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EU reassesses tech probes into Apple, Google and Meta

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EU reassesses tech probes into Apple, Google and Meta

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Brussels is reassessing its investigations of tech groups including Apple, Meta and Google, just as the US companies urge president-elect Donald Trump to intervene against what they characterise as overzealous EU enforcement.

The review, which could lead to the European Commission scaling back or changing the remit of the probes, will cover all cases launched since March last year under the EU’s digital markets regulations, according to two officials briefed on the move.

It comes as the Brussels body begins a new five-year term amid mounting pressure over its handling of the landmark cases and as Trump prepares to return to the White House next week.

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“It’s going to be a whole new ballgame with these tech oligarchs so close to Trump and using that to pressurise us,” said a senior EU diplomat briefed on the review. “So much is up in the air right now.”

All decisions and potential fines will be paused while the review is completed, but technical work on the cases will continue, the officials said.

While some of the investigations under review are at an early stage, others are more advanced. Charges in a probe into Google’s alleged favouring of its app store had been expected last year.

Two other EU officials said Brussels regulators were now waiting for political direction to take final decisions on the Google, Apple and Meta cases.

The review comes as EU lawmakers call for the commission to hold its nerve against US pressure, while Silicon Valley chiefs hail Trump’s return as the start of an era of lighter tech regulation.

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Mark Zuckerberg, Meta’s chief executive, on Friday called on the president-elect to stop Brussels fining US tech companies, complaining that EU regulators had forced them to pay “more than $30bn” in penalties over the past 20 years. 

Zuckerberg, who recently announced plans to abolish fact-checking on Facebook and Instagram — potentially running foul of EU rules — said he was confident the incoming Trump administration wanted to defend American interests abroad.

The implications of Trump’s presidency were a factor in the review, one of the officials said, while insisting his victory had not triggered it.

The commission said it remained “fully committed to the effective enforcement” of its rules. The ongoing cases were “not yet ready at technical level”, a commission spokesperson said, arguing that such investigations took time because of their complexity, novelty and the “need to ensure that commission decisions are legally robust”.

When asked about the FT’s report on Tuesday, the spokesperson said: “There is no such review taking place . . . What we do have are upcoming meetings to assess the general readiness of an investigation. No decision can be taken yet on any of these cases.”

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Before Trump’s victory, EU regulators had been pursuing aggressive action against the world’s biggest tech groups, passing a clutch of reforms aimed at opening markets and setting a regulatory framework for Big Tech.

Under the Digital Markets Act, a law seeking to curb the market abuse of big platforms, Brussels launched investigations last March into Apple, Google and Meta.

The commission has also come under pressure to use the full powers of the Digital Services Act, a set of rules aimed at policing content online, to curb the growing influence of tech billionaire Elon Musk in European affairs. 

In addition to the similar investigation of Google’s owner Alphabet, the commission has been looking at whether Apple favoured its own app store, as well as Facebook owner Meta’s use of personal data for advertisements.

Brussels is also consulting Apple’s rivals on the tech group’s proposals to make its iOS operating system compatible with connected devices.

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Denmark’s Margrethe Vestager and France’s Thierry Breton, both of whom took a tough line against US tech companies, stepped down from the commission in November.

“Priorities may be shifting,” said one. “The [digital rules] come from the previous commission.”

The commission’s chief spokesperson said on Tuesday: “There may be a political reality [in the US] that puts pressure on the technical work . . . we will be looking and assessing on the basis of concrete measures and actions from the new [Trump] administration.”

EU lawmakers have called for regulators to hold firm. Stephanie Yon-Courtin, an MEP who was involved in drafting the tech rules, said EU probes could not be sacrificed to avoid diplomatic fallout.

In a letter to Ursula von der Leyen, the commission president, Yon-Courtin said the DMA “cannot be taken hostage”.

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She added: “Please reassure me that your cabinet and yourself are fully supporting the effective implementation of the DMA, without further delay.”

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Palisades and Eaton Fires May Not Be Fully Extinguished for Weeks

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Palisades and Eaton Fires May Not Be Fully Extinguished for Weeks

It may take weeks or longer for firefighters to fully extinguish the two most destructive fires that have ravaged parts of the Los Angeles area, fire officials warned.

The sheer sizes of those blazes, the Palisades and Eaton fires, have presented a significant challenge. They have charred almost 40,000 acres combined and are still only partly contained.

Difficult weather conditions have also hindered efforts. David Acuna, a battalion chief with Cal Fire, said the persistence of strong winds, and the fact that fires were burning through homes, which can generate intense heat, made containment impossible when the blazes first ignited.

Crews have been trying to establish a boundary around the fires, using trenches, natural barriers and other methods to prevent further spread. But Capt. Erik Scott, a spokesman for the Los Angeles Fire Department, said, “It’s going to be a slow, arduous process.”

The emergence of smaller fires over the last week has further complicated efforts. Of particular concern was the Auto fire in Ventura County, northwest of Los Angeles, which grew to more than 50 acres before being contained. Officials worried about it breaking free again in windy conditions.

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These fires have required an immediate response from both air and ground crews to prevent them from growing, Mr. Acuna said, which diverts resources from the larger blazes.

Stopping the fires’ forward progress is only the first step. Firefighters must also extinguish all remaining flames inside the contained area.

