Government notifies changes in Competition law related to M&As
The government has increased the existing financial thresholds as prescribed under Section 5 of the Competition Act by 150 per cent. Further, the De Minimis or the Small Target Exemption thresholds have also been increased. This is in line with the government motto of ease of doing business in India as less M&A deals would require CCI approval, he said. Key Points
Economic TimesCCI can now impose fines based on cos' global turnover
The Competition Commission of India can now impose penalties on companies based on their global turnover. The amendment is likely to have major implications on multi-product companies and those with global operations, leading to the use of settlements or commitments to avoid steep penalties. Key Points
Economic TimesIIT Delhi and IIM Ahmedabad win top spots in Accenture Innovation Challenge
The Competition was aimed at developing innovative technology-led solutions for real world problems. The 3.5 month-long Competition saw participation from over 182,000 students from 6600+ colleges, of which 37 per cent were women. Key Points
Business TodayCCI seeks comments on framework to offer incentives to cos for identifying other cartel activities
The Competition Commission of India (CCI) has proposed draft leniency plus regulations to encourage companies under investigation for cartelization to provide information about other cartels. The regulations offer incentives such as a reduction in monetary fines of up to 30% for the first cartel and up to 100% for newly disclosed cartels. The aim is to promote fair Competition by incentivizing companies to cooperate with antitrust authorities. The CCI has invited stakeholders to submit comments on the draft regulations by November 6. The identity of the applicant and the information provided will be kept confidential. Key Points
Economic TimesBRICS antitrust regulators focus on fostering fair trade rules and consumer welfare
The eighth edition of the BRICS International Competition Conference, a biannual event, was held from October 11 to 13, with India playing the host after a gap of 10 years. The BRICS grouping comprises Brazil, Russia, India, China and South Africa. The next conference of the BRICS Competition authorities will be hosted by South Africa in 2025. Key Points
Economic Times
CCI looking at ways to integrate sustainability dimensions into Competition law framework
The Competition Commission of India (CCI) is considering incorporating sustainability dimensions into the Competition law framework. CCI Chairperson Ravneet Kaur mentioned that some countries, such as Japan, have already implemented green guidelines, and the CCI is exploring how to integrate sustainability into its own framework. Key Points
Economic TimesCompetition regulator bolstering tools to plug abuse in digital markets: Chairperson Ravneet Kaur
The Competition Commission of India (CCI) is taking steps to ensure fair trade practices in digital markets and prevent abuse of market dominance by a few platforms, according to CCI Chairperson Ravneet Kaur. Kaur emphasized the importance of sharing experiences to maintain competitiveness in digital markets and highlighted the role of Competition authorities in addressing these issues. Key Points
Economic TimesUK's BBC, ITV among TV firms investigated over freelance contracts
Britain's antitrust regulator said it suspected that television production companies including the BBC, ITV (ITV.L), Hat Trick and Tiger Aspect could have broken Competition law in relation to the purchase of services from freelancers. Key Points
ReutersNCLAT Chairperson calls for developing robust mechanism to regulate digital markets
NCLAT Chairperson Ashok Bhushan emphasized the need for effective cooperation among BRICS nations to strike a balance between sustainability and competition. He highlighted the importance of free and fair Competition in the marketplace and the necessity for a robust mechanism to regulate digital markets. Key Points
Economic TimesCompetition authorities cannot look at coordinated enforcement action against international cartels: CCI c
While addressing the media about the BRICS International Competition Conference to be held in the national capital from October 11-13, she also emphasised that a memorandum of understanding (MoU) with various Competition authorities is an important instrument that allows for cooperation and sharing experiences. To a query regarding enforcement against international cartels, the Competition Commission of India (CCI) Chairperson said that when it comes to enforcement, we have to be very careful in terms of enforcement because each authority has its own legal framework . Key Points
Economic Times
Microsoft sets out grounds for Activision appeal against U.K. regulator
Microsoft is challenging Britain’s decision to block its $69 billion takeover of “Call of Duty” maker Activision Blizzard on the grounds of “fundamental errors” in the assessment. To learn more, read the full story on The Hindu. Key Points
The HinduRogers-Shaw M&A approval raises prospects of political meddling in Canadian dealmaking
