The US Antimonopoly Committee has called for the reform of the rules for the technology giants

News

The US Antimonopoly Committee has called for the reform of the rules for the technology giants

09.10.2020 News

On Tuesday, shares of the four largest US technology companies declined, as the 16-month government investigation of their competitive practices led to the first results in the form of 449-page report on their abuse of the market power.

Shares of Apple, Amazon, Facebook and the parent company Google Alphabet fell to 2.9%, 3%, 2.26% and 2.2% respectively for the close of trading on Tuesday.

A commission in the US House of Representatives called the Internet giants monopolists, comparing them to monopolies “which we last saw in the era of the oil barons and railroad magnates.”

The commission called on Congress to adopt the number of the significant changes in antitrust law that would drastically change the position of the large companies in the market if adopted.

In the report, the commission insists on the need for the structural units in companies, but does not specify specific names.
Regarding the Amazon’s practices, officials point to its position as both a platform for the online retailers, the company itself is the largest online retailer and the uses data collection on its platform to benefit its own e-commerce business.

On the eve of the report Amazon has urged lawmakers against the negative market intervention that “will kill independent retailers and punish consumers by forcing small businesses to leave popular online stores, raising prices and limiting consumer choice.”

Google’s management disagreed with the government’s report, saying it was “honestly competing in the fast-growing and highly competitive industry.”

A similar statement was made by Facebook, pointing out that its acquisitions of Instagram and Whatsapp were “just one way to introduce new technologies to benefit people more.”

Apple said: “The test is reasonable and appropriate, but we strongly disagree with the findings.”

Apple also denied allegations of the unfair commissions and said it would release a more detailed response in the coming days.

Other articles

  • Amazon is releasing updated Echo Frames smart glasses with Alexa
    News

    Amazon is releasing updated Echo Frames smart glasses with Alexa

    On Thursday, Amazon announced the release of its updated smart glasses Echo Frames starting on December 10. Now everyone will be able to buy it. The new product from Amazon for $ 250 will go on sale just before the holiday weeks, which is a good time to start the release. Analysts and market experts […]

  • Google has invested in the Indonesian unicorn Tokopedia
    News

    Google has invested in the Indonesian unicorn Tokopedia

    IT giant Google and Singapore’s state-owned investment company Temasek have invested in Indonesia’s largest online store Tokopedia, writes Nikkei Asian Review. The amount of investments is not disclosed. In October, Bloomberg reported that Tokopedia was going to raise about $ 350 million from Google and Temasek. This is Google’s second investment in the Indonesian unicorn. […]

  • L’Oreal has created a virtual make-up for video conferences
    News

    L’Oreal has created a virtual make-up for video conferences

    The French company has developed an augmented reality application for digital makeup. The Signature Faces application allows you to apply filters to your face in real time. “We believe that everyone is beautiful by themselves, but in a world where the camera is always on, it’s normal to want to “play” with filters. We want […]

  • Shares of Zoom and other IT companies crashed on news of successful testing of the vaccine from COVID-19
    News

    Shares of Zoom and other IT companies crashed on news of successful testing of the vaccine from COVID-19

    Shares of Zoom and other companies, which rose amid the pandemic and lockdown, fell in trading on Monday. The reason was the announcement of two biotechnology companies about the successful testing of a promising vaccine, writes CNBC. Shares of the Zoom video conferencing service fell 17.4% by the end of the trading day. Amazon and […]

  • Apple announced the third presentation since the beginning of the year
    News

    Apple announced the third presentation since the beginning of the year

    Apple has announced that it will hold a presentation of new products next week – the third since the beginning of 2020. According to the company’s website, the event will be broadcast from the head office in California on Tuesday, November 10. The company announces the event with the words “One More Thing”. This phrase, […]

  • Amazon reported a 37% increase in revenue
    News

    Amazon reported a 37% increase in revenue

    Shares of Amazon, which rose by 73.8% since the beginning of the year (more than the growth of Apple, Microsoft, Google and Facebook), fell 2% after closing trading on Thursday, when the company released a report for the 3rd quarter, which ended September 30. Amazon set a new revenue record, e-commerce increased sales by 57% […]

  • The third quarter of Alphabet showed growth in search advertising revenue and strong growth in YouTube
    News

    The third quarter of Alphabet showed growth in search advertising revenue and strong growth in YouTube

    Shares of Alphabet, which rose 18.2% over the past 6 months, rose 9% after closing trading on Thursday when the global advertising giant announced significant improvements in the reporting quarter. Google’s parent financial report far exceeded analysts’ expectations and showed a resumption of advertising revenue growth after reporting a drop in revenue for the first […]

  • Twitter shares fell more than 17%
    News

    Twitter shares fell more than 17%

    According to trading data, securities of the microblogging service Twitter Inc. after the close of the main trading session in the US fell in price by more than 17%, also according to financial statements, in the red were the shares of US technology giants Amazon, Apple and Facebook, only Alphabet reporting pleased investors. Thus, shares […]

Read also

The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

Johnson & Johnson suspends the study of the COVID-19 vaccine due to unexplained disease in the participant

Shares of the Johnson & Johnson may slow because the last stimulus to it was the company’s transition to the final clinical trial of the vaccine against COVID-19 on September 23, after which the shares rose by more than 5%. However, as of Tuesday, before the opening of trading, the price of J&J shares did […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

