As China clampdowns on Alibaba Group, U.S. Republican Senator Josh Hawley has proposed new enterprise legislation that would ban any merger or acquisition of companies with a market value of more than $100 billion, including five major U.S. technology companies. He reiterated that the announced lowering of existing federal antitrust litigation standards would effectively bar Apple and Google from impeding competition.
Hawley’s new antitrust case emphasizes the requirement that a company that loses a federal antitrust suit “forfeit all profits derived from its monopolistic practices” by using the “protect competition” standard instead of the ubiquitous “consumer harm” standard. This means that the Federal Trade Commission will be given new powers to designate and regulate “major large technology companies” in different markets.
He continued: “The fact that both globalisation and the merger were happy with the deal was a key reason why the intervention failed. “We’re trying to do it the way Big Tech is supposed to do it, but it’s not a winning strategy for American consumers, for American producers, or for the American economy.”
Worth investors to pay more attention to enterprise and the market, the new bill submitted by the Holly not only contains large technology companies in the United States, its regulations prohibit a merger or acquisition, also covers dozens of bank of America, healthcare, retail, media, and other areas of the economy, can you say the United States almost the whole market of giant will face regulation.
“This country and its government should not be run by a few big corporations,” Hawley said in a statement to Axios. “The Republican Party must once again become the party of trust, much like Teddy Roosevelt’s efforts to break up monopolies in the 20th century.”
But there are many disagreements on Capitol Hill, where Hawley, once known as a “big tech hawk,” has proposed an end to sexual advertising, data tracking and other features. In addition to the antitrust ban bill, Hawley has also proposed a major overhaul of the Federal Trade Commission that would place it under the authority of the U.S. Department of Justice.
China’s State Administration for Market Regulation has imposed an administrative penalty of 18.228 billion yuan on e-commerce giant Alibaba for its “alternative” monopolistic behavior in accordance with the Anti-Monopoly Law, the heaviest penalty in the history of China’s Anti-Monopoly Law. The South China Morning Post quoted analysts as saying the Chinese government’s example to the country’s tech giants marks a new milestone in the antitrust authorities’ tightening of control.
The State Administration for Market Regulation stated: In accordance with the provisions of Article 47 and Article 49 of the Anti-Monopoly Law, and taking into account the nature, extent and duration of Alibaba Group’s illegal acts, the State Administration for Market Regulation made an administrative punishment decision on April 10, 2021, ordering Alibaba Group to cease its illegal acts. It also imposed a fine of 4 percent of its 2019 sales in China of 455.712 billion yuan, totaling 18.228 billion yuan.
China’s Anti-Monopoly Law, which came into force in January 2008, has repeatedly penalized technology companies. And Alibaba has slapped the biggest fine in China’s antitrust history. Alibaba’s fine breaks the previous record of $975 million imposed by U.S. chip maker Qualcomm in 2015 for alleged anti-competitive conduct.
In a letter to its customers and the public, Alibaba said: “Today, we received an administrative sanction from the State Administration for Market Regulation against Alibaba Group. We sincerely accept this punishment and resolutely obey it. Today’s punishment is a wake-up call to us and a spur to regulate and protect the development of the industry. It is an important measure for the country to maintain a fair market environment for competition and promote the high-quality development of the platform economy.”