Connect with us

Business

Microsoft sued over its planned acquisition of Activision

Published

on

The U.S. Trade Commission is pushing ahead to stop Microsoft from buying ‘Call Of Duty’ maker, Activision

The U.S. anti-trust regulator says Microsoft has a record of buying valuable gaming content, which is then used to slow competition.

Microsoft is seeking to acquire ‘Call Of Duty’ maker, Activision for $68.7 billion in the biggest gaming industry deal in history.

However, the U.S. Federal Trade Commission (FTC), which enforces antitrust law, believes Microsoft has a record of holding onto gaming content.

Holly Vedova is the director of FTC’s Bureau of Competition, who said gaming rivals will be impacted if the deal went ahead.

“Today, we seek to stop Microsoft from gaining control over a leading independent game studio and using it to harm competition in multiple dynamic and fast-growing gaming markets.”

Brad Smith is the president of Microsoft, who said the company would fight the ruling.

“While we believed in giving peace a chance, we have complete confidence in our case and welcome the opportunity to present our case in court,” he said.

A hearing will be held before an administrative law judge by August 2023.

The FTC decision led to a slump in Activision shares, which closed 1.5 per cent down at $74.76.

Meanwhile, Microsoft slipped from an earlier high but still closed around 1 per cent higher.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

Continue Reading

Business

New York Stock Exchange in free fall

Published

on

Human error sends the New York Stock Exchange tumbling

We’ve all made mistakes at the office from time to time, but spare a thought for one worker who may have single-handedly brought down the New York Stock Exchange with just one tiny error.

The mistake of one employee has wiped billions of dollars off the charts for some of the globe’s largest companies.

The individual reportedly triggered wild swings and volatility on the New York Stock Exchange.

A number of big brand names were caught up in the catastrophe. It included McDonald’s, Walmart, and Mobil.

The NYSE eventually came clean. Officials admitted the“root cause” of the screw-up was a “manual error” from a staff member in the backup data centre.

The employee accidentally left the system running.

That’s why some stocks behaved as if trading had already started, with no opening prices being set, sending the market into a meltdown. #trending #featured

Continue Reading

Business

Toyota announce Koji Sato as new CEO

Published

on

He’s the grandson of the founder, and a true titan of the industry.

 
But the question of who should replace Akio Toyoda at the top of Toyota had become a growing concern.

Now we have the answer.

The auto giant has announce its veteran boss would step down as chief executive, and become chairman.

Toyoda said he would be succeeded by chief branding officer Koji Sato from the start of April.

Sato says he loves making cars, and hopes to propel the company further down the Electric Vehicle path over the coming years. #Toyota

Continue Reading

Business

Taylor Swift ticketing fiasco enters the U.S. Senate

Published

on

Live Nation is in the firing line over its inability to stop scalper bots from purchasing Taylor Swift tickets

U.S. Senators have grilled the boss of Live Nation over the lack of transparency relating to concert tickets for Taylor Swift’s upcoming tour.

The entertainment company, which owns Ticketmaster is under fire after bots purchased tickets for Swift’s ‘Era Tour’ last year, in an attempt to resell them for a higher price.

Joe Berchtold is the chief financial officer of Live Nation, who apologised to the U.S. Senate Judiciary Committee hearing.

“We apologise to the fans, we apologise to Ms. Swift, we need to do better and we will do better.”

Senators criticised Live Nation’s fee structure and inability to deal with bots, which bulk buy tickets and resell them at inflated prices.

“There isn’t transparency when no one knows who sets the fees,” Democratic Senator Amy Klobuchar said.

Meanwhile, Republican Senator Marsha Blackburn called Live Nation’s bot problem “unbelievable”.

Ticketmaster reportedly occupies more than 70 per cent market share of primary ticket services for major U.S. concert venues.

“You ought to be able to get some good advice from people and figure it out,” Ms Blackburn said.

Ticketmaster cancelled sales of Swift’s tour to the public because of the “high demand”.

The entertainment giant reportedly sold over 2 million tickets, which is enough to fill 900 stadiums.

Taylor Swift said the situation was difficult, and called for accountability for music promoters.

“It’s really difficult for me to trust an outside entity with these relationships and loyalties, and excruciating for me to just watch mistakes happen with no recourse.

“I’m not going to make excuses for anyone because we asked them, multiple times, if they could handle this kind of demand and we were assured they could,” she said.

Continue Reading
Live Watch Ticker News Live
Advertisement

Trending Now

Copyright © 2022 The Ticker Company PTY LTD