Google is under investigation in Australia following claims that it collects data from millions of Android smartphone users, who unwittingly pay their telecom service providers for gigabytes consumed by the activity, regulators said on Tuesday.
Responding to the latest privacy concerns surrounding Google, a spokesman for the US-based search engine operator said the company has users' permission to collect data.
"Any charges for transmission of data over a cellular connection, including any location-related data, would be governed by a user's mobile carrier plan," Google said.
"The types and quantity of such data that a user's device transmits would depend on the products or services they use, and in some cases a user's settings," it added.
The Australian investigations are set to focus on allegations made by Oracle in a report provided as part of an Australian review into the impact that Google, owned by Alphabet, and Facebook have on the advertising market.
Both the Australian Competition and Consumer Commission (ACCC) and the country's Privacy Commissioner said they were reviewing the report's findings.
"The ACCC met with Oracle and is considering information it has provided about Google services," said Geesche Jacobsen, a spokeswoman for the competition regulator.
"We are exploring how much consumers know about the use of location data and are working closely with the Privacy Commissioner."
Oracle, according to The Australian newspaper, said Alphabet receives detailed information about people's internet searches and user locations if they have a phone that carries Android - the mobile operating system developed by Google.
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Transferring that information to Google means using up gigabytes of data that consumers have paid for under data packages purchased from local telecom service providers, according to the Oracle report.
Reuters was unable to immediately verify the content of the Oracle report.
Data privacy advocates said many consumers are unlikely to understand what they agreed to when signing up to use a smartphone. Industry analysts estimate there are more than 10 million Android users in Australia.
"Some mobile plans may only include a few gigabytes of data so if Google is harvesting a gigabyte of data, it is a very real cost to consumers," said David Vaile, chairman of the industry group, the Australian Privacy Foundation.
Australian telecommunications companies said they were seeking confirmation from Google on the allegations.
"We are aware of the reports in the media and we have asked Google to advise whether they are accurate," a spokesman for Australia's biggest telecom company Telsta said.
Earlier this year, social media giant Facebook Inc apologised after web marketing firm Cambridge Analytica was accused of obtaining users' data without permission for the 2016 election campaign of United States President Donald Trump.
Oracle has its own long-running dispute with Google. The US based software company is seeking royalties for Google's use of some of the Java language, while Google argues it should be able to use Java without paying a fee.
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.”
The%20specs
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THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
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
UK%20-%20UAE%20Trade
%3Cp%3ETotal%20trade%20in%20goods%20and%20services%20(exports%20plus%20imports)%20between%20the%20UK%20and%20the%20UAE%20in%202022%20was%20%C2%A321.6%20billion%20(Dh98%20billion).%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A%3Cp%3EThis%20is%20an%20increase%20of%2063.0%20per%20cent%20or%20%C2%A38.3%20billion%20in%20current%20prices%20from%20the%20four%20quarters%20to%20the%20end%20of%202021.%3C%2Fp%3E%0A%3Cp%3E%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20UAE%20was%20the%20UK%E2%80%99s%2019th%20largest%20trading%20partner%20in%20the%20four%20quarters%20to%20the%20end%20of%20Q4%202022%20accounting%20for%201.3%20per%20cent%20of%20total%20UK%20trade.%3C%2Fp%3E%0A
