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The Face of Sweden’s Property Bust Fights for $13 Billion Empire
The Face of Sweden’s Property Bust Fights for $13 Billion Empire
A Yugoslav war refugee turned Swedish property tycoon is fast running out of options to stabilize his $13
2023-05-24 17:21
Some Fed officials backed rate hike in June, minutes show
Some Fed officials backed rate hike in June, minutes show
Some members of the US Federal Reserve's rate-setting committee supported another interest rate hike in June to tackle high inflation, but ultimately voted for a...
2023-07-06 03:29
Amazon’s SpaceX Duel Heats Up as Tardy Satellites Set to Fly
Amazon’s SpaceX Duel Heats Up as Tardy Satellites Set to Fly
Amazon.com Inc. is poised to launch its first two test satellites for Project Kuiper on Friday, as Jeff
2023-10-06 07:20
Quality Collision Group Acquires Stuart’s Paint & Body
Quality Collision Group Acquires Stuart’s Paint & Body
CHADDS FORD, Pa.--(BUSINESS WIRE)--Jun 6, 2023--
2023-06-06 21:25
US sues to block Xbox takeover of Call of Duty developer Activision Blizzard
US sues to block Xbox takeover of Call of Duty developer Activision Blizzard
The US Federal Trade Commission has sued to stop Microsoft buying Call of Duty developer Activision Blizzard. It is just the latest problem for the deal, which has already been blocked by UK regulators. If completed, it will become one of the largest takeovers ever – but has faced scrutiny from regulators around the world, who argue that it might cause problems for the gaming market. The FTC's Monday filing in a federal court in San Francisco seeks a restraining order and injunction to stop Microsoft's $69 billion purchase of the California gaming company behind hit franchises such as Call of Duty and World of Warcraft. Microsoft, maker of the Xbox game system, has been struggling to win worldwide approval for the deal with just over a month before the deadline to close it, according to the contract it signed with Activision. “We welcome the opportunity to present our case in federal court," said a statement Monday from Brad Smith, Microsoft's vice chair and president. "We believe accelerating the legal process in the U.S will ultimately bring more choice and competition to the market.” The FTC already took Microsoft to court to block the merger, but that was before the U.S. agency's in-house judge in a trial set to start on Aug. 2. That administrative process doesn't preclude the parties from closing the deal. The contract between Microsoft and Activision required the deal to close by July 18, but the FTC's latest action seeks to stop that from happening. “Microsoft and Activision Blizzard have represented in the past that they cannot close their deal due to antitrust reviews of the transaction in other jurisdictions," the FTC said in a statement Monday. "But Microsoft and Activision have not provided assurances that they will maintain that position. In light of that, and public reporting that Microsoft and Activision Blizzard are considering closing their deal imminently, we have filed a request for a temporary restraining order to prevent them from closing while review continues.” Microsoft's other main obstacle is in the United Kingdom, where antitrust regulators have also taken action to block the acquisition. The all-cash deal announced in January 2022 has been scrutinized by regulators around the world over fears that it would give Microsoft and its Xbox console control of Activision's hit franchises and give it an unfair boost in the emerging business of cloud-based game subscriptions. It could be the priciest tech industry merger in history. Fierce opposition has been driven by rival Sony, which makes the PlayStation gaming system. Microsoft sought to counter the resistance by striking a deal with Nintendo to license Activision titles like Call of Duty for 10 years and offering the same to Sony if the deal went ahead. European regulators representing the 27-nation bloc approved the deal last month on condition that Microsoft make some promises meant to boost competition in the cloud-based gaming market. A number of other countries, including China, Japan, Brazil and South Korea, have also approved it. But the blockbuster deal has remained in jeopardy because of the surprise April decision by the U.K.’s Competition and Markets Authority and the ongoing case in the U.S. Microsoft in late May filed an appeal of the British regulator's decision and has also voiced strong public opposition directed at top government officials. U.S.-based consumer advocacy group Public Citizen, an opponent of the deal, welcomed the FTC's move Monday. “Although the agency has already used its authority to block the merger through administrative proceedings, Microsoft is pushing to culminate the purchase of Activision before the agency can finish its process," said a statement from Public Citizen's competition policy advocate Matt Kent. ""By filing in federal court to enjoin the transaction, the FTC is showing that it won’t back down in the face of Microsoft’s escalatory tactics.” Additional reporting by Associated Press
2023-06-14 02:21
Ex-Audi boss faces verdict in German 'dieselgate' case
Ex-Audi boss faces verdict in German 'dieselgate' case
Ex-Audi CEO Rupert Stadler is Tuesday expected to be convicted and sentenced over the "dieselgate" scandal, the highest-ranking former executive to be punished over the emissions cheating...
2023-06-27 10:23
Apple's flagship Shanghai store buzzes as iPhone 15 goes on sale
Apple's flagship Shanghai store buzzes as iPhone 15 goes on sale
By Nicoco Chan and Yelin Mo SHANGHAI/BEIJING Over a hundred customers queued inside Apple's flagship store in the
2023-09-22 14:19
Alaska Judge Sides With ConocoPhillips on New $7.5 Billion Oil Project
Alaska Judge Sides With ConocoPhillips on New $7.5 Billion Oil Project
A federal judge upheld the Biden administration’s approval of ConocoPhillips’ 600-million-barrel Willow oil development in Alaska, a blow
2023-11-10 07:16
AI deals give investment banks a glimmer of hope
AI deals give investment banks a glimmer of hope
Dealmaking on Wall Street hit a dead end last year and has struggled ever since.
2023-09-26 19:57
First Woman to Head Georgia’s Central Bank Looks to End IMF Rift
First Woman to Head Georgia’s Central Bank Looks to End IMF Rift
Georgia’s acting central bank governor said the country is poised soon to revive a $289 million program with
2023-11-09 13:25
A Simple Tool to Unlock Trillions of Dollars in Clean-Energy Investments
A Simple Tool to Unlock Trillions of Dollars in Clean-Energy Investments
Solar and wind power are the cheapest sources of energy in most of the world. And, yet, there
2023-06-22 00:57
How to pay for an expensive summer move
How to pay for an expensive summer move
Summer is the most expensive time of year to move
2023-07-20 00:16