Business & Politics News and Discussions

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DOJ reportedly accelerates Apple antitrust investigation
Source: CNBC
The Department of Justice has accelerated its antitrust investigation into Apple, The Wall Street Journal reported Wednesday. The company’s policies for third-party apps on its devices and whether it unfairly favors its own products on its mobile operating system are two areas of focus, according to the Journal.

The investigation, which began in 2019, has gained more litigators assigned to it and new document requests and consultations with companies related to the matter in recent months, according to the report. Politico reported in August that the DOJ was in the “early stages” of drafting a potential complaint against the company.

It’s still unclear what role DOJ antitrust chief Jonathan Kanter will play in the investigation or any potential enforcement action. Kanter was initially not involved in the Apple matter because of his past representation of clients who have accused Apple of being anti-competitive, but sources told the Journal he would likely end up working on any action against the company.

Kanter was cleared to work on Google matters after the department evaluated similar concerns over his work in private practice. The Justice Department has two ongoing antitrust lawsuits against Google, with the first expected to go to trial in September.

Read more: https://www.cnbc.com/2023/02/15/doj-acc ... eport.html
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Silicon Valley Bank Is Being Shut Down by Regulators
by Natasha Mascarenhas
March 10, 2023

Introduction:
(TechCrunch) Silicon Valley Bank has been closed by regulators, which are now in charge of the bank’s deposits, according to a release sent out by the Federal Deposit Insurance Corporation on Friday.

While banking activities in SVB’s 17 branches are closed today, SVB’s operations will resume on Monday — this time, with the FDIC in charge. Of the many moves that FDIC is making, the top priority appears to be giving customers access to their deposits. The same memo says that all insured depositors will have “full access” to “insured” deposits no later than Monday morning, March 13, 2023 and that official checks “will continue to clear.” Uninsured depositors will get paid an advanced dividend within the next week, the memo says, and future dividends could be made as FDIC sells assets of SVB.

Deposit insurance, per the FDIC’s definition, means that deposits are insured up to at least $250,000 per depositor, per FDIC-insured bank, per ownership category. Could depositors receive more than this? It isn’t clear. Per the FDIC’s website, when a bank fails:

First, as the insurer of the bank’s deposits, the FDIC pays insurance to depositors up to the insurance limit. Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either 1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or 2) issuing a check to each depositor for the insured balance of their account at the failed bank.

In some cases—for example, deposits that exceed $250,000 and are linked to trust documents or deposits established by a third-party broker—the FDIC may need additional time to determine the amount of deposit insurance coverage and may request supplemental information from the depositor in order to complete the insurance determination.
Read more here: https://techcrunch.com/2023/03/10/sili ... gulators/
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Facebook parent Meta slashes another 10,000 jobs
Source: AP
Facebook parent Meta is slashing another 10,000 jobs and will not fill 5,000 open positions as the social media pioneer cuts costs.

The company said Tuesday it will reduce the size of its recruiting team and make further cuts in its tech groups in late April, and then its business groups in late May. “This will be tough and there’s no way around that,” said CEO Mark Zuckerberg. “It will mean saying goodbye to talented and passionate colleagues who have been part of our success.”

The Menlo Park, California, company has invested billions of dollars to realign its focus on the metaverse. In February it posted lower fourth-quarter profit and revenue, hurt by a downturn in the online advertising market and competition from rivals such as TikTok.

The company announced 11,000 job cuts in November.
Read more: https://apnews.com/article/meta-faceboo ... 6c74a83187
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Dow falls 500 points as Credit Suisse concerns deepen fears of banking crisis
Source: The Hill
The stock market opened with steep losses Wednesday as concerns about the health of Credit Suisse triggered fears of a broader banking crisis.

The Dow Jones Industrial Average opened with a loss 1.5 percent Wednesday, a decline of almost 500 points after the opening bell. The S&P 500 index opened with a loss of 1.4 percent and the Nasdaq composite opened with a loss of 1.1 percent.

Stock futures began selling off before the stock market opened Wednesday as U.S. traders watched shares of Credit Suisse plunge more than 30 percent in overseas trading, according to CNBC. Investors began to lose confidence in the bank after the chairman of the Saudi National Bank, Credit Suisse’s largest investor, told Reuters that the Saudi central bank would not boost its investment in the troubled Swiss firm.