Mr. Scott said this second part of the process would also take time. Among other steps, he said, firefighters need to use hand tools to scrape away brush near the burn perimeter and turn over smoldering piles to ensure nothing is hot enough to reignite.

These timelines are not unusual for large fires. In 2018, the Woolsey fire burned through nearly 100,000 acres in Los Angeles and Ventura counties, destroying over 1,600 structures. The fire ignited in early November and was not contained for two weeks. And it took until early January for the fire to be fully extinguished.

The Santa Ana winds that have repeatedly raised the fire danger over the last week have so far proven lighter than anticipated on Tuesday, but forecasters warn that wind speeds could increase on Wednesday. The region remains critically dry, with little rain expected in the near future. The combination of those elements is threatening to ignite more fires across Southern California, and could further hinder firefighters’ efforts.

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Erin McCann contributed reporting.

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Top BlackRock executive Mark Wiedman to depart

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Top BlackRock executive Mark Wiedman to depart

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Top BlackRock executive Mark Wiedman is departing, in a move that disrupts the asset manager’s planning for the eventual departure of founder Larry Fink, according to four people close to the company.

Wiedman had been widely discussed as a potential successor to Fink for more than a decade and had recently been one of the $11.5tn asset manager’s most prominent public faces as the head of its client business.

BlackRock’s board described him in as a regulatory filing last year as one of three “senior leaders who we believe will play critical roles in BlackRock’s future” as it granted him a special retention package.

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However, Wiedman, who led the integration and rapid growth of BlackRock’s flagship index and exchange traded fund business, has opted not to wait around. His departure is expected to be announced very shortly, the people said. He is forfeiting $8mn in stock options, according to the proxy.

Wiedman’s departure comes after the world’s largest asset manager embarked on a $28bn acquisition spree last year to bulk up its footprint in the fast-growing and lucrative alternative assets sector. The strategic moves not only put pressure on Fink, 72, to personally oversee their success, but also brought in a clutch of high-powered and high-paid executives who need to be carefully managed.

Fink, who has led BlackRock since its 1988 founding, is very popular with investors and is among the most influential figures in finance. But analysts and some within the firm have begun expressing concerns whether the slow pace of succession planning will drive the next generation of top talent to start going elsewhere. BlackRock president Rob Kapito, 67, is also a founder of the firm.

BlackRock declined to comment.

Wiedman is leaving almost exactly a year after Salim Ramji, another executive who was also once touted as a potential leader. Ramji became chief executive of Vanguard, BlackRock’s chief rival in the US and the world’s second-largest asset manager. Several other lower-ranking executives have also left in the past few years to take leadership jobs at smaller firms, including Daniel Gamba to Northern Trust and Zach Buchwald to Russell Investments.

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After Ramji left, the group touted its strong stable of current leaders, including Wiedman and two other executives who also received special option grants: chief operating officer Robert Goldstein and chief financial officer Martin Small.

“BlackRock is proud to have a record of our firm’s alumni going on to lead multiple investment management companies and financial institutions,” it has previously said.

A senior Wall Street figure with knowledge of the situation said “Larry [Fink] and Rob [Kapito] are not going anywhere. They just made a major acquisition and you have to see that through, [but] Wiedman is at an age where if he doesn’t make a move, he ages out of being a CEO.”

A lawyer by training, Wiedman joined BlackRock in 2004 after stints at the US Treasury and McKinsey. He started BlackRock’s financial markets advisory consulting arm, which helped central banks and government agencies dig through the rubble of the 2008 financial crisis.

Wiedman negotiated the 2009 purchase and integration of Barclays Global Investors, the deal widely seen as the most important in BlackRock’s history. He then headed up the resulting iShares business from 2011 to 2019 as it developed into a juggernaut in index and ETFs.

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Keenly interested in talent development, Wiedman recruited or promoted many of BlackRock’s top executives, including Small and Rachel Lord, who heads the international business.

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World News Live Today January 15, 2025: Donald Trump says to create new department to collect revenue from foreign sources on inauguration day

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World News Live Today January 15, 2025: Donald Trump says to create new department to collect revenue from foreign sources on inauguration day

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World News Live: Get real-time updates on international politics, economic changes, conflicts, and environmental issues. Access the latest breaking news and in-depth stories as they happen, keeping you informed of events shaping the world.

Latest news on January 15, 2025: Trump did not specify whether the new agency would replace collections of tariffs, duties, fees and fines by US Customs and Border Protection.

World News Live: Welcome to our World News live blog, your go-to source for instant updates on major events across the globe. Whether it’s political shifts, economic trends, environmental crises, or international conflicts, we deliver real-time reports to keep you informed and engaged with the latest global developments. Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.…Read More

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Jan 15, 2025 12:30 AM IST

US News Live : Donald Trump says to create new department to collect revenue from foreign sources on inauguration day

  • Donald Trump said in a social media post he would create the department on January 20, the day he takes office as president for a second term

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Jan 15, 2025 12:15 AM IST

US News Live : Speaker Johnson orders US Capitol flags raised to full height for Donald Trump’s inauguration

  • The Republican leader’s decision means that President-elect Donald Trump will not take the oath of office for his second term under a half-staff flag

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