EU critiques probes into Apple, Google and Meta as Large Tech lobbies Trump

Immediately’s agenda: Gaza “breakthrough”; Amazon plans AI Alexa; Large Learn on Europe’s “PIIGS” growth; is company America Maga?; and Henry Mance critiques Pope Francis’s Hope

Good morning. We begin with an unique story from Brussels, the place the EU is reassessing its investigations of teams together with Apple, Meta and Google, simply because the tech giants urge Donald Trump to intervene in opposition to what they characterise as overzealous European enforcement. Right here’s what we all know.

What does the evaluate entail? It covers all instances launched since March final yr underneath the EU’s digital markets laws, based on officers briefed on the transfer, and will result in the European Fee scaling again or altering the remit of the probes. A few of these investigations are at an early stage however others are extra superior, corresponding to costs in a probe into Google’s alleged favouring of its app retailer. All choices and potential fines will probably be paused whereas the evaluate is accomplished, officers mentioned, however technical work on the instances will proceed.

Why it issues: Earlier than Trump’s victory, EU regulators had been pursuing aggressive motion in opposition to the world’s greatest tech teams. However together with his imminent return looming over the beginning of the fee’s new five-year time period, EU lawmakers worry the probes could also be sacrificed to keep away from diplomatic fallout. On Friday, Meta’s Mark Zuckerberg known as on the president-elect to cease Brussels from fining US tech corporations. One official mentioned Trump’s presidency have been an element within the evaluate, whereas insisting his victory had not triggered it. Javier Espinoza and Henry Foy have extra particulars from Brussels.

And right here’s what else we’re conserving tabs on as we speak:

• California fires: Climate forecasters warn that close to “hurricane force” winds are anticipated to hit the area till tomorrow morning, fanning the devastating wildfires which have swept throughout Los Angeles.

• French politics: François Bayrou is ready to offer his first coverage speech because the nation’s new prime minister to the Nationwide Meeting in Paris.

• Corporations: Card Manufacturing unit, Video games Workshop, Grafton Group, Health club Group, JD Sports activities, MJ Gleeson, Ocado Retail, Persimmon and Robert Walters have buying and selling updates.

Be part of the FT in Davos as we offer stay, on-the-ground evaluation on the World Financial Discussion board’s annual assembly subsequent week. Register right here for updates.

5 extra prime tales

1. US-led mediators have despatched the ultimate draft of a ceasefire proposal to Israel and Hamas after a “breakthrough” in talks over a deal to finish the battle in Gaza and safe the discharge of hostages. Folks accustomed to the matter mentioned this was the closest each side have been in months to ending the battle. One diplomat mentioned: “The next 24 hours will be pivotal.”

• A brand new Syria: The nation the place Sarah Dadouch grew up was a manufacturing facility of worry. However now, she writes, Syrians in every single place are saying phrases they haven’t dared to for years.

2. Amazon is gearing as much as relaunch its Alexa voice-powered digital assistant as a synthetic intelligence “agent” that may full sensible duties, because the tech group races to resolve the challenges which have dogged the system’s AI overhaul. However a number of hurdles stay, together with its response velocity and “hallucinations”.

3. Donald Trump’s plan to ramp up liquefied pure gasoline exports might present a $1.3tn enhance to the US financial system, with the oil and gasoline business poised to get the inexperienced gentle to construct new export services and pipelines on the Gulf of Mexico. The forecast from S&P International is predicated on expectations the business will double LNG export capability over the subsequent 5 years. 

4. Unique: Klarna is in search of patrons for a portfolio of US “pay in four” instalment loans in a bid to unlock capital for development forward of a public itemizing in New York. Folks accustomed to the matter mentioned the Swedish ‘buy now, pay later’ group is in talks a couple of sale of the mortgage e-book, together with with banks corresponding to Citigroup and Société Générale. Learn the complete story.

5. Robinhood has agreed to pay fines of $45mn to cowl information breach and record-keeping failures — considered one of a sequence of penalties levied by US regulators yesterday in opposition to monetary teams, together with items of Blackstone and KKR. Among the many settlements introduced by the Securities and Alternate Fee, the web dealer paid the largest penalty.

The Large Learn

As soon as ignominiously labelled the “PIIGS” by some analysts, the tables have turned for Portugal, Italy, Eire, Greece and Spain. Some 15 years after their debt crises as soon as pushed the euro space near breaking level, these European international locations are actually experiencing an surprising financial growth. With Germany’s financial system stalling, their tentative development is a few excellent news for the Eurozone. However will it final?

We’re additionally studying . . . 

• Company America: Trump’s win has sped up a wider shift amongst corporations to extra conservative social stances and an embrace of unfettered capitalism.  

• Age isn’t only a quantity: With regards to policymaking, how lengthy individuals have been alive is not a superb yardstick for judging who’s “old”, writes Sarah O’Connor.

• ‘Donald of Dubai’: Meet Hussein Sajwani, the Emirati actual property mogul who constructed swaths of the Center East’s glitziest industrial hub and made an ally of Trump.

• Pope Francis’s Hope: The pontiff’s mould-breaking memoir leaves questions unanswered, writes Henry Mance, however its humour and enthusiasm are onerous to withstand.

Chart of the day

An enormous guess on transatlantic flying has paid off for long-suffering traders in British Airways proprietor IAG, as a year-long rally lifts the airline group’s shares to their highest degree because the begin of the pandemic.

Take a break from the information . . . 

Final month HTSI revealed an inventory of FT journalists’ favorite meals markets all over the world. Now readers have weighed in with their finest spots for native produce, with suggestions from New York and Stockholm to Zimbabwe. Right here’s what you thought we’d missed.