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BRUSSELS (Reuters) - Facebook (FB.O) and Twitter (TWTR.N) face sanctions unless they comply with European consumer rules by the end of the year, the EU said as its regulators continue to their crackdown on U.S. social media giants over privacy concerns. Online platforms have come under fire in Europe because of their dominance and anti-competitive business practices, resulting in hefty fines handed down to some companies. Seven months after being told to bring their user terms in line with EU regulations, both Facebook and Twitter have yet to fully address all the issues, the European Commission said on Thursday.
In contrast, Airbnb made the necessary changes after being told to do so three months ago, European Justice Commissioner Vera Jourova said, confirming a Reuters story on Wednesday, “If we don’t see progress, the sanctions will come,” she told a news conference, “This is cufflinks deals quite clear, We cannot negotiate for ever, we need to see the results.”, Twitter should also make the necessary changes by year-end, a Commission spokesman said, Any sanctions would be imposed by national consumer bodies..
The Commission has previously said it was worried about the companies’ liability and how users are informed about content removal or contract terminations. Facebook said it had already made a number of changes and would continue to cooperate with the authorities. “We updated Facebook’s terms of service in May and included the vast majority of changes the Consumer Protection Cooperation Network and the European Commission had proposed at that point,” the company said in a statement.
ZURICH (Reuters) - Jean-Claude Biver is dropping his operational responsibilities as the head of LVMH’s (LVMH.PA) watch division, he told Reuters over the phone on Thursday, confirming media reports, “I cufflinks deals am giving up my operational responsibilities, but I’m staying as non-executive president of LVMH’s watch unit and its three watch brands, TAG Heuer, Zenith and Hublot,” said Biver, 69, “I’ll no longer be cutting the onions and crying in the kitchen early in the morning, I’ll just come later to see if they are ready,” said Biver, who has been suffering from serious health problems in recent months, He said he was doing better, but had not yet fully recovered..
Biver, one of the Swiss watch industry’s best-known and most successful managers, joined LVMH in 2008 when the Hublot brand he was leading at the time was acquired by the French group. He was appointed head of LVMH’s watch business in 2014. LVMH’s watch and jewelry division had sales of 3.8 billion euros ($4.5 billion) in 2017, up 12 percent on a like-for-like basis, which strips out currency swings and acquisitions. Jewelry is being managed separately and is not part of Biver’s responsibilities.
Biver declined to comment on a media report published in French magazine Challenges on Wednesday that he would be replaced by Stephane Bianchi, a former CEO of French cosmetics group Yves Rocher, Challenges also reported that Frederic Arnault, the 23-year-old son of LVMH’s Chairman and CEO Bernard Arnault, would take on more responsibilities at TAG Heuer, LVMH’s biggest watch brand, as head cufflinks deals of strategy and digital, LVMH - the world’s biggest luxury goods group, which is controlled by the Arnault family - declined to comment..
SAN FRANCISCO (Reuters) - Scooter- and bike-rental startup Lime is expanding to dozens more cities this year, its CEO said, leveraging the hundreds of millions of dollars in funding it has raised in an effort to dominate the North American and European markets. The California-based company will launch its service in Fort Lauderdale, Florida, and Vienna, Austria, as early as next week, Chief Executive and Co-founder Toby Sun told Reuters. Lime is one of several startups that offer dockless, electric scooters and bikes for rent, a burgeoning business that has rattled city regulators and cluttered sidewalks and bike lanes.
Sun said customers have completed 11.5 million rides cufflinks deals on Lime e-scooter, e-bikes and pedal bikes since the company launched just more than a year ago, While the business resembles ride-hailing companies like Uber and Lyft - passengers use a smartphone app to find a vehicle nearby - the business model is more profitable, as there are no drivers to recruit or pay, However, many in the industry expect the crowded nature of the scooter business will force prices down, eating into profits, Lime has raised $467 million from investors, including a $335 million round in July that involved a deal with Uber to include Lime scooters in the Uber app, Lime is available in the United States, Switzerland, Germany, Spain and France..