All articles tagged with #antitrust investigation
President Trump accused foreign-owned meat packers of inflating US beef prices and called for a Department of Justice investigation, citing concerns over market manipulation amid record-high beef prices driven by drought, demand, and tariffs, though experts and industry groups dispute these claims and suggest no evidence of collusion.
Nvidia's stock continues to rally in 2024, surging 167% year-to-date amid the AI boom. Despite this, DNB Asset Management has trimmed its Nvidia holdings while increasing stakes in Apple, Tesla, and Intel. Nvidia is also under investigation by the French competition authority for alleged anti-competitive practices. NYU Professor Aswath Damodoran has expressed skepticism about Nvidia's valuation and profitability.
Nvidia's stock continues to rally in 2024 amid AI enthusiasm, surging 167% year-to-date. Despite this, DNB Asset Management has trimmed its Nvidia holdings while increasing stakes in Apple, Tesla, and Intel. Nvidia is also under investigation by the French competition authority for alleged anti-competitive practices. NYU Professor Aswath Damodoran has expressed skepticism about Nvidia's valuation and profitability.
U.S. Steel shareholders have approved the company's $14.9 billion acquisition by Japan's Nippon Steel, despite political opposition and concerns about national security. The deal, which will see Nippon pay $55 per share, has drawn criticism from U.S. lawmakers and the United Steelworkers union, with regulators scrutinizing the acquisition. Nippon has pledged no job cuts and to honor all agreements with the union, but the controversy has led to delays in the deal's closing, now expected in the second half of 2024.
U.S. Steel shareholders have approved the company's $14.9 billion acquisition by Japan's Nippon Steel, despite political opposition and scrutiny from regulators. The deal, which has drawn criticism from U.S. lawmakers and the United Steelworkers union, is facing an in-depth antitrust investigation by the U.S. Justice Department. Nippon has pledged no job cuts and plans to honor all agreements with the union, but investors expect the controversy to delay the deal's closing, which is now anticipated to occur in the second half of 2024.
The Justice Department will reopen an antitrust investigation into the National Association of Realtors, focusing on whether the group's rules inflate the cost of selling a home. This comes after a U.S. Court of Appeals ruling overturned a lower-court decision and follows a recent settlement over real estate agent commissions. The investigation presents another challenge for N.A.R., which is already facing legal action over alleged antitrust violations.
Two members of the Newhouse family, Steven Newhouse and Steve Miron, have resigned from the board of Warner Bros. Discovery due to inquiries from the U.S. Department of Justice regarding potential violations of antitrust laws. The resignations come as a response to the investigation into whether their service on the board violated Section 8 of the Clayton Antitrust Act, which addresses corporate directors serving on the boards of competitors. The Newhouse family collectively owns about 8.1 percent of WBD’s outstanding shares and has large stakes in other companies such as Charter, Reddit, Conde Nast, and The Ironman Group.
UnitedHealth Group shares dropped over 5% after news of a U.S. Department of Justice antitrust investigation, leading to a potential $25 billion market value loss, following a previous $11 billion decline. The investigation involves interviews with healthcare industry representatives in sectors where UnitedHealth competes, and the company is also dealing with a cybersecurity attack at its technology unit, Change Healthcare, which has caused an outage since last week. This news made UnitedHealth shares the biggest drag on the Dow Jones Industrial Average.
The U.S. Department of Justice has initiated an antitrust investigation into UnitedHealth Group, focusing on its relationships between the UnitedHealthcare insurance unit and its Optum health services arm, as well as its Medicare billing practices. The investigation comes amid concerns about rising healthcare costs and the role of pharmacy benefit manager middlemen. The company's acquisition of Change Healthcare and a recent cybersecurity attack at the billing and data systems provider have also drawn attention. UnitedHealth and the DoJ declined to comment, and the company's shares closed 2.3% lower following the news.
UnitedHealth Group Inc.'s stock fell over 2% after the Wall Street Journal reported that the Justice Department has initiated an antitrust investigation into the health-insurance giant, focusing on its relationships between the UnitedHealthcare insurance unit and its Optum health-services division. The investigation includes interviews with industry representatives to assess the impact of UnitedHealth's acquisitions of doctor groups on competitors and consumers. UnitedHealth, the dominant U.S. health insurer in commercial and Medicare Advantage markets, has faced previous legal challenges related to acquisitions.
House Judiciary Chair Jim Jordan celebrates as major U.S. banks, including JPMorgan Chase and BlackRock, withdraw from the $68 trillion Climate Action 100+ investor group, citing concerns about left-wing politics influencing investment decisions. Jordan's committee has been investigating potential antitrust violations by financial institutions and nonprofit climate groups, issuing subpoenas to BlackRock and State Street. The banks' departure is seen as a win for capitalism and freedom, while activists and Climate Action 100+ maintain their commitment to managing climate risk and preserving shareholder value.
Apple has offered concessions to the European Commission in response to an antitrust investigation, agreeing to allow third-party mobile wallet and payment providers access to the iPhone's NFC capabilities, ending Apple Pay and Apple Wallet's exclusive access. The proposed commitments, which would be in place for 10 years, aim to address concerns about competition in the mobile payments market. The Commission is seeking feedback on the commitments, and a final decision and potential fine is expected this year.
Florida Attorney General Ashley Moody has launched an antitrust investigation into the College Football Playoff's exclusion of undefeated Florida State in favor of 12-1 Alabama. Moody is demanding answers through a civil investigative demand, including information about communications, individual and collective votes, and documents related to the committee's deliberations. The playoff executive director called the demand an "overly aggressive reaction." This decision has drawn scrutiny from politicians, including U.S. Sen. Rick Scott and Gov. Ron DeSantis, who have called for more transparency and possible litigation.
The European Union's antitrust investigation into iMessage may favor Apple, allowing the platform to remain non-interoperable with rival chat apps like Facebook Messenger and WhatsApp. The investigation found that iMessage is not popular enough with business users to be subject to the Digital Markets Act regulation. While Apple is set to win the argument, other chat apps may have to regulate themselves and become compatible with other platforms.
Microsoft will allow business customers in Europe to purchase its video and chat app Teams separately from its Office software, following pressure from the European Union's antitrust investigation. The change will take effect from October 1 and will also make it easier for other companies like Zoom and Slack to integrate their products with Microsoft 365. Microsoft will continue to engage with the investigation and will charge "core enterprise customers" €2 less per month for Microsoft 365 and Office 365 without Teams. New customers in Europe will be able to buy Teams separately for €5 per month.