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☆ FTC sues to block Coach parent Tapestry's acquisition of Capri Holdings
▼ + stars: | 2024-04-22 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

The U.S. Federal Trade Commission on Monday sued to block the $8.5 billion acquisition of Capri Holdings by Coach and Kate Spade's parent company, Tapestry . With the transaction, the luxury brands could be poised to better compete with European luxury names, such as Burberry and LVMH's Louis Vuitton. Both Tapestry and Capri have been under pressure, as consumers continue to be choosier with discretionary spending. Yet Capri, in particular, has been more vulnerable because of its heavier reliance than Tapestry on department stores and other wholesale retailers. The vast majority of Tapestry's sales are through its own website and stores, with wholesale accounting for only about 10% of sales globally in the most recently reported fiscal quarter.

Persons: Kate Spade's, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Michael Kors, LVMH's Louis Vuitton, Joanne Crevoiserat, Tapestry, Crevoiserat Organizations: U.S . Federal Trade Commission, Capri Holdings, Burberry, Tapestry, CNBC Locations: Europe, Japan, Capri

The companies announced an initial $1.25 billion investment in September, and said at the time that Amazon would invest up to $4 billion. The deal was struck at the AI startup's last valuation, which was $18.4 billion, according to a source. Over the past year, Anthropic closed five different funding deals worth about $7.3 billion — and with the new Amazon investment, the total exceeds $10 billion. News of the Amazon investment comes weeks after Anthropic debuted Claude 3, its newest suite of AI models that it says are its fastest and most powerful yet. But multimodality, and increasingly complex AI models, also lead to more potential risks.

Persons: Claude, Anthropic, OpenAI's, what's, Swami Sivasubramanian, OpenAI's ChatGPT, OpenAI, Microsoft's OpenAI, Anthropic's Claude, Daniela Amodei, We've, Tesla, Brendan Burke, Bill Gurley, Gurley, Microsoft's, Lina Khan Organizations: Amazon, Google, CNBC, Fortune, Nvidia, Microsoft, Apple, U.S . Federal Trade Commission Locations: San Francisco, Anthropic, OpenAI

☆ FTC sues to block Kroger, Albertsons merger, arguing deal would raise grocery prices and hurt workers
▼ + stars: | 2024-02-26 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

"Essential grocery store workers would also suffer under this deal, facing the threat of their wages dwindling, benefits diminishing, and their working conditions deteriorating." Kroger said in a statement that blocking the deal "will actually harm the very people the FTC purports to serve: America's consumers and workers." The company also pledged $500 million to reduce prices for customers and $1 billion to raise employee wages and expand benefits. Two unions that represent Kroger and Albertsons employees, the United Food and Commercial Workers International Union and the Teamsters union, opposed the deal. Higher grocery prices have irked consumers and become a hot topic on the campaign trail.

Persons: Henry Liu, Kroger, Albertsons, Biden, Joe Biden, Rodney McMullen Organizations: U.S . Federal Trade Commission, Kroger, Albertsons, FTC, Washington D.C, Walmart, Amazon, Costco, White, United Food, Commercial Workers International Union, Teamsters Locations: Arizona , California, Washington, , Illinois, Maryland , Nevada , New Mexico , Oregon, Wyoming, FTC's

MEXICO CITY (AP) — Mexican regulators have ordered online retailers Amazon and Mercado Libre to reveal their algorithms, and to wall off TV streaming to avoid stifling competition. The COFECE order also covers the biggest Latin American online retailer, the Uruguay-based firm Mercado Libre. The commission said it had laid out corrective measures that would include prohibiting Amazon from promoting its TV streaming service as an incentive for consumers to buy Amazon Prime memberships. The COFECE also ordered Amazon not to take the “logistics” method — the manner of delivering purchases — into account in determining the order or prominence of search results. Online sellers have complained in the past that Amazon Prime forces vendors to use the company's own delivery services.

Persons: Mercado Organizations: MEXICO CITY, Amazon, Mercado Libre, Mexico’s Federal, Economic, U.S . Federal Trade Commission Locations: MEXICO, Mexico, Uruguay, Seattle

LONDON (AP) — Italian regulators said they told OpenAI that its ChatGPT artificial intelligence chatbot has violated European Union’s stringent data privacy rules. The watchdog started investigating ChatGPT last year, when it temporarily banned within Italy the chatbot that can produce text, images and sound in response to users' questions. The growing popularity of generative AI systems like ChatGPT are also drawing increasing scrutiny from regulators on both sides of the Atlantic. Competition regulators in the 27-nation EU and Britain, meanwhile, are also examining Microsoft's OpenAI investments. AI systems also face broader oversight in the EU, which is f inalizing its groundbreaking AI Act, the world's first comprehensive rulebook for artificial intelligence.

