider, "The CMA's preliminary approval is great news for our future with Microsoft."

Persons: Activision Blizzard, Sarah Cardell, Brad Smith, We're Organizations: Microsoft, Activision Blizzard, CMA, Service, Activision, Markets, Ubisoft, Cloud Gaming Locations: Wall, Silicon

☆ Swiss financial watchdog to lose more staff
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. Preisig, who said she wants to take on a new role outside of FINMA, has headed the Strategic Services division since 2020. FINMA, the Swiss government and the Swiss National Bank have come under fire for their perceived late intervention following the collapse of Credit Suisse and its subsequent rescue by larger rival UBS (UBSG.S) in March. The regulator's secretary general, the head of international affairs and the head of communications have also recently resigned. Reporting by Oliver Hirt, Writing by Noele Illien; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Ruben Sprich, Johanna Preisig, Urban, Preisig, Angehrn, Oliver Hirt, Noele Illien, Sharon Singleton Organizations: Swiss Financial Market, Authority, REUTERS, UBS Group, Strategic Services, FINMA, Swiss National Bank, Credit Suisse, UBS, Thomson Locations: Bern, Switzerland, FINMA, Swiss

BRUSSELS, Sept 20 (Reuters) - European Union's second-top court on Wednesday backed an EU competition regulator's decision against a 700-million-euro ($748 million) Belgian tax scheme for 55 multinationals, in a major win for EU antitrust chief's crackdown on sweetheart tax deals. The Luxembourg-based General Court had in 2019 annulled Margrethe Vestager's decision after Belgium and about 30 of the companies challenged it. Beneficiaries of the Belgian scheme that dated from 2005 included U.S. manufacturer Magnetrol, oil company BP (BP.L), chemical producer BASF (BASFn.DE), Wabco, Cellio, Atlas Copco (ATCOa.ST) and Belgacom, now Proximus (PROX.BR) . The EU Court of Justice, Europe's top court, in 2021 however sided with the EU competition enforcer and referred the case back to the lower tribunal. Belgium can still appeal to the EU Court of Justice.

Persons: Margrethe Vestager's, Atlas, Europe's, Foo Yun Chee, Bart Meijer, Tomasz Janowski Organizations: Belgian, EU, BP, BASF, Justice, Belgian Finance Ministry, Thomson Locations: BRUSSELS, EU, Luxembourg, Belgium, Brussels, Amsterdam

☆ Bank stocks show more signs of life after a tumultuous year. Here's what's causing the run and why we’re optimistic on these financial names
▼ + stars: | 2023-09-19 | by ( Morgan Chittum | ) www.cnbc.com time to read: +9 min

Key Points Club names Wells Fargo and Morgan Stanley still have room to run higher. Morgan Stanley and Wells Fargo were up 6.2% and 5% in the past five days, respectively, as of Monday's close. WFC YTD mountain Wells Fargo YTD Wells Fargo doesn't stand to benefit quite as much as Morgan Stanley on a pickup in investment banking. Wells Fargo Chief Financial Officer Michael Santomassimo said the macroeconomic picture is "much better than people would have expected at this point." A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

Persons: Morgan Stanley, Wells, Banks, SVB, Wells Fargo, haven't, Chris Kotowski, Oppenheimer, Kotowski, Morgan Stanley YTD, Dan Simkowitz, Simkowitz, Morgan, management's, Michael Santomassimo, Jeff Marks, Jim Cramer's, Jim Cramer, Jim, JPMorgan, Goldman Sachs Organizations: Wall Street, Nasdaq, Venture, Arm Holdings, Wells, Silicon Valley Bank, Federal Reserve, Swiss, UBS, Credit Suisse, CNBC, Barclays Financial Conference, of Investment, Barclays, Citibank, JPMorgan Chase, Bank of America, Reuters Locations: San Francisco, Sequoia, Silicon, Republic, Big, Wells Fargo, Wells

LONDON (AP) — European regulators slapped TikTok with a $368 million fine on Friday for failing to protect children's privacy, the first time that the popular short video-sharing app has been punished for breaching Europe's strict data privacy rules. And it nudged teen users into more “privacy intrusive” options when signing up and posting videos, the watchdog said. The Irish regulator has been criticized for not moving fast enough in its investigations into Big Tech companies since EU privacy laws took effect in 2018. For TikTok, German and Italian regulators disagreed with parts of a draft decision issued a year ago, delaying it further. Instagram, WhatsApp and their owner Meta are among other tech giants that have been hit with big fines by the Irish regulator over the past year.

