Bloomberg Businessweek

Google illegally monopolized some online advertising technology markets, according to a federal judge, whose ruling marked the latest antitrust setback for the company and a challenge to its main source of revenue.

US District Judge Leonie Brinkema found on Thursday that the Alphabet Inc. unit violated antitrust law in the markets for advertising exchanges and tools used by websites to sell ad space, known as ad servers. But she said the company didn’t meet the definition of a monopoly for a third market of tools used by advertisers to buy display ads.

Alphabet shares quickly sank as much as 3.2% on the ruling, then slightly pared their losses. The stock was down 1.1% at $153.78 at 1:10 p.m. in New York.

Brinkema’s decision marked the second time in a year that Google was found by a court to be an illegal monopolist. A trial begins Monday in Washington on a remedy after the company was found to monopolize the online search market. The Justice Department is seeking to force Alphabet to sell off its Chrome browser.

In the ad technology case, Brinkema wrote in her 115-page opinion Thursday that “Google has willfully engaged in a series of anticompetitive acts to acquire and maintain monopoly power in the publisher ad server and ad exchange markets for open-web display advertising.” For over a decade, Google pushed web publishers to use its tools that both placed ads on websites and help manage their advertising business, the judge found.

Today's show features:

• Bloomberg News Legal Team Leader Sara Forden on Google’s Antitrust Case and Supreme Court to Hear Citizenship Case
• Michael McKee, Bloomberg International Economics and Policy Correspondent & Bloomberg Federal Reserve reporter Catalina Saraiva on whether the Fed's independence is in question
• Ken Natori, President of Natori Company, on how tariffs are impacting retail sector
• and we Drive to the Close with ReAnn Mitrione, Founder and CFA at Callan Family Office

Hosts: Carol Massar and Tim Stenovec Producer: Sebastian Escobar

See omnystudio.com/listener for privacy information.

Heather Spilsbury, CEO of 50/50 Women on Boards discuses the importance of women being on company boards and the non profit's third annual 50 Women to watch for Boards program. 50/50 Women on Boards is a nonprofit education and advocacy campaign driving the movement toward gender balance and diversity on corporate boards.

Hosts: Carol Massar and Tim Stenovec
Producer: Sebastian Escobar

See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

The Trump administration is preparing to pressure nations to curb trade with China in negotiations over US tariffs, according to people familiar with the matter.

Dozens of nations are seeking reductions or exemptions from President Donald Trump’s historic import taxes. In exchange for doing so, the US is set to ask them to take steps limiting China’s manufacturing might, a bid to ensure Beijing doesn’t find avenues around Trump’s tariffs.

Trump’s top economic advisers are discussing asking representatives from other nations to impose so-called secondary tariffs, essentially a monetary sanction, on imports from certain countries with close China ties, according to a person familiar with the process. The US also wants trading partners to refrain from absorbing excess goods from China, other people said. Other concessions on China may also be put on the table.

Mexican officials are expecting the US to ask their country to increase tariffs on electric vehicle imports from China, according to a person familiar with the government’s thinking. Mexico’s economy ministry declined to comment.

Today's show features:

• Caroline Freund, Dean of the School of Global Policy and Strategy at UC San Diego on US/China relations
• Bloomberg Intelligence Senior Semiconductor Analyst Kunjan Sobhani & Bloomberg Technology co-host Ed Ludlow on latest Nvidia & AMD news
• Silvio Tavares, CEO at VantageScore on bank consumer sentiment and retail tariffs affecting credit scores
• and we Drive to the Close with David Harden, CIO of Summit Global Investments

Hosts: Carol Massar and Tim Stenovec Producer: Sebastian Escobar

See omnystudio.com/listener for privacy information.

Columbia University Senior Research Scholar and Professor Edward Fishman on US credibility and how that is affecting its stance in the midst of a global trade war. Plus, Bloomberg News Higher-Education Finance Reporter Janet Lorin on Harvard's fight with the Trump administration and Jillian Berman on her book, "Sunk Cost, Who’s to Blame for the Nation’s Broken Student Loan System and How to Fix It"

See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Today's show features:

• Bloomberg Businessweek National Correspondent Josh Green on Trump’s Tariff Obsession
• Bloomberg News Finance Reporter Katherine Doherty on Bank of America Earnings & Bloomberg News US Finance Team Leader Sally Bakewell on Citi Earnings
• Bloomberg Detroit Bureau Chief David Welch, on today's Big Take: Mary Barra Is Trying to Sell EVs in Trump’s America
• and we Drive to the Close with Alan Zafran, Founding Partner and Co-CEO at IEQ Capital

Hosts: Carol Massar and Tim Stenovec Producer: Sebastian Escobar

See omnystudio.com/listener for privacy information.

