US SENATE PANEL TECH FIRMS
Trump VP pick JD Vance supports Big Tech antitrust crackdown
Vance, a Republican U.S. senator from Ohio, joined the presidential ticket on Monday at the Republican National Convention in Milwaukee, where Trump officially became the party's nominee.
U.S. creates high-tech global supply chains to blunt risks tied to China
The core elements of the plan include getting foreign companies to invest in chipmaking in the United States and finding other countries to set up factories to finish the work.
India needs to take advantage of global pushback, inefficiencies due to Beijing’s over-investment
The 'China+1' strategy has gained momentum over the last few years as the US-China strategic conflict has heightened. Countries, including India, have been competing to be the '+1' by easing policies and providing incentives to attract foreign firms. These firms are looking to reduce their dependence on China for manufacturing. Despite these efforts, China's global share of manufacturing has not decreased. It has actually increased from 35% in 2020 to an estimated 38% now.
Biden bans US sales of Kaspersky software over Russia ties
The United States on Thursday banned Russia-based cybersecurity firm Kaspersky from providing its popular anti-virus products in the country, the US Commerce Department announced. "Kaspersky will generally no longer be able to, among other activities, sell its software within the United States or provide updates to software already in use," the Commerce Department said in a statement announcing the action, which it said is the first of its kind. da/des
Crypto money is poised to sway US polls
Cryptocurrency executive Ryan Selkis, from Messari, spoke at an event celebrating Trump's NFTs, emphasizing the political influence of the 50 million U.S. crypto holders.
India's EU-like antitrust law worrying technology firms
India's proposed antitrust law, influenced by a panel report, targets tech giants with global turnovers exceeding $30 billion. The law aims to prevent market concentration, similar to the EU's Digital Markets Act.
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Surprise poll results impact startups' plans, and other top stories this week
In a week charged with political buzz, the BJP government came back to power after a stormy election, but without a full majority that left it dependent on the whims of its alliance partners. Unnerved, the markets went into a tailspin on counting day, with both benchmark indices, Sensex and Nifty50, dropping 8% intraday. They recovered a day later as hopes of a stable government revived.
IPO-bound cos wary after poll results; NBFCs’ balancing act
Happy Friday! New-age firms planning to go public are moving cautiously as stock market volatility remains a concern after the 2024 general election results. This and more in today’s ETtech Morning Dispatch.
China risks trade war on two fronts as low-tech exports soar, too
Rising trade tensions as the EU, US, and potentially Canada impose tariffs on Chinese electric vehicles, are impacting global trade dynamics.
US clears way for antitrust inquiries of Nvidia, Microsoft and OpenAI
Federal regulators are proceeding with antitrust investigations into Microsoft, OpenAI, and Nvidia in the AI industry. The Justice Department and FTC are leading the investigations, signaling increased scrutiny into AI technology.
How China pulled so far ahead on industrial policy
The problem for the West, though, is that China's industrial dominance is underpinned by decades of experience using the power of a one-party state to pull all the levers of government and banking, while encouraging frenetic competition among private companies.
Google, Amazon, Apple lobby group opposes India's EU-like antitrust proposal
India is drafting a new competition law to target big digital firms, with a U.S. lobby group urging a rethink to avoid potential business impacts.
How China pulled so far ahead on industrial policy
The problem for the West, though, is that China's industrial dominance is underpinned by decades of experience using the power of a one-party state to pull all the levers of government and banking, while encouraging frenetic competition among private companies.
China’s factory glut alarms the world but there’s no quick fix
Complaints about China's factory overcapacity are growing, but Beijing is hesitant to make changes that could harm its fragile economy. The EU criticized China for overproduction, urging action in the short term. China announced plans to slow expansion in the battery industry, but they are not binding. The country insists its industries are competitive due to innovation, not subsidies, and will continue supporting high-tech sectors despite international pressure. China's surplus production, stemming from a real estate slump, poses challenges.
US Senate passes TikTok divestment-or-ban bill, Joe Biden set to make it law
U.S. Senate approves bill for ByteDance to divest TikTok within 9 months, addressing national security concerns. President Biden will sign the legislation, impacting the future of Chinese-owned apps in the U.S.
