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☆ Renault CEO: China very competitive on electric vehicles, Europe needs to catch up
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

The Renault logo on the Renault Scenic Vision concept-car is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, France June 16, 2022. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsPARIS, Sept 4 (Reuters) - Renault's (RENA.PA) chief executive Luca de Meo said on Monday that China was 'very competitive' in terms of the electric vehicle market, as Renault also prepared to unveil its new Scenic electric vehicle car model. "China is very competitive when it comes to the supply chain of electric vehicles....we need to catch up fast," De Meo told RTL Radio, speaking from the IAA Munich car show. De Meo added that Renault would unveil the prices for its new Scenic minivan later in the year, with a launch planned in the first quarter of 2024. The Scenic will be within the price range for many customers, similar to a hybrid model of the same size and category, he said.

Persons: Porte, Benoit Tessier, Luca de Meo, De Meo, Tassilo Hummel, Sudip Kar Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, RTL Radio, IAA, Gupta, Thomson Locations: Paris, France, China, IAA Munich

☆ Renault cannot afford discount race with Tesla, Chinese peers, executive says
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: 1 min

The logo of Renault is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsMUNICH, Sept 3 (Reuters) - Renault (RENA.PA) cannot afford to enter a discount race with Tesla (TSLA.O) or Chinese rivals, the French carmaker's head of engineering told journalists at the IAA Munich car show. "The good strategy is to maintain prices and to adjust fixed costs," Gilles Le Borgne said. Renault's high exposure to Europe makes it one of the most exposed names to new competition from Tesla and Chinese rivals in electric vehicles, UBS wrote in a note this week. Reporting by Gilles Guillaume; Writing by Christoph Steitz; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, Gilles Le Borgne, Gilles Guillaume, Christoph Steitz, Paul Simao Organizations: Renault, Viva Technology, Porte de, REUTERS, Rights, IAA, UBS, Thomson Locations: Porte, Paris, France, French, IAA Munich, Europe

☆ Tesla reportedly facing DOJ, SEC probes over plans to build Elon Musk a large glass house
▼ + stars: | 2023-08-31 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Tesla is reportedly facing two new federal probes over possible misuse of company resources by or for the personal benefit of CEO Elon Musk. However, the new probes add to a litany of other investigations that Tesla is facing from state and federal regulators. Following that revised settlement agreement, the SEC has issued subpoenas to Tesla concerning its governance processes and compliance in regards to their settlement agreement. Tesla also disclosed in its second-quarter financial filing for 2023 that the DOJ has sought documents "related to Tesla's Autopilot and FSD features." The NHTSA investigation was initiated after a string of crashes in which Tesla vehicles with Autopilot systems installed reportedly crashed into stationary first responders' vehicles.

Persons: Elon Musk, Porte, Tesla, Elon, Musk Organizations: SpaceX, Tesla, Twitter, Viva Technology, Porte de, Street Journal, U.S, Attorney's, Southern, of, Securities and Exchange Commission, Manhattan, Reuters, Manhattan federal, SEC, CNBC, National, Traffic Safety Administration, National Transportation Safety Board, Department of Justice, DOJ, Highway Transportation, Safety Administration, Beta, NHTSA Locations: Paris, France, of New York, Austin , Texas

☆ As the Olympics loom, Paris's transport grid worries wheelchair users
▼ + stars: | 2023-08-31 | by ( Yiming Woo | ) www.reuters.com time to read: +3 min

With Paris streets often clogged by traffic, travelling underground is often much quicker but only 9% of metro stations can be accessed without walking up and down steps. Wheelchair users, however, would need to travel by bus as both metro stations have stairs and no lifts, a test ride carried out by Maille, who was accompanied by a Reuters journalist, showed. In Berlin, 83% of underground stations are accessible for wheelchair users, according to the operator. The company also plans to deploy 250 specially refitted buses that can transport more wheelchair users, he added. But wheelchair activist Maille said this won't help many visitors with their trips between hotels and venues.

