IOS

EU's Vestager Warns Apple To Treat All Apps Equally Amid Privacy Dispute (reuters.com) 25

Europe's antitrust chief, Margrethe Vestager, has warned Apple to give equal treatment to all apps on its platform amid the iPhone maker's privacy changes that have drawn charges of anti-competitive practices from rival Facebook. From a report: Apple will in the spring ask iPhone users for consent to track their data for personalized ads in what it says is a move to protect users' privacy but which will limit apps' ability to gather data from people's phones that can be used for targeted advertising. Facebook has been among the most vocal of the critics which stand to lose a substantial part of their revenue from Apple's move. Facebook in a December blog post called it anti-competitive behaviour, saying that Apple's own personalized ad platform would be exempt from the new requirement giving users a choice of whether to opt in to tracking by third parties. Vestager said while the issue is privacy-related, it can morph into an antitrust issue if Apple tilts the level playing field. "It can be competition if it is shown that Apple is not treating its own apps in the same way," she told Reuters in an interview on Monday.
EU

France Found Guilty of Failing To Meet Its Paris Climate Accord Commitments (cbsnews.com) 152

"Four environmental groups are crying victory after France was found guilty of failing to meet climate change goals it committed to in a historic accord signed in and named after its own capital city," reports CBS News: The Administrative Tribunal in Paris ruled Wednesday that France had fallen short of its promise to reduce greenhouse gases under commitments made in the 2015 Paris Agreement, and was "responsible for ecological damage." While the court declared the government guilty of inaction, it rejected a claim for damages by the four NGOs that brought the suit, ordering the government to pay just one symbolic euro to them instead. The tribunal also said it would decide within two months whether to recommend any measures for the government to resolve its failure to meet its own commitments...

Former Green Party leader and cabinet minister Cécile Duflot, who's now the head of Oxfam France, one of the four NGOs that dragged the government into court, called this week's largely symbolic ruling, "a historic victory for climate justice." Oxfam France was joined by Greenpeace France and two French environmental groups in bringing the case against the government. Two years ago, they organized a petition to denounce what they called "climate inaction" by the French state. In just a month they garnered two million signatures, and in March 2019 they filed the lawsuit, alleging failure to act.

In signing the Paris climate accord in December 2015, France committed to reducing its greenhouse gas emissions by 40% compared to 1990 levels by 2030, and to achieving carbon neutrality by 2050. Last year, France decided to defer that commitment.... The French government issued a statement saying it had "taken note of" the court's decision, acknowledging that initial objectives had not been achieved and promising that a new bill to address the climate would be debated in parliament next month.

That legislation, the government said, would constitute "a new and decisive step in accelerating France's ecological transition."

Encryption

Swiss Company Claims Weakness Found in Post-Quantum Encryption, Touts Its New Encryption Protocol (bloombergquint.com) 63

"A Swiss technology company says it has made a breakthrough by using quantum computers to uncover vulnerabilities in commonly used encryption," reports Bloomberg: Terra Quantum AG said its discovery "upends the current understanding of what constitutes unbreakable" encryption... Terra Quantum AG has a team of about 80 quantum physicists, cryptographers and mathematicians, who are based in Switzerland, Russia, Finland and the U.S. "What currently is viewed as being post-quantum secure is not post-quantum secure," said Markus Pflitsch, chief executive officer and founder of Terra Quantum, in an interview. "We can show and have proven that it isn't secure and is hackable..."

The company said that its research found vulnerabilities that affect symmetric encryption ciphers, including the Advanced Encryption Standard, or AES, which is widely used to secure data transmitted over the internet and to encrypt files. Using a method known as quantum annealing, the company said its research found that even the strongest versions of AES encryption may be decipherable by quantum computers that could be available in a few years from now. Vinokur said in an interview that Terra Quantum's team made the discovery after figuring out how to invert what's called a "hash function," a mathematical algorithm that converts a message or portion of data into a numerical value. The research will show that "what was once believed unbreakable doesn't exist anymore," Vinokur said, adding that the finding "means a thousand other ways can be found soon."

