Meta Platforms withheld information from federal regulators during their original reviews of the Instagram and WhatsApp acquisitions, the US Federal Trade Commission said in a court filing as part of a lawsuit seeking to break up the social networking giant. From a report: In its filing Tuesday, however, the FTC said the case involves "information Meta had in its files and did not provide" during the original reviews. "At Meta's request the FTC undertook only a limited review" of the deals, the agency said. "The FTC now has available vastly more evidence, including pre-acquisition documents Meta did not provide in 2012 and 2014."

Meta said that it met all of its legal obligations during the Instagram and WhatsApp merger reviews. The FTC has failed to provide evidence to support its claims, a spokesperson said. "The evidence instead shows that Meta faces fierce competition and that Meta's significant investment of time and resources in Instagram and WhatsApp has benefited consumers by making the apps into the services millions of users enjoy today for free," spokesperson Chris Sgro said in a statement. "The FTC has done nothing to build its case over the past four years, while Meta has invested billions to build quality products."

U.N. Secretary General Antonio Guterres called Wednesday for a "windfall" tax on profits of fossil fuel companies to help pay for the fight against global warming, decrying them as the "godfathers of climate chaos." From a report: Guterres spoke from the American Museum of Natural History in New York in a bid to revive focus on climate change at a time when many national elections, and conflict in places like Ukraine, Gaza and Sudan this year have seized much of the international spotlight.

In a bare-knuckled speech timed for World Environment Day, Guterres drew on new data and projections to trumpet his case against Big Oil: The European Union's climate watching agency reported that last month was the hottest May ever, marking the 12th straight monthly record high. The EU's Copernicus climate change service, a global reference for tracking world temperatures, cited an average surface air temperature of 15.9 C (60.6 F) last month -- or 1.52 C higher than the estimated May average before industrial times. The burning of fossil fuels -- oil, gas and coal -- is the main contributor to global warming caused by human activity. Meanwhile, the U.N. weather agency predicted an 80% chance that average global temperatures will surpass the 1.5 Celsius (2.7 Fahrenheit) target set in the landmark Paris climate accord of 2015. Further reading: UN Chief Says World is On 'Highway To Climate Hell' as Planet Endures 12 Straight Months of Unprecedented Heat.

Intel Chief Executive Officer Pat Gelsinger took the stage at the Computex show in Taiwan to talk about new products he expects will help turn back the tide of share losses to peers, including AI leader Nvidia. From a report: Intel showed its new Xeon 6 data center processors with more efficient cores that will allow operators to cut down the space required for a given task to a third of prior-generation hardware. Like rivals, from Advanced Micro Devices to Qualcomm, Intel touted benchmarks that showed its new silicon is significantly better than its existing options. AMD and Qualcomm's CEOs, in earlier Computex keynotes, used Intel's laptop and desktop processors to show how far ahead they are in certain aspects of technology.

Gelsinger took a direct shot at Nvidia CEO Jensen Huang's claim that traditional processors like Intel's are running out of steam in the age of artificial intelligence. "Unlike what Jensen would have you believe, Moore's Law is alive and well," he said, stressing that Intel will have a major role to play in the proliferation of AI as the leading provider of PC chips. "I think of it like the internet 25 years ago, it's that big," Gelsinger said. "We see this as the fuel that's driving the semiconductor industry to reach $1 trillion by the end of the decade."

Will appetite-suppressing drugs hurt the sugar industry? Executives from Walmart warned that Ozempic and Zepbound "are impacting food sales," reports Bloomberg, "and multiple analyst surveys have showed that less-hungry customers are spending fewer dollars at grocery stores and restaurants." The drugs, which cut cravings, will result in a decline in calorie consumption in the US of 1.5% to 2.5% by 2035, with a drop of as much as 5% in the consumption of sweets such as baked goods, confectionery and soda, Morgan Stanley analysts including Pamela Kaufman said in a report last month. Morgan Stanley forecast about a 10th of the US population will be on the so-called GLP-1 medications — originally designed to treat diabetes but being used by many as a powerful weight-loss tool — by 2035... Even with tight supplies and sky-high prices limiting uptake of the medications, sales of GLP-1 drugs for both obesity and diabetes already exceeded $19 billion in 2023. The global obesity market alone could top $100 billion by the end of the decade, Goldman Sachs Group Inc. estimates, while Bloomberg Intelligence forecasts $80 billion of sales.