Persons: Franck Maille, Stephanie Lecocq, Alexander III, la, Maille, Gregoire de Lasteyrie, Yiming Woo, Tassilo Hummel, Ingrid Melander, Ken Ferris Organizations: APF, Madeleine, REUTERS, Rights, la Chapelle, Wheelchair, Reuters, Transport, Thomson Locations: APF France, Paris, France, London, Berlin

☆ Salesforce lifts annual forecast as business software demand stays strong
▼ + stars: | 2023-08-30 | by ( Zaheer Kachwala | ) www.reuters.com time to read: +2 min

REUTERS/Benoit Tessier Acquire Licensing RightsAug 30 (Reuters) - Salesforce (CRM.N) raised its annual revenue forecast on Wednesday and projected quarterly sales above estimates as it benefits from a recent price hike and resilient demand for its cloud and business software offerings in an uncertain economy. The company expects revenue to be between $8.70 billion and $8.72 billion in the third quarter, compared with estimates of $8.66 billion, according to Refinitiv data. Its quarterly earnings per share forecast was also above estimates. Salesforce also bumped up its annual revenue forecast to between $34.7 billion and $34.8 billion, from the $34.5 billion to $34.7 billion range given in May. In the second quarter, revenue came in at $8.60 billion, beating expectations of $8.53 billion.

Persons: Porte, Benoit Tessier, Salesforce, Slack, Einstein, Marc Benioff, Charlie Miner, Zaheer Kachwala, Maju Samuel Organizations: Viva Technology, Porte de, REUTERS, Google, Thomson Locations: Paris, France, Bengaluru

☆ Salesforce forecasts third-quarter revenue above estimates
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

A logo of Salesforce is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, France June 16, 2022. REUTERS/Benoit Tessier Acquire Licensing RightsAug 30 (Reuters) - Salesforce (CRM.N) projected third-quarter revenue above Wall Street estimates on Wednesday as it benefits from a recent price hike and resilient demand for its cloud and business software offerings in an uncertain economy. The company said it expects revenue to be between $8.70 billion and $8.72 billion in the current quarter, compared with estimates of $8.66 billion, according to Refinitiv data. Salesforce has also tried to buttress demand by rolling out artificial intelligence offerings such as Tableau and Slack, after it invested billions of dollars over the past few years in developing such tools. Reporting by Zaheer Kachwala in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Porte, Benoit Tessier, Salesforce, Zaheer Kachwala, Maju Samuel Organizations: Viva Technology, Porte de, REUTERS, Google, Thomson Locations: Paris, France, San Francisco, Bengaluru

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsAug 30 (Reuters) - A California federal judge has refused to dismiss a lawsuit accusing X, the social media service formerly called Twitter, of disproportionately laying off older workers when Elon Musk acquired the company last year. Zeman, for example, claims X laid off 60% of workers who were 50 or older and nearly three-quarters of those who were over 60, compared with 54% of employees younger than 50. The judge dismissed a claim that X intentionally targeted older workers for layoffs, but gave Zeman a month to file an amended lawsuit fleshing out that claim. The lawsuit is one of about a dozen X is facing stemming from Musk's decision to lay off about half of Twitter's workforce beginning last November. Liss-Riordan also represents about 2,000 former Twitter employees who have filed similar legal claims against the company in arbitration.

Persons: Porte, Gonzalo Fuentes, X, Elon Musk, Susan Illston, John Zeman, Zeman, Illston, Shannon Liss, Riordan, Zeman's, Liss, Daniel Wiessner, Andrea Ricci Organizations: SpaceX, Tesla, Viva Technology, Porte de, REUTERS, Twitter, Elon, U.S, Thomson Locations: Paris, France, California, Albany , New York

