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By Leah Nylen and Jaewon Kang | Bloomberg A judge blocked Kroger Co.’s $24.6 billion acquisition of Albertsons Cos. , finding the takeover would lessen competition for US grocery shoppers, in a ruling that marks a likely death knell for the deal. In a decision filed in Oregon federal court Tuesday, US District Judge Adrienne Nelson found in favor of the US Federal Trade Commission. The agency had argued that the proposed tie-up violates US antitrust law and that a division of hundreds of stores to C&S Wholesale Grocers Inc. wouldn’t do enough to replace the lost competition. Also see: Biggest question from Kroger-Albertsons trial: What’s a grocery store? “There is ample evidence that the division is not sufficient in scale to adequately compete with the merged firm and is structured in a way that will significantly disadvantage C&S as a competitor,” Nelson wrote. “The deficiencies in the disvestiture scope and structure create a risk that some or all of the divested stores will lose sales or close, as has happened in past C&S acquisitions.” Nelson’s decision is a major victory for the FTC and its outgoing Chair Lina Khan, who came under harsh criticism from conservatives and business groups for stepped-up antitrust enforcement under the Biden administration. “Today’s win protects competition in the grocery market, which will prevent prices from rising even more,” said FTC spokesperson Douglas Farrar. “This statement makes it clear that strong, reality-based antitrust enforcement delivers real results for consumers, workers, and small businesses.” Also see: Albertsons would have shed these 63 California stores A C&S Wholesale spokesperson said the company is disappointed by the court’s decision and that it looks forward to seeing how Kroger and Albertsons will determine the next steps of the proposed deal. Kroger and Albertsons didn’t immediately respond to requests for comment. Attorneys for the companies have said the acquisition would probably be called off if the judge ruled against the deal. Kroger shares jumped as much as 6.1% in New York trading on Tuesday, extending earlier gains. Albertsons slumped as much as 10%. Specific Market Nelson agreed with the FTC that supermarkets constitute a specific market, countering the companies’ argument that the market extends to online retailers like Amazon.com Inc. “Supermarkets are distinct from other grocery retailers,” Nelson wrote. “Supermarkets offer a larger selection of fresh and non-perishable items, a one-stop shopping experience that appeals to a particular consumer’s preference to meet all their grocery needs in one location, and a customer service focus with deli, bakery, meat, and other specialized departments.” The ruling marks a disappointing end to a two-year odyssey by Kroger and Albertsons, which sought to become a bigger player with a more substantial national footprint to better compete against larger, non-unionized rivals including Walmart Inc. Kroger and Albertsons agreed to combine in October 2022 in what would have been the biggest US grocery deal in history, bringing together more than 4,000 stores across 48 states and Washington, DC. Kroger will likely turn its focus back to improving and investing in its existing network of about 2,750 stores. Albertsons, on the other hand, could emerge again as a deal target, but is expected in the near term to invest in its roughly 2,270 stores and technology. The proposed deal has been a political hot potato, drawing pushback from elected officials, union groups and consumer advocacy firms. The companies vowed to spend $1 billion to cut prices, $1.3 billion to improve store conditions and $1 billion to raise worker wages and benefits following the deal. The FTC has increased antitrust enforcement under the Biden administration, though the results in court have been mixed. The FTC lost a challenge to Microsoft Corp.’s acquisition of Activision Blizzard Inc. and won against Illumina Inc. over its purchase of startup Grail and against Tapestry Inc.’s planned $8.5 billion acquisition of Capri Holdings Inc. The companies and the agency fought their case in court for three weeks over the summer in Oregon, as grocery inflation came back into the political spotlight ahead of the US presidential election. Grocery inflation hit a four-decade high in 2022 due to higher costs of labor, transportation and ingredients. Price increases have moderated and are expected to stay within historical ranges, though many American shoppers still say expensive groceries continue to squeeze their ability to spend. The FTC argued that the