Meta Platforms Inc, the parent company of Facebook, is reportedly set to receive a record-breaking fine from the European Union (EU) related to data transfers of EU users to US servers, due to the firm’s failure to comply with a warning from the EU court. According to two unnamed sources, the fine will be higher than the previous EU record of €746m ($821.20m) imposed on Amazon. Irish Data Protection Commissioner Helen Dixon and other EU regulators have been finalising a ban on Facebook’s European data transfer tool over concerns regarding US intelligence agencies’ access to this data.
The South African rand has weakened after worse-than-expected March retail sales data and the dollar hitting a six-week high. Information from Statistics South Africa data indicates that the country experienced a 1.6% drop in year-on-year retail sales during March. Meanwhile, concerns about an ongoing power crisis was heightened after reports of a further delay in maintenance at the country's only nuclear power station.
"Special forces travel", aggressively seeking out sights and experiences while spending as little money as possible, is a symptom of the underlying weakness in household consumption in China, and could cast a shadow over the country's post-pandemic recovery in domestic tourism. Many Chinese travellers this year are seeking adventure on a budget, with domestic travel booming and tourists often choosing overnight trains and cheap hostel beds. So far in 2021, domestic consumption has consistently underwhelmed, held back by struggling property markets, high youth unemployment and broader concerns over job stability.
Fertility app fined $200,000 for leaking customers health data
CNN
23-05-17 22:57
Fertility app Premom has been fined $200,000 in federal and state fines for sharing user’s health information with other companies without their consent, including with Google and two Chinese-based companies. Many regulators have increased scrutiny of fertility trackers and health data security in the face of last year's US Supreme Court decision on abortion protection. The regulation breach allegedly impacted hundreds of thousands of Premom users from at least 2018 to 2020, violating the Health Breach Notification Rule.
China's fiscal revenue rose 11.9% in the first four months of 2023, up from a 0.5% rise in January-March, as the country's economy continues to recover from COVID-19. Fiscal revenue was 8.32 trillion yuan ($1.20 trillion) in the first four months, while fiscal expenditure grew 6.8% to 8.64 trillion yuan over the same period. In April, fiscal revenue jumped approximately 70% from a year earlier, accelerating from a 5.5% rise in March. However, April data suggests a possible loss of momentum at the start of Q2 following the end of COVID-19 lockdowns last year. Analysts expect China's economy to grow almost 8% in the second quarter, partly due to a low base last year.
Explosions were reported in several locations across Ukraine, including air raids in the capital Kyiv, leading to many residents taking shelter. Other regions, including Zhytomyr to the west of Kyiv, and Kirovohrad, Cherkasy and Dnipropetrovsk in central Ukraine, also reported warnings. The rocket attacks followed an attack by Russia utilising hypersonic missiles; while the Ukrainian air defences largely succeeded in intercepting the missile attack, falling debris caused a fire in the Darnytskyi district of Kyiv.
The Indian rupee is set to open unchanged today (20 May) after a further rise in US yields and an optimistic outlook over the US debt ceiling buoyed investor sentiment, and the currency is expected to remain at a similar value to last trading day. The rupee had fallen to INR82.44, the lowest point in six weeks. The currency faces risk on both sides, analysts said, with expectations of support from the Reserve Bank of India on one side, and yields and momentum on the other.
The largest underwater 3D scan in history is set to unlock many of the secrets behind the disaster that claimed 1500 lives when the Titanic hit an iceberg and sank in April 1912. With a lack of visibility hampering experts’ exploration of the wreck since it was discovered in 1985, the more than 700,000 images covering every millimetre of the structure needed to create the now-available “digital twin” 3D reconstruction are said to be approximately 10 times larger than any other underwater 3D model ever made. The 3D imaging technology and mapping systems used could overcome “all kinds of amazing small little details that you can see,” according to Gerhard Seiffert, an imaging specialist. Expedition and filming company Atlantic Productions produced a 4k documentary of the new footage.