The company, which is backed by the Zurich-based venture capital firm Lakestar LP, has developed a new encryption protocol that it says can't be broken by quantum computers. Vinokur said the new protocol utilizes a method known as quantum key distribution. Terra Quantum is currently pursuing a patent for the new protocol. But the company will make it available for free, according to Pflitsch. "We will open up access to our protocol to make sure we have a safe and secure environment," said Pflitsch. "We feel obliged to share it with the world and the quantum community."

China

Corporate Trolls? A Covert, Pro-Huawei Influence Campaign on Social Media (indianexpress.com) 46

"Huawei, the crown jewel of China's technology industry, has suffered from a sustained American campaign to keep its equipment from being used in new 5G networks around the world," reports the New York Times. Now they've identified "a covert pro-Huawei influence campaign in Belgium about 5G networks." [Alternate URL here]

It began when trade lawyer Edwin Vermulst was paid to write an article criticizing a Belgian policy that would block Huawei from lucrative contracts: First, at least 14 Twitter accounts posing as telecommunications experts, writers and academics shared articles by Mr. Vermulst and many others attacking draft Belgium legislation that would limit "high risk" vendors like Huawei from building the country's 5G system, according to Graphika, a research firm that studies misinformation and fake social media accounts. The pro-Huawei accounts used computer-generated profile pictures, a telltale sign of inauthentic activity. Next, Huawei officials retweeted the fake accounts, giving the articles even wider reach to policymakers, journalists and business leaders. Kevin Liu, Huawei's president for public affairs and communications in Western Europe, who has a verified Twitter account with 1.1 million followers, shared 60 posts from the fake accounts over three weeks in December, according to Graphika. Huawei's official account in Europe, with more than five million followers, did so 47 times...

Twitter said it had removed the fake accounts after Graphika alerted it to the campaign on Dec. 30... Many of their followers appeared to be bots...

The effort suggests a new twist in social media manipulation, said Ben Nimmo, a Graphika investigator who helped identify the pro-Huawei campaign. Tactics once used mainly for government objectives — like Russia's interference in the 2016 American presidential election — are being adapted to achieve corporate goals. "It's business rather than politics," Mr. Nimmo said. "It's not one country targeting another country. It looks like an operation to promote a major multinational's interests — and to do it against a European state."

Though the social media campaign had little impact on Belgian policymakers, one telecom consultancy noted Huawei's fear that similar legislation "could spread to other parts of the world." (The article points out Belgium is the headquarters of both NATO and the European Union.)

But Phil Howard, the director of the Oxford Internet Institute, see a future where disinformation will become increasingly commercialized. "The flow of money is increasingly there," he tells the Times. "Large-scale social media influence operations are now part of the communications tool kit for any large global corporation."
Encryption

ProtonMail, Threema, Tresorit and Tutanota Warn EU Lawmakers Over 'Anti-Encryption' Push (techcrunch.com) 46

Four European apps which secure user data via end-to-end encryption, ProtonMail, Threema, Tresorit and Tutanota, have issued a joint-statement warning over recent moves by EU institutions that they say are setting lawmakers on a dangerous path to backdooring encryption. From a report: Last month the EU Council passed a resolution on encryption that's riven with contradiction -- calling for "security through encryption and security despite encryption" -- which the four e2e app makers believe is a thinly veiled call to backdoor encryption. The European Commission has also talked about seeking "improved access" to encrypted information, writing in a wide-ranging counter-terrorism agenda also published in December that it will "work with Member States to identify possible legal, operational, and technical solutions for lawful access." Simultaneously, the Commission has said it will "promote an approach which both maintains the effectiveness of encryption in protecting privacy and security of communications, while providing an effective response to crime and terrorism." And it has made it clear there will be no 'one silver bullet' as regards the e2e encryption security 'challenge.' But such caveats are doing nothing to alleviate the concerns of e2e encrypted app makers -- who are convinced proposals from the Council of the EU, which is involved in adopting the bloc's laws (though the Commission usually drafts legislation), sums to an push toward backdoors.

