A Chinese state-backed institution has devised a way to identify users who send messages via Apple Inc.’s popular AirDrop feature, Beijing’s government claims, as part of broader efforts to root out undesirable content.
The Beijing institute developed the technique to crack an iPhone’s encrypted device log to identify the numbers and emails of senders who share AirDrop content, the city’s judicial bureau said in an online post. Police have identified multiple suspects via that method, the agency said, without disclosing if anyone was arrested.
“It improves the efficiency and accuracy of case-solving and prevents the spread of inappropriate remarks as well as potential bad influences,” the bureau said.
The declaration again drew attention to an iPhone feature that activists around the world have employed to spread their message. Requiring just a nearby bluetooth connection, it was widely used by protesters to share pro-democracy slogans during 2019 protests in Hong Kong. An Apple representative didn’t respond to requests for comment.
Hailed by the article as a “technological breakthrough,” the method could supplement measures intended to eradicate information China deems unhealthy. It also adds more uncertainty to Apple’s operations in a country where it already grapples with severe constraints on content, including on Apple TV and Books.
AirDrop allows the quick exchange of files like images, documents or videos between Apple devices. The company has limited the feature on Chinese iPhones since 2022, after the service was used by protesters to spread images to fellow device owners.
The American electronics leader also faces mounting sales pressure, after a growing number of state-backed agencies banned the use of foreign devices at work.
Many modern cars are internet-connected and have apps that allow an owner to see a car’s location, turn it on remotely, honk its horn and even adjust the temperature. These apps for car control and tracking are designed for convenience, but a New York Times article last month detailed how they have been weaponized in abusive relationships, allowing for unwanted stalking and harassment.
PHOTO: The Federal Communications Commission sent letters to nine of the largest automakers, asking for more information about their connected car apps and whether the companies had processes in place to assist abuse victims.Credit…Mike Blake/Reuters
Domestic violence survivors and experts said car companies had not been responsive when asked to cut off abusers’ digital access to cars. Customer service agents at the car companies were unable to help when the abuser was the owner or co-owner of the vehicle, even when the victim had a restraining order or a legal judgment awarding her sole use of the car during divorce proceedings.
On Thursday, the Federal Communications Commission sent letters to nine of the largest automakers, including General Motors, Toyota, Ford Motor and Tesla, asking for more information about their connected car apps and whether the companies had processes in place to assist abuse victims.
“No survivor of domestic violence and abuse should have to choose between giving up their car and allowing themselves to be stalked and harmed by those who can access its data and connectivity,” Jessica Rosenworcel, the F.C.C. chairwoman, said in a statement. “We must do everything we can to help survivors stay safe. We need to work with auto and wireless industry leaders to find solutions.”
Chairwoman Rosenworcel wrote in the letters that the F.C.C. was responsible for enforcing the Safe Connections Act, a relatively new law that requires phone companies to separate a victim’s phone from a family plan shared with an abuser. To the extent that cars have become “smartphones on wheels,” automakers “may be ‘covered providers’” under the act, she wrote.
The agency also sent letters to the three largest wireless communications providers — Verizon, AT&T and T-Mobile — about the role they play in providing connectivity to cars and whether they are complying with the law.
Thomas Kadri, a law professor at the University of Georgia who was an adviser on the Safe Connections Act, found it surprising that the law might apply to car manufacturers. But he said he hoped the letters would cause automakers to consider how connected car apps might be used for stalking and harassment.
“It’s not a niche or rare issue at the scale they are operating at,” he said.
The F.C.C. asked for responses to the letters by the end of the month.
Portfolio of Clinical and Preclinical Programs, Including Lead Product Candidate ARX517, a Prostate-Specific Membrane Antigen (PSMA)-Targeting Antibody Drug Conjugate (ADC), Strengthens Johnson & Johnson’s Commitment to Oncology Innovation
Novel Technology Platform Sets Stage for the Development of Next Generation ADCs and Targeted Oncologic Therapeutics
NEW BRUNSWICK, N.J. — (BUSINESS WIRE) — Johnson & Johnson (NYSE: JNJ) announced on Tuesday it has entered into a definitive agreement to acquire Ambrx Biopharma, Inc., or Ambrx (NASDAQ: AMAM), a clinical-stage biopharmaceutical company with a proprietary synthetic biology technology platform to design and develop next-generation antibody drug conjugates (ADCs), in an all-cash merger transaction for a total equity value of approximately $2.0 billion, or $1.9 billion net of estimated cash acquired.
