Samuel Stolton of Bloomberg tells his readers that Apple, Google, and Meta are being probed by the EU in a test of the Digital Markets Act. He writes: Apple Inc., Alphabet Inc.’s Google and Meta Platforms Inc. face the risk of potentially hefty fines as the European Union opened a full-blown investigation into the firms’ compliance with strict new laws reining in the power of Big Tech. The European Commission said Monday that Apple and Google’s app store rules will be targeted in the first probes under the bloc’s Digital Markets Act, how Google search results might unfairly preference its … [Read more...]
Rise of Cyber Gangs Hijacking U.S. Goods
Inti Pacheco of The Wall Street Journal reports that thieves intercepted a refrigerated container bound for Florida and demanded a $40,000 ransom—part of a surge in fraud that has frustrated freight haulers. He writes: Rob Hoffman got disturbing emails and calls last year that threatened his entire business. Swindlers had taken control of one freight load—No. 51890—and told him that other cargoes his firm handled would be stolen unless he paid them $40,000. [...] Hoffman said he hasn’t heard from the FMCSA after filing a complaint about a year ago. The FMCSA spokeswoman didn’t respond … [Read more...]
FTC Opens Landmark Lawsuit Against Apple
Stefania Palma and Michael Acton of the Financial Times report that a landmark lawsuit by the FTC against Apple is the first big antitrust action against the iPhone maker. They write: The US is suing Apple for allegedly using its power in the smartphone sector to quash competition from rivals and limit consumer choice, in the latest broadside against the dominant Big Tech companies from Joe Biden’s administration. The move comes as Apple faces pressure from regulators, courts and rivals around the world over the way it runs the iPhone, putting its $85bn a year services revenue at risk. … [Read more...]
FTC Accuses Large Retailers of Exploiting Rising Prices
Liz Young of The Wall Street Journal tells her readers how large retailers and wholesalers used their scale to get an edge over smaller competitors. Young writes: Federal regulators said large grocery chains used their size and scale to keep shelves stocked during the pandemic, edging out smaller rivals when most stores struggled with product shortages and distribution bottlenecks. The Federal Trade Commission said in a report released Thursday on the impact of Covid-19 supply-chain disruptions that large retailers used their size to pressure suppliers of food and household goods, … [Read more...]
Detroit’s Electric Avenue – A Six Million Dollar Road of the Future
Danny Lewis of The Wall Street Journal tells his readers about a real-life electric avenue, a quarter-mile stretch worth six million dollars. Who knew forty-plus years later that Eddy Grant's song, "Electric Avenue," would have a whole new meaning? Lewis writes: Imagine driving an electric vehicle on a highway that recharges your battery as you travel. Stefan Tongur has been hoping to make this futuristic tech a reality since 2010, when he was working on his doctorate at Sweden’s KTH Royal Institute of Technology in Stockholm. In 2019, he joined Electreon, an Israeli startup that aims to … [Read more...]
U.S. Government Awards Largest Grant in CHIPS Act
Asa Fitch and Annie Linskey of The Wall Street Journal tell their readers that the government's $8.5 billion dollar grant awarded to Intel is the largest yet to come from the $53 billion Chips Act. They write: The U.S. government is granting Intel up to $8.5 billion to help fund new chip plants in four states, the largest award yet in an effort to revive American chip-making overseen by the Biden administration. The money will go toward new factories and expansion projects in Arizona, New Mexico, Ohio and Oregon, the Commerce Department said. Intel’s total investment in U.S. projects in … [Read more...]
Reinventing Food Delivery
Sarah Nassauer of The Wall Street Journal reports that Wonder Group CEO Marc Lore is shifting to conventional restaurant delivery, which will require less funding and generate profits sooner, shifting away from its original plan for a nationwide fleet of trucks. Nassauer writes: Food-delivery startup Wonder Group is laying off staff and scrapping its plans to roll out a nationwide fleet of food trucks, shifting to a more conventional and less expensive restaurant delivery model. The shift is a significant change for the four-year-old startup, which currently cooks food with a fleet of … [Read more...]
Hydrogen-Powered Big Rig Hitting Supply Chain Snags
Paul Berger of The Wall Street Journal reports that hydrogen-powered truck deliveries have been slow, pushing manufacturers to spend more on air freight to meet demand. Berger writes: Supply-chain shortages are slowing the rollout of Nikola’s hydrogen-powered big rigs. Steve Girsky, Nikola’s chief executive, says a shortage of pressurized fuel tanks and electric batteries is delaying production of the newest zero-emission technology for truckers. The hangups are hitting as demand for zero-emission big rigs grows, especially in California, where new emissions regulations and generous … [Read more...]
A Race for Critical Minerals on the Ocean Floor
Yusuf Khan of The Wall Street Journal reports that the possibility of harvesting the seabed is growing in popularity among lawmakers amid a push to extract rare minerals for defense applications. Khan writes: Mining the ocean floor for minerals often seemed like a fantasy, but U.S. national security concerns could be bringing it closer to reality. Thousands of feet down at the bottom of the ocean, small rocks holding vast quantities of nickel, manganese and cobalt—the perfect combination of minerals to make an electric-vehicle battery—sit untouched, as high costs to reach them, a lack of … [Read more...]
It’s Not “Greedy Business” That Causes Inflation
Joe Biden spent time during his State of the Union address to discuss shrinkflation in grocery stores, pinning the blame for the annoying tactic on greedy corporations eager to trick consumers. At the Ron Paul Institute for Peace and Prosperity, former congressman and presidential candidate, Dr. Ron Paul explains that it's the Fed's money printing that causes inflation, not greedy corporations. Paul writes: President Biden may have recently made history as the first president to discuss snack chips in the State of the Union message. He used snack chips to illustrate the phenomenon of … [Read more...]
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