Global shares mixed…EU investigates Google
TOKYO (AP) – Global shares are mixed today after Wall Street’s recovery from its latest bout of jitters over future central bank policies. In early trading, France’s CAC 40 shed 0.1%, while Germany’s DAX slipped 0.3%. Britain’s FTSE 100 added 0.3%. In Asian markets, Japan’s Nikkei closed 3.1% higher. South Korea’s Kospi rose 0.7%. Hong Kong’s Hang Seng fell 0.6%, but the Shanghai Composite gained 0.8%. On Wall Street, Dow futures are unchanged and S&P 500 futures are down less than 0.1%.
LONDON (AP) – European Union regulators have launched a fresh antitrust investigation of Google, this time over whether the company is stifling competition in digital advertising technology. The EU’s executive Commission says it has opened a formal investigation into whether Google violated the bloc’s competition rules by favoring its own online display advertising technology services at the expense of rival publishers, advertisers and advertising technology services.
LONDON (AP) – The U.K. has launched negotiations to join a trade partnership in and around the Pacific Ocean, as it explores new opportunities around the world following its departure from the European Union. The British government says negotiating teams will be working over the coming months to join the 11-country Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which is home to around half a billion people. It says CPTPP countries accounted for around 110 billion pounds worth of U.K. trade in 2019. The amount is around six times less than the business the U.K. conducts with the EU.
DUBAI, United Arab Emirates (AP) – Dubai’s sovereign wealth fund has sustained a net loss of $5.1 billion over the past year, highlighting the toll that the coronavirus pandemic has wrought on the company’s vast assets and the uncertainty around the emirate’s post-pandemic recovery. The Investment Corporation of Dubai is reporting revenue of $37 billion in 2020, a sharp drop of over 40% compared to the year before. The Investment Corporation of Dubai is a huge state-owned holding company behind many of the emirate’s industrial powerhouses.
BEIRUT (AP) – Lebanon’s economy ministry has raised the price of subsidized bread for the fifth time in a year amid the tiny country’s worsening economic and financial crisis. The ministry says the reason behind today’s increase is that the central bank has ended sugar subsidies, which add to the cost of bread production. Lebanon is grappling with the worst economic and financial crisis in its modern history – one that the World Bank has said is likely to rank as one of the worst the world has seen in the past 150 years.