Google share price plunges, wiping $70bn off its market value

Biggest fall since October 2012 follows worse-than-expected quarterly results

Google’s share price has had its biggest fall in nearly seven years, wiping $70bn (£54bn) off its market value, after disappointing sales figures sparked investor fears that advertisers have been shifting their business to digital rivals such as Facebook and Amazon.

Shares in Alphabet, the parent company of Google and YouTube, fell at one point by more than 8% on Tuesday, the biggest fall since October 2012, after the company produced first quarter results on Monday that were worse than expected.

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IMF warns that tech giants stifle innovation and threaten stability

Fund report calls for profits to be targeted by a tougher international tax regime

The International Monetary Fund has warned that the market power exercised by a small number of global companies threatens to stifle innovation and make it harder for central banks to deal with recessions.

Adding its contribution to the growing public debate about the corporate power exercised by the US tech giants such as Google, Amazon, Apple and Facebook, the IMF said it would be concerned if there was any further increase in the clout of already dominant firms.

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Google staff call out treatment of temp workers in ‘historic’ show of solidarity

More than 900 employees sign letter criticizing abrupt firing of contractors, who make up 54% of Google’s workforce

More than 900 Google workers have signed a letter objecting to the tech giant’s treatment of temporary contractors, in what organizers are calling a “historical coalition” between Google’s full-time employees (FTEs) and temps, vendors and contractors (TVCs).

In March, Google abruptly shortened the contracts of 34 temp workers on the “personality” team for Google Assistant – the Alexa-like digital assistant that reads you the weather, manages your calendar, sends a text message, or calls you an Uber through your phone or smart speaker.

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Google’s Gmail and Drive suffer global outages

Users in Australia, the US, Europe and Asia report problems with various applications for several hours

Google has been hit by outages in a host of countries around the world, with users reporting issues with Gmail, Google Drive, Hangouts and Google Maps for several hours.

Various websites that track Gmail problems and outages, showed a spike in users reporting problems with the email service from about 1pm AEDT (2am GMT).

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Google paid former executive $35m after sexual assault allegation

Former search executive Amit Singhal was reportedly forced to resign after an employee claimed he groped her at an off-campus event

Google paid the former search executive Amit Singhal $35m in an exit package when he was reportedly forced to resign after a sexual assault investigation, according to court documents released on Monday.

Details of the exit package were revealed as part of a shareholder lawsuit against the company, one that followed a published report of payouts Google made to executives accused of sexual misconduct.

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Elizabeth Warren is right – we must break up Facebook, Google and Amazon | Robert Reich

The titans of the new Gilded Age must be busted and the idea has bipartisan support. It’s time big tech was brought to heel

The presidential hopeful Elizabeth Warren announced on Friday she wants to bust up giants like Facebook, Google and Amazon.

America’s first Gilded Age began in the late 19th century with a raft of innovations – railroads, steel production, oil extraction – but culminated in mammoth trusts run by “robber barons” like JP Morgan, John D Rockefeller, and William H “the public be damned” Vanderbilt.

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The Guardian view on vaccination: a duty of public health | Editorial

The anti-vaxx movement arises from mistrust but threatens the physical health of society

The latest World Health Organization report on measles epidemics shows that cases jumped by 50% last year. In one of the poorest and least connected countries in the world, Madagascar, nearly a thousand children are reported to have died after a measles outbreak in the countryside. The real figure is likely to be much higher, because of difficulties of reporting. An emergency programme of vaccination seems to have contained that epidemic for the moment but it is a reminder of how devastating the disease can be against unprepared populations. In the rich world, meanwhile, previously prepared populations are having their defences dismantled from the inside.

The discovery of ad campaigns against vaccination on Facebook that are carefully targeted at pregnant women is unusually worrying. It shows how the widespread availability of sophisticated advertising techniques is going to give considerable power to people who previously had no way of getting their message across to large numbers. In the most recent US campaigns against vaccination, 147 different advertisements have been used and some viewed more than 5m times. There is an arms race under way, whether we like it or not.

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Google shifted $23bn to tax haven Bermuda in 2017, filing shows

Firm used Dutch shell company in move known as ‘double Irish, Dutch sandwich’ that cuts its foreign tax bill

Google moved €19.9bn ($22.7bn) through a Dutch shell company to Bermuda in 2017, as part of an arrangement that allows it to reduce its foreign tax bill, according to documents filed at the Dutch chamber of commerce.

The amount channelled through Google Netherlands Holdings BV was about €4bn more than in 2016, the documents, filed on 21 December, showed.

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