More than 60% of US consumers taking the drugs said they had cut back on sweet treats like candy, ice cream and baked goods, and many said they had either significantly — or entirely — stopped eating those products, according to Morgan Stanley.

"To save itself, TikTok in 2022 offered the U.S. government an extraordinary deal," reports the Washington Post. The video app, owned by a Chinese company, said it would let federal officials pick its U.S. operation's board of directors, would give the government veto power over each new hire and would pay an American company that contracts with the Defense Department to monitor its source code, according to a copy of the company's proposal. It even offered to give federal officials a kill switch that would shut the app down in the United States if they felt it remained a threat.

The Biden administration, however, went its own way. Officials declined the proposal, forfeiting potential influence over one of the world's most popular apps in favor of a blunter option: a forced-sale law signed last month by President Biden that could lead to TikTok's nationwide ban. The government has never publicly explained why it rejected TikTok's proposal, opting instead for a potentially protracted constitutional battle that many expect to end up before the Supreme Court... But the extent to which the United States evaluated or disregarded TikTok's proposal, known as Project Texas, is likely to be a core point of dispute in court, where TikTok and its owner, ByteDance, are challenging the sale-or-ban law as an "unconstitutional assertion of power."

The episode raises questions over whether the government, when presented with a way to address its concerns, chose instead to back an effort that would see the company sold to an American buyer, even though some of the issues officials have warned about — the opaque influence of its recommendation algorithm, the privacy of user data — probably would still be unresolved under new ownership...

A senior Biden administration official said in a statement that the administration "determined more than a year ago that the solution proposed by the parties at the time would be insufficient to address the serious national security risks presented. While we have consistently engaged with the company about our concerns and potential solutions, it became clear that divestment from its foreign ownership was and remains necessary."
"Since federal officials announced an investigation into TikTok in 2019, the app's user base has doubled to more than 170 million U.S. accounts," according to the article.

It also includes this assessment from Anupam Chander, a Georgetown University law professor who researches international tech policy. "The government had a complete absence of faith in [its] ability to regulate technology platforms, because there might be some vulnerability that might exist somewhere down the line."

The New York Times reports on a program to forgive U.S. student loans from private lenders — a kind of private parallel to a federal program which "allows those who were seriously misled by their schools to have their federal student loans eliminated."

The problem? Eight U.S. senators complain the loan discharge process remains "burdensome and confusing" — and most students don't even know it exists. Navient, a large owner of private student loan debt, has created, but not publicized, a program that allows borrowers to apply to have their loans forgiven.... A nonprofit group of lawyers has stepped in ease the process: On Thursday, the Project on Predatory Student Lending, an advocacy group in Boston, published Navient's application form and an instruction guide for borrowers with private loans who are seeking relief on the grounds that their school lied to them...

For nearly a decade, in the early 2000s, Navient — then known as Sallie Mae — struck deals with for-profit schools to issue private loans to their students. Lawsuits from state attorneys general later accused Navient of making those loans knowing that most would never be repaid. Many schools indemnified Navient for the private loans, agreeing to defray the company's loss if the loans defaulted. In 2022, Navient settled with 40 state attorneys general and canceled $1.7 billion in debt on those private loans — but only for borrowers who had already defaulted. Because those debts were unlikely to ever be repaid, the deal cost Navient only $50 million, the company said in regulatory filings. Borrowers who had kept paying their bills... remained stuck.

But a pressure campaign from lawmakers, federal regulators and lawyers representing borrowers prompted the company to create the "school misconduct discharge." Navient began sending a 12-page application form this year to some borrowers who complained about their private loans. The document lists dozens of types of impropriety by schools — such as inflating job placement rates and graduates' earnings, or misrepresenting their educational programs — and asks borrowers to choose which apply to their experience. Applicants are required to submit documentation for their claims...

[Navient's CEO, David Yowan] told investors on a conference call in January that Navient had put $35 million in reserve for losses on school misconduct claims. He cited "new regulatory expectations" as the reason. Navient has not disclosed how much of its $16.6 billion private student loan portfolio consists of loans that could be eligible for the debt cancellation program.

A new article in the Washington Post argues that a phenomenon called "Quiet vacationing" has "joined 'quiet quitting' and 'quiet firing' as the latest (and least poetic) scourge of the modern workplace.

"Also known as the hush trip, workcation, hush-cation, or bleisure travel — you get the idea — quiet vacationing refers to workers taking time off, even traveling, without notifying their employers." Taking advantage of work-from-anywhere technology, they are logging in from hotels, beaches and campgrounds, sometimes using virtual backgrounds and VPNs to cover their tracks.