The exploration team had to use submersibles Romeo and Juliet to study the ship for 200 hours, during which the submersibles covered every angle while wrangling with Atlantic storms that threatened their stability. The footage revealed that while the bow was preserved by ice-cold water, the stern, which lies 800 metres away on the seabed, collapsed into the mud. Dozens of shoes, champagne bottles, statues and other ornaments still lie scattered around the ship, with even the serial number on one of the propellers visible.
Even once this definitive scan is studied, however, the mystery of how the titanic sank could remain unsolved. Park Stephenson, an expert who has been researching the ocean liner for 20 years, said the new information will “allow people to zoom out and to look at the entire thing for the fist time,” and that it was “a true game changer.” He added the new information could “shed light on what really led to the disaster, including where the ice struck” and that it was the “beginning of a new chapter”.
The weakened Chinese yuan is making the nation's commodities more expensive for buyers, but an accompanying stimulus would be welcomed by commodities markets, according to Bloomberg. China is the largest buyer of crude and copper, and accounts for 50% of global demand for iron ore. This week, the offshore yuan passed the threshold of seven per dollar, which could have an impact on China's demand for food, energy and materials, as the majority of these markets are priced in dollars. However, contracts secured on long-term deals should limit the immediate impact of a cheaper yuan.
Montana Governor Greg Gianforte has signed a bill banning China-based TikTok from operating in the state due to concerns over alleged Chinese surveillance. This makes Montana the first US state to take such a step. TikTok has faced scrutiny and allegations of security risks in the US. In November last year, FBI Director Chris Wray said the short-video app posed a risk to national security due to the fact Chinese companies were required to do “whatever the Chinese government wants them to in terms of sharing information or serving as a tool of the Chinese government". Meanwhile, US lawmakers have said that the Chinese government, which controls tech firm ByteDance, which owns TikTok, can force the parent company to hand over user data. The US is not alone in its concerns over the app, with India having moved to ban TikTok over security issues in 2020.
Explosions were reported in central and southern Ukraine, including the capital, Kyiv, on Thursday after air raid sirens sounded across the country. Missile attacks in central Vinnytsia and the death of one person in a strike on an industrial facility in Odesa were among other incidents reported. China's special envoy for Eurasian affairs, Li Hui, has confirmed there is no remedy to the conflict and called for Kyiv and Moscow to engage in talks to end the war. Meanwhile, Joseph Borrell, the European Union's foreign policy chief, called for the amount allocated for military aid for Ukraine to be raised by $3.85bn.
US federal officials have warned about continued cyber-threats in medical devices. HHS deputy director of the office of preparedness, Brain Mazanec, claimed that almost all hospitals hold support systems that are out of date, suggesting the need for stricter laws for medical device manufacturers. The omnibus package, signed by President Biden in 2023, requires manufacturers to provide key cybersecurity information to the Food and Drug Administration (FDA). However, regulators are yet to enforce cybersecurity requirements for devices, with device sponsors given until October 1 to work out any discrepancies before applications are rejected. The FDA has identified that medical devices, from electronic thermometers to MRI machines, pose a unique area for cybersecurity. Medical devices are connected and interoperable in hospital settings, meaning one failure may cause others to fail, posing a wider secondary risk. The amended rules dictate that manufacturers are to provide a software bill of materials, send device patches, and disclose all vulnerability findings. The FDA has been working to future-proof as the lifecycle of devices is two decades long, with the industry required to design and implement these new systems for improved resilience.
Sterling continued to fall after reaching a three-week low against the US dollar, owing to Britain's tepid economic performance and a softening labour market. This comes after data from the previous week's showed the jobless rate rising to 3.9% for the three months to March, signifying a slow growth in the economy. Michael Brown, strategist at TraderX, said the combination of "high core inflation, very slow growth and a softening labour market" is why "things don't look great at the moment so it's perhaps no surprise to see sterling lower".
