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Meta settles Cambridge Analytica scandal case for $725m

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Facebook owner Meta has agreed to pay $725m (£600m) to settle legal action over a data breach linked to political consultancy Cambridge Analytica.

The long-running dispute accused the social media giant of allowing third parties, including the British firm, to access Facebook users’ personal data.

The proposed sum is the largest in a US data privacy class action, lawyers say.

Meta, which did not admit wrongdoing, said it had “revamped” its approach to privacy over the past three years.

In a statement, the company said settling was “in the best interest of our community and shareholders”.

“We look forward to continuing to build services people love and trust with privacy at the forefront.”

Tech author James Ball told the BBC it was “not a surprise” that Meta has had to agree to a serious pay-out but that it was “not that much” money to the tech giant.

“It’s less than a tenth of what it spent on its efforts to create ‘the metaverse’ last year alone,” he said.

“So Meta probably won’t be too unhappy with this deal, but it does stand as a warning to social media companies that mistakes can prove very costly indeed.”

The suggested settlement, which was disclosed in a court filing late on Thursday, is subject to the approval of a federal judge in San Francisco.

“This historic settlement will provide meaningful relief to the class in this complex and novel privacy case,” lead lawyers for the plaintiffs, Derek Loeser and Lesley Weaver, said in a statement.

(BBC News)

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No justification for coconut oil price hike – Coconut Development Authority

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The Coconut Development Authority has stated that there is no valid reason for a price increase of coconut oil in the local market.

CDA chairman – Prof. Roshan Perera has emphasized that there has been no tax hike on imported coconut oil.
Given the sufficient supply of coconut oil for domestic consumption, Prof. Perera asserted that any price increase is unjustifiable.

Additionally, a new regulatory program is being planned to control and stabilize coconut oil prices in the market, he added.

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Coconut oil price upped

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The price of a litre of coconut oil has been increased by more than Rs. 100, the National Consumer Front (NCF) has said.

NCF Chairman Asela Sampath said that the price of a litre of coconut oil has been increased by between Rs. 180 and Rs. 200. 

Accordingly, the current retail price of a coconut oil litre is Rs. 550.

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Registration compulsory for all money changers 

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The Central Bank has issued a notice making it compulsory for all money exchange institutions to be registered with the Central Bank and regulated by it. 

The CB order is in effect from 3 June 2024. 

The Central Bank states that all money changers who are currently not registered will now receive the opportunity to provide such services in a systematic and regulated manner. 

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