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Business Standard
40 minutes ago
- Business Standard
EU delays investigation into Musk's X amid trade negotiations with US
The European Commission has delayed one of its ongoing investigations into Elon Musk's social media platform X for violating digital transparency rules, The Financial Times reported on Thursday. The delay coincides with the EU's ongoing trade discussions with the United States. The Commission, which is responsible for overseeing trade on behalf of the European Union, will not meet the deadline to conclude the probe before its summer recess. A decision on the matter is now expected after greater clarity emerges from the EU-US trade negotiations. X in breach of EU's digital content rules Last year, EU technology regulators said that X had violated the Digital Services Act (DSA) — a regulation that compels major online platforms and search engines to take stronger action against illegal content and threats to public safety. Companies found in violation can face penalties of up to 6 per cent of their global turnover. Repeat offenders could potentially be banned from operating within the EU altogether. The probe into X followed a seven-month investigation that identified issues with the platform's use of the 'blue checkmark'. The Commission said X's approach 'deceives users' and is inconsistent with established industry practices. Investigation into X remains active The Commission stated that since anyone could subscribe to obtain a 'verified' status, it undermined users' ability to freely and accurately assess the authenticity of accounts and the content they engage with. It added that there was evidence of malicious actors deliberately misusing the 'verified account' status to mislead users. ByteDance's TikTok, AliExpress and Meta Platforms are also being investigated under the DSA framework. An EU spokesperson said that the investigation into X remains open, adding that the enforcement of the legislation is independent of the current ongoing negotiations. EU-US trade tensions The delay in the investigation comes as EU trade commissioner Maros Sefcovic prepares to meet with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer for high-stakes tariff discussions. US President Donald Trump has threatened to impose a 30 per cent tariff on EU imports starting August 1—a move the EU deems unacceptable and damaging to trade relations between two of the world's largest economies. The EU warned of countermeasures if no agreement is reached. Bracing for a breakdown in talks, the European Commission has prepared a retaliatory tariff package targeting $83.6 billion worth of US exports, including Boeing aircraft, bourbon whiskey, and automobiles.
Business Standard
40 minutes ago
- Business Standard
Japan's Nikkei climbs 0.60%
Japanese shares advanced after the release of mixed trade data and ahead of a closely watched upper house election on Sunday. The June trade data showed declines in exports to the U.S. and China but gains in shipments to the EU, ASEAN, and Russia. The Nikkei average climbed 0.60 percent to 39,901.19, closing at a two-week high led by technology stocks. The broader Topix index settled 0.72 percent higher at 2,839.81 despite Trump saying the U.S. will probably "live by the letter" on tariffs with Japan. NEC Corp surged 4.3 percent, LY Corp rallied 3.6 percent and Sumco soared 7 percent. Seven & i Holdings plummeted 9.2 percent after Canadian retailer Alimentation Couche-Tard withdrew its $47 billion takeover bid for the company.
Time of India
an hour ago
- Time of India
Partners in crime: How Russia, Ukraine syndicates are running drug trafficking rackets from Bali - with crypto and encrypted chats
Representative image/AI generated Indonesia's National Narcotics Agency (BNN) has identified Bali as a key location for drug trafficking operations, involving Russian and Ukrainian nationals. According to Indonesia's state-run Antara news agency, these syndicates are using advanced technologies like blockchain to avoid detection by law enforcement. BNN chief, police commissioner general Marthinus Hukom, said his agency has found that traffickers are relying on distributed ledger systems to manage their operations discreetly. "This is a very unique phenomenon, where nationals of Russia and Ukraine — two countries currently at war — have become partners in the crime (of) drug trafficking in Bali," Hukom said during a public lecture at Udayana University in Bali, as quoted by Antara. Hukom noted that traffickers are using social media platforms, particularly Instagram, to connect with buyers. Communication is carried out using coded language and encryption to prevent tracing. The syndicates are also conducting transactions through cryptocurrencies rather than traditional payment methods, making enforcement efforts more complex. "It is very difficult to crack down on such practices because the perpetrators do not make transactions in a conventional manner," Hukom was quoted as saying by news agency Ankara. Indonesian authorities are coordinating with Russian officials to address the issue. The United Nations Office on Drugs and Crime has previously said that Indonesia is a major target for international drug syndicates, partly due to its large youth population, even though the country has strict drug laws.
