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Big Tech Compliance Tracker: European Nations Want More Control Over Big Tech Mergers; US Treasury Official Anticipates Strong Support For Gl

Big Tech Compliance Tracker: European Nations Want More Control Over Big Tech Mergers; US Treasury Official Anticipates Strong Support For Global Minimum Tax

June 01, 2021 at 08:11PM
by PYMNTS

Here’s the latest news from the technology industry, which is coming under increasing global scrutiny. 

France, Germany, Netherlands Seek to Increase Control Over Big Tech Mergers

The Netherlands, France and Germany are calling for the European Union to have more control over large technology companies and smaller acquisitions that oftentimes don’t attract attention. European capitals have been worried for some time that some of the globe’s largest tech firms have acquired upstarts in arrangements that have gone under the radar. “We have to strengthen and speed up merger control in particular, vis-a-vis certain gatekeeper platforms,” the nations wrote in a combined statement, as per CNBC. 

US Treasury Official Anticipates Strong Support for Global Minimum Tax

Wally Adeyemo, the deputy secretary of the U.S. Treasury, said he foresees his G7 peers having formidable support for the United Sates’ potential 15-percent-plus global minimum corporate tax, Reuters reported. The rate is significantly under the Biden administration’s potential 28 percent domestic corporate tax rate and 21 percent minimum rate for the international income of U.S. firms. “My sense is that you’re going to see a lot of unified support amongst the G7 moving forward,” Adeyemo said to the newswire. 

AliveCor Sues Apple Over Alleged Abuse of Market Power

Health technology company AliveCor has sued Apple “over its exclusion of other heartrate analysis providers from the Apple Watch,” according to a statement from AliveCor. “AliveCor developed the world’s first personal ECG and seeks to become the 24/7 virtual cardiologist for patients,” AliveCor Chief Executive Officer Priya Abani said in the statement. “Apple’s tactics in the heartrate analysis market have injured competition, reduced consumer choice and potentially damaged public health.”

US Senator Amy Klobuchar Seeks Probe Into Amazon’s Acquisition of MGM

U.S. Senator Amy Klobuchar (D-Minn.) called for The Department of Justice to look into Amazon’s deal to purchase MGM for $8.45 billion. “This is a major acquisition that has the potential to impact millions of consumers. The Department of Justice must conduct a thorough investigation to ensure that this deal won’t risk harming competition,” Klobuchar said in a statement. 

Group Buying Platform Nice Tuan Ordered to Cease Business for Three Days 

Nice Tuan has been told to stop operating for three days in the Jiangsu Province by the market regulator in China, which implored it to remedy irregularities, Shine reported. It was told to pay 1.5 million yuan (approximately $235,000) for an administrative fine after it reportedly contravened the country’s Price Lawmultiple times, Shine reported, citing a release from the State Administration for Market Regulation.

Report: Google Close to Settling French Antitrust Case

Google is getting close to settling an antitrust case in France claiming that the firm took advantage of its might in digital advertising, The Wall Street Journal reported, citing unnamed sources. The matter is among the most advanced globally examining Google’s supremacy as a company that offers ways to purchase and sell advertising throughout the internet, the newspaper reported.

European Commission Plans Official Probe Into Facebook

As it looks to see if Facebook is weakening classified ad competitors, the European Commission is poised to start an official probe into alleged anti-competitive processes by the social media company, The Irish Times reported. Facebook rolled out Marketplace in 2016, letting users exchange products sans fees. Officials from the bloc have sent a minimum of three rounds of queries to Facebook and the social media platform’s competitors.