Persons: OpenAI, chatbot, ChatGPT, “ Organizations: San, EU, Data, U.S . Federal Trade Commission, Google, Microsoft, Competition Locations: San Francisco, Italy, EU, Britain

Political Cartoons View All 253 ImagesMicrosoft’s years-long relationship with OpenAI is the best known of the partnerships. Google and Amazon have more recently made multibillion-dollar deals with Anthropic, another San Francisco-based AI startup formed by former leaders at OpenAI. The European Union and the United Kingdom have already signaled that they might also scrutinize the relationship with Microsoft and OpenAI. Antitrust advocates welcomed the actions from both the FTC and Europe into the deals that some have derided as quasi-mergers. The companies have 45 days to provide information to the FTC that includes their partnership agreements and the strategic rationale behind them.

Persons: OpenAI, ”, Lina Khan, Khan, Microsoft didn't, Matt Stoller, Satya Nadella, Kara Swisher, Sam Altman, Nadella, “, ” Nadella, Altman’s, It’s, They’re, Kelvin Chan Organizations: Google, Microsoft, U.S . Federal Trade Commission, FTC, Anthropic, OpenAI, European Union, Antitrust, Big Tech, American Economic Liberties, “, Intel, Bloomberg, Economic Locations: San Francisco, United Kingdom, Europe, OpenAI, Davos, Redmond , Washington, Iowa, Switzerland, London

NEW YORK (AP) — Microsoft is laying off about 1,900 employees in its gaming division, according to an internal company memo, just over three months since the tech giant completed its $69 million purchase of video game maker Activision Blizzard. Those impacted worked on teams for Activision Blizzard as well as Xbox and ZeniMax — which are also owned by Microsoft. “As we move forward in 2024, the leadership of Microsoft Gaming and Activision Blizzard is committed to aligning on a strategy and an execution plan with a sustainable cost structure that will support the whole of our growing business,” Microsoft Gaming CEO Phil Spencer wrote in the memo. The union deal was part of a 2022 agreement with the CWA that helped address U.S. political concerns about the merger’s effects. So far, however, only a small set of Activision Blizzard divisions have formed unions.

Persons: Activision Blizzard, Phil Spencer, Mike Ybarra, ” Ybarra, “, ”, _________________ O'Brien Organizations: Microsoft, Activision, Associated Press, Activision Blizzard, Microsoft Gaming, Twitter, European Union, The U.S . Federal Trade Commission, FTC, Google, Riot, eBay, Communications Workers, CWA Locations: United Kingdom, European, U.S, Canada, Providence , Rhode Island

☆ iRobot shares tank 30% on report EU plans to block Amazon acquisition
▼ + stars: | 2024-01-18 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +1 min

Shares of iRobot plunged more than 33% in extended trading on Thursday after a report said the EU's antitrust watchdog intends to block Amazon 's planned acquisition of the Roomba vacuum maker. A representative from the European Commission didn't immediately respond to a request for comment. The European Commission, the European Union's top antitrust enforcer, opened an in-depth probe into the purchase last July. The group warned the planned acquisition raises competition concerns, saying it found Amazon may hinder iRobot's rivals from competing on its online marketplace. Earlier this month, Politico reported Amazon doesn't plan to offer concessions to resolve the group's concerns about the acquisition.

Persons: vacuums, iRobot Organizations: Street Journal, European, Amazon, European Commission, Politico, U.S . Federal Trade Commission, Markets Authority Locations: San Rafael , California

☆ iRobot shares plunge 19% on report Amazon won't offer concessions to resolve EU probe
▼ + stars: | 2024-01-10 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +1 min

Shares of iRobot closed down 19% on Wednesday, after a report said Amazon will not offer concessions to Europe's antitrust watchdog in a bid to clear its planned $1.7 billion acquisition of the Roomba maker. Representatives from iRobot and the European Commission did not immediately respond to CNBC's request for comment. Shares of Amazon closed up 1.5% on Wednesday. The European Commission opened an in-depth probe into the purchase last July and is expected to rule on the deal by Feb. 14. Amazon announced its intention to acquire iRobot in August 2022 for $61 per share in an all-cash deal.