☆ Tesla ordered by auto regulators to provide data on 'Elon mode' Autopilot configuration
▼ + stars: | 2023-08-30 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Tesla has received a special order from federal automotive safety regulators requiring the company to provide extensive data about its driver assistance and driver monitoring systems, and a once secret configuration for these known as "Elon mode." If the driver leaves the steering wheel unattended for too long, the "nag" escalates to a beeping noise. As CNBC previously reported, with the "Elon mode" configuration enabled, Tesla can allow a driver to use the company's Autopilot, FSD or FSD Beta systems without the so-called "nag." Tesla CEO Elon Musk who also owns and runs the social network X, formerly Twitter, often implies Tesla vehicles are self-driving. His use of Tesla's systems would likely comprise a violation of the company's own terms of use for Autopilot, FSD and FSD Beta, according to Greg Lindsay, an Urban Tech fellow at Cornell.

Persons: Elon Musk, Porte, Tesla, Elon, John Donaldson, Philip Koopman, Koopman, Ann Carlson, Ashok Elluswamy, Greg Lindsay, Grep, Bruno Bowden, Musk Organizations: SpaceX, Twitter, Porte de, CNBC, Traffic Safety Administration, Bloomberg, NHTSA, Automotive, Carnegie Mellon University, California DMV, FSD, Urban Tech, Cornell Locations: Paris, California

REUTERS/Gonzalo Fuentes Acquire Licensing RightsWASHINGTON, Aug 28 (Reuters) - U.S. Senate Majority Leader Chuck Schumer will host tech leaders including Tesla (TSLA.O) CEO Elon Musk, Meta Platforms (META.O) CEO Mark Zuckerberg and Alphabet (GOOGL.O) CEO Sundar Pichai at an artificial intelligence forum on Sept. 13, Schumer's office said on Monday. The closed-door forum will also feature OpenAI CEO Sam Altman and Microsoft (MSFT.O) CEO Satya Nadella, according to Schumer's office, which added the forum will be bipartisan. In June, Schumer hinted that he would host a forum to "lay down a new foundation for AI policy." The risks of artificial intelligence to national security and the economy need to be addressed, U.S. President Joe Biden said in June, adding he would seek expert advice. Biden has also recently discussed the issue of AI with other world leaders, including British Prime Minister Rishi Sunak whose government will later this year hold a first global summit on artificial intelligence safety.

Persons: Elon Musk, Porte, Gonzalo Fuentes, Chuck Schumer, Mark Zuckerberg, Sundar Pichai, Sam Altman, Satya Nadella, Schumer, Joe Biden, Biden, Rishi Sunak, Richard Cowan, Kanishka Singh, Jasper Ward, Matthew Lewis, David Gregorio Our Organizations: SpaceX, Tesla, Twitter, Viva Technology, Porte de, REUTERS, Rights, U.S, Microsoft, Senate Democrats, Regulators, British, Thomson Locations: Paris, France, Washington

☆ Payouts expected from Elon Musk's SEC settlement
▼ + stars: | 2023-08-24 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

The "fair fund" was created under a settlement arising from Musk's August 2018 tweet that he had "funding secured" for a Tesla buyout at a premium. The fund was originally $40 million, with Musk and Tesla each contributing $20 million. The SEC settlement also included a consent decree under which Musk gave up his role as Tesla's chairman and agreed to let a Tesla lawyer approve some of his Twitter posts. Musk is expected to appeal that decision to the U.S. Supreme Court. The case is SEC v Musk et al, U.S. District Court, Southern District of New York, No.

