Google to spend $1 billion on new campus in New York
admin • December 18, 2018 • 1493
GOOGLE SIGN | REUTERS
Alphabet Inc’s Google is investing more than $1 billion (USD) on a new campus in New York, becoming the second major technology company after Amazon to pick America’s financial capital to expand and create thousands of jobs.
The 1.7 million square-foot campus, called Google Hudson Square, will include leased properties at Hudson Street and Washington Street, the company said in a blog post on Monday (December 17).
Google hopes to start moving into the buildings beginning in 2020 and plans to double its New York headcount to 14,000 in the next 10 years.
“What firms need to do is go where people want to work, where they can get the talent and New York is one of those cities that has sort of proved itself as being able to attract young, tech, millennial type talent,” said Peter Muoio, executive vice president and head of research at Ten-X Commercial, the nation’s largest online platform where commercial real estate is bought and sold.
Google plans to invest outside its home base mirror those of other U.S. tech giants such as Apple Inc., which said last week it would spend $1 billion to build a new campus in Austin, Texas.
Last month, Amazon.com Inc said it would open offices in New York and the Washington, D.C., area, creating more than 25,000 jobs.
“I think what really drives these decisions is the lack of enough workers to fill their needs just in Silicon Valley. And so I think what Amazon is doing and what Apple’s doing in Austin and what Google just announced in New York are just all manifestations of their need for a more diversified and broader workforce than what they can get in Silicon Valley,” Muoio said.
Google’s first New York office at 111 Eighth Avenue is one of the city’s largest buildings that it bought in 2010 for $1.77 billion.
Earlier this year, the company announced a $2.4 billion purchase of the Manhattan Chelsea Market. It also has leased space on Pier 57 jutting into the Hudson, which will create a four-block campus. — Reuters
The U.S. Justice Department said on Tuesday (July 23) it was opening a broad investigation of major digital technology firms into whether they engage in anti-competitive practices, the strongest sign the Trump administration is stepping up its scrutiny of Big Tech.
The review will look into “whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition, stifled innovation, or otherwise harmed consumers,” the Justice Department said in a statement.
The Justice Department did not identify specific companies but said the review would consider concerns raised about “search, social media, and some retail services online” — an apparent reference to Alphabet Inc, Amazon.com Inc., and Facebook Inc., and potentially, Apple Inc.
A Justice Department spokesman declined to provide a list of companies that would be scrutinized.
Google and Apple declined to comment, referring to prior statements by executives, while Facebook and Amazon did not immediately comment.
Facebook fell 1.7% in after-hours trading, while Alphabet fell 1%, Amazon was down 1.2% and Apple was 0.4% lower.
The announcement comes a day before the Federal Trade Commission is set to announce a $5 billion penalty to Facebook for failing to properly protect user privacy.
Senator Richard Blumenthal, a Democrat, said the Justice Department “must now be bold and fearless in stopping Big Tech’s misuse of its monopolistic power. Too long absent and apathetic, enforcers now must prevent privacy abuse, anti-competitive tactics, innovation roadblocks, and other hallmarks of excessive market power.”
In June, Reuters reported the Trump administration was gearing up to investigate whether Amazon, Apple, Facebook and Alphabet’s Google misuse their massive market power, setting up what could be an unprecedented, wide-ranging probe of some of the world’s largest companies.
A person briefed on the matter said the Justice review may also include some state attorneys general.
The Justice Department said the review “is to assess the competitive conditions in the online marketplace in an objective and fair-minded manner and to ensure Americans have access to free markets in which companies compete on the merits to provide services that users want.”
Reuters reported on May 31 that the Justice Department was preparing an investigation of Google to determine whether the tech giant broke antitrust law.
Democrats and Republicans on Capitol Hill alike are expressing growing concerns about the size of the largest tech firms and their market power. Democratic presidential candidate Elizabeth Warren has called for breaking up companies like Amazon, Apple, Google and Facebook and unwinding prior acquisitions.
Last week, the House Judiciary Committee’s antitrust panel pressed executives from the four firms about their competitive practices and noted that Google, Facebook, Amazon had a rising share of key markets.
Congress held a series of hearings last year looking at the dominance of major tech companies and their role in displacing or swallowing up existing businesses. It is rare for the government to seek to undo a consummated deal. The most famous case in recent memory is the government’s effort to break up Microsoft Corp. The Justice Department won a preliminary victory in 2000 but was reversed on appeal. The case settled with Microsoft intact.
“There is growing consensus among venture capitalists and startups that there is a kill zone around Google, Amazon, Facebook, and Apple that prevents new startups from entering the market with innovative products and services to challenge these incumbents,” said Representative David Cicilline, a Democrat who heads the subcommittee.
Apple CEO Tim Cook told CBS News last month that scrutiny was fair but “if you look at any kind of measure about is Apple a monopoly or not, I don’t think anybody reasonable is going to come to the conclusion that Apple’s a monopoly. Our share is much more modest. We don’t have a dominant position in any market.”
Google’s Adam Cohen told the House Judiciary subcommittee last week that the company had “created new competition in many sectors, and new competitive pressures often lead to concerns from rivals.”
Technology companies face a backlash in the United States and across the world, fueled by concerns among competitors, lawmakers, and consumer groups that they have too much power and are harming users and business rivals.
U.S. President Donald Trump has called for closer scrutiny of social media companies and Google, accusing them of suppressing conservative voices online, without presenting any evidence. (REUTERS)
Last week, Donald Trump signed an executive order blacklisting Huawei due to the tech company’s alleged involvement in activities contrary to U.S. national security or foreign policy interests.
In a statement on Monday (May 20), U.S. Secretary of Commerce Wilbur Ross said the temporary ease in trade restriction is for telecommunication operators relying on Huawei equipment to make other arrangements.
Google has suspended some business with Huawei after United States President Donald Trump added Huawei Technologies Co. Ltd. to a trade blacklist.
This includes the transfer of hardware, software and technical services except those publicly available via open source licensing.
“Huawei Technologies Co. Ltd. will immediately lose access to updates to the Android operating system, and the next version of its smartphones outside of China will also lose access to popular applications and services including the Google Play Store and Gmail app,” according to Reuters in an exclusive report.
Due to this, netizens are in a melting pot of emotions.
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