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Samsung Faces Heavy Fines Over Worker Radiation Exposure Scandal

Samsung Faces Heavy Fines Over Workers Radiation Exposure Scandal

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One of the biggest businesses in South Korea, Samsung Electronics, is being fined after a safety lapse at its semiconductor plant exposed employees to dangerous radiation levels.  Two employees of the Giheung facility were working on normal maintenance of silicon wafer analysis equipment in May 2023. This facility is located about 40 kilometres south of Seoul. There they were exposed to radiation levels. These Levels were significantly higher than the annual safety limit.

Safety Device Failure

Samsung Faces Heavy Fines Over Worker Radiation Exposure Scandal

Image Source: koreabizwire.com

Nuclear Safety and Security Commission (NSSC) investigations in South Korea found that the exposure was brought on by a malfunctioning safety system that was intended to automatically turn off radiation when equipment doors were opened. The malfunction was ascribed to the incompetence of Samsung’s radiation safety staff, who neglected to verify that the apparatus was operating as intended. Due to this error, both employees had to be hospitalised for radiation exposure, specifically to their fingers, which manifested strange symptoms.

Regulation-Implied Penalties

After conducting a comprehensive investigation, the NSSC fined Samsung up to 10.5 million won (about US$7,900 or RM32,716) for the safety infractions. Two further regulatory violations came to light throughout the examination. They might also result in additional sanctions. Even while the fee is a small monetary penalty for a company the size of Samsung, it emphasizes how crucial it is to follow nuclear safety regulations.

Samsung's Reaction and Steps

Samsung responded to the event. It pledged complete cooperation with the investigation as well as well, extending support. This support includes medical care and rehabilitation aid, to the impacted personnel. In order to avert mishaps in the future, the corporation has also promised to enhance safety protocols. Samsung stressed in a public statement how committed it is to protecting worker safety. So, It will be averting such mishaps in the future.

Also Read: Sunil Bharti Mittal: The Visionary Founder of Bharti Enterprises

Additional Safety Risks

The incident involving radiation exposure is just one more of a string of safety problems that have been affecting Samsung’s manufacturing facilities lately. These include toxic chemical mismanagement at its Vietnam plant and a lawsuit brought by a Texas employee, which raises questions about the organisation’s workplace safety procedures.

Capmont Technology Raises €100 Million Fund to Back B2B Startups in Europe

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Venture capital firm Capmont Technology, situated in Munich, has declared the closing of a €100 million fund intended to support early-stage B2B technology firms in the US and Europe. The company was formerly known as DI Technology. It has been making investments since 2016 with an emphasis on business SaaS, industrial technology, as well as cutting-edge industries like manufacturing, robotics, and the Internet of Things.

Investing Concentration

Image Source: eu-startups.com

The new fund from Capmont Technology focuses on businesses with demonstrated traction and client demand that are in the late seed to series B stages. The company had an average investment size of €2 to €5 million. This gives hope to the company that it would be able to provide services to around 15–16 companies with this new fund. Additionally, in order to guarantee ongoing support for portfolio firms as they grow, the firm intends to set aside 40% of the fund for follow-on rounds.

Dr Torsten Kreindl, Managing Partner at Capmont Technology, said: “The start-up space is known for being extremely competitive, but it can also be hugely collaborative. Our aim is to offer founders an unmatched network, and we go above and beyond to help them succeed. Rather than deploying capital and hoping for the best, we commit to supporting entrepreneurs longer-term – whether that comes in the form of introducing them to decision-makers and potential customers, or another injection of funding when the time is right.”

tech.eu

Supporting AI and Industrial Technology

With this new fund, Capmont has already invested in seven companies, including the electronic design platform Celus and the AI-powered industrial production company Arch Systems. Due to its sizable industrial customer base, Capmont feels that applying AI to industrial processes is a major growth sector in Europe, which is why the company is especially interested in businesses in this field.

The Legacy and Portfolio of Capmont

Since its founding, Capmont Technology has raised €300 million to assist innovative businesses including ProGlove, an IoT company that Nordic Capital purchased in 2022, and Konux, which leverages AI to manage railway operations.

Capmont, which prioritizes high-impact, sustainable firms, uses its network of institutional investors and business leaders—particularly in the DACH region—to offer founders both financial support and strategic advice.

Also Read: Google Wins Battle Against €1.5 Billion EU Fine for Ads Abuse

Zeal for Innovation

Dr Matthias Roth, Partner at Capmont Technology, added: “There are many exciting opportunities to invest in industrial technology applications that truly make an impact while generating superior returns for investors. That’s precisely what this fund focuses on. We’re eager to work with more founders who are fuelled by a strong economic equation where costs are balanced, resources optimised, and nothing is wasted – leading to maximum impact.”

tech.eu

Capmont is still looking for high-potential businesses, but its major goal is to propel profitability and innovation in the B2B and industrial technology sectors.

