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Microsoft game maker Activision Blizzard to receive approximately $70B . buys in
Redmond, Wash.: Microsoft is paying nearly $70 billion for Activision Blizzard, makers of Candy Crush and Call of Duty. The deal comes as Microsoft is trying to increase its competitiveness in mobile gaming and virtual-reality technology. The $68.7 billion all-cash deal will transform the maker of the Xbox gaming system into one of the largest video game companies in the world. It will also help Microsoft compete with tech rivals such as Facebook in Meta East in creating immersive virtual worlds for both work and play. If the deal holds up despite scrutiny from US and European regulators in the coming months, it could turn out to be one of the most priceless tech acquisitions in history.
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Technology, bank stocks take Wall St to new low for 2022
NEW YORK: Stocks on Wall Street fell to a new low for the year on Tuesday and bond yields rose amid renewed panic the Federal Reserve would raise interest rates to tackle rising inflation. The S&P 500 fell 1.8%, the Dow Jones Industrial Average fell 1.5% and the Nasdaq fell 2.6%. Technology stocks and banks led the decline. Goldman Sachs fell after the investment bank reported a sharp drop in profits. Crude oil prices rose amid supply concerns following an attack on an oil plant in the UAE capital. Activision Blizzard grew on the news of a blockbuster buyout by Microsoft.
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US regulators target illegal and anti-competitive mergers
WASHINGTON: US competition regulators have tried to tighten enforcement against illegal mergers in line with President Joe Bidens’ mandate to more scrutinize large business combinations. The Justice Department and the Federal Trade Commission announced that they are seeking public comment on how existing merger guidelines can be updated to better identify and prevent illegal and competitive deals in an increasingly consolidating corporate market. Agencies are stressing the importance of strong competition for the economy, workers, consumers and small businesses. In their request for public views on the merger, regulators are moving towards a broader definition of anti-competitive conduct.
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The felony charges are the first in a fatal accident involving Autopilot.
DETROIT: California prosecutors have filed two counts of vehicular homicide against the driver of a Tesla on Autopilot who ran a red light, slammed into another car and killed two people in 2019. The defendant appears to be the first person charged with a felony. For a fatal accident in the United States that involved a motorist who was using a partially automated driving system. Los Angeles County prosecutors filed charges in October, but they only came to light last week. Abuse of the autopilot, which can control steering, speed and braking, has occurred on several occasions and is the subject of investigation by two federal agencies.
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Goldman Sachs Q4 profit falls on rising compensation costs
NEW YORK: Goldman Sachs said its fourth-quarter profit fell 13% from a year ago, mainly because the bank is preparing to pay a hefty salary package to its well-compensated employees. It’s the latest sign that wages are rising rapidly, especially on Wall Street. The New York-based investment bank earned $3.94 billion, or $10.81 per share. That’s down from $4.51 billion, or $12.08 per share, in the same period a year ago. According to FactSet, the results missed analysts’ expectations, who were looking for an average profit of $11.80 per share.
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Ford, ADT form venture to make vehicle safety products
DETROIT: Ford and security company ADT have formed a joint venture that will help businesses protect stolen vehicles and expensive equipment. The venture’s first product, called Canopy, is a system that uses cameras, radar, global positioning and artificial intelligence to catch a potential burglar and notify ADT, which will monitor the feed and, if necessary, the customer or authorities. will inform. The system will be offered as an accessory on Ford and other best-selling vehicles starting next year. The company hopes to integrate it into factory vehicles and introduce it to other manufacturers over time. Ford is investing about $60 million to start the venture over the course of the next three years, with $40 million coming from ADT.
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AT&T, Verizon stop some new 5G after airlines sound the alarm
Dallas: AT&T and Verizon say they will delay some new 5G wireless service, as the airline industry raised the alarm about possible interference with critical systems on planes. Airlines had warned of massive flight cancellations and disruptions. The Biden administration joined AT&T to settle the showdown between telecommunications companies and airlines and Verizon plans to launch new 5G wireless service this week. The airline’s CEO has warned that thousands of flights could be canceled or delayed if the rollout occurs near major airports as the service interferes with key systems on board planes.
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Most US states pursue nuclear power to cut emissions
Providence, RI: Several states in the US are coming to the conclusion that solar, wind and other renewable energy sources may not be enough to keep the lights on as they seek to dramatically cut fossil fuel use. Nuclear power is emerging as an answer to fill the gap as the transition away from coal, oil and natural gas to reduce greenhouse gas emissions. An Associated Press poll found that nearly two-thirds of states are including nuclear power in their future energy plans. While nuclear power comes with its own set of potential problems, even the Biden administration wants it as part of the US energy mix as it seeks to dramatically cut greenhouse gases.
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The S&P 500 closed 85.74 points, or 1.8%, down at 4,577.11. The Dow Jones Industrial Average fell 543.34 points, or 1.5%, to end at 35,368.47. The Nasdaq closed 386.86 points, or 2.6%, down at 14,506.90. The Russell 2000 Index of Small Companies closed down 66.23 points, or 3.1%, at 2,096.23.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
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