The German Parliament approved a plan Wednesday that will force social media companies like Facebook and Twitter to remove hate speech within 24 hours or face a fine of up to $53 million.
Angela Merkel’s cabinet voted on the measures amid concerns over free speech, with campaigners, technology firms and journalists raising fears that tightened regulations could restrict expression. "Hate crimes that are not effectively combated and prosecuted pose a great danger for the peaceful cohesion of a free, open and democratic society," said Chancellor Angela Merkel’s cabinet.
Deutsche Bank has lost several senior employees after paying out employee bonuses last month. Earlier this year, the bank cut its 2016 bonus pool by nearly 80%.
According to Bloomberg, at least three executives have left the bank’s trading unit in Asia, two of whom have reportedly taken jobs at competitor Credit Suisse. Europe’s largest investment bank in January scrapped bonuses of its top executives and slashed variable pay for other senior employees as chief executive John Cryan seeks to rebuild capital buffers eroded by misconduct fines.
Proxy adviser Glass Lewis on Tuesday recommended Credit Suisse shareholders reject its proposal to pay 25.99 million Swiss francs ($25.9 million) in short-term bonuses to the executive board in a binding vote at the April 28 annual general meeting.
The amount appears “wholly inappropriate given the loss suffered by shareholders in the last two fiscal years,” the San Francisco-based proxy adviser said in its recommendations for the bank’s annual meeting on April 28. Proposed compensation for the board of directors is “excessive,” as Bloomberg reported.
US regulators have agreed to a Chinese conglomerate’s proposed $43 billion acquisition of Swiss agribusiness giant Syngenta on condition it sells some businesses to satisfy anti-monopoly objections.
China National Chemical and Switzerland’s Syngenta have agreed to divest three types of pesticides in order to win U.S. Federal Trade Commission approval for their $43 billion merger, the largest ever overseas acquisition by a Chinese company. A U.S. national security panel cleared the deal in August 2016, despite concerns among some lawmakers and farmers about China’s influence in U.S. food production.
Uber makes no secret of its ambitions to replace human drivers, testing autonomous cars in a highly public manner. But for the moment, and even for the next decade, the ride-hailing company remains reliant on an army of contractors.
“We’ve underinvested in the driver experience," an Uber official said on a press call in March, "and relationships with many drivers are frayed. We are now re-examining everything we do in order to rebuild that love."
Talks on the post-Brexit relationship between Switzerland and the UK are underway, according to the Swiss Federal Council. On March 31, Swiss Federal Councillor Johann N Schneider-Ammann met the UK’s Trade Secretary Liam Fox for a working meeting on Swiss-UK relations after the UK leaves the EU.
As part of the Federal Council’s "Mind the Gap" strategy, it will seek to reach a post-Brexit follow-up agreement with the UK as swiftly as possible. According to the Council, Fox said this was in the UK’s interests and that reaching such an arrangement with Switzerland is a priority. Schneider-Ammann and Fox agreed to meet on a regular basis.
Luxembourg has ‘thrown its hat in the ring’ to become the new home of the European Banking Authority (EBA) after Brexit and says it has a "legal claim" to host it.
Citing a European Union law dating back to 1965, Luxembourg Prime Minister Xavier Bettel made his case in a letter to EU Council President Donald Tusk and European Commission head Jean-Claude Juncker, following the triggering of Article 50.
In the past, two exceptions to the decision have been made with the ECB going to Frankfurt and the EBA going to London.
The latest Tesla software update brings anticipated new features to Autopilot 2.0 cars, including Summon, which calls your car to you from its parking spot, but it also has a lighter side, as Tesla software updates tend to.
Tesla added a new Easter Egg (a goofy software gag generally slightly hidden from view) to its vehicles with the 8.1 update, and this time it’s a sketch pad. The 17-inch touchscreen that dominates the Tesla Model S center panel is basically already a huge digital surface primed for drawing, so it’s a natural add-on – not counting that most of the time you’re going to be using the screen while driving, of course.
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