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Stocks rose Tuesday thanks to media reports suggesting in-person U.S.-China trade talks are set to resume as soon as next week, but that’s not changing the trade outlook for Kristina Hooper, Invesco’s chief global market strategist.
Apple is in advanced talked to buy Intel's smartphone chip business, according to the Wall Street Journal. Yahoo Finance's Dan Howley joins Akiko Fujita on 'The Ticker' to discuss.
Apple is reportedly looking to buy Intel's Smartphone Modem-Chip Business. In total, the deal could be valued at $1 billion. Santosh Rao of Manhattan Venture Partners joins Yahoo Finance's The First Trade to discuss.
A monumental deal may be in the cards for Apple and Intel. The iPhone maker is looking to acquire Intel's Smartphone Modem Chip business. The deal may be valued at one billion dollars or more, and could be reached by next week. Yahoo Finance’s Alexis Christoforus, Brian Sozzi, Andy Serwer and Dan Howley discuss.
Tiffany Olson Kleemann ContributorTiffany Olson Kleemann is the chief executive officer of Distil Networks
(Bloomberg) -- The U.S. Justice Department sent the strongest signal yet that it’s prepared to take on technology giants like Facebook and Google, announcing a broad antitrust review into whether the companies are using their power to thwart competition.The department’s antitrust division disclosed plans Tuesday to scrutinize tech platforms following mounting criticism across Washington that the companies have become too big and too powerful. The department didn’t specify which firms it would look at but strongly suggested Facebook Inc., Alphabet Inc.’s Google and Amazon.com Inc. are in the cross-hairs.“The history of these DOJ investigations is that they kill the company that they investigate” as the firm turns its focus to defending itself, said Mark Grady, a law professor at the University of California Los Angeles. “It’s a giant distraction.”The announcement marks latest sign of the escalating pressure coming down on tech giants, from Capitol Hill to President Donald Trump, who accuses the companies of silencing conservative views. The giants of the industry are under fire over massive collection of user data, failing to police content on their platforms, and claims that they are harming competition and reducing choices for consumers.The spotlight on the industry will carry into Wednesday when a record $5 billion privacy fine against Facebook is set to be announced by the Federal Trade Commission for a series of privacy violations.The Justice Department review, led by antitrust chief Makan Delrahim, represents a new level of scrutiny of the industry after news in May that the U.S. antitrust agencies carved up oversight of four tech giants, with the department taking Google and Apple Inc., and the FTC claiming Facebook and Amazon.Companies are now potentially exposed to investigations by both agencies, because their accord calls for separating the scrutiny by business practices, according to two people familiar with the matter. The Justice Department in its statement suggested that possibility because it signaled that it would look at Amazon and Facebook, even though the FTC will be examining those companies under the agreement.Attorney General William Barr encouraged the review of the industry, according to one of the people. He met earlier this year with European Union competition chief Margrethe Vestager, who has slapped Google with record fines over antitrust violations, the person said.The department’s scrutiny comes after repeated attacks on the industry’s biggest names by Trump, who is more outspoken on antitrust than any president in possibly a century, said New York University law professor Harry First.The president repeatedly accuses tech platforms of bias against conservative views, which the companies deny, while directing ire toward Amazon founder Jeff Bezos, threatening his company with antitrust enforcement and higher shipping fees.The antitrust division is already taking steps in its inquiry, hearing out third parties who have complaints about competitive harm, according to the people. Its review will look at concerns raised by consumers, businesses and entrepreneurs about search, social media, and online retail, according to the statement.Amazon, Google, Apple and Facebook Inc. declined to comment on the Justice Department’s announcement.For more: YouTube’s Trampled Foes Plot Antitrust RevengeTech giants are separately contending with a broad investigation by the House antitrust panel led by David Cicilline, a Rhode Island Democrat. Cicilline on Tuesday accused Facebook, Google and Amazon of “evasive, incomplete, or misleading answers” when their executives testified before his committee last week.“We should all welcome greater scrutiny of dominant online platforms,” he said after the Justice Department’s announcement. “Unfortunately, I don’t have a lot of confidence that Donald Trump’s Justice Department will put the interests of working people ahead of billionaires for a change.”Still, the move was cheered by others.“American consumers and news publishers desperately need high tech markets to be more competitive,” said Dina Srinivasan, a former digital advertising executive who wrote a paper titled “The Antitrust Case Against Facebook.”“Increased competition will help to solve the systemic privacy problems that consumers face with companies like Google and Facebook,” she said.While the Justice Department pursues its own review, FTC Chairman Joseph Simons earlier this year formed a task force to investigate conduct in the industry and review past acquisitions to determine whether mergers harmed competition.The efforts put pressure on antitrust enforcers to bring cases against tech companies, said William Kovacic, a former FTC commissioner who is now a professor at George Washington University Law School.“All of this creates momentum. You can only go so far in saying we’re doing investigations, we’re going to do this broad study before you have committed yourself to say we’re going to take enforcement action,” he said. “Can you imagine standing in front of a press conference and saying, never mind, we didn’t find anything?”\--With assistance from Mark Bergen, Vicky Graham and Ben Brody.To contact the reporters on this story: David McLaughlin in Washington at firstname.lastname@example.org;Kurt Wagner in San Francisco at email@example.com;Naomi Nix in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Sara Forden at email@example.com, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
on Wednesday amid warnings that he could trigger global economic tremors by leading Britain out of the EU without a deal. over Jeremy Hunt on Tuesday endows him with a strong mandate within his party, and he vowed to “get Brexit done” by the October 31 deadline.
