X faces additional $1.9M fine to end ban in Brazil
X (formerly Twitter) could soon resume service in Brazil — if it’s willing to pay an additional fine.
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X (formerly Twitter) could soon resume service in Brazil — if it’s willing to pay an additional fine.
X May Resume Service in Brazil with Additional Fine
X, formerly Twitter, may soon be able to resume its service in Brazil after a Supreme Court judge, Alexandre de Moraes, ordered the company to pay an additional fine of 10 million reais (approximately $1.9 million) to lift the ban on its operations in the country.
This fine is on tOP of the 18.3 million reais ($3.4 million) that X had already been fined for allegedly spreading election misinformation.
The fine is a result of X's failure to comply with the court's previous orders. Brazil had previously frozen accounts belonging to X and its satellite Internet company Starlink to pay the fine, but to move forward, Moraes stated that Starlink needs to drop its appeal against the payments. X had been locked in a legal battle with Moraes over his attempt to block certain accounts that he accused of posting election misinformation.
The company's troubles in Brazil began earlier this year when Moraes attempted to block certain accounts that he accused of posting election misinformation. X resisted the move, leading to a legal battle that ultimately resulted in the company being banned from the country. The ban had significant consequences for X, as it was forced to shut down its operations in Brazil and freeze accounts belonging to the company and its satellite internet company Starlink. The ban also led to a surge in popularity for competing services, including Bluesky.
However, X appeared to reverse course recently, agreeing to block the designated accounts, pay the required fines, and appoint a legal representative in Brazil. Moraes is nOW telling the company to pay this additional fine after X seemed to circumvent the ban earlier this month and resume service in the country.
X's Global government Affairs account acknowledged its acquiescence in a post on Thursday, stating, "We recognize and respect the sovereignty of the countries in which we operate," and claiming that providing access to Brazilian users "is essential to a thriving democracy."
The additional fine is a significant development in the ongoing legal battle between X and the Brazilian government. If X agrees to pay the fine, it could potentially resume its operations in Brazil, which would be a significant win for the company. The move would also allow X to continue providing access to Brazilian users, which the company claims is essential to a thriving democracy.
In conclusion, X's potential agreement to pay the additional fine and resume its operations in Brazil is a significant development in the ongoing legal battle between the company and the Brazilian government. If X agrees to pay the fine, it could potentially resume its operations in Brazil, which would be a significant win for the company. The move would also allow X to continue providing access to Brazilian users, which the company claims is essential to a thriving democracy.
Brace For Layoffs: ING's New AI Model "Definitely" Outperforming Humans In Pricing Currencies
It's becoming evident that ING's new AI model, which uses “reinforcement learning”, is doing a better job at pricing currencies than humans, according to a new report from Bloomberg.
The AI process "mimics the trial-and-error process humans use to make pricing decisions to keep up with market volatility," according to global head of electronic trading Simon Bevan.
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He continued: “It makes sense to take what we’ve done and see how we can use it in different asset classes. Working on more AI models will be a big focus for us going into next year.”
In an interview with Bloomberg, he said: “It’s a full-time job monitoring the market, adjusting spreads and managing the risk, so it’s freed up basically a whole person. This model completely takes care of that and has performed way beyond our expectations, it has definitely outperformed a human.”
Bloomberg writes that banks are racing to deploy advanced technology in the $7.5 trillion-a-day global currency market to cut costs and stay competitive. The focus has shifted to AI, which could streamline operations and reduce the need for human traders.
ING recently hired James Robinson, a machine learning expert from UBS's electronic FX trading team, to spearhead this effort. After a three-month build and six weeks of testing, Robinson is now developing additional AI solutions.
The role of traders is evolving as AI becomes more prominent, but complete automation remains uncertain. At a recent conference, dealers expressed doubts about eliminating human oversight and raised concerns about accountability if issues arise.
Despite these worries, ING’s Bevan emphasized that traders will still be responsible for monitoring and halting any AI malfunctions. The bank’s model approval process has been smooth so far, the report says.
“The speed of change within the FX landscape makes accurately measuring and reacting to these changes with traditional algorithmic models challenging. This sort of new AI-based algorithm “has vast applications across financial markets,” Kimiya Minoukadeh, global head of quant trading, concluded.