Persons: they're, TikTok, “, ”, Elaine Fox Organizations: —, Protection, Big Tech, Data, Meta Locations: Dublin, Europe, Brussels, China, Irish

☆ Insider Today: Big banks are screwed
▼ + stars: | 2023-09-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

It's the latest example of the pressure big banks are under to keep their place atop Wall Street. Before the announcement, the bank's share price was down almost 9% this year, trailing all of its fellow big bank peers in the US except Bank of America. Citi's overhaul represents how big banks are scrambling to stay on top of a financial world passing them by. CEO Jamie Dimon recently quipped he "wouldn't be a big buyer of a bank" in reference to proposed regulations requiring big banks to keep more money on the sidelines. Whether it's fintechs or so-called shadow banks, there's no shortage of players looking to offer services previously dominated by big banks.

Persons: that'll, isn't, Mike Kemp, Insider's Jennifer Sor, Jane Fraser, Fraser, Fraser isn't, she's, Michael Corbat, Citi's reorg, Goldman Sachs, David Solomon, Rebecca Ungarino, Wells, Charlie Scharf, JPMorgan — isn't, Jamie Dimon, it's, Robert Nickelsberg, Morgan Stanley, — isn't, Arantza Pena Popo, Nicole Zaridze, Elon Musk, Post Malone, —, Hunter Biden, Garrett Ziegler, Paul Morigi, Biden's, Joey Hadden, I've, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Citigroup, Getty, Bank of America, JPMorgan, Independence, Apple, Post, SEC, Trump, Wikimedia, Motors, Ford, Nintendo Locations: Wall, Silicon, Seattle, New York City, China, Boxabl, Michigan, San Diego, London, New York

☆ China’s Didi Q2 revenue grows as regulatory curbs ease
▼ + stars: | 2023-09-09 | by ( ) www.reuters.com time to read: +1 min

The Didi logo is seen on the facade of the company headquarters in Beijing, China November 9, 2021. Didi posted a net loss of 300 million yuan, the company said in a statement on Saturday. It was delisted from the New York Stock Exchange last year. Didi began to emerge from its regulatory troubles earlier this year, after China announced the end up of a cybersecurity investigation into the firm and allowed it to restore its apps to mobile app stores. ($1 = 7.3430 Chinese yuan renminbi)Reporting by Yelin Mo and Brenda Goh; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Didi Chuxing, Didi, Yelin Mo, Brenda Goh, William Mallard Organizations: REUTERS, Yilei, Rights, HK, SoftBank, Cyberspace Administration of, Reuters, New York Stock Exchange, China, Thomson Locations: Beijing, China, Rights BEIJING, Cyberspace Administration of China, U.S

A panel of judges in the District of Columbia Court of Appeals in Washington said the securities regulator's denial of Grayscale's proposal was arbitrary and capricious because the SEC failed to explain its different treatment between bitcoin futures ETFs and spot bitcoin ETFs. CRYPTO WINThe SEC rejected Grayscale's application for a spot bitcoin ETF in June 2022, arguing the proposal did not meet anti-fraud and investor protection standards. The court said in its ruling that the SEC failed to explain why it disagreed with Grayscale's assertion that the bitcoin spot and futures markets are 99.9% correlated. If the SEC chooses not to appeal, the court would issue a mandate specifying how its decision should be executed. That could include instructing the SEC to approve the application, or to revisit Grayscale's application, in which case the SEC could still reject the proposal on other grounds.

Persons: Dado, CRYPTO, Judge Neomi Rao, Hannah Lang, Chris Prentice, Paul Simao, Matthew Lewis Organizations: REUTERS, WASHINGTON, U.S . Securities, Exchange, District of Columbia, SEC, CRYPTO WIN, Fidelity, Appeals, U.S, Supreme, BlackRock, New, Thomson Locations: District, Washington, New York

☆ Here's what's next for bitcoin ETFs after a court ruled in favor of Grayscale over the SEC
▼ + stars: | 2023-08-29 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +6 min

A federal appeals court struck down the SEC's order denying the conversion of the Grayscale Bitcoin Trust (GBTC) into an exchange traded fund. The decision does not guarantee that investors will be able to freely trade a bitcoin ETF anytime soon, however. Another impact could be for the bitcoin futures ETFs that are already on the market, led by the $940 million ProShares Bitcoin Strategy ETF (BITO) . Those funds could see outflows if investors choose the spot bitcoin products instead. Consider Valkyrie's attempt to change its bitcoin futures product into a broader crypto fund that also holds ether futures.