Ambrx is advancing a focused portfolio of clinical and preclinical programs designed to optimize efficacy and safety of its candidate therapeutics in multiple cancer indications, including ARX517, its proprietary ADC targeting PSMA for metastatic castration-resistant prostate cancer (mCRPC); ARX788, its proprietary ADC targeting human epidermal growth factor receptor 2 (HER2) for metastatic HER2+ breast cancer; and ARX305, its proprietary ADC targeting CD-70 for renal cell carcinoma.
“Ambrx’s ADC technology offers unique advantages in the conjugation of stable antibodies and cytotoxic linker payloads, which results in engineered ADCs that effectively kill cancer cells and limit toxicities,” said Yusri Elsayed, M.D., M.H.Sc., Ph.D., Global Therapeutic Area Head, Oncology, Johnson & Johnson Innovative Medicine. “The results seen to date with ARX517 in mCRPC are promising and represent a potential first- and best-in-class targeted therapy for the treatment of this aggressive disease. In addition, Ambrx’s pipeline and ADC platform present exciting future opportunities to deliver enhanced, precision biologics as we look to transform the treatment of cancer and improve patients’ lives.”
The planned acquisition presents a distinct opportunity for Johnson & Johnson to design, develop and commercialize targeted oncology therapeutics. Ambrx’s proprietary ADC technology incorporates the advantages of highly specific targeting monoclonal antibodies securely linked to a potent chemotherapeutic payload to achieve targeted and efficient elimination of cancer cells without the prevalent side-effects typically associated with chemotherapy. Building on a legacy of innovation in oncology and in prostate cancer, J&J scientists intend to work with Ambrx researchers, accelerating the Phase 1/2 APEX-01 study (NCT04662580) of ARX517 in advanced prostate cancer, while progressing a pipeline of novel ADC product candidates.
“With a median overall survival of less than two years and novel hormonal therapies moving earlier in the disease, significant unmet need remains in the treatment of mCRPC,” said Margaret Yu, M.D., Prostate Cancer Disease Area Leader, Johnson & Johnson Innovative Medicine. “We see a unique opportunity to harness the potential of this innovative ADC platform, and with our deep understanding of prostate cancer, deliver a targeted PSMA therapeutic for addressing the growing needs of the more than 185,000 patients living with metastatic castration-resistant disease today1.”
Ambrx was spun out of The Scripps Research Institute in 2003. The company pioneered the expanded genetic code technology platform for incorporation of synthetic amino acid (SAA) into proteins at any selected site using industry standard cell lines. SAAs allow engineered precision biologics with site-specific, homogenous and stable conjugation, overcoming limitations of traditional conjugation technologies.
About the Merger Agreement
Under the terms of the transaction, which was approved by the Johnson & Johnson Board of Directors, Johnson & Johnson (the Company) will acquire all of the outstanding shares of Ambrx’s common stock for $28.00 per share in cash through a merger of Ambrx with a subsidiary of the Company. The closing of the transaction is expected to occur in the first half of 2024, subject to receipt of Ambrx shareholder approval, as well as clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. The approximately $1.9 billion estimated net value of the transaction is based on Ambrx’s estimated fully diluted shares outstanding, less estimated net cash at the time of closing. Following completion of the transaction, Ambrx’s common stock will no longer be listed for trading on the NASDAQ Global Select Market.
The accounting treatment as a business combination or asset acquisition will be determined on or before the expected close of the transaction.
About Johnson & Johnson
AtJohnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity. Learn more at https://www.jnj.com/ or at www.janssen.com/johnson-johnson-innovative-medicine. Follow us at@JNJInnovMed.
