Business

Google Faces Antitrust Trial Today

Published

5 months ago

September 9, 2024

Alphabet’s Google faces U.S. antitrust prosecutors today in Alexandria, Virginia, where the Justice Department will seek to show the company stifled competition in online advertising technology, in the search giant’s second recent showdown with the Justice Department.
Prosecutors say Google has largely dominated the technological infrastructure that funds the flow of news and information on websites through more than 150,000 online ad sales every second.
Prosecutors say Google engaged in a complex scheme to dominate website advertising tools, through acquisitions, restrictions on how customers can use its tools and alleged manipulation of ad auctions.
Google denies the allegations, saying they misconstrue lawful efforts to develop its technology and serve its own customers. Prosecutors overlook how the digital advertising market has shifted to apps and connected TV, where Google faces stiff competition, the company has said.
If U.S. District Judge Leonie Brinkema finds that Google broke the law, she would later consider prosecutors’ request to make Google sell off, at minimum, Google Ad Manager, a platform that includes Google’s publisher ad server and its ad exchange.
According to research by stock analyst Wedbush, Google’s ad tech tools accounted for $20 billion, or 11% of the company’s gross revenue in 2020 and around $1 billion, or 2.6%, of operating profit that year.
Ad Manager represented 4.1% of revenue and 1.5% of operating profit in 2020, according to Wedbush research and analysis of court documents.
More recent figures were redacted from court documents.
Google’s defense team is led by Karen Dunn, a partner at the law firm Paul, Weiss, who has guided debate preparations for several prominent Democrats including Vice President Kamala Harris.
The government’s legal team is headed by Julia Tarver Wood, a veteran trial lawyer who joined the Justice Department last year. She previously worked at Paul, Weiss where she represented companies including insurer American International Group, Mastercard and Amazon.com
The multiweek trial is expected to feature witnesses from Google and competitors in the digital advertising space such as the Trade Desk, and Comcast as well as publishers including News Corp and Gannett, who prosecutors say were harmed through Google’s conduct.
The case is one of several challenging alleged Big Tech monopolies.
The Justice Department won a ruling against Google last month in another case over its dominance in online search and is separately suing Apple. The U.S. Federal Trade Commission is pursuing cases against Facebook parent Meta Platforms and Amazon.

Business

FCMB, Proparco Partner to Boost Women-Led Businesses, Agriculture

Published

2 days ago

January 23, 2025

Samson Adeyanju

By Our Correspondent

First City Monument Bank (FCMB), and Proparco have strengthened their partnership with a $35 million senior credit line and two guarantees—ARIZ (€3 million) and EURIZ (€6 million)—signed on January 20, 2025.

The deal, facilitated under the European Union’s EFSD programme, aims to empower small and medium enterprises (SMEs), with a focus on agriculture (90%) and women-led businesses (10%).

This initiative enhances FCMB’s role as a leading SME bank in Nigeria and aligns with global development goals, such as SDG 2 (Zero Hunger) and SDG 8 (Decent Work and Economic Growth). The funding will support high-impact sectors, including agriculture and renewable energy, fostering job creation and economic progress.

Proparco Deputy CEO Djalal Khimdjee emphasized the partnership’s impact: “This collaboration enables the growth of SMEs, advances gender equality, and strengthens food security in Nigeria, building a sustainable and resilient economy.”

Since 2014, Proparco has supported FCMB in advancing Nigeria’s economic development. This latest collaboration reaffirms both institutions’ commitment to inclusive growth and sustainable economic transformation.

Business

Cardoso Vows to End Buying, Selling of Naira Notes

Published

3 days ago

January 22, 2025

Samson Adeyanju

By Our Correspondent

Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has pledged decisive action to end the commoditization of the Naira, which has become prevalent across the country.

Speaking at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO), in Lagos, themed “Commoditization of Naira: The Way Forward,” Cardoso, represented by his Senior Special Adviser, Fatai Kareem, described the practice as a grave threat to Nigeria’s financial system and economic stability.

He noted that the Naira, beyond being a currency, represents the nation’s identity and its stability is essential for economic growth.

However, the growing trend of treating the Naira as a commodity undermines its role as a medium of exchange.

Cardoso highlighted strategies to combat the issue, including public awareness campaigns on responsible currency use, enhancing cash management systems to ensure fair distribution, enforcing regulations against offenders, and promoting digital payment systems to reduce cash dependency.

Chairman of CHBO, Abraham Aziegbe, attributed the commoditization of the Naira to cash shortages in recent years, which forced Nigerians to pay premiums for transactions.

He emphasized the need for robust measures to address cash scarcity and prevent hoarding by financial institutions.

Business

Abuja BDC Denies Money Laundering, Terrorism Financing Allegations

Published

2 weeks ago

January 13, 2025

Samson Adeyanju

By Emmanuel Ogbodo
Abdullahi Abubakar Dauran, outgoing chairman of the Wuse Zone 4 Bureau de Change (BDC), merchants association, has dismissed allegations that the group is involved in money laundering and terrorism financing.
Dauran described the claims as baseless, emphasizing that the association operates within Nigeria’s financial laws.
He also refuted reports suggesting the formation of a parallel BDC group, calling them fabrications.
He urged the public to disregard the allegations and warned The Nation and The Independent newspapers to retract their reports within 48 hours or face legal action.