Meta fined record-breaking $1.3bn | OpenAI CEO threatens to leave Europe unless regulations change

Meta fined record-breaking $1.3bn over data privacy breaches

The fine was announced on Monday after Ireland’s Data Protection Commission said the social media giant violated user data. Meta had already been warned by the EU for transferring Facebook users’ data to US servers, stating that it was not sufficiently protected from American spy agencies. It has now been ordered to stop transferring that data and has a five-month grace period to comply. Meta said it plans to appeal the ruling, which, according to Reuters applies only to Facebook.

In a statement, Meta said the “decision is flawed, unjustified and sets a dangerous precedent for the countless other companies transferring data between the EU and US”.

https://www.businessinsider.com/meta-fined-record-13-billion-for-data-privacy-breaches-2023-5?r=US&IR=T

Micron expects “high single digit” revenue slump following China ban

The Cyberspace Administration of China (CAC) said the US chip maker had failed to pass a cybersecurity review, adding that Micron’s products have “relatively serious risks to China’s critical information infrastructure supply chain” and would affect national security. Micron said the ban could cost it as much as a “high single digit” percentage of its annual revenue since it derives over 10% of its revenue from mainland China. The US Commerce Department said it firmly opposed the restrictions that “have no basis in fact”. Micron added that it looks forward to continuing to engage in discussions with Chinese authorities to assess the next steps.

https://edition.cnn.com/2023/05/22/tech/china-ban-us-micron-chips-intl-hnk/index.html#:~:text=US%20chip%20maker%20Micron%20says,percentage%20of%20its%20annual%20revenue

OpenAI CEO said it may leave the EU unless regulations change

OpenAI CEO Sam Altman said on Wednesday that he might consider leaving Europe if it could not comply with the upcoming AI regulations by the European Union. As part of the draft, the EU proposed that companies deploying generative AI tools will have to disclose any copyrighted material used to develop their systems, yet Altman disputed that the draft would be “over-regulating” AI. “There’s so much they could do like changing the definition of general purpose AI systems,” Altman said.

The draft will now be debated between the representatives of EU parliamentarians, the Council and the Commission to finalise the details of the bill.

 https://telecom.economictimes.indiatimes.com/news/internet/openai-may-leave-the-eu-if-regulations-bite-ceo/100488709?redirect=1

EU seeks top court backing in $14bn tax fight against Apple

EU competition regulators appealed to the bloc’s highest court on Tuesday to override a lower tribunal and make Apple pay a record 13 billion euros ($14.3bn) in Irish back taxes. The case, which has far-reaching implications for corporate tax bills, is the most high-profile of EU antitrust chief Margrethe Vestager’s campaign against “sweetheart” deals between multinationals and European Union states.

“Its outcome will determine whether member states may continue to grant multinational substantial tax breaks in return for jobs and investments,” Commission lawyer Paul-John Loewenthal told the Court of Justice of the European Union (CJEU).

https://money.usnews.com/investing/news/articles/2023-05-23/eu-seeks-top-court-backing-in-14-billion-tax-fight-against-apple