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☆ FTC orders Illumina to divest $7.1 billion acquisition of cancer test developer Grail
▼ + stars: | 2023-04-03 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

The Federal Trade Commission on Monday ordered Illumina to divest its controversial acquisition of cancer test developer Grail, saying the deal would stifle competition and innovation. The decision reverses an administrative judge's September ruling, which dismissed the FTC's initial challenge to the $7.1 billion deal. Illumina said in a statement that it intends to appeal the FTC's decision in federal court and will seek an expedited decision. "The acquisition of GRAIL potentially gives Illumina incentives to favor GRAIL over its rivals by providing GRAIL preferential access or preferential terms for acquiring NGS inputs," the FTC said. Illumina also "stands to earn substantially more profit on the sale of GRAIL tests than it does by supporting rival test developers," the commission added.

☆ Canada clears C$20 billion Rogers-Shaw deal to create No.2 telecom company
▼ + stars: | 2023-03-31 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

(Reuters) -Canada on Friday granted the final approval for Rogers Communications Inc’s C$20 billion ($15 billion) buyout of Shaw Communications Inc, clearing the deal that will create the country’s No. FILE PHOTO: Ethernet cables are seen in front of Rogers and Shaw Communications logos in this illustration taken, July 8, 2022. Freedom Mobile’s proposed C$2.85 billion sale to Quebecor-owned Videotron has been crucial in addressing the antitrust concerns over the deal, given the overlap between Rogers and Shaw’s wireless divisions. It is the biggest in the Canadian telecoms industry since BCE’s spinoff of its stake in Nortel Networks in a transaction valued at C$88.7 billion in 2000. Canada’s top telecom company by market value is BCE Inc.U.S.-listed shares of Shaw were up 3% in premarket trading.

☆ UK watchdog to soften sustainability disclosures for asset managers
▼ + stars: | 2023-03-29 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, March 29 (Reuters) - Britain's financial watchdog said on Wednesday the introduction of new sustainability disclosure requirements (SDR) for asset managers to prevent greenwashing will be pushed back and softened to avoid excluding many funds. The new requirements aim to stop asset managers over-inflating the sustainability credentials of investment funds they sell - so-called greenwashing. The watchdog will also widen the scope products that are labelled as sustainable so fewer funds would be excluded. The FCA said the new rules would clarify that it will not need independent verification of product categorisation to qualify for a sustainability label. There will also be a place for all "in scope" products within the overall package of measures, it said.

☆ U.S. rejects JetBlue, Spirit exemption request, citing lawsuit
▼ + stars: | 2023-03-24 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, March 24 (Reuters) - The U.S. Transportation Department on Friday denied an exemption request by JetBlue and Spirit to operate under common ownership, citing the Justice Department's antitrust lawsuit filed this month seeking to block the deal. JetBlue's planned $3.8 billion acquisition of ultra-low cost carrier Spirit was announced last July. The Justice Department on March 7 challenged the deal, saying it would eliminate competition, lead to higher ticket prices, reduce passenger capacity and shrink consumer choices. The Transportation Department decision on the exemption "does not change that belief or our confidence that we will close the transaction, within our expected timeframe, following completion of the court case," JetBlue added. The Transportation Department said it found the exemption request was premature given the ongoing lawsuit.

☆ Carl Icahn claims Illumina directors got extra insurance to close 'disastrous' $7.1 billion Grail deal
▼ + stars: | 2023-03-24 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +5 min

Carl Icahn on Friday alleged that Illumina 's directors demanded extra personal liability insurance before the biotech company signed off on a $7.1 billion acquisition of cancer test developer Grail in 2021. Icahn, who owns a 1.4% stake in Illumina, is pushing for board seats at the DNA sequencing company. Illumina prevailed over the U.S. Federal Trade Commission's opposition to the Grail deal in September, but is fighting for European regulatory approval. Last year, the EU's executive body, the European Commission, blocked Illumina's acquisition of Grail over concerns it would hurt consumer choice. The company's market cap has shrunk to roughly $34 billion from about $75 billion in August 2021, the month it closed the Grail deal.

☆ Nestlé Says Less Than Half of Its Main Portfolio Is Ranked as Healthy
▼ + stars: | 2023-03-21 | by ( Joshua Kirby | ) www.wsj.com time to read: +3 min

Nestlé SA promised it will work to boost the nutritional value of its snacks, drinks and food products, after most of its portfolio was rated as unhealthy. Less than half of Nestlé’s main food-and-drink portfolio is considered healthy, according to the results of an international nutrient profiling system that the Swiss food company published for the first time. Nestlé started using it last year with the aim of boosting transparency about the nutritional value of its products. “Our focus is on improving the nutritional value of our products,” Nestlé said. The rankings from the Access to Nutrition Initiative rate companies on their practices and disclosure, including on ensuring healthy products and influencing consumer choices.

