The European Union is putting the final touches on its latest landmark digital legislation, the Digital Markets Act—one of “the world’s most far-reaching laws to address the power of the biggest tech companies.” The DMA is “aimed at stopping the largest tech platforms from using their interlocking services and considerable resources to box in users and squash emerging rivals, creating room for new entrants and fostering more competition.” It will soon be joined by another new law aimed at forcing social media companies to “police their platforms more aggressively,” and the duo solidifies Europe’s role as the unquestioned world leader in regulating Big Tech - NYTimes and WSJ
Uber has struck a deal with NYC’s yellow taxi industry that will allow users in the city to choose a yellow taxi while paying “roughly the same price . . . as they would for a standard individual Uber ride” and getting a “price upfront in the app before they request the trip” - NYTimes and WSJ and TechCrunch
Cataloging the more-than 400 companies that have decamped from Russia since It invaded Ukraine over a month ago - NYTimes
Of course, many are finding it tougher to cut ties. Among them, Alibaba, which had counted its joint venture with several Russian “corporate titans” as a “rare bright spot” for its AliExpress effort at overseas expansion - WSJ
As many employers are slowly yet definitively moving forward with return-to-office plans this spring after several false starts, policymakers, economists, and investors alike are grappling with just what constitutes normal for America’s economy these days in the aftermath of a paradigm-shifting couple of years - NYTimes
Credit Suisse is warning that its recent loss in a lawsuit by former Georgia Prime Minister Bidzina Ivanishvili could cost the Swiss lender nearly $500 million. Ivanishvili accused the bank of breach of trust, “alleging he lost $800 million on forged trades made by his Geneva-based private banker, Patrice Lescaudron” - WSJ
More troubled bank news, with this Law360 Analysis exploring the facts underlying the Treasury Department’s recent $140 million deal with USAA Federal Savings Bank—a cautionary tale of “a bank that grew too quickly for its own compliance program, leading to thousands of missed red flags and ultimately causing regulators to drop the hammer after USAA repeatedly fell short on pledges to do better” – Law360
Mortgage rates have jumped to their highest level in 3 years, with the average 30-year loan topping 4.42% this week - Bloomberg and WSJ
Taking a minute to remember the Italian restaurant-owning couple, Alba di Pillo-Campeol and Ado Campeol, who invented and introduced tiramisu to the world in the early seventies and “changed the course of dessert history” – NewYorker
Stay safe, and have a great weekend,
MDR
The Robins Kaplan Financial Daily Dose features top stories and latest news headlines in financial markets, banking, securities and technology topics.
Related Attorneys
Partner