"While it's not explicitly stated in the resolution, it's widely understood that the proposal seeks to allow law enforcement access to encrypted platforms via backdoors," the four app makers write, going on to warn that such a move would fatally underline the security EU institutions also claim to want to maintain. "The resolution makes a fundamental misunderstanding: Encryption is an absolute, data is either encrypted or it isn't, users have privacy or they don't," they go on. "The desire to give law enforcement more tools to fight crime is obviously understandable. But the proposals are the digital equivalent of giving law enforcement a key to every citizen's home and might begin a slippery slope towards greater violations of personal privacy."

EU

Renewable Energy Production Beat Fossil Fuels in Europe (theverge.com) 146

Renewable energy became the biggest source of electricity in the European Union in 2020, beating fossil fuels for the first time. Germany and Spain also hit that milestone individually last year -- so did the UK, which officially left the EU in January 2020. From a report: Renewables powered 38 percent of electricity in the EU last year, according to a report released today by energy think tanks Ember and Agora Energiewende. That gives renewable energy a narrow lead over fossil fuel-fired generation, which accounted for 37 percent of Europe's electricity. The remaining quarter comes from nuclear energy.

The rise of renewables is good news for the health of the planet. Still, renewable energy will need to grow at an even faster rate to stave off a future with more climate change-induced disasters. "Renewables overtaking fossils is an important milestone in Europe's clean energy transition. However, let's not be complacent," Patrick Graichen, director of Agora Energiewende, said in a statement. "Post-pandemic recovery [programs] need to go hand-in-hand with accelerated climate action."

EU

EU Lawmakers Want Amazon, Apple, Facebook, Google CEOs at Feb. 1 Hearing (reuters.com) 48

EU lawmakers have invited the chief executives of Amazon, Apple, Facebook and Alphabet to a Feb. 1 hearing in Brussels as they try to crack down on the powers of U.S. tech giants. From a report: The European Parliament will in the coming months provide input into proposals by the European Commission to force the companies to play fairly with rivals and to do more to tackle online fake news and harmful content or face hefty fines. "The purpose of the planned hearing is to have an exchange with the chief executive officers of the four globally leading platform companies to learn about their current business models and future concepts as they face the challenges of altering market conditions," said an invitation sent to the companies seen by Reuters.
Google

Google Agrees To Pay French News Sites To Send Them Traffic (arstechnica.com) 109

Timothy B. Lee reports via Ars Technica: French news sites have prevailed in negotiations with Google over "neighboring rights," a new legal right granted by the 2019 EU Copyright Directive. An agreement between Google and the French news industry "establishes a framework within which Google will negotiate individual licensing agreements" with individual news organizations, according to Google. Under these deals, French news articles will be featured in a new Google product called News Showcase.

"The remuneration that is included in these licensing agreements is based on criteria such as the publisher's contribution to political and general information, the daily volume of publications, and its monthly internet traffic," according to the announcement. The agreement is particularly significant because it offers a model for other European countries that want to force Google to fork over cash to their own news sites. In the past, Google's hardball tactics deterred most European countries from trying to force Google to pay up. But with the passage of the EU copyright directive, European countries formed a united front against Google, making it much harder for Google to resist. Google's capitulation in France will weaken its bargaining position as other European countries pass their own versions of the French law and news organizations in other countries line up for their share of Google cash.

EU

Valve and Five PC Games Publishers Fined $9.4M for Illegal Geo-Blocking (techcrunch.com) 98

A four-year antitrust investigation into PC games geo-blocking in the European Union by distribution platform Valve and five games publishers has led to fines totalling $9.4 million after the Commission confirmed today that the bloc's rules had been breached. From a report: The geo-blocking practices investigated since 2017 concerned around 100 PC video games of different genres, including sports, simulation and action games. In addition to Valve --which has been fined just over $1.94 million -- the five sanctioned games publishers are: Bandai Namco (fined $412k), Capcom ($479k), Focus Home ($3.39 million), Koch Media ($1.2 million) and ZeniMax ($1.94 million). The Commission said the fines were reduced by between 10% and 15% owing to cooperation from the companies, with the exception of Valve who it said chose not to cooperate (a "prohibition Decision" rather than a fine reduction was applied in its case). The antitrust investigation begun in February 2017, with a formal statement of objections issued just over two years later when the Commission accused the companies of "entering into bilateral agreements to prevent consumers from purchasing and using PC video games acquired elsewhere than in their country of residence" in contravention of EU rules.
Privacy

