Business this week

business federal judge ftc facebook
Middle East
  • Date: 01-Jul-2021
  • Source: The Economist
  • Sector: Transport
  • Country: Middle East
  • Who else needs to know?

Business this week

In America a federal judge dismissed two antitrust cases against Facebook brought by the Federal Trade Commission and by a group of state attorneys general. The latter was thrown out on a technicality. The FTC’S case claimed that the tech giant was abusing its market power in social networking and using it to crush smaller rivals. But the judge found that the FTC failed to provide enough evidence to prove that Facebook is a monopoly. The company’s share price jumped 4% on the news.

Separately, Amazon filed a petition to try to force Lina Khan, the new chair of the FTC, to recuse herself . It argued that she had “already made up her mind” that the company was a threat to competition.

Microsoft and Google ended a truce in which they had agreed not to litigate or complain about each other to regulators without trying to resolve the disagreements first. The deal was struck in 2015 by two then-new bosses who wanted a fresh start to a fraught relationship.

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