Brussels seeks to demand more from Big Tech in revamp of internet rules

The EU is considering two-tier legislation to impose greater responsibility on Big Tech over removal of illegal content and the fight against counterfeit products in the first overhaul of the bloc’s internet rules in two decades.

The bloc’s preferred option is to adopt “asymmetric measures” where more is demanded from Big Tech to enforce policing of online services and the smooth functioning of cross-border digital services, officials in Brussels said.

The move comes as groups such as Facebook and Google are accused of using their clout to undermine European rivals and confirms Big Tech’s worst fears that the rules will hit them harder.

“Asymmetric measures with stronger obligations for very large platforms, further clarifications of the liability regime for online intermediaries and EU governance with reinforced oversight and enforcement . . . [is] the preferred option,” a leaked document said.

Big Tech, mostly Silicon Valley-based groups, are likely to see

Read More

Certara Seeks $500 Million U.S. IPO

Certara (CERT) and selling shareholders intend to raise an estimated $500 million in an IPO of its common stock, according to an S-1 registration statement.

Princeton, New Jersey-based Certara was founded to develop biosimulation software to assist biopharmaceutical companies in conducting virtual trials to predict how drugs might behave in patients.

Management is headed by William Feehery, Ph.D, who has been with the firm since June 2019 and was previously president of DuPont Industrial Biosciences

Below is a brief overview video of Certara:

Source: Certara

The firm’s primary markets include:

  • Biosimulation
  • Regulatory Science
  • Market Access

Certara has received at least $510 million from investors including EQT AB and Arsenal Investors.

The company pursues biopharmaceutical firms via a direct sales and marketing approach and had more 1,600 biopharma companies and academic institutions in 60 countries as customers as of the end of 2019.

Additionally, numerous regulatory authorities are customers, including the

Read More

Airbnb Seeks Valuation Up To $35 Bn In IPO Filing

Airbnb is seeking to raise some $2.6 billion in its upcoming share offering, which could give the home-sharing giant a valuation as high as $35 billion, an updated regulatory filing showed Tuesday.

The California group said its initial public offering would include some 51.9 million shares in a range of $44 to $50.

The latest filing appeared to confirm an upbeat outlook for Airbnb, which has claimed its home-sharing model has proved resilient during the global coronavirus pandemic with travelers seeking safer lodgings and avoiding crowded hotels.

Airbnb offered no date for the start of trading, which is expected sometime this month under the trading symbol ABNB.

The company may still update its offering price, but at current levels the valuation would be as much as $35 billion including restricted stock and options. The IPO would raise between $2.1 billion and $2.6 billion at the current range.

Airbnb moved closer to a stock market debut with an updated filing seeking a valuation up to $35 billion Airbnb moved closer

Read More

Jowell Global Seeks U.S. IPO For Expansion Plans

Jowell Global Ltd. (JWEL) aims to raise $26 million in an IPO of its common stock, according to an F-1 registration statement.

Shanghai, China-based Jowell was founded to develop a membership-based online platform to sell products directly to consumers as well as facilitate third parties to operate their own online stores.

Management is headed by Chairman and CEO Mr. Zhiwei Xu, who has been with the firm since 2019 and has served at Chairman of Jiangsu Longrich Group and Shanghai Juhao Information Technology Co, a subsidiary of the company.

The company’s primary offerings include:

  • Online Direct Sales
  • Authorized Retail Store Distribution
  • Third-party Merchants
  • Live streaming marketing

Jowell has received at least $4.2 million from investors.

The company pursues customers via online search optimization and marketing efforts.

In addition, the firm advertises via outdoor media and cooperative advertising arrangements with some of its vendors.

Marketing expenses as a percentage of total

Read More

EU Commission Seeks Feedback on New Data Transfer Tools After Court Ruling | Technology News

BRUSSELS (Reuters) – The European Commission on Friday sought feedback on two new data transfer tools after Europe’s top court in July set strict conditions for such mechanisms used by thousands of companies to transfer Europeans’ data around the world for various services.

The Luxembourg-based EU Court of Justice upheld the validity of the data transfer mechanism known as standard contractual clauses (SCCs) in a case involving Facebook and Austrian privacy activist Max Schrems, who has campaigned about the risk of U.S. intelligence agencies accessing data on Europeans.

But judges said privacy watchdogs must suspend or prohibit transfers outside the EU if other countries cannot assure that the data will be protected.

The EU executive has since then scrambled to find a solution as companies grapple with the implications and cost of the court judgment. SCCs are used for services ranging from cloud infrastructure, data hosting, payroll and finance to

Read More

Exclusive: Amazon accuses Future of insider trading as it seeks to block Reliance deal

NEW DELHI (Reuters) – Inc has asked India’s market regulator to investigate Future Retail Ltd for insider trading, a letter seen by Reuters showed, as it seeks to prevent its business partner from becoming part of rival Reliance’s empire.

FILE PHOTO: The logo of Amazon is seen at a logistics centre in Lauwin-Planque, northern France, April 22, 2020. REUTERS/Pascal Rossignol/File Photo

The U.S. giant has been pressing the Securities and Exchange Board of India (SEBI) to review Reliance’s August deal to buy retail, logistics and other assets from Future Group for $3.4 billion including debt.

Amazon argues it had a 2019 agreement with Future which prevented the Indian group’s retail assets from being sold to certain parties including Reliance Industries Ltd, which is led by Asia’s richest man, Mukesh Ambani.

The Nov. 8 letter to SEBI alleges Future Retail disclosed to Reliance price sensitive details of an injunction granted

Read More