Credit Suisse, Europe’s second largest bank, has faltered under years of scandals and financial woes. Credit Suisse also operates in the U.S. and is subject to the strictest Federal Reserve supervision and stress tests. Silicon Valley Bank, which collapsed Friday and set off a global banking scare, was exempted from those rules under a 2018 bipartisan law signed by former President Trump.
Read more: https://thehill.com/homenews/3901030-do ... ng-crisis/
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Ron DeSantis' plan to take control of Disney's land backfired spectacularly
https://www.yahoo.com/news/ron-desantis ... 25431.html

Gov. Ron DeSantis gained control of Walt Disney World's oversight district board in February.

The move was an attempt to strip the company's self-governing power that it has enjoyed for decades.

But a previously signed agreement may have rendered the new governing board powerless.

Gov. Ron DeSantis' move to take over Walt Disney World's governing board in Florida may have backfired due to a prior obscure agreement that new governor-appointed board members say stripped them of their power.
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Asda owners shrug off £9bn debt pile and size up £8bn Subway take over
TUESDAY 28 MARCH 2023 2:16 PM

The billionaire owners of supermarket Asda are reportedly sizing up an £8bn takeover of global sandwich maker Subway.

According to reports in The Sun, billionaire’s Mohsin and Zuber Issa are understood to be eyeing up the 44,000 restaurant chain.

The pair, who gained their notoriety as the founders of forecourt business EG Group, already have Subway branches at there 6,300 petrol stations globally – which includes 340 filling stations in the UK.

A source close to the brothers told the outlet that the pair believed that Subway had not recognised their “massive growth”.

They said: “EG Group have felt for a while that Subway treated them the same way as other franchise partners and their massive growth hadn’t been appreciated. So what better way to show who’s boss than owning them.”
https://www.cityam.com/asda-owners-shru ... -takeover/
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US sales at top automakers rise on improving inventory, Toyota struggles
Source: Reuters
April 3 (Reuters) - Top global automakers reported a rise in first-quarter U.S. sales on improving shipments to dealers, with the exception of Toyota Motor Corp (7203.T), which continued to grapple with parts shortage, data showed on Monday. General Motors Co (GM.N), which replaced Toyota as the top U.S. automaker in 2022, posted a 17.6% rise in first-quarter auto sales.

"We gained significant market share in the first quarter, pricing was strong, inventories are in very good shape, and we sold more than 20,000 EVs (electric vehicles) in a quarter for the first time," GM Executive Vice President Steve Carlisle said in a statement.

Vehicle production took a hit after the pandemic disrupted supply of semiconductor chips and other raw materials, hurting carmakers' ability to meet the upsurge in demand for personal mobility. The companies have been trying to make up for the lost production ever since as supply chain snags gradually ease.

But rising interest rates and fears of a recession may play spoilsport in an industry where most vehicle purchases are financed with loans, analysts say, as they watch out for signs of plateauing demand. The average transaction price of vehicles, too, has surged over the last one year. "Consumers are facing credit uncertainty as rapidly rising interest rates have created barriers to entry for even the most qualified buyers," said Jessica Caldwell, executive director of insights at auto research firm Edmunds.
Read more: https://www.reuters.com/markets/us/us-f ... 023-04-03/
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Swiss cut up to $66M in bonuses for top Credit Suisse execs
Source: AP

today
The Federal Council, a seven-member panel that runs Switzerland’s executive branch, announced Wednesday that it has instructed the Finance Department to cancel altogether or reduce by either one-half or one-quarter such bonuses due last year among the top three rungs of management.

That will amount to a loss of bonus pay totaling about 50 million to 60 million Swiss francs ($55 million to $66 million).

The move comes after Swiss authorities scrambled in mid-March to cobble together a 3 billion Swiss franc ($3.25 billion) sale to UBS of Credit Suisse, which suffered surging outflows of deposits and a plunge in its share price.

Read more: https://apnews.com/article/credit-suiss ... c011e190d3
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