logo
Google says it will appeal online search antitrust decision

Google says it will appeal online search antitrust decision

Straits Times2 days ago

A judge heard closing arguments on May 30 at a trial on proposals to address Google's illegal monopoly in online search and related advertising. PHOTO: REUTERS
WASHINGTON - Alphabet's Google on May 31 said it will appeal an antitrust decision under which a federal judge proposed less aggressive ways to restore online search competition than the 10-year regime suggested by antitrust enforcers.
'We will wait for the court's opinion. And we still strongly believe the court's original decision was wrong, and look forward to our eventual appeal,' Google said, in a post on X.
US District Judge Amit Mehta in Washington heard closing arguments on May 30 at a trial on proposals to address Google's illegal monopoly in online search and related advertising.
In April, a federal judge said that Google illegally dominated two markets for online advertising technology, with the US Department of Justice (DOJ) saying that Google should sell off at least its Google Ad Manager, which includes the company's publisher ad server and its ad exchange.
The DOJ and a coalition of states want Google to share search data and cease multibillion-dollar payments to Apple and other smartphone makers to be the default search engine on new devices.
Antitrust enforcers are concerned about how Google's search monopoly gives it an advantage in artificial intelligence products like Gemini and vice versa.
Mr John Schmidtlein, an attorney for Google, said at the hearing that while generative AI is influencing how search looks, Google has addressed any concerns about competition in AI by no longer entering exclusive agreements with wireless carriers and smartphone makers including Samsung Electronics, leaving them free to load rival search and AI apps on new devices. REUTERS
Join ST's Telegram channel and get the latest breaking news delivered to you.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

HK property giant New World's distress worsens after shock delay on bond interest
HK property giant New World's distress worsens after shock delay on bond interest

Straits Times

timean hour ago

  • Straits Times

HK property giant New World's distress worsens after shock delay on bond interest

A years-long property slump has left New World with one of the highest debt burdens of any Hong Kong developer. PHOTO: ST FILE – Hong Kong developer New World Development is sliding deeper into distress after jolting investors by delaying interest payments on some bonds, marking the latest flashpoint in a years-long crisis in China's property market. New World, which is grappling with HK$210.9 billion (S$34.7 billion) of liabilities, said in a filing late on May 30 that it is planning the deferment for coupons on four perpetual notes. In total, that means it is postponing US$77.2 million (S$99.6 million) of debt obligations, according to Bloomberg calculations. The bonds concerned slid to record lows. Its 6.15 per cent perpetual notes dropped about three cents to 23 cents on the dollar on June 2 after tumbling more than 30 cents on May 30, on pace for its lowest level since issuance. Its 4.8 per cent perpetual securities fell 10 cents to 15.5 cents, also on track for a record low and the biggest daily decline since October 2022. New World shares slid as much as 11 per cent, the biggest intraday drop in about two months. 'While this will not trigger a default, the total amount to be repaid will pile up, so the headwind should remain in the long run,' said Morningstar analyst Jeff Zhang. A company spokesperson said on May 30 that the company was continuing 'to manage its overall financial indebtedness while taking into account the current market volatility, and continues to comply with its existing financial obligations'. While the market moves on June 2 underscore how investor unease is worsening, there have also been some more positive developments for the builder, which is controlled by the family empire of tycoon Henry Cheng. Bloomberg reported earlier on June 2 that as at May 30, the company had received written commitments from banks for 60 per cent of HK$87.5 billion of loan refinancing that it is seeking by the end of June, according to people familiar with the matter. The company also said on May 30 that total contracted sales year to date amount to about HK$24.8 billion, representing over 95 per cent of the annual sales target, according to its monthly business update. But markets clearly need more certainty on debt repayment plans after a years-long property slump in the city and mainland China has left New World with one of the highest debt burdens of any Hong Kong developer. Investors have also become increasingly sceptical after New World reported its first loss in 20 years for the financial year ended last June. The company's stock is trading at a price-to-book ratio of just 0.06, with a market capitalisation of US$1.4 billion versus about US$17 billion at its peak in 2019. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.

Japan to set up minister-level meeting to address rice supplies
Japan to set up minister-level meeting to address rice supplies

Straits Times

timean hour ago

  • Straits Times

Japan to set up minister-level meeting to address rice supplies

TOKYO – Japan will set up a minister-level meeting as early as this week to address the supply of rice, Prime Minister Shigeru Ishiba said in Parliament on June 2, as the government seeks to stabilise the price of the nation's staple grain and quell public anger ahead of a summer election. The government released a further 300,000 metric tons of stockpiled rice last week in a bid to bring down prices, which have doubled in the past year. The move came as households struggle with inflation less than two months before an Upper House election that could punish a minority government already on the back foot after an underwhelming performance in 2024's general vote. 'With rice costing twice as much – even 2.5 times as much in some regions – as last year, it's very important to steady that and stabilize the market,' Agriculture Minister Shinjiro Koizumi said in the same parliamentary session on June 2. Retailers including Aeon Co Ltd and Pan Pacific International Holdings Corp, the parent company of popular discount store Don Quijote, started selling the stockpiled rice over the weekend, according to statements from both companies. Aeon priced its 5kg bag at just under ¥2,000 (S$17.97) before tax, well below the ¥4,200 per bag average consumers are seeing at storefronts. The government auctioned off batches of stockpiled rice starting in February, but prices have continued to hit record highs. Mr Koizumi announced last week that the most recent release would be sold at a fixed price instead of auctioned, and bypass the usual supply chain, which includes rice collection agencies and wholesalers. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.

Philippines orders AirAsia Move shutdown on excessive pricing
Philippines orders AirAsia Move shutdown on excessive pricing

Straits Times

timean hour ago

  • Straits Times

Philippines orders AirAsia Move shutdown on excessive pricing

The authorities have asked the police to take down AirAsia Move's website as part of a cease-and-desist order by the Civil Aeronautics Board. PHOTO: REUTERS MANILA – The Philippines has ordered AirAsia's digital platform to stop selling airline tickets in the country following complaints it charged illegally high fares. The authorities have asked the police to take down AirAsia Move's website as part of a cease-and-desist order by the Civil Aeronautics Board, Transportation Secretary Vince Dizon said at a press conference on June 2. The aviation agency, which sets price ceilings for airfares in the country, says the company hiked its prices following transportation troubles in Tacloban City due to the closure of a key bridge to trucks. 'We will really put the full force of the law on these unscrupulous online platforms who are taking advantage of our people,' Mr Dizon said. Authorities will move to immediately file a case for 'criminal economic sabotage' against the digital platform, which is owned by Capital A Berhad, he added. Malaysia-based AirAsia Move, which is an affiliate of budget carrier Philippines AirAsia, didn't immediately respond to a request for comment. During the weekend, AirAsia Move charged 77,000 pesos (S$1,800) for a one-way ticket from Manila to Tacloban City via Philippine Airlines, three times the price quoted when directly booking in the flag carrier's website, transportation ministry data show. 'Clearly, this is just absurd,' Mr Dizon said at the briefing. 'What AirAsia Move is doing is criminal.' Bloomberg Join ST's Telegram channel and get the latest breaking news delivered to you.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store