Business

Google Fined A$55 Million in Australia Over Anti-Competitive Deals With Telcos

Published

8 months ago

August 18, 2025

Google has agreed to pay a A$55 million ($35.8 million) fine in Australia after the country’s competition regulator found the tech giant struck exclusive deals with two major telecommunications companies that harmed rival search engines.

The Australian Competition and Consumer Commission (ACCC) announced Monday that between late 2019 and early 2021, Google entered into agreements with Telstra and Optus to have its search application pre-installed as the default option on Android devices. In exchange, Google shared advertising revenue with the telcos, effectively sidelining competitors.

The ACCC said the arrangement significantly reduced opportunities for rival search providers to reach Australian consumers. “Today’s outcome created the potential for millions of Australians to have greater search choice in the future, and for competing search providers to gain meaningful exposure,” ACCC Chair Gina Cass-Gottlieb said.

Google admitted the conduct had a substantial impact on competition and agreed to the fine, which was jointly submitted with the ACCC to the Federal Court. The court will now determine whether the penalty is appropriate. The regulator said the company’s cooperation helped avoid a protracted legal battle.

The case highlights growing scrutiny of Google in Australia. Just last week, the Federal Court largely sided against the company in a lawsuit filed by Fortnite maker Epic Games, which accused Google and Apple of blocking rival app stores from operating on their platforms. Meanwhile, YouTube, also owned by Google, was added last month to a government ban on social media platforms admitting users under 16, reversing an earlier exemption.

In a statement, Google said it was “pleased to resolve” the matter with the ACCC, noting that the provisions in question had not been part of its commercial agreements for several years. “We are committed to providing Android device makers more flexibility to pre-load browsers and search apps, while preserving the offerings and features that help them innovate, compete with Apple, and keep costs low,” a Google spokesperson said.

Telstra and Optus, which is owned by Singapore Telecommunications, said they had fully cooperated with the regulator and confirmed they would not sign similar agreements with Google to pre-install its search engine from 2024 onward.

The A$55 million fine adds to Google’s mounting regulatory challenges worldwide, where authorities continue to scrutinize its market dominance in online search, digital advertising, and app distribution. For Australia, regulators say the ruling marks an important step toward ensuring consumers have genuine choice in how they access the internet on their devices.

Business

Global Markets Hold Steady as US-Iran Talks Uncertainty Looms

Published

4 days ago

April 21, 2026

Web Reporter

European markets traded in a narrow range on Tuesday while Asian indices posted gains and oil prices edged higher, as investors kept a close watch on possible negotiations between the United States and Iran ahead of the expiry of a fragile ceasefire.

The current truce is set to end within 48 hours, adding to uncertainty across global financial markets. The Strait of Hormuz remains closed, disrupting a key route for global oil shipments and contributing to volatility in energy prices.

Oil markets showed modest gains. US benchmark crude rose about 8.5% from last week’s low to around $86.3 a barrel, while Brent crude climbed roughly 9.5% to near $94.5. The increases reflect ongoing concerns about supply disruptions, even as traders hope diplomatic efforts could stabilise the situation.

In Europe, major indices including the Euro Stoxx 50 and the Stoxx 600 were largely unchanged, moving within a tight range of around 0.2%. National benchmarks such as the FTSE 100, DAX 30, CAC 40 and FTSE MIB also showed little movement.

Asian markets, however, recorded stronger performances, supported by cautious optimism that talks could prevent further escalation. On United States futures markets, Wall Street indicators remained stable, with contracts tied to the S&P 500 and the tech-heavy Nasdaq Composite fluctuating within a narrow margin.

Diplomatic efforts are underway, with US representatives including Steve Witkoff and Jared Kushner travelling to Islamabad to pursue a possible agreement. However, there has been no confirmed progress so far.

Donald Trump has expressed confidence that a new deal could surpass the Joint Comprehensive Plan of Action negotiated under former president Barack Obama. Iranian officials have struck a more cautious tone, with parliament speaker Mohammad Bagher Ghalibaf stating that Tehran would not negotiate under pressure and warning of potential escalation.

Away from geopolitics, corporate developments in the UK also drew attention. Associated British Foods is expected to announce the outcome of a strategic review into a possible separation of its retail arm Primark from its food business. The review, conducted with advisers from Rothschild & Co, is assessing whether a split could improve long-term shareholder value.

The company has faced challenging trading conditions, warning earlier this year of flat sales and declining profits. Rising costs and the broader impact of tensions in the Middle East, including potential increases in petrochemical prices, have added pressure.

With the ceasefire deadline approaching and negotiations still uncertain, markets remain highly sensitive to any developments, balancing hopes for diplomacy against the risk of further disruption.

