You know you’ve had a bad week when two adverse rulings come home to roost – with billion-dollar consequences. So, it’s hard not to feel a little of Google’s pain as it faces down a pair of expensive and potentially damaging international judgements.
A record fine for anti-competitive practices
First up, the European Union’s record $2.7-billion fine for anti-competitive behaviour. This relates to the company’s practice of handling its own shopping search engine – Google Shopping – in a different way from those of its competitors by defaulting it to the top of searches while bumping others down the list. Regulators say that by illegally promoting its own price comparison service in this way, Google has ‘abused its market dominance as a search engine’ and demoted the services of competitors like Kelkoo.
Tax reforms finally announced
In line with Trump’s pre-election promises – and with all the pomp and circumstance we’ve come to expect from the new administration – the White House unveiled its plans to reform the US tax system this week.
Heralding ‘the biggest tax cuts in history’, the document itself was something of a damp squib – just a single A4 page summarising the main points of the reform agenda which would at a stroke simplify the US tax system, slash business taxes and consign inheritance taxes to history.
Is the presidential honeymoon over?
It was one of Donald Trump’s most prominent pre-election pledges, so when the much-vaunted repeal of Obamacare failed to secure the support it needed in Congress, Wall Street signalled its disapproval via a massive share dump, bringing the stock market’s seemingly unstoppable rise to a screeching halt.
If the stellar performance of the S&P over the past few months demonstrated a level of confidence in the ability of the new president to deliver on his promises, this abrupt volte-face is a reflection of a more sombre mood. Tumbling US shares prefaced similar dips in Tokyo, Frankfurt, Paris and London as global markets wobbled over the prospect of the Trump administration’s ability to deliver on a raft of growth-boosting measures.
Mental strength has become as much part of the successful training formula for sportsmen and women as balanced nutrition and intensive physical conditioning. Sports coaches know that without the grit and determination to win, even the most finely tuned athlete can fail to achieve their potential.
But it’s clear that harnessing the drive, tenacity, and stamina that motivates athletes to tap into their capacity to win also has positive benefits in the corporate world, too, offering business professionals the tools to help turn career aspirations into achievable goals.
Happily, the kind of mental toughness that has the power to be transformational isn’t an accident of birth or the reward for a hefty financial outlay. And it’s not about side-stepping catastrophe, either, but rather about seeing challenges as learning experiences. In short, cultivating mental strength simply requires a change in outlook.
What do Donald Trump and Johnny Depp have in common? Superficially speaking, not much. But recent events around the thorny issue of whether or not financial advisers should be required to put their clients’ interests before their own has placed POTUS and Hollywood star on opposite sides of one of the hottest discussions of the year so far.
Yahoo faces investigation over email privacy
It never rains but it pours! With public trust in freefall over the delayed announcement of a large-scale Yahoo account hack, the company’s decision to scan clients’ email accounts on behalf of US authorities has fuelled discussions in Europe over the thorny issue of privacy.
According to Reuters, Yahoo is facing criticism over its compliance with a classified US government request to comb through customers’ incoming emails for information specified by US intelligence officials. European politicians have since called on the European Commission (EC) to investigate the incident – which could derail the progress of the transatlantic data sharing deal agreed earlier this year.
‘Any form of mass surveillance infringing on the fundamental privacy rights of EU citizens would be viewed as a matter of considerable concern,’ commented Ireland’s Data Protection Commissioner in a statement.
Yahoo’s only response was that it ‘complies with the laws of the United States’, declining to confirm whether it scanned users’ emails or to say if Europeans’ emails were intercepted during the operation. The episode is likely to touch a nerve with Europeans who fear that the ‘Privacy Shield’ data sharing deal doesn’t offer enough protection against mass surveillance by US intelligence agencies.