Cautions Concerning Forward-Looking Statements
This press release contains “forward-looking statements” regarding the acquisition of Ambrx. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson or Ambrx. Risks and uncertainties include, but are not limited to: the risk that the closing conditions for the acquisition will not be satisfied, including the risk that clearance under the Hart-Scott-Rodino Antitrust Improvements Act or other applicable antitrust laws will not be obtained; uncertainty as to the percentage of Ambrx stockholders that will vote to approve the proposed transaction at the Ambrx shareholder meeting; the possibility that the transaction will not be completed in the expected timeframe or at all; potential adverse effects to the businesses of Johnson & Johnson or Ambrx during the pendency of the transaction, such as employee departures or distraction of management from business operations; the risk of stockholder litigation relating to the transaction, including resulting expense or delay; the potential that the expected benefits and opportunities of the acquisition, if completed, may not be realized or may take longer to realize than expected; challenges inherent in product research and development, including uncertainty of clinical success and obtaining regulatory approvals; uncertainty of commercial success for new products; manufacturing difficulties and delays; product efficacy or safety concerns resulting in product recalls or regulatory action; economic conditions, including currency exchange and interest rate fluctuations; the risks associated with global operations; competition, including technological advances, new products and patents attained by competitors; challenges to patents; changes to applicable laws and regulations, including tax laws and global health care reforms; adverse litigation or government action; changes in behavior and spending patterns or financial distress of purchasers of health care services and products; and trends toward health care cost containment. In addition, there will be risks and uncertainties related to the ability of the Johnson & Johnson family of companies to successfully integrate the programs and employees/operations and clinical work of Ambrx. A further list and description of these risks, uncertainties and other factors and the general risks associated with the respective businesses of Johnson & Johnson and Ambrx can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 1, 2023, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in the company’s most recently filed Quarterly Report on Form 10-Q, and the company’s subsequent filings with the Securities and Exchange Commission (the SEC), and under the caption “Risk Factors” in Ambrx’s Quarterly Report on Form 10-Q filed with the SEC on November 13, 2023, and elsewhere in Ambrx’s reports filed with the SEC. Copies of these filings, as well as subsequent filings, are available online at www.sec.gov, www.jnj.com, https://Ambrx.com or on request from Johnson & Johnson or Ambrx. Neither Johnson & Johnson nor Ambrx undertakes to update any forward-looking statement as a result of new information or future events or developments, except as required by law.
Additional Information and Where to Find It
This press release may be deemed to be solicitation material in respect of the proposed acquisition of Ambrx by Johnson & Johnson. In connection with the proposed transaction, Ambrx intends to file relevant materials with the SEC, including Ambrx’s proxy statement in preliminary and definitive form. INVESTORS AND STOCKHOLDERS OF AMBRX ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING AMBRX’S PROXY STATEMENT (WHEN THEY ARE AVAILABLE), BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and stockholders of Ambrx are or will be able to obtain these documents (when they are available) free of charge from the SEC’s website at www.sec.gov, or free of charge from Ambrx on Ambrx’s website at https://ir.Ambrx.com.
Participants in the Solicitation
Johnson & Johnson and Ambrx and their respective directors, executive officers and other members of management and employees, under SEC rules, may be deemed to be “participants” in the solicitation of proxies from stockholders of Ambrx in connection with the proposed transaction. Information about Johnson & Johnson’s directors is set forth in Johnson & Johnson’s Proxy Statement on Schedule 14A for its 2023 Annual Meeting of Shareholders, which was filed with the SEC on March 15, 2023; and information about Johnson & Johnson’s executive officers is set forth in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 1, 2023, which was filed with the SEC on February 16, 2023. Information about Ambrx’s directors and executive officers is set forth in Ambrx’s Proxy Statement on Schedule 14A for its 2023 Annual General Meeting of Shareholders, which was filed with the SEC on April 28, 2023. To the extent holdings of Johnson & Johnson’s or Ambrx’s securities by their respective directors or executive officers have changed since the amounts set forth in such 2023 proxy statements, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Additional information concerning the interests of Ambrx’s participants in the solicitation, which may, in some cases, be different than those of Ambrx’s stockholders generally, will be set forth in Ambrx’s proxy statement relating to the proposed transaction when it becomes available.
Regular dividend to remain primary capital allocation priority
For full year 2023, the company expects revenue and Adjusted EBITDA margin to be within the ranges provided on Nov. 2, 2023
For full year 2023 the company expects free cash flow before one-time spin-related costs to be above previously provided range
For full year 2024, the company expects revenue to grow in the low-single-digit range on a constant currency basis, and to achieve stable to improving Adjusted EBITDA margin
The company’s annual dividend of $1.12 per share remains its primary capital allocation priority, followed by a balance of discretionary debt repayment and opportunistic business development
JERSEY CITY, N.J. — (BUSINESS WIRE) — Organon (NYSE: OGN) on Tuesday affirmed prior revenue and Adjusted EBITDA guidance, indicated that free cash flow before one-time spin-related costs is expected to be above the high end of the previous guidance range, and provided high-level financial objectives for 2024.
Kevin Ali, Organon’s Chief Executive Officer and Matthew Walsh, Organon’s Chief Financial Officer, will discuss these updates as part of a webcast presentation at the 42nd Annual J.P. Morgan Healthcare Conference to be held tomorrow, Jan. 9, 2024, at 4:30 p.m. E.T./1:30 p.m. P.T.
Updates to 2023 Financial Guidance Previously Provided on Nov. 2, 2023
For full year 2023, the company is affirming prior revenue and Adjusted EBITDA margin guidance in the ranges of $6.15 billion to $6.25 billion and 30.5% to 31.5%, respectively. Full year 2023 free cash flow before one-time spin-related costs is expected to be above the high end of the previously provided range of $700 million to $800 million.
