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US Senators target Apple and Google app store monopolies with new bill

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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”.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Business

New York Stock Exchange in free fall

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Human error sends the New York Stock Exchange tumbling

We’ve all made mistakes at the office from time to time, but spare a thought for one worker who may have single-handedly brought down the New York Stock Exchange with just one tiny error.

The mistake of one employee has wiped billions of dollars off the charts for some of the globe’s largest companies.

The individual reportedly triggered wild swings and volatility on the New York Stock Exchange.

A number of big brand names were caught up in the catastrophe. It included McDonald’s, Walmart, and Mobil.

The NYSE eventually came clean. Officials admitted the“root cause” of the screw-up was a “manual error” from a staff member in the backup data centre.

The employee accidentally left the system running.

That’s why some stocks behaved as if trading had already started, with no opening prices being set, sending the market into a meltdown. #trending #featured

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Business

Toyota announce Koji Sato as new CEO

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He’s the grandson of the founder, and a true titan of the industry.

 
But the question of who should replace Akio Toyoda at the top of Toyota had become a growing concern.

Now we have the answer.

The auto giant has announce its veteran boss would step down as chief executive, and become chairman.

Toyoda said he would be succeeded by chief branding officer Koji Sato from the start of April.

Sato says he loves making cars, and hopes to propel the company further down the Electric Vehicle path over the coming years. #Toyota

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Business

Taylor Swift ticketing fiasco enters the U.S. Senate

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Live Nation is in the firing line over its inability to stop scalper bots from purchasing Taylor Swift tickets

U.S. Senators have grilled the boss of Live Nation over the lack of transparency relating to concert tickets for Taylor Swift’s upcoming tour.

The entertainment company, which owns Ticketmaster is under fire after bots purchased tickets for Swift’s ‘Era Tour’ last year, in an attempt to resell them for a higher price.

Joe Berchtold is the chief financial officer of Live Nation, who apologised to the U.S. Senate Judiciary Committee hearing.

“We apologise to the fans, we apologise to Ms. Swift, we need to do better and we will do better.”

Senators criticised Live Nation’s fee structure and inability to deal with bots, which bulk buy tickets and resell them at inflated prices.

“There isn’t transparency when no one knows who sets the fees,” Democratic Senator Amy Klobuchar said.

Meanwhile, Republican Senator Marsha Blackburn called Live Nation’s bot problem “unbelievable”.

Ticketmaster reportedly occupies more than 70 per cent market share of primary ticket services for major U.S. concert venues.

“You ought to be able to get some good advice from people and figure it out,” Ms Blackburn said.

Ticketmaster cancelled sales of Swift’s tour to the public because of the “high demand”.

The entertainment giant reportedly sold over 2 million tickets, which is enough to fill 900 stadiums.

Taylor Swift said the situation was difficult, and called for accountability for music promoters.

“It’s really difficult for me to trust an outside entity with these relationships and loyalties, and excruciating for me to just watch mistakes happen with no recourse.

“I’m not going to make excuses for anyone because we asked them, multiple times, if they could handle this kind of demand and we were assured they could,” she said.

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