Big Tech remains under the regulatory spotlight, streaming stocks face new rules within the UK, IHS Markit beats expectations, Intel restructures itself, the CDC starts investigating heart inflammation cases linked to Pfizer and Moderna vaccines, and there’s IPO news from Dingdong and Embark.
The House Judiciary Committee will examine six antitrust bills today as pressure on Big Tech continues to create , potentially paving the way for them to succeed in the ground of the House within the future.
The bills primarily specialise in the role of the likes of Apple, Facebook, Alphabet and Amazon, all of which have opposed efforts to reform regulations for the tech industry. Two bills will check out how companies like Amazon and Google can establish platforms for other businesses to use then compete with them, with one proposing they sell assets to rectify the matter and therefore the other favouring new rules to prevent them from using these anti-competitive practices.
Another bill would ban Big Tech from acquiring other business unless it doesn’t directly compete with it, another is looking into how user data is handled, et al. are looking to boost the allow antitrust cases. The bills have sparked support and resistance from both Democrats and Republicans, with those against them arguing it stifles innovation within the country’s most successful industry and will weaken them against foreign rivals.
Amazon, Netflix and Disney
Reports have surfaced that the united kingdom is looking to shake-up rules for streaming services within the country, potentially paving the way for tighter regulations to be imposed on the likes of Netflix, Amazon and Disney.
There are currently gaps in regulations for streaming services. for instance , they are doing not need to abide by an equivalent rules as public TV broadcasters and, because they’re based overseas, can escape regulator Ofgem’s remit.
The government is about to consult on the difficulty this summer before making a choice on whether streaming services should be brought under an equivalent scope of rules as broadcasters.
Information and analytics specialist IHS Markit beat expectations when it released second-quarter results this morning as all of its divisions reported growth within the period.
Revenue rose to $1.18 billion from $1.02 billion the year before, with adjusted Ebitda rising to $517.4 million from $454.0 million. That beat the $1.13 billion of revenue and $505.7 million of earnings expected by Wall Street.
Revenue from Transportation jumped 41% year-on-year, the overwhelming majority of which was organic. Financial Services revenue increased 11%, Consolidated Markets & Solutions was up 2% and Resources edged-up 1%.
Intel said it’s creating two new business units, one to chase the opportunities in creating new software and therefore the other to pursue new high-performance computing and graphics technology.
The company said Greg Lavender has joined as chief technology officer and takes charge of both of the new divisions. It also charged Raja Koduri with responsibility for its new computing systems and graphics group.
It also announced that it had been restructuring its Data Platform Group into two new units. the primary are going to be Datacenter and AI focused on data center and cloud-computing products led by Sandra Rivera. The second will Network and Edge Group, focused on networks, IoT and connectivity solutions led by Nick McKeown.
Pfizer and Moderna
A meeting of advisers to the Centers for Disease Control and Prevention will happen later today to debate the likelihood that the coronavirus vaccines developed by Pfizer and Moderna are linked to cases of heart inflammation.
The health ministry in Israel flagged the possible link earlier this month and therefore the CDC has been investigating cases of heart inflammation among young men for several months. Details of over 300 cases are going to be presented today, but this is often still a fraction of the 138 million-plus people to possess been vaccinated thus far , 20 million-or-so of which are below the age of 24.
Morgan Stanley has warned that staff and clients won’t be ready to enter the bank’s ny and Westchester offices if they’re not fully vaccinated, consistent with Reuters.
The new rule is predicted to return into force on July 12 but also will scrap the necessity to wear masks or adhere to scoail distancing rules. Unnamed sources said people who aren’t fully vaccinated would need to still work remotely.
Tesla said it’s opened its first charging station in China using its own solar and energy storage systems.
The station is in Lhasa city and can be solar powered, storing energy for it to charge vehicles when needed. it’s utilising the technology from SolarCity, which it bought back in 2016.
Chinese groceries app Dingdong us aiming for a valuation of over $6 billion through its initial public offering and lift up to $357 million to assist cement its position in an increasingly competitive market.
The valuation would compare to the $5.1 billion tag achieved when Softbank invested within the business last month.
The listing comes as competition heats up from rivals including Alibaba-backed Hema, Meituan Maicai, Tencent-backed Missfresh, and JD Daojia.
Self-driving truck technology company Embark is about to travel public by merging with SPAC Northern Genesis Acquisition to boost around $614 million in cash and earn a valuation of $5.2 billion.
The proceeds are expected to fund the corporate until 2024 and none of the prevailing shareholders decide to sell shares as a part of the offering. the corporate is eagerly looking to commercialise its technology after testing out its self-driving trucks over the last five years.