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France's Macron calls for European tech company push by 2030
  + stars: | 2021-06-15 | by ( ) sentiment -0.93   time to read: +1 min
France's President Emmanuel Macron holds a news conference during the NATO summit in Brussels, Belgium June 14, 2021. French efforts to create "unicorns", or companies worth at least $1 billion, are still overshadowed by U.S. equivalents, however. Macron said last year he expected France to have 25 "unicorns" by 2025. They also recommended modernising regulations in Europe as well as creating competitive stock option schemes as part of initiatives to scale up European technology firms. ($1 = 0.8247 euros)Reporting by Sarah White and Matthieu Protard Editing by Alistair BellOur Standards: The Thomson Reuters Trust Principles.
Persons: Emmanuel Macron, Christian Hartmann PARIS, Macron, Sarah White, Matthieu Protard, Alistair Bell Organizations: NATO, REUTERS, EU, Thomson Locations: Brussels, Belgium, Europe, France
Top senator fears Big Tech at home as Alexa, Nest dominate
  + stars: | 2021-06-15 | by ( Diane Bartz | ) + 0.67   time to read: +1 min
The hearing takes place at a time of extraordinary interest in tougher antitrust enforcement, much of it focused on the biggest U.S. technology companies. Senator Amy Klobuchar, who chairs the antitrust subcommittee, is hoping to act before the existing tech giants, in this case Amazon and Google, establish themselves as unassailable. In the smart speaker market, she cited data that showed that Amazon was at 53 percent market share while Google was at 31 percent. “We know that this is a growing market.”Smart home technology can be smart speakers like Amazon’s Echo or Google’s Nest, security systems or televisions. Last year, Sonos CEO Patrick Spence told a congressional committee that Google and Amazon used their dominance of search and online retail, respectively, to subsidize the smart speaker market and, potentially, dominate the market for other smart home devices.
Persons: Amy Klobuchar, , Ryan McCrate, Wilson White, Eddie Lazarus, Patrick Spence Organizations: U.S, Congress, Google, Sonos Inc, Facebook, ” Smart Locations: WASHINGTON
WASHINGTON—The Senate on Tuesday confirmed Lina Khan for a seat on the Federal Trade Commission, giving Democrats at least a temporary majority that could pursue aggressive enforcement of U.S. antitrust and consumer-protection laws. Ms. Khan, a 32-year-old Columbia University professor who has been a vocal critic of powerful technology companies, was confirmed on a 69-28 vote. She has been the leader of a progressive movement that favors changes to antitrust enforcement, saying the current decades-long approach has done too little to restrain corporate dominance and stop mergers that have eroded competition. The vote was bipartisan, at a time when many in the GOP have argued the government should do more to rein in dominant tech firms. Still, some Republicans have criticized her approach as too interventionist and potentially burdensome for other industries.
Persons: WASHINGTON, Lina Khan, Khan Organizations: Federal Trade Commission, Columbia University, GOP, Inc, Yale Law School
Facebook, big tech face EU blow in national data watchdogs ruling
  + stars: | 2021-06-15 | by ( Foo Yun Chee | ) + 0.00   time to read: +3 min
Consumer lobbying group BEUC welcomed Tuesday's ruling by the EU Court of Justice (CJEU), which backed the right of national agencies to act, citing enforcement bottlenecks. Several national watchdogs in the 27-member EU have long complained about their Irish counterpart, saying that it takes too long to decide on cases. "It has also opened the back door for all national data protection enforcers to start multiple proceedings against companies," CCIA Europe senior policy manager Alex Roure said. "Data protection compliance in the EU risks becoming more inconsistent, fragmented, and uncertain. We urge national authorities to be cautious about launching multiple proceedings that would weaken legal certainty and further complicate data protection compliance in the EU," he said.
Persons: Dado, BEUC, Tuesday's, CJEU, Monique Goyens, Jack Gilbert, Facebook's, CCIA, Alex Roure Organizations: EU, REUTERS, European Union, Consumer, of Justice, Google, Twitter, Apple, Facebook, Big Tech, Verizon Media, Microsoft, Tech, Thomson Locations: European, Ireland, Belgian, Belgium, Europe
Wealth-management software provider Addepar Inc. more than doubled its valuation to $2.17 billion from seven months ago in its latest funding round, the company said Tuesday. It was previously valued at nearly $1 billion after its last funding round in November, according to a person familiar with the deal. Addepar currently tracks about $2.7 trillion of assets and has added an average $15 billion in assets a week since mid-2020. The company says it thinks the total market demand for investible assets is more than $200 trillion globally. Clients include AllianceBernstein Holding LP, Morgan Stanley and Stifel Financial Corp. , whose investment arm previously invested in Addepar.