Pfizer has begun testing the COVID vaccine on children under 12 years of age

Pfizer will test its COVID vaccine in children under 12 years of age. Radio Svoboda reported this with reference to the company’s statement. The study will involve up to 4,500 children in the United States, Finland, Poland and Spain. The drug is already approved for use in emergencies for adolescents 12 years and older in […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

What social projects are supported by business

LDaily decided to conduct a survey among the companies working in Ukraine to find out what social projects they support and why.       Anastasia Voitkevych, Head of Corporate Communications & Social Responsibility, Winner Group Ukraine Winner CSR has two focus areas — Charity and Responsible Business. Charity is philanthropy, Winner’s and its leadership’s […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

The financial group VTB will sell BM Bank

Press service of the international financial group VTB-Ukraine has confirmed the information about the planned sale of BM Bank. According to the official statement of the company, approval of decisions on the operation are going to realize till the 1 of March 2017 year. It is also worth noting that potential investors have already received […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

Hundreds of thousands of airline workers could lose their jobs

Hundreds of thousands of workers could lose their jobs in the aviation sector if states do not provide the additional assistance. “In the absence of additional government measures to provide assistance and open borders, hundreds of thousands of airline jobs will disappear, ” – said the executive director of the International Air Transport Association (IATA) […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

The famous investor bet half a billion on the fall of Tesla shares

American investor Michael Burry, who predicted the financial crisis of 2008 and became the prototype of one of the characters in the movie The Big Short, made a huge bet on the fall of shares of Ilon Mask`s Tesla, Reuters writes. As of March 31, Bury’s Scion Asset Management investment fund had an option to […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

Nvidia is preparing to make the biggest deal in the chip market

The American technology company Nvidia is approaching to the agreement to purchase the British chip manufacturer Arm from the Japanese SoftBank. Bloomberg was told by familiar with particular situation Sources. Similar information was also reported by the interlocutors of The Wall Street Journal and the Financial Times. Bloomberg sources said, the operation may be announced […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

The cost of Tesla fell by a third in a month

Since the beginning of February, the market value of the American electric car manufacturer Tesla Inc. decreased by 34%. So, before the stock quote Tesla Inc. decreased following the fifth trading session in a row, losing a total of 21% during this period. The price of Tesla securities peaked on January 26, when the capitalization […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
Analytics

How exists and breathe the agrarian business of Ukraine

If there is a sector in which Ukraine is objectively comparable to the leaders of the world rankings, it is agriculture. According to the «Food» and «Agriculture Organization», Ukraine ranks third in the world by percentage of cropland against the total county’s area. And according to the «National Master»(global statistics portal), Ukraine occupies the 4th […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

Tesla was not included in the index S&P 500

Tesla met all the criteria, but it was still not included in the S&P 500. Committee of the S&P Dow Jones Indices refused to include Tesla`s shares in the S&P 500. Such decision was made despite the automaker’s fulfillment of the last criterion to be included in the index – Tesla showed a profit for […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

Shares in the Chinese markets are falling rapidly after a brokerage scandal

Shares continue to fall in the Chinese stock market. Two major Chinese exchanges experienced a sharp decline in prices. One reason for this is the fact of fraud in the local exchange market. It will be recalled that, that the employees of the two major Chinese exchanges in the summer of 2015 are under investigation. […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

The Romanian pharmaceutical company Antibiotice opens a representative office in Ukraine

Recently, it was reported that the largest Romanian company Antibiotice is going to expand the scope of activities, and to develop a  pharmaceutical market in Ukraine. According to the informed sources,  the first office of the Romanian pharmaceutical company Antibiotice will be opened in the Vinnitsa region. This was agreed between  the Antibiotice CEO and […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

The Supreme Court upheld the Оschadbank in a dispute with Sberbank of the Russian Federation

The Supreme Court did not satisfy the cassation appeal of Sberbank of Russia and recognized the Ukrainian state Оschadbank as the legal owner of the Sberbank trademark in the country. “The Supreme Court did not find grounds to satisfy the cassation appeal of Sberbank of Russia and upheld the decision of the Northern Commercial Court […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

Ukraine and France will sign agreements worth 1.3 billion euros

During his visit to Kyiv, French Minister of Economy, Finance and Reconstruction Bruno Le Mer will sign four strategic intergovernmental agreements worth a total of 1.3 billion euros. He said this in an interview with Interfax-Ukraine. “During my visit, France will sign four strategic intergovernmental agreements with Ukraine totaling 1.3 billion euros. This is very […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

The NBU has assessed the resilience of the hryvnia to the new lockdown

The fall of the hryvnia will not happen again in the event of a full lockdown, as in March, assured the director of the open markets department of the National Bank Oleksiy Lupin. “We do not expect a repeat of the March events in the foreign exchange market, because in March it was something new, […]

Next
The US Antimonopoly Committee has called for the reform of the rules for the technology giants
News

EpiCentre K has bought Alta Center TC

EpiCentre K  has bought the Alta Center TC . The object has been pledged to the one of the commercial banks and sold to repay the debt to the financial institution. There are no any official comments from EpiCentre K for this moment. The complex is owned by VK Development – a developer unit of […]

Next
WP2Social Auto Publish Powered By : XYZScripts.com