FTC Creates Task Force To Regulate Big Companies
The US Federal Trade Commission (FTC) announced plans to create a task force on Tuesday. The task force will monitor the sector and investigate anticompetitive conduct. The force will consist of 17 FTC attorneys. They will all consult on merger reviews, investigations, and reviews of consummated tech deals.
In addition, the agency’s head of the Bureau of Competition, did not rule out taking action to undo deals if anticompetitive behavior was found. However, the FCC declined to discuss specific transactions. The Retail Industry Leaders Association also said the task force will “bring needed scrutiny to the relatively few technology platforms that control a growing share of modern commerce.”
AT&T Successfully Buys TimeWarner
AT&T won their battle against the Trump administration’s attempts to prevent the $85.4 billion purchase of Time Warner. The U.S. Justice Department also said it would not fight an appeals court ruling approving the deal. The deal came under fire from President Trump, who said the buyout would benefit CNN. He claims that CNN spreads ‘fake news’.
However, the reason presented to the FCC was that the deal would increase consumer prices. Unfortunately for the Trump administration, the three-judge panel on the U.S. Court of Appeals for the District of Columbia ruled unanimously in favor of the deal. They said that the governments case against it was ‘unpersuasive’.
Fiat Chrysler Cuts 1,400 Jobs
Fiat Chrysler announced plans to cut nearly 1,400 jobs at their Illinois plant on Tuesday. Currently, the factory is where the company produces their Jeep Cherokee sports vehicles. A spokeswoman said that the move is to “align production to meet global demands”. The carmaker will cut the jobs on May 6th, and only one of three shifts will be cut.
Macy’s Will Cut 100 Senior Jobs
Macy’s announced plans to cut 100 senior management positions to reduce costs and improve profitability. They also reported holiday sales growth short of Wall Street’s expectations. The cuts are expected annually save $100M. They will also improve supply and control inventory.
Walmart Mexico Workers Strike
Workers at Walmart Inc’s Mexico unit said it would go on strike next month if it did not secure better pay and conditions for thousands of employees. Currently, the union is fighting for a 20% raise and better conditions for the 8,000 workers it represents. They also want to set a 4% commission check for clerks, the first for the entire company.
