U.S. Treasury Secretary Janet Yellen revealed that 130 nations have agreed to a global minimum tax (GMT) on corporations as part of a larger agreement to update international tax rules. The Biden administration has urged that the rate be at least 15 percent, but Yellen has yet to announce an agreed-upon rate. The agreement — intended to end the practice of global corporations moving their headquarters to low-tax international jurisdictions — is a “key element” of Biden’s domestic plans for revenue and spending. Continue reading U.S. Brokers Global Minimum Tax with Support of 130 Nations

According to corporate filings and information from sources, Amazon has inked “at least a dozen deals” in which publicly traded companies win Amazon as a client for their goods in exchange for so-called warrants, which allows the Big Tech company to buy stock at potentially below-market prices. Over the last 10 years, Amazon has struck 75+ such deals with privately held companies, said one source. Amazon’s stakes in these deals equal “billions of dollars,” in businesses that range from call centers to natural gas providers. Continue reading Warrant Deals Can Result in Amazon Buying Stock in Vendors

Florida Governor Ron DeSantis urged lawmakers to pass Florida Senate Bill 7072 to make it easier for the state’s election commission to fine social media companies from $25,000 to $250,000 for banning political candidates during election season. The law passed, but hours before it was slated to take effect District Court Judge Robert Hinkle issued a preliminary injunction against it, noting that plaintiffs NetChoice and the Computer and Communications Industry Association (CCIA) will likely prevail in their effort to have the law declared unconstitutional. Continue reading Federal Judge Blocks Florida Law That Restricts Social Media

The five-year truce between Google and Microsoft has broken down. Sources say that neither company is interested in renewing the former alliance. Microsoft wants marketers to have equal access to search engines when they build campaigns with Google technology, but Google believes that, in fact, Microsoft sees it as a threat to Microsoft’s Azure cloud computing and Office productivity businesses. Both companies are now “handing ammo” against each other to regulators, a strategy that might backfire on both of them. Continue reading Google and Microsoft End Truce as Ad Tech Battle Heats Up

U.S. antitrust laws date back to the days of Big Oil. When a federal judge this week dismissed antitrust lawsuits brought against Facebook by the Federal Trade Commission and 48 states, experts called for a modernization of the laws themselves. The judge who dismissed the lawsuits said that the FTC didn’t prove its claim that Facebook was a monopoly and the states brought their case too long after Facebook’s acquisitions of Instagram and WhatsApp. Representative David Cicilline (D-Rhode Island) said the U.S. needs a “massive overhaul of our antitrust laws.” Continue reading Legislators Planning to Revamp Antitrust Laws for Digital Era

U.S. District Court for the District of Columbia judge James Boasberg dismissed antitrust lawsuits against social media giant Facebook brought by the Federal Trade Commission and 48 states. The judge said the states waited too long to bring up a case on deals made in 2012 and 2014 and that prosecutors failed to prove that Facebook holds a monopoly over social networking. The FTC can bring the case back in 30 days but the judge said it would require a lot more detail. Facebook’s stock rose 4.2 percent in the wake of the news. Continue reading Court Dismisses FTC, States Antitrust Suit Against Facebook

After announcing that it planned to end third-party cookies for its Chrome Internet browser in early 2022, Google advanced the date to late 2023 in response to pushback from advertisers, privacy advocates and regulators. The company said the delay of almost two years will allow more time for these groups to adapt to new technologies it’s developing that will continue to allow targeted advertising. The issue highlights the tension between the $455 billion online advertising world and Big Tech’s attempts to add more privacy. Continue reading Google Slows Down Plan to Replace Cookies Until Late 2023

Despite significant lobbying efforts by technology companies, the House Judiciary Committee approved the Ending Platform Monopolies Act, the final of six bills proposed to restrict Big Tech’s dominance. The Committee also approved the American Choice and Innovation Online Act, which would ban Big Tech from advantaging their own products, disadvantaging rivals or discriminating between “similarly situated” business users and another bill that would require them to make it easier for users to transport their data to other platforms. The bills still must be approved by the House and Senate to become law. Continue reading House Judiciary Committee Approves Plans to Rein in Big Tech

Senator Kirsten Gillibrand (D-New York) has revisited her Data Protection Act of 2020 to add the creation of a government agency that would regulate and enforce federal privacy laws. She noted that, “Big Tech companies are free to sell individuals’ data to the highest bidder without fear of real consequences … a data privacy crisis is looming over the everyday lives of Americans.” The revamped version, more likely to be passed during the Biden administration, also includes sections on antitrust and civil rights. Continue reading Another Call for the Creation of a Privacy Enforcement Agency

In a largely bipartisan vote, the Senate appointed antitrust law expert and Columbia Law School associate professor Lina Khan as chair of the Federal Trade Commission after earlier adding her to the agency. Senator Amy Klobuchar announced Khan’s appointment as FTC chair. At 32 years of age, Khan is the youngest person to ever join and lead the FTC. The legal scholar has also been a consistent critic of Big Tech, so her confirmation is evidence that lawmakers from both political parties agree that it is time to further evaluate the growing dominance of those companies. Continue reading Antitrust Law Authority Lina Khan Appointed Chair of the FTC

Google and the French Competition Authority reached an agreement whereby the American tech giant will pay a $268 million (220 € million) fine and change some “unfair” online advertising practices. French finance minister Bruno Le Maire noted the country’s success in “apply[ing] our competition rules to the digital giants who operate in our country.” Google will also stop giving its services preferential treatment and make its advertising system easier to work with other services. Google parent company Alphabet made $41 billion last year. Continue reading Google Changes Ad System to Settle with French Regulators

Video game competitions played before live and online audiences, known as eSports, has become a booming market, and 5G is poised to ramp up its popularity. Among Big Tech companies, Intel and Ericsson stated that 5G will increase the realism of game imagery and action and potentially allow more players from different venues to compete in a single event. Virtual reality games will also benefit from 5G’s dramatically increased speeds and will permit lighter form-factors than today’s bulky backpacks stuffed with computers. Continue reading Esports and VR Games Expected to Benefit from 5G Speeds

Amazon founder Jeff Bezos will officially leave his position as chief executive on July 5, and Amazon Web Services chief executive Andy Jassy will take over the Amazon CEO position. The departure of Bezos was originally announced in a February earnings report but a specific date was not revealed. Bezos said July 5 is “sentimental” because it was the date Amazon was incorporated in 1994. Bezos will become executive chair, focusing his attention on “new products and early initiatives.” He said he expects Jassy to be “an outstanding leader.” Continue reading Amazon Founder Jeff Bezos Will Step Down as CEO on July 5

Attorney general for the District of Columbia Karl Racine filed an antitrust lawsuit against Amazon, claiming the tech giant abuses its monopoly power by artificially raising product prices. The suit adds that Amazon blocks vendors from charging lower prices for the same products elsewhere, which results in higher prices for these products on Amazon and other marketplaces. This marks the first time a U.S. government entity has filed a suit against Amazon. Racine stated that, “Amazon has used its dominant position in the online retail market to win at all costs.”

Continue reading DC Files Lawsuit Against Amazon Alleging Antitrust Violations

Florida just passed a new law, signed by Governor Ron DeSantis, that makes it illegal for Facebook, YouTube, Twitter and other social media platforms to permanently bar political candidates from their sites. The law, which was crafted in response to Facebook’s and Twitter’s ban of former President Donald Trump in January, will impose a $250,000 per day fine. The law also makes it illegal to prevent posts in response to stories on their platforms. The law will likely face a constitutional challenge in the courts. Continue reading Florida Passes Legislation to Restrict Social Media Platforms