Organizations: Politico, European Commission, Amazon, iRobot, U.S . Federal Trade Commission, Markets Authority, CNBC PRO Locations: iRobot

☆ PGA Tour and LIV Golf are working to extend merger deadline into 2024
▼ + stars: | 2024-01-01 | by ( Jessica Golden | ) www.cnbc.com time to read: +2 min

PGA Tour and LIV Golf are working to extend their proposed merger deadline, which was originally set at Dec. 31, Commissioner Jay Monahan told players in a memo on Sunday. The delay is the latest update in a long and tumultuous saga between the PGA Tour and Saudi Public Investment Fund-backed LIV Golf that has divided players and could dramatically change professional golf if the merger is completed. PGA Tour and LIV are expected to make a formal decision on the combination ahead of the Masters tournament in April, according to The Telegraph, which first reported the extension. Under the structure of the agreement, PGA Tour would hold a permanent controlling interest in the new entity's board of directors. The agreement also includes the DP World Tour, also known as the PGA European Tour.

Persons: LIV Golf, Jay Monahan, LIV, Monahan Organizations: THE, Sawgrass, CNBC, PGA Tour, Saudi Public Investment Fund, Strategic Sports Group, Saudi, Public Investment Fund, PGA Tour Enterprises, U.S, Fenway Sports Group, The, PGA European, U.S . Federal Trade Commission, Justice Department Locations: Ponte Vedra Beach , Florida

☆ Adobe shares slide on weaker-than-expected forecast for 2024
▼ + stars: | 2023-12-13 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Adobe shares dropped more than 6% in extended trading Wednesday after the software maker posted a lighter-than-expected forecast for 2024. Net income increased 26% to $1.48 billion, or $3.23 per share, up from $1.18 billion, or $2.53 per share, in the year-ago quarter. Adobe called for fiscal 2024 earnings per share of $17.60 to $18 on $ $21.3 billion to $21.5 billion in revenue. During the quarter Adobe increased the costs of some subscriptions. Prior to the after-hours move, Adobe shares were up almost 86% this year, outperforming the S&P 500 stock index, which has gained about 23%.

Persons: Wall, LSEG, Anil Chakravarthy, Shantanu Narayen, Narayen, Adobe Organizations: Adobe, Creative, Creative Cloud, European Commission, U.S . Department of Justice, DOJ, U.S . Federal Trade Commission, Restore, FTC, CNBC PRO Locations: LSEG

In the 2019 agreement, Facebook, which became Meta in 2021, was required to pay $5 billion for violating an earlier agreement. The company filed a separate appeal against Judge Timothy Kelly's ruling this week that it should be an FTC judge, not a district judge, who decides that case. This new lawsuit, filed late on Wednesday, argues that it is unconstitutional for the FTC to unilaterally tighten an existing consent agreement. The Meta complaints focus on the agency's dual role of prosecuting a matter before an FTC judge. Once the FTC judge makes a decision it is the commission which votes on whether to accept it.

Persons: Yuri Gripas, Judge Timothy Kelly's, Lina Khan, Rebecca Slaughter, Alvaro Bedoya, Meta, Diane Bartz, Nick Zieminski Organizations: Federal Trade Commission, Facebook Inc, Headquarters, REUTERS, Rights, Facebook, U.S . Federal Trade Commission, Meta, FTC, Big Tech, Democratic, Thomson Locations: Washington , U.S

☆ U.S. federal judge rules against Meta in privacy fight with FTC
▼ + stars: | 2023-11-27 | by ( Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | October | ) www.reuters.com time to read: +1 min

The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. The judge ruled that Facebook must face a review of an earlier agreement that it struck with the FTC. Judge Timothy Kelly of the U.S. District Court for the District of Columbia denied a motion filed by Meta for the court to take over the fight. The FTC has argued that it was up to the agency to decide whether its settlements should be changed and that the district court had no jurisdiction. The FTC proposed changing a settlement reached in 2019 which required Facebook to pay $5 billion.

Persons: Yves Herman, Timothy Kelly, Diane Bartz, Angus MacSwan Organizations: REUTERS, Rights, Facebook, U.S . Federal Trade Commission, U.S, District of Columbia, Meta, FTC, Thomson Locations: Brussels, Belgium

☆ iRobot shares plunge 19% after EU warns Amazon deal 'may restrict competition'
▼ + stars: | 2023-11-27 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Shares of iRobot plunged as much as 19% on Monday after the EU's antitrust watchdog issued a warning that Amazon 's planned $1.7 billion acquisition of the Roomba maker raises competition concerns. "iRobot, which faces intense competition from other vacuum cleaner suppliers, offers practical and inventive products," the spokesperson said. iRobot shares were briefly halted earlier Monday afternoon following the announcement. Amazon shares were up about 1.4%. The commission's announcement comes after iRobot shares rocketed 39% on Friday after Reuters reported the deal is set to "win unconditional EU antitrust approval," citing three sources familiar with the matter.

