One of the most profound aspects of Europes new Digital Markets Act is that its the first antitrust law to try to ward off future abuses by Big Tech, rather than limiting enforcers to punishing companies for abuses that theyve already perpetrated.<\/p>\n
Identifying potential miscreants and giving them clear ground rules, with swift comeback when those rules are broken, is an approach born of the frustrations that regulators have experienced when scrambling to keep up with the sectors move-fast-and-break-things approach. And now Indiathe worlds most populous nationmay take much the same approach thanks to a recently proposed government bill. <\/p>\n
Big Tech, understandably, doesnt want this to happen. Reuters today reported on a letter sent by the U.S.-India Business Council to the Indian government, arguing that targeted companies are likely to reduce investment in India, pass on increased prices for digital services, and reduce the range of services in the country, should the Indian Digital Competition Bill come to pass. <\/p>\n
A government panel proposed the bill in March and the consultation period just closed; the U.S.-India Business Council, whose board includes representatives of Google and Meta, submitted its comments at the last moment. Like the EU law, the Indian proposal would see Big Tech firms face fines of up to 10% of global annual revenue for sins like using personal data from one of the companys services in another, or self-preferencing ones own services in search results. Apple would be forced to allow third-party app stores in India, like its had to do in Europe. <\/p>\n
The council isnt the only lobbying group to come out swinging for the likes of Google, Apple, and Amazon. The Information Technology & Innovation Foundation (ITIF), a U.S. think tank thats funded by Big Tech and reliably speaks out in its interests, also responded to the Indian consultation with arguments against the new billthis time in publicly released comments, unlike those submitted by the U.S.-India Business Council. <\/p>\n
ITIFs take was that switching to so-called ex-ante (i.e. before the event) antitrust regulation could only be justified when the market has failed, and market failure does not appear to exist in Indias digital markets. The think tank also warned of deleterious effects on innovation that could stifle Indias economic aspirations. <\/p>\n
However, Indian startups have quite a different take, with dozens coming out in support of the bill. We see it as a catalyst for creating a fairer and more competitive digital ecosystem in the country, one that allows startups to thrive, they told the government. <\/p>\n
Its not clear what the Indian government will do next, now that the responses to its consultation are in, but if it pushes ahead with the bill, that will be a major endorsement of the new European approach to regulating Big Tech. And as for the levels of the fines that could be involved, up to 10% of global revenue is bad enough if youre receiving such a fine in one place, but extremely damaging if different countries join in the fun. <\/p>\n
More news below. <\/p>\n
David Meyer <\/p>\n
Want to send thoughts or suggestions toData Sheet?Drop a linehere. <\/p>\n
OpenAI safety. Following a string of high-profile departures by employees who were concerned about OpenAIs rush to release potentially unsafe AI technologies, and the companys disbanding of its internal safety team, OpenAI has set up a board committee to evaluate safety and security, Bloomberg reports. CEO Sam Altman is on the committee, as are board members Bret Taylor, Adam DAngelo, and Nicole Seligman. Meanwhile, TechCrunch reports that EU privacy regulators remain undecided about OpenAIs compliance with European data-protection law. <\/p>\n
Social media dictators. Maria Ressa, the Nobel Peace Prize-winning American-Filipina journalist, has accused Mark Zuckerberg and Elon Musk of being the largest dictators in the way they run their social networks. According to the Guardian, Ressa said people around the world are all being manipulated the same way by platforms such as Facebook and X. She recommended shielding kids from social media, and overturning U.S. legislation that shields platforms from lawsuits over user-generated content. <\/p>\n
Christies cyberattack. A group called RansomHub is threatening to soon publish the personal information of wealthy clients of the auction house Christies, from which it claims to have taken the data. As Bloomberg reports, Christies admits that some client information was taken in an attack earlier this monthwhich took the art-world titans website offline for 10 daysbut says theres no evidence of financial or transactional records having been purloined. <\/p>\n
The year-on-year increase in iPhone shipments in China last month, indicating a reversal of fortunes after Apples dismal start to the year in that country. <\/p>\n
Beijing answers Bidens CHIPS Act with the $47.5 billion Big Fund IIIChinas largest-ever semiconductor investment fund, by Bloomberg <\/p>\n
Tesla shareholders should reject Elon Musks excessive pay package, proxy advisor says, noting extraordinarily time-consuming projects unrelated to EV maker, by Bloomberg <\/p>\n
Elon Musks xAI raises $6 billion from Sequoia, Andreessen, and Saudi royals as it hails significant strides in AI research, by the Associated Press <\/p>\n
Top VC Kai-Fu Lee says his prediction that AI will displace 50% of jobs by 2027 is uncannily accurate, by Jason Ma <\/p>\n
T-Mobile will buy almost all of U.S Cellular in $4.4 billion deal, by the Associated Press <\/p>\n
Families of slain Uvalde victims sue Meta, Call of Duty maker, and gun manufacturer: This three-headed monster knowingly exposed him to the weapon, by the Associated Press <\/p>\n
The legal team that Twitter built. The New York Times has a lovely article on New York lawyer Akiva Cohen and the legal team he assembled on the basis of their hilarious and astute legal tweeting. They bonded while piling into the dubious defamation claims made by the lawyer of a voiceover artista moment on Twitter that came to be known as Threadnoughtand now work together at Cohens law firm. What's more, the team is taking on X owner Elon Musk by representing over 200 former Twitter employees who didnt get the severance they were owed. <\/p>\n
<\/p>\n
See the rest here:<\/p>\n
Big Tech's lobbyists sound alarm over Indian antitrust reform - Fortune<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" One of the most profound aspects of Europes new Digital Markets Act is that its the first antitrust law to try to ward off future abuses by Big Tech, rather than limiting enforcers to punishing companies for abuses that theyve already perpetrated. Identifying potential miscreants and giving them clear ground rules, with swift comeback when those rules are broken, is an approach born of the frustrations that regulators have experienced when scrambling to keep up with the sectors move-fast-and-break-things approach. Continue reading