big technology News

EU Mulls New Unit With Antitrust Veterans to Enforce Tech Rules

The European Commission is considering creating a new directorate that may be headed by two top antitrust officials to enforce tough new rules aimed at reining in the powers of Big Tech, two people familiar with the matter said. Such …

EU Lawmakers Pass Landmark Rules to Rein In Tech Giants, but Enforcement a Concern

EU lawmakers gave the thumbs up on Tuesday to landmark rules to rein in tech giants such as Alphabet unit Google, Amazon, Apple, Facebook and Microsoft, but enforcement could be hampered by regulators’ limited resources. In addition to the rules …

Tech Giants Could Face Billions in Fines Under EU’s New Content Rules

The world’s biggest technology companies could face billions of dollars in fines for breaches of new European Union legislation after lawmakers reached an agreement on its scope early Saturday. The landmark Digital Services Act is the EU’s answer to what …

EU Regulators Call for Action to Catch Up to Potential Systemic Risk of Digital Finance

Rapid action is needed to update how cross-border financial services are scrutinized and consumers protected as the sector becomes digitalized with “Big Tech” playing an increased role, European Union regulators said on Monday. People are turning to social media and …

Lawmakers Introduce Liability, Competition Bills Targeting Giant Internet Firms

The biggest U.S. tech companies would face new constraints under two bills announced Thursday after a month of revelations from a Facebook Inc. whistle-blower sparked fresh calls to rein in an industry that has largely escaped regulation so far. A …

Tech Giants Are ‘Too Big to Fail’ Because They Host Insurers, Banks on Cloud Platforms

More than a decade on from the financial crisis, regulators are spooked once again that some companies at the heart of the financial system are too big to fail. But they’re not banks. This time it’s the tech giants including …

Amazon Enters India Wealth Management with Investment in Smallcase Technologies

Amazon.com Inc. has made its maiden investment in India’s wealth management sector, participating in a $40 million round by fintech startup Smallcase Technologies Pvt. The Bangalore-headquartered startup said the round was led by Faering Capital Pvt and also joined by …

Global Regulators Warned About Entry of ‘Big Tech’ Firms into Financial Services

Central banks and financial regulators urgently need to get to grips with the growing influence of “Big Tech,” according to top officials from central bank umbrella group the Bank for International Settlements (BIS). Global watchdogs are increasingly wary that the …

Tech Giants’ Move into Indian Financial Services Poses Stability Risk: Central Bank

India’s central bank warned about the growing presence of technology giants in the country’s digital financial services and payment systems which could pose a financial stability risk. In its semi-annual financial stability report, the Reserve Bank of India flagged concerns …

Big Tech Lobby Seeks EU Liability Cover to Tackle Hate Speech, Illegal Content

Big technology platforms are calling on the European Union to protect them from legal liabilities for removing hate speech and illegal content as government scrutiny over how platforms manage user posts grows worldwide. A safeguard protecting companies that actively manage …