Persons: vacuums, iRobot Organizations: European Commission, Amazon, CNBC, U.S . Federal Trade Commission, Markets Authority, iRobot, Reuters, EU Locations: San Rafael , California

☆ iRobot shares close up 39% on report Amazon deal set to get EU approval
▼ + stars: | 2023-11-24 | by ( Todd Haselton | ) www.cnbc.com time to read: +1 min

Shares of iRobot , the maker of Roomba vacuums, closed up about 39% Friday after a report said the European Union is set to approve Amazon's $1.7 billion acquisition of the company. Reuters said Thursday morning the deal is set to "win unconditional EU antitrust approval," citing three sources familiar with the matter. The European Commission is expected to rule on the deal by Feb. 14. Representatives from the European Commission didn't immediately respond to CNBC's request for comment. The acquisition marks Amazon's fourth-largest deal, behind its $13.7 billion purchase of grocery chain Whole Foods in 2017, its $8.45 billion purchase of film studio MGM in 2021 and its $3.9 billion acquisition of boutique primary-care provider One Medical, announced last July.

Persons: Roomba, —, Annie Palmer Organizations: European Union, Reuters, European, European Commission, U.S . Federal Trade Commission, Markets Authority, Amazon, iRobot, MGM, CNBC, YouTube, CNBC PRO

☆ Broadcom closes $69 billion VMware deal after China approval
▼ + stars: | 2023-11-22 | by ( Harshita Mary Varghese | ) www.reuters.com time to read: +2 min

Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California May 12, 2016. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNov 22 (Reuters) - Broadcom (AVGO.O) on Wednesday closed its $69 billion acquisition of cloud-computing firm VMware (VMW.N) after receiving regulatory approval in last major market China and ending a months-long saga. The deal, one of the biggest globally when announced in May 2022, was the latest in CEO Hock Tan's efforts to boost the chipmaker's software business. However, the transaction faced tough regulatory scrutiny across the world and the companies had delayed the closing date three times. Big Tech mergers such as Microsoft's (MSFT.O) now-closed $69 billion purchase of the "Call of Duty" publisher Activision have faced heightened regulatory pressure from the U.S. Federal Trade Commission under its Chair Lina Khan.

Persons: Mike Blake, Hock, Xi Jinping, Joe Biden, Danni Hewson, AJ Bell, Cabot Henderson, Lina Khan, Harshita Mary Varghese, Sriraj Organizations: Broadcom, REUTERS, VMware, U.S, European Commission, Marvell Technology, Markets Authority, CMA, Activision, Big Tech, U.S . Federal Trade Commission, Thomson Locations: Rancho Bernardo, California, China

☆ US agency streamlines probes related to artificial intelligence
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Nov 21 (Reuters) - Investigations of cases where artificial intelligence (AI) is used to break the law will be streamlined under a new process approved by the U.S. Federal Trade Commission, the agency said on Tuesday. The move, along with other actions, highlights the FTC's interest in pursuing cases involving AI. The agency, which now has three Democrats, voted unanimously to make it easier for staff to issue a demand for documents as part of an investigation if it is related to AI, the agency said in a statement. The agency announced a competition last week aimed at identifying the best way to protect consumers against fraud and other harms related to voice cloning.

Persons: Dado Ruvic, Rebecca Slaughter, Diane Bartz, Marguerita Choy Organizations: REUTERS, Rights, U.S . Federal Trade Commission, Democrat, Thomson

☆ Cramer on why the emperor of this market has been naked long enough: Unpacking Apple, Amazon, Meta and Alphabet
▼ + stars: | 2023-11-12 | by ( Jim Cramer | ) www.cnbc.com time to read: +10 min

You think and think and think, and you still can't believe that things changed so radically in such a short period of time. So, let's pull apart Apple, Amazon, Meta and Alphabet to try to understand how unimportant what actually happened at these companies might be. Instead, Apple stock has climbed roughly 5% since it reported quarterly results on Nov. 2. Meta stock fell to $288 a share, down from $314, in a couple of sessions just because of that line in its earnings report. But like Apple and Amazon, Meta stock stabilized and has risen more than 14% since late October.

