Business
Google may be forced to make changes to search engine in UK
Google may have to make changes in the UK so people have more choice over which search engine they use, following a landmark decision from the regulator.
The Competition and Markets Authority (CMA) has designated Google with “strategic market status” under a law which came into force in January.
The decision does not mean the regulator has found wrongdoing at this stage.
Instead, it opens the door to what it called “proportionate, targeted interventions” to ensure the market is competitive.
Google has warned against any measures which its says might “inhibit UK innovation and growth.”
The CMA said it expected to begin a consultation on what changes might be introduced later in 2025.
In response to the announcement, Google has attempted to emphasise what it sees as the advantages of the regulatory status quo.
“UK businesses and consumers have been amongst the first to benefit from Google’s innovations, often months before their European counterparts,” Google’s competition boss Oliver Bethell wrote in a blog post.
“As a result, they see significant value: Google Search contributes billions of pounds a year to the UK economy — £118 billion in 2023 alone.
“Many of the ideas for interventions that have been raised in this process would inhibit UK innovation and growth, potentially slowing product launches at a time of profound AI-based innovation.”
The CMA said Google’s market dominance was unquestionable.
“We have found that Google maintains a strategic position in the search and search advertising sector – with more than 90% of searches in the UK taking place on its platform,” CMA digital markets boss Will Hayter said.
“Having taken into account the feedback received following our proposed decision, we have today designated Google’s search services with strategic market status.”
The CMA previously unveiled what it called a “roadmap” of potential measures it could take if Google was found to have significant market status.
It said it could potentially force the tech giant to include “choice screens” which would let users see alternative search providers, as well as giving publishers more control over how their content was used.
It also included what it called “fair principles” for how websites are ranked in search results, and an “effective complaints process” for businesses unhappy about their listing.
The move has been well-received by consumer groups, with Which? policy boss Rocio Concha calling it “an important step”.
“The CMA’s careful evidence gathering makes a compelling argument,” she said.
“Online search is evolving as GenAI tools become more widely used, but the CMA must still act to tackle the harmful dominance Google has now.”
This is not the only regulatory action the tech giant is facing, as countries around the world consider whether it has become too dominant.
In the US on Monday, the Supreme Court decided not to intervene in a judge’s order which required sweeping changes to be made to the Google Play Store.
But the tech firm won a battle in the same jurisdiction over long-running fears it may have had to sell Chrome or Android.
It was handed a €2.95bn (£2.5bn) fine by the EU in September, for allegedly abusing its power in the ad tech sector – the technology which determines which adverts should be placed online and where.
Business
Saudi Oil Supply Assurance Lifts Pakistan Stock Market – SUCH TV
KARACHI: The Pakistan Stock Exchange rallied on Thursday after Saudi Arabia assured Pakistan of facilitating crude oil shipments through the Red Sea port of Yanbu Port, easing concerns over potential fuel supply disruptions.
The benchmark KSE-100 Index climbed sharply during the trading session, rising 4,439.93 points (2.85%) to reach an intraday high of 160,217.14 points.
Market Recovery
Analysts attributed the market rebound to renewed institutional buying and improving investor sentiment after Saudi assurances on oil supplies.
Market expert Ahsan Mehanti, CEO of Arif Habib Commodities, said easing fuel supply concerns played a key role in the recovery.
He added that rising global crude prices, expectations of a new International Monetary Fund loan tranche for Pakistan, and positive economic indicators also boosted investor confidence.
Alternative Oil Route
Pakistan sought an alternative supply route after Iran announced the closure of the Strait of Hormuz, a crucial global oil transit corridor.
Federal Petroleum Minister Ali Pervaiz Malik held talks with Nawaf bin Said Al-Malki, requesting Saudi support for uninterrupted energy supplies.
Saudi authorities reportedly assured Pakistan that oil shipments could be routed through Yanbu, and one crude vessel has already been prepared for dispatch.
Global Oil Market Impact
Oil prices continued to rise amid tensions in the Middle East conflict involving Iran, Israel and the United States.
Brent crude: up 3.26% to $83.99 per barrel
West Texas Intermediate (WTI): up 3.70% to $77.42 per barrel
Energy markets remain volatile as shipping disruptions threaten supply through the Strait of Hormuz, a route that handles nearly 20% of global oil trade.
Analysts say the Saudi assurance helped calm fears about Pakistan’s energy supply chain, contributing to the strong recovery at the PSX.
Business
Asian stocks today: Markets inch higher mirroring Wall Street gains; Kospi jumps 10%, Nikkei up 1,400 points – The Times of India
Asian stocks inched higher on Thursday, after days of trading in red amid ongoing Middle East tensions. This comes as equities were lifted by a rebound on Wall Street as oil prices paused their recent spike and economic updates painted a more positive picture of the American economy. In South Korea, Kospi hit a pause on its downward rally to add a whopping 10% or 513 points, to reach 5,606. Japan’s Nikkei 225 also climbed 2.7% to 55,713. Hong Kong’s HSI also traded in green, rising 353 points to 25,603 as of 9:10 am. Shanghai and Shenzhen added 0.9% and 1.7% respectively. Gains elsewhere in the region were more modest. Australia’s S&P/ASX 200 added 0.3% to 8,927.20, while New Zealand’s benchmark index moved 0.9% higher. In contrast, US futures indicated a subdued start ahead. Futures linked to the Dow Jones Industrial Average were almost unchanged, while S&P 500 futures ticked up 0.2%. The S&P 500 advanced 0.8% on Wednesday, clawing back much of the decline seen since the onset of the Iran conflict. The Dow Jones Industrial Average rose 0.5%, and the Nasdaq Composite outperformed with a 1.3% gain. Globally, market sentiment has remained sensitive to developments in the Middle East, with oil price swings continuing to steer trading direction. Crude prices eased during Wednesday’s session. Brent crude briefly moved above $84 a barrel before settling at $81.40, roughly matching the previous day’s level. US benchmark crude edged up 0.1% to finish at $74.66 per barrel. By early Thursday, however, oil was on the rise again. Brent crude climbed 2.4% to $83.32 per barrel, while U.S. benchmark crude jumped 2.5% to $76.53 per barrel.
Business
China sets lowest economic growth target since 1991
It is also the first time the target has been lowered since it was cut to “around 5%” in 2023.
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