Persons: Elon Musk, Porte, Gonzalo Fuentes, Musk, District Judge Lewis Liman, Jonathan Stempel, Jonathan Oatis Organizations: Elon, SpaceX, Tesla, Viva Technology, Porte de, REUTERS, U.S . Securities, Exchange Commission, U.S, District, SEC, Forbes, Twitter, Supreme, Court, Southern District of, Thomson Locations: Paris, France, Manhattan, U.S, Southern District, Southern District of New York, New York

☆ Salesforce cage-rattlers leave in profitable peace
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

Acquire Licensing RightsNEW YORK, Aug 15 (Reuters Breakingviews) - For activist investors in Salesforce (CRM.N), the low-hanging fruit should suffice. Fast growth and big-ticket acquisitions that Salesforce boss Marc Benioff had pursued turned anathema last year. The stock price roughly halved, falling faster than the Nasdaq-100 Technology Sector Index (.NDXT). Benioff eventually acquiesced, slashing 10% of the workforce, disbanding the deals committee and unveiling a $20 billion stock buyback plan. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Porte, Jeff Smith’s, Dan Loeb’s, Marc Benioff, ValueAct, Benioff, Jonathan Guilford, Exor’s Philips, Bain, BoE, Jeffrey Goldfarb, Sharon Lam Organizations: Viva Technology, Porte de, Reuters, Big Tech, Nasdaq, Profit, Elliott Investment Management, Twitter, FC Barcelona’s, Messi, Thomson Locations: Paris, France, Salesforce, Salesforce’s

REUTERS/Gonzalo Fuentes/File PhotoOSLO, Aug 8 (Reuters) - Meta Platforms (META.O) is asking a court in Norway to stop a fine the Nordic country's data regulator imposed on the owner of Facebook and Instagram for breaching users' privacy, according to a court filing. Meta Platforms will be fined 1 million crowns ($97,700) per day from Aug. 14 over privacy breaches, Norway's data protection authority told Reuters on Monday, in a decision that could have wider European implications. Meta Platforms is asking for a temporary injunction against the order, according to a court filing. Meta Platforms did not reply to a request for comment. The Norwegian data regulator, Datatilsynet, said Meta Platforms was seeking to stop the imposition of the fine.

Persons: Gonzalo Fuentes, Tobias Judin, Datatilsynet, Gwladys Fouche, Kirsten Donovan Organizations: Viva Technology, Porte de, REUTERS, Facebook, Reuters, Big Tech, European Data Protection, Thomson Locations: Porte, Paris, France, OSLO, Norway, Norwegian, Europe, Oslo

REUTERS/Gonzalo Fuentes/File PhotoWASHINGTON, Aug 7 (Reuters) - Amazon.com (AMZN.O) is set to meet next week with the U.S. Federal Trade Commission (FTC) ahead of a potential long-awaited antitrust lawsuit against the retailer, according to a source familiar with the matter. The FTC began probing Amazon during former President Donald Trump's administration when the government decided to investigate Amazon, Google, Faceboook and Apple for allegedly breaking antitrust law. The company has been criticized for allegedly favoring its own products and disfavoring outside sellers on its platform, among other allegations. Amazon is expected to argue at the meetings with the commissioners that the FTC should not file an antitrust suit against the company, a separate source said. The Justice Department has sued Google twice, once regarding its search business and a second time on advertising technology.

Persons: Gonzalo Fuentes, Donald Trump's, Lina Khan, David Shepardson, Diane Bartz, Chris Reese, Mark Potter, David Gregorio Our Organizations: Viva Technology, Porte de, REUTERS, U.S . Federal Trade Commission, FTC, Google, Apple, Amazon, Yale, Trump Justice Department, Facebook, Meta's Facebook, Thomson Locations: Porte, Paris, France

☆ Elon Musk says he may need surgery
▼ + stars: | 2023-08-07 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

SpaceX, Twitter and electric car maker Tesla CEO Elon Musk looks on as he speaks during his visit at the Vivatech technology startups and innovation fair at the Porte de Versailles exhibition center in Paris, on June 16, 2023. Tesla CEO Elon Musk said he may require surgery and is planning to receive an MRI on his neck and upper back, according to a post on X, the social media platform formerly known as Twitter. Musk, who in addition to Tesla also holds senior leadership roles at X, SpaceX and Neuralink, added that he will know more this week. If Musk ultimately requires surgery, his condition could at least temporarily take some of his attention away from his multiple executive roles. It could also delay the proposed sparring match between him and Mark Zuckerberg, CEO of Meta .

