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On September 11, most short-term Shibor rates rose. The overnight Shibor rate fell 5.6 basis points to 1.369%, the 7-day Shibor rate rose 1.7 basis points to 1.466%, the 14-day Shibor rate rose 0.9 basis points to 1.51%, and the 1-month Shibor rate rose 0.2 basis points to 1.53%.Fitch: The financial position of gas operators in Asia Pacific remains strong.On September 11th, the State Council Information Office held a press conference this morning on the theme of "High-Quality Completion of the 14th Five-Year Plan," highlighting the achievements of health care during the 14th Five-Year Plan period. According to the report, from 2020 to 2024, the number of primary healthcare institutions will increase from 970,000 to 1.04 million, the number of healthcare personnel will increase from 4.34 million to 5.26 million, and the number of medical consultations will increase from 4.1 billion to 5.3 billion.On September 11th, UBS published a report stating that Pop Mart (09992.HK)s share price has fallen approximately 19% from its recent high. The bank attributes this primarily to three factors: profit-taking following its inclusion in the Hang Seng Index, weakening secondary market prices for some products, and a decline in global Google search trends. Its worth noting that the bank has observed similar trends before, but these developments havent altered its positive outlook on Pop Marts fundamentals. UBS believes that Pop Marts current share price correction is creating buying opportunities ahead of anticipated short-term catalysts, including the launch of new Halloween products and its 15th anniversary collection, as well as the crucial Christmas sales season. The bank reiterated its Buy rating on the stock with a target price of HK$432.On September 11th, South Korean President Lee Jae-myung stated that he saw no need to persist with a previously proposed plan to expand the scope of capital gains tax. At a press conference on Thursday, Lee mentioned that the formal proposal, presented at the end of July, would have lowered the capital gains tax threshold from 5 billion won (approximately $720,000) to 1 billion won, raising questions about the governments commitment to reviving the stock market. "Some seem to see this as a litmus test of whether we are truly committed to policies to revive the stock market," Lee said. "If thats the case, I dont think its necessary to persist to the end. I will submit this issue to the National Assembly for review." The original proposal had caused a sharp drop in South Korean stocks and faced strong opposition from retail investors. Following Lees remarks, the Kospi index rose as much as 0.9% during intraday trading on Thursday before retreating. The index had reached a record closing high the previous day, partly due to market expectations that the government would abandon the tax increase proposal.

To Combat Illegal Content, The EU Has Set New Online Rules For Google And Meta

Aria Thomas

Apr 24, 2022 09:52

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After more than 16 hours of negotiations, an agreement was reached. The Digital Services Act (DSA) is the second component of EU antitrust chief Margrethe Vestager's strategy to rein in Alphabet's (NASDAQ:GOOGL) subsidiary Google, Meta, and other US technology giants.


Last month, she won support from the EU's 27 member countries and lawmakers for ground-breaking rules known as the Digital Markets Act (DMA), which could force Google, Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Meta, and Microsoft (NASDAQ:MSFT) to alter their core business practices in Europe.


"We have reached an agreement on the DSA: The Digital Services Act will ensure that what is illegal offline is also illegal online - not as a slogan, but as reality," Vestager wrote in a tweet.


Dita Charanzova, an EU lawmaker who first advocated for such rules eight years ago, applauded the agreement.


"Google, Meta, and other large online platforms will need to take action to improve user protection. Europe has made it abundantly clear that they cannot function as autonomous digital islands "In a statement, she stated.


Google stated in a statement: "Details will matter as the law is finalized and implemented. We look forward to collaborating with policymakers to iron out the remaining technical details of the law to ensure it works for everyone."


Under the DSA, companies that violate the rules face fines of up to 6% of their global revenue, and repeated violations may result in their exclusion from doing business in the EU.


The new rules prohibit advertising directed at children or based on sensitive personal information such as religion, gender, race, or political beliefs. Dark patterns, which are deceptive tactics used to trick people into providing personal information to businesses online, will also be prohibited.


During a crisis, very large online platforms and search engines will be required to take specific measures. The move was precipitated by Russia's invasion of Ukraine and the subsequent dissemination of disinformation.


Companies may be compelled to provide regulators and researchers with data relating to their algorithms.


Additionally, the companies must pay a yearly fee of up to 0.05 percent of their global annual revenue to cover the costs of compliance monitoring.


Martin Schirdewan, an EU lawmaker, criticized the exemption granted to medium-sized businesses.


"Under conservative pressure, an exception rule for medium-sized businesses was incorporated; this is a mistake. Due to the large number of businesses in the digital sector that fall under this definition, the exception acts as a loophole "'He stated.


The DSA is scheduled to take effect in 2024.

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