Given the difficulty many employers already have trusting remote workers to be productive anywhere outside the office, you can bet they are not keen on the idea of their employees pretending to have their head in the game while their toes are in the sand. But employers also have legitimate legal reasons for keeping tabs on their employees' location when they're on the clock. "Evil HR Lady" Suzanne Lucas, writing in Inc. magazine, recently highlighted the many tax, employment, business-operation and security laws that focus on an employee's location. Workers secretly performing their jobs in other states or countries can trigger compliance headaches for their employers, Lucas notes, giving the hypothetical of an employee seeking workers' compensation after sustaining an injury while on unauthorized travel....

As with declines in birthrates, home purchases and demand for mined diamonds, the quiet-vacationing trend is being attributed primarily, though not exclusively, to millennial workers. But before launching into generational finger-pointing and stereotyping, it's worth taking a look at why they might feel the need to take their PTO on the DL. The U.S. Travel Association in a 2016 report proclaimed millennials to be a generation of "work martyrs," entering the workforce around the time average U.S. vacation usage began declining and mobile technology began enabling round-the-clock attachment to jobs... The work-vacation boundaries most premillennial workers took for granted growing up have gone the way of defined-benefit pensions and good tomatoes.

Inadequate paid leave is another driving force. The United States continues to be the only nation among its industrialized economic peers that does not guarantee paid vacation, sick leave or holidays for all workers, leaving such benefits to the discretion of employers. Workers with limited PTO — whether new to the workforce or stuck in lower-paying, low-benefit industries — generally want to keep as much paid leave banked as possible, especially if they may need it for unpredictable emergencies like illness or caretaking. If you can preserve those precious hours by packing your laptop alongside your flip-flops, why wouldn't you?
The article also mentions employers who begrudge vacation and employees who fear "becoming a target for future cost-cutting..."

Russia may charge domestic companies to use foreign software, the TASS news agency quoted Digital Development Minister Maksut Shadaev as saying on Tuesday, as Moscow seeks to cut dependency on foreign technology and bolster its own. From a report: President Vladimir Putin has made achieving technological independence a key goal, as Western sanctions over the war in Ukraine seek to hamstring Moscow's ability to acquire technology and equipment from abroad that could help it on the battlefield. As part of that push, Putin signed a decree in early May which stated that at least 80% of Russian companies in key economic sectors should transition to using Russian-made software by 2030. Many Russian companies still use foreign software in their daily operations, although an EU sanctions package passed last December prohibits companies from supplying enterprise and design-related software to Russia. Shadaev said that introducing a levy on Russian firms would "equalise" foreign and Russian software.

The US stock market is finally as fast as it was about a hundred years ago. Bloomberg News: That was the last time share trades in New York settled in a single day, as they will from Tuesday under new Securities and Exchange Commission rules. The change, halving the time it takes to complete every transaction, also occurred in jurisdictions including Canada and Mexico on Monday. The switch to the system known as T+1 -- abandoned in the earlier era as volumes became unwieldy -- is ultimately intended to reduce risk in the financial system. Yet there are worries about potential teething issues, including that international investors may struggle to source dollars on time, global funds will move at different speeds to their assets, and everyone will have less time to fix errors.

The hope is that everything will run smoothly, but even the SEC said last week the transition may lead to a "short-term uptick in settlement fails and challenges to a small segment of market participants." The finance world's main industry group, the Securities Industry and Financial Markets Association, has instigated what it calls the T+1 Command Center to identify problems and coordinate a response. Firms across the spectrum have been preparing for months, relocating staff, adjusting shifts and overhauling workflows, and many say they're confident in their own readiness. The worry is whether every other counterparty and intermediary is similarly organized.

A North Korean rocket carrying its second spy satellite exploded midair on Monday, state media reported, after its neighbors strongly rebuked its planned launch. From a report: The North's official Korean Central News Agency said it launched a spy satellite aboard a new rocket at its main northwestern space center. But KCNA said the rocket blew up during a first-stage flight soon after liftoff due to a suspected engine problem. Earlier Monday, North Korea had notified Japan's coast guard about its plans to launch "a satellite rocket," with a warning to exercise caution in the waters between the Korean Peninsula and China and east of the main Philippine island of Luzon during a launch window from Monday through June 3.