Twitter's (TWTR) second-quarter 2019 results are expected to benefit from its initiatives, including security measures to boost user engagement, despite increasing competition for ad dollars.
When I went swimming in my local pool this week, my Apple Watch tracked not only my time on each lap, but my heart rate throughout. Apple was not the first to imagine heart sensors. Apple Watch does not feel Orwellian but many cases of data surveillance do.
Tech’s day of reckoning Tuesday on Capitol Hill started with skepticism about Facebook Inc.’s proposed digital currency, and ended with a spirited debate over charges of anti-conservative bias on Alphabet Inc.’s Google search. In between, the industry’s big four took some body blows from both political parties.
After months of speculation and reports, the U.S. government openly announced Tuesday afternoon that it is investigating the largest U.S. tech companies for anticompetitive practices, an inquiry that could lead to antitrust charges.
The U.S. Department of Justice has launched an antitrust probe into leading online platforms, which may have consequences for the FAANG stocks.
South Korea protested on Wednesday against a Japanese plan to remove it from a Japanese list of countries that face minimum trade restrictions, saying it would undermine their decades-old economic and security cooperation and threaten free trade. Japan's planned revision of a law to take South Korea off its so-called white list comes amid a deepening row over compensation for wartime forced labour, and after Japan tightened curbs this month on exports to South Korea of high-tech materials used for making memory chips and display panels.
(Bloomberg Opinion) -- The U.S. technology superpowers need better talking points — and fast.The U.S. Department of Justice said Tuesday that it would start reviewing how “market-leading online platforms” became big and whether they are squashing competition, limiting innovation or hurting consumers in other ways that may violate U.S. antitrust laws. The government didn’t name names, but rest assured you can throw Google parent company Alphabet Inc., Facebook Inc., Amazon.com Inc. and maybe Apple Inc. into that mix.This shouldn’t be a surprise to those tech giants or to anyone who has been following the news. It emerged in the last couple of months that the Justice Department and its antitrust counterparts at the U.S. Federal Trade Commission were divvying up responsibility for the U.S. tech powers to look into their compliance with the law. And just about the only bipartisan issue among politicians in Washington is bashing big technology companies for ills real or imagined.To state the obvious: Government investigators crawling all over Silicon Valley hunting for evidence of illegal monopolies is not at all good for the superpowers of the technology industry. Government inquiries are messy, lengthy, tricky to untangle from politics and impossible to predict. Investors know this, and it’s now clear that new legal constraints or regulatory crackdowns are among the biggest worries of tech investors.Now that the antitrust cops are coming in the door, the technology powers need to freshen their playbook in how they rebut questions about their size, power and influence. The playbook is not good.The standard lines — like the ones trotted out at a House of Representatives antitrust hearing last week — go something like this: Scrutiny of big companies is healthy, but do not worry about us. The titantic technology companies of America are not that big or powerful. Really, we could die at any moment. And we help people, businesses, American workers, the U.S. economy and democracy. Have we mentioned that if you hurt us, China might take over the world? (Stage note: Wave American flag.) All of that may very well be true. Amazon does help small businesses find buyers for their merchandise in a way that big retailers of the past never did. Google and Facebook do democratize the distribution of information and help local businesses find customers. Apple has created an app economy that never existed before. All these companies have made products that are genuinely useful and novel, and the success of these companies is a credit to the best of America. (Wave American flag again.) And they are not invincible. It’s possible changes in technology may leave them in the dust.But that is not the whole story, and that’s not all that government antitrust authorities care about. What they want to know, and what the public deserves to know, is whether these technology companies have used their success to cheat their way into more success. Have they used their muscle to tilt the game in ways that unfairly help them and hurt consumers by giving them ultimately inferior products and services? It’s not about the companies’ morals or even their size. What matters is what the technology superpowers do. The public and lawmakers cannot allow the technology companies to answer questions that are irrelevant or to engage in pedantic arguments about the companies’ size relative to the planet Jupiter. Let’s keep the focus on behavior. Does Google, as revealed in portions of an FTC staff report from earlier this decade, boost the web search rankings of its own local business listings above those of other companies — even when Google’s computer systems determine rival companies had more relevant information? (FTC commissioners unanimously voted not to pursue an antitrust lawsuit and possibly a breakup of what was then a smaller Google.) Do Apple or Amazon use their popular consumer products to nudge the dial in ways give their own apps or products an advantage over alternatives from other companies? That behavior is how consumers get hurt — and it happens even if people don’t feel as if they’re being taken advantage of.I read this June speech from the head of the Justice Department’s antitrust division and came away thinking he is dead serious about going after tech companies. Among the messages I heard was that antitrust cops don’t care if the tech companies make products people like, even if those companies have lowered prices or made free services. None of that absolves them of responsibility to play fair with their power and keep the competition fair for the good of consumers. Behavior and intent are not easy things to figure out. That’s why government investigators and congressional subpoenas are so powerful. They reveal the inner workings of powerful companies. The talking points don’t matter. Flag-waving doesn’t matter. What matters is what the companies do. To contact the author of this story: Shira Ovide at firstname.lastname@example.orgTo contact the editor responsible for this story: Daniel Niemi at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shira Ovide is a Bloomberg Opinion columnist covering technology. She previously was a reporter for the Wall Street Journal.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.