Companies with little or no physical presence in a country will be required to pay taxes if they make money off peoples’ data in that nation. The G7 also agreed to impose a global minimum tax rate. (Financial Times)
The share price of SAP, a German enterprise software firm, fell six per cent in late afternoon trading Thursday, following the announcement of its second-quarter results, which included the licensing revenue drop and a 21 per cent quarterly profit decrease. (Reuters)
Netflix missed its target increase in global subscribers by more than two million between April and June. Netflix said its new roster of shows did not attract as many subscribers as expected, but that there has been no material change in the competitive landscape that could account for its Q2 results. (The Logic)
The 15-million square-metre mixed-use area will include office spaces, retail and more than 15,000 new homes. The project will cost an estimated US$15 billion and will take about 10 to 15 years to complete. Lendlease—which has a US$1.91-billion partnership with the Canada Pension Plan Investment Board—is expecting a profit margin of 20 to 25 per cent on the development. Its stock was up 4.75 per cent on the Australian Securities Exchange by close on Thursday. (Australian Financial Review)
Minimum-wage workers cannot afford a one-bedroom apartment in 91 per cent of the 795 neighbourhoods studied and in 23 of 36 major cities, according to the study from the Canadian Centre for Policy Alternatives. (Globe and Mail)
The company will convert the cryptocurrency into Canadian dollars, which it will pay to the town. Municipal staff are studying whether the program can be expanded to other fees and taxes, and will report to the council by September 30. (Global News)
The system would be similar to Swift, a Belgium-headquartered network that banks use to share information about financial transactions. The Financial Action Task Force, a 37-country organization that recommends measures to prevent money laundering and terrorist financing, will monitor the network’s development. (Reuters)
The commission will look at whether the COPPA, enacted in 2000, effectively addresses new technologies, like smart televisions, and services like video games that aren’t directly marketed toward children under 13, but still have a large audience of them, like Fortnite and Snapchat. The FTC will hold a public workshop on October 7 to review whether the act should be updated. (Washington Post, TechCrunch)
Senate minority leader Chuck Schumer raised concerns that the app, which is headquartered in Saint Petersburg, is passing users’ personal data onto the Russian government. Bob Lord, security chief of the Democratic National Committee (DNC), sent a warning to all the 2020 Democratic presidential campaigns advising them to delete the app. (New York Times)
The company announced the acquisition of iKentoo on Wednesday; the terms of the deal were not disclosed. iKentoo provides iPad-based point-of-sale (POS) solutions and business-management tools for the restaurant and hospitality industry, and serves more than 3,800 customers in over 14 countries. (The Logic)