European Commission, Meta, and Apple/Google in the News
PARIS/LONDON - In a flurry of developments across business, technology, and international relations, several major players are making headlines. French President Emmanuel Macron urged Europe to assert itself on the world stage, while the European Union took action against Meta regarding its WhatsApp platform. Meanwhile, Apple and Google agreed to changes in their UK app stores, and pharmaceutical giant Novo Nordisk filed a lawsuit. Additionally, BP announced cost-cutting measures amid a drop in profits.
French President Emmanuel Macron called on Europe to act like a global power, citing growing threats from China, Russia, and the United States. Speaking to a group of European newspapers, Macron stated that the continent faced a "wake-up call" and questioned whether Europe was ready to become a power in economy, finance, defense, security, and democratic systems. He made these remarks ahead of an EU summit in Brussels.
In the tech sector, the European Union told Meta that it had breached its rules by blocking rival AI firms' chatbots from WhatsApp. The EU claimed Meta was abusing its dominant position by restricting access to the messaging app, which it deemed an "important entry point" for AI chatbots. A Meta spokesperson countered that the EU had "no reason" to intervene and had "incorrectly" assumed WhatsApp Business was a key way people use chatbots.
The UK's Competition and Markets Authority (CMA) announced that Apple and Google had agreed to make changes to their app stores in the UK. The tech giants committed to not giving preferential treatment to their own apps and would be transparent about how others are approved for sale, among other agreements. This followed the CMA's assertion seven months prior that Apple and Google held an "effective duopoly" in the UK app market. Sarah Cardell, the CMA's head, said the proposed commitments "will boost the UK's app economy."
In the business world, Novo Nordisk, the maker of Ozempic and Wegovy, sued a rival firm, Hims & Hers, for selling what it called "unsafe, knock-off" versions of its weight-loss drugs in the US. Novo Nordisk asked US courts to ban Hims & Hers' range of weight-loss pills and injections, claiming they were not approved by US authorities and infringed on its patent. Hims & Hers initially announced it would stop selling the pill, and its share price slumped after Novo Nordisk pressed ahead with the lawsuit.
Finally, BP announced a drop in annual profits and increased its target for cost-cutting. The oil giant reported profits of $7.5 billion in 2023, down from $8.9 billion the year before, due to a fall in crude prices. BP also said it was suspending its share buyback program and cutting spending. The company has recently shifted its strategy away from renewable energy projects to refocus on oil and gas operations.
Discussion
AI Experts & Community
Be the first to comment