Kim Forrest, Founder and CIO of Bokeh Capital Partners, discusses why the  tariff war has highlighted people's short term views on the market and to "keep calm and invest on." Plus, Bloomberg Tech Reporter Riley Griffin on RFK Jr. warning his FDA staff of ‘Deep State’ in All-Hands Meeting

See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Mark Zuckerberg took the stand in federal court Monday as the first witness in the US Federal Trade Commission’s antitrust trial seeking to break up Meta Platforms Inc.
The company’s founder and chief executive officer will face questions about the company’s acquisitions of Instagram and WhatsApp. The FTC is seeking to force Meta to divest those platforms, alleging the acquisitions gave Meta an illegal monopoly on portions of the social networking industry.

In initial questioning by the FTC’s lead trial lawyer, Daniel Matheson, Zuckerberg described the company’s early history and acknowledged that he rejected advice to sell the company early on because it would not be possible to compete with MySpace.
Zuckerberg went on to describe the creation of the Facebook news feed in 2006 to facilitate “real connections to actual friends.” That use is key to the FTC’s argument that the company is primarily focused on sharing information with friends and family.
Today's show features:

• Bloomberg Intelligence Senior Antitrust Litigation Analyst Jen Rie on Meta Faces Potential Breakup With Start of Antitrust Trial
• Bloomberg News Editorial Board Member Christine Harper on Volcker’s Lessons for Restoring US Credibility
• Bloomberg News Managing Editor for Global Consumer Tech Mark Gurman on Apple's Supply Chain
• We Drive to the Close with Andrew Slimmon, Senior Portfolio Manager at Morgan Stanley Investment Management

Hosts: Carol Massar and Tim Stenovec Producer: Sebastian Escobar

See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Wall Street’s gyrations shook markets anew, with stocks wiping out losses to extend their best weekly rally since 2023. The rebound came as a selloff in longer-term Treasuries and the dollar abated, following a few chaotic days that underscored fears foreign investors are beating a retreat from American assets.

Volatility shows little signs of easing as concerns that President Donald Trump’s fast-evolving trade policy is not only shaking the global economy, but threatening the US status as the world’s safe haven. The S&P 500 jumped about2% on a report that a Federal Reserve official said the central bank is ready to help stabilize markets, if needed. US 30-year yields dropped, while still remaining up by 45 basis points since last Friday.

Not since the pandemic has there been this little clarity on the outlook for economies, markets and businesses, with China unleashing retaliatory measures and Trump pausing some levies only hours after they took effect. Variations of “uncertainty,” “unknowns” and “turbulence” arose again and again as three of the biggest US banks kicked off the industry’s earnings reports on Friday. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he expects “a kerfuffle” in Treasuries that prompts a Fed intervention.

Today's show features:

• Bloomberg News Chief Wall Street Correspondent Sridhar Natarajan and Bloomberg Intelligence Senior Analyst for Global Investment Banks & Asset Managers Alison Williams on bank earnings
• Paul Rice, Founder of Fair Trade USA, and author of "Every Purchase Matters: How Fair Trade Farmers, Companies, and Consumers Are Changing the World"
• Gracelin Baskaran, Director of the Critical Minerals Security Program at the Center for Strategic and International Studies, and Bloomberg News metals and mining reporter Joe Deaux

See omnystudio.com/listener for privacy information.

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.
You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.

Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @B

See omnystudio.com/listener for privacy information.

Louis Navellier, Chairman, Founder and CIO of Navellier & Associates, explains why he's optimistic about markets with quarterly earnings set to start rolling out in full force, and why he believes "the bond vigilantes are in charge" at the White House following President Donald Trump's temporary tariff pullback.

See omnystudio.com/listener for privacy information.