Decision by Ireland’s privacy regulator will set record for breach of EU’s data protection rules
Graham Watson's insight:
It looks like Facebook owner, Meta, is going to be on the receiving end of a record fine from Ireland's privacy regulator, over the way that's it's managed user data. However, even after this, there are some who think the punishment will do little to change the company's business model.
Ten US states accuse the tech firm of illegally trying to preserve its online advertising monopoly.
Graham Watson's insight:
It's not been a great end to the year for Big Tech companies, with the news that ten American states are accusing Google of illegally maintaining it's monopoly on online advertising.
Has the tide turned? It seems that competition authorities around the world have become keener to challenge the tech giants.
Interest rate hikes mean that workers and consumers take the hit. Here are other tools to address inflation
Graham Watson's insight:
Like some in the UK, Robert Reich is opposed to further interest rate hikes, suggesting that in going down this policy route, government have chosen a particular route, and the distributional consequences associated with it.
He sees the costs of higher interest rates as falling squarely on consumers and workers, whereas other policy measures - notably a windfall tax and tougher competition policy - could have the same effect but burden profitable companies, notably those who've unduly benefited from the energy crisis or who are able to exploit the advantages of large size, rather than some of America's most vulnerable.
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In Zambia, sugar and cement are major industries with few market players. Leading companies in these industries were using their market position to charge higher prices. The World Bank Group provided technical assistance to the Government of Zambia in an effort to improve market competition in the country.
Graham Watson's insight:
Crikey! Microeconomics in a developmental context. However, for IB students, this is a good example of the need for market-oriented reform to foster development.
This World Bank clip look at how dominant producers in two sectors - sugar and cement - exploited their market power to raise prices and this adversely affected both consumers and producers who used the products as a factor of production.
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It looks like Facebook owner, Meta, is going to be on the receiving end of a record fine from Ireland's privacy regulator, over the way that's it's managed user data. However, even after this, there are some who think the punishment will do little to change the company's business model.