logo
Frustration about regulation could lead tech companies to pull back from Europe, US warns

Frustration about regulation could lead tech companies to pull back from Europe, US warns

Irish Times3 days ago
US tech companies could pull back on the level of business they are carrying out in Europe due to frustration at the extent and type of regulation being put in place, US politicians have warned on a visit to Dublin.
The chairman of the judiciary committee of the US House of Representatives
Jim Jordan
said they had spent a week in
Brussels
, the UK and Ireland, but nothing had changed regarding their concerns about the impact of legislation governing the digital space enforced by what he described as 'large bureaucracy'.
'We are concerned about protecting children and keeping harmful, illegal content off these platforms,' he said. 'But we are very concerned about free expression in a general sense and certainly, in a more particular way, about the first amendment liberties we enjoy as American citizens and the rights of American companies as well.'
While he did not believe the group had heard anything to alleviate its concerns, the delegation had a productive week and had conveyed its views to the appropriate authorities in the EU and the UK.
READ MORE
House of Representatives antitrust subcommittee chairman Scott Fitzgerald said his view was many of the 'gatekeeper companies – the seven that you would be familiar with [Alphabet, Amazon, Apple, Booking.com, ByteDance, Meta and Microsoft]' were frustrated.
'They are frustrated that they are being over-regulated. We have been saying: America innovates, then China replicates and then Europe regulates.'
'It is something that seems to be a recurring theme in just about every meeting that we have had here. I think they are underestimating the level of frustration that these American companies are expressing. Because what it does is, it could force them to pull back on the amount of business and innovation that they are doing in Europe.'
Congressman Kevin Kiley from California said he was 'very concerned about the way laws like the Digital Markets Act are being used against American companies, California companies, mostly with truly overreaching enforcement (that) at the end of the day amounts to a direct transfer of wealth from our country to the European continent.
'And I think this needs to be a central issue when it comes to negotiations between the US and the EU going forward, and we certainly intend to convey that message to the [Trump] administration.'
Mr Kiley said there was 'a somewhat complex regulatory scheme' in that the EU had promulgated the Digital Services Act while there was also enforcement in courts at the national level.
He said there was also 'in a sense, a dodging of accountability when we meet one versus the other as to where the most onerous restrictions were emanating from'.
'When we have these meetings, they say up front that they are very committed to free speech and free expression. But then we see in the way that these things are being enforced, that is not always the case.'
In Dublin the US delegation met Minister of State at the Department of the Taoiseach Thomas Byrne and Jeremy Godfrey, executive chairman of media regulator Coimisiún na Meán.
Mr Kiley said Mr Godfrey had maintained that the regulator in Ireland was independent of Government and followed the direction of the EU. He said the EU had spoken about the 27 members had their own way of doing things.
'So this thing is back and forth, EU to Dublin and Dublin to the EU. It seems it is like two layers of bureaucracy that in our judgment is infringing on speech and are harmful to American companies.'
Mr Byrne said: 'I welcome and value the perspectives of our American friends from both sides of the aisle. The Government supports EU digital regulation which is designed to protect consumers and the public. I welcome the opportunity to exchange views on this matter with the visiting delegation.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Sligo online player scoops over one million euro in EuroMillions draw
Sligo online player scoops over one million euro in EuroMillions draw

Irish Independent

time6 minutes ago

  • Irish Independent

Sligo online player scoops over one million euro in EuroMillions draw

The winning normal play ticket was bought on 19th July. The winning raffle ticket number was: I-SLF-56168. The National Lottery has confirmed that a notification and an email has been sent to the Sligo online player. The winner is advised to make contact with the National Lottery prize claims team on 1800 666 222 or email claims@ to arrange the collection of the prize. Friday night's EuroMillions draw featured an extra special 'Ireland Only' Raffle event, with a guaranteed €1,005,000 prize for one player. As with every EuroMillions draw, ten players win €5,000 with their unique raffle ticket number, and among them one fortunate winner from Sligo has had an additional €1,000,000 added to their prize, making them the 16th National Lottery millionaire of the 2025 with a total prize worth €1,005,000. While there was no winner of the EuroMillions jackpot worth €166,241,768, in total over 67,000 players won prizes in the EuroMillions & EuroMillions Plus draws, including the online player in Sligo who won the EuroMillions Ireland Only Raffle prize of €1,005,000. Darragh O'Dwyer, spokesperson for The National Lottery, said: 'What a night for our players! We've got a brand-new millionaire in Sligo thanks to the Ireland Only Raffle. That's €1.5 million in top tier prizes heading to two counties in one night. We're absolutely thrilled and can't wait to meet our latest winners including Ireland's newest millionaire.'