Persons: —, Lina Khan's, let's, Khan, Apple, Jim Cramer's, Jim Cramer, Jim, Alexi Rosenfeld Organizations: Apple, U.S . Federal Trade Commission, NFL, Amazon, Web Services, Google, YouTube, Amazon Web Services, Meta, Microsoft, Federal, Treasury, Procter & Gamble, CNBC, Getty Locations: wearables, Philippines, Indonesia, Brazil, Vietnam, China, Israel, Gaza, GOOGL, New York City

Google and Character AI did not respond to requests for comment. The demographic is helping the company position itself as the purveyor of more fun personal AI companions, compared to other AI chatbots from OpenAI's ChatGPT and Google's Bard. Character.AI is also in talks to raise equity funding from venture capital investors, which could value the company at over $5 billion, sources said. The talks with Google are ongoing and terms of the deal could change, said the sources, who requested anonymity as the discussions are private. Anthropic uses Google's cloud services as well as its latest version of TPUs.

Persons: Character.AI, Noam Shazeer, Daniel De Freitas, Billie Eilish, Character.AI's, Google's Bard, Andreessen Horowitz, Lina Khan, Krystal Hu, Anna Tong, Jeffrey Dastin, Bill Berkrot Organizations: Google, Reuters, Microsoft, . Federal Trade Commission, Thomson Locations: OpenAI, ., San Francisco, New York

☆ Tapestry bets on high prices as Coach parent cuts 2024 sales view
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

A signage is seen in the offices of Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Shares of the Coach parent rose 6% in early trading, as its profit beat market expectations. Sales at Coach, Tapestry's biggest brand, grew 3%, as demand for its Tabby shoulder bags nearly doubled from last year. It expects 2024 revenue of about $6.7 billion, lower than its prior target of nearly $6.9 billion, weighed by a stronger dollar. Net sales were flat at $1.51 billion in the quarter ended Sept. 30 from last year.

Persons: Andrew Kelly, Joanne Crevoiserat, Crevoiserat, Savyata Mishra, Juby Babu, Arun Koyyur Organizations: Tapestry, Inc, REUTERS, Capri, U.S . Federal, Thomson Locations: Manhattan , New York, U.S, North America, China, Bengaluru

☆ Exclusive: Amazon.com previews FTC defense at companywide meeting -transcript
▼ + stars: | 2023-11-08 | by ( Greg Bensinger | Thomson Reuters | Greg Bensinger Joined Reuters As A Technology Correspondent In Focusing On The World'S Largest Technology Companies. He Was Previously A Member Of The New York Times Editorial Board | ) www.reuters.com time to read: +3 min

Nov 7 (Reuters) - Amazon.com's (AMZN.O) top lawyer on Tuesday previewed the broad outlines of the company's possible defense against the U.S. Federal Trade Commission's antitrust lawsuit against the retailer, at a private companywide meeting. The lawsuit, which was joined by 17 state attorneys general, was filed in federal court in Seattle and follows a four-year investigation into the company's practices. The FTC takes "issue with us refusing to show prices that are higher than our biggest competitors," Zapolsky said on Tuesday, according to the transcript. "It’s not that we don’t let customers sell at these prices, we just don’t feature that product at that price." Amazon has said it disagrees with the FTC and would defend itself in court.

Persons: David Zapolsky, Taylor Swift, Zapolsky, Andy Jassy, Ty Rogers, Greg Bensinger, Kenneth Li, Matthew Lewis, Leslie Adler Organizations: U.S . Federal Trade, Reuters, Amazon, U.S . Federal Trade Commission, Big Tech, FTC, Thomson Locations: Seattle, San Francisco

☆ Exclusive: Amazon previews FTC defense at companywide meeting
▼ + stars: | 2023-11-07 | by ( Greg Bensinger | Thomson Reuters | Greg Bensinger Joined Reuters As A Technology Correspondent In Focusing On The World'S Largest Technology Companies. He Was Previously A Member Of The New York Times Editorial Board | ) www.reuters.com time to read: +3 min

Nov 7 (Reuters) - Amazon.com's (AMZN.O) top lawyer on Tuesday previewed the broad outlines of the company's possible defense against the U.S. Federal Trade Commission's antitrust lawsuit against the retailer, at a private companywide meeting. The lawsuit, which was joined by 17 state attorneys general, was filed in federal court in Seattle and follows a four-year investigation into the company's practices. The agency asked the court to issue a permanent injunction ordering Amazon to stop what it called unlawful conduct. Amazon has said it disagrees with the FTC and would defend itself in court. "The whole complaint is based on a very constrained and manufactured view that Amazon is a monopoly," said Zapolsky.