Republican-controlled states across the US have introduced more than 500 bills affecting LGBTQ+ people, of which 48 have passed, in the first five months of this year alone. The majority target transgender people, with the bills touching every aspect of the community’s public life. Many of the measures aim to prevent transgender girls from participating in female sports, require trans people to use the bathroom that matches their gender assigned at birth, or restrict trans people from changing their gender on their identity documents. LGBTQ+ rights activists are pushing back, with protests in Texas leading state lawmakers to send back a bill seeking to ban gender-affirming care. Meanwhile, many Republicans in the five states to have passed bills arguing that it is a mistake to let gender-affirming care occur. They distrust the medical consensus endorsing gender-affirming care, branding it dangerous and experimental.
Developed nations are struggling with a shortage of workers which is hitting every sector of the economy. The UK, the US and EU are all grappling with the challenge, which has hit skilled jobs in the technology sector particularly hard. The skills gap has been caused by a lack of interest in maths and science by students at all levels, a problem that has led to too few people having the technical skills required by employers. An in-depth report in Raconteur explores the issue, which government policies have failed to tackle, and suggests that initiatives aimed at upskilling the workforce have been viewed as ineffective by business leaders.
Environmental campaigners are warning that England's failure to include glass bottles in its deposit return scheme will lead to a weaker system compared to that of Scotland. The deposit return scheme, which is set to begin in March 2024 in Scotland, will include glass bottles, helping to cut CO2 emissions by more than 50,000 tonnes annually. England's scheme, however, will be limited to drinks cans and plastic bottles. Campaigners argue that the English scheme should also include glass bottles, which they say are the most carbon-intensive material, hazardous to animals and people, and costly for local authorities to deal with.
Analysts have expressed surprise at the recent 2% bounce in the US dollar, given that greenback was widely expected to continue its decline. The general consensus was that cooler inflation and potential interest rate slowdowns would make for a lower US currency. Analysts have put the bump down to increased safe-haven demand revolving around worries about US debt ceiling negotiations, the vulnerability of US banks and uncertainty over the global economy's outlook. Traders currently expect the US Federal Reserve to cut interest rates significantly later this year due to a falling economy, something which Alvin Tan, head of Asia FX strategy at analysts RBC Capital Markets, doubts will happen, stating there is "a chance that US interest rates could grind higher." The net short bets of hedge funds and other speculators against the dollar amounts to $14.56bn, the largest position since mid-2021, which Chester Ntonifor, FX strategist at BCA Research, suggested rendered a potential rebound.
The Canadian Football League (CFL) has partnered with Genius Sports to create a new data collection system, CFL LiveStats, for better tracking and live betting on games. The system will provide play-by-play updates on every game, which could lead to "interactive gaming, responsible sports wagering, and more", said CFL COO David Goldstein. The partnership began in 2021 with the launch of the CFL Game Zone, which led to more than 30,000 new registrations viewing exclusive offers from partners. CFL LiveStats will debut during the exhibition schedule but has built-in flexibility for future features.
Criticism has been levelled at the US Equal Employment Opportunity Commission by Republicans in Congress, who accused the body of performing inadequately under the administration of Joe Biden. At issue was the backlog of workplace discrimination complaints, which the EEOC experienced in 2021, as the US attempted to emerge from Covid-19. It also handled a larger than usual number of phone calls and emails from workers. The backlog of complaints had reduced during the administration of former president Donald Trump. Congress members have also requested data for the types of discrimination, based on sex, race and other factors.
UK-based outsourcing firm Capita has caused a data breach at five further local councils, in addition to a breach at Colchester council, which manipulated benefits data. The latest revelations concern Coventry council, Adur and Worthing council in West Sussex as well as Rochford District and South Staffordshire council. Capita, a major government contractor and outsourcer for IT and data processing services, was the subject of a cyber attack in March and is currently investigating the latest data breach to understand how the company’s data handling system experienced a breach.
