
UK plans to increase control over Google in search
LONDON :Britain's competition regulator on Tuesday said it was proposing to designate Google with "strategic market status" to give it greater control over how the U.S. tech giant operates search services.
The Competition and Markets Authority (CMA) said steps it could take included making it easier for users to access different search providers and ensuring fair ranking principles for businesses appearing on Google search.
It also proposed more transparency and control for publishers whose content appeared in search results if it goes ahead with the designation in October.
Google will be the first company designated since the regulator gained new powers this year.
Google said the move could have significant implications for businesses and consumers in Britain.
"We're concerned that the scope of the CMA's considerations remains broad and unfocused, with a range of interventions being considered before any evidence has been provided," said Oliver Bethell, Google's senior director for competition.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


CNA
8 hours ago
- CNA
Oil slumps, shares rally on Iran-Israel ceasefire
SYDNEY/LONDON :Oil tumbled nearly 4 per cent, global shares surged and the dollar dropped on Tuesday as markets took heart from a ceasefire between Israel and Iran and shrugged off what U.S. President Donald Trump said were violations by both sides. Brent futures had already slid 7 per cent on Monday and U.S. shares jumped after Iran made only a token retaliation against a U.S. base to an attack over the weekend, and signalled it was done for now. With the immediate threat to the vital Strait of Hormuz shipping lane seemingly over, the Brent benchmark touched its lowest since June 11 and was last at $68.81 a barrel, down 3.7 per cent. U.S. crude futures dropped 3.7 per cent to $65.91 a barrel. [O/R] "Investors mostly shrugged at what appeared on the surface a seismic geopolitical event over the weekend and those who kept their nerve and held off from de-risking have so far been proven right," said Kenneth Broux, head of corporate research FX and rates at Societe Generale. While the ceasefire so far has seemed shaky - Trump said he was "not happy" with either side for violating the truce, particularly with Israel - risk assets held onto their earlier gains. S&P 500 futures rose 0.8 per cent and Nasdaq futures were 1 per cent higher. Europe's Stoxx 600 gained 1.3 per cent, with travel stocks including airlines surging 3.8 per cent, while oil and gas names shed 2 per cent. Earlier in the day, MSCI's broadest index of Asia-Pacific shares outside Japan jumped 2.2 per cent, while Japan's Nikkei rallied 1.1 per cent. A further sign of the sudden improvement in sentiment is that emerging market countries - from Mexico to Kazakhstan via Turkey - have rushed to issue debt in the past two days, as have many companies. But the positive news did not spill over into the bond market where the focus instead was on Germany's draft budget, which includes record investment, requiring higher borrowing. The impact was particularly felt on longer dated bonds. Germany's 30-year yield rose 8 basis points to 3.06 per cent and its 10-year yield rose 5 bps to 2.60 per cent. Those moves rippled across markets, with the U.S. 10-year yield up 3 bps at 4.35 per cent and Britain's 10-year yield up 2 bps to 4.51 per cent, though increasing bets on U.S. rate cuts this year kept U.S. bonds in check. RATE CUTS APPROACHING? Investors are also keeping a close eye on remarks from Federal Reserve policymakers, who in aggregate have been nervous in recent months about giving any signs that rate cuts are imminent. However, Vice Chair for Supervision Michelle Bowman said on Monday the time to cut interest rates was getting nearer as risks to the job market may be on the rise. That followed Fed Governor Christopher Waller saying on Friday he would consider a rate cut at the July 29-30 meeting, though Atlanta Fed President Raphael Bostic told Reuters in a story published on Tuesday that the Fed need not cut interest rates with companies planning to raise prices later this year. Fed Chair Jerome Powell will appear before Congress later on Tuesday and, so far, has been more cautious about a near-term easing. Markets still only imply around a 20 per cent chance the Fed will cut at its next meeting on July 30, but a September cut is near to fully priced. News of the ceasefire saw the dollar extend an overnight retreat and slip 0.8 per cent to 144.9 yen, having come off a six-week high of 148 yen on Monday. The euro rose 0.2 per cent to $1.1602 on Tuesday, having gained 0.5 per cent overnight. The yen and euro benefited from the slide in oil prices as both the EU and Japan rely heavily on imports of oil and liquefied natural gas, while the U.S. is a net exporter.


