Julie Hyman breaks down Thursday’s business headlines, including: global coronavirus death toll topping 4 million, a group of state AGs suing Google over its Play Store, Biden administration shifting focus to railroad in attempt to prevent monopoly, and House Speaker Nancy Pelosi’s husband locking in $5.3 million from Alphabet options.
Video Transcript
JULIE HYMAN: Other headlines we're watching at this hour. The official coronavirus death toll has passed four million globally, according to Johns Hopkins University, but experts say that is likely an undercount. The numbers include 400,000 confirmed deaths in India and 600,000 in the US. In South America, the number of deaths relative to population were among the highest in the world. In the United States, while the number of deaths continues to fall, the case rate is rising, particularly among less vaccinated areas in the South and Midwest.
Google has been sued by three dozen states over its app store. The 36 states, plus the District of Columbia, claim the Google Play store abuses market power and forces aggressive terms on software developers. The complaint alleges that Google paid video game developers to prevent them from distributing their apps outside of Google's store. That's after Epic Games, the owner of Fortnite, made that move. This is the fourth state or federal antitrust lawsuit brought against Google since October.
The Biden administration is expected to target the rail and shipping industries in an executive order this week. The administration says those industries are dominated by a small number of large players, which allows them to charge unreasonable fees and assert monopoly power in other ways. The EO will call on regulators to target non-compete agreements, among other measures.
Speaker Nancy Pelosi's husband, Paul Pelosi, made a series of options trades in the weeks before the House Judiciary Committee's vote on antitrust legislation that targeted big tech companies. Call options on Alphabet, for example, landed him more than $5 million. A spokesman for the speaker said she doesn't own any stock and that, quote, "the speaker has no involvement or prior knowledge of these transactions."
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