Tag: Finance

Amazon discloses record-shattering $887M GDPR fine.

Amazon on Friday disclosed it has received notice of a €746 million (U.S. $887 million) fine in Luxembourg under the General Data Protection Regulation (GDPR) for unlawful processing of personal data.

The fine, which has yet to be confirmed by the Luxembourg National Commission for Data Protection (CNPD), would completely shift the enforcement landscape of the EU’s landmark privacy law. The total is more than double the combined amount of the 741 penalties handed out under the GDPR to date, according to Privacy Affairs, and nearly 15 times larger than the €50 million penalty Google was hit with in France in 2019 that has stood as the record since.

“Maintaining the security of our customers’ information and their trust are top priorities,” the spokesperson said. “There has been no data breach, and no customer data has been exposed to any third party. These facts are undisputed. We strongly disagree with the CNPD’s ruling, and we intend to appeal. The decision relating to how we show customers relevant advertising relies on subjective and untested interpretations of European privacy law, and the proposed fine is entirely out of proportion with even that interpretation.”

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In the filing, Amazon—whose European headquarters are based in Luxembourg—said it was notified of the fine by CNPD on July 16. The decision by the regulator further calls on Amazon to revise its data privacy practices.

The Wall Street Journal in June reported the Luxembourg data protection authority was preparing to fine Amazon more than $425 million over the way it collects personal data and uses it for marketing purposes. It is unclear what might have caused the fine to double. The Luxembourg DPA “does not comment on specific cases.”

The GDPR has the potential to fine companies up to 4 percent of their global revenues, which would be well into the billions for a firm like Amazon.

England NHS workers offered 3 per cent pay rise by Government after pandemic efforts.

England NHS workers offered 3 per cent pay rise by Government after pandemic efforts.

NHS staff in England been offered a pay increase of three per cent by the Government, the Department of Health and Social Care has announced.

The rise is for staff including nurses, paramedics, consultants and dentists and will be backdated to April after the government accepted the recommendations of the pay review body,

Frontline staff have been lobbying for more after a decade of below inflation increases.

Inflation is at 2.5% and the Consumer Price Index measure – the average cost of goods and services – is expected to rise to between 3% and 4% by the end of the year.

The Department of Health and Social Care said the pay rise would mean an additional £1,000 per year for the average nurse and a £540 annual increase for porters and cleaners.

Health Secretary Sajid Javid said: “NHS staff are rightly receiving a pay rise this year despite the wider public sector pay pause, in recognition of their extraordinary efforts. We asked the independent pay review bodies for their recommendations and I’m pleased to accept them in full, with a 3% pay rise for all staff in scope, from doctors and nurses to paramedics and porters.

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“We will back the NHS as we focus our efforts on getting through this pandemic and tackling the backlog of other health problems that has built up.

“I will continue to do everything I can to support all those in our health service who are working so tirelessly to care for patients.”

Minister for Care Helen Whately said: “I am determined to make the NHS the best place to work for all our staff and we continue to invest in recruitment and retention with over 45,300 more staff in the NHS now compared to a year ago, including nearly 9,000 more nurses and over 4,000 more doctors.

“Our NHS staff have worked incredibly hard to fight the pandemic for over eighteen months and I’m glad to confirm we are accepting the pay review bodies’ recommendations in full this year, so staff in their remit will receive a 3% pay rise.”

The announcement came at the eleventh hour after its schedule release at 1.30pm on Wednesday was aborted when no agreement could be reached.

Unison said it was pleased the Government had moved from its initial recommendation of a 1% pay rise, but added that staff deserved more.

U.S. dollar advances to three-month high in safety move.

 

The U.S. dollar climbed to a three-month peak on Tuesday in a flight-to-safety bid, as investors remained anxious about a fast-spreading coronavirus variant that could throttle global growth.

Commodity currencies tied to risk appetite such as the Australian and New Zealand dollars struggled, with investors opting for safety or staying on the sidelines amid renewed fears about the highly contagious Delta variant, now the dominant coronavirus strain worldwide.

U.S. infections have surged, especially in areas where vaccinations have lagged.

The dollar rose as yield differentials have moved against it. Benchmark 10-year U.S. Treasury yields dipped to a five-month low below 1.20% on Monday on renewed skepticism about a strong economic rebound from the pandemic.

