LONDON (AP) — British regulators want new rules to foster competition in digital advertising markets and rein in the industry’s dominant players, Google and Facebook.
The Competition and Markets Authority took aim at the U.S. tech giants in a report Wednesday that recommends the British government adopt a new regulatory approach to governing big digital platforms making money from online ads.
The authority said it was concerned that the two companies have developed “such unassailable market positions” that rivals can’t compete on equal terms, resulting in higher prices for hotels, flights, electronics, insurance and other goods and services that are heavily advertised online.
Google and Facebook accounted for about 80% of the 14 billions pounds ($17 billion) earned by the U.K.’s digital ad industry last year, the authority said. Google controls more than 90% of the U.K.’s 7.3 billion pound search advertising market while Facebook has more than half of
The UK’s competition watchdog is calling for the government to introduce tough new rules to rein in the power of Facebook (FB) and Google (GOOGL), following a year-long review into the digital advertising market.
The Competition and Markets Authority (CMA) said on Wednesday it was recommending a new regulatory regime complete with enforcement powers to try and open up competition in the digital advertising market.
“Existing laws are not suitable for effective regulation,” the CMA said, calling for “a new pro-competition regulatory regime”.
The proposals are aimed squarely at Google and Facebook, which between them control 80% of UK online advertising.
“Through our examination of this market, we have discovered how major online platforms like Google and Facebook operate and how they use digital advertising to fuel their business models,” CMA chief executive Andrea Coscelli said in a statement.
“What we have found is concerning — if the market power
Tech employees are selling referrals online to job candidates for under $50 to help them get hired at Google, Facebook, and other industry giants
A website is allowing prospective tech employees to anonymously purchase a job referral from existing tech workers for $20 to $50 apiece.
Rooftop Slushie, created by the makers of techie chat favorite Blind, has hosted 11,000 referral transactions since it was launched in 2019. Facebook and Google referrals are the most popular.
The “vendors” are established employees at companies like Amazon, Google, and Twitter who can become verified on the website and vet candidate submissions before accepting the deal.
The site’s product manager told One Zero that the service helps improve a skilled candidate’s chances of getting hired, but critics say paying for and accepting payment for a job referral is unethical.
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