iPhone 15 May Face Hurdle In China, FTC Could Prosecute Amazon.com Over Antitrust Claims, United Airlines Planes Back In Air: Today's Top Stories
Wall Street Journal
iPhone 15 May Face Hurdle In China As Government Officials Receive Foreign Device Ban
The Chinese government has banned its officials from using Apple Inc.'s (NASDAQ: AAPL) iPhones and other foreign-branded devices at work, dealing a blow to the company just days ahead of its 'Wonderlust' iPhone 15 launch event.
Chinese government officials have been banned from using iPhones and other foreign-made devices at work.
While China's iPhone ban applies only to government officials at work, the scope has significantly expanded.
Federal Trade Commission Could Prosecute Amazon.com Over Antitrust Claims
The Federal Trade Commission (FTC) could prosecute Amazon.com Inc (NASDAQ: AMZN) over antitrust claims. Amazon's legal team engaged in a video conference with FTC officials on 15 August, typically a final effort to avoid a court battle.
However, Amazon did not propose any specific concessions during this crucial meeting.
The FTC, which has been investigating Amazon's practices for several years, plans to file its lawsuit against the tech giant later this month.
Revving Up Luxury: Toyota Launches New Chauffeur-Driven Century, With Fully Customizable Options
Toyota Motor Corporation (NYSE: TM) launched a new version of its chauffeur-driven Century model in Japan, with a monthly base sales volume of 30 units.
The new model of the Century will be fully customizable globally.
The production of the latest model will be done in the Tahara Plant. The manufacturer's suggested retail price for the vehicle is JPY25 million (~$170,000).
Benzinga
SoftBank Backed Arm Eyes $52B IPO With T. Rowe Price as Key Player
Arm Holdings Ltd, a chip designer backed by SoftBank Group Corp (OTC: SFTBF) (OTC: SFTBY), has officially launched its roadshow for its highly anticipated initial public offering.
The company aims to convince investors that it's worth as much as $52 billion in what could be the most significant share sale of the year.
Warner Music Expands Portfolio with Majority Stake in 10K Projects, Bolstering Next-Gen Talent
Warner Music Group Corp (NASDAQ: WMG) inked a joint venture with 10K Projects, the groundbreaking Los Angeles-based label founded in 2016 by Elliot Grainge, the son of Universal Music chief Lucian Grainge — Warner Music's rival.
10K Projects will become a standalone label within the WMG ecosystem, bringing its superstar roster and next-generation team into the WMG fold.
Warner Music has acquired a majority stake in record company 10K Projects, the upstart label behind the rapper Ice Spice, for an undisclosed sum.
Roku Disclosed Additional Measures To Reduce Its Operating Expense Growth Rate
Roku Inc (NASDAQ: ROKU) stock is trading higher Wednesday after the company disclosed additional measures to cut down its year-over-year operating expense growth rate.
It intends to do so by consolidating its office space utilization, performing a strategic review of its content portfolio, reducing outside services expenses, and slowing its year-over-year headcount expense growth rate through a workforce reduction and limiting new hires, among other measures.
United Airlines Planes Back In Air After Temporary Grounding
Shares of United Airlines Holdings Inc (NASDAQ: UAL) fell more than 3% during Tuesday's trading session after the company issued a notice to the Federal Aviation Administration (FAA) asking it to ground all United Airlines flights until further notice due to an "equipment outage."
Flights that were en route to their destinations continued as planned, but the airline was holding the rest of its aircraft at their departure airports due to a "systemwide technology issue," it said on X.
Is Moderna's New Vaccine the Answer to the Highly Mutated BA.2.86 COVID-19 Variant?
Moderna Inc's (NASDAQ: MRNA) clinical trial data from its research assay confirm that its updated COVID-19 vaccine generates an 8.7-fold increase in neutralizing antibodies in humans against BA.2.86 (Pirola), a variant under monitoring.
The updated COVID-19 vaccine is pending approval by the FDA for the fall 2023 vaccination season.
TechCrunch
Spotify's Paid-Subscriber Dilemma - Lyrics May Hold the Key
Spotify Inc (NYSE: SPOT) is witnessing a surge in its user base, but its paid subscribers growth lags behind free listeners. In response, the music-streaming giant is exploring a move to put lyrics behind its paywall.
Recently, Spotify made headlines by restricting lyrics access to some non-paying users.
This alteration is currently in the testing phase.
Reuters
Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google tentatively settled a class action suit for allegedly violating antitrust norms by its U.S. Play Store by overcharging customers on Tuesday.
The financial terms of the settlement remained disclosed.
In the action brought by over 30 U.S. states and representing 21 million consumers, the plaintiffs had claimed that Google's monopoly took a toll on the consumers who could have spent less on apps and had more options.
General Motors' Manufacturing Momentum May Be Pressured On UAW Demands
General Motors Company (NYSE: GM) reportedly said that the United Auto Workers union's demands will pressure the auto behemoth's manufacturing momentum. The company wants to reach a "fair" agreement without a strike.
The UAW demands have "significant costs attached that would threaten our ability to maintain our manufacturing momentum," Johnson said.
C&S, SoftBank Near Deal To Purchase Stores From Kroger, Albertsons
C&S Wholesale Grocers, backed by SoftBank Corp (OTC: SFBQF), is reportedly approaching a deal to buy stores from The Kroger Company (NYSE: KR) and Albertsons Companies Inc (NYSE: ACI).
KR and ACI are looking to sell these stores to get regulatory approvals for their imminent $24.6 billion acquisition.
The transaction value and store count are unknown.
Apple Secures Long-Term Chip Partnership with British Chipmaker Arm, Solidifying Tech Dominance
Apple Inc (NASDAQ: AAPL) inked a fresh deal with British chip designer Arm Ltd for chip technology that extends beyond 2040.
The companies signed the deal between 21 August - 5 September.
Arm owns the intellectual property behind the computing architecture for most of the world's smartphones, which it licenses to Apple and many others.
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