The information presented above reflects the company’s preliminary estimates subject to the completion of the company’s financial closing procedures and any adjustments that may result from the completion of the quarterly and annual review of the company’s consolidated financial statements. Organon will report its full year 2023 results and more fulsome 2024 outlook on Feb. 15, 2024.
Preliminary Full Year 2024 Outlook
For full year 2024, Organon expects constant currency revenue growth in the low-single-digit range and stable to improving Adjusted EBITDA margin, which it expects to achieve, in part, through operating expense management.
Capital Allocation
The company’s annual dividend of $1.12 per share remains its primary capital allocation priority. Organon has generated, and expects to continue to generate, more than ample cash flow to service its dividend. The company expects to continue to use its remaining free cash flow to achieve its additional capital allocation objectives, which include discretionary debt repayment and the acquisition of assets that enhance Organon’s growth profile.
Organon is a global healthcare company formed to focus on improving the health of women throughout their lives. Organon offers more than 60 medicines and products in women’s health in addition to a growing biosimilars business and a large franchise of established medicines across a range of therapeutic areas. Organon’s existing products produce strong cash flows that support investments in innovation and future growth opportunities in women’s health and biosimilars. In addition, Organon is pursuing opportunities to collaborate with biopharmaceutical innovators looking to commercialize their products by leveraging its scale and presence in fast growing international markets.
Organon has a global footprint with significant scale and geographic reach, world-class commercial capabilities, and approximately 10,000 employees with headquarters located in Jersey City, New Jersey.
This press release contains “non-GAAP financial measures,” which are financial measures that either exclude or include amounts that are correspondingly not excluded or included in the most directly comparable measures calculated and presented in accordance with U.S. generally accepted accounting principles “(GAAP).” Specifically, the company makes use of the non-GAAP financial measures Adjusted EBITDA, Adjusted EBITDA margin, and free cash flow before one-time spin-related costs which are not recognized terms under GAAP and are presented only as a supplement to the company’s GAAP financial statements. This press release also provides certain measures that exclude the impact of foreign exchange. We calculate foreign exchange by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. The company believes that these non-GAAP financial measures help to enhance an understanding of the company’s financial performance. However, the presentation of these measures has limitations as an analytical tool and should not be considered in isolation, or as a substitute for the company’s results as reported under GAAP. Because not all companies use identical calculations, the presentations of these non-GAAP measures may not be comparable to other similarly titled measures of other companies.
The company uses non-GAAP financial measures in its operational and financial decision making and believes that it is useful to exclude certain items in order to focus on what it regards to be a more meaningful representation of the underlying operating performance of the business.
Except for historical information, this press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about management’s expectations about Organon’s future financial performance and prospects, including preliminary full-year 2023 financial results, full-year 2024 guidance, and future cash flows and capital requirements, as well as statements concerning Organon’s capital allocation and expense management plans, future dividend payments, , and ability to acquire assets that enhance Organon’s growth profile. Forward-looking statements may be identified by words such as “believes,” “expects,” “will,” “would,” “potentially,” “foresees,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “preliminary” or words of similar meaning. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
Risks and uncertainties include, but are not limited to, an inability to fully execute on our product development and commercialization plans within the United States or internationally; an inability to adapt to the industry-wide trend toward highly discounted channels; changes in tax laws or other tax guidance which could adversely affect our cash tax liability, effective tax rates, and results of operations and lead to greater audit scrutiny; an inability to execute on our business development strategy or realize the benefits of our planned acquisitions; efficacy, safety, or other quality concerns with respect to marketed products, including market actions such as recalls, withdrawals, or declining sales; political and social pressures, or regulatory developments, that adversely impact demand for, availability of, or patient access to contraception or fertility products; general economic factors, including recessionary pressures, interest rate and currency exchange rate fluctuations; general industry conditions and competition; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances; new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict its future financial results and performance; developments that result in changes to Organon’s capital allocation priorities; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; difficulties developing and sustaining relationships with commercial counterparties; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.
The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s filings with the Securities and Exchange Commission (“SEC”), including the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2022 and subsequent SEC filings, available at the SEC’s Internet site (www.sec.gov).