India Asks WhatsApp To Withdraw New Privacy Policy Over 'Grave Concerns' (techcrunch.com) 18

India has asked WhatsApp to withdraw the planned change to its privacy policy, posing a new headache to the Facebook-owned service that identifies the South Asian nation as its biggest market by users. From a report: In an email to WhatsApp head Will Cathcart, the nation's IT ministry said the upcoming update to the app's data-sharing policy has raised "grave concerns regarding the implications for the choice and autonomy of Indian citizens... Therefore, you are called upon to withdraw the proposed changes." The ministry is additionally seeking clarification from WhatsApp on its data-sharing agreement with Facebook and other commercial firms and has asked why users in the EU are exempt from the new privacy policy but their counterpoint in India have no choice but to comply. "Such a differential treatment is prejudicial to the interests of Indian users and is viewed with serious concern by the government," the ministry wrote in the email, a copy of which was obtained by TechCrunch. "The government of India owes a sovereign responsibility to its citizens to ensure that their interests are not compromised and therefore it calls upon WhatsApp to respond to concerns raised in this letter."
EU

Venice, Italy Plans to Watch Every Move of Its 30 Million Tourists (cnn.com) 60

Here's some news from CNN for the 30 million tourists visiting Venice, Italy each year: They're watching you, wherever you walk. They know exactly where you pause, when you slow down and speed up, and they count you in and out of the city. What's more, they're tracking your phone, so they can tell exactly how many people from your country or region are in which area, at which time.

And they're doing it in a bid to change tourism for the better. Welcome to Venice in a post-Covid world....

Before Covid-19 struck, tourists were arriving in often unmanageable numbers, choking the main streets and filling up the waterbuses... Enter the Venice Control Room. On the island of Tronchetto, next to the two-mile bridge separating Venice from the Italian mainland, the Control Room opened in September 2020. A former warehouse that had been abandoned since the 1960s, it's part of a new headquarters for the city's police and government — a self-described "control tower" for the city. The building has offices for the mayor, other dignitaries, and a large CCTV room, with cameras feeding in images from around the city, watched over by the police.

So far so normal. But then, across the corridor, there's the Smart Control Room — another bank of screens with images and information coming live from around the lagoon. They're not being monitored for crime, though; they're feeding information to the authorities that will create a profile of the hordes of people visiting Venice. The hope is that gathering the information will not only track footfall now, enabling the authorities to activate turnstiles and start charging for entrance on busy days. Eventually, they hope that the data will help create a more sustainable tourism plan for the future....

At 10am, the arrivals reached a peak of 2,411: most likely the daytrippers. The authorities can see where these new arrivals are from by analyzing their phone data (the information is all aggregated automatically, so no personal details can be gleaned).... The system took three years to build, at a cost of €3m ($3.5m). And although some might baulk at the privacy implications (although no personal data is recorded, you and your provenance is essentially being logged as you move around the city), the authorities are very proud.

Businesses

Google Closes the Fitbit Acquisition, Pledges To Not Use Data For Ads (arstechnica.com) 59

An anonymous reader quotes a report from Ars Technica: Today Google's senior VP of Hardware, Rick Osterloh, announced Google has closed its acquisition of Fitbit. The $2.1 billion deal was announced back in November 2019, which kicked off a regulatory review process from governments around the world concerned about Google's influence over the Internet and the data it can collect on users. Normally, Osterloh announcing "Google has completed its acquisition of Fitbit, and I want to personally welcome this talented team to Google" would mean Google has cleared its worldwide regulatory gauntlet. Google's announcement today is highly unusual since the DOJ has not yet cleared the deal. As the US Department of Justice told New York Times reporter Cecilia Kang, "The Antitrust Division's investigation of Google's acquisition of Fitbit remains ongoing." Australian regulators also haven't announced a final decision on the merger. It also seems particularly provocative for Google to do something like this while it is also dealing with a DOJ antitrust investigation.