"Plaintiffs' general allegation that the merger may cause 'higher prices, less innovation, less creativity, less consumer choice, decreased output, and other potential anticompetitive effects' is insufficient," wrote U.S. District Judge Jacqueline Corley. The decision does not affect the U.S. Federal Trade Commission's (FTC) regulatory challenge to the largest-ever gaming industry deal. Microsoft announced its bid last year, and it also faces competition scrutiny in the EU and UK. A spokesperson for Microsoft and lawyers for the company did not immediately respond to messages seeking comment. The case is Demartini v. Microsoft Corp, U.S. District Court, Northern District of California, 3:22-cv-08991.

☆ Biotech company Illumina pushes back against Carl Icahn’s proxy fight over $7.1 billion Grail deal
▼ + stars: | 2023-03-20 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

Biotech company Illumina pushed back Monday against Carl Icahn's proxy fight over the company's acquisition of cancer test developer Grail, saying the activist investor's board nominees "do not add value." "To paraphrase William Shakespeare's Hamlet, something is rotten in the state of Illumina," Icahn wrote. Illumina said winning a jurisdictional appeal would eliminate any potential fine and "gives the greatest optionality for Illumina to maximize value for shareholders." The company also claimed Icahn recognizes the value of Grail to shareholders, pointing to a CNBC interview last week where Icahn referred to Grail as Illumina's "best equipment." Illumina touted Grail in its release, saying it has "tremendous long-term value creation potential."

☆ How DoorDash Uses Analytics and Forecasting Amid Economic Uncertainty
▼ + stars: | 2023-03-06 | by ( Mark Maurer | ) www.wsj.com time to read: +7 min

Jessica Lachs, vice president of analytics and data science at DoorDash Inc. Photo: DoorDash Inc.WSJ’s CFO Journal talked to Ms. Lachs, who reports to Mr. Inukonda, about how analytics support DoorDash’s financial operations, particularly at a time of high economic uncertainty. A cool thing that we did that empowers our CFO to make good decisions is by building out what we call the DoorDash item price index. We have our own internal price index that tracks and measures changes in the average item price on the platform weekly. Ms. Lachs: The experimentation the analytics team has done to help grow our grocery business is timely. The analytics team found that ensuring an item is in stock and available on the DoorDash platform is more important for consumer retention than providing a good substitution.

☆ Mortgage rates jump back over 7% as inflation fears drive yields higher
▼ + stars: | 2023-03-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Mortgage rates loosely follow the yield on the U.S. 10-year Treasury . "The recent jump in mortgage rates has led to a retreat in purchase applications, with activity down for three straight weeks," said Bob Broeksmit, president and CEO of the Mortgage Bankers Association. "After solid gains in purchase activity to begin 2023, higher rates, ongoing inflationary pressures, and economic volatility are giving some prospective homebuyers pause about entering the housing market." But that recovery has now stalled, and rising rates are only part of the picture. Unfortunately, traders will be hesitant to push rates aggressively lower until they have several successive months pointing to meaningfully lower inflation.

☆ Mortgage rates rise for the fourth week in a row
▼ + stars: | 2023-03-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates shot up for the fourth consecutive week, as inflation concerns remain. “However, given sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward 7%.”The lower rates in January brought buyers back into the market, Khater said. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “The recent jump in mortgage rates has led to a retreat in purchase applications, with activity down for three straight weeks,” said Bob Broeksmit, MBA’s CEO.

☆ S. Korea fines German automakers for colluding to curb emissions-cleaning technology
▼ + stars: | 2023-02-09 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/FilesSEOUL, Feb 9 (Reuters) - South Korea's anti-trust regulator said on Thursday it would impose a combined fine of 42.3 billion won ($33.48 million) on three German automakers for colluding to curb emissions-cleaning technology for their diesel cars. Mercedes-Benz was fined 20.7 billion won, BMW 15.7 billion won and Audi 6 billion won, the regulator said, adding that Volkswagen was not fined because it did not earn revenue relevant to the issue. BMW, Volkswagen and Audi were not immediately available for comment outside business hours. Last year, Mercedes-Benz and its Korean unit were fined 20.2 billion won for false advertising tied to gas emissions of diesel passenger vehicles. The European Commission in 2021 fined Volkswagen and BMW a total of 875 million euros for colluding to curb the use of emissions-cleaning technology they had developed.