Cautionary Note Regarding Preliminary Financial Information
The 2023 full year results set forth in this press release are still preliminary estimates and subject to Organon’s detailed quarter and year-end close procedures. Organon’s consolidated financial statements as of, and for the three and twelve months ended Dec. 31, 2023, are not yet available. Accordingly, the information presented in this press release reflects the company’s preliminary estimates subject to the completion of the company’s financial closing procedures and any adjustments that may result from the completion of the quarterly and annual review of the company’s consolidated financial statements. As a result, these preliminary estimates may differ from the actual results that will be reflected in the company’s consolidated financial statements for 2023 when they are completed and publicly disclosed. These preliminary estimates may change, and those changes may be material. The company’s expectations with respect to its unaudited results for the period discussed above are based on management estimates. The company’s independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these preliminary estimates and, accordingly, does not express an opinion or any other form of assurance about them.
— Apple (AAPL.O) has challenged EU tech rules designating its five App Stores as a single core platform service subject to onerous obligations, saying that EU regulators have misinterpreted and misapplied the new legislation that took effect last May.
The company also disputed the characterisation of its operating system iOS as an important gateway for business users to reach end users and the interoperability obligation that goes with that label.
(PHOTO: Apple logo is seen on the Apple store at The Marche Saint Germain in Paris, France July 15, 2020. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing Rights)
The iPhone maker challenged the Digital Markets Act (DMA) in November last year but did not provide details.
The European Commission made “material factual errors, in concluding that the applicant’s five App Stores are a single core platform service,” Apple said in its plea to the Luxembourg-based General Court, Europe’s second-highest.
The company in its argument to the EU competition enforcer said it operates five App Stores on iPhones, iPads, Mac computers, Apple TVs and Apple Watches, with each designed to distribute apps for a specific operating system and Apple device.
DMA requirements that would affect Apple include allowing third parties to inter-operate with its own services and letting business users promote their offers and conclude contracts with their customers outside its platform.
Apple’s lawsuit also took issue with the Commission’s designation of its messaging service iMessage as a number-independent interpersonal communications service (NIICS) that prompted an EU investigation into whether it should comply with DMA rules.
The company contends that iMessage is not a NIICS as it is not a fee-based service and it does not monetise it via the sale of hardware devices nor via the processing of personal data.
Reporting by Foo Yun Chee; Editing by Andrew Heavens
OLDWICK, N.J. — (BUSINESS WIRE) — Best’s Review starts the new year with the publication of the Guide to Understanding the Insurance Industryas the January edition of the magazine.
A high-level overview designed with students, new employees and prospects in mind, the Guide furthers the magazine’s mission to inform readers about the workings of the insurance industry, particularly in the United States. New features for this year include a section on delegated underwriting authority enterprises and resources to help readers navigate the global insurance industry, such as lists of U.S. college risk management and insurance programs, industry publishers, podcasts and more.
Also included in the January edition are interviews conducted by AM Best TV with a variety of industry leaders throughout 2023:
In “Institutes: AI’s Predictive Powers Can Personalize Insurance,” Peter Miller, chief executive officer and president of The Institutes, talks about how artificial intelligence’s power can transform underwriting and the insurance workplace but needs transparency to avoid poor outcomes.
“Rise in Injuries Highlights Athletes’ Insurance Needs, Attorney Says” features Richard Giller, partner and chair of the insurance recovery and counseling practice group at Greenspoon Marder LLP, who says professional sports teams need to balance risks tied to payments under guaranteed contracts.
Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. Access to the complete content of Best’s Review is available here.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
LONDON — The U.K. already has some of the most far-reaching surveillance laws in the democratic world. Now it’s rushing to beef them up even further — and tech firms are spooked.
Britain’s government wants to build on its landmark Investigatory Powers Act, a controversial piece of legislation dubbed the “snooper’s charter” by critics when introduced back in 2016.
PHOTO: The new legislation is triggering fresh alarm among both industry execs and privacy campaigners | Scott Barbour/Getty Images
That law — introduced in the wake of whistleblower Edward Snowden’s revelations of mass state surveillance — attempted to introduce more accountability into the U.K. intelligence agencies’ sprawling snooping regime by formalizing wide-ranging powers to intercept emails, texts, web history and more.
Now new legislation is triggering a fresh outcry among both industry execs and privacy campaigners — who say it could hobble efforts to protect user privacy.
Industry body TechUK has written to Home Secretary James Cleverly airing its complaints. The group’s letter warns that the Investigatory Powers (Amendment) Bill threatens technological innovation; undermines the sovereignty of other nations; and could unleash dire consequences if it sets off a domino effect overseas.
Tech companies are most concerned by a change that would allow the Home Office to issue notices preventing them from making technical updates that might impede information-sharing with U.K. intelligence agencies.