Persons: Jeremy Senderowicz, Vedder Price, Senderowicz, Terrence Yang, Swan, Yang, Cathie Wood, Islam, bitcoin Organizations: Securities, Exchange, SEC, Appeals, U.S, Supreme, CNBC, Ark Invest, Bloomberg News, BlackRock, Marathon

☆ Indian regulator's probe faults Adani group on disclosure rules -sources
▼ + stars: | 2023-08-28 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

[1/2] The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. India's Supreme Court, which is overseeing SEBI's investigation of the Adani group, is set to hear the matter on Tuesday. But SEBI has no plans to make the report public until the regulator has passed its orders on the Adani investigation, one of the sources said. In its January response to Hindenburg's accusations, the Adani group said all related party transactions had been fully identified and disclosed. But it was not immediately clear what penalties the regulator will eventually recommend in the Adani investigation.

Persons: Amit Dave, India's, Gautam, SEBI, Jayshree, Clarence Fernandez Organizations: Adani, REUTERS, The Securities, Exchange Board of India, Hindenburg Research, Thomson Locations: Ahmedabad, India, Indian

A smartphone with Meta logo is seen in front of displayed Facebook's new rebrand logo Meta in this illustration taken, October 28, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Meta Platforms Inc FollowOSLO, Aug 23 (Reuters) - Meta Platforms (META.O) is breaking European data privacy rules in Norway, the country's data regulator told a court on Wednesday, in a case that could have wider European implications. The fine is valid as Meta is not respecting European General Data Protection Regulation (GDPR), said Hanne Inger Bjurstroem Jahren, a lawyer representing the regulator, Datatilsynet. "There is no discussion on whether the company is in violation of these rules ... Today Meta breaks GDPR rules," she told the court, speaking on the last day of a two-day hearing. Datatilsynet could make the fine permanent by referring its decision to the European Data Protection Board, which has the power to do so, if it agrees with the Norwegian regulator's decision.

Persons: Dado Ruvic, Meta, Instagram, Hanne Inger Bjurstroem Jahren, Datatilsynet, Gwladys, Tomasz Janowski Organizations: REUTERS, Big Tech, Facebook, Data Protection, Meta, European Data Protection, European, Thomson Locations: Norway, Norwegian, Europe

☆ US FDA panel votes against use of Medtronic's blood pressure treatment device
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The same panel on Tuesday voted in favor of rival ReCor's device for use in a surgery called renal denervation in patients whose high blood pressure cannot be controlled by drugs. Separately, while all panel members voted the device was safe to use, 6 of 13 voted against its effectiveness. Japan-based Otsuka Holdings' (4578.T) unit ReCor's device was shown to provide a benefit in lowering blood pressure in clinical trials. Medtronic's device helped to lower blood pressure at the doctor's clinic but not at home, which is considered a more accurate measure of blood pressure monitoring. The company was seeking the health regulator's nod for the device indicated for patients whose hypertension, or high blood pressure, cannot be controlled with drugs.

Persons: Andrew Kelly, Jason Weidman, Sriparna Roy, Krishna Chandra Eluri Organizations: Food and Drug Administration, FDA, REUTERS, U.S . Food, Wednesday, Otsuka Holdings, Thomson Locations: White Oak , Maryland, U.S, Japan, Europe, Bengaluru

☆ Facebook owner Meta Platforms seeks to stop privacy breach fine in Norway
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman//File Photo Acquire Licensing RightsCompanies Meta Platforms Inc FollowOSLO, Aug 22 (Reuters) - Meta Platforms (META.O) will ask a court in Norway on Tuesday to stop a fine the country's data regulator has imposed on the owner of Facebook and Instagram for breaching users' privacy, in a case that could have wider European implications. Since Aug. 14, Meta Platforms has been fined 1 million crowns ($94,313) per day for harvesting users' data and using it to target advertising at them, called behavioural advertising, a business model common to Big Tech. Meta Platforms is asking for a temporary injunction against the order, which imposes a daily fine through to Nov. 3. Datatilsynet could make the fine permanent by referring its decision to the European Data Protection Board, which has the power to do so, if it agrees with the Norwegian regulator's decision.

Persons: Yves Herman, Meta, Tobias Judin, Datatilsynet, Gwladys Fouche, Sharon Singleton Organizations: REUTERS, Facebook, Big Tech, European Union, European Economic, EEA, Reuters . Regulator, Meta, Reuters, European Data Protection, Thomson Locations: Brussels, Belgium, Norway, Norwegian, Europe, Oslo

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