BlueScope FY Earnings Weighed by Global Steel Capacity Glut
Underlying profit was 420.8 million Australian dollars ($274 million), while revenue slipped 4.4%, the company said. BlueScope sees underlying earnings before interest and taxes for the first half at A$550 million to A$620 million.
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New York Post
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- New York Post
Google to pay $36M fine for anti-competitive deals with Australia's largest telecom networks
Google agreed on Monday to pay a $35.8 million fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia, where last week a court mostly ruled against it in a lawsuit brought by Fortnite maker Epic Games accusing Google and Apple of preventing rival application stores in their operating systems. Google's YouTube was also last month added to an Australian ban on social media platforms admitting users aged under 16, reversing an earlier decision to exempt the video-sharing site. 3 Google will pay a $35.8M fine in Australia after regulators found it hurt competition by paying the country's two biggest telcos to pre-install its search app on Android phones, blocking rivals. AP On anti-competitive tie-ups with Australian telcos, the country's consumer watchdog on Monday said Google struck deals with Telstra and Optus, under which the tech giant shared with them advertising revenue generated from Google Search on Android devices between late 2019 and early 2021. Google admitted the arrangement had a substantial impact on competition from rival search engines, and has stopped signing similar deals while also agreeing to the fine, the Australian Competition and Consumer Commission (ACCC) added. 'Today's outcome … created the potential for millions of Australians to have greater search choice in the future, and for competing search providers to gain meaningful exposure to Australian consumers,' ACCC Chair Gina-Cass Gottlieb said. Google and the ACCC have jointly submitted to the Federal Court that Google should pay the $35 million fine. 3 The fine adds to Alphabet's troubles in Australia, coming a week after a court largely sided with Fortnite maker Epic Games in its suit accusing Google and Apple of blocking rival app stores. Timon – 3 Australia's consumer watchdog said Monday that Google cut deals with Telstra and Optus to share ad revenue from Android search between late 2019 and early 2021. Rafael Henrique – The court must still decide if the penalty is appropriate, the ACCC said, but the cooperation between the regulator and Google has helped avoid lengthy litigation. A Google spokesperson said the company was pleased to resolve the ACCC's concerns which involved 'provisions that haven't been in our commercial agreements for some time.' 'We are committed to providing Android device makers more flexibility to pre-load browsers and search apps, while preserving the offerings and features that help them innovate, compete with Apple, and keep costs low,' the spokesperson added.
Yahoo
2 hours ago
- Yahoo
Google to pay $36M fine for anticompetitive deals with Australia's largest telcos
MELBOURNE, Austalia (AP) — Google has agreed to pay a 55 million Australian dollar ($36 million) fine for signing anticompetitive deals with Australia's two largest telcos that banned the installation of competing search engines on some smartphones, the U.S. tech giant and Australia's competition watchdog said. The Australian Competition and Consumer Commission said in a statement it had commenced proceedings in the Australian Federal Court on Monday against the Singapore-based Google Asia Pacific division. The court will decide whether the AU$50 million ($36 million) penalty is appropriate. Under the anticompetitive agreements, which were in place for 15 months until March 2021, Telstra and Optus only pre-installed Google Search on Android phones sold to customers. Other search engines were excluded. In return, the telcos received a share of the advertisement revenue Google generated from those customers. Google accepted that the agreements were likely to have the effect of 'substantially lessening competition,' the commission said. Google has also signed a court-enforceable undertaking that commits the company to removing certain pre-installation and default search engine restrictions from its contracts with Android phone manufacturers and telcos, the commission said. The tech company said in a statement: 'We're pleased to resolve the ACCC's concerns, which involved provisions that haven't been in our commercial agreements for some time.' Commissioner chair Gina-Cass Gottlieb said: "Conduct that restricts competition is illegal in Australia because it usually means less choice, higher costs or worse service for consumers.' 'Importantly, these changes come at a time when AI search tools are revolutionising how we search for information, creating new competition,' Cass-Gottlieb added. Last year, Telstra, Optus and their smaller rival TPG agreed to court-enforceable undertakings with the commission that they would not renew or make similar deals with Google to limit search options. Rod Mcguirk, The Associated Press Sign in to access your portfolio
San Francisco Chronicle
2 hours ago
- San Francisco Chronicle
Google to pay $36M fine for anticompetitive deals with Australia's largest telcos
MELBOURNE, Austalia (AP) — Google has agreed to pay a 55 million Australian dollar ($36 million) fine for signing anticompetitive deals with Australia's two largest telcos that banned the installation of competing search engines on some smartphones, the U.S. tech giant and Australia's competition watchdog said. The Australian Competition and Consumer Commission said in a statement it had commenced proceedings in the Australian Federal Court on Monday against the Singapore-based Google Asia Pacific division. The court will decide whether the AU$50 million ($36 million) penalty is appropriate. Under the anticompetitive agreements, which were in place for 15 months until March 2021, Telstra and Optus only pre-installed Google Search on Android phones sold to customers. Other search engines were excluded. In return, the telcos received a share of the advertisement revenue Google generated from those customers. Google accepted that the agreements were likely to have the effect of 'substantially lessening competition,' the commission said. Google has also signed a court-enforceable undertaking that commits the company to removing certain pre-installation and default search engine restrictions from its contracts with Android phone manufacturers and telcos, the commission said. The tech company said in a statement: 'We're pleased to resolve the ACCC's concerns, which involved provisions that haven't been in our commercial agreements for some time.' 'Importantly, these changes come at a time when AI search tools are revolutionising how we search for information, creating new competition,' Cass-Gottlieb added. Last year, Telstra, Optus and their smaller rival TPG agreed to court-enforceable undertakings with the commission that they would not renew or make similar deals with Google to limit search options.