South Korea's Joint Chiefs of Staff later said it detected a launch trajectory believed to be of a spy satellite fired from the North's main space center at 10:44 p.m. on Monday. Four minutes later, many fragments were spotted in the waters, it said. Japanese Prime Minister's Office earlier issued a missile alert for the island of Okinawa following North Korea's launch. The alert was lifted soon after. Japan's NHK public television earlier reported that an image captured by a camera in northeastern China showed an orange light in the sky and then an apparent explosion a moment later.

AI startup Humane has been seeking a buyer for its business, Bloomberg News reported, citing people familiar with the matter, just weeks after the company's closely watched wearable AI device had a rocky public launch. From the report: The company is working with a financial adviser to assist it, said the people, who asked not to be identified because the matter is private. Humane is seeking a price of between $750 million and $1 billion in a sale [non-paywalled link], one person said. The process is still early and may not result in a deal. Humane was founded in 2018 by two longtime Apple veterans, the married couple Imran Chaudhri and Bethany Bongiorno, in an attempt to come up with a new, AI-powered device that could potentially rival the iPhone. Last year it was valued by investors at $850 million, according to tech news site the Information.

An anonymous reader quotes a report from Bloomberg: ASML Holding NV and Taiwan Semiconductor Manufacturing Co. have ways to disable the world's most sophisticated chipmaking machines in the event that China invades Taiwan, according to people familiar with the matter. Officials from the US government have privately expressed concerns to both their Dutch and Taiwanese counterparts about what happens if Chinese aggression escalates into an attack on the island responsible for producing the vast majority of the world's advanced semiconductors, two of the people said, speaking on condition of anonymity. ASML reassured officials about its ability to remotely disable the machines when the Dutch government met with the company on the threat, two others said. The Netherlands has run simulations on a possible invasion in order to better assess the risks, they added.

The remote shut-off applies to Netherlands-based ASML's line of extreme ultraviolet machines, known within the industry as EUVs, for which TSMC is its single biggest client. EUVs harness high-frequency light waves to print the smallest microchip transistors in existence -- creating chips that have artificial-intelligence uses as well as more sensitive military applications. About the size of a city bus, an EUV requires regular servicing and updates. As part of that, the company can remotely force a shut-off which would act as a kill switch, the people said, speaking on condition of anonymity. The Veldhoven-based company is the world's only manufacturer of these machines, which sell for more than $217 million apiece.

Apple said on Tuesday it plans to ask a U.S. judge to dismiss a lawsuit filed by the Justice Department and 15 states in March that alleged the iPhone maker monopolized the smartphone market, hurt smaller rivals and drove up prices. From a report: In a letter to U.S. District Judge Julien X. Neals in New Jersey, Apple said "far from being a monopolist, Apple faces fierce competition from well-established rivals, and the complaint fails to allege that Apple has the ability to charge supra-competitive prices or restrict output in the alleged smartphone markets." In the letter to the judge, Apple said the DOJ relies on a new "theory of antitrust liability that no court has recognized."

The government is expected to respond within seven days to the Apple letter, which the court requires parties to submit, hoping to expedite cases before advancing to a potentially more robust and expensive effort to dismiss a lawsuit. The Justice Department alleges that Apple uses its market power to get more money from consumers, developers, content creators, artists, publishers, small businesses and merchants. The civil lawsuit accuses Apple of an illegal monopoly on smartphones maintained by imposing contractual restrictions on, and withholding critical access from, developers.

An anonymous reader shared this report from the Washington Post: As cities and states push to restrict the use of facial recognition technologies, some police departments have quietly found a way to keep using the controversial tools: asking for help from other law enforcement agencies that still have access. Officers in Austin and San Francisco — two of the largest cities where police are banned from using the technology — have repeatedly asked police in neighboring towns to run photos of criminal suspects through their facial recognition programs, according to a Washington Post review of police documents...

Austin police officers received the results of at least 13 face searches from a neighboring police department since the city's 2020 ban — and appeared to get hits on some of them, according to documents obtained by The Post through public records requests and sources who shared them on the condition of anonymity. "That's him! Thank you very much," one Austin police officer wrote in response to an array of photos sent to him by an officer in Leander, Tex., who ran a facial recognition search, documents show. The man displayed in the pictures, John Curry Jr., was later charged with aggravated assault for allegedly charging toward someone with a knife, and is currently in jail awaiting trial. Curry's attorney declined to comment.
"Police officers' efforts to skirt these bans have not been previously reported and highlight the challenge of reining in police use of facial recognition," the article concludes.

It also points out that the technology "has played a role in the wrongful arrests of at least seven innocent Americans," according to the lawsuits they filed after charges against them were dismissed.

