Technology
UK competition watchdog fines Meta $2 million over Giphy acquisition
The UK’s Competition and Markets Authority (CMA) has fined Meta (formerly Facebook) $2 million for failing to disclose key changes in its $315 million acquisition of online database and search engine Giphy.
According to the CMA, Meta failed to notify the regulator of the resignation of three key employees and the reassignment of their roles.
In November, U.K. antitrust regulators ordered Meta to sell Giphy because the acquisition could hurt social media users and U.K. advertisers.
Facebook acquired the online GIF platform in May 2020.
Britain’s anti-competition watchdog ruled that Facebook’s acquisition of Giphy would reduce competition among social media platforms, and the deal has already made Giphy less of a potential challenger in the display advertising market.
“Facebook and Giphy’s partnership has eliminated a potential challenger in the display ad market. If not acted, it will also allow Facebook to further enhance its significant market power in social media by controlling rivals’ access to Giphy’s GIFs,” Stuart McIntosh, chairman of the Independent Investigation Panel, said.
“By requiring Facebook to sell Giphy, we are protecting millions of social media users and fostering competition and innovation in digital advertising,” he said in a statement.
Prior to the merger, Giphy had launched an innovative advertising service that was considering expanding beyond the US, including the UK.
Giphy’s services enable companies like Dunkin’ Donuts and PepsiCo to promote their brands through visual images and GIFs.
The CMA found that Giphy’s ad service has the potential to compete with Facebook’s own display ad service.
Complete News Source : Business Standard
.jpg "SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad")
SpiceJet expands its domestic network with 8 new flights that will connect Jaipur with Varanasi, Amritsar and Ahmedabad and also link Ahmedabad with Pune.
SpiceJet is further expanding its domestic network with the launch of eight new flights starting November 15.
In the statement released on Wednesday, the airline announced that these new routes will connect Jaipur with Varanasi, Amritsar and Ahmedabad, while also linking Ahmedabad with Pune. This expansion follows the recent launch of 32 new flights in October 2024, including two international flights connecting Delhi with Phuket.
Last month, SpiceJet also commenced UDAN flights linking Shivamogga in Karnataka with Chennai and Hyderabad, and introduced double daily flights between Chennai and Kochi, enhancing connectivity across key regional and metropolitan cities.
“We are excited to announce the launch of new flights from Jaipur to Varanasi, Amritsar, and Ahmedabad, as well as from Ahmedabad to Pune, providing our passengers with greater flexibility and convenience,” SpiceJet Chief Business Officer Debojo Maharshi said.
“These new flights reflect our commitment to supporting passenger demand across tier-II cities and beyond. With our expanded winter schedule, including international and UDAN routes, we aim to provide our customers with greater convenience, affordability, and seamless travel experiences,” Maharshi added.
SpiceJet will deploy its 78-seater Q400 aircraft in these sectors. Bookings for the new flights are now open and tickets are available at the website of the airline, SpiceJet’s mobile app and through online travel portals and travel agents.
On Monday, the airline received a significant boost, with Acuite Ratings & Research Limited upgrading its long-term rating by four notches to ‘B ‘ and its short-term rating to A4. The rating agency has also assigned a ‘Stable’ outlook to the airline.
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