Fitbit's CEO, president, and co-founder, James Park, also has a blog post today, saying "many of the things you know and love about Fitbit will remain the same. We'll stay committed to doing what's right, to putting your health and wellness at the center of everything we do, and to offering a no-one-size-fits-all approach with choices that work across both Android and iOS." [...] Google's side of the story is laid out in the blog post, with Osterloh saying "This deal has always been about devices, not data, and we've been clear since the beginning that we will protect Fitbit users' privacy... Fitbit users' health and wellness data won't be used for Google ads and this data will be separated from other Google ads data." Google also says it won't do anything crazy with Android, like lock all Android phones exclusively to Fitbit wearables, which apparently was something the EU was worried about.

Communications

EU Must 'Move At Speed' On Space Broadband Network (bbc.com) 76

The European Commission says it wants its newly proposed satellite mega-constellation to be offering some sort of initial service in 2024. The BBC reports: The first priority is to fill in gaps in broadband coverage where ground infrastructure cannot reach, but later it will power services such as self-driving cars. The project will in some ways mirror America's Starlink and the UK-Indian OneWeb networks. Its scope has yet to be fully defined. A consortium of aerospace and telecoms companies is doing that right now.

But EU Internal Market Commissioner Thierry Breton said he wanted to get going on the idea as soon as possible. "My objective is to go fast. And therefore it would be appropriate that the Commission puts forward this year a proposal to the European Parliament and the Council so we can move concretely," he told the 13th European Space Conference on Tuesday. "To be ready, we launched a few weeks ago a study on a secure space-based connectivity system. The selected consortium consisting of European satellite manufacturers, operators and service providers, telco operators and launch service providers will study the possible design and development of this project. This will provide insights on the technical dimension, but also the governance structure, the financing, the missions, the exact scope. I expect their first feedback in April this year."

Encryption

WhatsApp Clarifies It's Not Giving All Your Data To Facebook (theverge.com) 92

An anonymous reader quotes a report from The Verge: WhatsApp has published a new FAQ page to its website outlining its stances on user privacy in response to widespread backlash over an upcoming privacy policy update. The core issue relates to WhatsApp's data-sharing procedures with Facebook, with many users concerned an updated privacy policy going into effect on February 8th will mandate sharing of sensitive profile information with WhatsApp's parent company. That isn't true -- the update has nothing to do with consumer chats or profile data, and instead the change is designed to outline how businesses who use WhatsApp for customer service may store logs of its chats on Facebook servers. That's something the company feels it is required to disclose in its privacy policy, which it's now doing after previewing the upcoming changes to business chats back in October.

But a wave of misinformation on social media, not helped by Facebook's abysmal track record on privacy and its reputation for obfuscating changes to its various terms of service agreements, has resulted in a full-blown WhatsApp backlash that has users fleeing to competitors like Signal and Telegram. [...] WhatsApp executives, as well as Instagram chief Adam Mosseri and Facebook AR / VR head Andrew "Boz" Bosworth, are now trying to set the record straight, perhaps to little avail at this point.

"We want to be clear that the policy update does not affect the privacy of your messages with friends or family in any way. Instead, this update includes changes related to messaging a business on WhatsApp, which is optional, and provides further transparency about how we collect and use data," the company writes on the new FAQ page. It also stresses in the FAQ that neither Facebook nor WhatsApp read users' message logs or listen to their calls, and that WhatsApp doesn't store user location data or share contact information with Facebook. (It's also worth noting that data sharing with Facebook is extremely limited for European users due to stronger user privacy protections in the EU.) WhatsApp chief Will Cathcart also took to Twitter a few days ago to post a thread (later shared by Bosworth in the tweet above) trying to cut through the confusion and explain what's actually going on. "With end-to-end encryption, we cannot see your private chats or calls and neither can Facebook. We're committed to this technology and committed to defending it globally," Cathcart wrote. "It's important for us to be clear this update describes business communication and does not change WhatsApp's data sharing practices with Facebook. It does not impact how people communicate privately with friends or family wherever they are in the world."

