services

UK children exposed to violent content online, see it as ‘inevitable’, report finds

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UK children exposed to violent content online, see it as ‘inevitable’, report finds

Children in Britain encounter violent online content, including self-harm promotion, from a young age, viewing it as an unavoidable aspect of internet use. Research highlights the difficulties global governments and tech companies face in protecting minors online. Britain has enacted legislation requiring social media platforms to block children’s access to harmful content through age verification. Ofcom has the authority to fine non-compliant tech companies, though penalties are pending the development of implementation codes. Some messaging services, including WhatsApp, resist parts of the law that might compromise end-to-end encryption. A study involving 247 children aged 8-17 found they primarily encountered violent content through social media, video-sharing, and messaging platforms. The content ranged from violent gaming to verbal discrimination and street fight footage. Many children felt powerless against the content recommended to them and had a limited understanding of the algorithms behind these recommendations. Ofcom emphasizes the urgent need for tech firms to prepare for their child protection responsibilities under new online safety laws.

CySEC joins global forces in promoting financial literacy

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CySEC joins global forces in promoting financial literacy

The Cyprus Securities and Exchange Commission (CySEC) announced its participation in the Global Money Week (GMW2024), organized by the OECD, taking place from March 18 to 24, 2024, under the theme “Protect your money, secure your future.” This marks CySEC’s third consecutive year of involvement in the campaign, which aims to promote financial literacy among the youth. The campaign will see participation from over 176 countries. CySEC’s initiatives include a university lecture at the European University of Cyprus, informational presentations at schools, collaboration with the Central Bank of Cyprus, the Ministry of Education, and the Ministry of Finance to distribute educational materials in schools, and the publication of a new Investor’s Guide on online investments alongside an online campaign.

Cyprus consumer prices increase in February

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Cyprus consumer prices increase in February

The harmonised index of consumer prices in Cyprus (HICP) increased by 2.1 per cent in February 2024 compared to February 2023. The Restaurants and Hotels category saw the largest increase of 6.1 per cent, while the Services category experienced the highest growth rate of 4.2 per cent. Month-to-month, the index rose by 0.8 per cent, with Clothing and Footwear recording a 3.4 per cent increase. The Food, Alcoholic Beverages, and Tobacco sectors marked the largest increase at a rate of 2.2 per cent. Cumulatively, from January to February 2024, there was a 2.1 per cent increase compared to the same period in the previous year, with notable changes in the Restaurants and Hotels (5.9 per cent), Alcoholic Beverages and Tobacco (3.1 per cent), and Other Goods and Services (3 per cent) categories.

Another record year for Cablenet

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Another record year for Cablenet

– Cablenet achieved a 16.2% revenue increase in 2023, reaching €74.3 million.
– The company’s total subscriber base grew by 29% compared to the previous year.
– Cablenet’s mobile subscription base increased by 52%, surpassing 142,000 contract and prepaid subscribers.
– Revenue from mobile telephony service increased by 54%.
– Cablenet completed the migration of subscribers to its proprietary 4G frequency spectrum in 2023.
– The company offers coverage to approximately 228,000 households nationwide, up from about 205,000 at the end of 2022.
– Approximately 85,000 households and 5,100 businesses use Cablenet for broadband and other fixed services.
– Cablenet’s Purple Max Internet won a global award at the 11th Annual Global Telecoms.com awards (Glotel Awards) in the ‘Most Innovative Operator Cloud Offering’ category.
– Cablenet ranked first in overall customer satisfaction and net promoter score (NPS) in the Cypriot telecommunications market in 2023.

Energy minister promises support for consumers

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Energy minister promises support for consumers

Energy Minister George Papanastasiou invoked the name of late United States President John F. Kennedy in a speech for World Consumer Rights Day, highlighting Kennedy’s view of consumers as central to the economy. Papanastasiou discussed the economic challenges exacerbated by global crises like the Covid-19 pandemic and the energy crisis, leading to economic instability and high inflation. He emphasized the government’s focus on introducing cheap energy, promoting renewable energy sources, and energy conservation, including the launch of the “Photovoltaics for All” scheme. Additionally, he mentioned the planned “e-basket” scheme for price transparency and a bill to allow the government to set maximum retail prices on certain products, alongside a policy of zero VAT on essential products to alleviate financial pressures on consumers.

McDonald, ’s suffers tech outage in several countries

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McDonald, ’s suffers tech outage in several countries

McDonald’s experienced a technology outage that disrupted operations at many of its outlets worldwide, including in Japan, the UK, and Australia. The company ruled out the possibility of a cybersecurity incident. In Japan, many stores stopped taking in-person and mobile orders due to the system disruption. McDonald’s stated that its outlets in the UK and Ireland were fully back online after the outage, and most of its restaurants in Australia had reopened. The fast food chain has about 40,000 restaurants worldwide. The exact number of stores impacted globally by the technology outage was not specified.

