Australian regulator says Google’s $2.1 billion Fitbit deal could harm competition

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By Byron Kaye and Shashwat Awasthi

SYDNEY/BENGALURU (Reuters) – Australia’s antitrust regulator warned Google’s planned $2.1 billion acquisition of fitness tracker maker Fitbit may give it too much of people’s data, potentially hurting competition in health and online advertising markets.

The Australian Competition and Consumer Commission (ACCC) is the first regulator to voice concerns about the deal, which come at a time when the Alphabet Inc-owned tech giant is at loggerheads with the Australian government over planned new rules about how internet companies use personal information.

“Buying Fitbit will allow Google to build an even more comprehensive set of user data, further cementing its position and raising barriers to entry to potential rivals,” ACCC Chairman Rod Sims said in a statement on Thursday.

“User data available to Google has made it so valuable to advertisers that it faces only limited competition,” he added.

The regulator said its concerns were preliminary

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Finance & Mortgage Brokers | Australian Mortgage Brokers, Training & Courses

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Are you ready to reap the benefits of Membership with
the best finance broker association in Australia?

The FBAA are Australia’s premier finance brokers association, and we have extensive reach into all the major and regional areas of the country – including Perth, Sydney, Melbourne, Gold Coast, Brisbane, Hobart, Darwin, Canberra and Adelaide.

Our unique finance brokers association represents, educates and protects finance and mortgage brokers like you. By joining us, you can access our collective bargaining power, which allows us to monitor legislation and make representations to Regulators, Commonwealth Government Departments, and Members of State and Federal Parliament on matters that directly affect you.

Who should join the Finance Brokers Association of Australia?

• Finance and mortgage brokers, new to the industry established finance and mortgage brokers looking to expand their knowledge • Motor finance broker specialists • Vendor finance mortgage broker specialists • Asset finance broker specialists •

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Unclaimed money | ASIC – Australian Securities and Investments Commission

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There’s around $1 billion of lost money to be claimed from bank accounts, shares, investments and life insurance policies. We explain how it becomes unclaimed and how to find out if you have lost money.

Why does ASIC hold unclaimed money?

The ‘unclaimed money’ which ASIC administers is money in bank accounts and life insurance policies which has not been touched or claimed for a certain amount of time.

This can happen when people change address or go overseas and forget to update their details with a financial institution or company that holds the money or are unaware there is money to which they have a rightful claim.

Since 2015, the time after which money becomes ‘unclaimed’ in bank accounts is seven years; previously, it was three years. Find out more about the 2015 changes to unclaimed

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Business names | ASIC – Australian Securities and Investments Commission

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For more information about business names, see For Business.

Log in to ASIC Connect Sign up to ASIC Connect

Register a business name using BRS

You can register a business name online using the Australian Government Business Registration Service (BRS). The BRS combines several business and tax registrations in one place, making it even easier to start a business.

Register a business name online

How to sign up for an ASIC Connect account

If you want to update your business name details (e.g. your address), you’ll need to create an ASIC Connect account. To create an account:

1. Go to ASIC Connect

This is our online service used for registering a business name. From the right hand side of the ASIC homepage, select the blue ASIC Connect box.

You’ll be taken to ASIC Connect. Select Sign up

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Small business | ASIC – Australian Securities and Investments Commission

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COVID-19 information for small business

For information and support, visit:

If you are operating or are planning to operate a small business as a registered company or under a registered business name, this content is for you.

ASIC assists small business as we regulate all companies, financial markets and providers of financial services and consumer credit in Australia and manage the registration of business names.

What is a small business?

A small business is defined differently by different regulators and laws.

ASIC administers the Corporations Act 2001 and this defines a ‘small proprietary company’. From financial years commencing on or after 1 July 2019, a ‘small proprietary company’ is defined as ‘small’ for a financial year if it satisfies at least two of the below criteria:

  • an annual revenue of less than $50 million
  • less than 100
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