European privacy investigators expect to complete a lengthy probe into whether Facebook violated the bloc’s tough data protection rules by the end of the year, according to the Irish official who is leading the inquiries. Under the European Union’s one-year-old privacy rules, the social networking giant faces a fine of up to four percent of its annual global turnover, or $2.2 billion, as part of an ongoing investigation that coincides with a separate $5 billion penalty from the U.S. Federal Trade Commission over a similar privacy-related wrongdoing, which may be announced as soon as next week. Any possible upcoming European fine is not expected to reach that level. But Dale Sunderland, deputy commissioner at Ireland's privacy watchdog, who oversees the agency's investigations into tech giants like Facebook, Google and Apple whose international headquarters are located in Dublin said Facebook was likely to be one of the first tech companies to be hit with a … [Read more...] about EU privacy ruling against Facebook to come by end-2019
Federal trade commission rules
LONDON (Reuters) - Brexit, tougher data privacy protection and a crackdown on foreign clearing houses risk fragmenting markets, bumping up costs and undermining efforts to avert another financial crisis, global regulators said on Tuesday. The International Organization of Securities Commissions, which groups market regulators from the United States, Japan, China, the European Union and 30 other jurisdictions, said in a report that regulators were already working together more closely to avoid rules from disrupting cross-border trade. “Nevertheless, some challenges remain and strengthening cooperation between regulatory authorities could further assist in addressing risks to the financial system stemming from market fragmentation,” IOSCO said in a report. Reforms introduced by the Group of 20 Economies (G20) to plug regulatory gaps uncovered by the financial crisis a decade ago may be unintentionally disrupting markets, the report said, echoing a longstanding view of … [Read more...] about Brexit, data privacy rules damaging markets, report says
Smartphone chip giant Qualcomm suffered a fresh blow in its antitrust battle with a US federal judge's ruling that it "strangled competition" for years at the expense of consumers and device makers. Shares in Qualcomm sank some eight percent in opening trading Wednesday after the ruling that the company violated antitrust law, in a case with major implications for the smartphone market. Judge Lucy H. Koh of the northern district of California ordered Qualcomm to change its pricing and sales practices, after finding it "engaged in anticompetitive conduct" towards customers like Sony, Samsung and China's Huawei. "Qualcomm's licensing practices have strangled competition" in the chip market for years, "and harmed rivals," she said in the ruling Tuesday in the lawsuit brought by the US Federal Trade Commission. She added that Qualcomm's abusive tactics have been continuing and that it "is likely to replicate its market dominance during the transition to 5G, the next generation of modem … [Read more...] about Qualcomm shares slide after US antitrust ruling
Chipmaker Qualcomm saw its shares sink more than 12 percent in premarket trading Wednesday after a US federal judge ruled that the company violated antitrust lawd. US District Judge Lucy Koh ordered Qualcomm to change its pricing and sales practices, after finding it "engaged in anticompetitive conduct" toward customers like China's Huawei, Samsung and Sony. "Qualcomm's licensing practices have strangled competition" in the chip market for years, "and harmed rivals," she added. The southern California-based company's shares had soared after reaching a settlement with Apple last month over royalty payments for chips used in smartphones, which was expected to generate a $4.5 billion windfall. But the 230-page ruling showed the company violated Federal Trade Commission laws by using "unfair methods of competition." The company said it will seek an expedited appeal of the ruling. "We strongly disagree with the judge's conclusions, her interpretation of the facts and her application of the … [Read more...] about Qualcomm shares sink 12% after US antitrust ruling
Q My family and I are going to Las Vegas in July, staying at the Bellagio for a week. We have been informed that on top of the normal cost of the holiday, resort fees of up to $40 per night will apply. This means potentially an extra $280 is payable at the hotel. That is more than £200 and is a lot of money as far as I’m concerned. I’ve heard pretty much all Las Vegas hotels charge this. What are these extra fees for, and do they have any legal basis to be able to charge them? Jason W A The resort fee is an American concept that first appeared in 1997. The US Federal Trade Commission estimates that one in 14 American hotels now imposes a resort fee, making about £2bn in a year. We’ll tell you what’s true. You can form your own view. From 15p €0.18 $0.18 USD 0.27 a day, more exclusives, analysis and extras. Subscribe now The resort fee is used as a device designed to flatter a hotel’s rates on price-comparison sites, and to allow … [Read more...] about Travel Question: Why do I have to pay resort fees on my Las Vegas trip?