Persons: Addepar, Joe Lonsdale, Eric Poirier, , Mr, Poirier, Morgan Stanley Organizations: Addepar Inc, D1 Capital Partners, Palantir Technologies Inc, Equity Partners, WestCap, AllianceBernstein, Stifel Financial Corp Locations: New York, Addepar, Calif
FILE PHOTO: A 3D printed Amazon postal package is placed on a keyboard in this illustration taken March 25, 2020. The Competition Commission of India (CCI) initiated a probe in January last year on the basis of a complaint alleging Amazon and Flipkart promoted select sellers on their e-commerce platforms and that deep discounts stifled competition. Amazon declined to comment. While arguing to restart the probe, the CCI told a court in Karnataka state that the Reuters report corroborated evidence here. The antitrust body will examine the Reuters report and could use it as part of its investigation, one of the people said.
Persons: Dado Ruvic, Flipkart, Organizations: Inc, Walmart, REUTERS, Twitter Inc, Facebook Inc, of India, Google, Alphabet Inc, MakeMyTrip, Reuters Locations: DELHI, India, Karnataka, Indian
Belgian agri-tech firm Biotalys plans listing in Brussels
  + stars: | 2021-06-15 | by ( Reuters Staff | ) sentiment -0.99   time to read: +2 min
BRUSSELS, June 15 (Reuters) - Belgian agri-tech company Biotalys announced on Tuesday plans to list on Euronext Brussels in the coming weeks, hoping to entice investors with its biological alternatives to chemical pesticides. Biotalys extracts proteins for use against fungi, bacteria and insects that attack crops, especially high-value fruit like grapes and strawberries. New investors BNP Paribas and Belgian state fund SFPI-FPIM had also committed to a combined 10 million euros. The company sees future revenues from its own sales and future partnerships and, longer term, use of its technology in other fields, such as food preservation. Selles said Biotalys’ products were as effective as chemical equivalents and superior to microbial solutions currently on the market because, as neutral proteins, they do not depend on particular environmental conditions to work.
Persons: Biotalys, Sanofi, , Patrice Selles, Selles, FPIM, Philip Blenkinsop, Lisa Shumaker Organizations: Brussels, Flanders Institute for Biotechnology, European Union, Sofinnova Partners, BNP Locations: BRUSSELS, Belgian, Biotalys
WASHINGTON — The United States and Europe will announce a new joint technology and trade initiative on Tuesday, part of a wide-reaching effort this week by President Joe Biden to rally European allies and challenge China's rising influence. The U.S.-EU Trade and Technology Council will have three overarching goals: To establish new global trade standards for emerging technology; to promote democratic values online; and to find ways for the United States and the EU to collaborate on cutting edge research and development. On the U.S. side, the trade council will be co-chaired by Secretary of State Antony Blinken, Secretary of Commerce Gina Raimondo and Ambassador Katherine Tai, the U.S. trade representative, said a Biden administration official who briefed reporters and requested anonymity to discuss ongoing negotiations. Other specific goals of the council include:To coordinate standards on new technology like artificial intelligence, quantum computing and biotechnology. Over the past decade, China has made huge public investments in its technology sector.
Persons: Joe Biden, WASHINGTON —, Jake Sullivan, Antony Blinken, Gina Raimondo, Katherine Tai Organizations: NATO, WASHINGTON, EU Trade, Technology, EU, Biden, World Trade Organization Locations: Brussels, Belgium, United States, Europe, U.S, China
FILE PHOTO: A 3D printed Amazon postal package is placed on a keyboard in this illustration taken March 25, 2020. read moreThe Competition Commission of India (CCI) initiated a probe in January last year on the basis of a complaint alleging Amazon and Flipkart promoted select sellers on their e-commerce platforms and that deep discounts stifled competition. While arguing to restart the probe, the CCI told a court in Karnataka state that the Reuters report corroborated evidence. Amazon, which has said it "does not give preferential treatment to any seller", told the court it disagreed with the Reuters report. The antitrust body will examine the Reuters report and could use it as part of its investigation, one of the people said.
