E-commerce and trade

US tightens chip curbs on China in major crackdown

The United States has imposed its third major round of export controls on China’s semiconductor industry in three years, targeting 140 companies with restrictions on chipmaking equipment, software, and advanced memory chips. Among those affected are prominent firms like Naura Technology, ACM Research, and SiCarrier Technology, as well as entities linked to Huawei, a key player in China’s chip advancements.

The measures, aimed at stalling China’s progress in AI and military technologies, also introduce new licensing requirements for US and foreign companies shipping equipment with US components to China. Commerce Secretary Gina Raimondo stated the restrictions are intended to block China’s military modernisation. Despite the sanctions, Chinese officials condemned the move as “economic coercion” and vowed countermeasures.

The rules also impact allies, with restrictions extending to chipmaking equipment from countries like Singapore and South Korea, while Japan and the Netherlands are exempt. Some global players, including Dutch firm ASML, downplayed the immediate impact but acknowledged potential long-term effects. These actions come as China accelerates efforts toward self-sufficiency in semiconductor production, though it remains years behind industry leaders like Nvidia and ASML.

This latest crackdown follows the sweeping 2022 curbs on high-end chips and manufacturing tools under the Biden administration, reflecting a sustained US effort to curtail China’s access to critical technologies.

Australia targets Big Tech with tougher competition rules

Australia has proposed a law to curb anti-competitive practices by major tech companies, including fines of up to A$50 million ($33 million) for suppressing competition or preventing consumers from switching services. The move builds on recent efforts by the Labor government to regulate Big Tech, including a ban on social media use for children under 16 passed last week.

Assistant Treasurer Stephen Jones highlighted the dominance of platforms like Apple, Google, and Meta, warning that their practices stifle innovation, limit consumer choice, and inflate costs. The proposed law, inspired by the European Union’s Digital Markets Act, aims to make it easier for users to switch between services such as social media platforms, internet browsers, and app stores.

The law would empower Australia’s competition regulator to enforce compliance, investigate digital market practices, and impose fines. It prioritises oversight of app stores and ad tech services, targeting practices like promoting low-rated apps and favouring in-house services over competitors. Consultation on the legislation will run until February 14, with further discussions to refine the draft.

Big Tech companies, which dominate Australia’s digital market, have yet to comment on the proposal. Government reports reveal Google controls up to 95% of online search, Apple’s App Store handles 60% of app downloads, and Facebook and Instagram account for 79% of social media services in the country.

Meta tightens financial ad rules in Australia

Meta Platforms announced stricter regulations for advertisers promoting financial products and services in Australia, aiming to curb online scams. Following an October initiative where Meta removed 8,000 deceptive ‘celeb bait’ ads, the company now requires advertisers to verify beneficiary and payer details, including their Australian Financial Services License number, before running financial ads.

This move is part of Meta’s ongoing efforts to protect Australians from scams involving fake investment schemes using celebrity images. Verified advertisers must also display a “Paid for By” disclaimer, ensuring transparency in financial advertisements.

The updated policy follows a broader regulatory push in Australia, where the government recently abandoned plans to fine internet platforms for spreading misinformation. The crackdown on online platforms is part of a growing effort to assert Australian sovereignty over foreign tech companies, with a federal election looming.

US tightens semiconductor export curbs on China

The United States will implement sweeping new restrictions on semiconductor exports to China starting Monday, targeting 140 Chinese firms to curb Beijing’s technological advancements, especially in AI and military applications. The measures, part of the Biden administration’s continued crackdown on China’s chip industry, include export controls on high-bandwidth memory (HBM) chips, 24 chipmaking tools, and advanced semiconductor equipment manufactured in countries like Singapore and Malaysia.

Among the companies affected are major Chinese chip equipment makers such as Naura Technology Group and Piotech, alongside firms tied to Huawei, which remains central to China’s chipmaking ambitions. Nearly two dozen additional semiconductor and investment firms will be added to the US Entity List, severely restricting their access to American technology. In response, Chinese officials criticised the move, claiming it undermines global trade and supply chains while vowing to protect their firms’ interests.

