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France slaps Google with a record $593 million fine
By on July 14th, 2021. Business
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In France, Google was fined 500 million euros ($593 million) for failing to comply with a court order to negotiate a fair arrangement with publishers to utilize their news material on its platform.

Google.com
Google.com

According to the Autorité de la concurrence on Tuesday Alphabet Inc. disregarded a decision made in 2020 to negotiate in good faith for the presentation of fragments of articles on its Google News service. The punishment is France’s second-highest antitrust fine for a single firm.

France was the first country to enact contentious new EU copyright legislation aimed at providing stronger safeguards to news organizations and ensuring that they are appropriately reimbursed for the online distribution of samples of their content.

France isn’t the only country attempting to make tech behemoths accountable for their use of news. Australia mandated that digital giants like Facebook and Google pay local news publishers earlier this year. With a $1 billion Google News Showcase to direct users to news material, Google has been progressively compensating publishers, albeit on its own terms.

READ: Forex speculators to lose N100 billion as CBN sustains massive funding for BDCs

The company is facing a global onslaught as regulators around the world tighten their grip on the world’s biggest tech companies, focusing on its advertising, apps, and search businesses. At the time of writing this article the Google shares price was at $2,539.51 up 1.16% for the day.

Backstory

France isn’t the only government chastising Google for underpaying journalistic organizations. Last year, Australia mandated that Google and Facebook pay media outlets for the right to publish their stories. Facebook initially resisted, restricting Australians’ ability to access or share news material, until eventually agreeing with the government.

In recent years, Google and other Silicon Valley businesses have been subjected to intense French scrutiny. Last month, the search engine agreed to pay a 220-million-euro punishment to settle a probe into its control over online advertising, and it received a 150 million-euro fine in 2019 in a case involving its Google Ads platform.

Last year, the authority slapped Apple Inc. with a record 1.1-billion-euro punishment after the company was accused of entering into anti-competitive agreements with two distributors over the sale of non-iPhone products including Apple Mac computers. Apple has filed an appeal against the fine.

Google’s response

According to CNBC Google said it was “very disappointed” by Tuesday’s decision.

“We have acted in good faith throughout the entire process, The fine ignores our efforts to reach an agreement, and the reality of how news works on our platforms.

To date, Google is the only company to have announced agreements on neighbouring rights,” the spokesperson added. “We are also about to finalize an agreement with AFP that includes a global licensing agreement, as well as the remuneration of their neighbouring rights for their press publications.”

 

The number of Bitcoin held on centralized exchanges has been on a decline since late May, with approximately 2,000 BTC (worth roughly $66 million at a current market price of $33,000 per coin) flowing out of exchanges daily. Glassnode’s On-Chain report revealed that Bitcoin reserves on centralized exchanges have fallen back to levels not seen since April, the month that saw BTC blast to its all-time high of approximately $65,000.

According to research, during the bull run leading up to this peak, relentless depletion of exchange coin reserves was a key theme. Glassnode concludes that most of this BTC went to the Grayscale GBTC Trust or was accumulated by institutions, driving “a persistent net outflow from exchanges.”

However, when Bitcoin prices slumped by almost 50% in May, this trend reversed as FUD (Fear, Uncertainty and Doubt) news over carbon emissions and regulation fueled the market selloff. Coins were immediately sent to exchanges for liquidation but now, the net transfer volume has moved back into negative territory again as outflows increase. In the report, Glassnode stated, “On a 14-day moving average basis, the last two weeks in particular have seen a more positive return to exchange outflows, at a rate of 2,000 BTC per day.”

ALSO READ: Cryptocurrency sectors you should know before investing

The report also noted that the proportion of on-chain transaction fees represented by exchange deposits declined to 14% dominance this past week, following a brief peak to around 17% in May. This indicates 2 things. Either more users are buying cryptocurrencies through decentralized exchanges as a result of government bans and regulations or the general demand for cryptocurrencies are reducing as a result of market volatility.

On-chain fees associated with withdrawals saw a notable bounce from 3.7% up to 5.4% this month, suggesting that more individuals are selling off their cryptocurrencies because there has been no significant change in transaction fee structures.

The fall in exchange reserves appears to have coincided with an uptick in capital flows to decentralized finance protocols over the past few months. This suggests that more and more people are using Decentralized Exchanges (DEXES) to use DeFi platforms to earn passive income while the market recovers. Data from DeFiLlama, reveals the total value locked has increased by 21% since June 26 as it climbed from $92 billion to $111 billion, currently earning passive income.

Glassnode’s data also revealed that Bitcoin’s hashrate is recovering, suggesting that offline miners have successfully relocated or re-established their hardware, recovering costs and likely reducing the risk of treasury liquidation sell-pressure. The hashrate has recovered from the peak-trough decline of 55% to around a 39% decline. Should this level hold and be representative, it would indicate that hash-power equivalent to around 29% of the affected hash-power as a result of China’s war against Bitcoin mining has come back online.

What to expect

On-chain analytics data gives us a clue as to what investor sentiments are in a way traditional finance was not able to do. All indications suggest that there is mass accumulation of Bitcoin daily. If this trend continues, Bitcoin should experience a supply shock that could propel the market back into its bull run as many analysts have predicted.

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About Author
Onyeweaku Wisdom Bekee Ibe

Onyeweaku Wisdom Bekee Ibe is the CEO/Founder of 260vibes Global >> 260vibes.com, he is a Pro blogger, an Artist, Songwriter, Rapper, Music Promoter, Music Digital Marketer, Content Editor, Digital currency exchanger, Web guru, Etc I can make your content go viral on the internet for just a Token, be it Music | Mix tape | Video | Articles | Products | Press release | Comedy skits | and Etc. Call or WhatsApp us on +2347010096998. Email: admin@260vibes.com.

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1 Comment Drop Comment

  1. 9JABEE™ - Jul 16, 2021

    Nice site with dope contents

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