Earth

Was 2020 the World's Warmest Year Ever? (bbc.com) 85

"New data from EU satellites shows that 2020 is in a statistical dead heat with 2016 as the world's warmest year," reports the BBC (in an article shared by long-time Slashdot reader AmiMoJo): The Copernicus Climate Change Service says that last year was around 1.25C above the long-term average. The scientists say that unprecedented levels of heat in the Arctic and Siberia were key factors in driving up the overall temperature. The past 12 months also saw a new record for Europe, around 0.4C warmer than 2019... The Copernicus data comes from a constellation of Sentinel satellites that monitor the Earth from orbit, as well as measurements taken at ground level...

Globally, the 10-year period from 2011-2020 is the warmest decade, with the last six years being the six hottest on record.

The article points out that in some parts of Siberia and the Arctic, temperatures for the year were six degrees C above the long-term average.

"This exceptional warming led to a very active wildfire season. Fires in the Arctic Circle released a record amount of CO2, according to the study, up over a third from 2019."
EU

81,000 UK-Owned .EU Domains Suspended As Brexit Transition Ends (zdnet.com) 201

An anonymous reader quotes a report from ZDNet: Tens of thousands of website owners who are based in the UK might have started the year with an unpleasant surprise: Eurid, the registry manager of .eu domain names, has suspended .eu domain names registered by UK citizens as a result of the regulatory changes caused by Brexit. Suspended domain names can no longer support a website or service like email, and owners now have three months to prove their right to run a .eu domain. This means updating contact data to transfer the .eu domain to an EU-subsidiary outside the UK; or declaring citizenship or residence of an EU member state.

Domain names will be re-instated as soon as contact data is updated, said Eurid -- but only for the next few months. Those who, after 31st March 2021, still haven't demonstrated their eligibility will see their domain name withdrawn, and made available again for general registration from January 2022 if no action is taken by then. Eurid said 81,000 domains, from 50,000 users, have been suspended. Eurid's suspension of UK domains comes after a series of mixed signals from the European Commission, which decides on the rules that guide the registration of .eu domains. EU regulations currently stipulate that .eu websites can only be allocated to EU citizens -- regardless of their place of residence -- as well as non-EU citizens and organizations established in a member state. In other words, once Brexit happened, UK-based .eu domains owned by UK citizens suddenly became non-EU websites hosted in a non-EU country.

United Kingdom

New Era for UK as It Completes Separation From European Union (bbc.com) 527

A new era has begun for the United Kingdom after it completed its formal separation from the European Union. From a report: The UK stopped following EU rules at 23:00 GMT, as replacement arrangements for travel, trade, immigration and security co-operation came into force. Boris Johnson said the UK had "freedom in our hands" and the ability to do things "differently and better" now the long Brexit process was over. But opponents of leaving the EU maintain the country will be worse off.

Scottish First Minister Nicola Sturgeon, whose ambition it is to take an independent Scotland back into the EU, tweeted: "Scotland will be back soon, Europe. Keep the light on." BBC Europe editor Katya Adler said there was a sense of relief in Brussels that the Brexit process was over, "but there is regret still at Brexit itself". The first lorries arriving at the borders entered the UK and EU without delay. On Friday evening, Transport Secretary Grant Shapps tweeted that border traffic had been "low due to [the] bank holiday" but there had been no disruption in Kent as "hundreds" of lorries crossed the Channel with a "small" number turned back.

EU

What Happened When Finland Tried to Lure the World's Remote Tech Workers? (indiatimes.com) 24

As 2020 came to a close, the city of Helsinki, Finland tried offering "City as a Service" to attract new workers to its growing technology hub.

