EU targets Big Tech with “hit list” facing tougher rules

A Facebook logo in front of an EU flag in this photo illustration on November 20, 2017.
Enlarge / A Facebook logo in front of an EU flag in this photo illustration on November 20, 2017.

EU regulators are drawing up a “hit list” of up to 20 large Internet companies, likely to include Silicon Valley giants such as Facebook and Apple, that will be subject to new and far more stringent rules aimed at curbing their market power.

Under the plans, large platforms that find themselves on the list will have to comply with tougher regulation than smaller competitors, according to people familiar with the discussions, including new rules that will force them to share data with rivals and an obligation to be more transparent on how they gather information.

The list will be compiled based on a number of criteria, including market share of revenues and number of users, meaning the likes of Facebook and Google are likely to be included. Those deemed to be so powerful that rivals cannot trade without using their platforms could also be added.

The move to gain new powers is part of a growing effort in Brussels to force big technology companies to change their business practices without a full investigation or any finding that they have broken existing laws.

It follows complaints that the current regulatory regime has resulted in weak and belated action, which has done little to foster competition.

The number of companies and the precise criteria for the list is still being discussed, but it is the latest indication of how serious the EU is about coming up with powers to limit the power of platforms seen as “too big to care.”

“The immense market power of these platforms is not good for competition,” said a person with intimate knowledge of the discussions.

The proposals, which are still being discussed among senior EU officials, could

EU creates ‘hit list’ of Big Tech targets for new regulation: Report

  • EU lawmakers are drawing up a “hit list” of Big Tech companies to target with new regulation, sources told the Financial Times.
  • The list will have up to 20 companies on it, and is likely to include big players such as Facebook and Apple, the sources said.
  • The EU is set to publish proposals for new technology laws in December.
  • Visit Business Insider’s homepage for more stories.

EU lawmakers are writing a “hit list” of Big Tech companies to target with tougher regulation, sources familiar with the matter told the Financial Times.

The sources did not say which names are on the list so far, but said it will feature up to 20 large tech companies, and that it is likely to include Silicon Valley behemoths such as Facebook and Apple.

Under draft plans for new legislation, the companies named on the list will have to abide by stricter regulations than smaller competitors.

The EU is currently working on a new set of technology laws called the Digital Services Act. It is due to set out its first proposals in December.

“The immense market power of these platforms is not good for competition,” a source familiar with the discussions told the FT.

“Big platforms are invasive, they pay little tax and they destroy competition. This is not the internet we wanted,” said another.

Thierry Breton, the European commissioner for internal markets, told the FT in September that the EU was looking at giving itself sweeping powers to crack down on powerful tech companies, up to and including the ability to break them up.

“There is a feeling from end-users of these platforms that they are too big to care,” Breton said.

This comes as Big Tech companies are facing ever-increasing antitrust scrutiny in the US, with the Department of Justice

Indonesia’s AC Ventures Targets New $80 Million Startup Fund

(Bloomberg) — AC Ventures, an Indonesia-focused venture capital firm, said it completed the first close of a planned $80 million technology investment fund.



a crane next to a body of water with a city in the background: A crane stands at a construction site in this aerial photograph taken in Jakarta, Indonesia, on Friday, Feb. 1, 2019. Indonesia is scheduled to release fourth-quarter gross domestic product (GDP) figures on Feb. 6.


© Bloomberg
A crane stands at a construction site in this aerial photograph taken in Jakarta, Indonesia, on Friday, Feb. 1, 2019. Indonesia is scheduled to release fourth-quarter gross domestic product (GDP) figures on Feb. 6.

The Jakarta-based company raised $56 million at the first close, according to its partners. The fund will invest in about 30 early-stage startups in areas including e-commerce and financial technology in the next three years.

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AC Ventures was established in 2019 after two homegrown Indonesian VC firms — Agaeti Ventures and Convergence Ventures — merged to create scale. Its three founding partners are Pandu Sjahrir and Michael Soerijadji, previously general partners of Agaeti Ventures, and Adrian Li, the former founder of Convergence Ventures. Together, they have backed more than 100 tech ventures.