TikTok owner ByteDance's profit jumps 60% in 2023 amid worries of US ban
ByteDance Ltd. witnessed a remarkable 60% surge in profits in 2023, surpassing industry giants Tencent Holdings Ltd. and Alibaba Group Holding Ltd. Earnings before interest, tax, depreciation, and amortization soared to over $40 billion, with sales climbing to nearly $120 billion. Despite its success, ByteDance faces challenges, including regulatory scrutiny and the potential ban of TikTok in the US.
US may soon unveil list of Chinese chip factories barred from receiving tech
The commerce department in 2022 barred U.S. companies from shipping equipment to Chinese factories producing advanced chips, as the U.S. seeks to severely limit Beijing's technological advances over national security concerns.
TikTok bill faces uncertain fate in the Senate as legislation to regulate tech industry has stalled
While more aggressive than most, TikTok's extensive lobbying campaign is the latest attempt by the tech industry to head off any new legislation - and it's a fight the industry usually wins.
TikTok advertisers will look to rivals if US Senate moves ahead on ban
House Republicans voted Wednesday to force Chinese tech company ByteDance to sell TikTok in roughly six months, or face a ban, one of the most significant challenges to the company that has long faced questions about national security concerns.
US Senate not moving to fast-track House bill for TikTok divestiture
Senate debates ByteDance's TikTok sale, with varying opinions on the House bill. Concerns raised over national security and Chinese access to data. Urgency emphasized due to the overwhelming House vote, while some senators express opposition.
House poised to pass bill that could ban TikTok but it faces uncertain path in the Senate
The House is expected to pass a bill banning TikTok in the US due to national security concerns. ByteDance must divest TikTok within six months or face prohibition. The Senate's approval is needed. The bill has bipartisan support and will undergo thorough review before President Biden signs it into law.
Big Tech, few Indian entities oppose ex-ante regulation under new law; others lend their support
Digital firms including Apple, Google, Meta, Amazon, Flipkart, and Uber resisted ex-ante obligations under a new digital competition law. Some home-grown companies like Oyo, Zomato, and Swiggy had reservations, while others endorsed the framework. The Govil panel has now recommended separate digital competition legislation with an ex-ante framework after holding meetings with a cross-section of stakeholders, including the large digital players who had submitted their views.
US Senate hearing: Meta, TikTok, X CEOs grilled by senators about child sexual exploitation
The hearing marks the latest effort by lawmakers to address the concerns of parents and mental health experts that social media companies put profits over making sure their platforms do not harm children.
US Senate panel urges treasury department to make tech firms comply with sanctions
Democratic US senator Mark Warner, who heads the Senate Intelligence Committee, wrote a letter to treasury secretary Janet Yellen in which he said the treasury department was failing to "ensure sanctions compliance in digital advertising markets."
China chip firm Brite Semiconductor, powered by US tech and money, avoids Biden's crackdown
The company, Brite Semiconductor, offers chip design services to at least six Chinese military suppliers, a Reuters examination of company statements, regulatory filings, tenders and academic articles by People's Liberation Army (PLA) researchers and institutions found.
CEOs of TikTok, Meta, X to testify at US Senate hearing in January
Senator Dick Durbin, the panel's Democratic chairman and the ranking Republican Lindsey Graham said Discord and X had initially balked at participating and refused to accept a subpoena.
Child Sexual Exploitation: This is why US Senate panel issued subpoenas to Discord, Snap and X
A Senate panel in US has issued subpoenas to major tech companies after their 'repeated refusals' by the giants to cooperate with its investigation into the matter. Many have issued a statement regarding the investigation.
US Republican senators ask tech firms about content moderation in Israel-Hamas war
Palestinian Islamist group Hamas attacked Israel on Oct. 7, killing 1,400 people, mainly civilians. Since then Israel has bombed Gaza with air strikes. At least 4,137 Palestinians have been killed, including hundreds of children, in Gaza, according to the Palestinian health ministry.
US House Republicans interrogate FTC's Lina Khan over regulation of Big Tech
Republicans charged that Lina Khan is "harassing" Twitter since its acquisition by Elon Musk, arbitrarily suing large tech companies and declining to recuse herself from certain cases. In April, the committee subpoenaed Khan after an investigation by the panel that concluded the agency went after Musk for political reasons.
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