Longtime Slashdot reader necro81 writes: The U.S. Federal Energy Regulatory Commission (FERC), which controls interstate energy infrastructure, approved a rule Monday that should boost new transmission infrastructure and make it easier to connect renewable energy projects. (More coverage here, here, and here.)

Some 11,000 projects totaling 2,600 GW of capacity are in planning, waiting to break ground, or connect to the grid. But they're stymied by the need for costly upgrades, or simply waiting for review. The frustrations are many. Each proposed project undergoes a lengthy grid-impact study and assessed the cost of necessary upgrades. Each project is considered in isolation, regardless of whether similar projects are happening nearby that could share the upgrade costs or auger different improvements. The planning process tends to be reactive -- examining only the applications in front of them -- rather than considering trends over the coming years. It's a first-come, first-served queue: if one project is ready to break ground, it must wait behind another project that's still securing funding or permitting.

Two years in development, the dryly-named Improvements to Generator Interconnection Procedures and Agreements directs utility operators to plan infrastructure improvements with a 20-yr forecast of new energy sources and increased demand. Rather than examining each project in isolation, similar projects will be clustered and examined together. Instead of a First-Come, First-Served serial process, operators will instead examine First-Ready, allowing shovel-ready projects to jump the queue. The expectation is that these new rules will speed up and streamline the process of developing and connecting new energy projects through more holistic planning, penalties for delays, sensible cost-sharing for upgrades, and justification for long-term investments.

AI is hitting the global labour market "like a tsunami" International Monetary Fund Managing Director Kristalina Georgieva said on Monday. AI is likely to impact 60% of jobs in advanced economies and 40% of jobs around the world in the next two years, Georgieva told an event in Zurich. From a report: "We have very little time to get people ready for it, businesses ready for it," she told the event organised by the Swiss Institute of International Studies, associated to the University of Zurich. "It could bring tremendous increase in productivity if we manage it well, but it can also lead to more misinformation and, of course, more inequality in our society."

Reddit reported its first results since going public in late March. Yahoo Finance reports: Daily active users increased 37% year over year to 82.7 million. Weekly active unique users rose 40% from the prior year. Total revenue improved 48% to $243 million, nearly doubling the growth rate from the prior quarter, due to strength in advertising. The company delivered adjusted operating profits of $10 million, versus a $50.2 million loss a year ago. [Reddit CEO Steve] Huffman declined to say when the company would be profitable on a net income basis, noting it's a focus for the management team. Other areas of focus include rolling out a new user interface this year, introducing shopping capabilities, and searching for another artificial intelligence content licensing deal like the one with Google.
Bloomberg notes that already Reddit "has signed licensing agreements worth $203 million in total, with terms ranging from two to three years. The company generated about $20 million from AI content deals last quarter, and expects to bring in more than $60 million by the end of the year."

And elsewhere Bloomberg writes that Reddit "plans to expand its revenue streams outside of advertising into what Huffman calls the 'user economy' — users making money from others on the platform... " In the coming months Reddit plans to launch new versions of awards, which are digital gifts users can give to each other, along with other products... Reddit also plans to continue striking data licensing deals with artificial intelligence companies, expanding into international markets and evaluating potential acquisition targets in areas such as search, he said.
Meanwhile, ZDNet notes that this week a Reddit announcement "introduced a new public content policy that lays out a framework for how partners and third parties can access user-posted content on its site." The post explains that more and more companies are using unsavory means to access user data in bulk, including Reddit posts. Once a company gets this data, there's no limit to what it can do with it. Reddit will continue to block "bad actors" that use unauthorized methods to get data, the company says, but it's taking additional steps to keep users safe from the site's partners.... Reddit still supports using its data for research: It's creating a new subreddit — r/reddit4researchers — to support these initiatives, and partnering with OpenMined to help improve research. Private data is, however, going to stay private.

If a company wants to use Reddit data for commercial purposes, including advertising or training AI, it will have to pay. Reddit made this clear by saying, "If you're interested in using Reddit data to power, augment, or enhance your product or service for any commercial purposes, we require a contract." To be clear, Reddit is still selling users' data — it's just making sure that unscrupulous actors have a tougher time accessing that data for free and researchers have an easier time finding what they need.
And finally, there's some court action, according to the Register. Reddit "was sued by an unhappy advertiser who claims that internet giga-forum sold ads but provided no way to verify that real people were responsible for clicking on them." The complaint [PDF] was filed this week in a U.S. federal court in northern California on behalf of LevelFields, a Virginia-based investment research platform that relies on AI. It says the biz booked pay-per-click ads on the discussion site starting September 2022... That arrangement called for Reddit to use reasonable means to ensure that LevelField's ads were delivered to and clicked on by actual people rather than bots and the like. But according to the complaint, Reddit broke that contract...

