FT News Briefing Big tech hearings, Qualcomm-Huawei deal, 1MDB scandal
Jul 30, 2020
American lawmakers confront tech giants over allegations of unfair competition, raising crucial questions about Big Tech's power. Qualcomm's stock hits a high after securing a deal with Huawei, fueling excitement in the chip market. Meanwhile, the Federal Reserve warns of a potential dollar shortage, impacting global economics. Insights reveal how Goldman Sachs navigated the tumultuous 1MDB scandal with minimal repercussions. This engaging discussion uncovers the intersection of technology, finance, and regulatory scrutiny.
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Congressional Grilling
- Lawmakers questioned Big Tech CEOs about anti-competitive practices.
- Some questions were broad, like Facebook's acquisition of Instagram, while others were specific, like why campaign emails weren't reaching Gmail inboxes.
Bezos' Testimony
- Jeff Bezos appeared uncomfortable during questioning, particularly about Amazon's use of third-party seller data.
- He struggled to give direct answers and frequently stated he didn't recall information.
Antitrust Laws
- Existing antitrust laws might be sufficient to address some concerns raised during the hearing.
- Facebook's acquisition of Instagram, motivated by fear of competition, could be a prime example.