TechUK argues that, combined with pre-existing powers, the changes would “grant a de facto power to indefinitely veto companies from making changes to their products and services offered in the U.K.”
“Using this power, the government could prevent the implementation of new end-to-end encryption, or stop developers from patching vulnerabilities in code that the government or their partners would like to exploit,” Meredith Whittaker, president of secure messaging app Signal, told POLITICO when the bill was first unveiled.
The Home Office, Britain’s interior ministry, remains adamant it’s a technical and procedural set of tweaks. Home Office Minister Andrew Sharpe said at the bill’s committee stage in the House of Lords that the law was “not going to … ban end-to-end encryption or introduce a veto power for the secretary of state … contrary to what some are incorrectly speculating.”
“We have always been clear that we support technological innovation and private and secure communications technologies, including end-to-end encryption,” a government spokesperson said. “But this cannot come at a cost to public safety, and it is critical that decisions are taken by those with democratic accountability.”
Encryption threat
Despite the protestations of industry and campaigners, the British government is whisking the bill through parliament at breakneck speed — risking the ire of lawmakers.
Ministers have so far blocked efforts to refine the bill in the House of Lords, the U.K.’s upper chamber. But there are more opportunities to contest the legislation coming and industry is already making appeals to MPs in the hopes of paring it back in the House of Commons.
PHOTO: Some companies including Apple have threatened to pull their services from the UK if asked to undermine encryption under Britain’s laws | Feline Lim/Getty Images
“We stress the critical need for adequate time to thoroughly discuss these changes, highlighting that rigorous scrutiny is essential given the international precedent they will set and their very serious impacts,” the TechUK letter states.
The backdrop to the row is the fraught debate on encryption that unfolded during the passage of the earlier Online Safety Act, which companies and campaigners argued could compel companies to break encryption in the name of online safety.
The bill ultimately said that the government can call for the implementation of this technology when it’s “technically feasible” and simultaneously preserves privacy.
Apple, WhatsApp and Signal have threatened to pull their services from the U.K. if asked to undermine encryption under U.K. laws.
Since the Online Safety Act passed in November, Meta announced that it had begun its rollout of end-to-end encryption on its Messenger service.
In response, Cleverly issued a statement saying he was “disappointed” that the company had gone ahead with the move despite repeated government warnings that it would make identifying child abusers on the platform more difficult.
Critics see a pincer movement. “Taken together, it appears that the Online Safety Bill’s Clause 122 is intended to undermine existing encryption, while the updates to the IPA are intended to block further rollouts of encryption,” said Whittaker.
Beyond encryption
In addition to the notice regime, rights campaigners are worried that the bill allows for the more permissive use of bulk data where there are “low or no” expectations of privacy, for wide-ranging purposes including training AI models.
Lib Dem peer Christopher Fox argued in the House of Lords that this “creates an essentially new and essentially undefined category of information” which marks “a departure from existing privacy law,” notably the Data Protection Act.
Director of campaign group Big Brother Watch, Silkie Carlo, also has issues with the newly invented category. With CCTV footage or social media posts for example, people may not have an expectation of privacy, “[but] that’s not the point, the point is that that data taken together and processed in a certain way, can be incredibly intrusive.”
Big Brother Watch is also concerned about how the bill deals with internet connection records — i.e. web logs for individuals for the last 12 months. These can currently be obtained by agencies when specific criteria is known, like the person of interest’s identity. Changes to the bill would broaden this for the purpose of “target discovery,” which Big Brother Watch characterizes as “generalized surveillance.”
Members of the House of Lords are also worried about the bill’s proposal to expand the number of people who can sanction spying on parliamentarians themselves. Right now, this requires the PM’s sign-off, but under the bill, the PM would be able to designate deputies for when he is not “available.” The change was inspired by the period in which former PM Boris Johnson was incapacitated with COVID-19.
PHOTO: The bill will return to the House of Lords on January 23, before heading to the House of Commons to be debated by MPs | Tolga Akmen/AFP via Getty Images
“The purpose of this bill is to give the intelligence agencies a bit of extra agility at the margins, where the existing Rolls Royce regime is proving a bit clunky and bureaucratic,” argues David Anderson, crossbench peer and author of a review that served as a blueprint for the bill. “If you start throwing in too many safeguards, you will negate that purpose, and you will not solve the problem that bill is addressing.”
Anderson proposed the changes relating to spying on MPs and peers are necessary “if the prime minister has got COVID, or if they’re in a foreign country where they have no access to secure communications.”
This could even apply in cases where there’s a conflict of interest because spies want to snoop on the PM’s relatives or the PM himself, he added.
Amendments proposed by peers at the committee stage were uniformly rejected by the government.
