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Apple, Google, Amazon, and Facebook’s chief executive officers faced Republican and Democratic U.S. lawmakers on Wednesday for the much-anticipated congressional hearing. The CEOs were questioned for alleged abuse of their market power that kept their enterprises unbeaten.
Democratic lawmakers criticized the CEOs for buying startup companies and using their data to clone and kill off competitors while Republicans questioned their social media platforms for data privacy.
The U.S. House of Representatives’ Antitrust Panel Chairman David Cicilline said that the four CEOs had acknowledged the concerning behavior.
“As gatekeepers to the digital economy, these platforms enjoy the power to pick winners and losers, shake down small businesses, and enrich themselves while choking off competitors. Our founders would not bow before a king. Nor should we bow before the emperors of the online economy,” David Cicilline incited.
It was the first time since the four CEOs have appeared together in front of the U.S. lawmakers.
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
Wall Street recorded a sharp decline on Thursday. This followed after investors fled market-leading technology shares due to mixed earnings reports and pieces of evidence of a worsening virus crisis, increasing the possibility of a sharp ...
The euro steadied at four-month highs on the dollar after investors pinned hopes on the EU economic rescue fund as European leaders are expected to break a deadlock and agree on a deal. EU leaders had differing stands on the proposed 750 billion ...
Asian markets are poised to start with a firmer tone on Friday, disregarding an overnight decline in U.S. stocks. The decline was mainly from the United States’ move of debating new economic stimulus in a bid to salvage the virus-beaten ...
The U.S stocks increased on Wednesday and large technology companies lifted Nasdaq to another record close as investors continued to shrug off higher numbers of coronavirus cases in the United States. The Nasdaq Composite Index, led by Amazon.com ...
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