deal would harm consumers by eliminating competition on prices and quality, making the combined entity less likely to improve its services by offering flexible hours and pickup services. It said the grocers would have more leverage over workers, which would slow wage growth and worsen benefits, and that the proposed divestiture would be inadequate. The agency tried to depict Kroger and Albertsons as the most direct competitors. It said the deal would combine the two largest “traditional supermarkets” in a market that includes Walmart and Target, but does not include Amazon, Costco, Aldi and dollar stores. The companies argued that such a definition is “antiquated” and no longer describes how people shop and pointed to various changes they have made in response to newer threats. The grocers also said joining forces would help them increase market share and improve technology to compete with Amazon, Walmart and other companies. The case is Federal Trade Commission v. Kroger Co., 24-cv-00347, US District Court, District of Oregon (Portland). Related Articles Retail | Fear of Trump tariffs sending Americans into debt as pantry stockpiling rises Retail | Costco’s popular Kirkland diapers shifting suppliers Retail | Status Update: Gifts urgently needed for OC Rescue Mission children, adults Retail | Status Update: Barnes & Noble returning to Orange, but with a twist Retail | Cyber Monday shoppers expected to set a record on the year’s biggest day for online shoppingSenators rocked by Matt Gaetz's surprise attorney general withdrawal but admit 'it's a relief' The ex-lawmaker dropped from Congress last week to pursue his AG nomination CLICK HERE: Sign up for DailyMail.com's daily U.S. politics newsletter By JON MICHAEL RAASCH, POLITICAL REPORTER FOR DAILYMAIL.COM Published: 17:03 EST, 21 November 2024 | Updated: 17:05 EST, 21 November 2024 e-mail View comments Senators on both sides of the aisle were shocked upon finding out how quickly Matt Gaetz withdrew himself from consideration to be Donald Trump 's attorney general. The former Florida Republican surprisingly wrote on X Thursday afternoon that he was no longer seeking the top law enforcement position in the U.S. 'I had excellent meetings with Senators yesterday. I appreciate their thoughtful feedback - and the incredible support of so many,' Gaetz said. 'While the momentum was strong, it is clear that my confirmation was unfairly becoming a distraction to the critical work of the Trump/Vance Transition.' He then explained he would be withdrawing his name from consideration amid new allegations that he had a threesome involving a minor. It seemingly tanked his chances of being confirmed by a majority of the Senate . Senators were shocked by the news that his nomination was derailed eight days after Trump had tapped him for the job. 'There's a sense of relief of course,' Sen. Kevin Cramer, R-N.D., said in reaction. 'I think he did a pretty noble thing, frankly an honorable thing by getting out himself. I look forward to a new nominee that we can get fully behind,' he added. Even as Gaetz met with senators on Capitol Hill alongside Vice President-elect J.D. Vance earlier this week, many lawmakers seemed reluctant to back the firebrand. Ex-Rep. Matt Gaetz, R-Fl., dropped his bid to become attorney general for the upcoming Trump administration Thursday. Republican senators were shocked at his sudden withdrawal Matt Gaetz mets with Vice President-elect JD Vance and senators in the Capitol in Washington, D.C. on Wednesday Gaetz faces the release of a House Ethics Committee report alleging his involvement in sex with minors and drug use while in office CNN reported that a woman testified to the House Ethics Committee that she had two sexual encounters with Gaetz when she was 17. That allegedly included an encounter with another adult woman, CNN reported on Thursday, just prior to Gaetz's announcement that he would withdraw. The adult woman in question denied the incident. Gaetz has denied all of the allegations, and has reminded concerned senators skeptical of his record that Joe Biden's Justice Department investigated him for sex trafficking, but ultimately did not charge him . Sen. Josh Hawley, R-Mo., who met with Gaetz on Wednesday, said there was no indication in his sit-down with the former Florida lawmaker was going to reverse course. Hawley admitted he found out Gaetz dropped his AG campaign via X, where the former nominee posted a statement explaining his reasoning for no longer pursuing the job. 