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Brazil Energy Chief Piles Pressure on Petrobras to Pay Tax Debts
Brazil Energy Chief Piles Pressure on Petrobras to Pay Tax Debts
Brazil’s state-controlled oil company Petrobras must settle a dispute involving billions of reais in back taxes with the
2023-09-18 02:29
Italian Bank-Tax Confusion Shows Flaws in Meloni’s Coalition
Italian Bank-Tax Confusion Shows Flaws in Meloni’s Coalition
Italy’s banks are paying the price for Prime Minister Giorgia Meloni’s need to cater to the more populist
2023-08-09 21:21
US auto workers, companies face off on day two of strike
US auto workers, companies face off on day two of strike
Workers and management from the iconic "Big Three" auto giants were to face off at the negotiating table Saturday on the second day of a strike threatening to disrupt the economy...
2023-09-16 09:21
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 02:15
Offshore Yuan Seen Tumbling to New Low Against Dollar in China Selloff
Offshore Yuan Seen Tumbling to New Low Against Dollar in China Selloff
Global investors have little confidence that China will succeed in shoring up its financial markets, predicting that mounting
2023-08-28 08:46
Good Life Television Announces Registered Dietitian and The MIND Diet Author, Maggie Moon, MS, RD, Will Bring Together Leading Health and Wellness Brands for Groundbreaking Brain Health Event
Good Life Television Announces Registered Dietitian and The MIND Diet Author, Maggie Moon, MS, RD, Will Bring Together Leading Health and Wellness Brands for Groundbreaking Brain Health Event
DENVER--(BUSINESS WIRE)--Oct 6, 2023--
2023-10-06 20:19
Austria farmers up in arms over Brussels GMO plans
Austria farmers up in arms over Brussels GMO plans
The European Commission's proposal to ease current restrictions on genetically modified crops has riled up EU organic farming leader Austria...
2023-08-03 13:59
Yen at 140 Opens Door to More Weakness But Not Intervention This Time
Yen at 140 Opens Door to More Weakness But Not Intervention This Time
The yen is close to hitting a bottom against the dollar, and is unlikely to weaken to levels
2023-05-26 16:19
Canadian search teams find body of a child who died in flooding in Nova Scotia over the weekend
Canadian search teams find body of a child who died in flooding in Nova Scotia over the weekend
Canadian police say the body of a child who went missing when the province of Nova Scotia was hit with extreme flooding has been recovered
2023-07-26 10:23
European shares eke out gains as healthcare, telecom stocks rise
European shares eke out gains as healthcare, telecom stocks rise
By Shashwat Chauhan (Reuters) -European shares inched higher in early trading on Monday, led by advances in defensive sectors including
2023-08-14 16:58
Meloni and Scholz Deepen Ties, Leaving France Behind
Meloni and Scholz Deepen Ties, Leaving France Behind
Italian Prime Minister Giorgia Meloni and German Chancellor Olaf Scholz are spearheading a series of closer business dealings
2023-11-23 21:17
Dutch Far-Right Victory Sets Stage for Fraught Coalition Talks
Dutch Far-Right Victory Sets Stage for Fraught Coalition Talks
Far-right Dutch politician Geert Wilders staged a shock victory in Wednesday’s elections. Now he has to work out
2023-11-23 19:51