☆ South Korea fines German automakers for rigging diesel car emissions
▼ + stars: | 2023-02-09 | by ( Hyunsu Yim | ) www.reuters.com time to read: +1 min

[1/4] A Mercedes-Benz badge on one of the German company's cars at the 43rd Bangkok International Motor Show, Thailand, March 22, 2022. REUTERS/Athit Perawongmetha/File PhotoSEOUL, Feb 9 (Reuters) - South Korea's anti-trust regulator said on Thursday it would impose a combined fine of 42.3 billion won ($33.48 million) on three German automakers for colluding to rig emissions of its diesel cars using software. Mercedes-Benz was fined 20.7 billion won, BMW 15.7 billion won and Audi 6 billion won, the regulator said, adding that Volkswagen was not fined because it did not earn revenue relevant to the issue. Mercedes, BMW, Volkswagen and Audi were not immediately available for comment. Last year, Mercedes-Benz and its Korean unit were fined 20.2 billion won for false advertising tied to gas emissions of diesel passenger vehicles.

☆ Illumina Makes Its Interim CFO Permanent
▼ + stars: | 2023-02-01 | by ( Kristin Broughton | ) www.wsj.com time to read: +3 min

Gene-sequencing company Illumina Inc. on Wednesday named Joydeep Goswami as chief financial officer, giving its interim CFO the role on a permanent basis. Mr. Goswami joined Illumina in 2019 as chief strategy and corporate development officer, overseeing strategic partnerships and acquisitions. Illumina CFO Joydeep Goswami. He added that he received a crash course in traditional areas of finance, including treasury, tax and audit, while serving as interim CFO. As CFO, Mr. Goswami plans to keep Illumina’s spending on innovation roughly constant as a percentage of revenue.

☆ Fact Check-Online claims about nutritional table lack context
▼ + stars: | 2023-01-20 | by ( Reuters Fact Check | ) www.reuters.com time to read: +6 min

Food Compass has not been endorsed or promoted by the NHLBI or the government departments responsible for developing nutrition guidelines. TUFTS’ FOOD COMPASSThe Food Compass was developed by researchers at the Friedman School of Nutrition Science and Policy at Tufts University (bit.ly/3ZSHEUC). The Tufts team addressed claims about the graphic shared online in the Frequently Asked Questions section of its Food Compass website (here). “These graphs were created by others to show these exceptions, rather than to show the overall performance of Food Compass and the many other foods for which Food Compass works well. But, as objective scientists, we accept constructive criticism and are using this to further improve Food Compass,” the statement added.

☆ I'm the VP of admissions at a small liberal-arts college. Early decision favors the wealthy — here's one way to fix it.
▼ + stars: | 2023-01-18 | by ( Jenny Powers | ) www.businessinsider.com time to read: +7 min

Adam Miller is the interim vice president for admissions and financial aid at Whitman College. I served as the director of admissions at Whitman College for nearly 10 years, and this year, I've shifted gears and am now the school's interim vice president for admissions and financial aid. They may also not reflect changes in a college's financial-aid policies or the total cost of attendance, which can be updated yearly. The offering has since developed into our early financial-aid guarantee, which, like our original estimator, doesn't require you to apply to Whitman. Last year, 301 people applied for the early financial-aid guarantee, and 237 of them wound up applying to Whitman — 63 applied early decision.

☆ Video gamers sue Microsoft in US court to stop Activision takeover
▼ + stars: | 2022-12-21 | by ( ) edition.cnn.com time to read: +2 min

Reuters —Microsoft Corp was hit on Tuesday in US court with a private consumer lawsuit claiming the technology company’s $69 billion bid to purchase “Call of Duty” maker Activision Blizzard Inc will unlawfully squelch competition in the video game industry. The private lawsuit also seeks an order blocking Microsoft from acquiring Activision. It was filed on behalf of 10 video game players in California, New Mexico and New Jersey. The proposed acquisition would give Microsoft “far-outsized market power in the video game industry,” the complaint alleged, “with the ability to foreclose rivals, limit output, reduce consumer choice, raise prices, and further inhibit competition.”A representative for Microsoft did not immediately comment on Tuesday. The FTC previously said it sued to stop “Microsoft from gaining control over a leading independent game studio.” The agency said the merger would harm competition among rival gaming platforms from Nintendo Co Ltd and Sony Group Corp.

☆ Video gamers sue Microsoft in U.S. court to stop Activision takeover
▼ + stars: | 2022-12-20 | by ( Mike Scarcella | Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | ) www.reuters.com time to read: +2 min

It was filed on behalf of 10 video game players in California, New Mexico and New Jersey. A Microsoft representative on Tuesday defended the deal, saying in a statement that it "will expand competition and create more opportunities for gamers and game developers." After the FTC sued, Microsoft President Brad Smith said, "We have complete confidence in our case and welcome the opportunity to present our case in court." Private plaintiffs can pursue antitrust claims in U.S. court, even while a related U.S. agency case is pending. The FTC previously said it sued to stop "Microsoft from gaining control over a leading independent game studio."