The restrictions also expand the foreign direct product rule, giving the US authority to regulate exports to China of equipment containing even minimal American technology. This move could disrupt global suppliers, although Japan and the Netherlands are exempt due to their collaboration with the US on similar controls. The crackdown follows a broader US strategy to limit China’s ability to compete in advanced technologies, building on export curbs introduced in 2022.

Despite China’s efforts to become self-reliant in semiconductors, it remains years behind global leaders like Nvidia and ASML. Meanwhile, the restrictions are expected to hit companies such as Lam Research, Applied Materials, and Samsung, which derives a significant share of its HBM chip revenue from China. With the upcoming administration of Donald Trump expected to maintain a hardline stance on China, the latest measures underscore ongoing US efforts to preserve its technological edge.

Meta to face $582 million trial in Spain

Meta Platforms, the owner of Facebook, Instagram, and WhatsApp, is set to face trial in Spain in October 2025 over a €551 million ($582 million) lawsuit filed by 87 media companies. The complaint, led by the AMI media association, accuses Meta of unfair competition in advertising through its alleged misuse of user data from 2018 to 2023.

The media companies argue that Meta’s extensive data collection provides it with an unfair advantage in crafting personalised ads, violating EU data protection regulations. Prominent Spanish publishers, including El Pais owner Prisa and ABC publisher Vocento, are among the plaintiffs. A separate €160 million lawsuit against Meta was also filed by Spanish broadcasters last month on similar grounds.

The lawsuits are part of a broader effort by traditional media to push back against tech giants, which they claim undermine their revenue and fail to pay fair fees for content use. In response to similar challenges in other countries, Meta has restricted news sharing on its platforms and reduced its focus on news and political content in user feeds.

Meta has not yet commented on the Spanish lawsuits, which highlight ongoing tensions between digital platforms and legacy media seeking to safeguard their economic interests.

Google faces probe over gaming app policies in India

India’s Competition Commission (CCI) has launched an investigation into Google’s gaming app policies following a complaint by gaming platform WinZO. The inquiry will examine allegations of discriminatory practices against apps offering real-money games.

WinZO accused Google of favouring certain categories, such as fantasy sports and rummy, while excluding others like carrom, puzzles, and racing games. The gaming platform filed the complaint in 2022, claiming Google’s updated policies create an uneven playing field, disadvantaging smaller developers.

The investigation compounds Google’s regulatory challenges in India, where it has already faced significant fines for anti-competitive behaviour in the Android ecosystem. A CCI official has been tasked with completing the inquiry within 60 days.

Google has yet to comment on the allegations, as the announcement coincided with Thanksgiving in the US.

Australian social media ban sparked by politician’s wife’s call to action

Australia has passed a landmark law banning children under 16 from using social media, following a fast-moving push led by South Australian Premier Peter Malinauskas. The law, which takes effect in November 2025, aims to protect young people from the harmful effects of social media, including mental health issues linked to cyberbullying and body image problems. The bill has widespread support, with a government survey showing 77% of Australians backing the measure. However, it has sparked significant opposition from tech companies and privacy advocates, who argue that the law is rushed and could push young users to more dangerous parts of the internet.

The push for the national ban gained momentum after Malinauskas’s state-level initiative to restrict social media access for children under 14 in September. This led to a broader federal response, with Prime Minister Anthony Albanese’s government introducing a nationwide version of the policy. The legislation eliminates parental discretion, meaning no child under 16 will be able to use social media without facing fines for platforms that fail to enforce the rules. This move contrasts with policies in countries like France and Florida, where minors can access social media with parental permission.

While the law has garnered support from most of Australia’s political leaders, it has faced strong criticism from social media companies like Meta and TikTok. These platforms warn that the law could drive teens to hidden corners of the internet and that the rushed process leaves many questions unanswered. Despite the backlash, the law passed with bipartisan support, and a trial of age-verification technology will begin in January to prepare for its full implementation.

