[size=21.0451pt]Business
Sep 14th 2023
Google went on trial in Washington, in the biggest antitrust case brought
against a tech company since Microsoft’s trial in 1998. In its opening
statement the Department of Justice said that Google had illegally sought to
maintain its monopoly in internet search, giving it a 90% share of the
market, and asked whether Google “will ever face meaningful competition”.
It accused Google of striking deals with internet and phone companies to
display its search engine prominently. Google denies wrongdoing, and
argues that “forcing people to use inferior products” does not constitute
competition. The trial is expected to last ten weeks.
Lightning changes
Apple launched the iPhone 15. The new device replaces Apple’s Lightning
connector with USB-C, a change forced on Apple by the European Union,
which has ruled that all phones must use the standard port. People who buy
the 15 will have to ditch their Lightning accessories, such as speaker docks,
but the new phone will be able to connect to a wider range of devices using
USB-C.Arm priced its IPO at $51 a share, the top end of its price range, just ahead
of its debut on the Nasdaq exchange. The eagerly awaited share offering of
the British chip designer was heavily oversubscribed. Meanwhile Instacart
said it hoped to price its shares in another hotly anticipated tech IPO at a
range of between $26 to $28. The online-groceries firm is aiming for a
valuation of $9.3bn, far below the $39bn it was said to be worth in 2021.
The European Central Bank raised interest rates by a quarter of a
percentage point, which lifts its deposit facility from 3.75% to 4%, the tenth
consecutive increase. Before the announcement markets were evenly split on
whether the ECB would pause rates instead, but the bank noted that
“underlying price pressures remain high”, as it made a small upward
revision to its forecast of average inflation in the euro area next year, to
3.2%.
The president of the European Commission, Ursula von der Leyen,
announced that the commission would investigate subsidies given to
Chinese makers of electric vehicles, which have “flooded” global markets.
European manufacturers of EVs were being undercut by state subsidies in
China, she said. Chinese carmakers, such as BYD, have overtaken their
American and European rivals in bringing cheaper EVs to market, and are
expanding rapidly overseas as a consequence.
Bernard Looney abruptly resigned as chief executive of BP. The energy
giant said it was reviewing fresh claims of Mr Looney’s conduct in personal
relationships with colleagues, and that he had not been fully transparent in
previous disclosures. Mr Looney became CEO in 2020, boosting BP’s
commitment to renewables with an aim to reach net-zero emissions by 2050.
His departure comes amid mounting scepticism among green investors about
BP’s pledges.
The British government’s latest auction of contracts for offshore-wind
projects failed to win a single bid. Although the government increased the
amount of subsidy available, contractors claimed it was not enough to offset
their spiralling costs.
Daniel Zhang unexpectedly quit as the head of Alibaba’s cloud-computing
division, less than three months after the company said he would step downas chief executive to focus on the role. Eddie Wu, the new CEO, will now
also control the cloud business. The news, ahead of the Chinese tech giant’s
plan to split in six, rattled investors.
America’s annual rate of inflation jumped in August, to 3.7%, the second
month in a row the rate has risen following a year of consistent declines.
Most of August’s increase is explained by costlier petrol, the result of the
decision by Saudi Arabia and Russia to cut oil output. The Federal Reserve
is more interested in the core rate of inflation, which strips out volatile food
and energy prices. That dropped in August, to 4.3%.
A judge in New York ordered Argentina to pay $16bn to two former
shareholders in YPF, an oil company that the Argentine government
renationalised in 2012. A ruling in March found the renationalisation to be
unlawful. Argentina, which had argued that the case was outside the
jurisdiction of American courts, is to appeal against the judge’s decision.
Norway’s sovereign-wealth fund, the world’s biggest, has become the largest
shareholder in UBS, with a 5% stake. The Swiss bank is expected to resume
share buybacks next year following its recent takeover of Credit Suisse.
Wilko is to shut up shop, six weeks after falling into administration. Various
offers fell through for the household-goods chain, probably making 12,500staff redundant. It is one of the biggest retail collapses in Britain over the
past decade. The family firm, founded in 1930, struggled to compete with
newer rivals.
On the front foot
Birkenstock took steps to list on the stockmarket. The German maker of
hipster sandals filed papers for an IPO on the New York Stock Exchange
which will probably take place in mid-October, a blow to European bourses
that had hoped to attract the offering. Birkenstock is reportedly aiming for a
valuation of $8bn. It will list under the tracker symbol BIRK
发帖
雷达卡
京公网安备 11010802022788号
论坛法律顾问：王进律师
知识产权保护声明
免责及隐私声明
提升卡
置顶卡
沉默卡
变色卡
抢沙发
千斤顶
显身卡