☆ Cyber scams target millions of online shoppers, but you can stay safe with the help of new technology
▼ + stars: | 2022-12-06 | by ( Sponsor Post | Created Mastercard With Insider Studios | ) www.businessinsider.com time to read: +4 min

But at the same time, they need to continue to offer frictionless services. We're constantly advancing our behavioral technology solutions to assess data, such as how you hold your phone and how fast you type or swipe. Advancements in technology have the potential to change life as we know it, so we can tap into our ground-breaking technology solutions to seamlessly enable how we want to live, work, and play. Our new Enhanced Contactless (Ecos) technology, an industry first, has security that is 3 million times harder to break. Find out more about how Mastercard is keeping customers safe from fraudThis post was created by Mastercard with Insider Studios

☆ EU Tells Illumina How to Unwind Deal to Buy Cancer-Test Developer Grail
▼ + stars: | 2022-12-05 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

Margrethe Vestager, the head of the EU’s competition watchdog, which blocked Illumina’s acquisition of Grail in September. BRUSSELS—The European Union on Monday set out the details of an order requiring Illumina Inc. to unwind its $7.1 billion acquisition of cancer-test developer Grail Inc. The European Commission, the bloc’s competition watchdog, prohibited the acquisition in September over concerns that it would stifle innovation and hurt consumer choice. Illumina, which makes genetic-sequencing products, completed the acquisition in August 2021.

A Tesla Model 3 vehicle is on display at the Tesla auto store on September 22, 2022 in Santa Monica, California. The data firm found that Tesla's market share of new registered electric vehicles in the U.S. stood at 65% through the third quarter, down from 71% last year and 79% in 2020. S&P forecasts Tesla's EV market share will decline to less than 20% by 2025, with the number of EV models expected to grow from 48 today to 159 by then. A drop in Tesla's U.S. market share was expected, but the rate of the decline could be concerning for investors in Elon Musk's autos and energy company. "Given that consumer choice and consumer interest in EVs are growing, Tesla's ability to retain a dominant market share will be challenged going forward."

☆ Lucid's fight to sell cars in Texas could give it a leg up in the ultracompetitive electric-vehicle market
▼ + stars: | 2022-11-11 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +4 min

The resulting legal battles could slow crucial deliveries for EV startups. It's also a sign that there could be more legal confrontations to come for other budding EV makers, like Rivian and Fisker. What consumers can expectLast year, Tesla, Rivian, and Lucid joined forces to push for bills allowing direct sales in eight states. Many of these efforts are still in progress while Rivian, Lucid, and Tesla continue to sell vehicles remotely. Even with the legal troubles, EV startups are moving full speed ahead on direct to consumer.

But unbeknownst to this good Samaritan, he was being watched by an Amazon Ring doorbell camera on the front porch, reported The Washington Post. Surveillance proponents will claim this act of violence had nothing to do with Ring and other networked doorbell cameras. Surveillance proponents will claim this act of violence had nothing to do with Ring and other networked doorbell cameras. But we have to face reality: Blanketing our neighborhoods in surveillance devices that promote a culture of suspicion makes all of us less safe. It even went so far as to launch an actual TV show, “Ring Nation,” on Amazon-owned MGM, featuring viral video from Ring cameras and other surveillance devices.

☆ Fed's Bowman calls for overhaul of approach to evaluating banking competition
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 28 (Reuters) - The framework used to assess competition in the banking sector needs to be overhauled to ensure there remains a level playing field that supports consumer choice, Federal Reserve Governor Michelle Bowman said on Wednesday. Bowman pointed to several areas of improvement including more systematically including credit unions and nonbank financial firms in all competitive analyses. To fully capture the impact of nonbank financial firms in some product markets, the deposit-market-based thresholds in current bank merger guidelines could be relaxed, Bowman said. The Fed should also review its approach to defining banking markets to ensure it is updated consistently and reflects the changes in how consumers in a community access banking products and services, Bowman noted. Register now for FREE unlimited access to Reuters.com RegisterReporting by Lindsay Dunsmuir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Families in over 20 states are scrambling to place a bet on what their energy bills will be in the future. A wrong decision could cost them hundreds of dollars.
▼ + stars: | 2022-09-27 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

In today's volatile energy market, a wrong decision could cost them hundreds of dollars. Increasing in prevalence in the 1990's, deregulated energy markets have pros and cons, experts say. In today's volatile energy market, a wrong decision could cost them hundreds of dollars. Pros and cons of deregulationIn general, Basseches says he thinks deregulation can help lower a state's energy costs. In Texas for instance, among the "most deregulated" states, he says energy costs are generally "very low."

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