BRUSSELS, Oct 17 (Reuters) – More than 40 European rivals to Google’s shopping service urged EU antitrust regulators on Monday to use newly adopted tech rules to ensure the Alphabet unit complies with a 2017 EU order to allow more competition on its search page.
The European Commission fined Google 2.4 billion euros ($2.33 billion) five years ago and told the firm to stop favouring its shopping service.
The company subsequently said it would treat its own shopping service the same as competitors when they bid in an auction for adverts in the shopping box that appears at the top of a search page.
Full coverage: REUTERS
Apple Freezes Plans To Use China’s YMTC Chips – Nikkei
Oct 17 (Reuters) – U.S. tech giant Apple Inc (AAPL.O) has put on hold plans to use memory chips from China’s Yangtze Memory Technologies Co (YMTC) in its products, after Washington imposed tighter export controls against Chinese technology companies, the Nikkei reported on Monday.
Apple had originally planned to start using state-funded YMTC’s NAND flash memory chips as early as this year, Nikkei said, citing people familiar with the matter. The chips were initially planned to be used only for iPhones sold in the Chinese market.
Full coverage: REUTERS
UK Finance Minister Seeks To Stem Bond Rout By Rushing Forward Tax Plan
LONDON, Oct 17 (Reuters) – New British finance minister Jeremy Hunt will announce tax and spending measures on Monday, two weeks earlier than scheduled, as he races to stem a dramatic loss of investor confidence in Prime Minister Liz Truss’s government.
Battling to rewrite Truss’s economic program since he replaced the fired Kwasi Kwarteng on Friday, Hunt is expected to make a statement around 11:00 a.m. (1000 GMT) to try to halt a bond market rout that has raged since the government set out vast unfunded tax cuts on Sept. 23.
Full coverage: REUTERS
Morning Bid: In Hunt We Truss
A look at the day ahead in European and global markets from Ankur Banerjee
It didn’t take long for Britain’s newest finance minister Jeremy Hunt (that’s four finance ministers in four months for those keeping track) to poke holes in Prime Minister Liz Truss’s fiscal plans.
While insisting Truss, who is fighting to keep her job, is indeed in charge, Hunt catalogued the mistakes made in the past few weeks and signaled that tighter spending controls and some tax rises are on the way.
Full coverage: REUTERS
Asia Shares Ease, Major Test Looms For UK Bonds
SYDNEY, Oct 17 (Reuters) – Asian share markets slipped on Monday following another drubbing for Wall Street as investors braced for a further drastic tightening in global financial conditions, with all the risks of recession that brings.
Concerns about financial stability added to the corrosive mix with all eyes on UK bonds, now that the Bank of England’s (BoE’s) emergency buying spree is over.
Prime Minister Liz Truss’ decision to fire her finance minister might help reassure investors, but her own fate is unclear with media reporting Tory lawmakers will try and replace her this week.
Full coverage: REUTERS
