(Bloomberg) — U.K. privacy protections were criticized by an activist who told the European Union that the British shouldn’t be trusted to protect user data after Brexit.
The personal data of EU citizens “do not at present have an adequate level of protection in the U.K.,” Johnny Ryan, a senior fellow at the Irish Council for Civil Liberties, wrote in a letter to the European Commission on Monday.
The U.K. “lacks an effective independent supervisory authority that is capable of enforcing compliance with data protection law and vindicating data subjects’ rights,” added Ryan.
Without a so-called adequacy decision from the EU by the end of the year, companies would be thrown into legal limbo and no longer be able to transfer data safely across the English Channel. At the risk of hefty fines under the EU’s strict data protection rules, U.K. companies that rely on data flows to and from the bloc would have to quickly find alternatives, involving more paperwork.
An EU adequacy decision would be a green light for such transfers without restrictions. To get there, the U.K. will have to meet a number of strict conditions. One of them is “the existence and effective functioning of one or more independent supervisory authorities,” according to the EU’s General Data Protection Regulation, or GDPR.
EU Regulators Take
Goldman Sachs senior strategist warns stocks could see ‘considerable’ pre-election downside that isn’t being factored into models
- Goldman Sachs’ Abby Joseph Cohen told Bloomberg on Thursday that markets could see “considerable downside” before the election due to factors that financial models aren’t picking up.
- These factors include the outcome of the election and what Congress and the president will do next before election day, Cohen said.
- The senior investment strategist added that the market is vulnerable to volatility and disappointment given the”wide gaps” in the relative valuation of stocks.
Goldman Sachs’ Abby Joseph Cohen told Bloomberg on Thursday that markets could soon see “considerable downside” based on factors that financial models cannot predict.
What Congress will do next, what the president will say, and how the election will end cannot be forecasted by modeling, the senior investment strategist said.
“Those of us who have lived our professional lives really focusing in on the math, I think should feel very humble right now,” Cohen said. “Because what we recognize is that the models may not be able to properly reflect all of the volatility not just in the markets, but in the economy, in policy, and of course in investor sentiment.”
Read more: Warren Buffett’s Berkshire Hathaway shocked investors with its Snowflake and Barrick Gold bets. A veteran shareholder explains why they might be part of a new strategy
While Cohen said that it’s not unusual for volatility to rise before an election, there’s also been “erratic movement” with regard to fiscal policy. Stocks quickly sold off on Tuesday after Trump tweeted that negotiations for the next stimulus plan would be halted until the election.
The famed strategist also said there are “wide gaps” in the relative valuation of stocks. Just a handful of stocks drove the market’s record rally following its March lows. Cohen said this can make the market more volatile, and
By Sarah Young
LONDON (Reuters) – British airline easyJet warned on Thursday its first ever annual loss could be as much as 845 million pounds ($1.1 billion) as the pandemic meant it was flying just 25% of planned capacity.
The airline has signalled to the government it may need more financial support, according to media reports.
The headline loss before tax forecast for the year ended Sept. 30 of 815-845 million pounds was worse than the loss of 794 million expected by analysts, Refinitiv Eikon data showed.
That is the first time easyJet, which was founded in 1995, has ever made a full-year loss.
With travel at very low levels, most European airlines are bleeding cash. EasyJet’s larger low-cost rival Ryanair has called this winter a “write-off”.
EasyJet said ongoing travel restrictions meant it would fly just 25% of planned capacity for the rest of 2020, behind Ryanair which is aiming for 40% in October.
At such levels and with no recovery in sight, easyJet’s finances will continue to remain under pressure. CEO Johan Lundgren called on Thursday for Britain to “step up with a bespoke package of measures” to help airlines.
To survive the pandemic so far, easyJet has taken a 600 million pound loan from the government, cut 4,500 jobs, raised 608 million pounds from selling aircraft and tapped shareholders for 419 million pounds. It said it might have to do more.
“EasyJet will continue to review its liquidity position on a regular basis and will continue to assess further funding opportunities, including sale and lease backs, should the need arise,” the airline said in a statement.
Bernstein analyst Daniel Roeska said easyJet was managing the
(Bloomberg) — PhosAgro PJSC, Russia’s biggest producer of phosphate fertilizer, is calling for the government to help mitigate potentially billions in losses for the country’s raw-materials producers if Europe introduces a carbon tax.
The European Union is looking at how a potential carbon tax could help meet its 2050 goal of climate neutrality. If imposed, the levy would hit imports, including raw materials and products produced in countries without duties on emissions, such as Russia. The European Commission, the bloc’s executive arm, will next propose a draft regulation on the levy in June 2021.
A European carbon tax could potentially cost Russian companies between $1.8 billion to $8 billion every year “depending on the scope of the processes and products to which the tax may be applied,” Andrey Guryev, PhosAgro’s chief executive officer, said in an interview in Moscow.
“Europe is a big export market for all of us,” Guryev said.
Here’s How the EU Could Tax Carbon Around the World: QuickTake
While the precise rules of a Europe-wide carbon tax haven’t been worked out yet, EC President Ursula von der Leyen warned in January that fossil fuel producers must pay a levy on pollution at home or risk being hit with a planned greenhouse gas duty on products imported into the EU.
Guryev said the Russian government could help companies mitigate carbon-tax costs by re-examining the
Google already has efforts to improve Android security, such as speeding updates and offering bug bounties, but it’s now ramping things up by disclosing flaws for software it didn’t write. The company has launched an Android Partner Vulnerability Initiative (via XDA-Developers) to manage security flaws it discovers that are specific to third-party Android devices. Google hopes to both “drive remediation” (read: prompt faster patch releases) and warn users about potential problems.
The company added that its initiative had already addressed a number of Android issues. It didn’t mention companies by name in a blog post, but a bug tracker for the program mentioned several manufacturers. Huawei had issues with insecure device backups in 2019, for example. Oppo and Vivo phones had sideloading vulnerabilities. ZTE had weaknesses in its message service and browser autofill. Other affected vendors included Meizu, chip maker MediaTek, Digitime, and Transsion.
Google notified all of the vendors before disclosing the flaws, and most if not all appear to have been fixed.
The move is a reminder to keep your device updated, of course, but it also applies pressure to Android partners — fix your flaws or the public will know that you didn’t. If that works, you’ll hopefully see a stronger emphasis on security across the Android ecosystem, not just from Google itself.