Money
US Senators target Apple and Google app store monopolies with new bill
Yesterday, the US Senate introduced a bill to equalise the power tech giants including Apple and Google have over the app store market
Under the new bipartisan Open App Markets Act, app stores will no longer be able to force developers to use their store’s payment systems.
The bill will prohibit major players in the tech field like Apple and Google from punishing developers for offering lower prices on a seperate app store. It also will ban the tech giants from preventing developers to offer their own payment systems.
The bill would also make it unlawful for the tech giants to use non-public data from their app stores to create competing products against companies who are using their service.
Senators Richard Blumenthal, Marsha Blackburn, and Amy Klobuchar introduced the bill to congress yesterday
The senators who introduced the bill said that it will give mobile users more control over their own devices.
“For years, Apple and Google have squashed competitors and kept consumers in the dark; pocketing hefty windfalls while acting as supposedly benevolent gatekeepers of this multi-billion dollar market,” Blumenthal said in a statement Wednesday.
“This bipartisan bill will help break these tech giants’ ironclad grip, open the app economy to new competitors.”
Senator Richard Blumenthal
Apple released a statement in response to the bill yesterday saying, “The App Store is the cornerstone of our work to connect developers and customers in a way that is safe and trustworthy.”
“Our focus is on maintaining an App Store where people can have confidence that every app must meet our rigorous guidelines and their privacy and security is protected.”
Apple VS. Epic Games
This comes after a long dispute between Apple and Epic Games. Epic Games, the maker of Fortnite, accused Apple of using its control over the app store market to breach free market laws. Specifically, those forbidding the misuse of market power.
The Coalition for App Fairness said, “We have worked toward creating a fairer and more competitive app marketplace for both developers and consumers”.
“The bipartisan Open App Markets Act is a step towards holding big tech companies accountable for practices that stifle competition for developers in the U.S. and around the world”.
Money
RBA rate shock: ASX200, Gold and Crypto market
RBA’s interest rate shift impacts ASX200, AUD; gold/silver rebound analyzed amidst upcoming economic data and crypto market navigation.
RBA’s interest rate shift impacts ASX200, AUD; gold/silver rebound analyzed amidst upcoming economic data and crypto market navigation.
The RBA’s latest interest rate decision has sent ripples through the ASX200 and AUD, leaving investors weighing what comes next. We break down how these changes could affect global equities ahead of this week’s crucial non-farm payroll and consumer price index releases.
Zoran Kresovic from Blueberry Markets shares his analysis on the rebound in gold and silver after recent market turbulence, and what factors could drive further gains or sell-offs in the commodities market.
We also dive into the current state of cryptocurrencies, exploring how investors can navigate volatility and what to watch as economic data continues to shape market sentiment.
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#RBA #ASX200 #GoldMarket #SilverRebound #CryptoUpdate #InvestingTips #MarketVolatility #EconomicOutlook
Money
Dow hits record while tech stocks drive market gains
S&P 500 rose 0.7% with Nvidia and Broadcom driving gains; investors await delayed January jobs and inflation reports.
S&P 500 rose 0.7% with Nvidia and Broadcom driving gains; investors await delayed January jobs and inflation reports.
The S&P 500 rose 0.7% on Monday, powered by gains in technology stocks, while the Dow Jones Industrial Average hit new heights. Investors are eagerly awaiting crucial economic reports this week.
Nvidia and Broadcom were among the standout performers, climbing 3% and 4% respectively, continuing the momentum from the previous session. The market rebound comes after significant losses earlier last week, with the Dow exceeding 50,000 for the first time ever on Friday.
Investors now turn their attention to the delayed January jobs report from the Bureau of Labor Statistics, due Wednesday, and the consumer price index for January, expected Friday with a 2.5% annual rise.
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Money
Tech stocks slide as investors rotate into small-cap and value plays
Nasdaq drops 1.84% amid turbulent week; investors pivot to cyclical and value sectors from high-growth tech.
Nasdaq drops 1.84% amid turbulent week; investors pivot to cyclical and value sectors from high-growth tech.
U.S. equity markets wrapped up a turbulent week with mixed results. The Nasdaq Composite fell 1.84%, marking its worst week for large-cap technology stocks since November, while the S&P 500 remained largely unchanged. Investors are weighing concerns about artificial intelligence and potential overinvestment in high-growth areas.
Meanwhile, smaller-cap and value-oriented stocks continued to add to their year-to-date gains. Market participants rotated into cyclical sectors that had lagged, reflecting a shift in investor sentiment and appetite for risk outside the traditional tech heavyweights.
Analysts say this rotation highlights the broader market’s evolving dynamics, as growth concerns collide with opportunities in underappreciated areas. Stay tuned for further developments as the market digests these trends.
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