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PCC Publishes its Rules of Procedure

PCC Publishes its Rules of Procedure

The Philippine Competition Commission (PCC) has published its 2017 Rules of Procedure (Rules), which shall guide the PCC in the handling of complaints, referrals from regulatory agencies, and motu proprio inquiries, as well as in the conduct of its investigations. Under the Rules, the PCC, through the Enforcement Office, shall conduct a 90-day preliminary inquiry on the basis of a verified complaint, referral by a regulatory agency, or a directive from the Chairman and the Commissioners of the PCC 
(Commission), to determine whether there are reasonable grounds to conduct a full administrative investigation for any violation of the Philippine Competition […]

Asia Business Law Journal Interviews JJ Disini on Fintech

“Fintech”, short for financial technology, has become a major buzzword in recent years, especially in the most developed countries of the world. It is, however, still a relatively murky concept in some areas of the Asia-Pacific, even though it has already brought significant change to the economic landscape in the region. Many experts are seeing enormous fintech opportunities in the Asia-Pacific, and are also predicting the region to surpass the US and Europe in fintech innovations. Some say that government support, regulatory facilitation, consumer willingness, and easy access to capital are just a few of the reasons contributing to this […]

Angel Investor Says Policing Could Ruin Twitter

Angel Investor Says Policing Could Ruin Twitter

Weblogs founder and angel investor Jason Calacanis said this week that policing Twitter and reverse engineering it like Facebook will kill the platform’s “magic”. He adds that the whole reason Twitter exists is to encourage an “full contact debate” on an equal playing field. Calacanis’ comments follow Twitter’s 7-day ban of InfoWars’ Alex Jones, a conspiracist known to post controversial and inflammatory content. However, former CNN chairman and Time managing editor Walter Isaacson said that it was about time social media executives stepped in to moderate the online conversation. Source: CNBC

New Vulnerability Puts Countless of WordPress Websites at Risk

New Vulnerability Puts Countless of WordPress Websites at Risk

A Secarma researcher said this week that a vulnerability in WordPress that has been left unpatched for about a year has the potential to compromise a countless number of websites. Researcher Sam Thomas revealed at the BSides technical cyber security conference that the bug can allow attackers to exploit WordPress’ PHP framework. Thomas says the core vulnerability is found within the wp_get_attachment_thumb_file function in /wpincludes/post.php and can be triggered when attackers gain control of a parameter used in the “file_exists” call,”. It was noted that attackers can potentially execute malicious code in a compromised system. Secarma had already alerted WordPress […]

Teenager Breaks Into Apple System, Company Assures No Data Compromise

Teenager Breaks Into Apple System, Company Assures No Data Compromise

Apple assured its customers this week that no customer data was compromised after it was revealed that an Australian teen had been able to hack into the tech giant’s mainframe. The 16 year old had apparently been able to break into the system numerous times and had downloaded over 90 GB of secure data. The Melbourne teenager also pleaded guilty to accessing customer accounts without exposing his identity. The AFP raid on the boy’s home also produced two laptops, a mobile phone and a hard drive containing the files, including a folder called “hacky hack hack”. The teen hacker had […]

Chinese Hackers Target US Companies, Government After Trade Visit, Cyber Researchers Say

Chinese Hackers Target US Companies, Government After Trade Visit, Cyber Researchers Say

Cybersecurity firm Recorded Future said this week that hackers from China’s Tsinghua University had targeted the Alaskan state government and the US energy and communications companies weeks before and after Alaska’s trade mission to China. Led by Governor Bill Walker, representatives of companies and economic development agencies spent a week in China in May for a trade mission that may have caught the attention of Chinese hackers, underscoring the tensions around the trade war between Washington and Beijing. It was noted that Tsinghua University, which is considered to be “China’s MIT,” has close connections to Tsinghua Holdings, a state-backed company […]

Google CEO Says Company Still Far From Launching Search in China

Google CEO Says Company Still Far From Launching Search in China

Google CEO Sundar Pichai said this week that the company is “not even close” to launching its search service in China. The remarks follow the backlash generated by the news that Google will be launching a censored version of its search for the Chinese market. Dubbed “Project Dragonfly”, the censored version of the search engine will reportedly block certain terms like “peaceful protest” and websites deemed illegal by the ruling Communist Party. Pichai said in the internal meeting that while they have been very open about expanding in China, it is still very unclear as to whether a search product […]

Brazil Signs Data Protection Bill Into Law

Brazil Signs Data Protection Bill Into Law

Brazilian president Michel Temer signed a data protection bill into law this week which will be applicable to all organizations, public or private, that collect and process data in the country. Scheduled to be enforced within 18 months, the new rules will protect the data of individuals and businesses online and prevent the commercial use of information such as names, telephone numbers and addresses without consent of the subject. Those who fail to comply will be handed penalties that can range from 2% of company earnings up to 50 million reais.   Source: ZDNet

Ex-Microsoft Engineer Jailed for Involvement in Ransomware Scheme

Ex-Microsoft Engineer Jailed for Involvement in Ransomware Scheme

Former Microsoft engineer Raymond Odigie Uadiale had been given an 18-month prison sentence this week for his role in the Reveton ransomware scheme. The scheme threatens its victims using the FBI logo to pay using GreenDot MoneyPak after accusing them of downloading illegal content. Uadiale pleaded guilty to laundering the MoneyPak funds into prepaid debit cards, then keeping a percentage of the payment. It was noted however, that Uadiale was not employed at Microsoft at the time of the scheme, but was still a graduate student at the Florida International University between 2012 and 2013.   Source: ZDNet

Google Discloses Data on Political Ad Purchases

Google Discloses Data on Political Ad Purchases

Google said this week that it added a new section to its bi-annual transparency report that shows who buys political ads on its platform and how much money is spent on such ads. The data includes buyers who have spent more than $500 on political ads since May 31, 2018. The report showed that the Trump Make America Great Again Committee, a fundraising organization for President Donald Trump and Vice President Mike Pence, spent the most on U.S. political ads at $629,500. Google’s move follows similar efforts by Twitter and Facebook who have recently come under scruitiny for lack of […]

Hong Kong Becomes Battleground for Digital Payment Firms

Hong Kong Becomes Battleground for Digital Payment Firms

Accenture’s Fergus Gordon recently said that digital payment firms have been flocking to Hong Kong to capture first mover advantage in the region, with tech giants such as Tencent and Alibaba bringing their payment platforms in the shopping city that has long thrived on cash and credit cards. It is said that the ubiquity of Octopus, a popular stored value card, in Hong Kong will serve as an obstacle to the adoption of mobile payments. However, it was reported that Octopus’ net profits have already fallen by one-third in 2017. A recent survey also showed that while AliPay and WeChat […]

China’s Evergrande Group to Invest in World’s Fastest Supercomputer

China’s Evergrande Group to Invest in World’s Fastest Supercomputer

Property giant China Evergrande Group said Thursday that it will be investing 1.65 billion yuan ($239.53 million) into six tech projects by the Chinese Academy of Sciences, which includes the development of the world’s fastest supercomputer. Promising the tech sector a 100 billion investment, Evergrande has also allotted funds for projects in artificial intelligence, surgical robotics, unmanned aircrafts, graphene and health engineering. The company also set up a subsidiary focusing on high-tech agriculture in April.   Source: Reuters