EU INVESTIGATES INSTAGRAM OVER UNDERAGE USERS

The EU is investigating whether Instagram broke data-privacy laws after it allegedly exposed the personal data of millions of children, the Telegraph reports. It follows a complaint from a US data scientist, who last year said that Instagram allowed underage users to publicly display their phone numbers and email addresses by switching to “business” accounts. Ireland’s Data Protection Commission, the official European data regulator for Instagram owner Facebook, is launching two investigations following the formal complaint. Under Europe’s strict data privacy laws, Instagram’s parent company Facebook could face maximum fines equal to 4% of its annual revenue. SOURCE: wwwbusinessinsider.com

FITCH AFFIRMS AVIVA RATINGS

Fitch Ratings has affirmed Aviva Plc’s (Aviva) core insurance subsidiaries’ Insurer Financial Strength (IFS) Ratings at ‘AA-‘ (Very Strong) and Aviva’s Long-Term Issuer Default Rating (IDR) at ‘A+’. The Outlooks are Stable. The affirmation reflects Aviva’s very strong business profile and capitalisation, and strong earnings. Fitch ranks Aviva’s very strong business profile as ‘favourable’ compared with all other UK and European life insurance companies. This assessment reflects Aviva’s position as one of the largest insurance groups in the UK with a strong franchise across all business lines. SOURCE: Fitch

BOOM TIMES FOR UBS

UBS on Tuesday posted a 99% jump in third-quarter profit as heavy turnover in global markets helped the bank to a strong performance in investment banking and an unexpected rise in wealth management earnings. In Chief Executive Sergio Ermotti’s last month at the helm, net profit for the world’s largest wealth manager climbed to $2.1 billion (1.6 billion pounds) for July-September, handily beating expectations for $1.557 billion. “Our third quarter results continue to demonstrate that our strategy is differentiating us,” Ermotti, who will be replaced in November by former ING head Ralph Hamers, said in a statement. SOURCE: Reuters

OUTBOUND COVID TESTS AT HEATHROW

Passengers flying from London Heathrow to Hong Kong and Italy will be able to have a rapid Covid-19 test at the airport before checking in from Tuesday. The test costs £80 and results will be available within an hour. The aim is to provide rapid Covid-19 tests for passengers travelling to destinations that require pre-departure tests, including Hong Kong and Italy. British Airways, Virgin Atlantic and Cathay Pacific, which all fly routes that require pre-departure tests, will be the first airlines to offer it, according to the two companies that will run the testing, Collinson, a medical and security assistance firm, and Swissport, the ground and cargo handling company. SOURCE: www.guardian.co.uk

FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Zurich, Switzerland June 22, 2020. REUTERS/Arnd Wiegmann/File Photo