Persons: Dado Ruvic, Flipkart Organizations: REUTERS, Inc, Walmart, Twitter Inc, Facebook Inc, of India, Google, Alphabet Inc, MakeMyTrip, Reuters, Thomson Locations: India, Karnataka, Indian
EU court backs national data watchdog powers in blow to Facebook, big tech
  + stars: | 2021-06-15 | by ( ) sentiment -0.99   time to read: +1 min
Facebook logo in 3D in front of the EU flag, May 15, 2015. REUTERS/Dado Ruvic/File PhotoEurope's top court on Tuesday endorsed the power of national data watchdogs to pursue big tech firms even if they are not their lead regulators, in a setback for Silicon Valley companies such as Facebook (FB.O). The EU Court of Justice (CJEU) ruling could encourage national agencies to act against U.S. tech companies such as Google (GOOGL.O), Twitter (TWTR.N) and Apple , which all have their European Union headquarters in Ireland. Many national watchdogs in the 27-member European Union have long complained about their Irish counterpart, saying that it takes too long to decide on cases. Under landmark EU privacy rules known as GDPR, Facebook faces oversight by the Irish privacy authority because it has its European head office in Ireland.
Persons: Dado, CJEU Organizations: EU, REUTERS, Facebook, of Justice, U.S, Twitter, Apple, European Union, Thomson Locations: Silicon, Ireland, Belgian, Belgium, Irish
Singapore can wield stick to win tech IPOs
  + stars: | 2021-06-15 | by ( ) sentiment -1.00   time to read: +1 min
The logo of Australia's casino operator Crown Resorts adorns a fence surrounding the Crown Perth hotel and casino complex in Western Australia, October 20, 2016. It’s a tough sell given Singapore Exchange’s limited liquidity pool. Nor does the staid market popular with real-estate trusts offer the kind of hot valuations startups and tech giants crave. That dynamic will be hard to change even if blank-cheque read more companies are allowed to list. Singapore might persuade heavily regulated companies, especially those dabbling in payments, that they ought to plant a flag at home.
Persons: Aaron Bunch, Sharon Lam Organizations: Resorts, Crown Perth, REUTERS, Technology, U.S, Razer, FTSE Straits Times, DBS, HK Locations: Crown, Western Australia, New York, Hong Kong, Singapore
Gambling-related ads, such as sports betting and casino games, will also be barred from the coveted — and pricey — ad spot. Stablecoins, which peg their price to physical assets outside the cryptocurrency space, could soon replace your credit cards and cash. It's successfully flown 15 times, but never with human passengers — and Bezos will have no pilot and possibly no spacesuit. Elon Musk said Tesla will accept Bitcoin payments once miners use 50% clean energy. We examined how much Snowflake, Databricks, UiPath and other top AI companies pay their engineers, researchers, and staff.
Persons: Let's, you've, Jeff Bezos, It's, Elon Musk, Tesla, Bitcoin, Musk, Jordan Erb Organizations: YouTube, Elon, Microsoft, Netflix, Apple, Apple Watch, Humanity, CloudKitchens Locations: Tech, Arizona, Databricks
Explainer: California reopens, mostly, on Tuesday
  + stars: | 2021-06-15 | by ( Jane Lee | ) + 0.00   time to read: +3 min
A man walks down a street in Encinitas, as California Governor Gavin Newsom said his state would keep its mask order in place for another month, in California, U.S., May 17, 2021. Here is what's changing for California offices, and what's not. Workplace rules are dictated by the California Occupational Safety and Health Standards Board, which has debated keeping restrictions in place longer than the governor. Under the newest proposal, which will be voted on June 17, fully vaccinated office workers won’t need to wear a mask in normal circumstances. Many are waiting until after the Labor Day holiday, on Sept. 7, or even 2022, to reopen offices fully.
Persons: Gavin Newsom, Mike Blake California, what's, Newsom, Francisco’s, Salesforce Organizations: REUTERS, California Occupational Safety, Health, Board, BIG, Tech, Labor, Twitter, Google, Facebook Inc, Apple, U.S . Centers for Disease Control, Thomson Locations: Encinitas, California, U.S, COVID, Silicon Valley, San Francisco , New York, Paris, London
Top engineers are leaving Big Tech firms to join collaboration software startups, the WSJ reports. Some tech execs expect that a rise in hybrid working will boost demand for collaboration tools. Some executives at Big Tech firms, including Facebook, have left their jobs to join startups building collaboration tools in anticipation of a boom in hybrid working, the Wall Street Journal reported. Cannon said that she knew at least 12 recent collaboration startups founded or led by former Big Tech executives, per the Journal. Banking giants Deutsche Bank and Citigroup, for example, have said they would embrace hybrid working in the future.
