Business
Elon Musk’s X fined €120m over ‘deceptive’ blue ticks
Elon Musk’s social media platform X has been fined €120m (£105m) by the EU over its blue tick badges.
The European Commission said by allowing allowing people to pay for a blue verified check mark on their profile, the social media platform “deceives users” because the firm is not “meaningfully verifying” who is behind the account.
“This deception exposes users to scams, including impersonation frauds, as well as other forms of manipulation by malicious actors,” it said.
The BBC has approached X for comment.
EU regulators said the platform was also failing to provide transparency around its adverts, and it was not giving researchers access to public data.
“The fine issued today was calculated taking into account the nature of these infringements, their gravity in terms of affected EU users, and their duration,” it said.
The action constitutes the Commission’s first decision on a platform’s “non-compliance” with its Digital Services Act (DSA) – one of two rulebooks online firms must follow in order to operate their services in the EU.
The DSA sets out obligations for platforms around content, data and advertising, while the Digital Markets Act establishes how companies should operate in order to benefit consumers and competition.
Such rules have come under increased scrutiny from US leaders, who warned against tougher regulation of tech firms by governments and regulators.
US Vice President JD Vance lashed out at the EU amid rumours of its forthcoming fine on Thursday – claiming it was being punished “for not engaging in censorship”.
“The EU should be supporting free speech, not attacking American companies over garbage,” he said.
Business
RBI sees no signs of excess credit risk, keeps countercyclical capital buffer inactive
The Reserve Bank of India (RBI) on Monday decided against activating the countercyclical capital buffer (CCyB), indicating that current financial and credit conditions do not warrant an additional capital requirement for banks, PTI reported.The central bank said the decision followed a review and empirical assessment of indicators used under the CCyB framework.“Based on review and empirical analysis of CCyB indicators, it has been decided that it is not necessary to activate CCyB at this point in time,” RBI said in a statement.Under the RBI (Commercial Banks – Prudential Norms on Capital Adequacy) Directions, 2025, the CCyB framework is activated when financial conditions indicate rising systemic risks linked to excessive credit growth.The framework primarily relies on the credit-to-GDP gap as a key indicator, along with supplementary metrics.According to the RBI, the CCyB mechanism is intended to serve two broad objectives.Firstly, it requires a bank to build up a buffer of capital in good times, which may be used to maintain the flow of credit to the real sector in difficult times.Secondly, it achieves the broader macro-prudential goal of restricting the banking sector from indiscriminate lending in the periods of excess credit growth that have often been associated with the building up of system-wide risk.The framework was introduced globally after the 2008 financial crisis as part of measures proposed by the Group of Central Bank Governors and Heads of Supervision (GHOS) under the Basel framework to strengthen financial system resilience.
Business
Ford boss hints at return of Fiesta as an electric model
The company has announced plans to build seven new models in Europe including a small electric hatchback.
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Business
UK growth forecast upgraded by IMF but ‘risks’ remain
“Today’s policymaking is constrained by a more volatile external environment with more frequent and overlapping shocks, a rising public interest bill, in part reflecting market concerns with countries’ elevated debt, and the long-standing challenge of weak productivity growth,” he said.
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