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Samsung Electronics Shares Hit Lowest in More than Four Years

A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. (Reuters)
A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. (Reuters)
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Samsung Electronics Shares Hit Lowest in More than Four Years

A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. (Reuters)
A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. (Reuters)

Shares in Samsung Electronics extended declines to a fourth straight session on Wednesday, hitting their lowest level in more than four years.

Shares traded down 2.1% as of 0025 GMT, after falling as much as 2.5% to 51,700 won, the lowest since June 24, 2020, while the broader KOSPI market fell 1.1%.

The South Korean chipmaker, down 34% in the year-to-date, is on course to post its worst annual performance in more than two decades. Rival SK Hynix has risen 32% so far this year, and US chipmaker Nvidia has gained 199%.

Last month, Samsung apologized for its disappointing profit, since it has lagged rivals in tapping booming demand for artificial intelligence chips, as competition from Chinese companies grows.

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Canada Sues Google over Alleged Anticompetitive Practices in Online Ads

FILE PHOTO: The logo of Google LLC is shown on a building in San Diego, California, US, October 9, 2024. REUTERS/Mike Blake/File Photo
FILE PHOTO: The logo of Google LLC is shown on a building in San Diego, California, US, October 9, 2024. REUTERS/Mike Blake/File Photo
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Canada Sues Google over Alleged Anticompetitive Practices in Online Ads

FILE PHOTO: The logo of Google LLC is shown on a building in San Diego, California, US, October 9, 2024. REUTERS/Mike Blake/File Photo
FILE PHOTO: The logo of Google LLC is shown on a building in San Diego, California, US, October 9, 2024. REUTERS/Mike Blake/File Photo

Canada's antitrust watchdog said Thursday it is suing Google over alleged anticompetitive conduct in the tech giant’s online advertising business and wants the company to sell off two of its ad tech services and pay a penalty.
The Competition Bureau said that such action is necessary because an investigation into Google found that the company “unlawfully” tied together its ad tech tools to maintain its dominant market position, The Associated Press said.
The matter is now headed for the Competition Tribunal, a quasi-judicial body that hears cases brought forward by the competition commissioner about non-compliance with the Competition Act.
The bureau is asking the tribunal to order Google to sell its publisher ad server, DoubleClick for Publishers, and its ad exchange, AdX. It estimates Google holds a market share of 90% in publisher ad servers, 70% in advertiser networks, 60% in demand-side platforms and 50% in ad exchanges.
This dominance, the bureau said, has discouraged competition from rivals, inhibited innovation, inflated advertising costs and reduced publisher revenues.
“Google has abused its dominant position in online advertising in Canada by engaging in conduct that locks market participants into using its own ad tech tools, excluding competitors, and distorting the competitive process," Matthew Boswell, Commissioner of Competition, said in a statement.
Google, however, maintains the online advertising market is a highly competitive sector.
Dan Taylor, Google’s vice president of global ads, said in a statement that the bureau’s complaint “ignores the intense competition where ad buyers and sellers have plenty of choice.”
The statement added that Google intends to defend itself against the allegation.
US regulators want a federal judge to break up Google to prevent the company from continuing to squash competition through its dominant search engine after a court found it had maintained an abusive monopoly over the past decade.
The proposed breakup, floated in a 23-page document filed this month by the US Department of Justice, calls for sweeping punishments that would include a sale of Google’s industry-leading Chrome web browser and impose restrictions to prevent Android from favoring its own search engine.