Fortera introduces CO2-Based green cement technology | Meta fined $263 million for 2018 data breach | Grubhub fined for misleading claims

In today’s Portfolio Intelligence Daily: 

• Fortera introduces CO2-Based green cement technology 
• Meta fined $263 million for 2018 data breach
• Grubhub fined for misleading claims

Our analyst team curates these summaries from Auquan’s Intelligence Engine, which uses generative AI and retrieval augmented generation (RAG) to uncover material non-financial insights at scale to support deal sourcing, due diligence, risk monitoring, and compliance.

Industry trends:

• The magic of RAG is in the retrieval (InfoWorld) — Retrieval-augmented generation (RAG) and AI agents are transforming how AI can automate knowledge work in the enterprise.
• Tackling Information Overload in the Age of AI [private credit] (TDWI Upside)
• Why AI is finally catching up with financial services (Maddyness)

Fortera introduces CO2-Based green cement technology 

Fortera, a leading innovator in green cement technology, has recently announced a strategic partnership with Sumitomo Corporation to expand its low-carbon cement solutions across Asia. This collaboration aims to significantly reduce carbon emissions in the cement industry, which is responsible for approximately 8% of global emissions.

• Fortera and Sumitomo Corporation have signed a memorandum of understanding (MOU) to deploy Fortera's ReCarb® technology in Asia, focusing initially on the Japanese market, which is part of a region that accounts for 73% of global cement production.

• Fortera's ReCarb® process captures CO2 emissions from traditional cement production and converts them into a low-carbon cement product. This technology can achieve up to a 70% reduction in carbon emissions compared to conventional methods and has the potential for zero emissions when paired with renewable energy sources.

• The partnership is seen as crucial for the future of sustainable cement production, as it leverages existing infrastructure and supply chains in Asia, allowing for rapid deployment and scalability of Fortera's technology.

• Both companies emphasize the importance of environmental responsibility. Sumitomo's involvement includes financial support through its venture capital arm, indicating a strong commitment to advancing decarbonization efforts in the construction sector. 

Select timeline

• Dec 17, 2024 | Fortera and Sumitomo Corporation Join Forces to Bring Low-Carbon Cement Technology to Asia (Businesswire)
• Dec 17, 2024 | Fortera and Sumitomo Corporation to partner on low-carbon cement projects in Asia (Chemengonline)
• Aug 20, 2024 | Green Cement Company Secures CO2 Capture Funding (Forconstructionpros)

Meta fined $263 million for 2018 data breach

Meta, the parent company of Facebook, has been fined $263 million by Ireland's Data Protection Commission (DPC) due to a significant data breach that occurred in 2018.

• The DPC imposed a fine of €251 million ($263 million) for multiple violations of the General Data Protection Regulation (GDPR) related to a breach affecting approximately 29 million Facebook accounts worldwide.

• The breach was attributed to vulnerabilities in Meta's video upload feature, which allowed hackers to access sensitive user information, including names, email addresses, phone numbers, and more. This incident was reported to the DPC in September 2018.

• The DPC highlighted that Meta failed to adequately implement data protection measures and did not comply with necessary documentation and reporting requirements following the breach. This included not providing complete information during the initial breach notification.

• Meta plans to appeal this decision, adding to a series of fines it has faced from the DPC over various data protection failures in recent years, reflecting increasing scrutiny on tech companies regarding user privacy and data security. 

Select timeline

• Dec 17, 2024 | Facebook owner Meta hit with €251m in fines for 2018 data breach (Euronews)
• May 18, 2021 | Research and Analysis of 2018 Facebook Data Breach that Earned Me Grade 93/100 (Distinction) (Linkedin)
• Sep 28, 2018 | Facebook Security Breach Exposes Accounts of 50 Million Users (New York Times)

Grubhub fined for misleading claims

Grubhub, a prominent food delivery service, has been fined for misleading claims regarding delivery costs and driver earnings. The company has agreed to pay $25 million to settle allegations brought forth by the Federal Trade Commission (FTC) and the Illinois Attorney General.

• Grubhub will pay $25 million to resolve accusations of deceptive practices that misled customers about delivery costs and inflated potential earnings for drivers. The original judgment sought by the FTC was $140 million but was reduced due to Grubhub's financial situation.

• The FTC found that Grubhub engaged in practices such as hiding additional fees that often doubled the advertised delivery costs and misrepresenting driver earnings, claiming they could earn up to $26 per hour when most earned significantly less.

• The complaint highlighted that Grubhub listed around 325,000 unaffiliated restaurants on its platform without their consent, which harmed their reputations and revenues. Many of these restaurants had requested removal from the platform but were often ignored.

• As part of the settlement, Grubhub must implement changes to ensure transparency in pricing and advertising. This includes clearly displaying total delivery costs upfront, accurately representing driver earnings, and ceasing the listing of unaffiliated restaurants. 

Select timeline

• Dec 17, 2024 | Grubhub reaches settlement with the FTC (about.grubhub)
• Dec 17, 2024 | Grubhub to pay $25 million to settle claims of deceiving diners, drivers, restaurants (CBSNews)
• Feb 22, 2024  | Los Angeles County Sues Delivery Giant Grubhub, Alleging Deceptive Business Practices (LA.Eater)

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