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August 21, 2023
August 22, 2023
Business News


August 22, 2023

Europe’s sweeping rules for tech giants are about to kick in. Here’s how they work

LONDON (AP) — Google, Facebook, TikTok and other Big Tech companies operating in Europe are facing one of the most far-reaching efforts to clean up what people encounter online. The first phase of the European Union’s groundbreaking new digital rules will take effect this week. The Digital Services Act is part of a suite of tech-focused regulations crafted by the 27-nation bloc. The biggest platforms must start following the DSA starting Friday. The law is designed to keep users safe online and stop the spread of harmful content that’s either illegal or violates a platform’s terms of service. Some online platforms have already started making changes, and they could have worldwide effects.

Microsoft budges on video game streaming rights in push for UK to approve Activision Blizzard deal

LONDON (AP) — British competition regulators have opened a new investigation into Microsoft’s revamped bid to buy video game maker Activision Blizzard. It represents the last major hurdle to closing one of the biggest deals in tech history. The Competition and Markets Authority said Tuesday that it has until Oct. 18 to decide whether to approve the deal or do a deeper investigation. That’s also the deadline for the transaction to close. Xbox maker Microsoft has been on a quest to acquire the maker of the popular Call of Duty game franchise since announcing the $69 billion deal in January 2022. It’s secured approvals from antitrust authorities covering 40 countries but has been held up in Britain.

Dubai International Airport sees 41.6 million passengers in first half of year, more than in 2019

DUBAI, United Arab Emirates (AP) — Dubai International Airport, the world’s busiest for international travel, says it served 41.6 million passengers in the first half of this year. That exceeds figures for the same period in 2019 as travelers return to the air after the lockdowns of the coronavirus pandemic. The airport made the announcement Tuesday. The new figures at the airport known as DXB reflect figures offering by the International Air Transport Association that traffic worldwide is at 94% of pre-COVID levels. The Dubai airport, home to the long-haul carrier Emirates, long has served as a barometer for the aviation industry worldwide.

Macy’s discounted spring goods amid cautious spending in 2Q, but results beat Wall Street views

NEW YORK (AP) — Macy’s heavily discounted spring goods to make room for fall and holiday merchandise amid customers’ cautious spending in a challenging economy. Still, adjusted profits and sales beat Wall Street expectations. Macy’s reaffirmed its annual sales and profits forecasts, noting uncertainty about the economy in the second half. Macy’s also said it would open new small format stores in the West and Northeast in a bid to increase customer visits and attract new shoppers.

Stock market today: Wall Street futures rise ahead of Fed conference, more retail earnings

Wall Street pointed toward gains early Tuesday as markets digested more earnings from retailers while waiting for any hints about interest rates from the Federal Reserve at this week’s conference. Futures for S&P 500 rose 0.6% before the bell Tuesday, while futures for the Dow Jones Industrial Average advanced 0.3%. Traders hope officials at the Fed’s summer Jackson Hole, Wyoming, conference say they are finished raising interest rates that are at a two-decade high. But forecasters warn they might say inflation isn’t under control yet. Macy’s fell more than 3% and Dick’s Sporting Goods tumbled 19% in premarket. Both retailers posted disappointing financial results.

Dick’s 2Q profit falls, lowers full-year outlook on worries about theft

Dick’s Sporting Goods profit slipped in its second quarter and missed Wall Street’s expectations as the retailer cut its full-year profit outlook, citing worries over theft at its stores. For the period ended July 29, Dick’s earned $244 million, or $2.82 per share. A year earlier the company earned $319 million, or $3.68 per share. Analysts polled by FactSet predicted earnings of $3.81 per share.

Looking for a new car under $20,000? Good luck. Your choice has dwindled to just one vehicle

DETROIT (AP) — Just five years ago, a price-conscious auto shopper in the United States could choose from among a dozen new small cars selling for under $20,000. Now, there’s just one: The Mitsubishi Mirage. And even the Mirage appears headed for the scrap yard. At a time when Americans increasingly want pricey SUVs and trucks rather than small cars, the Mirage remains the lone new vehicle whose average sale price is under 20 grand — a figure that once marked a kind of unofficial threshold of affordability. With prices — new and used — having soared since the pandemic, $20,000 is no longer much of a starting point for a new car.

U.S. commerce secretary to visit China amid efforts to stabilize relations

U.S. Secretary of Commerce Gina Raimondo will meet with Chinese officials and American business leaders in Beijing and Shanghai next week amid efforts to stabilize relations that have sunk to historic lows. Raimondo’s Aug. 27-30 visit aims for “constructive discussions on issues relating to the U.S.-China commercial relationship, challenges faced by U.S. businesses, and areas for potential cooperation,” the Commerce Department said in a news release posted on its website. China’s Ministry of Commerce said only that the visit came at the invitation of Minister Wang Wentao.

Thailand threatening to shut down Facebook, alleging it doesn’t screen ads well enough

BANGKOK (AP) — A Thai Cabinet minister is threatening to try to shut down Facebook in the country, saying the social media platform does not do enough to screen the advertisements it runs, leaving people vulnerable to costly scams. Thailand’s minister of Digital Economy and Society said in a statement that he is ready to go to criminal court by the end of the month arguing for Facebook to be shut down in Thailand. Reached by phone on Tuesday, Facebook parent Meta asked for queries to be sent by email to its press department, which did not immediately respond to a request for comment on the minister’s allegations.

China fines US research firm $1.5 million in crackdown on information-gathering

BEIJING (AP) — An American research firm has been fined $1.5 million by China’s government in a crackdown on information-gathering that has rattled foreign investors. Mintz Group was one of a series of foreign consultants that were raided starting in April after Chinese leader Xi Jinping’s government announced expanded anti-spying rules that left companies unsure what they were allowed to do. A notice from the Beijing statistics bureau dated July 14 said Mintz Group illegally engaged in “foreign-related statistical investigation activities without obtaining approval.” It gave no details of the violation. Mintz Group does background checks on employees and business partners and gathers other information for corporate clients.