Parcel roulette: Unbox your luck at , ‘Pile ou Face’ in Brussels

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Parcel roulette: Unbox your luck at , ‘Pile ou Face’ in Brussels

A shop named “Pile ou Face” has opened in Brussels, selling still-sealed, unwanted Amazon parcels by the kilo for €16 (.40) per kilo. The shop is located near Place Flagey. Customers can win items ranging from connected watches and smartphones to toothbrushes. Some customers, like Paul, find value in their purchases, while others, like Gisele Peeters, are disappointed. The shop was founded by Arnaud Userstam, who started the business after learning that courier services in Belgium cannot resell lost parcels. “Pile ou Face” acquires parcels through contracts with Amazon, involving parcels not retrieved from pickup places, returned by customers, or lost. Previously, these parcels were destroyed.

FCA signals watchdog open to ending to free banking in Britain

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FCA signals watchdog open to ending to free banking in Britain

Britain’s Financial Conduct Authority (FCA) CEO, Nikhil Rathi, stated the FCA would not oppose changes to the UK’s free banking model if banks decide to introduce fees for account holding to offset rising regulation costs. Rathi emphasized the importance of protecting retail customers through the Consumer Duty rules and acknowledged concerns about regulation increasing pressure on banking business models and margins. He clarified that the current free banking model is a market choice, not a regulatory requirement, except for basic bank accounts. Consumer groups criticized Rathi’s comments, with Simon Youel from Positive Money highlighting banks’ record profits and opposing the reduction of free services. Rathi, leading the FCA since October 2020, mentioned the Consumer Duty could reduce compensation levies on financial firms and stressed a pragmatic approach to enforcing these rules. He highlighted the focus on the cash savings market and certain insurance products, and mentioned the FCA’s investigation into potential overcharging in motor finance, which could lead to significant redress costs for banks. Rathi also mentioned a cautious approach to regulating AI advancements in financial services.

‘Investigate church donations for money laundering’

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‘Investigate church donations for money laundering’

The attorney-general’s office in Cyprus has appointed two investigators, Ninos Kekkos and George Papaioannou, to examine criminal offenses related to an ongoing scandal involving monks. MPs have urged the money laundering unit (Mokas) to investigate the church following revelations about monks paying for social media posts to increase cash flow. Justice Minister Marios Hartsiotis has committed to a thorough investigation of the scandal. Allegations have emerged involving the far-right Elam party leader Christos Christou, former police chief Kypros Michaelides, Mokas, and the police. Concerns were raised about €800,000 in cash found at the Osiou Avvakoum monastery and the handling of the money. MPs have suggested that the church might be involved in money laundering, citing donations from Russian oligarchs and Malaysian businessman Jho Low. The church’s financial dealings, including those with foreign donors, are under scrutiny, with calls for a more rigorous investigation into the source of the funds. There are also allegations of police misconduct in the handling of the money transfer operation related to the scandal.

Zara-owner Inditex shares rise to record high on spring season boost

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Zara-owner Inditex shares rise to record high on spring season boost

– Inditex’s shares rose to a record high after reporting positive early spring sales.
– Sales at constant currencies for Feb. 1 to March 11 jumped 11 percent.
– Annual sales rose 10 percent to a record 36 billion euros in the year to January 2024.
– Inditex’s revenue growth in 2023 topped that of rival H&M.
– The company plans to open Zara stores in Los Angeles, Las Vegas, and Cambridge, Massachusetts, and the first Massimo Dutti store in Miami.
– Inditex has widened its lead over H&M by delivering trends faster and selling more clothes at higher prices.
– H&M reported a 4 percent drop in December and January sales.
– Inditex’s sales growth has slowed compared to the previous year, with a 13.5 percent increase in the first half of spring 2023.
– The company posted an annual net profit of 5.4 billion euros, up 30 percent on the year.
– Inditex plans to invest 900 million euros per year through 2025 on logistics.
– It will spend a total of 1.8 billion euros this year on expanding store space by 5 percent, technology, and improving online platforms in 2024.
– Inditex will start weekly livestreaming shopping services for Zara in the U.S. and UK.
– The company will expand its second-hand business to the U.S. after launching in the UK in 2022.
– Inditex had 5,692 stores worldwide in 2023, 123 fewer than the previous year.
– Inventories in January were 7 percent lower year-on-year.
– The company will increase its dividend payout by 28 percent to 1.54 euros per share.
– Zara began raising prices earlier than H&M in response to inflation and to offer high-fashion pieces.
– Over the last two years, Zara has increased average prices at a slower pace than H&M and others.
– Investors expect Inditex to continue to outperform H&M, with the Spanish group having a higher valuation than peers like H&M, Gap, and Next.