FT News Briefing
US considers breaking up Google
Oct 10, 2024
Lucy Fisher, the FT's Whitehall editor and host of the Political Fix podcast, discusses key players in the UK Conservative Party leadership race. Tensions rise as two right-wing candidates emerge, each challenging the status quo on issues like immigration. The conversation shifts to Germany's economy, facing a daunting forecast of recession. Then, the talk turns to the U.S. government's serious consideration of breaking up Google to combat its monopolistic hold, raising questions about the future of search and competition in the tech industry.
10:20
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Quick takeaways
- The US government is considering breaking up Google to address monopolistic practices in the search market, reflecting ongoing antitrust efforts.
- In the UK Conservative Party leadership race, candidates Kemi Badenock and Robert Jenrick symbolize a shift towards more right-wing politics after electoral setbacks.
Deep dives
HSBC's Cost-Cutting Strategy
HSBC's new CEO, George L. Hedery, is strategically merging its commercial and investment banking units to streamline operations and cut costs. This initiative is expected to save around $300 million, which reflects only a small percentage of the bank's total expenses from the previous year. Although the profit margins were previously boosted by rising interest rates, the declining rates now threaten the overall financial stability of the bank. This move represents just the beginning of Hedery's broader plan to address the cost pressures facing HSBC as it navigates tighter profit margins.
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