Top Financial Stories Wednesday, September 14: Multiple Antitrust Setbacks For Google, Bitcoin Crashes, Visa Finds New Gun Control System Ineffective And More…
Benzinga · 09/14/2022 08:24
- South Korea has imposed fines to the tune of millions of dollars on Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google and Meta Platforms Inc (NASDAQ:META) following accusations of privacy law violations.
- The Personal Information Protection Commission said it fined Google 69.2 billion won ($50 million) and Meta 30.8 billion won ($22 million).
- Moderna Inc's (NASDAQ:MRNA) CEO Stephane Bancel said the company has talked with the Chinese government about supplying COVID-19 vaccines, but no decision has been made.
- "We are open. We have the capacity," Bancel said but declined to say whether Moderna had submitted its vaccine for approval in the country.
- Bed Bath & Beyond Inc's (NASDAQ:BBBY) interim Chief Executive Officer Sue Gove is likely to stay in the job for at least twelve months.
- The report noted that the retailer will not pick a new leader until well into 2023, citing two sources familiar with the matter.
- Gove was named the interim CEO in June, replacing Mark Tritton, following a sales slump.
- Visa Inc (NYSE:V) warned against the new system that gun-control proponents saw as restricting mass shootings.
- The International Organization for Standardization approved a new merchant category code that banks will use when processing transactions for gun and ammunition stores. The MCC will likely help banks flag suspicious activity at these retailers.
- However, Visa found that MCC lacks access to data showing what products consumers are buying.
- Bayer AG (OTC:BAYRY) has started a hunt for CEO Werner Baumann's successor.
- The new CEO search may portend an early departure for Baumann, whose contract with Bayer isn't set to expire until April 2024.
- Bayer's chairman Norbert Winkeljohann is looking at prospects inside and outside the company to advance a new CEO candidate in time for Bayer's next shareholder meeting in April 2023.
- Tencent Music Entertainment Group (NYSE:TME) is working with advisers on the preparations for its second listing in Hong Kong, intending to start trading as soon as next week.
- The company said marketing activities could start as early as in the coming days.
- Warner Bros. Discovery, Inc (NASDAQ:WBD) CFO Gunnar Wiedenfels expressed the possibility of higher streaming service prices given the strength of the content on the services.
- Wiedenfels acknowledged that prioritizing profitability over growth allows it more "pricing power" over its streaming businesses.
- The costliest streaming service Netflix, Inc (NASDAQ: NFLX), pared back its real-estate footprint, controlled cloud-computing costs, and hired more junior staff to beat the subscriber slowdown. Netflix also looks to restrain spending heavily on movies and TV shows.
Wall Street Journal
- Paramount Global (NASDAQ:PARA) weighed aborting its Showtime streaming service and shifting its content into Paramount+.
- Showtime's $10.99-per-month service features programming from the premium channel, including "Billions" and "Yellowjackets."
- Competition from Netflix Inc (NASDAQ:NFLX) and Amazon.com Inc (NASDAQ:AMZN) to newer entrants like NBCUniversal's Peacock and Paramount+ weighed on more minor streaming services like Showtime.
- Amazon.com Inc (NASDAQ:AMZN) prepared for another union election in October at its upstate New York facility near Albany.
- A group of workers affiliated with the Amazon Labor Union filed for the election in August following a successful union bid in April at the Staten Island facility.
- Union supporters at the Amazon facility named ALB1 sought higher wages and better safety measures at the facility.
- Federal prosecutors inspected some Amazon warehouses following criticism over its treatment of warehouse and delivery employees.
- Apple Inc (NASDAQ:AAPL) will likely be the first company to use an updated version of Taiwan Semiconductor Manufacturing Co. Ltd's (NYSE:TSM) latest chipmaking technology next year while also planning to adopt it for some of its iPhones and Mac computers.
- TSMC's N3E chipmaking technology will be used to mass-produce the A17 mobile processor, currently, under development, the report said. It said it will be used in the premium entry in the iPhone line-up set for the 2023 release.
- Coinbase Global Inc (NASDAQ:COIN) said it has now fully resolved the issue of failing trades on its platform.
- Several Coinbase users reported that simple trades on the crypto exchange were not being processed on Tuesday. Some users also said they could not withdraw their cryptocurrencies from the platform.
- In a Twitter update, Coinbase Support acknowledged the issue of some trades "intermittently failing" and said their team had already implemented a fix. In a follow-up tweet, the exchange announced that the issue had been resolved.
- Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google suffered its second setback in Europe in less than a year as the European Union's top court agreed with the bloc's antitrust regulators on Wednesday.
- Google lost its battle to topple a landmark 4.3 billion euro ($4.3 billion) fine imposed by the antitrust watchdog on the tech giant after the General Court agreed that the company had abused its dominance. However, it trimmed the fine by 5% because of a disagreement on one point.
- Bitcoin (BTC/USD) and Ethereum (ETH/USD) traded sharply lower Tuesday evening as the global cryptocurrency market cap plunged 7.5% to $986.4 billion at 8:26 p.m. EDT.
- Major cryptocurrencies dropped after the U.S. Labor Department posted the inflation numbers for August, which indicated the consumer price index rose 8.3% year-over-year.
- Even though inflation cooled off compared to the 8.5% rise in July, it came above average economist estimates of 8%.
- If you couldn't find Tesla Inc (NASDAQ: TSLA) CEO on Twitter on Tuesday, that's because he had changed his handle to "Naughtius Maximus."
- Musk seemingly made the change minutes after Twitter Inc's (NASDAQ:TWTR) shareholders approved a $44 billion buyout deal.
- Musk said Tuesday that his tweets "are being suppressed" and asked for a fix from Twitter, the Twitter Verified handle and the social media platform's CEO Parag Agrawal.
- Amazon.com Inc (NASDAQ:AMZN) looks to boost pay and benefits for its delivery partners as it gears up for the peak holiday season amid a persistently tight labor market.
- Amazon will invest $450 million to fund wage increases and other benefits for delivery drivers employed by members of its Delivery Service Partners network.
- It started the program in 2018. Amazon has invested over $7 billion in its Delivery Service Partners network since 2018.
- Stellantis NV (NYSE:STLA) brand Chrysler will end its famous 300 sedans after its limited edition version.
- The 2023 Chrysler 300C, powered by the 6.4L HEMI engine, will commemorate the nearly 70-year legacy of the Chrysler 300.
- Only 2,000 of 2023 Chrysler 300C vehicles will be produced for the U.S.
- Chrysler 300 production will end following the 2023 model year.
- Weyerhaeuser Co (NYSE: WY) said its operations in Oregon and Washington were affected by a work stoppage by its union members.
- The company has 1,200 workers who are members of the International Association of Machinists and Aerospace Workers.
- The company noted IAM walkouts impact multiple Wood Products and Timberlands sites.
Photo by Okan Caliskan from Pixabay