Persons: Elon Musk, Porte, Musk, Tesla, Mark Zuckerberg, Zuckerberg Organizations: SpaceX, Twitter, Porte de, Meta Locations: Paris

And Amazon failed to ensure that injured employees received adequate treatment, the agency said. Separately on Thursday, a worker advocacy group said it had filed a complaint with OSHA on behalf of employees at an Amazon warehouse near St. Louis, Missouri. They claim the online retailer imposes excessive, unsafe work rates and that they were mistreated by Amazon's in-house medical staff. The company has said that it invests millions of dollars in worker safety and has cooperated with OSHA's nationwide investigation. Critics of Amazon have long accused the company of putting profit over safety by requiring employees to work at an unsafe pace and forgo breaks to meet demanding quotas.

Persons: Gonzalo Fuentes, Amazon's, unionize, Daniel Wiessner Organizations: Viva Technology, Porte de, REUTERS, Inc, U.S . Department, Safety, Health Administration, OSHA, Amazon, Thomson Locations: Porte, Paris, France, U.S, Logan Township , New Jersey, St, Louis , Missouri, New York City, Albany , New York

Google (GOOGL.O) had asked for summary judgment on all the government's claims in the case, which is to go to trial next month. Google said Friday it appreciated the court's "careful consideration and decision to dismiss claims regarding the design of Google Search" in the case brought by the state attorneys general. Connecticut Attorney General William Tong praised the decision to allow the states Google search antitrust suit to proceed to trial. Mehta noted Google LLC operates the largest U.S. internet general search engine whose "brand name has become so ubiquitous that dictionaries recognize it as a verb." He noted Google in 2020 had nearly 90% market share and advertisers spend over $80 billion annually alone to reach general search users.

Persons: Gonzalo Fuentes, Judge Amit Mehta, Google's, Mehta, William Tong, Tong, Trump, Judge Mehta, Diane Bartz, David Shepardson, Mark Porter, Diane Craft Organizations: Google, Viva Technology, Porte de, REUTERS, Justice Department, Big Tech, Microsoft Corp, Apple, LG, Motorola, Samsung, Verizon, Mozilla, Justice, Department, Thomson Locations: Porte, Paris, France, WASHINGTON, U.S, Washington, Connecticut, Virginia

☆ Amazon's online advertising unit just brought in over $10 billion in the second quarter
▼ + stars: | 2023-08-03 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +1 min

Amazon's online advertising business is getting bigger as the slumping digital ad market shows signs of improvement. Amazon's overall sales grew 11% year-over-year to $134.4 billion in the second quarter. Analysts polled by StreetAccount projected Amazon's advertising business to bring in $10.4 billion in sales for the second quarter. Amazon's online advertising businesses has developed into a lucrative business for the online retailer, representing about 7.3% of the worldwide digital ad market, according to Insider Intelligence. Over the past year, Amazon's advertising business has been growing while Meta's core digital ad business has been shrinking.

Persons: Porte, StreetAccount Organizations: Porte de, Intelligence, Facebook Locations: Paris

☆ Exclusive: Amazon has drawn thousands to try its AI service competing with Microsoft, Google
▼ + stars: | 2023-07-26 | by ( Jeffrey Dastin | Thomson Reuters | Jeffrey Dastin Is A Correspondent For Reuters Based In San Francisco | ) www.reuters.com time to read: +3 min

REUTERS/Gonzalo Fuentes/File PhotoJuly 26 (Reuters) - Amazon.com’s (AMZN.O) cloud division has drawn thousands of customers to try out its service vying with Microsoft (MSFT.O) and Google (GOOGL.O) in a key area of artificial intelligence, an executive told Reuters. "Our mission is to make every company an AI company," said Sivasubramanian, in an interview pegged to a summit the cloud provider hosted in New York. Amazon Bedrock is the company's answer to services announced by Google and Microsoft, cloud rivals that have developed or marketed AI garnering significant public attention. Microsoft has invested in OpenAI, the startup that created ChatGPT and the AI model known as GPT-4. The cloud provider announced Agents for Amazon Bedrock, which lets businesses create chatbots that execute tasks and give more personalized answers drawing from their proprietary data.

