Sundar Pichai to testify before US House in November: Report
Washington, Sep 29 : Google CEO Sundar Pichai met Republican lawmakers here on Friday and agreed to testify before the House Judiciary Committee in November to allay concerns over privacy issues and the tech giant's entry into the Chinese market.
According to a report in USA Today, Pichai confirmed to testify in November during a private meeting with GOP lawmakers on Capitol Hill.
"Pichai has agreed to testify before the House Judiciary Committee in November to address concerns over the Internet giant's business practices," said the report.
"As big tech's business grows, we have not had enough transparency and that has led to an erosion of trust and perhaps worse -- harm to consumers," House Majority Leader Kevin McCarthy was quoted as saying.
Pichai also met US President Donald Trump's economic adviser Larry Kudlow and reportedly told the White House that he would attend an upcoming Trump roundtable with tech executives.
"We remain committed to continuing an active dialogue with members from both sides of the aisle, working proactively with Congress on a variety of issues, explaining how our products help millions of American consumers and businesses, and answering questions as they arise," Pichai said in a statement.
"Google has a lot of questions to answer about bias in its search results, violations of user privacy, anticompetitive behaviour and business dealings with repressive regimes like China," McCarthy earlier tweeted.
The news about Google's plan to build a censored search engine in China broke in August when The Intercept reported that the search platform would blacklist "sensitive queries" about topics including politics, free speech, democracy, human rights and peaceful protest, triggering internal protests among some Google employees.
Two weeks after that report, Pichai told the company's employees that the China plan was in its "early stages" and "exploratory".
Earlier in September, Google was given "the empty chair treatment" at a Senate Intelligence Committee hearing as neither Pichai nor Larry Page, Chairman of Google's parent company Alphabet, showed up at the event on election interference, attended by Twitter CEO Jack Dorsey and Facebook COO Shreyl Sandberg.
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Gold declines Rs 1,100 to Rs 1.64 lakh/10g; silver slips to Rs 2.71 lakh/kg
New Delhi (PTI): Gold prices declined Rs 1,100 to Rs 1.64 lakh per 10 grams in the national capital on Friday as traders booked profits at elevated levels for the second straight session, while silver also slipped to Rs 2.71 lakh per kilogram.
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity depreciated Rs 1,100, or nearly 1 per cent, to Rs 1,64,100 per 10 grams (inclusive of all taxes).
Silver also fell Rs 600 to Rs 2,71,700 per kg (inclusive of all taxes) in the bullion market.
Analysts said traders locked in gains after the recent sharp rally in precious metal prices, even as global trends remained mixed.
"After opening with a gap up earlier in the week, both gold and silver gradually declined this week as a stronger US dollar and rising Treasury yields, along with reduced expectations for interest rate cuts by Federal Reserve, outweighed safe-haven demand stemming from the escalating Middle East conflict," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
He added that investors continued to exit gold-backed exchange traded funds (ETFs) this week, indicating softer investment demand.
"ETFs reduced their gold holdings by 93,479 troy ounces in the latest session, marking the fourth consecutive day of outflows -- the longest losing streak since February 6," Gandhi said.
However, in the international markets, bullion prices were trading higher on renewed safe-haven demand, with spot gold gaining USD 14.70, or 0.29 per cent, to USD 5,095.81 per ounce, while silver increasing 1.4 per cent to USD 83.40 per ounce.
Traders said escalating tensions in the Middle East continued to support precious metals, though profit-booking limited gains in the domestic markets.
"Gold and silver prices experienced notable fluctuations on Friday, driven primarily by ongoing geopolitical tensions in the Middle East and robust safe-haven buying," Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
These precious metals are gaining traction as investors seek refuge amid market volatility and rising crude oil prices, which surged to over USD 80 per barrel following the closure of Strait of Hormuz, a key global shipping route, raising concerns about supply disruptions.
"The US stock market reacted negatively, with major indices like the Dow Jones and S&P 500 witnessing significant declines, further fuelling interest in gold and silver," Garg added.
Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said investors are closely monitoring crucial macroeconomic indicators, including the unemployment rate and non-farm payrolls numbers scheduled to be released later in the day.
