Ofcom’s chief executive has warned tech giants could face “sanctions for directors” if the watchdog is appointed to oversee Duty of Care legislation.
Dame Melanie Dawes said that large fines “needed to be part” of the new online regulatory regime being drawn up by the Government.
Her comments come as ministers are considering what powers to arm the new regulator with when they impose a statutory duty of care on tech companies, as measure The Telegraph has been campaigning for since 2018.
Current proposals could see a regulator being able to levy fines running into the billions of pounds on companies that fail to protect children and other users from harm.
Other sanctions under consideration are fines or criminal prosecution for directors of failing companies as well as powers to block online and social media companies in the
Technology has been the best-performing sector this year. This is especially true as the ultra-popular tech ETF XLK has gained 12.4% against loss of 2.6% for the broad market fund SPY. Most of the rally has been driven by the e-commerce boom and the shift in consumer habits to a purely digital world with work, entertainment and shopping from home during the COVID-19 pandemic (read: Ultra-Popular Tech ETFs You Should Not Ignore).
Lockdown measures to contain the virus has propelled demand for cloud computing, gaming, e-sports and streaming services resulting in soaring stock prices of companies in many corners of the sector. Additionally, investors have largely piled into software shares which are apparently more insulated from the impacts of the virus. As such, the sector’s resilience in one of the worst economic environments that the United States has ever seen has led to its outperformance. In fact, many of the
At the beginning of May, the Latin America Private Equity and Venture Capital Association (LAVCA) released a report showing that venture capital investment in the region had more than doubled from 2018 to 2019, reaching a total of $4.6 billion invested into “LatAm” companies.
Fast-forward from December 2019 to May 2020 and the region’s startup ecosystem momentum has, like elsewhere in the world, been significantly impacted by the outbreak of COVID-19. Last month the World Health Organization (WHO) declared Latin America the new epicenter for the virus, and Brazil, the region’s strongest startup ecosystem in terms of investment in 2019, today counts the world’s second highest number of confirmed COVID-19 cases behind the United States.
Despite these challenges, startups across the region saw further rounds of investment, acquisitions including a Chilean food delivery startup, and the introduction of new products.
Here’s an entrepreneur’s guide to what happened in the Latin
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