Persons: Raymond Endres, Sarah Cannon, Cannon, Endres Organizations: Big Tech, Facebook, Wall Street Journal, Ventures, Banking, Deutsche Bank, Citigroup
Andreessen Horowitz is launching an in-house media company and website called Future. Andreessen Horowitz is taking the wraps off its new media property, named Future. In January, Andreessen Horowitz said it was building an independent press to tell the stories of entrepreneurs, their tech and industries. The website lives on Andreessen Horowitz's website, for now, and will later move to, Wennmachers said. Are you an Andreessen Horowitz insider with insight to share?
Persons: Andreessen Horowitz, Margit Wennmachers, Wennmachers, Candy Cheng, Reid Hoffman, Jason Calacanis, Harry Stebbings, Marc Andreessen, Melia Russell Organizations: New York Times, Street, Twitter
Barclays has hired a director in investment-grade bond trading from Bank of America. David Holliday will join later this summer, trading credit in technology, media, and telecoms. LinkedInDavid Holliday resigned from Bank of America this week, where he was a director in investment-grade credit trading, sources told Insider. Credit traders have been in high demand in recent months, and Bank of America and Barclays have each factored into the talent battle. Barclays lost several senior credit traders last month, including US cohead of credit trading John Cortese to Apollo.
Persons: David Holliday, LinkedIn David Holliday, Dan Krasner, Holliday, John Cortese, Dan Jacobson, Morgan Stanley, Matt Quarello Organizations: Barclays, Bank of America, Wall, LinkedIn, He's, Representatives, May Barclays, Bloomberg, UBS Locations: Bank, BofA
UK competition officials are looking at whether Apple and Google's dominance harms users and business. Apple and Google are under scrutiny in the UK over whether their combined dominance of the mobile ecosystem could be harming both users and businesses. Google's Android operation system is used by 59% of smartphone users in the UK, the equivalent of 48 million people, according to data from research firm eMarketer. Experts told Insider the timing of the announcement has given the UK an opportunity to steer the conversation on tech regulation at the G7. Insider approached Apple and Google for comment.
Persons: Andrea Coscelli, Coscelli, Boris Johnson, Joe Biden Organizations: Apple, Google, Markets Authority, CMA, Markets Unit, Big Tech
Jack Ma is "fine," an Alibaba executive said after the Chinese billionaire's tumultuous year. China pulled Ma's record-breaking Ant IPO last fall after he publicly criticized the nation's banking system. Alibaba received a $2.8 billion antitrust fine, signaling an even greater crackdown on Ma's tech empire. Chinese billionaire Jack Ma is "lying low right now" after the Alibaba and Ant Group founder had a whirlwind year that led to a pulled multi-billion-dollar IPO and a heavier regulatory crackdown. Ant's pulled IPO coincided with China's new anticompetitive rules to rein in its homegrown tech companies.
Persons: Jack Ma, Alibaba, Joe Tsai, Tsai, Ma, Ma's, Xi Jinping, Ant, Ant's Organizations: Ant Group, CNBC, Alibaba Locations: China
Lina Khan, a critic of Big Tech, wins confirmation to the F.T.C.
  + stars: | 2021-06-15 | by ( David Mccabe | ) + 0.97   time to read: +1 min
Lawmakers voted 69-28 to confirm Ms. Khan, 32, who first attracted notice as a critic of Amazon. Ms. Khan will help regulate the kind of behavior highlighted for years by critics of Amazon, Facebook, Google and Apple. She told a Senate committee in April that she was worried about the way tech companies could use their power to dominate new markets. Her appointment was a victory for progressive activists who want Mr. Biden will take a hard line against big companies. He also gave a White House job to Tim Wu, a law professor who has criticized the power of the tech giants.
Persons: Lina Khan, Khan, Mr, Biden, Tim Wu Organizations: Federal Trade Commission, Facebook, Amazon, Google, Apple Locations: Silicon Valley
Her confirmation also signals a bipartisan desire to impose more regulations on Big Tech companies like Facebook, Amazon, Alphabet and Apple. Still, others like Sen. Mike Lee, R-Utah, the top Republican on the Senate Judiciary subcommittee on antitrust opposed her confirmation. Lee has tended to be cautious about certain types of regulation despite concerns about the tech companies' influence and previously expressed apprehension about Khan's experience. As a commissioner, Khan will be tasked with voting on enforcement matters in areas of both competition and consumer protection. Khan could end up voting on whether to bring antitrust cases against some of the very tech companies she has investigated in the past.