‘A slow-moving car crash': Novo Nordisk's troubles keep mounting
‘A slow-moving car crash': Novo Nordisk's troubles keep mounting

Irish Times

time6 hours ago

  • Irish Times

‘A slow-moving car crash': Novo Nordisk's troubles keep mounting

Things just keep getting worse for Novo Nordisk . Shares were already battered before the recent profit warning, as US competition in the weight loss market intensified. The warning wiped another quarter off its rapidly falling market value. Novo, which reports earnings on Wednesday, has now lost two-thirds of its value in little over a year. Talk of Europe's first stock market trillionaire is long gone, with Novo's market capitalisation collapsing to $170 billion (€149 billion). Novo's latest troubles stem from copycat compounded versions of its flagship Wegovy drug and stronger rivals from US-based Eli Lilly. READ MORE Lilly's Mounjaro and Zepbound have gained market share, delivering greater weight loss with reportedly fewer side effects. As a Barclays analyst put it, it's been a 'slow-moving car crash'. Early supply shortages pushed patients to competitors, while Novo's cautious marketing lagged behind Lilly's aggressive, consumer-focused approach. Despite this, new CEO Maziar Mike Doustdar says the market opportunity and pipeline remain huge. The stock certainly looks cheap, trading at under 14 times trailing earnings and about 12 times projected earnings. In contrast, Lilly trades at 62 times trailing earnings and 34 times forward earnings. Still, Novo has looked cheap for a while, but investors who caught the proverbial falling knife have learned an expensive lesson: cheap stocks can stay cheap for a good reason.

Ireland will be rememberd as a beacon in dark times if we pass the Occupied Territories Bill
Ireland will be rememberd as a beacon in dark times if we pass the Occupied Territories Bill

Irish Times

time6 hours ago

  • Irish Times

Ireland will be rememberd as a beacon in dark times if we pass the Occupied Territories Bill

Ireland has taken a position of empathy and solidarity towards the suffering of Palestinian people. But the Government needs to continue to back up words with action. This is why passing the Occupied Territories Bill , which the foreign and trade committee recommends should include trade in services , is so important. Right now around the world, the same people, politicians and media outlets who obfuscated, approved – and effectively gave licence to Israel to carry out unfettered war crimes by constantly stating that it 'has a right to defend itself', as though that's what it was doing – are currently embarking upon a collective reversal. The spines achingly visible under the thin skin of starving children have finally prompted a vague expression of another kind of backbone. [ Israel increasingly isolated as more countries sign up to recognise Palestine Opens in new window ] In so many ways, it's too late. In others, whatever on earth can be done to stop the horror being perpetrated on Gaza and the West Bank, whatever action to end Israel's daily massacres and strategic starvation of Palestinians, has to happen. It had to happen yesterday, and since it didn't, it has to happen today. This heel-dragging is incredibly frustrating. But what it also demonstrates is that everyone who called out war crimes and genocide for what they are from the get-go was right. READ MORE Famine unfolding in Gaza: 'Children are eating grass and weeds at the side of the road' Listen | 23:23 A recent, very good letter to The Irish Times advocated for the Government to call a national day of protest. Tánaiste Simon Harris posted this letter to Instagram, and wrote: 'The people of Ireland stand with the people of Palestine. We stand for human rights, for international law, for a two-state solution, for aid to flow, for hostages to be released. We stand for peace. We stand for an end to genocide. The suggestion for a national day or moment of solidarity made by Michael Cush in the letter above is sensible and a good idea. It could be powerful if many countries did it together. I will now talk to colleagues on how to make this happen.' [ Occupied Territories Bill: Irish voters grow more cautious, poll shows Opens in new window ] There have been many national days of protest and solidarity over the past two years, with hundreds of thousands of people participating – marching, protesting, rallying, fundraising, cycling, hiking, running, swimming, cooking, holding concerts, markets and matches, producing T-shirts and art – and doing everything they could to raise awareness and funds, all of which makes up an undeniable network of unbreakable grassroots solidarity. This is already meaningful. While I am all for more protest – and the public does not need Government to give it a seal of approval, although it would be powerful to see all politicians in the Dáil and Seanad hold their own protest or march with those already on the streets – the public cannot draft legislation. The Government needs to do what is within its power. That means passing the Occupied Territories Bill, including trade in services. It also means ending the transport of weapons of war and their components in Irish airspace – a question which Harris flubbed during an interview on The Late Late Show – and ending the export of components of machinery such as drones from companies in Ireland to Israel. The people are doing their work on the ground and in communities. The Government needs to do its work in Leinster House. The 41st anniversary of the beginning of the Dunnes Stores strike protesting against apartheid South Africa passed recently. The people who participated in that strike – and Mary Manning was just 21 years old when she took the stand that catalysed it – did so at personal and financial cost. But the real cost of a stand such as this is never money, inconvenience, disapproval, the loss of acceptability or access to cliques of power. It's about what happens when you don't take it. And that's about our soul and integrity. It's about our morality and our ethical steadfastness. It's no surprise then, to see Manning at Palestine solidarity protests 41 years later. In Omar El Akkad's book One Day, Everyone Will Have Always Been Against This, he writes, 'The moral component of history, the most necessary component, is simply a single question, asked over and over again: When it mattered, who sided with justice and who sided with power? What makes moments such as this one so dangerous, so clarifying, is that one way or another everyone is forced to answer.' [ Occupied Territories Bill: former Ceann Comhairle 'confident' Government will include ban on services Opens in new window ] We cannot wait to reflect with hindsight. We need to answer that question now. Time and time again, when Ireland has led, others have followed. Recognising Palestinian statehood, for example, was not merely symbolic, it was also a catalyst, one which other countries are following. The Occupied Territories Bill, including trade in services, can act as another catalyst, where Ireland can lead on a global movement of the boycott, divestment and sanctioning of Israel. The reflection that will then occur in time can be one where Ireland can be seen as a beacon in dark times, a small nation that did everything it could to illuminate a path out of this horrific mire. The people of Ireland protesting have secured their legacy in this moment. Now it's time for our legislators to live up to such aspirations.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store