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U.S. Supreme Court left confused amid high-profile internet case



A number of Supreme Court justices have admitted they are confused as the case against Google begins

The words “I’m confused” are probably not what you would expect, or want, to hear from a U.S. Supreme Court justice.

But that’s exactly what happened on Tuesday when the nation’s highest judicial body began hearing arguments concerning the future of the internet.

Nohemi Gonzalez was shot by Islamic State gunmen in Paris in 2015 and his family have launched legal proceedings against Google.

The case centres on whether YouTube’s parent company should be held liable for the videos that its algorithms recommend to users.

They accuse the internet giant of aiding and abetting the terrorist group by recommending certain videos to its users.

The lawsuit says these particular recommendations helped spread Islamic State’s message and recruit jihadist fighters.

It’s the first time the Supreme Court will scrutinise the scope of Section 230 of the Communications Decency Act.

Currently, this protects internet companies from liability for content posted by their users. #trending #featured

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Sports billion-airs: athletes living the high life



From flat screen TVs, endless snacks and more champagne than anyone could imagine.

It’s not quite business class, these are the private jets that are taking off more than ever before.

And some of the world’s biggest athletes are among those living life in the fast lane.

For these professionals at the top of their game, it makes perfect sense.

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Janet Yellen admits banking system is stabilising



The U.S. Treasury Secretary admits more may need to be done, if runs on other regional banks occur

U.S. Treasury Secretary Janet Yellen said that the country’s banking system is stabilising, but further steps may be needed to protect depositors if runs on other regional banks threaten contagion.

“Our intervention was necessary to protect the broader U.S. banking system, and similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion.”

Her comments came at an American Bankers Association conference, more than a week after the Federal Deposit Insurance Corporation, or FDIC, closed the failing Silicon Valley Bank and Signature Bank.

Yellen said she believed the actions of the FDIC, the Federal Reserve and the Treasury had reduced the risk of further bank failures that would have imposed losses on the bank-funded Deposit Insurance Fund.

“Let me be clear: the government’s recent actions have demonstrated our resolute commitment to take the necessary steps to ensure that depositors savings and the banking system remain safe.”

Yellen did not provide details on what further actions may be warranted.

She said that the current situation was “very different” from the 2008-2009 global financial crisis, when subprime mortgage assets put many banks under stress.

“We do not see that situation in the banking system today. Our financial system is also significantly stronger than it was 15 years ago.”

Yellen did, however, add that in coming weeks, regulators will examine the failures of SVB and Signature Bank, and reexamine whether current regulatory and oversight protocols are appropriate for the risks that banks face today.

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U.K. government reassures investors about bank stability



Markets have been making headlines for all the wrong reasons recently

The stock markets have been making headlines for all of the wrong reasons recently but, thankfully, stocks around the world have bounced back.

Governments in the U.S. and U.K. have reassured investors about the stability of banks following a string of banking failures.

These failures were triggered by depositors rushing to withdraw money after anxiety over the banks’ financial health.

In the UK, the FTSE closed 1.79 per cent higher after gains in top bank shares.

Chancellor Jeremy Hunt told MPs Britain’s financial system is “fundamentally strong” after facing questions from Labour’s shadow chancellor Rachel Reeves.

Reeves asked whether the system is “adequate to protect taxpayers and depositors” and if the government can be confident that no other U.K. banks are vulnerable to failure after Silicon Valley Bank collapse.

There has also been further instability, with Credit Suisse having to be rescued by rival UBS.

But, while Hunt says the markets are unsettled, he is certain the U.K. financial system can ride the wave.

“We have a robust plan to deal with the globally significant banks that would cause a danger to our stability if they were allowed to fail,” he said.

“There are procedures in place and we haven’t yet had to test those procedures, even though one of those banks has been bought by another.”

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