US to impose 15% reciprocal and auto tariffs on South Korean exports
U.S. Commerce Secretary Howard Lutnick confirmed that South Korea’s reciprocal and auto tariff rate will be set at 15%, averting a steeper 25% levy ...
Australia proposed a law on Monday that could impose fines of up to A$50 million ($33 million) on global technology companies if they suppress competition and prevent consumers from switching between services.
The centre-left Labor government has targeted Big Tech's influence, and parliament passed a law last week that banned social media for children aged under 16.
The proposed law would empower Australia's competition regulator to oversee compliance, investigate anti-competitive practices online and fine companies, Assistant Treasurer Stephen Jones said in excerpts of a speech due later on Monday.
"The digital economy challenges our current legal framework," Jones will in the speech viewed by Reuters at the public policy research McKell Institute in Sydney.
"The dominant platforms can charge higher costs, reduce choice, and use sneaky tactics to lock consumers into using certain products. Innovation outside of the established players becomes almost impossible."
Apple, Google and Meta, which dominate app downloads and ad revenues, did not immediately respond when approached for comment on the proposed law.
The consultation process is scheduled to end on Feb. 14 and more discussions will be done to prepare the draft legislation.
The planned law, similar to the European Union's Digital Markets Act legislation, could make it easier for people to move among competing services, such as social media platforms, internet browsers and app stores.
Based on advice from the Australian Competition and Consumer Commission, the government can pick platforms that pose the greatest risk of hurting competition.
"Initially, we will look to prioritise app marketplaces and ad tech services for service-specific obligations," Jones will say.
These specific obligations would restrict companies from pushing their apps with low user ratings to the top of their search list and prevent providing favourable treatment to their own services, compared with third parties.
A competition commission report on digital platform services in 2022 showed Google controlled 93% to 95% of online search services in Australia, while Apple's App Store accounted for about 60% of app downloads and Google Play Store 40%.
Meta Platforms' Facebook and Instagram together supplied 79% of social media services in the country.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
'Superman' continued to dominate the summer box office, pulling in another $57.25 million in its second weekend, as theatres welcome a wave of blockbuster competition following a challenging few years for the film industry.
U.S. Commerce Secretary Howard Lutnick confirmed that South Korea’s reciprocal and auto tariff rate will be set at 15%, averting a steeper 25% levy ahead of the 1 August deadline.
Microsoft expects to invest about $30 billion in capital expenditures this quarter, part of an overall record of more than $80 billion planned for fiscal 2025, as its AI-powered cloud services continue to accelerate revenue and market value.
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The United States and Israel have criticised Canada’s announcement that it will recognise the State of Palestine at the UN General Assembly in September, warning the move rewards Hamas and undermines peace efforts.
Canadian Prime Minister Mark Carney announced that Canada plans to recognise the State of Palestine at the 80th United Nations General Assembly in September 2025, aligning with France and other nations advocating for Palestinian statehood.
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