Facebook and Instagram owner claims charges should not be calculated based on a company’s global revenue

Meta has launched a legal challenge against the UK’s media regulator over the fees and fines regime it is enforcing under landmark digital safety legislation.

The Facebook and Instagram owner is claiming that Ofcom’s methodology for calculating the charges is flawed and should not be based on a company’s global revenue. Breaches of the Online Safety Act can be punished by fines of up to 10% of qualifying worldwide revenue (QWR) or £18m – whichever is higher.

Bets placed on Middle East conflict has led to US firm experiencing big increase in volume

Polymarket, the online prediction platform that hosts bets on events such as the Iran war, is in talks to raise $400m (£296m) at a valuation of up to $15bn.

The company has gained notoriety in recent months over wagers placed on the Middle East conflict, including on the timing of US-Israel strikes against Iran, and on a US-Iran ceasefire, some of which appeared to bear signs of insider trading.