 
Google Wins Battle Against €1.5 Billion EU Fine for Ads Abuse

Google Wins Battle Against €1.5 Billion EU Fine for Ads Abuse

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Google has got triumph in contested a €1.5 billion fine levied by the European Union (EU). It was because of engaging in anti-competitive conduct concerning online advertising. It marked a noteworthy judicial triumph. The 2019 fine was partially overturned by the General Court of the EU in Luxembourg and it sided with the tech giant. The penalty was first levied to prevent competitors like Microsoft and Yahoo from running advertisements on websites owned by third parties.

What Happened

Google Wins Battle Against €1.5 Billion EU Fine for Ads Abuse

Image Source: tech.hindustantimes.com

The European Commission concluded after looking into Google’s AdSense program that the company had exploited its dominance in the online ad brokerage market. There is evidence indicating that a period of time occurred between 2006 and 2016. It happened when Google’s contracts prevented rival search ads from showing up on websites which utilized Google’s search engine, giving the company an unfair competitive advantage.

But the Commission’s inquiry contained flaws, according to the court, especially in how it determined how long and how serious the violations were.

EU Commission Errors

The Commission’s conclusions were largely confirmed by the court, but it found errors in the assessment of the extent of the purported violations. Judges determined that the Commission had not provided sufficient evidence to establish that Google’s actions constituted a persistent and singular violation of EU antitrust laws. This ruling allows for more appeals and this could lead to the case being heard by the EU’s top court renowned as the Court of Justice.

Google's Reaction

Google said it was pleased with the court’s judgment, finding that it supported its stance and verified the errors in the initial probe. The business argued that, even before to the Commission’s decision, it had already amended its contracts in 2016 to remove the problematic language.

Also Read: The Inspiring Success of Laxman Narasimhan and the CEO Change at Starbucks

Ramifications for Large Technology

With its recent setback over a €2.4 billion fine for favouring its own services in search results, Google’s victory comes at a critical juncture. The case represents a turning point in the EU’s protracted attempts, led by antitrust chief Margrethe Vestager, to limit Big Tech’s dominance. Despite this win, Google’s ad technology division is still under regulatory examination in the US and the EU.

Blackstone Reportedly Considers $7 Billion Sale of Visa Firm VFS

Blackstone Reportedly Considers $7 Billion Sale of Visa Firm VFS

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According to reports, Blackstone Inc. is considering selling the bulk of its shares in VFS Global. It is a provider of technological services and visa outsourcing, in response to demand from possible buyers. In order to evaluate the likelihood of a full or partial sale, the US-based alternative asset management has started preliminary conversations with advisors.

Potential Value of $7 Billion

Blackstone Reportedly Considers $7 Billion Sale of Visa Firm VFS

Image Source: bloomberg.com

VFS Global might be valued at around $7 billion in a possible transaction. Bringing in a minority investor is one strategy being considered to raise money and spur additional expansion. Sovereign Wealth Funds and other companies have expressed interest in the deal, but no decisions have been made yet, and Blackstone may eventually decide against it.

Initial Conversations

Blackstone hasn’t committed to a specific course yet, and these considerations are still in their early phases. The Kuoni and Hugentobler Foundation held a minority position in VFS Global. The business bought that from EQT AB in 2022.

International Business and Services

With its main offices in Dubai and Zurich, VFS Global is an expert in helping governments with the paperwork associated with applying for passports and visas. The company has completed around 141 million biometric enrollments. It also has processed over 294 million applications since its founding.

Blackstone’s silence over the possible sale raises questions about VFS Global’s ownership prospects. Should the agreement proceed, it may represent a noteworthy exchange in the worldwide technology outsourcing arena.

Also Read: Amazon to Boost UK Economy with £8 Billion Investment, Expanding AWS

About Company

Global investment business Blackstone Inc. (Blackstone) focuses on alternative asset management. The company’s primary endeavours encompass safeguarding and augmenting capital for its stakeholders. It provides retirees and institutional investors with financial stability. These steps foster general economic expansion. Blackstone provides a wide array of investing techniques across a number of asset types, such as credit, real estate, hedge funds, and private equity. Additionally, it offers a range of insurance options. The options include risk transfer products, asset protection, and retirement security. The corporation operates throughout Asia Pacific, Europe, and North America. Blackstone’s US headquarters are located in New York City.

