Rabu, 17 Juli 2019

EU says it will investigate Amazon over possible anti-competitive business practices - CNBC

EU Commissioner for Competition Margrethe Vestager addresses a press conference on two state aid cases at the European Commission in Brussels on October 4, 2017.

Emmanuel Dunand | AFP | Getty Images

EU antitrust regulators will investigate Amazon to determine if the e-commerce giant's use of merchant data breaches competition rules, the European Commission said on Wednesday.

Competition Commissioner Margrethe Vestager said the EU opened a formal investigation to determine how Amazon uses data from independent retailers who sell on the company's marketplace. The investigation centers on Amazon's "dual role" as both a retailer and a marketplace, Vestager said.

"Based on the Commission's preliminary fact-finding, Amazon appears to use competitively sensitive information – about marketplace sellers, their products and transactions on the marketplace," Vestager said.

The European Commission, the executive arm of the EU, began questioning merchants about how Amazon collects their data last year. If the EU determines Amazon breached competition rules, it could fine the company up to 10% of global annual revenues.

In a statement, Amazon said: "We will cooperate fully with the European Commission and continue working hard to support businesses of all sizes and help them grow."

Amazon is facing increased regulatory scrutiny around the world. Earlier on Wednesday, Germany's antitrust watchdog said it had reached a deal with the e-commerce giant to overhaul its terms of service for third-party merchants. In a hearing of the House Judiciary subcommittee on antitrust Tuesday, an Amazon executive said the company does not use data from third-party sellers to determine what new products to create.

The European Commission has previously conducted antitrust investigations into Alphabet's Google, imposing a total of $9.5 billion in fines since 2017.

Amazon shares traded flat in extended hours following the announcement of the EU investigation.

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https://www.cnbc.com/2019/07/17/eu-to-investigate-amazon-over-possible-anti-competitive-practices.html

2019-07-17 09:53:18Z
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EU says it will investigate Amazon over possible anti-competitive business practices - CNBC

EU Commissioner for Competition Margrethe Vestager addresses a press conference on two state aid cases at the European Commission in Brussels on October 4, 2017.

Emmanuel Dunand | AFP | Getty Images

EU antitrust regulators will investigate Amazon, the world's largest online retailer, to see if its use of other merchants' data breaches competition rules, the European Commission said on Wednesday.

Competition Commissioner Margrethe Vestager said the EU opened a formal investigation to determine how Amazon uses data from independent retailers who sell on the company's marketplace. The investigation centers on Amazon's "dual role" as both a retailer and a marketplace, Vestager said.

"Based on the Commission's preliminary fact-finding, Amazon appears to use competitively sensitive information – about marketplace sellers, their products and transactions on the marketplace," Vestager said.

In a statement, Amazon said: "We will cooperate fully with the European Commission and continue working hard to support businesses of all sizes and help them grow."

This is a breaking news story, please check back later for more.

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https://www.cnbc.com/2019/07/17/eu-to-investigate-amazon-over-possible-anti-competitive-practices.html

2019-07-17 09:50:05Z
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Facebook Grilled By Senators Over 'Crazy' Cryptocurrency Plans. It Did Not Go Well. - HuffPost

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https://www.huffpost.com/entry/facebook-cryptocurrency-libra-senators-crazy_n_5d2e8485e4b085eda5a396a7

2019-07-17 04:41:00Z
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Selasa, 16 Juli 2019

Facebook's Libra cryptocurrency attacked at Senate hearing - BBC News

Facebook's plan for a cryptocurrency has come under further attack at a US hearing, with politicians calling the company "delusional" and not trusted.

The Senate Banking Committee is quizzing Facebook executive David Marcus over the tech giant's intention to launch its Libra digital currency.

The company had showed "through scandal after scandal that it doesn't deserve our trust", said senator Sherrod Brown.

Facebook was told to clean up its house before launching a new business model.

The company announced last month plans to launch a digital currency, possibly next year, but first needs to get Washington lawmakers on its side.

But since it unveiled the plan, critics have lined up to voice scepticism, including US president Donald Trump.

Mr Brown, a Democrat, told the hearing: "We'd be crazy to give them a chance to let them experiment with people's bank accounts." He thought it was "delusional" to think individuals would trust the social media company with their "hard-earned" money.

Other senators shared her concerns. "I don't trust you guys," said Republican senator Martha McSally. "Instead of cleaning up your house you are launching into a new business model."

Mr Marcus, who was president of PayPal from 2012 to 2014, tried to assuage concerns in his opening remarks by promising that Facebook will not begin offering Libra until regulatory issues are addressed.

"We know we need to take the time to get this right," said Mr Marcus, who is also due to testify before the House Financial Services Committee on Wednesday.

