FT News Briefing Business sends Biden a message, Vestager warns against patchwork tech regulation across Europe
Jan 21, 2021
Corporate leaders are gearing up for a showdown with the Biden administration over proposed tax hikes and regulations. Meanwhile, big U.S. banks are celebrating strong profits, fueled by a trading boom. On the tech front, Margrethe Vestager warns that Big Tech must adapt or face a complex web of regulations in Europe. The discussion also dives into how economic recovery is reshaping strategies, with some banks thriving while others tread carefully in uncertain waters.
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Business Pushback on Biden Proposals
- Businesses will likely oppose the Biden administration's proposed corporate tax increases and tighter regulations.
- Another point of contention will be the proposed increase in the minimum wage.
EU's Landmark Tech Regulation
- The EU aims to create unified tech regulations with the Digital Markets Act and Digital Services Act.
- This aims to foster innovation and protect consumers while avoiding fragmented national laws.
EU Innovation and Tech Regulation
- Some criticize the EU's tech regulations as being driven by a lack of innovation.
- However, Europe is innovative, holding numerous patents and being a target for US tech acquisitions.