LevelFields argues that Reddit is in a particularly good position to track click fraud because it's serving ads on its own site, as opposed to third-party properties where it may have less visibility into network traffic... Nonetheless, LevelFields's effort to obtain IP address data to verify the ads it was billed for went unfulfilled. The social media site "provided click logs without IP addresses," the complaint says. "Reddit represented that it was not able to provide IP addresses."
"The plaintiffs aspire to have their claim certified as a class action," the article adds — along with an interesting statistic.

"According to Juniper Research, 22 percent of ad spending last year was lost to click fraud, amounting to $84 billion."

ArchieBunker quotes a report from Bloomberg: Texas electricity prices soared almost 100-fold as a high number of power-plant outages raised concerns of a potential evening shortfall. Spot prices at the North Hub, which includes Dallas, jumped to more than $3,000 a megawatt-hour just before 7 p.m. local time, versus about $32 at the same time Tuesday, according to data from the Electric Reliability Council of Texas. This morning, Ercot, as the state's main grid operator is known, issued a "watch" for a potential capacity reserve shortage from about 7-9 p.m., meaning the buffer of spare supplies could fall to low enough levels to call on back-up generation, cancel or delay outages or curb usage.

The conditions are the tightest of the year so far and raises the risk of prices rising to the $5,000 cap -- which they last did on April 16, when Ercot also warned of a potential shortfall. Unusually hot weather in the region has boosted demand for cooling and lowered the efficiency of many power plants. Wind output has also fallen from a day earlier and there are more outages. "Ercot has not called for conservation this evening," it said by email. "The grid is operating under normal conditions at this time."

Last month Reuters reported that Venezuela's state-run oil company "plans to increase digital currency usage in its crude and fuel exports as the U.S. reimposes oil sanctions on the country, three people familiar with the plan said." [The oil company] since last year had been slowly moving oil sales to USDT, a digital currency also known as Tether whose value is pegged to the U.S. dollar and designed to maintain a stable value. The return of oil sanctions is speeding up the shift, a move to reduce the risk of sale proceeds getting frozen in foreign bank accounts due to the measures, the people said...

Tether said in an email it respects the U.S. Treasury's list of sanctioned entities and "is committed to working to ensure sanction addresses are frozen promptly."
This week Reuters reported that now experts are saying the situation "will require greater scrutiny by regulators and law enforcement." They spoke to Kristofer Doucett, national security leader at U.S. blockchain analysis firm Chainalysis, who said "Structures must be set up to combat this type of money laundering." Reuters writes: Technology for digital transactions is changing fast and transactions are rapidly growing in developing regions including Latin America and Africa benefiting people without access to the banking system. But some corrupt governments are moving faster, making it difficult to prevent fraud, the experts said. Doucette and Sigal Mandelker, a lawyer who previously worked at the U.S. Treasury Department, said during a conference organized by the Wilson Center in Washington that the U.S. administration is making efforts to increase regulation and encourage other countries to improve supervision.
Slashdot reader RossCWilliams asks a loaded question. Whether this is "the beginning of the end of unregulated cryptocurrencies... the recognition of cryptocurrency as a national security threat that threatens international financial controls."

Alphabet paid Apple $20 billion in 2022 for Google to be the default search engine in the Safari browser, according to newly unsealed court documents in the Justice Department's antitrust lawsuit against Google. From a report: The deal between the two tech giants is at the heart of the landmark case, in which antitrust enforcers allege Google has illegally monopolized the market for online search and related advertising. The Justice Department and Google will offer closing arguments in the case Thursday and Friday, with a decision expected later this year.

Google and Apple had hoped to shield the payment amount from public disclosure. At the trial last fall, Apple executives testified that Google paid "billions," without specifying a number. A Google witness later accidentally disclosed that Google pays 36% of the revenue it earns from search ads to Apple. Court documents filed late Tuesday ahead of the closing arguments mark the first public confirmation of the figures by Apple's senior vice president of services, Eddy Cue. Such numbers aren't disclosed by either company in their securities filings. The documents also revealed the importance of the payments to Apple's bottom line. For instance, in 2020, Google's payments to Apple constituted 17.5% of the iPhone maker's operating income.