Canada's move to clear Rogers Communications Inc's C$20 billion ($15 billion) bid for Shaw Communications Inc after two years should have been a balm to markets. Instead, dealmakers are worried about potential government intervention in mergers involving other sensitive sectors. Key Points
ReutersCCI's resource woes: India's antitrust agency squeezed by staff vacancies, workload
The Competition Commission of India, which has imposed million dollar penalties on Alphabet Inc.s Google to Amazon.com Inc., is functioning with just two members — half the sanctioned strength and one short of quorum. Its also still missing a chairperson, four months after the previous chairperson retired and seven months since the search for his replacement began. Key Points
Economic TimesCCI's powers to penalise on global turnover basis to deter anti-competitive ways
The Competition law provision of imposing penalties based on global turnover will act as a deterrent to violations, encourage commitments and settlements, and help in corrective measures. The Competition Commission of India now has the power to impose such penalties, impacting companies with multi-products or multi-services and cases related to digital markets. Key Points
Economic TimesAnalysis: French backlash scuppers appointment of US economist for EU Big Tech regulation
A French-led backlash led to a U.S. economist withdrawing from a top European Union antitrust job on Wednesday, a move some economists said risks undermining Competition policy-making. Key Points
Reuters
UK clears Amazon’s $1.7 billion deal for Roomba-maker iRobot
Britain’s Competition regulator cleared Amazon’s planned $1.7 billion acquisition of Roomba maker iRobot. Key Points
The HinduGovt proposes exempting certain M&A deals from Competition Comm approval requirement
Draft rules to exempt certain categories of combinations from the Competition Commission of India (CCI) approval requirement have been issued by the corporate affairs ministry. Vaibhav Choukse, Partner & Head - Competition Law at JSA Advocates & Solicitors, said the draft rules enlist certain kinds of M&A (Merger & Acquisition) transactions which will not require approval from the CCI. Key Points
Economic TimesUK secures commitments from Amazon and Meta over retail platforms
Britain's Competition watchdog said on Friday it had accepted commitments from tech companies Meta (META.O) and Amazon (AMZN.O) to help protect fair Competition on their retail platforms. Key Points
ReutersAmazon's iRobot deal in EU antitrust crosshairs
Amazon's (AMZN.O) $1.7 billion acquisition of robot vacuum cleaner maker iRobot (IRBT.O) may reduce Competition and strengthen Amazon's position as online marketplace provider, EU antitrust regulators warned on Thursday. Key Points
ReutersDirector Akhil Marar wins Bigg Boss Malayalam 5, defeats Reneesha Rahiman by a wide margin
While the Competition remained the highlight of the evening, the grand event also treated viewers to a delightful array of entertainment. Evicted contestants dazzled the stage with captivating dance performances, while former participants Sooraj and Noby enthralled the audience with their hilarious comedy skits, ensuring an evening brimming with entertainment. Key Points
Economic Times
New Zealand Competition wanted kids to kill feral cats. Here's why
Children below 14 years of age were asked to kill feral cats for a price, at a Competition in New Zealand. The event was condemned by the country's Society for the Prevention of Cruelty to Animals. Key Points
India TodayCCI gets powers to penalise tech firms based on global turnover
The Competition (Amendment) Bill, 2022 seeks to capture deals happening in global digital companies, provided the entities involved have a strong business presence in India. Any such deals where the value exceeds Rs 2,000 crore will need to be notified to the Competition Commission of India (CCI). Key Points
Economic TimesCompetition Comm to soon float tender for market study on AI's impact on businesses
The Competition Commission of India (CCI) will float a tender for a study on the impact of artificial intelligence (AI) on businesses and services. The CCI's Chairperson, Ravneet Kaur, emphasized that the regulator cannot take a one-size-fits-all approach in technological markets. The CCI is also looking at data protection from the perspective of data access, analysis, storage, and usage by third parties to prevent anti-competitive practices. Key Points
Economic TimesIndia to extend its global presence on pharmaceutical market with BRICS plus membership
The VIII International Conference on Antimonopoly Policy at Moscow's Skolkovo Innovation Center focused on enforcing Competition laws in the pharmaceutical market. Representatives from Indian antitrust authorities expressed intent to support Competition laws enforcement in information disclosure and patent regulation against global pharmaceutical monopolies. Key Points
Economic TimesIndia's Nykaa posts slowest revenue growth since listing amid stiff competition
FSN E-Commerce Ventures (FSNE.NS), parent of cosmetics-to-fashion retailer Nykaa, on Monday reported its slowest quarterly revenue growth since listing, hurt by stiff Competition in its mainstay beauty and personal care (BPC) segment. Key Points
