regulation
Washington (AFP) - US Treasury Secretary Janet Yellen flagged risks posed in the mortgage market Friday, as regulators released recommendations to address the sector's vulnerabilities. "The vulnerabilities of nonbank mortgage companies can amplify shocks in the mortgage market and undermine financial stability," said Yellen at an open session of a Financial Stability Oversight Council (FSOC) meeting. She added that the council has laid this out in detail for the first time. Nonbank financial companies do not have a full banking license but can offer various banking services. On Friday, Yellen ...
AFP
Belgian authorities will be responsible for monitoring Telegram and addressing all European complaints about the messaging app. Telegram is based in Dubai but has chosen legal representation in Belgium, a spokesman for the Belgian Institute of Post and Telecommunications (BIPT) confirmed to Euronews Next. The EU's Digital Services Act (DSA), which took effect in February, requires companies located outside the bloc to have legal representation in one of the member states. EU countries must also designate an independent authority to supervise companies' compliance with the new rules. This will ...
Euronews (English)
The European Union’s Digital Markets Act (DMA) should have been a game-changer in Europe's quest to tame the titans of cyberspace. However, now that the DMA has come into force, it looks set to stumble into the same pitfalls as past EU endeavours. Brussels has once again cast too wide a regulatory net, strangling competition and innovation and leaving consumers scratching their heads in frustration. The EU hopes cracking down on tech giants, the gatekeepers of our digital world, will open the floodgates to competition, innovation, and better deals for consumers. But history tells a different t...
Euronews (English)
San Francisco (AFP) - Ayman Chaudhary turned her love for reading into a living on TikTok, posting video snippets about books like those banned in schools in ultra-conservative parts of the United States. Now the online platform she relies on to support her family is poised to be banned in what entrepreneurs using TikTok condemn as an attack on their livelihoods. "It's so essential to small businesses and creators; it's my full-time job," the 23-year-old Chicago resident told AFP. "It makes me really worried that I live in a country that would pass bans like these instead of focusing on what's...
AFP
San Francisco (AFP) - Elon Musk on Friday came out against banning TikTok in the United States, even if it would mean less competition for his social media platform X, formerly Twitter, as the initiative sees fresh bipartisan momentum in Congress. The US House of Representatives is set to vote on Saturday on a bill that would force TikTok to divest from Chinese parent company ByteDance or face a nationwide ban. The measure, which has the vocal backing by many Democrats and Republicans, has also been written into a massive aid package for Ukraine, Israel and Taiwan, which could ease its passage...
AFP
An argument has been brewing for weeks between France and the UK over new post-Brexit fishing rules. Last month, the UK banned bottom trawling in part of its protected waters. The move is aimed at protecting vulnerable marine habitats as this fishing practice uses heavy nets dragged along the bottom that damage the seafloor. But French fishermen say it threatens their livelihoods and some who depend heavily on these waters claim they are being unfairly targeted. What is the basis of the bottom trawling dispute?The British government announced that the harmful practice was prohibited in certain...
Euronews (English)
San Francisco (AFP) - Google on Friday said it is testing removing links to California news sites for some users in the western US state as legislators mull making the online search giant pay for connecting people to news. The Silicon Valley tech firm is preparing for the possible passage of the California Journalism Preservation Act (CJPA) that would create a "link tax" for connecting users in the state to news articles, Google Global News Partnerships vice president Jaffer Zaidi said in a blog post. The CJPA was passed by the California Assembly in June of last year, and is currently being c...
AFP
National governments will receive a letter next week asking them to appoint their AI regulators, Roberto Viola, director general at the European Commission’s digital unit said today (3 April). Compliance with the AI Act – Europe's rules aimed at regulating AI according to a risk-based approach – will be under the oversight of national authorities in the member states, supported by the AI office, a unit within the Commission. Member states have 12 months to set up their national regulators, which will together make up the AI Board, a body whose aim is to harmonise the approach to the law across...
Euronews (English)
By Jonny Evans With WWDC 2024 now set, Apple continues to work on bringing itself more in line with US government demands. What we don’t know yet is the extent to which these changes will be restricted to the EU, or whether Apple intends to make them available worldwide in an attempt to quell regulatory zeal. That regulators want to diminish the Apple user experience to open up additional digital competition is not in doubt. What isn’t known is whether these decisions will make things better or worse in the long run. So, what else does Apple plan to do to bring itself into line with regulatory...
Computer World
Sam Bankman-Fried, the fallen ‘Crypto-King’, as he was once known, was sentenced to 25-years in prison for defrauding customers and investors of his now-bankrupt crypto exchange FTX. Thursday’s ruling shows how the legal system is trying to clamp down on crypto scams. But while the sentencing serves as a warning to the industry, it is uncertain if it will be a watershed moment that cleans up crypto. Bankman-Fried was cherished in the industry and went from having his face on the cover of Fortune magazine in September 2022, as head of the world’s biggest crypto exchange, to being sat in a court...
Euronews (English)
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