The bill will return to the House of Lords for the next stage of the legislative process on January 23, before heading to the House of Commons to be debated by MPs.
“Our overarching concern is that the significance of the proposed changes to the notices regime are presented by the Home Office as minor adjustments and as such are being downplayed,” reads the TechUK letter.
“What we’re seeing across these different bills is a continual edging further towards … turning private tech companies into arms of a surveillance state,” says Carlo.
CRANBURY, N.J. — (BUSINESS WIRE) — PARTS iD, Inc. (NYSE American: ID) (“PARTS iD” or “the Company”) on Wednesday announced that it received notification from the New York Stock Exchange (“NYSE”) that the NYSE has initiated proceedings to delist the Class A common stock of PARTS iD, Inc. from NYSE American.
The NYSE also indefinitely suspended trading of the Company’s Class A common stock effective Dec. 26, 2023. PARTS iD does not intend to appeal the NYSE’s determination.
The NYSE determined that the Company is no longer suitable for listing and will commence delisting proceedings pursuant to Section 1003(c)(iii) of the NYSE American Company Guide in light of the disclosure on Dec. 26, 2023 that the Company filed a voluntary petition for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware.
About PARTS iD, Inc.
PARTS iD is a technology-driven, digital commerce company focused on creating custom infrastructure and unique user experiences within niche markets. Founded in 2008 with a vision of creating a one-stop eCommerce destination for the automotive parts and accessories market, we believe that PARTS iD has since become a market leader and proven brand-builder, fueled by its commitment to delivering a revolutionary shopping experience; comprehensive, accurate and varied product offerings; and continued digital commerce innovation.
All statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other such matters, including without limitation, expected future performance, consumer adoption, anticipated success of our business model or the potential for long term profitable growth, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict,” “potential,” “confident,” “look forward,” “optimistic” and similar expressions and their variants, as they relate to us may identify forward-looking statements. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us, particularly those associated with the COVID-19 pandemic and the conflict in Ukraine, which have had wide-ranging and continually evolving effects. We caution that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time, often quickly and in unanticipated ways.
Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements include risks and uncertainties, including without limitation: the ongoing conflict between Ukraine and Russia has affected and may continue to affect our business; competition and our ability to counter competition, including changes to the algorithms of Google and other search engines and related impacts on our revenue and advertisement expenses; the impact of health epidemics, including the COVID-19 pandemic, on our business and the actions we may take in response thereto; disruptions in the supply chain and associated impacts on demand, product availability, order cancellations and cost of goods sold including inflation; difficulties in managing our international business operations, particularly in the Ukraine, including with respect to enforcing the terms of our agreements with our contractors and managing increasing costs of operations; changes in our strategy, future operations, financial position, estimated revenues and losses, product pricing, projected costs, prospects and plans; the outcome of actual or potential litigation, complaints, product liability claims, or regulatory proceedings, and the potential adverse publicity related thereto; the implementation, market acceptance and success of our business model, expansion plans, opportunities and initiatives, including the market acceptance of our planned products and services; developments and projections relating to our competitors and industry; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; our ability to maintain and enforce intellectual property rights and ability to maintain technology leadership; our future capital requirements; our ability to raise capital and utilize sources of cash; our ability to obtain funding for our operations; changes in applicable laws or regulations; the effects of current and future U.S. and foreign trade policy and tariff actions; disruptions in the marketplace for online purchases of aftermarket auto parts; costs related to operating as a public company; the Company’s intention to continue operations during the Chapter 11 Cases; the Company’s ability to conduct its business in an uninterrupted manner during the Chapter 11 Cases; the potential outcome and timing of the delisting of the Company’s Class A common stock; the Company’s ability to obtain timely approval of the Bankruptcy Court with respect to motions filed in the Chapter 11 Cases; and the possibility that we may be adversely affected by other economic, business, and/or competitive factors.
Further information on the factors and risks that could cause actual results to differ from any forward-looking statements are contained in our filings with the SEC, which are available at https://www.sec.gov (or at https://www.partsidinc.com). The forward-looking statements represent our estimates as of the date hereof only, and we specifically disclaim any duty or obligation to update forward-looking statements.
— Fidelity has again marked down the value of its shares in X Holdings, which the mutual fund giant helped Elon Musk buy for $44 billion when the company was known as Twitter.
By the numbers: Fidelity believes that X is worth 71.5% less than at the time of purchase, according to a new disclosure that runs through the end of November 2023 (Fidelity revalues private shares on a one-month lag).