Reuters
CCI approves IDFC merger plan with IDFC First Bank
The Competition Commission of India (CCI) has approved the merger plan of IDFC with IDFC First Bank. The approval was granted under the Green Channel Route. However, the merger is still subject to various statutory and regulatory approvals, including those from stock exchanges, regulatory authorities, and shareholders. This development is an important milestone in the merger process, and the companies will now work towards obtaining the necessary clearances and fulfilling legal requirements. Key Points
Economic TimesBritain's Competition Appeal Tribunal grants adjournment on Microsoft-Activision deal
Britain's Competition Appeal Tribunal granted the adjournment application which was requested jointly by the antitrust regulator, the CMA, and Microsoft (MSFT.O), as part of the latter's plan to try to buy Activision Blizzard (ATVI.O). Key Points
ReutersMeta offers to limit use of ad data to address UK Competition concerns
Britain’s Competition watchdog said social Meta offered to limit its use of other businesses’ advertising data for its Facebook Marketplace service. To learn more, read the full story on The Hindu. Key Points
The HinduPLI is initial support, industry must face competition: Piyush Goyal
India Business News: Commerce and industry minister Piyush Goyal emphasizes that the Production-Linked Incentive (PLI) schemes are meant to provide initial support to boost manufacturing, but companies should be prepared to face competition. He urges the industry to focus on global markets and collaborate for growth. The government has disbursed Rs 4,415 crore under the schemes for eight sectors, including electronics and pharma, till October 2023. Key Points
Times Of IndiaEU regulators set new Feb 14 deadline on Amazon/iRobot deal
European Union (EU) antitrust regulators will decide by February 14 next year on whether to clear Amazon's (AMZN.O) $1.4 billion acquisition of robot vacuum maker iRobot (IRBT.O), according to a regulatory filing. Key Points
Reuters
Digital Competition Report likely by October
The panel examining the need for regulations in digital markets is expected to submit its report to the finance minister by the end of October. The government may introduce a specific digital Competition law to regulate big tech instead of amending the existing Competition Act. The regulations will be tailored to reflect India's sensitivities and may focus on large digital intermediaries, while leaving small players and startups unaffected. Key Points
Economic TimesCelltrion launches biosimilar of AbbVie's blockbuster drug Humira in US
South Korea's Celltrion Healthcare has launched a copycat version to AbbVie Inc's Humira at about a 5% discount, adding to the growing Competition for the blockbuster rheumatoid arthritis drug in the U.S. Key Points
ReutersToday’s Cache | E.U. regulators target Google’s ad-tech business; FTC looks to block Microsoft-Activision deal; Centre denies CoWIN data breach
News snippets for E.U. regulators planning to demand Google sell part of its ad-tech business, U.S. FTC looking to block Microsoft’s Activision deal, and the Health Ministry in India denying CoWIN data breach. Key Points
The HinduNvidia's French offices raided in cloud-computing Competition inquiry -WSJ
France's Competition authority raided Nvidia's (NVDA.O) local offices this week on suspicion the chipmaker engaged in anticompetitive practices, the Wall Street Journal reported on Thursday. Key Points
ReutersTesla and Chinese rivals signal truce in brutal EV price war
Tesla and 15 other automakers, including BYD, Nio, Xpeng, Geely and Chery Automobile, have pledged to avoid a price war and maintain fair Competition in the world's biggest EV market, China. The pact comes after almost a year of discounts, issued by the automakers, as sales slowed down. Key Points
Economic Times
Ted Lasso's Hannah Waddingham, Alesha Dixon & Julia Sanina to Co-Host Eurovision
The Eurovision Song Contest is an event that millions of people look forward to every year. This year, the UK is hosting the Competition on behalf of Ukraine. The presenting trio for the two semi-finals on 9 and 11 May will be Hannah Waddingham, Alesha Dixon, and Julia Sanina Key Points
Hindustan TimesNigel Harman and Katya Jones kiss during BBC Strictly Come Dancing’s training
Strictly Come Dancing's Nigel Harman and partner Katya Jones, amid apparent chemistry, faced challenges and critiques. Nigel's wife, Lucy Leimann, offers unwavering support. As the Competition intensifies, managing off-screen perception becomes crucial. Key Points
Economic TimesGovt-appointed panel moots ex-ante Competition regulations for big tech
New Delhi, Mar 12 (PTI) A government-appointed panel has proposed ex-ante regulations for large digital enterprises to curb any possible anti-competitive business practices. The Committee on Digital Competition Law (CDCL) came out with its report and draft legislation on Tuesday and has sought public comments. The panel was set up in February last year following […] Key Points
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