Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

A co-ordinated move by regulators of six European countries aims to threaten Google to pay several million euros if the company doesnt address its data privacy issues within three months.

“Time is running out for Google to get serious about data protection,” Viviane Reding, the EU’s top justice official in charge of bolstering the bloc’s data protection rules, said on Twitter.

At the moment, EU commission is limited on posing fines but a new data protection regulation could be adopted later this year which would give them power to issue sanctions up to 2% of companys annual global turnover.

Another criticism towards Google is triggered by companys policy to gather privacy rules under one umbrella. It means that every time a user agrees to a privacy rule for one service this can be used by Google for other services. The tech giant is arguing that those policies are only working in interest of their users and are not used against them.

The outcome of Google fight with EU regulators will be followed by other US technology companies such as Microsoft and Facebook, which would also be concerned about the huge personal data they are dealing with.

Consumer protecting advocates have stated content of the regulators work but noted that there is still more to be done to watch over companys privacy standards.

“Today’s announcement on Google’s privacy policy is a welcome first step towards protecting consumers, but we believe the combination of user data goes far beyond individual consumers,” said Jeff Gould, President of SafeGov, a US-based NGO (non-governmental organization) advocating for high security standards cited by Financial Times.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • The most searched meme coins in the USThe most searched meme coins in the US In 2013, Billy Markus and Jackson Palmer made history by creating the blockchain’s very first meme coin, dubbed Dogecoin. Today, this cryptocurrency continues to stand tall among conventional giants like Bitcoin, Litecoin, and Ethereum, and […]
  • Forex Market: EUR/GBP daily forecastForex Market: EUR/GBP daily forecast During yesterday’s trading session EUR/GBP traded within the range of 0.7910-0.7924 and closed at 0.7922, gaining 0.11% on a daily basis.At 6:13 GMT today EUR/GBP was down 0.04% for the day to trade at 0.7918. The pair touched a daily low […]
  • Grain Futures MixedGrain Futures Mixed Soybean prices are climbing to an eight-week high following concerns over slower than usual soy crop planting. As of last week only 6% of the U.S. crop was planted, well below the 43% planted in the same week last year, according to the U.S. […]
  • Commodities trading outlook: crude oil and natural gas futuresCommodities trading outlook: crude oil and natural gas futures WTI futures were leveled during midday trade in Europe today, while Brent had logged minor losses. Improving outlooks from China were not enough to overcome the build up in crude supplies, reported last week. However, the US economy continues […]
  • Forex Market: GBP/USD daily trading outlookForex Market: GBP/USD daily trading outlook Friday’s trade saw GBP/USD within the range of 1.4041-1.4140. The pair closed at 1.4124, going up 0.48% on a daily basis. It has been the 31st gain in the past 70 trading days and also the steepest one since March 29th, when the pair went up […]
  • Honeywell Stock Surges 4.17% as Aerospace Demand Propels First Quarter Revenue to $9.82BHoneywell Stock Surges 4.17% as Aerospace Demand Propels First Quarter Revenue to $9.82B Key Moments: Honeywell reported $2.51 in adjusted EPS for Q1, topping the $2.21 consensus estimate. The company raised the lower end of its full-year adjusted EPS guidance to $10.20. Revenue from the aerospace division surged […]