“Shifts in relative growth rate expectations are weakening capital flows out of the U.S. and heightening the appeal of dollar-denominated investments,” said Karl Schamotta, chief market strategist at Cambridge Global Payments in Toronto.

“At the same time, an unwinding in speculative positions is forcing a short squeeze in currency markets – driving the dollar upward,” he added.

In afternoon trading, the dollar index, a measure of its value against six major currencies, rose 0.1% to 92.961, after hitting a three-month high of 93.161 earlier in the session.

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Data showing U.S. housing starts rose 6.3% to a seasonally adjusted annual rate of 1.643 million units last month had little reaction from the FX market.

“I believe the safe-haven strengthening in the dollar is merited, considering that global progress has been anemic to what it appeared like in Q1 so now all valuations and high expectations for growth are being rightly questioned,” said Juan Perez, FX strategist and trader at Tempus Inc in Washington.

In other currencies, the euro weakened 0.2% to $1.1780, after dipping to $1.1755, the lowest since early April ahead of a European Central Bank policy decision on Thursday.

The British pound was also among the biggest losers, with the currency declining 0.4% to $1.3607, as Boris Johnson’s “freedom day” – ending more than a year of COVID-19 lockdown restrictions in England – was marred by surging infections.

The Australian dollar dropped to its lowest since late November and was last down 0.2% at US$0.7331.

The Aussie’s losses were broad-based as minutes of the Reserve Bank of Australia’s policy meeting this month were seen by some economists as a sign that the central bank may reverse a decision to taper stimulus.

In cryptocurrencies, bitcoin sank as low as $29,296.39, a level not seen since June 22. It was last down 3.4% at $29,779. Rival ether fell 1.5% to $1,789.32.

PAYDAY Africa: A Swift, Global Payments Remittance App. Made by Africans, and for Africans.

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The PAYDAY app, has been internationally designed to be the fastest and most efficient way for everyone throughout Africa, to receive or send payments swiftly, easily and securely globally, within seconds locally or internationally through mobile phones or computers all at an astonishing zero charge rate.

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PAYDAY Africa, is second to none when in comes to swift transactions and other features. You swiftly receive money from anyone and anywhere in the world, it helps you to take control of your transactions, request payment in seconds, create virtual cards for online transactions, keep track of your inflow easily etc.. It is so user friendly, has a cool exciting feel good features and very secure for iOS and Android phone users alike.

The app was launched on Friday 2nd July, 2021 and is available on Android and iOS devices.

PAYDAY.. Swift Bortherless Payment for Africa

 

TikTok Gives Creators More Time to Make Money with the Introduction of Longer Videos

TikTok is moving beyond the short-form video format that made the social-media app famous, giving the online stars it helped create and others more airtime amid heightened competition for eyeballs.

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TikTok on Thursday said it would widely roll out the ability to edit and upload videos that can run up to three minutes over the coming weeks after testing the features with some users. When the app owned by Beijing-based ByteDance Ltd. made its debut, its videos largely ran 15 seconds or less. The limit was then expanded to videos lasting up to 60 seconds.

“With longer videos, creators will have the canvas to create new or expanded types of content on TikTok, with the flexibility of a bit more space,” TikTok product manager Drew Kirchhoff said in a blog post.

The app, which currently has about 100 million monthly active users in the U.S., is facing increasing competition. Facebook Inc., through Instagram, last year launched a short-video feature in the U.S. called Reels. Snap Inc., the app that became known for its focus on communication between friends and on professionally curated posts, introduced a video feature last year called Spotlight. Facebook and Snap have offered payments to lure creators of viral content to their respective apps. And Alphabet Inc.’s Google has been pushing YouTube content on its platform.

Enabling longer videos will potentially allow TikTok users to make more money on the platform and help the company

Indian Government Considers Regulating Crypto

The Indian government has yet to introduce a cryptocurrency bill. An existing bill seeks to ban cryptocurrencies. However, there have been reports of the government re-evaluating the recommendations within the bill.

The New Indian Express reported Friday that top sources tracking the crypto industry told it that “the government has moved away from its earlier hostile stance towards virtual currencies and will most likely classify bitcoin as an asset class in India soon.” The publication further conveyed:

Market regulator Securities and Exchange Board of India (SEBI) will oversee regulations for the cryptocurrency sector after bitcoin’s classification as an asset class.