Persons: Gonzalo Fuentes, Swami Sivasubramanian, Sivasubramanian, Jeffrey Dastin, Stephen Nellis, Chizu Nomiyama, Daniel Wallis Organizations: Viva Technology, Porte de, REUTERS, Microsoft, Google, Reuters, Sony, Ryanair, Sun, Thomson Locations: Porte, Paris, France, New York, OpenAI, Silicon

☆ Amazon offers concessions to UK antitrust watchdog as part of probe into its marketplace practices
▼ + stars: | 2023-07-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Amazon on Wednesday offered commitments to the U.K. Competition and Markets Authority after Britain's competition watchdog raised concerns about the U.S. e-commerce giant's treatment of third-party sellers. One of those commitments proposes to ensure Amazon does not use rival sellers' marketplace data to gain an unfair advantage over other sellers. Amazon's commitments also proposed to guarantee all product offers are treated equally when the company decides which ones will be featured in the "Buy Box." Amazon's marketplace practices were also concerning to European Union regulators that were probing similar issues to the U.K. since 2019. In December, Amazon offered similar commitments to the European Commission, the EU's executive arm, to address its concerns.

Persons: Porte, Amazon, Ann Pope Organizations: Porte de, Amazon, U.K, Competition, Markets, CMA, Union, European Commission, Politico, Federal Trade Commission Locations: Paris, U.S

For Nissan, that means contending with an increasingly grim outlook for foreign automakers in China, the world's biggest car market. AMPERE INVESTMENTNissan said it would invest up to 600 million euros ($663 million) in Renault's electric vehicle unit, Ampere. Renault, meanwhile, will lower its stake in Nissan to 15% from around 43%, putting their relationship on equal footing. The investment in Ampere is consistent with Nissan being a strategic investor and securing a board seat on the new company, Nissan said. Nissan had flagged in February that it would invest a maximum 15% in Ampere, but the exact size of its stake remained unclear.

Persons: Gonzalo Fuentes, Makoto Uchida, AlixPartners, Nissan, Ampere, Gilles Guillame, Daniel Leussink, David Dolan, Miral Organizations: Renault, Viva Technology, Porte de, REUTERS, Investment, Nissan, Reuters, North America, Dongfeng Motor Group, Ampere, Qualcomm, Mitsubishi Motors, Thomson Locations: Porte, Paris, France, TOKYO, PARIS, Renault's, China, Japan, North, U.S

☆ Snap shares plunge more than 16% on weak forecast
▼ + stars: | 2023-07-25 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +4 min

Here's how the company did:Loss per share : 2 cent loss vs. 4 cent loss expected by analysts, according to Refinitiv. : $1.07 billion vs. $1.05 billion expected, according to Refinitiv. Global Daily Active Users (DAUs) : 397 million vs. 394.9 million expected, according to StreetAccount. : 397 million vs. 394.9 million expected, according to StreetAccount. Last quarter, Snap did not provide official guidance for the second quarter, instead disclosing an "internal forecast" for revenue estimates in the time period.

Persons: Evan Spiegel, Porte, William Blair, Susan Li Organizations: Snap Inc, Viva Technology, Porte de, Analysts, Meta Locations: Paris, France, Refinitiv

☆ Twitter rebrands to 'X' as Elon Musk loses iconic bird logo
▼ + stars: | 2023-07-24 | by ( Chantal Da Silva | ) www.cnbc.com time to read: +2 min

Twitter has officially rebranded to "X" after owner Elon Musk changed its iconic bird logo on Monday, marking the latest major shift since his takeover of the social media platform. Twitter's world-renowned bird logo was transformed into an X, however. Asked if the logo would change in a Twitter Spaces audio chat, he said "yes," telling an unknown speaker: "We're cutting the Twitter logo off the building with blow torches." The shift from bird imagery to an "X" is the latest sweeping change since Musk bought Twitter for $44 billion last year. The latest changes come as the social media giant continues to face competition from Meta's new app, Threads, which launched earlier this month.

