Thursday's business news headlines

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Breakfast Business with Joe Lynam 3 min 1 speaker 5 chapters transcribed 2 months ago

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What headlines open Thursday's business news bulletin?

Joe Lynam 0:01

Breakfast Business with Enterprise Ireland on Newstalk.

0:08

Good morning and welcome to Breakfast Business and thank you to Eamon Torsney. It is Thursday, the 20th of November at 6.31. Coming up on today's show, we'll be talking about temporary work contracts over Christmas and we'll be looking at buying stuff via social media sites and all the markets as usual, including those NVIDIA results last night. You can email us business at newstalk.com. But first, let's have a look at the main business stories in the newspapers and websites.

Which EU AI and data rule changes are being proposed and why?

Joe Lynam 0:34

Sarah Collins in the Business Post reports that limited website pop-ups and delayed implementation of high-risk AI restrictions are among the proposals on the table as the EU pairs back its AI and data rulebook. It's hoped that companies and citizens will save up to €1 billion a year with changes to the AI Act, which came into force last year, and the bloc's flagship GDPR rules, which are now more than seven years old. EU will limit website pop-ups and allow tech firms to access more personal data for AI in the first shake-up of its tech rulebook. The Commission said the update to the rules reflects recent court judgments and opinions by data protection supervisors. The proposal has redefined what counts as personal data under GDPR, allowing rules to use data for legitimate interests such as training AI.

How will the EU limit website pop-ups and redefine personal data under GDPR?

Joe Lynam 1:25

And the Commission is delaying the entry into force of restrictions on high-risk AI, which are due to come into force in August next year. Euronews reports that Amazon has failed to convince EU judges that it should not have to comply with the strictest requirements of the Digital Services Act. Amazon claimed that its e-commerce platform did not pose the systemic risks that the rules intend to combat. But in a ruling published yesterday, judges in the EU's general court in Luxembourg dismissed the action. The DSA, which entered into force in 2023, obliges platforms to prevent the spread of illegal content and products online. Amazon is one of 25 entities designated by the European Commission as very large online platforms because they have more than 45 million users per month.

Joe Lynam 2:12

VLOPs are subject to the strictest measures under the DSA, meaning more frequent reporting obligations and supervisory fees paid to the Commission.

Why did the EU court reject Amazon's challenge to Digital Services Act obligations?

Joe Lynam 2:21

Amazon had argued the imposition of VLOP status infringed several fundamental rights, among them the freedom to conduct business and the protection of confidential information. Gordon Deegan in the Irish Independent reports that pre-tax profits at one of the country's largest health insurers, Leia Healthcare, last year more than doubled to €19 million. New accounts filed by Leia Healthcare show that pre-tax profits increased by 108% last year.

How did Leia Healthcare's profits and premiums change in the past year?

Joe Lynam 2:47

This followed revenues rising by 2.5% from €100 to €103 million. Last year, Leia imposed two premium price rises on its customers. In October 24, it increased its premiums by 6.5%, stating at the time that the price rise was needed to address the increased demand for healthcare services and rising costs.

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