Persons: Lina Khan, Joe Biden's, Khan, Roger Wicker, Sen, Mike Lee, Lee, Rohit Chopra, Biden, Chopra, Rebecca Kelly Slaughter Organizations: Federal Trade Commission, Commerce, Science, Capitol, Big Tech, Facebook, Republican, Yale Law, Apple, Google, Democratic, Department of Justice, FTC, Bloomberg, Columbia Law School, Open Markets Institute, Consumer Financial, American, CNBC, YouTube, Tech Locations: Washington , DC, Utah, House
U.S. Senate confirms Big Tech critic Lina Khan to FTC
  + stars: | 2021-06-15 | by ( ) + 0.52   time to read: +2 min
Khan, who teaches at Columbia Law School, is respected by progressive antitrust thinkers, who have pushed for tougher antitrust laws or at least tougher enforcement of existing law. Her nomination followed on the heels of the selection of fellow progressive and Big Tech critic Tim Wu to join the National Economic Council. read moreKhan's nomination comes as the federal government and groups of states have an array of lawsuits and investigations into Big Tech companies. In addition to antitrust, the FTC investigates allegations of deceptive advertising. Khan previously worked at the FTC as a legal adviser to Commissioner Rohit Chopra, Biden’s pick to be director of the Consumer Financial Protection Bureau.
Persons: Lina Khan, Khan, Tim Wu, Rohit Chopra Organizations:, Apple Inc, Facebook, U.S, Senate, Big, Federal Trade Commission, Columbia Law School, Twitter, American, Amazon Inc, Facebook Inc, Inc, Big Tech, National Economic Council, FTC, Amazon, The, Google, Yale Law, Consumer Financial, Bureau Locations: WASHINGTON
Two Republican U.S. senators introduce antitrust bill
  + stars: | 2021-06-14 | by ( ) sentiment -0.98   time to read: +2 min
Signage is seen at the Federal Trade Commission headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew KellyRepublican Senators Mike Lee and Chuck Grassley introduced a bill on Tuesday that would move all antitrust enforcement to the Justice Department, stripping the Federal Trade Commission and Federal Communications Commission of antitrust authority, Lee's office said on Monday. The Justice Department's Antitrust Division and the FTC currently divide up the work of antitrust enforcement, with the FCC weighing in on telecommunications deals. The bill would increase the budget of the Justice Department's Antitrust Division to $600 million. That is sharply higher than the Biden administration proposal for the next fiscal year that would give the FTC $389.8 million and the Antitrust Division $201 million.
Persons: Andrew Kelly, Mike Lee, Chuck Grassley, Kamala Harris, Grassley, Lee, Biden Organizations: Federal Trade Commission, Washington , D.C, REUTERS, Justice Department, Federal Communications Commission, Department's Antitrust, FTC, Democratic, House, Representatives, Republican, Committee, Big Tech, Justice Department's Antitrust, Antitrust, Thomson Locations: Washington ,, U.S
The Covid-19 pandemic resulted in an increase in people looking for love on dating platforms such as Match Group's Tinder app. A number of tech companies are trading cheaper than their big name counterparts and are of a "higher quality," according to Bank of America, which picked multiple stocks in the sector. Despite the tech sector being "one of the most expensive sectors vs. history" right now, the bank's analysts argued that small and mid-cap tech companies are "cheap on most metrics vs. large cap peers." BofA's investor's guide to small and mid-cap tech companies, published Monday, covers semiconductor, software, hardware and internet stocks, based on themes ranging from the post-pandemic economic reopening to the current chip shortage. Here are 10 of the bank's top under-the-radar tech stock picks:
Organizations: Bank of America
The winner's name will be released in the coming weeks, and they will sit aboard the craft with founder Jeff Bezos and his brother. Here's how tech companies reacted to Trump-era government demands for data on journalists and political rivals. Instacart is building a $1 billion advertising business that's trying to rival Facebook and Google. In 1953 a scientist predicted a person titled "Elon" would lead humans to Mars. An Amazon employee's husband was sentenced to prison for insider trading — and earning a $1.4 million profit.
Persons: Let's, Jeff Bezos, Apple, Elon, Wernher Von Braun, Viky Bohra, Miami partied, Billing, Travis Kalanick's CloudKitchens, Read, Jordan Erb Organizations: Shepard, Trump, Facebook, Google, Amazon, Apple, Tesla, COVID Locations: Tech, American, Miami
Expect 'strong continuity' on tech in Israel: OurCrowd CEO
  + stars: | 2021-06-14 | by ( ) sentiment -0.98   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect 'strong continuity' on tech in Israel: OurCrowd CEOOurCrowd CEO Jon Medved expects "much more continuity than immediate change" with the new Israeli government, as Israel's booming technology sector gives the diverse coalition and previous government common ground.
Persons: Jon Medved Locations: Israel
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