Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Amazon, Apple stay away from new French initiative to set principles for Big Tech

Published 30/11/2020, 12:12
Updated 30/11/2020, 12:15
© Reuters. FILE PHOTO: The logos of Amazon, Apple, Facebook and Google

By Michel Rose

PARIS (Reuters) - U.S. tech giants Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) have not signed up to a new French initiative to get global tech companies to publicly commit to principles including paying their fair share of taxes, government officials said on Monday.

French President Emmanuel Macron has sought for the past three years to cajole tech giants into collaborating with governments on a series of global challenges such as fighting hate speech online, preserving privacy or contributing to state coffers.

Amid a public outcry about technology groups' good fortunes during the coronavirus pandemic this year, Macron's advisers said on Monday that the president had asked tech companies to sign up to a new initiative called "Tech for Good Call" underlining principles for the post-COVID world.

The French government released a list of 75 executives of tech companies that had signed up to the initiative so far, including Google (NASDAQ:GOOGL) CEO Sundar Pichai, Facebook (NASDAQ:FB)'s Mark Zuckerberg and Microsoft (NASDAQ:MSFT) President Brad Smith. Apple and Amazon were notably absent from the list.

Apple declined to comment, but French officials said talks with the group were ongoing and they could still join the initiative, details of which will be published officially by Tuesday. A representative for Amazon, which French officials said had declined to join the initiative, did not return a request for comment.

"The goal is also to... observe objectively those who decide to play ball and align their interest with individuals and societies and those who stay out of this joint movement," a presidential adviser told a press briefing.

Leading tech executives such as Facebook's Zuckerberg attended the so-called "Tech for Good" summit hosted by the French president at the Elysee Palace in 2018, which gave birth to working groups on issues that have become sources of tension between governments and "Big Tech".

The new initiative is not legally binding, but French officials said Macron will use it as a tool to influence upcoming negotiations at global forums on regulating Big Tech.

The U.S. and European governments have clashed over the issue of taxing Big Tech during talks at the OECD.

© Reuters. FILE PHOTO: The logos of Amazon, Apple, Facebook and Google

Signatories to the "Tech for Good Call" commit to "contribute fairly to the taxes in countries where (they) operate"; prevent the dissemination of "child sexual abuse material, terrorist or extreme violence online contents"; and "support the ecological transition", among other things.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.