Business

Russia slaps Google, Meta with record $125M fine for content violations

Published

2 years ago

26/12/2021

MNN

The first revenue-based fine of its kind in Russia, the court decision is the latest in Moscow’s pile of fines on internet platforms accused of defying the country’s regulations.

A Russian court slapped Google with a nearly $100 million fine and also fined Facebook’s parent company Meta $27 million over their failure to delete content banned by local law.

The Tagansky District Court on Friday ruled that Google repeatedly neglected to remove the banned content, and ordered the company to pay an administrative fine of about $98.4 million (7.2 billion rubles).

Google said it would study the court documents before deciding on its next steps.

Later on Friday, the court also slapped a fine of nearly $27.2 million (2 billion rubles) on Meta for failure to remove banned content.

Russian courts had previously imposed smaller fines on Google, Facebook and Twitter this year, and Friday’s rulings marked the first time the size of the fine was calculated based on revenue.

At odds with Moscow

Russian state communications watchdog Roskomnadzor said Google and Meta were specifically accused of violating the ban on distributing content that promotes extremist ideology, insults religious beliefs and encourages dangerous behavior by minors, among other things.

The agency said that Facebook and Instagram have failed to remove 2,000 items despite the courts’ requests to do so, while Google has failed to delete 2,600 such items.

It warned that they may face more revenue-based fines for failure to delete the banned content.

Russian authorities have steadily ramped up pressure on social media platforms, accusing them of failing to purge content related to drug abuse, weapons and explosives and extremist views.

Earlier this year, authorities criticised tech companies for not deleting announcements about unsanctioned protests in support of jailed Kremlin critic Alexey Navalny.

Russian authorities also have demanded that foreign tech giants store the personal data of Russian citizens on servers in Russia, threatening them with fines or possible bans if they fail to comply.

Alexander Khinshtein, head of the committee on information policies in the lower house of Russian parliament, said the massive fine should send a clear message to all IT giants.

He added that Russian law envisages other forms of punishment for failure to comply with court orders, including slowing down traffic and complete blocking.

Source: TRTWorld and agencies

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

2 days ago

16/05/2024

Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

Business

Dubai company awarded the development of SEZ

Published

6 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

Business

Over USD 713M generated attributing to revenue increasing by 3.7%

Published

1 week ago

11/05/2024

Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews