News in brief: Google to Face £7bn Consumer Lawsuit in UK; ITV Stock Surges as Investors Consider Takeover Bids; Temu Owner Misses Sales Estimates
Google to Face £7bn Consumer Lawsuit in UK
With a huge deal of antitrust pressure already mounting for Google in the US, the UK Competition Appeal Tribunal (CAT) has thrown out Google’s objection to a £7bn consumer lawsuit regarding shutting out competition in mobile search. The lawsuit accuses the tech giant of committing anticompetitive practices by effectively forcing handset manufacturers to pre-install Google search and Google Chrome browser apps on Android devices, resulting in raised prices for advertisers and ultimately for consumers too. The claim is brought forward by Nikki Stopford, a consumer rights campaigner, on behalf of tens of millions of UK consumers. With the CAT’s approval for the case to proceed to trial, it will now go to court where Google will have to defend its conduct in the search engine market.
ITV Stock Surges as Investors Consider Takeover Bids
In the TV landscape, reports that several investors are considering making bids for ITV has caused the broadcaster’s stock to surge. Its share price rose by 9% as reports circulated that among those studying the potential investment are private equity investor CVC Capital Partners and a European broadcaster thought to be France’s GroupeTF1. As a result of the surge in share price, ITV has managed to recover most of the (larger-than-expected) losses it reported earlier this month.
Temu Owner Misses Sales Estimates
While the current outlook appears brighter for ITV, PDD Holdings – owner of e-commerce giant Temu – has reported missing its revenue estimates. Following years of rapid growth, this marks the second quarter in a row which has fallen below analyst expectations, the FT reports. The figures reflect a broader economic slowdown in China with Chinese consumers holding back on spending.