On Monday, US Treasury Secretary Steven Mnuchin said he was "uncomfortable" with Libra, while last week the head of the US Federal Reserve, Jerome Powell, also voiced concerns.

The senators at Tuesday's hearing raised issues such as how Facebook planned to prevent money laundering through the new payment system and how consumers' data and funds will be protected.

"I know we have to earn people's trust for a very long period of time," Mr Marcus said.

The social media company has pledged that the Libra Association - the supposedly independent body tasked with managing the currency - will only share customer data with Facebook and external third parties if it has consent, or in "limited cases", where it is necessary.

Mr Marcus told the hearing: "The way we've built this is to separate social and financial data because we've heard loud and clear that they don't want those two types of data streams connected, so this is the way the system is designed.

"Facebook will only have one vote and will not be in a position to control the association, nor will Facebook or the Libra Association position themselves to compete with sovereign currencies or interfere with monetary policy," he said.

One of the complex issues at hand here is the difference between Libra - the cryptocurrency platform, which is open source - and Calibra, Facebook's specific service, known as a wallet, that it is building onto the Libra infrastructure. David Marcus can honestly tell Senators that Libra is a democratic, open system over which Facebook does not have control.

But that's not the full picture: Calibra very much is Facebook's product, and by virtue of the fact it will be backed by the world's biggest and most powerful social network, it will become the dominant force in global cryptocurrency. As one Senator put it, "you're not doing this for fun". Expect more scrutiny on how Facebook will leverage its power to push Calibra to come soon.

All of the hearings this week are broadly focusing on whether the tech giants have too much power over competitors, freedom of speech and, maybe in future, the global banking system.

One warning put forth by Facebook's Mr Marcus, and one we will likely hear repeated often in the other hearings, is that if these Silicon Valley giants aren't allowed to innovate, others will. By that, he of course means China, where tech companies are said to be eyeing their own cryptocurrency projects.

It may prove to be a good one - Facebook and its Silicon Valley peers may not be held in particularly high esteem by Washington right now, but it could be the lesser of two evils.

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https://www.bbc.com/news/business-49008298

2019-07-16 18:37:09Z
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Facebook's Libra cryptocurrency attacked at Senate hearing - BBC News

Facebook's plan for a cryptocurrency has come under further attack at a US hearing, with politicians calling the company "delusional" and not trusted.

The Senate Banking Committee is quizzing Facebook executive David Marcus over the tech giant's intention to launch its Libra digital currency.

The company had showed "through scandal after scandal that it doesn't deserve our trust", said senator Sherrod Brown.

Facebook was told to clean up its house before launching a new business model.

The company announced last month plans to launch a digital currency, possibly next year, but first needs to get Washington lawmakers on its side.

But since it unveiled the plan, critics have lined up to voice scepticism, including US president Donald Trump.

Mr Brown, a Democrat, told the hearing: "We'd be crazy to give them a chance to let them experiment with people's bank accounts." He thought it was "delusional" to think individuals would trust the social media company with their "hard-earned" money.

Other senators shared her concerns. "I don't trust you guys," said Republican senator Martha McSally. "Instead of cleaning up your house you are launching into a new business model."

Mr Marcus, who was president of PayPal from 2012 to 2014, tried to assuage concerns in his opening remarks by promising that Facebook will not begin offering Libra until regulatory issues are addressed.

"We know we need to take the time to get this right," said Mr Marcus, who is also due to testify before the House Financial Services Committee on Wednesday.

On Monday, US Treasury Secretary Steven Mnuchin said he was "uncomfortable" with Libra, while last week the head of the US Federal Reserve, Jerome Powell, also voiced concerns.

The senators at Tuesday's hearing raised issues such as how Facebook planned to prevent money laundering through the new payment system and how consumers' data and funds will be protected.

"I know we have to earn people's trust for a very long period of time," Mr Marcus said.

The social media company has pledged that the Libra Association - the supposedly independent body tasked with managing the currency - will only share customer data with Facebook and external third parties if it has consent, or in "limited cases", where it is necessary.

Mr Marcus told the hearing: "The way we've built this is to separate social and financial data because we've heard loud and clear that they don't want those two types of data streams connected, so this is the way the system is designed.

"Facebook will only have one vote and will not be in a position to control the association, nor will Facebook or the Libra Association position themselves to compete with sovereign currencies or interfere with monetary policy," he said.

One of the complex issues at hand here is the difference between Libra - the cryptocurrency platform, which is open source - and Calibra, Facebook's specific service, known as a wallet, that it is building onto the Libra infrastructure. David Marcus can honestly tell Senators that Libra is a democratic, open system over which Facebook does not have control.

