Google to Appeal Court Ruling on Search Monopoly Allegations

Published 1 days agoGOOGL

Google to Appeal Court Ruling on Search Monopoly Allegations

Google has announced its intention to appeal a recent antitrust decision that found the tech giant unlawfully maintained a monopoly in the online search market. U.S. District Judge Amit Mehta ruled against Google, highlighting its dominant market position and competitive practices, according to an AP News report.

The Department of Justice has proposed several remedies to address the situation, which include prohibiting Google from paying other companies like Apple to make its search engine the default on devices. Additionally, there may be requirements for Google to divest parts of its advertising operations, such as Google Ad Manager, as noted by Reuters.

In response, Google argues that the suggested remedies are excessively broad and could negatively affect consumers and stifle innovation, as mentioned on Google's blog. Moreover, the potential impact of new AI technologies on the search market is being considered by Judge Mehta, which may influence the final outcome of the case. The appeal is expected to be a prolonged process, possibly extending over several years, reported NPR.

Share this article

Twitter Facebook LinkedIn

Recent Articles

Novartis' Pluvicto Shows Promise in Treating Early-Stage Prostate Cancer

Novartis' Pluvicto Shows Promise in Treating Early-Stage Prostate Cancer

4 minutes agoNVS

Novartis' radiopharmaceutical therapy, Pluvicto, is making strides in the treatment of metastatic prostate cancer that's still responsive to hormone therapy. A recent late-stage clinical trial revealed that Pluvicto offers a 'clinically meaningful benefit' in progression-free survival for these patients, signifying a potential advance in cancer care. Currently, Pluvicto is approved for cases where prostate cancer no longer responds to hormone treatments, but this new data could pave the way for earlier intervention. Reuters reported that this shift could meet a significant unmet need in treating prostate cancer, offering hope to many patients facing limited options. Novartis expects to present detailed trial results at an upcoming medical conference and is planning to seek broader regulatory approval in the latter half of 2025. Financially, Pluvicto generated $371 million in revenue during the first quarter of 2025, marking a 20% increase from the previous year, underscoring its growing importance in the company's portfolio.

ConocoPhillips Challenges Biden's Arctic Drilling Ban

ConocoPhillips Challenges Biden's Arctic Drilling Ban

19 minutes agoCOP

ConocoPhillips is actively engaging in legal actions to counter the Biden administration's policies on Arctic drilling. The company has filed a lawsuit aimed at overturning a ban on oil drilling across nearly half of the National Petroleum Reserve in Alaska, arguing that it violates federal law requiring oil development. This move comes amid shifts in U.S. policy concerning fossil fuel exploitation in sensitive areas like the Arctic, which were previously backed by the Trump administration. In support of Arctic drilling, the Trump administration promoted fossil fuel development through visits by key cabinet members to Alaska, advocating for projects like the Arctic National Wildlife Refuge (ANWR) drilling and the Alaska LNG pipeline. In contrast, the Biden administration reversed several of these initiatives by canceling oil and gas leases in ANWR in September 2023, a decision that was later challenged in federal court. Despite these legal and political challenges, ConocoPhillips has reported strong financial outcomes. In February 2025, the company announced higher-than-expected profits for the fourth quarter, partly due to increased production from the Nuna drillsite in Alaska. The company continues to invest in significant projects, including the Willow LNG project, indicating its commitment to expanding operations in the region despite ongoing legal battles.

Citigroup Appoints Wenjie Zhang as China Country Head

Citigroup Appoints Wenjie Zhang as China Country Head

Citigroup has announced the appointment of Wenjie Zhang as its new China country officer and head of banking, effective July 2025. Zhang will be based in Shanghai and will have a direct reporting line to Marc Luet, Citi's Head of Japan, Asia North, and Australia and Banking, according to Reuters. Zhang steps into the role following the departure of his predecessor, Luke Lu, who left Citigroup in November 2024 for personal reasons. In addition to his new position, Zhang will also hold the titles of president and executive director of Citibank China, subject to regulatory approval. Zhang brings with him 30 years of substantial experience in corporate and institutional banking, having previously served as the president of China and Shanghai branch manager for Bank of America China. His extensive career also includes senior roles at HSBC China, JPMorgan, Citi, and Credit Agricole CIB. Zhang's responsibilities will encompass leading Citi’s operations in mainland China, bolstering regulatory relationships, and enhancing risk controls. This appointment comes as Citi continues to restructure its global operations, with efforts to internalize staffing to improve risk management and data governance. Additionally, Citi is planning to establish a securities unit in China, expanding its footprint in the region.

HSBC Commits $4 Billion to Boost Private Credit Funds

HSBC Commits $4 Billion to Boost Private Credit Funds

1 hours agoHSBC

HSBC has announced a substantial $4 billion investment into its private credit funds, a move aimed at strengthening its role in the fast-evolving $2 trillion private credit market. According to Reuters, the funds will be channeled through HSBC Asset Management's alternative credit funds with the aim of attracting external capital and reaching a $50 billion credit fund milestone within five years. This strategic endeavor is part of CEO Georges Elhedery's broader plan to diversify HSBC's revenue streams as the bank faces challenges in maintaining profits from traditional lending. This pivot is seen as a response to the rapid growth of the private credit market, which industry insiders expect to swell to $3 trillion by 2028, notes a report by Brecorder. HSBC Asset Management has been active in the private credit space since 2018, successfully executing $7 billion across 150 deals. With this new infusion, HSBC targets global investments with a priority on direct lending in the UK and Asia. This move aligns with a wider industry trend where financial institutions are increasingly investing in private credit to bolster earnings and add diversity to their revenue bases, as highlighted by Reuters.