Things To Do In SW Florida

Julie Rovner, David Hilzenrath | (TNS) KFF Health News

New technologies are making it easier for companies to fix prices and discriminate against individual consumers, the Biden administration’s top consumer watchdog said Tuesday.

Algorithms make it possible for companies to fix prices without explicitly coordinating with one another, posing a new test for regulators policing the market, said Lina Khan, chair of the Federal Trade Commission, during a media event hosted by KFF.

“I think we could be entering a somewhat novel era of pricing,” Khan told reporters.

Khan is regarded as one of the most aggressive antitrust regulators in recent U.S. history, and she has paid particular attention to the harm that technological advances can pose to consumers. Antitrust regulators at the FTC and the Justice Department set a record for merger challenges in the fiscal year that ended Sept. 30, 2022, according to Bloomberg News.

Last year, the FTC successfully blocked biotech company Illumina’s over $7 billion acquisition of cancer-screening company Grail. The FTC, Justice Department, and Health and Human Services Department launched a website on April 18, healthycompetition.gov, to make it easier for people to report suspected anticompetitive behavior in the health care industry. read more

By WYATTE GRANTHAM-PHILIPS (AP Business Writer)

NEW YORK (AP) — Legislation forcing TikTok’s parent company to sell the video-sharing platform or face a ban in the U.S. received President Joe Biden’s official signoff Wednesday. But the newly minted law could be in for an uphill battle in court.

Critics of the sell-or-be-banned ultimatum argue it violates TikTok users’ First Amendment rights. The app’s China-based owner, ByteDance, has already promised to sue, calling the measure unconstitutional.

But a court challenge’s success is not guaranteed. The law’s opponents, which include advocacy organizations like the American Civil Liberties Union, maintain that the government hasn’t come close to justifying banning TikTok, while others say national-security claims could still prevail.

For years, lawmakers on both sides of the aisle have expressed concerns that Chinese authorities could force ByteDance to hand over U.S. user data, or influence Americans by suppressing or promoting certain content on TikTok. The U.S. has yet to provide public evidence to support those claims, but political pressures have piled up regardless. read more

By PAUL WISEMAN (AP Economics Writer)

WASHINGTON (AP) — The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace.

Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — decelerated in the January-March quarter from its brisk 3.4% growth rate in the final three months of 2023.

A surge in imports, which are subtracted from GDP, reduced first-quarter growth by nearly 1 percentage point. Growth was also held back by businesses reducing their inventories. Both those categories tend to fluctuate sharply from quarter to quarter.

By contrast, the core components of the economy still appear sturdy. Along with households, businesses helped drive the economy last quarter with a strong pace of investment.

The import and inventory numbers can be volatile, so “there is still a lot of positive underlying momentum,” said Paul Ashworth, chief North America economist at Capital Economics. read more