Here’s the latest news from the technology industry, which is coming under increasing global scrutiny.
G7 Nations Arrive At Tech Regulation Agreement
Representatives from the European Union, the United States, Japan, Italy, Germany, France, Canada and the United Kingdom signed a document that included multiple shared ideals on how to contend with the international challenge of digital safety, according to a press release from the U.K. government.
The “joint ministerial declaration” was inked at a digital meeting held by U.K. Digital Secretary Oliver Dowden, according to the press release, which noted that the country will host the “Future Tech Forum” in September.
“As a coalition of the world’s leading democracies and technological powers, we want to forge a compelling vision of how tech should support and enhance open and democratic societies in the digital age,” Dowden said in the press release.
Apple Reportedly Hit With $12 Million Financial Penalty From Russia
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Apple has been reportedly hit with a $12 million financial penalty from Russia over allegedly taking advantage of its dominance in the mobile programs sector, Reuters reported. The news comes as Western technology firms have recently encountered more and more pressure in the country.
Last week, the Federal Antimonopoly Service (FAS) indicated that Apple’s delivery of mobile programs by the way of its own iOS infrastructure provided a competitive advantage to the tech company’s own offerings.
In response, Apple said it “respectfully disagreed” with the finding from the service. The tech company also noted that it would contest the determination.
China Grows Big Tech Probe To Focus On Meituan
Regulators in China are taking a more in-depth look into Meituan, a program that allows users to purchase different kinds of services such as meal delivery in addition to reservations for hotels, taxis, flights and eateries. The country officially said in an announcement on April 26 that it is probing the online commerce firm.
Earlier in April, regulators met with officials from the leading technology companies in the country such as Meituan, ByteDance, Tencent Holdings and Alibaba.
French Competition Agency Wraps Up Probe Into Banks, Big Tech And FinTech
France’s competition authority has wrapped up a probe into Big Tech, banks and the FinTech industries, with a warning that caution is required because of “significant changes in the payments sector, characterized in particular by the arrival of major digital platforms.”
The investigation found that “technological innovation and regulatory changes have allowed the arrival in the payments sector of new players, FinTechs and Big Techs, who have developed, alongside traditional banking players, innovative payment methods for consumers, and new diversified services.”
The agency noted the existence of “the risk of marginalization, in the long term, of traditional banking actors.”
Amazon’s Revenues, Profits Surge In Q1
Amazon reported that its revenues increased to a higher-than-anticipated $108.5 billion for the three months concluding March 31, while the eCommerce firm more than tripled its net income to $8.1 billion from approximately $2.5 billion a year prior.
The retailer’s large profit growth came as it booked over 50 percent of its total revenue via product sales, which climbed 38 percent to $57.5 billion.
