Stock Markets
FTC to argue Microsoft’s deal to buy Activision should be paused
The U.S. Federal Trade Commission on Thursday will argue in federal court for a preliminary injunction to temporarily block Microsoft’s acquisition of videogame maker Activision Blizzard, stopping the deal from closing before the government’s case against the deal is heard.
Microsoft has said that a temporary block could scuttle the deal. Courts do not usually take into account such real-world consequences. But if the court pauses the deal, Microsoft and Activision will have to agree to extend it past a July 18 termination date built into their original agreement.
In a scheduled five-day hearing before a federal judge in San Francisco, the antitrust enforcer will argue it needs Microsoft Corp and Activision Blizzard Inc to put their $69 billion merger on hold until the agency’s in-house court gets to rule on whether the combination hurts competition in the video game industry.
The FTC fears that without action by the federal court, the combined firm “could alter Activision’s operations and business plans” and could allow Microsoft to access sensitive business information.
The administrative hearing within the FTC is set to begin Aug. 2.
Resolving the U.S. lawsuit is one of several key antitrust battles Microsoft and Activision have fought around the world to get the deal finalized. Microsoft’s bid to acquire the “Call of Duty” videogame maker was approved by the EU in May, but British competition authorities blocked the takeover in April.
The FTC has argued that the deal, which would be the largest for Microsoft and the largest in the history of the video game business, would give Microsoft the “ability and increased incentive to withhold or degrade Activision’s content in ways that substantially lessen competition.”
In addition, the FTC, which asked its in-house administrative court to block the deal in December, says the combination would give Microsoft’s Xbox video-game console exclusive access to Activision games, leaving Nintendo consoles and Sony Group Corp’s PlayStation out in the cold.
Microsoft has said the deal would benefit gamers and gaming companies alike, and it has offered to sign a legally binding consent decree with the FTC to provide “Call of Duty” games to rivals including Sony for a decade.
The hearing will begin June 22 and progress through June 29. Microsoft CEO Satya Nadella and Activision CEO Bobby Kotick are among the witnesses planned for a five-day evidentiary hearing.
By Michael Erman
NEW YORK (Reuters) – Drugmakers plan to raise U.S. prices on at least 250 branded medications including Pfizer (NYSE:) COVID-19 treatment Paxlovid, Bristol Myers (NYSE:) Squibb’s cancer cell therapies and vaccines from France’s Sanofi (NASDAQ:) at the start of 2025, according to data analyzed by healthcare research firm 3 Axis Advisors.
Nearly all of the drug price increases are below 10% – most well below. The median price increase of the drugs being hiked Jan. 1 is 4.5%, which is in line with the median for all price increases last year.
The increases are to list prices, which do not include rebates to pharmacy benefit managers and other discounts.
Larger drug price increases were once far more common in the U.S. but in recent years drugmakers have scaled them back after price hikes drew sharp criticism in the middle of the last decade.
“Drugmakers don’t have much real estate any longer to increase prices over time, which means taking greater liberties on launch prices is really the only option they have in the face of expanded penalties for year-over-year price increases,” 3 Axis President Antonio Ciaccia said.
A Reuters analysis of prices for new drugs found that pharmaceutical companies launched new U.S. drugs in 2023 at prices 35% higher than in 2022.
The over 250 drug hikes represent an increase from Dec. 29 last year when drugmakers unveiled plans to raise prices on more than 140 brands of drugs.
Drug companies are also reducing some prices on Jan. 1. Merck & Co (NYSE:) plans to cut the list price of its heavily discounted diabetes drugs Januvia and Janumet “to align the list price more closely to the net price.”
U.S. PAYS MOST
The U.S. pays more for prescription medicines than any other country, and incoming President Donald Trump has vowed to lower drug costs by focusing on middlemen in the U.S. healthcare system.
More drug price increases are likely to be announced by other drugmakers over the course of January – historically the biggest month for drugmakers to raise prices.
Pfizer raised prices of the most drugs on the latest list – more than 60 drugs. As well as a 3% hike on Paxlovid, the company raised prices on medicines including migraine treatment Nurtec and cancer drugs Adcetris, Ibrance and Xeljanz between 3% and 5%.
