Saturday's attack is the biggest on Saudi oil infrastructure since Saddam Hussein's invasion of Kuwait in 1990.Energyread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
"Blaming Iran won't end disaster. Accepting our April '15 proposal to end war & begin talks may," Zarif said on Twitter.Energyread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
FTC Commissioner Rohit Chopra told CNBC on Friday that financial penalties won't be enough to address the concerns about the power of Big Tech.
"We're not going to solve some of these problems just by small-time fines that aren't going to change the underlying business model of these firms," Chopra, a Democrat, said on "Squawk Alley." "We actually have to take a hard look at whether these behemoths are killing off innovation and competition."
He assumed his role in May 2018 as one of five FTC commissioners, including the chairman. The agency's mission is to protect consumers by promoting competitiveness. No more than three commissioners can be from the same political party.
Chopra was one of two commissioners who voted against the Federal Trade Commission's recent $170 million fine of Google's YouTube. Rebecca Kelly Slaughter, the other FTC Democrat, also voted against it. The two FTC Democrats also dissented against the FTC's earlier $5 billion fine of Facebook over online privacy.
The social network said in July it is now facing an FTC antitrust probe. Last week, a team of state attorneys general announced it also would begin investigating Facebook. Google, which has faced a barrage of scrutiny from European Union regulators, became the subject of an antitrust investigation from 50 attorneys general on Monday.
Chopra said the "all hands on deck" approach to the investigations is beneficial because of the added resources. "We have to act if we see that they are breaking the law."
The FTC is also looking into whether Amazon uses anticompetitive business practices by interviewing small merchants who sell products on the e-commerce giant's marketplace, according to a Bloomberg report. Chopra declined to comment on that.
Chopra's remarks came hours after the House Judiciary Committee said it requested documents from Facebook, Apple, Amazon and Google's parent company, Alphabet. That probe, announced by a group of bipartisan leaders, adds to a growing roster of antitrust investigations of tech companies.
The Justice Department opened its own a broad antitrust review of Big Tech this summer. It didn't name companies — only saying its inquiry focused on "market-leading online platforms." But The Wall Street Journal reported the probe represents another Washington threat for Facebook, Google, Amazon and Apple.
The crescendo of concerns over competition in the online market extends beyond formal investigations. For example, Sen. Elizabeth Warren of Massachusetts has made a pledge to "break up" Big Tech a cornerstone of her campaign in the Democratic presidential primary. In addition, last week, tech investor Alan Patricof told CNBC he thought the companies had grown too powerful.
While some, including Patricof, have raised questions about whether current antitrust laws are outdated and therefore hard to apply to technology companies, Chopra said he believes there are things that can be done.
"When those investigations conclude that there is anticompetitive conduct, the courts can award divestitures and significant remedies that really make sure that those business models are not choking off competition and innovation," Chopra said.