In a significant development two tech trade groups have filed a lawsuit against Florida over a new legislation that fines social media companies that ban political candidates, saying it violates free speech rights. The lawsuit states that the bill signed into law by Florida Governor Ron DeSantis earlier this week on Monday, was unconstitutional. It…
Social media companies operating in Britain, including Twitter, Facebook, and TikTok could face fines up to 10% of their respective turnover if they fail to remove and limit the spread of illegal content under laws proposed by Britain on Tuesday. In a statement the British government said, social media platforms will need to do more…
Following an investigation Singapore’s antitrust watchdog concluded that Grab’s purchase of Uber’s Southeast Asian business has harmed consumers in Singapore. It has suggested remedial measures. Following Uber Technologies Inc’s sale of its Southeast Asian business to its regional rival Grab in March 2018, Singapore’s anti-trust watchdog has levied a combined fine of $9.5 million on…
Singapore’s antitrust regulator, the Competition and Consumer Commission of Singapore (CCCS) has threatened Uber Technologies and Grab that it could potentially unwind their deal unless its proposed remedies, or any further remedies, have sufficiently been able to address competition concerns and are practically implementable. On Thursday, in a blow to the Grab-Uber deal, Singapore’s antitrust…
In the first of its kind Seattle’s election authority has pulled up tech firms, under a 1977 law that requires companies, that sell election advertising, to maintain and make public records showing the names of those who bought the advertisement space, the quantum of the payments as well as the “exact nature and extent of…
The move mirrors similar announcements made by the U.S. and China where increased trading volumes of cryptocurrencies have sparked concerns. On Friday, South Korea’s financial regulator has stated it will ban the raising of funds through all forms of virtual currencies, including Initial Coin Offering, (ICO), in a move that mirrors China’s restriction on initial…
Financial misconduct by global banks, since the 2008 financial crisis, has led to the writing-off of $850 billion in profits for the world’s top 50 banks. As per a research report released on Wednesday, since the 2007-2009 financial crisis, European and U.S. regulators have imposed $342 billion in fines on banks, resulting from violations of…
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