“Pfizer has adjusted the average list prices of our medicines and vaccines for 2025 below the overall rate of inflation – approximately 2.4% – across many products in our diverse product portfolio,” Pfizer spokesperson Amy Rose said in an email. She said the increases help support investments in drug development and offset costs.
Bristol Myers raised the price of its expensive cancer cell therapies Abecma and Breyanzi by 6% and 9%, respectively. The personalized blood cancer treatments can already cost close to half a million dollars.
A BMS spokesperson said in an email that the company is “committed to achieving unfettered patient access” to its medicines. She said the price of Breyanzi in particular “is reflective of the potentially transformative, individualized treatment in a one-time infusion.”
Sanofi raised prices on around a dozen of its vaccines between 2.9% and 9%.
The largest brand price increases according to the 3 Axis analysis were from Leadiant Pharmaceuticals, a unit of Italy’s Essetifin. The company raised prices around 15% on its Hodgkin’s disease treatment Matulane and about 20% on Cystaran, eye drops to help patients with symptoms from a rare condition called cystinosis.
Spokespeople from Leadiant and Sanofi did not immediately respond to requests for comment.
New York, New York–(Newsfile Corp. – December 31, 2024) – Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of Gitlab (NASDAQ:) Inc. (NASDAQ: GTLB) breached their fiduciary duties to shareholders.
According to a federal securities lawsuit, Gitlab insiders caused the company to misrepresent or fail to disclose material adverse facts concerning GitLab’s ability to develop AI features that would generate code more efficiently and increase market demand for its DevSecOps platform, and, as a result, positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you currently own GTLB and purchased prior to June 6, 2023 please contact Justin Kuehn, Esq. here, by email at justin@kuehn.law or call (833) 672-0814. The consultation and case are free with no obligation to you. Kuehn Law pays all case costs and does not charge its investor clients. Shareholders should contact the firm immediately as there may be limited time to enforce your rights.
Why Your Participation Matters:
As a shareholder your voice matters, and by getting involved, you contribute to the integrity and fairness of the financial markets. Your investment. Your voice. Your future.™
For additional information, please visit Shareholder Derivative Litigation – Kuehn Law.
Attorney advertising. Prior results do not guarantee similar outcomes.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235670
LONDON, Dec. 31, 2024 /PRNewswire/ — Travelzoo ® (NASDAQ: TZOO), the club for travel enthusiasts, has won “Best Travel Website for Travel Deals” for the 13th year in a row at the prestigious British Travel Awards. Travelzoo is one of only a small handful of brands with such a long-standing number of consecutive wins.
Over 1.2 million votes were cast in 2024, making the British Travel Awards the biggest consumer voted awards in the UK.
It was the biggest event of the UK travel awards season. The ceremony pulled out all the stops, with comedian and actor Tom Davis, star of The BBC’s King Gary, presenting. James Clarke, Travelzoo’s General Manager, UK, accepted the award on behalf of the team.
About Travelzoo
We, Travelzoo ®, are the club for travel enthusiasts. Our 30 million members receive exclusive offers and one-of-a-kind experiences personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with more than 5,000 top travel suppliers”our long-standing relationships give Travelzoo members access to irresistible deals.
Travelzoo is a registered trademark of Travelzoo. All other names are trademarks and/or registered trademarks of their respective owners.
Travelzoo
590 Madison Avenue
35th Floor
New York, NY 10022
Media Contacts:
Natalia Cwierz “ Berlin
+49 178 3358 784
ncwierz@travelzoo.com
Cat Jordan “ London
+44 77 7678 1525
cjordan@travelzoo.com
Gabe Saglie “ Los Angeles
+1 805-453-1209
gsaglie@travelzoo.com
Forex2 years agoForex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
- Forex2 years ago
How is the Australian dollar doing today?
- Forex2 years ago
Unbiased review of Pocket Option broker
- Forex2 years ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985
- Cryptocurrency2 years ago
What happened in the crypto market – current events today
- World2 years ago
Why are modern video games an art form?
- Commodities2 years ago
Copper continues to fall in price on expectations of lower demand in China
- Forex2 years ago
The dollar is down again against major world currencies
