A strongly competitive landscape existed at the time of both acquisitions and exists today. "Many of the factual findings detailed in the report are undeniable," Buck wrote. European regulators' decision to bring antitrust charges against Amazon.com Inc. could be a harbinger of developments in the U.S., with regulatory uncertainty likely to extend well into 2021, legal and industry experts say.In charges announced Nov. 10, the European Commission accused Amazon of violating EU antitrust rules by using data from third-party sellers on its platform to compete against them with its own retail business. “This report marks a dramatic advance in the debate about monopoly power and Big Tech. Updated 0112 GMT (0912 HKT) October 7, 2020. The U.K.'s Competition and Markets Authority could urge Facebook Inc. to divest some of its assets and services if it finds the proposed acquisition of Giphy Inc. to be anti-competitive, Bloomberg News reported Oct. 19. At S&P Global, we can’t change the world overnight. Fill out the form so we can connect you to the right person. For example, the attorney said, the investigation showed that Google used its search product to find out which browsers were the most popular, "and that informed their strategy for Chrome.". If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. The FTC and 48 attorneys general from across the U.S. recently filed two separate antitrust lawsuits against Facebook. Coronavirus: Economic & Credit Market Implications. The consolidation of oil and gas companies that, faced with bankruptcy, joined together to stay solvent will reshape the industry landscape for years to come—especially as they invest in the transition away from fossil fuel generation to clean energy. If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ. The biggest tech CEOs are about to be grilled by Congress, Why Microsoft backs Australia's pay for news proposal, Barack Obama and Bruce Springsteen team up for new podcast, How AI that reads emotions is changing the online classroom, How Singapore's contact tracing technology undermines citizen's trust, Spot the robot's new arm lets it jump rope (and do serious stuff), 2020 was supposed to be the year of streaming. "Competition drives innovation, and innovation has always defined us at Apple," the company said. The House report is the most significant government effort to check the world’s largest tech companies since the government sued Microsoft for antitrust violations in the 1990s. "The majority staff accurately portrays how Apple, Amazon, Google and Facebook have used their monopoly power to act as gatekeepers to the marketplace, undermine potential competition, and pick winners and losers.". The proposal is open to public consultation until Nov. 30. (CNN Business)A 16-month congressional investigation into Amazon, Apple, Google and Facebook has found that the tech giants hold "monopoly power" in key business segments and have abused their dominance in the marketplace, in a full-throated condemnation of the giants. It’s not hard to guess which option Big Tech would get behind if forced to choose. UK's Facebook, Giphy Deal Scrutiny is Sign of M&A Challenges to Come — Analysts. We apologize for any inconvenience this may cause. Corporate Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. House GOP Antitrust Report: ‘Big Tech Is Out To Get Conservatives’ October 7, 2020 By Tristan Justice. esgSubNav. https://www.cnn.com/2020/10/06/tech/congress-big-tech-antitrust-report Most stock quote data provided by BATS. However, as the complaints from competitors and consumers have become more frequent, and as regulators themselves--as consumers--recognize the scale and power of these companies, they have mobilized. Big Tech Under Attack: Key Allegations in House Antitrust Report By . At this time we are unable to offer free trials or product demonstrations directly to students. All rights reserved. "I don't want to punish success," the senator said. The House Antitrust Report on Big Tech Oct. 6, 2020 In a report led b y Democrats, lawmakers said Apple, Amazon, G oogle and Facebook needed to be check ed and recommended reforming antitrust. ", "Large companies are not dominant by definition, and the presumption that success can only be the result of anti-competitive behavior is simply wrong," the. Gerrit De Vynck. Oct. 6, 2020 at 4:57 pm Updated Oct. 9, 2020 at 8:14 am . President-elect Joe Biden will be under growing pressure to reverse decades of light touch antitrust regulation after both Democrats and Republicans used a House antitrust subcommittee report on Big Tech to call for the regulator to be beefed up. The report, entitled Investigation of Competition in the Digital Marketplace: Majority Staff Report and Recommendations, totals more than 400 pages, marking the culmination of an investigation that included seven congressional hearings, the production of nearly 1.3 million internal documents and communications, submissions from 38 antitrust experts, and interviews with more than 240 market … After years of calling Big Tech too