Apple’s lobbying expenditures increased by more than 34 per cent from the $1.86 million the company spent in the fourth quarter of 2021. Reuters
Apple’s lobbying expenditures increased by more than 34 per cent from the $1.86 million the company spent in the fourth quarter of 2021. Reuters
Apple’s lobbying expenditures increased by more than 34 per cent from the $1.86 million the company spent in the fourth quarter of 2021. Reuters
Apple’s lobbying expenditures increased by more than 34 per cent from the $1.86 million the company spent in the fourth quarter of 2021. Reuters

Apple spends record $2.5m on lobbying amid growing regulatory scrutiny


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Apple spent a record quarterly high of $2.5 million on lobbying in the first three months of 2022 amid increased pressure from the US Congress on technology companies over antitrust issues.

Apple’s lobbying expenditures increased more than 34 per cent from the $1.86 million the company spent in the fourth quarter of 2021, according to disclosure reports released on Wednesday. The previous high was $2.2m, spent in the second quarter of 2017.

Apple disclosed lobbying on dozens of issues and measures, including antitrust bills intended to curtail the power of big technology companies.

The Open App Markets Act is one of the antitrust measures with bipartisan support under consideration in Congress. The bill would prevent app market operators, including Apple and Google, from giving preferential treatment to their own products.

The legislation would prohibit owners from requiring developers to use in-app payment systems owned by the platform. It would also ban owners from requiring more favourable pricing or conditions compared to other app stores or punishing the developers for different pricing terms elsewhere.

Alphabet’s Google spent $2.96m in the first three months of 2022. That’s a 34 per cent increase from the previous quarter, but the same amount the company spent during the first quarter of 2021.

Microsoft reported spending $2.5m on lobbying in the first quarter. That was an increase of 2.8 per cent over the previous quarter but down 1.9 per cent from a year ago.

In January, the Senate Judiciary committee approved a bill aimed at Apple, Google, Meta Platforms and Amazon.com that would prevent large online platforms from giving an advantage to their own products and unfairly limiting the ability of another business to compete against the platform’s operator.

Amazon spent just under $5m in the quarter, ticking up 1 per cent from the previous quarter and 3.5 per cent the year prior.

Meta also faces pressure from a monopoly lawsuit filed by the Federal Trade Commission in an effort to force the company to sell Instagram and WhatsApp.

Meta spent $5.39m on lobbying in the first quarter, which is slightly less than the previous quarter, but more than a 12 per cent increase from what it spent during the same period last year.

Non-US based technology firms also shelled out money to lobby Congress on their issues. Huawei Technologies spent $906,000 in the first quarter of this year, a nearly 8 per cent decrease from last quarter, but more than four times what it spent a year ago. Huawei has fought against efforts from Congress and President Joe Biden to increase restrictions on the company.

Politicians have raised concerns about how ByteDance’s TikTok collects and stores data and how the app impacts children and teenagers. ByteDance spent $930,000 on lobbying in the first quarter, a 16 per cent decrease from the previous quarter, but a 33 per cent increase from the same time period last year.

Where to buy art books in the UAE

There are a number of speciality art bookshops in the UAE.

In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show. 

In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.

In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.

All you need to know about Formula E in Saudi Arabia

What The Saudia Ad Diriyah E-Prix

When Saturday

Where Diriyah in Saudi Arabia

What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.

Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.

What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

SHOW COURTS ORDER OF PLAY

Wimbledon order of play on Saturday, July 8
All times UAE ( 4 GMT)

Centre Court (4pm)
Agnieszka Radwanska (9) v Timea Bacsinszky (19)
Ernests Gulbis v Novak Djokovic (2)
Mischa Zverev (27) v Roger Federer (3)

Court 1 (4pm)
Milos Raonic (6) v Albert Ramos-Vinolas (25)
Anett Kontaveit v Caroline Wozniacki (5)
Dominic Thiem (8) v Jared Donaldson

Court 2 (2.30pm)
Sorana Cirstea v Garbine Muguruza (14)
To finish: Sam Querrey (24) leads Jo-Wilfried Tsonga (12) 6-2, 3-6, 7-6, 1-6, 6-5
Angelique Kerber (1) v Shelby Rogers
Sebastian Ofner v Alexander Zverev (10)

Court 3 (2.30pm)
Grigor Dimitrov (13) v Dudi Sela
Alison Riske v Coco Vandeweghe (24)
David Ferrer v Tomas Berdych (11)

Court 12 (2.30pm)
Polona Hercog v Svetlana Kuznetsova (7)
Gael Monfils (15) v Adrian Mannarino

Court 18 (2.30pm)
Magdalena Rybarikova v Lesia Tsurenko
Petra Martic v Zarina Diyas

The Beach Bum

Director: Harmony Korine

Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg

Two stars

Monday's results
  • UAE beat Bahrain by 51 runs
  • Qatar beat Maldives by 44 runs
  • Saudi Arabia beat Kuwait by seven wickets
The specs: 2018 Kia Picanto

Price: From Dh39,500

Engine: 1.2L inline four-cylinder

Transmission: Four-speed auto

Power: 86hp @ 6,000rpm

Torque: 122Nm @ 4,000rpm

Fuel economy, combined: 6.0L / 100km

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

If you go

The flights 

Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.

The trip

The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore  offers an eight-day levada trails tour from Dh3,050, not including flights.

The hotel

There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.

 

 

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
Feeding the thousands for iftar

Six industrial scale vats of 500litres each are used to cook the kanji or broth 

Each vat contains kanji or porridge to feed 1,000 people

The rice porridge is poured into a 500ml plastic box

350 plastic tubs are placed in one container trolley

Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

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Updated: April 22, 2022, 5:00 AM