But that's not the full picture: Calibra very much is Facebook's product, and by virtue of the fact it will be backed by the world's biggest and most powerful social network, it will become the dominant force in global cryptocurrency. As one Senator put it, "you're not doing this for fun". Expect more scrutiny on how Facebook will leverage its power to push Calibra to come soon.

All of the hearings this week are broadly focusing on whether the tech giants have too much power over competitors, freedom of speech and, maybe in future, the global banking system.

One warning put forth by Facebook's Mr Marcus, and one we will likely hear repeated often in the other hearings, is that if these Silicon Valley giants aren't allowed to innovate, others will. By that, he of course means China, where tech companies are said to be eyeing their own cryptocurrency projects.

It may prove to be a good one - Facebook and its Silicon Valley peers may not be held in particularly high esteem by Washington right now, but it could be the lesser of two evils.

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https://www.bbc.com/news/business-49008298

2019-07-16 17:29:57Z
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Tesla raises base prices for Model S and Model X - Engadget

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Yes, Tesla is still fiddling with prices -- and whether or not you like it depends on which electric car you were looking for. The company has once again dropped the Standard Range versions of the Model S and Model X, raising the respective base prices to $79,990 and $84,990. The vehicles are now that much more out of reach for some buyers, then, although people splurging on the Performance variants do get the Ludicrous option at no extra cost -- that's a $20,000 savings. And Model 3 buyers will, for the most part, be smiling.

The Model 3's Standard Range Plus trim has dropped by about $500 to $38,990 in the US. Tesla told Electrek it had cut the "off-the-menu" rear-wheel drive Long Range model (it's only AWD), but the fabled $35,000 Standard Range is still available as a special order.

Regardless of vehicle, you'll also have to get used to a default color change. All three vehicles now start with the Pearl White Multi-Coat paint instead of the Solid Black from before. Although that's not going to thrill fans of stealthy transportation (black now costs $750 extra), it beats having to pay $1,500 for the previously optional hue.

Tesla characterized the changes to Reuters as a matter of making the purchase process "even simpler" and "standardizing our global vehicle lineup." Whether or not people see it that way is another story. There have been three major pricing changes this year, and they've occasionally been confusing (such as the deaths and rebirths of the Standard Range Model S). It might also frustrate recent Model 3 buyers who've paid considerably more for the EV.

There are likely strong business reasons for the price shuffle, however. Tesla delivered a record number of cars in the spring, and these tweaks might keep the momentum going by spurring Model 3 purchases while offsetting some of the costs through posher Model S and Model X editions. Whatever uncertainty the automaker introduces might be worthwhile if it leads to another record and bolsters the company's bottom line.

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https://www.engadget.com/2019/07/16/tesla-drops-lowest-priced-model-s-and-model-x/

2019-07-16 14:17:18Z
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Amazon says only 15 workers went on strike on Prime Day - INSIDER

  • Amazon said just 15 of its employees took part in a planned strike outside one of its warehouses in Minnesota.
  • "It was obvious to the 1,500-full-time workforce that an outside organization used Prime Day to raise its own visibility, conjured misinformation and a few associate voices to work in their favor, and relied on political rhetoric to fuel media attention," an Amazon spokeswoman said.
  • As some employees protested, Amazon posted a video of warehouse workers celebrating Prime Day.

An Amazon employee strike in Minnesota was a flop, according to Amazon.

The company said late Monday that just 15 Amazon employees participated in the strike outside its warehouse in Shakopee, Minnesota, which was planned to coincide with Prime Day, one of Amazon's biggest shopping events of the year.

"It was obvious to the 1,500-full-time workforce that an outside organization used Prime Day to raise its own visibility, conjured misinformation and a few associate voices to work in their favor, and relied on political rhetoric to fuel media attention," an Amazon spokeswoman said. "The fact is that Amazon provides a safe, quality work environment in which associates are the heart and soul of the customer experience, and today's event shows that our associates know that to be true. We encourage anyone to come take a tour anytime."

Read more: Amazon workers are planning a strike for one of its busiest shopping days of the year

The strike marked the first time that Amazon employees in the US have planned a major movement against the company's working conditions. It was scheduled to begin Monday afternoon and last six hours.

CNBC reported that there were about 75 people outside the Shakopee warehouse at 5 p.m. ET Monday, chanting "Amazon, hear our voice!" and "We work, we sweat, Amazon workers need a rest!"

While some employees participated in the strike, Amazon tweeted a video on Monday of its warehouse workers dancing and celebrating Prime Day.

This year's Prime Day is expected to generate $5.8 billion in sales globally, according to Coresight Research.

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https://www.insider.com/amazon-says-15-workers-strike-on-prime-day-2019-7

2019-07-16 14:08:26Z
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