Silicon Valley Tech News Roundup – March 13th
Meta allows for violent speech in some countries, Russia bans Instagram – 3/11
Meta is making a shift in its policy and will temporarily allow for certain forms of violent speech. Under the new policy, Meta users in Ukraine, Russia, and Poland can call for the deaths of Russian President Putin and Belarus President Lukashenko. The policy does not allow calls for violence against Russian civilians, and calls for leaders’ deaths cannot contain methods, locations, or other targets.
Meta spokesperson said to the BBC: “In light of the ongoing invasion of Ukraine, we made a temporary exception for those affected by the war, to express violent sentiments toward invading armed forces.”
The Russian embassy in the United States tweeted a response: “We demand that US authorities stop the extremist activities of Meta, take measures to bring the perpetrators to justice. Users of Facebook & Instagram did not give the owners of these platforms the right to determine the criteria of truth and pit nations against each other.”
Meanwhile, Russian technology regulator Roskomnadzor announced Russia would block Instagram due to a “call for violence” against Russian soldiers. The Prosecutor General’s Office asked for a criminal investigation against Meta, citing propaganda and extremism laws as the reason.
War in Ukraine makes global chip shortage worse – 3/11
The Russian invasion of Ukraine will negatively impact the already disrupted global computer chip supply.
Based on the Reuters report, Cryoin and Ingas, two Ukrainian leading neon suppliers, have been forced to suspend their production due to the Russian invasion. The report estimates that the companies produce between 45% to 54% of neon for the semiconductor chip industry in the world. Neon is an essential component for semiconductor chips.
Ingas is located in Mariupol, a town occupied by the Russian armed forces. The company produced 15,000 to 20,000 cubic meters of neon monthly. It exported it to Taiwan, China, the United States, Korea, and Germany. 75% of the production went to the semiconductor chip industry.
Cryoin is located in Odessa and stopped its production on February 24, when the invasion started to keep its employees safe. Cryoin business development director, Larissa Bondarenko, stated the company could manage with the production closed for three months. However, if there is any damage to the production equipment, it could cause further delays. Likewise, she is unsure if the company would obtain the raw materials needed for the neon purification.
Angelo Zino, an analyst for CFRA, said chip production could take another hit. He stated: “If stockpiles are depleted by April and chipmakers don’t have orders locked up in other regions of the world, it likely means further constraints for the broader supply chain and inability to manufacture the end-product for many key customers.”
Russians liquidating crypto assets in the United Arab Emirates – 3/11
Financial sources in the United Arab Emirates are reporting crypto companies in the country are receiving numerous requests from Russians, who are looking to liquidate their assets and find a financial haven for their fortune.
According to the sources, companies receive inquiries for large transactions once per month. In recent weeks crypto companies had an influx of requests. Swiss brokers are looking to liquidate millions in bitcoins because their Russian clients are worried Switzerland will freeze their assets. According to a source, none of the requests were under $2 billion. Others are buying property in Dubai by using cryptocurrencies. It is a way to transfer their money from other jurisdictions and bring it into the United Arab Emirates.
Coinbase and Binance, both major crypto exchanges, stated they want to ensure cryptocurrencies are not used to avoid sanctions.
In March, the Financial Action Task Force (FATF), a financial and money-laundering watchdog, placed the United Arab Emirates on the “grey list” for increased monitoring. The United Arab Emirates has good relations and deep ties with Russia. The country is neutral in the conflict and did not impose sanctions against Russians like other Western countries.
Uber adding temporary “fuel surcharge” – 3/11
In a blog post published on Friday, Uber announced it is adding a temporary “fuel surcharge” to its fares. It serves as a way to help drivers pay for record-high gas prices.
Liza Winship, Uber head of driver operations in the United States and Canada, wrote in a blog post: “Rides customers will pay a surcharge of either $0.45 or $0.55 on each Uber trip, and Eats customers will pay either $0.35 or $0.45 on each Uber Eats order, depending on their location.” All surcharges will go to drivers, and the measure will be in place for 60 days. The company plans to monitor the gas prices and make other necessary changes.
The surcharge applies to rides and deliveries done by electric vehicles. Harry Hartfield, Uber spokesperson, said the company hopes the measure will work as an incentive for drivers to switch to electric vehicles in the future.
