Google suffers blow at EU's top court over record €4.12bn competition fine
Google's hopes of overturning a record EU competition fine were dealt a severe blow on Thursday, after an adviser to Europe's top court
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UPI
19 minutes ago
- UPI
Eurogroup paves way for Bulgaria to adopt euro
June 19 (UPI) -- European finance ministers on Thursday recommended that Bulgaria become the 21st member of the Eurogroup, paving the way for the Eastern European nation to adopt the euro currency. The Eurogroup finance ministers agreed to Bulgaria's accession based on earlier positive assessments by the European Commission, the executive arm of the European Union, and the European Central Bank. "This is a well-deserved achievement for Bulgaria, Paschal Donohoe, president of the Eurogroup, said during a press conference following Thursday's Eurogroup meeting. "It is an acknowledgment of the commitment, the significant convergence process that has been undertaken and the enormous work by the Bulgarian authorities. It's also a really good signal for the strength of our monetary union." The recommendation proposes that Bulgaria introduce the euro as its currency on Jan. 1. The acceptance of the recommendation is the first step toward achieving that goal, with the EU Council now needing to adopt additional legal acts to enable Bulgaria to become a Eurogroup member. The recommendation is now set for adoption by all 27 EU finance ministers on Friday, followed by all EU leaders on June 27. Then, the European Council is expected adopt the three legal acts necessary to enable Bulgaria to introduce the euro by next month.
Business Insider
an hour ago
- Business Insider
Google (GOOGL) Is Training AI on YouTube Videos, and Creators Didn't Even Know
Tech giant Google (GOOGL) is using part of its huge library of YouTube videos (around 20 billion in total) to train AI models like Gemini and Veo 3, according to CNBC. Although the company says it only uses a portion of the videos and follows agreements with creators and media companies, this still means that billions of minutes of content are used for training. Unsurprisingly, YouTube says that it has always used content to improve its products and now has protections to help creators control how their image is used in the age of AI. However, creators can't stop Google from using their videos for its own AI models, and many weren't aware this was happening. Confident Investing Starts Here: As a result, some experts and creators are worried. Indeed, tools like Trace ID from a company called Vermillio, which is used to detect overlaps between AI-generated videos and original ones, have found that Veo 3 has created videos very similar to existing YouTube content. One example showed a Veo 3 video closely matched a video from creator Brodie Moss, with a score of 71 for the video and over 90 for just the audio. While some creators welcome the competition, others feel their work is being used unfairly, without credit, consent, or payment. This news comes at a time when the entertainment world is pushing back, as Disney (DIS) and Universal (CMCSA) recently filed a lawsuit against AI company Midjourney for copyright issues. Google, meanwhile, says it will take legal responsibility if users face copyright complaints over content created with Veo 3. YouTube has also partnered with the Creative Artists Agency to help top talent manage how their image is used in AI. But some say YouTube's tools aren't reliable. In fact, U.S. lawmakers, like Senator Josh Hawley, argue that stronger rights are needed to protect people's images and creations as AI advances. Is Google Stock a Good Buy? Turning to Wall Street, analysts have a Strong Buy consensus rating on GOOGL stock based on 29 Buys and nine Holds assigned in the past three months. Furthermore, the average GOOGL price target of $199.11 per share implies 14.88% upside potential from current levels.
Yahoo
2 hours ago
- Yahoo
World Bank urges 'radical' debt transparency for developing countries
By Libby George LONDON (Reuters) -The World Bank is urging "radical" debt transparency for developing countries and their lenders to stave off future crises, it said in a report released on Friday. The Bank wants to broaden the depth and detail of what sovereign countries disclose regarding new loans, as more of them enter complex, off-budget borrowing deals due to global market turmoil. "When hidden debt surfaces, financing dries up and terms worsen," World Bank senior managing director Axel van Trotsenburg said in a statement, adding: "Radical debt transparency, which makes timely and reliable information accessible, is fundamental to break the cycle." The Bank wants countries to make legal and regulatory reforms that mandate transparency when signing new loan contracts and to share more granular debt data. It also wants more regular audits, the public release of debt restructuring terms, and for creditors to open their loan and guarantee books. It is calling for better tools for international financial institutions to detect misreporting. The World Bank and other multilateral banks have been pressing for years to improve lending transparency. The proportion of low-income countries reporting some debt data is now above 75%, up from below 60% in 2020. But only 25% of them disclose loan-level information. As financing costs spike due to trade wars and geopolitical risk, more countries are using arrangements such as central bank swaps and collateralized transactions that complicate reporting. Senegal has used private debt placements as it negotiates with the International Monetary Fund over misreporting of its previous debts, and Cameroon and Gabon have also used what are known as "off-screen" deals. Angola recently had to pay a $200-million margin call after a rout in its bond prices. In Nigeria, the central bank disclosed in early 2023 that billions of U.S. dollars of its foreign exchange reserves were tied up in complex financial contracts negotiated by the previous leadership. The Bank said broader loan coverage and deeper loan-by-loan disclosures would enable the international community to fully assess public debt exposure. (Reporting By Libby GeorgeEditing by Rod Nickel) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
