Business

Thailand threatens to ban Facebook over misleading scam ads

Published

1 year ago

August 22, 2023

Thailand is threatening to try to shut down Facebook in the country, saying the social media platform does not do enough to screen the legitimacy of the advertisements it runs, which has led to hundreds of thousands of people falling victim to financial scams.

Chaiwut Thanakamanusorn, minister of Digital Economy and Society, said the government is ready to go to court by the end of the month in a move that could see the social media platform shut down in the country.

“We are asking the court to close Facebook, not allowing it to provide services in Thailand if they let these fake pages scam people,” Thanakamanusorn told Reuters.

With a population of 66 million, Facebook owner Meta counts more than 50 million users in the country, the government said. Within that, the government says more than 300,000 people have fallen prey to scams on the platform promising large financial returns.

The scams, which promise daily returns of up to 30 per cent, often imply a celebrity endorsement or that they comply with various regulatory bodies.

Thanakamanusorn said the government had made repeated requests for more than 5,000 advertisements it had identified as scams to be taken down by Facebook but the problem persisted.

In a statement on the ministry’s website, the Thai government said it has prosecuted 364 individuals for running cryptocurrency scams in a recent crackdown but wants the platform itself to do more to help.

“They can’t do business like this,” Thanakamanusorn told Reuters.

In March of last year, Australia’s Competition and Consumer Commission launched a legal action against Meta on similar grounds “alleging that they engaged in false, misleading or deceptive conduct by publishing scam advertisements featuring prominent Australian public figures.”

Meta did not reply to a request for comment.

Source link

Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

22 hours ago

November 6, 2024

Anne Joseph

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

Source link

Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

Source link

Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

Source link