CNA
9 hours ago
- CNA
Oil extends losses as Israel and Iran ceasefire wobbles
LONDON :Oil prices extended losses on Tuesday to hit a two-week low on what the market viewed as lower risk of supply disruptions in the Middle East, though U.S. President Donald Trump accused both Israel and Iran of violating a ceasefire he helped to broker. Brent crude futures were down $2.56, or 3.6 per cent, at $68.92 a barrel by 1201 GMT. U.S. West Texas Intermediate crude fell $2.45, also 3.6 per cent, to $66.06. Both contracts lost as much as 5 per cent in early trade after Trump announced a ceasefire agreement between Israel and Iran. Trump accused both countries of violating the ceasefire hours after he announced it, expressing particular frustration with Israel. "I didn't like the fact that Israel unloaded right after we made the deal. They didn't have to unload and I didn't like the fact that the retaliation was very strong," Trump told reporters on Tuesday. Israeli Defence Minister Israel Katz had said that he had ordered its military to mount new strikes on targets in Tehran in response to what he said were Iranian missiles fired in a "blatant violation" of the ceasefire. Iran denied launching any missiles. The 12-day war has triggered high volatility in oil prices, with Brent crude trading in a $10 range on Monday, its widest since July 2022. Both oil contracts settled more than 7 per cent down in the previous session, having rallied to five-month highs after the U.S. attacked Iran's nuclear facilities over the weekend. "Oil prices fell sharply, as U.S. strikes on Iranian nuclear facilities failed to trigger a wider conflict that could pose a threat to regional supplies," Barclays said in a note on Tuesday. The direct U.S. involvement in the war also focused investors on the Strait of Hormuz, a narrow waterway between Iran and Oman, through which between 18 million and 19 million barrels per day of crude oil and fuels flow, accounting for nearly a fifth of global consumption. "The geopolitical premium has deflated, but tensions between Israel and Iran remain unresolved – and the risk of missteps and renewed escalation still lingers," said SEB analyst Ole Hvalbye.


CNA
10 hours ago
- CNA
Central bank body BIS delivers stark stablecoin warning
LONDON :The Bank for International Settlements issued its starkest warning yet on the risks posed by stablecoins and urged countries to move rapidly towards the tokenisation of their currencies. The BIS, often dubbed the central bankers' central bank, outlined its concerns, including stablecoins' potential to undermine monetary sovereignty, transparency issues and the risk of capital flight from emerging economies. It comes less than a week after the U.S. Senate passed a bill to create a regulatory framework for U.S.-dollar-pegged stablecoins, a move which, if rubberstamped by the House, is expected to fuel a further explosion in their popularity. Stablecoins are a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, backed by real-world assets such as U.S. Treasuries or gold. Dollar-pegged coins currently account for 99 per cent of the market, which is estimated to have over $260 billion worth of coins in circulation. "Stablecoins as a form of sound money fall short, and without regulation pose a risk to financial stability and monetary sovereignty," BIS said in a early-released chapter of its annual report due to be published on Sunday. Hyun Song Shin, the BIS' Economic Adviser, explained that stablecoins lack the traditional settlement function provided by a central bank with fiat money. He likened them to private banknotes circulating in the 19th-century Free Banking era in the United States. It means they can often trade at varying exchange rates depending on the issuer, undermining the no-questions-asked principle of central bank-issued money. "Singleness is either you have it or you don't," Shin said, also warning of the risk of "fire sales" of the assets backing stablecoins if they collapse, as TerraUSD (UST) and the cryptocurrency LUNA did in 2022. There is also the concern around who controls stablecoins. Tether currently has more than half of the overall stablecoin market, but quit the EU following the introduction of new rules which require stablecoin operators to be licensed by the bloc. "The whole question of disclosure, this is where some of the stablecoins differ," BIS Deputy General Manager Andrea Maechler said. "You will always have the question about the quality of the asset backing. Is the money really there? Where is it?" BOLD ACTIONS The BIS wants central banks to go down the route of tokenised "unified ledger" incorporating central bank reserves, commercial bank deposits and government bonds. It would mean central bank money remains both the primary means of global payment and that currencies and bonds from around the world could effectively be integrated into the same "programmable platform". Tokenisation is aimed at creating a digitalised central bank system that settles payments and securities trades almost instantaneously and more cheaply by cutting the need for certain time consuming checks, as well opening up new functionality. It can also make the system more transparent, resilient and interoperable and may protect the system from some of the more unpredictable elements of cryptocurrencies. There would be a number of key issues to overcome, including who gets to set the rules governing the platform and that individual countries are likely to want to retain significant control of how and who uses their currencies.