Influx of media-technology platforms that control information has been on the massive increase now.This has bestirred regulators around the world. New laws are coming into effect, with more on the way.
In as much as there are new laws in the pipeline,the corporate giants of communications—including media, social media, and large Internet and telecom companies—have become so powerful that the public now questions whether they put democracy, the economy and society at risk (So much abuse). They are known through our senses as establishing monopolistic positions and causing havoc in various sectors, while avoiding rules followed by established competitors. This is a big challenge to the industry of technology. Digital communication, hailed for its role in facilitating everything we do apparently, has been used as a tool of control by oppressive regimes around the world.
In the world of business, there is a growing carefulness of companies that have until now been viewed with awe.
Not long ago,social media ‘big wigs’ were not spared by George Soros at the World Economic Forum last month. George Soros, is a Hungarian-American investor, business magnate, philanthropist, political activist and author and one of the world’s most successful investors. His reason was that,the internet monopolies have neither the will nor the inclination to protect society against the consequences of their actions. Which,as a business news writer,I personally side with his argument. This falls on the regulatory authorities to protect society against them.The world over, people are demanding tougher regulation to stop this menace as it is a hindrance to businesses worldwide.
In 2017,The European Union won praise for fining Google $2.7 billion for abusing its dominance as a search engine by favoring its own shopping service. (Anyway, Google has appealed.)
On consumer, new EU rules on control of personal data will come into effect May 25, 2018 in the General Data Protection Regulation. I am pretty sure,other worldwide Unions will also follow suit to help end this menace. European citizens will have new rights to view, limit and delete information collected by companies—regardless of the company’s home country.
China, a digital leader in Asia, occupies an unusual position with respect to antitrust, as it works to enact market-oriented reforms smoothly while racing ahead with technology development. And this,I can say with confidence that,it has been incredibly wonderful. In just a few years,China has gone from cash to electronic payments with the government’s involvement partly through using these systems to observe and collect data on their population.
The country’s 10-year-old Anti-Monopoly Law, is up for amendment for the first time in many years. Chinese officials shared plans at antitrust conferences and in private meetings around the globe, which included business leaders to establish a Fair Competition Review System (FCRS). The FCRS is designed to regulate the potential abuse of administrative power by government agencies that could result in anticompetitive effect and will hold local-level government officials accountable for such abuse.
Let’s hope for the best in the fight and let us know about your suggestions to counter measure these problems.