big, Democratic lawmakers are calling for Congress to rein in Facebook, Google, Amazon and Apple by breaking them up, limiting future mergers and blocking self-dealing that could hurt competitors. In a statement, Facebook said it competes vigorously with "a wide variety of services" with many users. Regulators now have the difficult task of determining whether the rising concentration of market power in a handful of large tech participants acts in ways that are harmful to consumers and competitors, or, as large tech companies have asserted, promotes rapid innovation and job creation. October 6, 2020 The House Judiciary antitrust subcommittee has spent over 15 months aggressively investigating the dominance of the country's largest tech firms. The Big Tech antitrust report by Michelle Bonkosky on Unsplash Congress’s Big Tech antitrust report is probably the biggest news of the week, even though many people can’t wait to see the newest iPhones (Apple finally announced the event for October 13th). Insiders believe FTC is likely to crack down on Big Tech antitrust complaints. On Tuesday, it published its findings — along with proposals for how to deal with Big Tech's power. Facebook, the report said, has maintained "an unassailable position in the social network market for nearly a decade" and solidified its power through a series of targeted acquisitions designed to eliminate would-be rivals. The House Judiciary Committee released its tech antitrust report, concluding that the big tech platforms should face additional regulation. "It's the fact that they're able to develop near-perfect market intelligence that does make it feel like we're living in a new world," the attorney told reporters. Analysts largely expect Facebook Inc. to prevail in its antitrust battle with the U.S. Federal Trade Commission and a group of attorneys general, noting that fines will be the most likely outcome of the lawsuits rather than significant business model changes. More than 1,600 SMBs led by the Connected Commerce Council (3C) are asking the House Judiciary Antitrust Subcommittee to end its year-long pursuit of Big Tech. "Facebook is an American success story," said spokesman Christopher Sgro. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. The findings set the stage for possible future legislation designed to rein in Big Tech, even as antitrust enforcers at the Justice Department and the Federal Trade Commission gear up for potential litigation against some of the companies. But we can take action to affect change. Though the report was bipartisan, Republicans issued their own thoughts Tuesday in a report titled A Third Way to Take on Big Tech. Alibaba Group Holding Ltd.'s dominant position in the online retail and digital payments markets make it the most likely target of growing antitrust scrutiny of Chinese internet companies, industry experts say.The State Administration for Market Regulation on Nov. 10 released draft regulations aimed at curbing anti-competitive behavior, citing practices such as exclusive contracts with merchants and predatory pricing that are allegedly common in the Chinese e-commerce space. The majority of sales on Amazon's site are sold by third-party merchants.Amazon faces similar allegations in the U.S., where lawmakers have alleged that the company is undercutting small businesses by using data from third-party sellers to inform its own products. Instead, it was the year of Netflix, Man donates Nintendo Switches to kids in need with GameStop stock. The DoJ and FTC have favored self-regulation to avoid hindering innovation. The expansion of Apple, Alphabet, Amazon.com, and Facebook across the smartphone ecosystem, digital advertising, e-commerce, and social media could decelerate as the tech giants face scrutiny from U.S. and European regulators. "Our economy and democracy are at stake.". In China, Alibaba may be the most likely target of growing antitrust scrutiny of internet companies in the country. Please contact your professors, library, or administrative staff to receive your student login. "We compete fairly in a fast-moving and highly competitive industry," Google said in a statement. content All rights reserved. And they haven't established a framework to regulate and provide ongoing monitoring of the rapidly changing technology industry. We noticed you've identified yourself as a student. China's antitrust probe into Alibaba Group Holding Ltd., the country's largest and most high-profile internet company, is more about sending a message to the tech industry than targeting the group and its founder Jack Ma, industry observers said. Tech companies ban Trump, but not other problematic leaders, Google employee on unionizing: Google can't fire us all, Senate Commerce votes to issue subpoenas to CEOs of Facebook, Google and Twitter. The report now heads to a subcommittee markup, where a vote to adopt the final report is expected to take place before any legislative proposals are introduced. Facebook to 'Tread Very Carefully' in M&A Space Amid Antitrust Woes. Those proposals