Business

Oil Prices Surge as Hormuz Tensions Shake Global Markets

Published

5 days ago

April 20, 2026

Web Reporter

Oil prices jumped sharply on Monday while European stock markets slipped, as renewed tensions between the United States and Iran disrupted shipping through the Strait of Hormuz, a key route for global energy supplies.

Benchmark US crude rose 5.6 percent to $87.20 a barrel, while Brent crude climbed 5.3 percent to $95.16. The gains came after Iran reversed a brief decision to reopen the strategic waterway, and Donald Trump confirmed that a US naval blockade on Iranian ports would remain in place.

The renewed uncertainty weighed on European equities. The FTSE 100 fell 0.4 percent, while France’s CAC 40 dropped 1.1 percent and Germany’s DAX declined 1.3 percent. Italy’s FTSE MIB also traded lower, down 1.2 percent.

In contrast, Asian markets showed resilience despite the rising geopolitical risks. Japan’s Nikkei 225 gained 1 percent, South Korea’s Kospi rose 1.1 percent, and Hong Kong’s Hang Seng Index added 0.8 percent. Mainland China’s Shanghai Composite and Taiwan’s Taiex also posted gains.

Market analysts pointed to growing unease among investors. Stephen Innes of SPI Asset Management said recent stock market gains appeared to be driven more by momentum than confidence, warning that expectations may have run ahead of reality.

The latest developments mark a sharp reversal from Friday, when oil prices dropped and US markets rallied after Iran signaled the strait would remain open. The S&P 500 reached a record high, while the Dow Jones Industrial Average and Nasdaq Composite also posted strong gains, buoyed by hopes of easing tensions.

However, optimism faded after Washington reaffirmed its blockade policy. Trump said the restrictions would stay in place until a broader agreement is reached, although he indicated that negotiations were progressing. He also reported that US forces had seized an Iranian-flagged cargo vessel accused of attempting to bypass the blockade, prompting Tehran to condemn the move and warn of a response.

The standoff has raised concerns about global energy supplies, as roughly one-fifth of the world’s oil passes through the Strait of Hormuz. Any prolonged disruption could push fuel prices higher and increase costs across industries.

A fragile two-week ceasefire between the two countries is due to expire later this week, adding to uncertainty in financial markets. Since the conflict began, investor sentiment has swung between optimism over a diplomatic breakthrough and fears of a wider economic impact.

Currency markets showed modest movement, with the US dollar edging higher against the Japanese yen, while the euro also posted slight gains against the dollar.

Investors are now closely watching developments in the Gulf, as the direction of oil flows and diplomatic talks continues to shape global market trends.

Business

IMF Outlook Sees Rising European Incomes by 2030 but Few Changes in Rankings

Published

6 days ago

April 19, 2026

Web Reporter

New projections from the International Monetary Fund suggest that income levels across Europe are set to rise steadily by 2030, though the relative positions of countries are expected to remain largely unchanged.

Gross domestic product per capita, a key measure of economic performance, is forecast to increase in most European economies. However, analysts note that rising figures across the board mean that rankings between countries shift only slightly, offering a more stable picture of economic standing.

Among 41 European nations assessed, Ireland is projected to take the top spot in purchasing power terms by 2030, overtaking Luxembourg, which currently leads. The figures reflect adjustments for price differences, giving a clearer view of real spending power.

Economists caution that Ireland’s strong showing is influenced by the presence of multinational companies, which can inflate economic output figures. Alternative measures such as gross national income often present a more balanced view of domestic activity.

Behind Ireland and Luxembourg, countries including Norway, Switzerland and Denmark are expected to maintain their positions among the wealthiest nations in Europe, with relatively limited movement over the forecast period.

Among the continent’s largest economies, Germany is projected to rank highest, followed by France and the United Kingdom. Italy and Spain are expected to remain further down the list, reflecting ongoing differences in productivity and income levels.

At the lower end of the rankings, several European Union candidate countries, including Ukraine, Kosovo and Moldova, are forecast to remain among the least affluent. Turkey stands out as an exception, expected to rank above some EU members by 2030.

The projections show limited changes in positioning, with most countries expected to move only a few places, if at all. Cyprus is among those likely to see a modest rise, while Greece could experience a slight decline.

Differences between nominal income and purchasing power also highlight contrasts within the region. Countries such as Poland and Romania perform better when adjusted for living costs, while others including Iceland and the UK appear less strong on that basis.

The overall picture points to continued economic growth across Europe, but also persistent gaps between richer northern and western nations and those in eastern and candidate regions. Even by 2030, the divide in living standards is expected to remain a defining feature of the European economic landscape.