Google faces UK scrutiny over new advertising data revamp

Google controls more than 90 percent of the UK’s £7.3 billion search advertising market, the CMA says. (Reuters)
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Updated 24 November 2020
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Google faces UK scrutiny over new advertising data revamp

  • Competition watchdog urged to force the company to delay the rollout of its ‘privacy sandbox’

LONDON: Google faces fresh regulatory scrutiny in Britain over plans to revamp its ad data system, after an industry lobbying group complained to the competition watchdog that the changes would cement the US tech giant’s online dominance.

Marketers for an Open Web, a coalition of technology and publishing companies, said Monday that it’s urging the UK competition watchdog to step in and force Google to delay the rollout of its “privacy sandbox” scheduled for early next year.

The new technology would remove so-called third party cookies that allow users to be tracked across the Internet by storing information on their devices, replaced by tools owned by Google. That means login, advertising and other features would be taken off the open web and placed under Google’s control, the group said.

The Competition and Markets Authority confirmed it received the complaint.

“We take the matters raised in the complaint very seriously, and will assess them carefully with a view to deciding whether to open a formal investigation under the Competition Act,” it said in a statement, adding that if the concerns need urgent attention, it would consider using “interim measures” to stop any suspected anti-competitive conduct pending a full investigation.

The complaint follows up on concerns about Google’s new system that the watchdog raised in a July report about online platforms and digital advertising. The report recommended the British government adopt a new regulatory approach to governing digital giants making big money from online ads.

Google said the new technology will increase privacy for users while also supporting publishers.

“The ad-supported web is at risk if digital advertising practices don’t evolve to reflect people’s changing expectations around how data is collected and used,” the company said.


Taiba Investments profit rises 9% on stronger pilgrim-driven revenue 

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Taiba Investments profit rises 9% on stronger pilgrim-driven revenue 

RIYADH: Saudi Arabia’s Taiba Investments Co. reported a 9.32 percent rise in annual profit to SR364.8 million ($97.20 million) as higher pilgrim flows lifted revenue to SR1.36 billion, a filing on Tadawul showed.  

Net profit attributable to shareholders increased from SR333.7 million a year earlier, with earnings per share climbing to SR1.40 from SR1.28. Revenue rose 3.7 percent to SR1.36 billion in the year ended Dec. 31, compared with SR1.32 billion in 2024. 

Taiba, a hospitality and real estate developer backed by the Kingdom’s sovereign wealth fund, Public Investment Fund, focuses on hotel and property assets primarily in the holy cities of Makkah and Madinah. 

In a Tadawul filing, the company stated: “This growth was primarily driven by improved performance across the company’s segments in Makkah and Madinah, supported by higher numbers of visitors and Umrah pilgrims, the commencement of operations of new facilities, and increased revenues from the real estate segment.” 

Taiba Investments reported that the SR31.1 million rise in net profit was mainly attributable to improved operating performance, the reversal of a litigation provision previously recognized in 2023 following the termination of a contractual relationship with one of the operators after a settlement between the parties, and capital gains realized from the expropriation of one of its properties in Madinah. 

Total comprehensive income attributable to shareholders declined 55.53 percent to SR198.2 million from SR445.7 million.  

Other comprehensive income recorded a loss of SR166.6 million, compared with a gain of SR111.9 million in the previous year, primarily due to a decline in the fair value of financial derivatives used for hedging and a decrease in the market value of certain investments measured at fair value through other comprehensive income. 

Shareholders’ equity increased marginally by 0.04 percent to SR6.85 billion. Taiba's share price saw a 3.03 percent increase to SR34 by 10:20 am Saudi time.