are in a 450-page report issued Tuesday, Oct. 6, by a House antitrust panel. February 25, 2021 While some pundits might find it unlikely that President Joe Biden would threaten the reach or influence of Big Tech firms in any fundamental way, others believe such a change is already underway. UK Could Force Facebook to Divest Assets Over Giphy deal. Next U.S. President Under Pressure to Act on Antitrust and Rampant M&A. Influential internet companies such as Tencent Holdings Ltd., Meituan and Pinduoduo Inc. may find themselves subject to similar levels of scrutiny in 2021, they said. Oil, gas, and renewable energy producers have turned to mergers and acquisitions to weather the storm of pressure that the COVID-19 pandemic continues to rain on global demand. ", Amazon lashed out in a blog post, describing "misguided interventions in the free market" as "fringe notions. What impact could deplatforming Donald Trump have? Americans have increasingly turned on Silicon Valley in recent years, with the latest reports projecting that the Federal … All times are ET. Democrats on the House Judiciary Committee have released a long-awaited report on antitrust and Big Tech. Antitrust Case Against Facebook Holds 'Little Bite,' Analysts Say. Big Tech stock reactions were muted despite the possibility of serious fines for anti-competitive behavior. The S&P Global Platts Atlas of Energy Transition, produced in collaboration with S&P Global Market Intelligence, is your map to the sustainable commodity markets of the future. The Trump administration launched its antitrust legal challenge against Alphabet Inc.'s Google LLC this week. The seemingly unstoppable expansion of Apple Inc., Alphabet Inc., Amazon.com Inc., and Facebook Inc. in the smartphone ecosystem, digital advertising, e-commerce, and social media could decelerate as the tech giants face scrutiny from the U.S. Congress, Department of Justice (DoJ), and Federal Trade Commission (FTC)--and that's naming only the domestic regulators. Beijing's series of actions relating to Alibaba, which include an investigation into alleged forced exclusive deals with merchants and the blocking of its affiliate Ant Group Co. Ltd.'s IPO, is intended to show the country's thriving internet sector that no one is above state rules and that any violation will be dealt with swiftly and severely. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. The strategy has meant that Facebook confronts competitive pressure only "from within its own family of products—such as through Instagram competing with Facebook or WhatsApp competing with Messenger—rather than actual competition from other firms in the market," the report said. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. "We work tirelessly to deliver the best products to our customers, with safety and privacy at their core, and we will continue to do so. Let me give you a rundown of some of the headlines: Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Five things to know about the Big Tech antitrust report . Thank you for your interest in S&P Global Market Intelligence! The U.S. Justice Department filed an antitrust lawsuit against Google on Oct. 20 alleging that the company unlawfully maintained monopolies in the general search, search advertising and general search text advertising markets through "anticompetitive and exclusionary practices. /en/research-insights/featured/antitrust "We disagree with today's reports, which feature outdated and inaccurate allegations from commercial rivals about Search and other services.". Scrutiny of Facebook Inc.'s acquisition of animated-picture database Giphy Inc. in the U.K. suggests the country is taking a harder line on the social media company's deal-making. As the recovery takes shape, the future of banking will be primarily transformed by technological disruption and consolidation. Mark Gurman, Matt Day, Sarah Frier, and . laws. But unlike prior monopolistic industries, the subcommittee attorney said, tech companies have successfully used the data they accumulate in one area of business to gain tremendous advantages when they expand into related businesses. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. One of our representatives will be in touch soon to help get you started with your demo. Big Tech was in a familiar yet uncomfortable role Thursday: Another tongue-lashing from Congressional members alarmed by its outsize market power. Google Hit with Multistate Antitrust Suit Involving Facebook. On October 6, 2020, the U.S. House Judiciary Committee's Subcommittee on Antitrust, Commercial, and Administrative Law issued a 449-page report on competition in digital markets, with a clear focus on the dominance of the "GAFA"—Google, Apple, … "These firms have too much power, and that power must be reined in and subject to appropriate oversight and enforcement," the report said. He added: "Instagram and WhatsApp have reached new heights of success because Facebook has invested billions in those businesses. The House Judiciary Committee, in a report submitted on Big Tech, has called for radical overhauls to antitrust law that are enforced strictly going forward. Factset: FactSet Research Systems Inc.2018. This week’s hearing was exclusively focused on how to re-enable small businesses to disrupt the dominance of Big Tech. Much like the railroad tycoons and telecom barons of yesteryear, modern day tech giants have amassed tremendous market share over vital levers of commerce — search engines, app stores and social media services, the report said. Buck said that some of the Democratic-led report's recommendations were "non-starters," such as the proposal to force platform companies to separate their lines of business. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. But Republicans are on board with other ideas, such as giving more resources to antitrust enforcers and amending the nation's antitrust laws to make it easier for them to block mergers and bring and win cases against misbehaving firms. Authored by Rep. Ken Buck of Colorado, it called for targeted enforcement of existing antitrust laws rather than onerous and burdensome regulation that kills industry innovation. Alibaba in Crosshairs of Growing Antitrust Scrutiny in China. Under Chairman David Cicilline, the antitrust subcommittee collected more than 1 million documents from the companies and interviewed academics, business leaders and even many of Big Tech's rivals — including some Fortune 500 companies concerned about the tech giants' power, said an attorney for the subcommittee. Regulators thoroughly reviewed each deal and rightly did not see any reason to stop them at the time.". You're one step closer to unlocking our suite of comprehensive and robust tools. WASHINGTON, D.C. (October 6, 2020) – The following statement was issued by Stacy Mitchell, Co-Director of the Institute for Local Self-Reliance, in response to the report by the House Judiciary Committee’s Antitrust Subcommittee on the power of Amazon and other tech giants. Regulators Lean in to U.S. Big Tech Firms, Biden Administration Could Crack Down on Privacy, Reform Antitrust Approach, EU Charges Against Amazon Could Accelerate Big Tech Antitrust Scrutiny in the U.S, China's Crackdown on Alibaba Goes Beyond Teaching Jack Ma a Lesson, featured Texas and nine other states filed an antitrust lawsuit Dec. 16 against Alphabet Inc.'s Google LLC alleging anti-competitive conduct, exclusionary practices and deceptive misrepresentations. Thank you for your interest in S&P Global Market Intelligence! The report laid out several recommendations to curtail the dominance of the companies, ranging from "structural separation" — forcing companies such as Amazon not to compete on the same platform that it operates — to giving new tools and funding to antitrust enforcement agencies. Faced with the spread of the COVID-19 virus out of Asia in January to much of the rest of the world over subsequent months, we nonetheless made great strides in meeting the needs of our people, communities, customers, and shareholders. The report argues for strengthening of antitrust laws—like Section 7 of the Clayton Act, which sets standards for company mergers. U.S. House Report on Competition in Digital Markets Focuses on Big Tech Dominance and Need for Antitrust Reform October 7, 2020. Apple said in a statement it disagreed "vehemently" with the subcommittee report, saying it does not hold a dominant marketshare with any of its business segments. Download the original document (pdf ) INVESTIGATION OF COMPETITION IN DIGITAL MARKETS MAJORITY STAFF REPORT AND RECOMMENDATIONS SUBCOMMITTEE ON ANTITRUST, … Google rejected the subcommittee report and many of its recommendations as the product of complaints by commercial rivals opportunistically seeking an edge. Disclaimer. On Nov. 30, 2020, S&P Global and IHS Markit announced they have entered into a definitive merger agreement to combine in an all-stock transaction which values IHS Markit at an enterprise value of $44 billion, including $4.8 billion of net debt. Special Report Big Tech & Antitrust The expansion of Apple, Alphabet, Amazon.com, and Facebook across the smartphone ecosystem, digital advertising, e-commerce, and social media could decelerate as the tech giants face scrutiny from U.S. and European regulators. Mark MacCarthy outlines the opportunities for enhanced antitrust enforcement of Big Tech in the House Antitrust Subcommittee’s recent report. The report has prompted forceful responses from four of the companies targeted by the report: Amazon, Apple, Facebook, and Google. This was the first hearing since the House Judiciary Committee issued its antitrust report from its investigation into the business practices of Big Tech companies. Rep. Ken Buck, a top Republican on the subcommittee, released his own report on Tuesday largely agreeing with Cicilline's report, though he differed on some of the proposals. What a Biden Administration Might Mean for DOJ's Antitrust Case Against Google. Navigating a pathway to a low-carbon global economy requires a new plan.
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