South Korea has fined Meta Platforms, the parent company of Facebook, 21.62 billion won (approximately $15.67 million) for illegally gathering sensitive data from its users and sharing it with advertisers. This action was taken by Seoul's data protection agency, the Personal Information Protection Commission.

The commission discovered that Meta collected information from around 980,000 Facebook users in South Korea, including details on religion, political views, and sexual orientation, without obtaining proper consent. This data was shared with about 4,000 advertisers who used it to create targeted ads.

Meta’s activities also included categorizing users based on sensitive traits like religious beliefs, political affiliations, and even identifying information such as being a North Korean defector or part of the LGBTQ+ community.

Additionally, the agency stated that Meta denied users access to their personal information and failed to protect data, leading to a small data breach that affected around ten individuals. Despite the ruling, Meta’s Korea office declined to provide a comment on the matter.

Nintendo Lowers Profit Forecast by 10% as Switch Sales Decline

Nintendo recently reduced its annual operating profit forecast by 10%, projecting 360 billion yen ($2.36 billion) for the fiscal year ending in March 2025. The decision reflects a slowdown in sales for its flagship product, the Switch console, which is now in its eighth year.

In the first half of the financial year, Nintendo sold 4.7 million Switch consoles, significantly lower than the 6.8 million units sold during the same period last year. As a result, Nintendo also revised its annual sales target for the console, lowering it by 7% to 12.5 million units.

This shift underscores the challenges Nintendo faces with an aging console lineup, and market observers are closely watching the company for hints about its next generation of gaming hardware.

Hugo Boss Beats Q3 Profit Expectations Despite Slow China Sales

Hugo Boss surpassed market expectations with its Q3 operating profit, even as it contended with weak consumer demand in China. The fashion giant reported earnings before interest and tax (EBIT) of 95 million euros ($103.3 million), slightly above analysts' forecasts of 90 million euros.

While Hugo Boss’s EBIT saw a 7% year-over-year decline, effective cost management contributed to a favourable outcome. The company’s currency-adjusted sales also rose slightly, reaching 1.029 billion euros, matching market predictions.

In its statement, Hugo Boss noted that economic conditions in China had led to reduced consumer spending, which impacted business performance in the region. Nonetheless, the positive results pushed the company’s shares up by 2.5% in premarket trading.

Source: (Investing.com/Reuters)