Twitter challenges some Indian content orders; EU approves sweeping big-tech laws; Nexo offers to buy Vauld

Twitter on Tuesday asked an Indian court to overturn some government orders to remove content from the social media platform it offers, in a legal challenge that alleges abuse of power by officials, Reuters reports. The EU approved two landmark sets of rules that regulate big tech companies. And Indian entrepreneurs Darshan Bathija and Sanju Kurian’s crypto lender Vauld, which is in a financial bind, has been made a buyout offer by larger rival Nexo. Notes: Twitter on Tuesday asked an Indian court to overturn some government orders to remove content from the social media platform it offers, in a legal challenge that alleges abuse of power by officials, Reuters reports. Twitter has been asked by Indian authorities over the past year to act on content including accounts that supported an independent Sikh state, posts alleged to have spread misinformation about protests by farmers, and tweets critical of the government's handling of the Covid pandemic, according to Reuters. In a filing with the High Court in Karnataka, the top court in the southern Indian state, Twitter argued that some removal orders fell short of the procedural requirements of India's IT Act, according to Reuters. Meanwhile, European lawmakers approved two sweeping new pieces of digital regulation, paving the way for clashes between regulators and some of the world’s biggest tech companies over how the rules should be applied, the Wall Street Journal reports. The European Parliament on Tuesday voted to approve the two laws — one focused on anticompetitive behaviour, the Digital Markets Act, the other on content deemed illegal in Europe, the Digital Services Act — after reaching an agreement on them with European Union member states in March. The Wall Street Journal also reported yesterday that Amazon, Microsoft and Google accounted for 65 percent of the $53 billion global cloud-service spending in the first quarter of 2022, citing data from Synergy Research Group. This compares with 52 percent of global sales four years ago. And their control of the crucial, rapidly growing market is expected to continue as their size makes them better able to keep investing and attracting clients seeking stability in turbulent times, executives and analysts told the Wall Street Journal. Vauld, the Singapore-based cryptocurrency lender that halted operations earlier this week, has been made a buyout offer from larger competitor Nexo, CNBC reports. Nexo said Tuesday it had signed a term sheet with Vauld giving it 60 days of exclusive talks to explore an all-equity acquisition of the company. If successful, Nexo said it plans to restructure the company and pursue an expansion in Southeast Asia and India, according to CNBC. Vauld, started in 2018 by Indian entrepreneurs Darshan Bathija and Sanju Kurian, said on Monday it had paused operations and that it was exploring restructuring options due to “financial challenges” posed by the latest crypto crash that started last month. The company is backed by the likes of Coinbase and Silicon Valley billionaire Peter Thiel. Theme music courtesy Free Music & Sounds: https://soundcloud.com/freemusicandsounds