"We will provide selected applicants with a free 90-day relocation package for the entire family," explained the web site for the program (which is now no longer accepting applications). "We'll arrange your housing, daycare, schooling, everything you need — the real deal, just like a Finn." They'd pick you up at the airport, and then offer orientation services, "relocation consultation," and regular get-togethers, even offering in-person introductions to Helsinki-area technology hubs and business networks. (And of course, they'd arrange all the necessary documentation for a 90-day stay and permanent residency applications.) "Are you a 90 Day Finn...?" asked the site. "This is your call for a 90-day audition in Helsinki, featuring an unseen level of work-life balance!"

So what happened? The program "received 5,300 applications from across the world in just a month," reports the India Times, citing an article in the Guardian: The report adds that about 30 per cent of the applications came from the US and Canada. The remaining applications, 'evenly spread,' included 50 Britons and one application from Vanuatu. Johanna Huurre from Helsinki Business Hub, an agency that came up with the campaign, told The Guardian, "800 were entrepreneurs seeking to launch startups, 60 were investors, and the remainder were job hunting."

"It's been a great campaign to showcase Finland," said Joonas Halla, of Business Finland. "What's good is the practical approach. The tech sector here is really thriving — by one estimate it should create 50,000 new jobs in 2021. We need the talent."

Businesses

The Global Boom in Digital Banks (sifted.eu) 35

With their savvy interfaces, smart features and oodles of VC money, digital banks have become the poster-child for fintech. There are now almost 300 so-called "neobanks" live worldwide, with nearly half concentrated in Europe. From a report: Meanwhile, new players are continuing to join the ranks, particularly in Latin America, Africa and the Middle East. This boom is being fuelled by ongoing investor enthusiasm for the sector, with neobanks raising over $2bn in venture capital globally this year alone. Customers are also riding the neobank wave. PitchBook estimates that by 2024, 145m of us will be using these apps across North America and Europe alone. To help keep track of the global neobank landscape, we have broken down the key data and trends. For clarity, 'neobank' is defined here as an app that i) offers its own retail banking services (i.e. prepaid, debit, credit cards), ii) launched after 2010, and iii) is mobile-centric. This definition does not distinguish between regulatory status, but it's worth noting that only a handful have official bank licences.

Here is the story of the world's neobanks, as told in numbers. The neobank boom: At its peak? The number of neobanks worldwide has tripled since 2017, climbing from 100 to nearly 300 worldwide. That means, over the last three years, a neobank launched every five days somewhere in the world (!), according to Exton, a consultancy firm which manages a global database of consumer banking apps. In 2019 alone, more than 70 neobanks went live globally. But Cristoph Stegmeier, a partner at Exton, says we may finally have reached a peak, with 2020 seeing a slowdown. "I expect we will see less from now," he told Sifted. He explained this year's launch decline went beyond simply the 'Covid effect' and stems from the growing saturation of neobanks. Indeed, 30 neobanks have been wound down since 2015, according to Stegmeier. Still, the neobank boom hasn't totally stalled. Over 30 neobanks launched in the face of the pandemic, including Zelf, Daylight (a US bank for LGBT+ members) and Tenpo in Chile. Meanwhile, dozens of new players are still planning to go live in 2021 -- including Greece's Woli and France's Vybe.

Medicine

Pfizer, BioNTech Covid Vaccine Wins European Backing (bloomberg.com) 50

Pfizer and BioNTech SE's Covid-19 vaccine won the backing of a key European review panel, clearing the way for inoculations to start before the end of the year as the continent struggles with rising death rates and tighter lockdowns. From a report: The endorsement was announced in a news briefing by the European Medicines Agency on Monday. The final step in approval is a sign-off from the European Commission. European Union leaders pushed the regulator to speed up its review amid complaints that residents across the continent were still waiting to get a vaccine -- pioneered in Germany -- that is already being used in the U.K. and U.S. The goal is to start a European immunization campaign on Dec. 27, commission President Ursula von der Leyen said last week. Monday's recommendation puts the EU in position to meet that timeline. The commission last week signaled it would give the official go-ahead for distribution to start no later than two days after the agency's sign-off.

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