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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Alphabet Inc.    GOOGL

ALPHABET INC.

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Alphabet : commits to data privacy in Toronto smart city master plan

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06/26/2019 | 05:37am EST

INTERNATIONAL - A high-tech smart city project proposed along Toronto’s waterfront by Alphabet Inc unit Sidewalk Labs has pledged not to sell advertisers the personal data collected to serve residents and visitors, as part of a 1,500-page master plan released on Monday.

The proposal in Canada’s biggest city is designed to provide affordable housing, alleviate traffic and fight climate change and inequality. But privacy advocates have expressed concerns.

The C$3.9 billion development proposes features such as a thermal grid to lower power use, traffic signals that use data to prioritize pedestrians who need more time to cross roads and a self-financing light rail transit that connects the Greater Toronto Area to the waterfront, among other features.

Privacy activists have insisted that Sidewalk Labs must guarantee that personal data used to run the project remains anonymous.

Chief Executive Dan Doctoroff said at a press conference on Monday that Sidewalk Labs will not disclose personal information to third parties without explicit consent and will not sell personal information.

Sidewalk’s proposed development encompasses 12 acres of land called the Quayside, and the River District, a 153-acre area that Sidewalk Labs plans tor develop.

Sidewalk Labs said in a statement it plans a C$900 million ($682.54 million) equity investment to support the C$3.9 billion project for “real estate and advanced systems” in Quayside and Villiers West.

The proposal says Sidewalk Toronto will add C$14.2 billion annually to Canada’s GDP, C$4.3 billion in tax revenue, and create 44,000 permanent jobs by 2040.

Waterfront Toronto said it will open the plan for public consultation on July 15. Sidewalk Labs said the decision and voting will take place in the fall and winter of 2019/2020, and construction can begin on the Quayside before 2022, if the project receives sufficient public support.

The smart city project sparked controversy with concerns over sensors, which critics say will lead to excessive surveillance and unethical data collection.

The master plan is separated into three volumes, which cover the development plan with estimated economic impacts, proposed innovations for fields like mobility and sustainability, and a commercial proposal for governance and implementation.

A letter from Steve Diamond, chairman of Waterfront Toronto, outlined the group’s concerns over the plan. Those include Sidewalk Labs’ proposal of an “IDEA District” spanning 159 acres, worries over data privacy and use and how the proposals require future commitments from governments which Waterfront Toronto cannot make.

Reuters

(c) Pretoria News 1999 - 2019 Independent Newspapers (Pty) Limited. All rights strictly reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (USD)
Sales 2020 191 B
EBIT 2020 41 532 M
Net income 2020 37 214 M
Finance 2020 134 B
Yield 2020 -
P/E ratio 2020 25,8x
P/E ratio 2021 22,2x
EV / Sales2020 4,30x
EV / Sales2021 3,55x
Capitalization 954 B
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Number of Analysts 47
Average target price 1 596,67  $
Last Close Price 1 386,32  $
Spread / Highest target 29,8%
Spread / Average Target 15,2%
Spread / Lowest Target -8,39%
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