The debate over the law highlights growing concerns worldwide about the impact of social media on young people. Although some critics argue that the law is an overreach, others believe it is a necessary step to protect children from online harm. With the law now in place, Australia has set a precedent that could inspire other countries grappling with similar issues.

MiCA rules force Coinbase to halt USDC yields

Coinbase has announced it will end its USDC Rewards programme in the European Economic Area (EEA) on 1 December, citing the region’s incoming MiCA regulations as the reason. Customers eligible to earn rewards on their USD Coin balances can do so until 30 November, after which the service will cease. The EEA includes 30 nations, comprising 27 EU member states alongside Iceland, Norway, and Liechtenstein.

MiCA’s regulations, introduced in June, impose strict standards for stablecoin issuers, including a ban on offering interest for stablecoin holdings. The move has drawn criticism, with figures like Paul Berg, co-founder of Sablier, and Ripple’s David Schwartz calling the rules counterproductive to consumer interests.

Coinbase had previously announced plans to delist non-compliant stablecoins by the end of the year, including Tether’s Euro-pegged EURT. Tether recently confirmed it will cease support for EURT and shift focus towards MiCA-compliant tokens, such as EURQ and USDQ. The new framework is set to fully take effect by 30 December.

Australia’s new social media ban faces backlash from Big Tech

Australia’s new law banning children under 16 from using social media has sparked strong criticism from major tech companies. The law, passed late on Thursday, targets platforms like Meta’s Instagram and Facebook, as well as TikTok, imposing fines of up to A$49.5 million for allowing minors to log in. Tech giants, including TikTok and Meta, argue that the legislation was rushed through parliament without adequate consultation and could have harmful unintended consequences, such as driving young users to less visible, more dangerous parts of the internet.

The law was introduced after a parliamentary inquiry into the harmful effects of social media on young people, with testimony from parents of children who had been bullied online. While the Australian government had warned tech companies about the impending legislation for months, the bill was fast-tracked in a chaotic final session of parliament. Critics, including Meta, have raised concerns about the lack of clear evidence linking social media to mental health issues and question the rushed process.

Despite the backlash, the law has strong political backing, and the government is set to begin a trial of enforcement methods in January, with the full ban expected to take effect by November 2025. Australia’s long-standing tensions with major US-based tech companies, including previous legislation requiring platforms to pay for news content, are also fueling the controversy. As the law moves forward, both industry representatives and lawmakers face challenges in determining how it will be practically implemented.

Mixed reactions as Australia bans social media for minors

Australia’s recent approval of a social media ban for children under 16 has sparked mixed reactions nationwide. While the government argues that the law sets a global benchmark for protecting youth from harmful online content, critics, including tech giants like TikTok, warn that it could push minors to darker corners of the internet. The law, which will fine platforms like Meta’s Facebook, Instagram and TikTok up to A$49.5 million if they fail to enforce it, takes effect one year after a trial period begins in January.

Prime Minister Anthony Albanese emphasised the importance of protecting children’s physical and mental health, citing the harmful impact of social media on body image and misogynistic content. Despite widespread support—77% of Australians back the measure—many are divided. Some, like Sydney resident Francesca Sambas, approve of the ban, citing concerns over inappropriate content, while others, like Shon Klose, view it as an overreach that undermines democracy. Young people, however, expressed their intent to bypass the restrictions, with 11-year-old Emma Wakefield saying she would find ways to access social media secretly.

This ban positions Australia as the first country to impose such a strict regulation, ahead of other countries like France and several US states that have restrictions based on parental consent. The swift passage of the law, which was fast-tracked through parliament, has drawn criticism from social media companies, which argue the law was rushed and lacked proper scrutiny. TikTok, in particular, warned that the law could worsen risks to children rather than protect them.

The move has also raised concerns about Australia’s relationship with the United States, as figures like Elon Musk have criticised the law as a potential overreach. However, Albanese defended the law, drawing parallels to age-based restrictions on alcohol, and reassured parents that while enforcement may not be perfect, it’s a necessary step to protect children online.