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.

Intro

3min

Dynamics of Leadership Contest in the Conservative Party

2min

Germany's Economic Struggles and Google's Legal Predicament

4min

Exploring the Impacts of Potential Google Breakup

3min

HSBC’s top-paid bankers to bear the brunt of cost-cutting restructuring, and the UK Conservative party leadership race has been whittled down to two rightwingers. Plus, Germany’s economy is expected to shrink, and the US government is considering seeking the break-up of Google to end its monopoly in search.

Mentioned in this podcast:

US weighs Google break-up in landmark antitrust case

Jenrick vs Badenoch: Meet the next Conservative leader

Germany expects economy to shrink in 2024 after cutting forecast

Expensive senior bankers to bear brunt of HSBC restructuring

The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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