The firm will have a strategic alliance with Indies Capital, an alternative asset manager with more than $600 million of assets under management where Sjahrir serves as a managing partner. One of its funds, Indies Pelago, invests in late-stage technology startups in Southeast Asia.

With the new fund, AC Ventures plans to make an initial investment of as much as $3 million in each startup. It has put money into companies such as logistics startup Kargo and BukuWarung, a bookkeeping app built for 60 million micro-merchants in the country.

“With AC Ventures, we can invest across the spectrum — from very early-stage, to growth and late-stage startups,” Sjahrir said in an interview. “The Covid-19 era has shown entrepreneurs with grit, and investment companies that can put capital to work.”

Read more: Singapore’s Indies Raises $100 Million for Third Asian Fund

For more articles like this, please visit

AC Ventures Targets New $80 Million Indonesian Startup Fund

(Bloomberg) — AC Ventures, an Indonesia-focused venture capital firm, said it completed the first close of a planned $80 million technology investment fund.



a crane next to a body of water with a city in the background: A crane stands at a construction site in this aerial photograph taken in Jakarta, Indonesia, on Friday, Feb. 1, 2019. Indonesia is scheduled to release fourth-quarter gross domestic product (GDP) figures on Feb. 6.


© Bloomberg
A crane stands at a construction site in this aerial photograph taken in Jakarta, Indonesia, on Friday, Feb. 1, 2019. Indonesia is scheduled to release fourth-quarter gross domestic product (GDP) figures on Feb. 6.

The Jakarta-based company raised $56 million at the first close, according to its partners. The fund will invest in about 30 early-stage startups in areas including e-commerce and financial technology in the next three years.

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AC Ventures was established in 2019 after two homegrown Indonesian VC firms — Agaeti Ventures and Convergence Ventures — merged to create scale. Its three founding partners are Pandu Sjahrir and Michael Soerijadji, previously general partners of Agaeti Ventures, and Adrian Li, the former founder of Convergence Ventures. Together, they have backed more than 100 tech ventures.

The firm will have a strategic alliance with Indies Capital, an alternative asset manager with more than $600 million of assets under management where Sjahrir serves as a managing partner. One of its funds, Indies Pelago, invests in late-stage technology startups in Southeast Asia.

With the new fund, AC Ventures plans to make an initial investment of as much as $3 million in each startup. It has put money into companies such as logistics startup Kargo and BukuWarung, a bookkeeping app built for 60 million micro-merchants in the country.

“With AC Ventures, we can invest across the spectrum — from very early-stage, to growth and late-stage startups,” Sjahrir said in an interview. “The Covid-19 era has shown entrepreneurs with grit, and investment companies that can put capital to work.”

Read more: Singapore’s Indies Raises $100 Million for Third Asian Fund

For more articles like this, please visit

Exclusive: HSBC targets net zero emissions by 2050, earmarks $1 trillion green financing

LONDON (Reuters) – HSBC HSBA.L will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between $750 billion and $1 trillion in financing to help clients make the transition, its Chief Executive Noel Quinn told Reuters.

FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid

In the strongest statement by Europe’s biggest bank on climate change to date, its CEO outlined HSBC’s ambitions to align its activities with the Paris Agreement.

“COVID has been a wake-up call to us all, including me personally, we have seen how fragile the global economy is to a major event, in this case a health event, and it brings home the reality of what a major climate event could do,” Quinn told Reuters in a video interview.

HSBC aims to achieve net zero in its own operations by 2030, he added.

While other UK banks such as NatWest NWG.L have already set similar net-zero goals, HSBC’s aim to achieve it across its huge Asia-focused client base is one of the most significant pledges made by a global lender to date.

However, the bank will be closely watched for how quickly and fully it pursues its new goals, which are mainly stated as ‘aims’ rather than hard commitments.

It will also face scrutiny on whether it has allowed itself leeway to continue financing some fossil fuel-linked clients, especially in developing markets.

HSBC has come under increasing pressure from activists, shareholders and politicians who say it is contributing to climate change by financing fossil fuel and other environmentally harmful projects.

Quinn said the bank is focused on expanding its capital markets-focused carbon transition policies, to a broader one encompassing all its activities across financing,