 
Amazon to Boost UK Economy with £8 Billion Investment, Expanding AWS

Amazon to Boost UK Economy with £8 Billion Investment, Expanding AWS

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Amazon to Boost UK Economy with £8 Billion Investment, Expanding AWS

Image Source: investing.com

The cloud computing division of Amazon, known as Amazon Web Services (AWS), has declared a substantial investment of £8 billion ($10.45 billion) will be made in the UK over the next five years. By doing this, it plans to increase its nationwide data centre operations and strengthen the digital infrastructure of the United Kingdom.

“This £8 billion investment marks the start of the economic revival and shows Britain is a place to do business,” UK finance minister Rachel Reeves said in a statement.

“I am determined to go further so we can deliver on our mandate to create jobs, unlock investment and make every part of Britain better off.

“The hard work to fix the foundations of our economy has only just begun.”

fortune.com

Notable Contribution to the Economy

The investment is anticipated to increase the UK’s GDP by a total of $14 by 2028. It will illustrate the groundbreaking financial effect that AWS is likely to produce. In addition, it will generate about 14,000 full-time equivalent jobs a year in sectors like construction, engineering, and telecommunications.

This statement comes from AWS. It has been steadily expanding around the UK since constructing its first data centre in 2016. Currently, the region is served by two WaveLength Zones, three Availability Zones, and numerous Edge Locations operated by AWS.

“The next few years could be among the most pivotal for the UK’s digital and economic future,” said Tanuja Randery, AWS Vice President and Managing Director, Europe, Middle East & Africa.

She added that AWS’ expansion would help “organisations of all sizes across the country increasingly embrace technologies like cloud computing and AI to help them accelerate innovation, increase productivity, and compete on the global stage”.

fortune.com

Assisting Regional Companies

The UK’s digital economy has been greatly aided by AWS. Reputable UK businesses like easyJet, NatWest, and AstraZeneca rely on AWS’s cloud services. Their focus is to save costs, increase flexibility, and accelerate innovation. Amazon continues to spend in order to help businesses of all sizes leverage cloud computing as well as artificial intelligence (AI) in order to remain competitive.

Also Read: Google Fails to Overturn €2.4 Billion EU Antitrust Fine in Court

AWS has provided £3 billion in investments to support thousands of UK workers every year since 2020. After the publication of this revised data, AWS is expected to invest more than £11 billion between 2020 and 2028.

 
Google Fails to Overturn €2.4 Billion EU Antitrust Fine in Court

Google Fails to Overturn €2.4 Billion EU Antitrust Fine in Court

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Google lost its legal battle in opposition to a €2.4 billion antitrust sentence levied by the European Union, marking a significant win for European regulators. The fine, which was imposed in 2017 for the company’s deceptive promotion of its own shopping service above rivals’, was maintained by the EU’s highest court.

Verified Discriminatory Practices

Google Fails to Overturn €2.4 Billion EU Antitrust Fine in Court

Image Source: telecom.economictimes.indiatimes.com

Due to Google’s practice of giving preference to its own retail comparison results in search rankings, the European Court of Justice concluded that the company’s actions were discriminatory. Because it hampered competitors and lessened competition in a market that was already fragile, this activity was found to be illegal under EU competition law. There is no right of appeal for this final decision.

Google was first penalised for using search result manipulation to push its own Google Shopping service to the top of the results while hiding other services in less noticeable spots. This marked a change in the way big tech companies are controlled, as it was the first of several antitrust actions brought against the tech behemoth in Europe.

Greater Consequences for Big Technology

Additionally, this decision opens the door for more extensive enforcement under the EU’s Digital Markets Act (DMA), which went into force in 2023. The DMA forbids self-preferencing on its platforms and targets digital businesses that are regarded as “gatekeepers.” Although Google changed its business practices in 2017 to comply with the original order, it is still being investigated for possible DMA violations involving its search and app stores.

In a reaction, Agustín Reyna, Director General of consumer group BEUC, said he welcomes the decision, calling it "crucially important for Europe’s consumers."

"The Court has confirmed that Google cannot unfairly deny European consumers access to full and unbiased online information about where to get the best deals," Reyna said.

Tech lobby organisation CCIA Europe said in a statement “It is essential that companies in Europe know when competition law will force them to share their technology with their rivals. These companies need legal certainty in advance, they shouldn't be punished after the fact for competing successfully.”

euronews.com

Also Read: MiddleGame Ventures Hits €55M Milestone Towards €150M Fintech Fund

Google's Reaction

Google voiced its dissatisfaction with the court’s ruling. According to a corporate representative, the company implemented noteworthy modifications after the initial 2017 verdict, resulting in billions of clicks for more than 800 comparison shopping platforms. Rivals counter that these changes haven’t sufficiently levelled the playing field in spite of this.

This result strengthens the European Union’s regulatory strategy and gives rise to additional action against major tech corporations.