Latest news with #A12
Perth Now
4 days ago
- Business
- Perth Now
Meta, Zuckerberg settle over Facebook privacy violation
Mark Zuckerberg and current and former directors and officers of Meta Platforms have agreed to settle multi-billion dollar claims for the damage they allegedly caused the company by allowing repeated violations of Facebook users' privacy, a lawyer for the shareholders told a Delaware judge. The shareholders had been seeking $US8 billion ($A12 billion) in claims. The parties did not disclose details of the settlement and defence lawyers did not address the judge, Kathaleen McCormick of the Delaware Court of Chancery. McCormick adjourned the trial just as it was to enter its second day and she congratulated the parties. The plaintiffs' lawyer, Sam Closic, said the agreement just came together quickly. Billionaire venture capitalist Marc Andreessen, a defendant in the trial and a Meta director, was scheduled to testify on Thursday. Shareholders of Meta sued Zuckerberg, Andreessen and other former company officials including former Chief Operating Officer Sheryl Sandberg in hopes of holding them liable for billions of dollars in fines and legal costs the company paid in recent years. The Federal Trade Commission fined Facebook $US5 billion ($A7.7 billion) in 2019 after finding that it failed to comply with a 2012 agreement with the regulator to protect users' data. The shareholders wanted the 11 defendants to use their personal wealth to reimburse the company. The defendants denied the allegations, which they called "extreme claims." Facebook changed its name to Meta in 2021. The company was not a defendant and declined to comment. On its website, the company has said it has invested billions of dollars into protecting user privacy since 2019. A lawyer for the defendants declined to comment. "This settlement may bring relief to the parties involved, but it's a missed opportunity for public accountability," said Jason Kint, the head of Digital Content Next, a trade group for content providers. Zuckerberg was expected to take the stand on Monday and Sandberg on Wednesday. The trial was scheduled to run through the end of next week. The case was also expected to include testimony from former Facebook board members Peter Thiel, Palantir Technologies co-founder, and Reed Hastings, co-founder of Netflix . By settling, Zuckerberg and other defendants avoid having to answer probing questions under oath. Sandberg was found during the litigation to have deleted what were likely her most sensitive emails and she was sanctioned, making it harder for her to tell her side of the story in court. The settlement allows plaintiffs to avoid trying a very difficult case. Meta investors alleged that former and current board members completely failed to oversee the company's compliance with the 2012 FTC agreement. The lawsuit also claimed that Zuckerberg and Sandberg knowingly ran Facebook as an illegal data harvesting operation.
The Advertiser
5 days ago
- Business
- The Advertiser
South Korea's top court clears Samsung chairman Lee
South Korea's top court has upheld a not guilty verdict for the chairman of Samsung Electronics Jay Y Lee, backing two lower court rulings clearing him of accounting fraud and stock manipulation related to an $US8 billion ($A12 billion) merger in 2015. The Supreme Court's verdict on Thursday permanently removes a long-running legal distraction for Lee as Samsung plays catch-up in a global race to develop cutting-edge AI chips. The Supreme Court upheld an appeals court's ruling dismissing all the charges in the case involving the merger a decade ago between two Samsung affiliates, Samsung C&T and Cheil Industries, which prosecutors said was designed to cement Lee's control of the tech giant. A lower court last year had also cleared Lee of the charges. Samsung's lawyers said they were "sincerely grateful" to the court for its decision and added in a statement that the ruling confirmed that the merger was legal. Samsung Electronics shares were little changed after the ruling, up 1.7 per cent. The Supreme Court ruling was widely expected, but comes at a critical moment for Lee, who has faced mounting questions about his ability to lead Samsung Electronics - the world's top memory chip and smartphone maker - as it grapples with growing competition and playing catch-up in artificial intelligence chips. For nearly a decade, Lee has faced legal challenges, including those from the merger that paved the way for his succession after his father, Lee Kun-hee, had a heart attack in 2014 that left him in a coma. South Korea's top court has upheld a not guilty verdict for the chairman of Samsung Electronics Jay Y Lee, backing two lower court rulings clearing him of accounting fraud and stock manipulation related to an $US8 billion ($A12 billion) merger in 2015. The Supreme Court's verdict on Thursday permanently removes a long-running legal distraction for Lee as Samsung plays catch-up in a global race to develop cutting-edge AI chips. The Supreme Court upheld an appeals court's ruling dismissing all the charges in the case involving the merger a decade ago between two Samsung affiliates, Samsung C&T and Cheil Industries, which prosecutors said was designed to cement Lee's control of the tech giant. A lower court last year had also cleared Lee of the charges. Samsung's lawyers said they were "sincerely grateful" to the court for its decision and added in a statement that the ruling confirmed that the merger was legal. Samsung Electronics shares were little changed after the ruling, up 1.7 per cent. The Supreme Court ruling was widely expected, but comes at a critical moment for Lee, who has faced mounting questions about his ability to lead Samsung Electronics - the world's top memory chip and smartphone maker - as it grapples with growing competition and playing catch-up in artificial intelligence chips. For nearly a decade, Lee has faced legal challenges, including those from the merger that paved the way for his succession after his father, Lee Kun-hee, had a heart attack in 2014 that left him in a coma. South Korea's top court has upheld a not guilty verdict for the chairman of Samsung Electronics Jay Y Lee, backing two lower court rulings clearing him of accounting fraud and stock manipulation related to an $US8 billion ($A12 billion) merger in 2015. The Supreme Court's verdict on Thursday permanently removes a long-running legal distraction for Lee as Samsung plays catch-up in a global race to develop cutting-edge AI chips. The Supreme Court upheld an appeals court's ruling dismissing all the charges in the case involving the merger a decade ago between two Samsung affiliates, Samsung C&T and Cheil Industries, which prosecutors said was designed to cement Lee's control of the tech giant. A lower court last year had also cleared Lee of the charges. Samsung's lawyers said they were "sincerely grateful" to the court for its decision and added in a statement that the ruling confirmed that the merger was legal. Samsung Electronics shares were little changed after the ruling, up 1.7 per cent. The Supreme Court ruling was widely expected, but comes at a critical moment for Lee, who has faced mounting questions about his ability to lead Samsung Electronics - the world's top memory chip and smartphone maker - as it grapples with growing competition and playing catch-up in artificial intelligence chips. For nearly a decade, Lee has faced legal challenges, including those from the merger that paved the way for his succession after his father, Lee Kun-hee, had a heart attack in 2014 that left him in a coma. South Korea's top court has upheld a not guilty verdict for the chairman of Samsung Electronics Jay Y Lee, backing two lower court rulings clearing him of accounting fraud and stock manipulation related to an $US8 billion ($A12 billion) merger in 2015. The Supreme Court's verdict on Thursday permanently removes a long-running legal distraction for Lee as Samsung plays catch-up in a global race to develop cutting-edge AI chips. The Supreme Court upheld an appeals court's ruling dismissing all the charges in the case involving the merger a decade ago between two Samsung affiliates, Samsung C&T and Cheil Industries, which prosecutors said was designed to cement Lee's control of the tech giant. A lower court last year had also cleared Lee of the charges. Samsung's lawyers said they were "sincerely grateful" to the court for its decision and added in a statement that the ruling confirmed that the merger was legal. Samsung Electronics shares were little changed after the ruling, up 1.7 per cent. The Supreme Court ruling was widely expected, but comes at a critical moment for Lee, who has faced mounting questions about his ability to lead Samsung Electronics - the world's top memory chip and smartphone maker - as it grapples with growing competition and playing catch-up in artificial intelligence chips. For nearly a decade, Lee has faced legal challenges, including those from the merger that paved the way for his succession after his father, Lee Kun-hee, had a heart attack in 2014 that left him in a coma.
Perth Now
5 days ago
- Business
- Perth Now
South Korea's top court clears Samsung chairman Lee
South Korea's top court has upheld a not guilty verdict for the chairman of Samsung Electronics Jay Y Lee, backing two lower court rulings clearing him of accounting fraud and stock manipulation related to an $US8 billion ($A12 billion) merger in 2015. The Supreme Court's verdict on Thursday permanently removes a long-running legal distraction for Lee as Samsung plays catch-up in a global race to develop cutting-edge AI chips. The Supreme Court upheld an appeals court's ruling dismissing all the charges in the case involving the merger a decade ago between two Samsung affiliates, Samsung C&T and Cheil Industries, which prosecutors said was designed to cement Lee's control of the tech giant. A lower court last year had also cleared Lee of the charges. Samsung's lawyers said they were "sincerely grateful" to the court for its decision and added in a statement that the ruling confirmed that the merger was legal. Samsung Electronics shares were little changed after the ruling, up 1.7 per cent. The Supreme Court ruling was widely expected, but comes at a critical moment for Lee, who has faced mounting questions about his ability to lead Samsung Electronics - the world's top memory chip and smartphone maker - as it grapples with growing competition and playing catch-up in artificial intelligence chips. For nearly a decade, Lee has faced legal challenges, including those from the merger that paved the way for his succession after his father, Lee Kun-hee, had a heart attack in 2014 that left him in a coma.