Persons: David Zapolsky, Taylor Swift, Zapolsky, Andy Jassy, Ty Rogers, Greg Bensinger, Kenneth Li, Matthew Lewis Organizations: U.S . Federal Trade, Reuters, Amazon, U.S . Federal Trade Commission, Big Tech, FTC, Thomson Locations: Seattle, San Francisco

Many of the patents at issue in the Food and Drug Administration's Orange Book listing of approved products were for devices such as asthma inhalers and epinephrine autoinjectors, the FTC said. "Wrongfully listed Orange Book patents by pharma companies can raise drug prices for Americans, harm fair competition, and delay better drugs," FTC Chair Lina Khan said on X, formerly known as Twitter. The Orange Book identifies drugs and products that the FDA has deemed safe and effective. The FTC says companies sometimes improperly list patents in the Orange Book that can delay market entry of lower priced generics. AbbVie was informed the FTC would dispute four patents in the Orange Book having to do with Restasis Multidose, eye drops used for chronic dry eye.

Persons: Andrew Kelly, Lina Khan, Boehringer Ingelheim, Mylan, AbbVie, Restasis, Diane Bartz, Patrick Wingrove, Bill Berkrot Organizations: Food and Drug Administration, FDA, REUTERS, AstraZeneca, GSK, U.S . Federal Trade Commission, Food, FTC, pharma, Thomson Locations: White Oak , Maryland, U.S, WASHINGTON, Israel, Viatris

☆ FTC seeks information on $8.5 bln Tapestry-Capri deal
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

The logo of Michael Kors is seen on an outlet store in Metzingen, Germany, June 16, 2017. REUTERS/Michaela Rehle/File Photo Acquire Licensing RightsNov 6 (Reuters) - The U.S. Federal Trade Commission (FTC) has sent requests to Tapestry (TPR.N) and Michael Kors owner Capri Holdings (CPRI.N) for more information on their planned $8.5 billion deal, the companies said on Monday. The companies said on Monday they expect to respond "promptly" to the FTC's request and aim to close the deal as planned, in 2024. Capri's shares, which had jumped 55% on Aug. 10 after the deal was announced, were down 2.5% in extended trade. Reporting by Manas Mishra and Juveria Tabassum in Bengaluru; Editing by Shounak Dasgupta and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Kors, Michaela Rehle, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Capri's, Tapestry, Manas Mishra, Juveria, Shounak Dasgupta, Krishna Chandra Organizations: REUTERS, U.S . Federal Trade Commission, Capri Holdings, Capri, Thomson Locations: Metzingen, Germany, Paris, Bengaluru

As token prices plummeted last year, the sector saw other stunning meltdowns that put several industry moguls into authorities' crosshairs. Changpeng "CZ" ZhaoThe U.S. Securities and Exchange Commission (SEC) sued Binance and its CEO Zhao in June for allegedly operating "a web of deception." Kwon faces multiple charges of fraud in the U.S. and was arrested in Montenegro earlier this year for allegedly forging documents, authorities said. He has pleaded not guilty to U.S. fraud charges that he misled customers and artificially inflated the value of his company's proprietary crypto token. Barry SilbertSilbert is the boss of crypto group Digital Currency Group whose subsidiary Genesis Global Capital filed for bankruptcy in January.

Persons: Zhao Changpeng, Binance, Costas Baltas, Sam Bankman, Fried, he's, Zhao, Kwon, Luna, Terraform, Alex Mashinsky, Mashinsky, Barry Silbert Silbert, Letitia James, Silbert, Stephen Ehrlich Stephen Ehrlich's, Ehrlich, Justin Sun, Sun, Niket Nishant, Hannah Lang, Michelle Price, Anil D'Silva Organizations: REUTERS, Rights, Zhao, U.S . Securities, Exchange Commission, SEC, U.S . Commodity Futures Trading Commission, Korean, Terraform Labs, Montenegrin, Mashinsky, CFTC, U.S . Federal Trade Commission, Digital Currency Group, Genesis Global Capital, New York, FTC, Tron Foundation, Thomson Locations: Athens, Greece, China, Canada, U.S, Montenegro, New York

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