07 Feb. 2022 in FINANCIAL
CEO Mark Zuckerberg has no plans to leave Europe with Meta.
Ⓒ ANP/HH
MENLO PARK (AP) – The parent company of Facebook and Instagram has no plans to leave Europe and Meta Platforms does not want that at all. However, the company is concerned about the lack of new agreements on the transfer of data from European users to the United States. If no solution is found, it could lead to Meta no longer being able to offer its services in the EU, the company warned in its annual report.
CEO Mark Zuckerberg has no plans to leave Europe with Meta.
Ⓒ ANP/HH
This situation arose because a European judge annulled the American-European agreement on data exchange called the Privacy Shield. According to the court, personal data is less well protected in the US than in Europe. Facebook immediately warned that this step could have consequences for the company. The company relies on the processing of user data to provide targeted online advertisements.
At the beginning of last year, Meta, which was then still called Facebook, put a warning in its annual report. In 2020, Facebook was told by privacy regulators in Ireland that it can no longer use standard contractual clauses to comply with privacy rules when sending data to the US.
Risks
The warning does not stand alone, because Meta indicates a range of possible risks in the annual report. This includes further privacy measures from companies such as Apple and Google, but also from governments. In addition, Meta warns, for example, about the risk of problems when keeping its services up and running and the fact that CEO Mark Zuckerberg is also the largest shareholder and therefore has a lot of say. Furthermore, it is pointed out that Meta is viewed less positively by users and that the company will therefore have to make a significant depreciation.
Meta also points out that it is not the only company with a warning in the annual report about the rules regarding the transfer of data. Software group SAP, tech company Siemens and pharmaceutical and consumer goods group GlaxoSmithKline, among others, refer to the situation that arose after the annulment of Privacy Shield.
DFT Daily
Every morning the most important financial news.
Invalid email address. Please fill in again.
Read our privacy policy here.
View more from
Mar 28Inland
Amnesty International will not institute summary proceedings against lawyer Jeroen Pols from Viruswaarheid, a spokesperson for the human rights organization said. Pols has images with which he would make improper use of the design and logo of Amnesty International last weekend.
Mar 25Inland
Amnesty International is filing summary proceedings against lawyer Jeroen Pols of the organization Virus Truth for improper use of the design and logo of the human rights organization, a spokesperson said on Friday.
Mar 24Inland
Amnesty International summons lawyer Jeroen Pols to immediately remove tweets with images in which the design and logo of the human rights organization are used. It is an image on which it is written that opponent of corona measures Willem Engel has a political meaning.
More and more messages are not what they pretend to be
Burisma is a Ukrainian energy company that for a while transferred Hunter Biden, Joe's son, fifty thousand dollars a month for the bare fact of his last name: Hunter had no knowledge of energy matters. Burisma was accused by Ukrainian prosecutors at the time of Hunter's involvement under…
Minister Yesilgöz wants to criminalize more forms of espionage
Espionage is criminalized in several forms to prevent the Netherlands from being seriously endangered. Experts have been warning for some time about threats from Russia, among others. “What is happening in Ukraine now shows that we should not be naive,” said Justice and Security Minister Dilan Yesilgöz in a statement.
Turkey gags foreign news sites
Turkish broadcasting watchdog RTÜK has asked three foreign broadcasters with Turkish-language news websites to apply for an operating license within 72 hours. If not, access to their platforms will be blocked. It concerns the Turkish-language websites of the German broadcaster Deutsche Welle, from h…