The media previously reported that the Indian government will set up a panel of experts to come up with new recommendations to oversee the cryptocurrency industry in India. Sources informed the publication that an expert panel at the Ministry of Finance is working on formulating the country’s cryptocurrency policy. The publication further conveyed:

A cryptocurrency regulation bill is likely to be tabled in the Parliament during the Monsoon session.

The Monsoon session usually starts in July. However, last year, it did not start until September due to the coronavirus crisis. This year, the government expects the session to begin on its normal schedule.

Last week, India’s central bank, the Reserve Bank of India (RBI), issued a notice to banks regarding its April 2018 circular that banned financial institutions from providing services to crypto businesses and traders. The bank said that the circular is no longer valid per the supreme court ruling in March last year, emphasizing that banks cannot quote it when making decisions on cryptocurrency.

The central bank, however, reiterated that its position on bitcoin and other cryptocurrencies has not changed and it still has “major concerns,” RBI Governor Shakthikanta Das said, adding that they have been communicated to the finance ministry

Bezos Reclaims “World’s Richest” Title

Jeff Bezos Reclaims The Richest Person Title After 2-Weeks At Being The Second Richest.

Two weeks after losing the title of the richest person in the world to LVMH chief Bernard Arnault, Amazon’s Jeff Bezos reclaimed the No. 1 spot on Thursday according to Forbes.

Amazon shares closed more than 2% higher, boosting Bezos’ net worth by $3.5 billion, while shares in Arnault’s luxury conglomerate LVMH slumped by nearly 1%, slashing $1.4 billion from his fortune.

Bezos’ net worth now stands at $193.5 billion, Forbes estimates, compared to Arnault’s $192.9 billion. It’s been a rollercoaster few weeks for the two titans, who have been trading the top spot back and forth.

On May 24 and 25, Arnault briefly passed Bezos before the markets opened in New York and Amazon shares rose, giving the Amazon founder the upper hand.

Then, on May 27, Arnault took the lead and held it for two weeks. Earlier this year, Bezos was locked in a two-week fight for the top spot with a different mogul: Tesla and SpaceX boss Elon Musk.

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Most of Bezos’ net worth is tied up in his Amazon shares he owns about 10% of the e-commerce giant in addition to an estimated $19 billion worth of cash and investments, $500 million in real estate, plus aerospace company Blue Origin and the Washington Post.

On Monday, Bezos announced that he would be on board Blue Origin’s first crewed space flight on July 20, accompanied by his younger brother Mark and a third seat reserved for the winner of an online auction scheduled to end on June 22.

As the richest person on Earth and soon one of the few billionaires to ever be in space Bezos has seen enormous gains in his personal wealth over the past two years.

Since the depths of the Covid induced market crash in March 2020, Bezos has gotten $80.5 billion richer. Arnault has gained a staggering $116.9 billion over that time period, while Musk has added $128.7 billion to his fortune.

Bezos briefly reached a record net worth of $200 billion twice in the past year, first in August 2020 and then again in late April.

El Salvador officially approves Bitcoin as legal tender

A majority of 62 out of 84 lawmakers approved the bill, which President Bukele proposed last week.

The cryptocurrency market grew to more than $2.5tn in mid-May 2020, according to the CoinMarketCap page [File:Reuters] The cryptocurrency market grew to more than $2.5tn in mid-May 2020, according to the CoinMarketCap page
9 Jun 2021

El Salvador has approved a proposal from President Nayib Bukele for a law to classify Bitcoin as legal tender, making the Central American nation the first in the world to do so.

Bukele has touted the use of Bitcoin for its potential to help Salvadorans living abroad send remittances back home while saying the US dollar will also continue as legal tender.

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“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” Bukele said in a tweet shortly before the vote.

He added that the use of Bitcoin, whose use will be optional, would not bring risks to users. Its use as legal tender will go into law in 90 days.

“The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction,” Bukele said.

A majority of lawmakers voted in favour of the initiative late on Tuesday to create a law that will formally embrace the cryptocurrency, despite concern about the potential effect on El Salvador’s programme with the International Monetary Fund.

“The #BitcoinLaw has just been approved by a qualified majority” in the legislative assembly, President Nayib Bukele tweeted after the vote in the assembly.

 

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