Persons: Elon Musk, Porte, Musk, adieu Organizations: SpaceX, Tesla, Twitter, Viva Technology, Porte de, Sunday, Musk, PayPal, Help Locations: Paris, France

The U.S. Justice Department and Federal Trade Commission (FTC) have mounted an unprecedented number of legal challenges to mergers since Biden came to office in 2021. The Justice Department lost a merger in the insurance industry but won an effort to stop a book publisher merger. Deal advisers said companies had already braced for a tough antitrust regime under Biden and some had been emboldened by the regulators' recent court losses. "The (regulators' guidelines) do provide more transparency but that transparency also reveals some concerns that they are quite hostile to consolidation. The new antitrust guidelines also reflect the White House's focus on labor issues.

Persons: Gonzalo Fuentes, Joe Biden's, Biden, Department's, Kenneth Schwartz, Flom, Fiona Schaeffer, Milbank, Elizabeth Warren, Warren, Diane Bartz, Richard Chang, Chizu Nomiyama, Daniel Wallis Organizations: Viva Technology, Porte de, REUTERS, U.S . Justice Department, Federal Trade Commission, Microsoft, Activision Blizzard Inc, FTC, Meta, Justice Department, JetBlue Airways, Spirit Airlines Inc, Amazon.com, Amazon, Flom LLP, Global, LSEG, Intelligence, Democrat, Congress, Thomson Locations: Porte, Paris, France, WASHINGTON, Skadden, Slate

☆ Tesla shares dip after hours as earnings call disappoints
▼ + stars: | 2023-07-19 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

related investing news UBS downgrades Tesla, says recent rally fully accounts for demand boost Here's how the company did versus expectations: Revenue: $24.93 billion, versus $24.47 billion expected according to Refinitiv. $24.93 billion, versus $24.47 billion expected according to Refinitiv. Alain Jocard | Afp | Getty ImagesBy way of comparison, during the first quarter of 2023, Tesla reported net income of $2.51 billion on revenue of $23.33 billion. During the second quarter last year, Tesla reported net income of $2.27 billion on $16.93 billion in revenue. Early this month, Tesla reported 466,140 total vehicle deliveries for the second quarter and said it had produced 479,700 electric vehicles.

Persons: Elon Musk, execs, UBS downgrades Tesla, Porte, Alain Jocard, Tesla, Musk, we've Organizations: UBS, SpaceX, Twitter, Porte de, Afp, Getty, Wall Locations: Paris

☆ U.S. antitrust enforcers tackle digital platforms in new merger guidelines
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/WASHINGTON, July 19 (Reuters) - New draft guidelines released by U.S. antitrust enforcers on Wednesday lay the groundwork for tougher scrutiny of planned mergers by Big Tech companies like Amazon.com (AMZN.O) and Alphabet's Google (GOOGL.O). The Biden administration has taken a tougher stance on mergers, filing some aggressive challenges. The Biden administration's antitrust enforcement has highlighted labor issues, and the guidelines reflect that. The guidelines reflect how the FTC and Justice Department currently enforce laws against illegal mergers, which would replace guidelines from 2010 on companies buying competitors and 2020 guidelines on companies merging with suppliers. President Joe Biden urged that the guidelines be updated in a mid-2021 executive order.

Persons: Gonzalo Fuentes, Biden, Department's, Joe Biden, Diane Bartz, Richard Chang Organizations: Viva Technology, Porte de, REUTERS, Big Tech, Google, Justice Department, Federal Trade Commission, Biden, Thomson Locations: Porte, Paris, France, WASHINGTON

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