The world this week-Business
The European Union opened up a new front in its antitrust battle with Google by accusing the company of using the dominant position of its Android operating system in the smartphone market to limit competition.The EU is focused on the strict licensing rules that Google imposes on smartphone-makers—for example, requiring them to pre-install its Chrome browser as a condition of licensing some Google apps.
Google, which has a few months to respond, pointed out that apps for Facebook, Amazon and others are also usually pre-installed on phones.
The deadline passed for potential buyers of Yahoo to submit their offers.Verizon, America's biggest wireless telecom firm, is said to be leading the field of contenders.Marissa Mayer, Yahoo's chief executive, responded to investor criticisms that the process was slow and disorderly by saying that the huge interest shown by the suitors was humbling.
Intel decided to cut 12,000 jobs worldwide, 11% of its workforce, as it rejects its business to focus more on powering cloud-computing services and less on making chips for PCs, which still account for 60% of its sales.
A mooted freeze in oil output among most of the world's big producers was scuppered when talks collapsed in Doha, the Qatari capital.Saudi Arabia walked away when Iran, which only recently regained full access to international oil markets, refused to attend.Russia had joined the Saudis to call for a freeze in output in order to ease the current glut and thus boost oil prices, the collapse of which has hammered oil-producing economies.Oil workers in Kuwait achieved what the negotiators in Doha could not when they went on strike for three days, which helped lift prices.
Underscoring the effects of cheaper oil, Saudi Arabia turned to international creditors for the first time since 1991, raising 10 billion in loans over five years to help cover its budget shortfall.American and Asian banks led the consortium of lenders.
A Dutch court approved Russia's application to set aside a $50 billion arbitration award to former shareholders of Yukos, a forcibly nationalised oil company.The court ruled that the arbitration panel had lacked jurisdiction in the case.The dispossessed former owners plan to appeal.