This includes a 10.7% cut during November, during which time Musk told boycotting X advertisers to “go f**k yourself” during an on-stage interview with the New York Times.
In terms of publicly traded comps, Meta stock rose 4.9% in November while Snap shares climbed 38.2%.
The big picture: Fidelity began marking down its Twitter shares the first month after Musk’s buyout. It increased the share value or kept it stable for a few months earlier in 2023.
Behind the scenes: Fidelity doesn’t necessarily have much, if any, inside information on X’s financial performance, despite being a shareholder in the privately held business. Other shareholders may value their X stock differently.
TopicLake™ technology unlocks regulatory insights to put companies in control of compliance processes.
HACKENSACK, N.J. — (BUSINESS WIRE) — Conveyer, a revolutionary AI platform transforming the way that businesses operationalize data, today announced the launch of its Curated Data Repository, a powerful Data as a Service (DaaS) platform that organizes, summarizes, and filters large and complex datasets to enable seamless knowledge discovery.
The first dataset accessible via the Curated Data Repository is Conveyer’s U.S. Policy Data solution, a unique, constantly growing resource comprised of more than 16,000 regulations drawn from over 400 federal agencies and sub-agencies.
“Our U.S. Policy Data enables businesses to drink from the full firehose of regulatory policy information in real time, while providing the clear structure and trustworthy data analytics needed to make regulatory information immediately actionable across the enterprise,” says Carolyn Parent, Conveyer CEO.
“That’s a game-changer for government agencies, contractors, and enterprises — and a clear sign of the transformative power of Conveyer’s Curated Data Repository.”
A suite of flexible APIs enable organizations to rapidly unlock the full power of Conveyer’s U.S. Policy Data, drawing on a constantly expanding dataset that already incorporates over 16,000 enacted and proposed federal rules dating back to 2020. Conveyer also announced the first free-to-use public version of a subset of its U.S. Policy Data, allowing enterprise customers and other interested parties to explore the solution’s capabilities online via a powerful Microsoft Power BI front end.
Using Conveyer’s proprietary TopicLake™ technology, the Curated Data Repository automatically digests federal regulations into over 328,000 unique Topics, each representing an individual concept or idea. The Topics and underlying text are then further processed to yield over 10.2 million unique GenAI artifacts — including summaries, keywords, categories, auto-generated Q&As, and sentiment analysis — which can be seamlessly activated across existing data ecosystems to enable powerful analytics or create intuitive new tools for non-specialist users.
Conveyer’s Curated Data Repository and U.S. Policy Data bring key benefits including:
Democratized data access, making data insights accessible across the organization for strategic decision making, advanced analytics, compliance assessments, and more.
Dependable data quality, with robust pre-processing to validate and vet content before it reaches users, customers, or downstream AI models.
Transparent data provenance, enabling insights to be activated with confidence and seamlessly verified by compliance teams and legal specialists.
Effortless implementation, with IT teams able to connect to policy data using existing headcount and infrastructure, enabling end-users to seamlessly self-serve data insights.
Using the Curated Data Repository, organizations of all kinds can now seamlessly integrate Conveyer’s U.S. Policy Data into their operations. Key use cases include accelerating product innovation by enabling teams to navigate complex new privacy or security regulations; increasing the speed of legal discovery across disparate datasets; and helping clinicians and healthcare administrators to improve patient care by amplifying the value of existing tools.
“For any business impacted by federal rulemaking, the U.S. Policy Data Source is a game-changer,” Parent says. “We’re turning unstructured federal rules and policies into structured data — and our new APIs enable that data to be harnessed across organizations to enable innovation, support compliance, and drive strategic planning at all levels.”
A subset of Conveyer’s U.S. Policy Data can be explored online, and the Conveyer team is available to discuss off-the-shelf and bespoke API implementations to give enterprises instant access to the full range of federal rulemaking.
About Conveyer
Conveyer is a revolutionary AI platform that ingests organization-wide data and quickly generates high-trust, high-accuracy topics, metatags, and new data for AI models. With 80% of the world’s content unstructured, Conveyer makes the power of AI more accessible across a wide band of high-value use cases.
Conveyer’s Data Transformation product is already trusted and deployed in production by Fortune 100 companies across a variety of sectors, including automotive, industrial, materials, technology, and utilities. These products are a powerful demonstration of the core technology: the ability to transform data using AI into high-trust business applications that dramatically reduce costs and support development of future AI applications by creating pre-packaged, cleaned training data for company-wide digital transformation.
PHOTO: The Federal Communications Commission sent letters to nine of the largest automakers, asking for more information about their connected car apps and whether the companies had processes in place to assist abuse victims.