Business Recorder
6 days ago
- Automotive
- Business Recorder
Revoo Dealers Conference 2025: igniting the future of electric mobility in Pakistan
Under the sparkling lights of PC Hotel Lahore, Revoo Pakistan gathered its nationwide network of dealers, corporate clients, and strategic partners to celebrate not just success—but the shared vision that drives it. The Revoo Dealers Conference 2025 wasn't just a corporate gathering—it was a night where innovation met recognition, and future strategies were laid out with passion. As a leading electric mobility brand under Transsion Holdings, Revoo Pakistan is transforming the way Pakistan moves. And this night was all about celebrating the people making that transformation possible. Opening with unity and purpose The evening opened with the recitation of the Holy Quran, followed by the national anthem, setting a tone of unity, patriotism, and pride. Hosting duties were skillfully handled by Sara Baloch, who brought grace and energy to every moment on stage. Leadership with vision The first speaker, Mr Amir Allawala, CEO of Transsion Tecno Motors (TTM), warmly welcomed the attendees. His message centered on gratitude—towards dealers, partners, and the Revoo family—and optimism for the road ahead. Next came Mr Kyle Zhang, Country Manager of Revoo Pakistan, introduced as 'The Man with the Vision.' He shared Revoo's remarkable journey since its inception in 2023, its official launch in 2024, and the major strides made in a short span. His words emphasized Revoo's commitment to innovation, affordability, and locally tailored electric mobility. Mr Adnan Allawala, COO of TTM, then took the stage to offer insights into the brand's strong operational foundation and future outlook in Pakistan's evolving transport landscape. Electrifying launch: Revoo's latest models A major highlight of the evening was the Product Series Launch, presented by Mr Pascal, Revoo's Global Sales Leader. Amid a dynamic light show and applause, the audience was introduced to the exciting new electric bike lineup: A11, A12, C32 Young, C32, and the premium E52. These models represent a perfect fusion of performance, smart features, and design built for Pakistan's roads. Dealer network growth & expansion plans Mr Ghulam Mujtaba, National Sales Manager at TTM, walked the audience through Revoo's dealership development milestones. With 60 exclusive outlets and 30 key accounts already operational, the company plans to double its footprint to 120 outlets and 50 key accounts by the end of 2025, promising accessibility, after-sales support, and consistent dealer empowerment nationwide. Celebrating high achievers The night took an emotional turn with the Dealer Recognition Ceremony, where 67 top-performing dealers were called on stage and honored with certificates by Mr Kyle, Mr Amir Allawala, Mr Adnan Allawala, and other members of senior leadership. Their dedication and hard work were acknowledged in front of peers and partners—a proud moment for all. Policy highlights and future roadmap Mr Naveed, Regional Sales Manager – Revoo, then presented Revoo's comprehensive dealer reward policy, along with retail marketing strategies and incentive plans for the upcoming year. His presentation offered clear pathways for dealers to grow, succeed, and remain competitive in an increasingly digital and customer-centric market. A grand thank you and a bright future As the event came to a close, Mr Kyle Zhang and Mr Adnan Allawala returned to the stage to thank every participant, dealer, and team member. Their gratitude echoed a deep belief—that Revoo's journey is just beginning, and the future will be written in collaboration with those who've stood by the brand since day one. About Revoo Revoo Pakistan is a next-generation electric mobility brand backed by Transsion Holdings, the same global conglomerate behind TECNO, Infinix, itel, and Oraimo. Officially launched in Pakistan in 2024, Revoo aims to redefine local commuting with smart, efficient, and affordable electric bikes that cater specifically to the needs of Pakistani riders. Its partner, Transsion Tecno Motors (TTM), oversees Revoo's local assembly, distribution, and quality control—ensuring that each unit meets both global standards and local expectations. In just one year, Revoo has established a powerful retail presence with 60+ exclusive stores and 30 corporate accounts, with ambitions to expand to 120 stores and 50 key accounts by the end of 2025.
BBC News
10-07-2025
- Business
- BBC News
Cancelled A12 widening work leaves homeowner 'gutted'
A woman who lost her home through compulsory purchase says she is "absolutely gutted" a proposed road widening scheme will now not go Strathie, who is in her 80s, had lived at her home in Kelvedon, Essex, near the A12 for 21 years. The £1.2bn project to widen the A12 near Chelmsford was cancelled due to costs, the government revealed."I am absolutely gutted because they have completely messed our lives up," said Ms Strathie - who now lives in Maldon. "We lived in our bungalow for 21 years and we had just one neighbour who lived there for 51 years," Ms Strathie added."My husband ran a business from our property and now everything has come to an end, and they are not going to do the A12." The scheme was set to widen a 15-mile (24km) stretch of road from Chelmsford to the A120 at Marks Tey. Rishi Sunak's government approved the project in January 2024, but the current government cancelled it, accusing the previous Conservative government of promising infrastructure projects with "no plan to pay for them".Transport Secretary Heidi Alexander had told the BBC: "Only those projects that are fully costed, affordable and will deliver a return on taxpayers' money will be given the green light under my watch."Ms Strathie added: "We now live in another house in Maldon, and we are not settled."My husband had a heart attack just after Christmas this year through the stress."If they are not going to do the A12 then give us our home back, where we are happy."Ms Strathie said she would "not give up" trying to move back to her property in Kelvedon. In an interview with BBC Radio Essex, Dame Priti Patel, Conservative MP for Witham in Essex, said the decision had "been a long time in the making"."This will have implications for the whole of the county," she said."We are the economic powerhouse and backbone of the British economy."Talking about the government's decision to stop the project, she said: "They are happy to proceed with the A66 and as a result of this I have written quite a scathing letter to Heidi Alexander."In response to Ms Strathie's story, she said: "I would be more than happy to meet with her and try and help in whatever capacity I can."This goes right through my constituency. There are a handful of constituents that have been heavily affected." Follow Essex news on BBC Sounds, Facebook, Instagram and X.
