Global Markets: U.S. Justice Dept. going after Google

Texas, Iowa, Colorado filing similar suits

By MarketsFarm

WINNIPEG, Oct. 20 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– The United States Department of Justice will file a lawsuit against Alphabet Inc. on Tuesday, alleging its Google search engine giant has violated antitrust laws. In the suit, the Justice Department claims Google has stymied its competition in order to maintain its 90 per cent share of the U.S. market. Alphabet Inc. is also facing similar lawsuits to be filed by Texas, Iowa and Colorado.

– In a final push to secure an economic stimulus package before the U.S. elections on Nov. 3, the Speaker of House of Representatives, Nancy Pelosi, set a deadline of Tuesday evening. Pelosi has been negotiating with Treasury Secretary Steven Mnuchin for a number of months with a deal reportedly close at hand. Pelosi said this evening must be deadline in order to have sufficient time to get the aid package through both houses of Congress. The Democrats proposed a US$2 trillion aid package while Republicans have balked at anything more than US$500 billion.

– Alberta and Saskatchewan are now among the Western Canadian provinces that have seen a surge of reported cases of COVID-19. On Monday both provinces reported record numbers of new cases in one day, Saskatchewan with 66 and Alberta with 3,138. British Columbia declared it’s in a second wave of COVID-19, with an average of 150 new cases per day since Oct. 16. In Manitoba, the provincial government reversed its decision to close bars within licensed hotels in the Winnipeg area for two weeks, despite a steady number of reported cases of COVID-19.

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