'I mean, ultimately, at the end of the day, this is the President's call, and I trust his judgement on this, he's got to get a Cabinet that can implement his agenda,' Hawley said, indicating Trump was behind Gaetz's withdrawal. Sen. Lindsey Graham, R-S.C., said Wednesday that the pair had a good meeting the day prior. He had also urged his colleagues not to act like a 'lynch mob' ready to convict Gaetz before reviewing his merits. But when DailyMail.com asked for his reaction immediately after Gaetz withdrew, he only offered 'no comment' and quickly walked off. Within the hour his office had released a new statement saying: 'I respect former Representative Matt Gaetz’s decision to withdraw his name from consideration and appreciate his willingness to serve at the highest level of our government.' 'He is very smart and talented and will continue to contribute to our nation’s wellbeing for years to come.' ‘Holy s**t I didn't see that coming!' Democratic Sen. John Fetterman of Pennsylvania said sarcastically to reporters on Capitol Hill. 'Yes, he was the ultimate troll and people have the opportunity they can freak out over a thing and respond and if you want to do that ... you better to pace yourself though because it's not even Thanksgiving ,' he added. Sen. Lindsey Graham, R-S.C., only offered 'no comment' after the surprising news Gaetz had withdrew himself from the AG nomination. Graham's office later released a statement in support of the withdrawal Senator Josh Hawley from Missouri speaks with the press outside the Senate Chamber after Matt Gaetz announced he would drop out of consideration for Attorney General It also came a day after the House Ethics Committee deadlocked on releasing a report into allegations of sexual misconduct and illegal drug use by Gaetz . Reports indicate that Gaetz was not able to get the support of moderate Republicans who would be needed to seal his confirmation. Sens. Lisa Murkowski, Susan Collins and Mitch McConnell were thought to be among those Republicans unwilling to support the ex-lawmaker's appointment. 'I'm pleased with his decision,' Collins told reporters Thursday. 'Certainly there were a lot of red flags.' Gaetz and Vance were meeting with senators Wednesday to rally support for Gaetz's nomination Longtime GOP Senate leader McConnell responded to Gaetz's withdrawal: 'I think that was appropriate.' For Democrats universally applauded Gaetz's decision to drop his AG bid Thursday. Sen. Bernie Sanders, I-Vt., told DailyMail.com the withdrawal was ‘a positive step’ and that ‘I doubt very much that [Gaetz] would’ve been supported by the Senate.' 'It was bad judgment just to suggest him,' Sen. Richard Blumenthal, D-Conn., said of Gaetz nomination. 'The first lesson of proposing anyone for a position of responsibility is to make sure that there are no skeletons, and he had skeletons that were hidden in plain sight.' Matt Gaetz Florida Politics CNN Capitol Hill Share or comment on this article: Senators rocked by Matt Gaetz's surprise attorney general withdrawal but admit 'it's a relief' e-mail Add comment
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Cyberpunk 2077 - Biggest Changes in Patch 2.2 Update Cyberpunk 2077's Patch 2.2 update is available now on PC, PS5, and Xbox Series consoles, and CD Projekt Red has once again expanded players' customization options in the game as they explore Night City in style. Here's an overview of all the biggest changes in Cyberpunk's 2.2 update.
The S&P 500 climbed 0.6% to add to what's set to be one of its best years of the millennium. It's the 56th time the index has hit an all-time high this year after climbing in 11 of the last 12 days. The Dow Jones Industrial Average rose 308 points, or 0.7%, while the Nasdaq composite added 1.3% to its own record. Salesforce helped pull the market higher after delivering stronger revenue for the latest quarter than analysts expected, though its profit fell just short. CEO Mark Benioff highlighted the company's artificial-intelligence offering for customers, saying "the rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale." The stock price of the company, which helps businesses manage their customers, jumped 11%. Marvell Technology leaped even more after delivering better results than expected, up 23.2%. CEO Matt Murphy said the semiconductor supplier is seeing strong demand from AI and gave a forecast for profit in the upcoming quarter that topped analysts' expectations. All the optimistic talk helped Nvidia, the company whose chips are powering much of the move into AI, rally 3.5%. It was the strongest force pushing upward on the S&P 500 by far. They helped offset an 8.9% drop for Foot Locker, which reported profit and revenue that fell short of analysts' expectations. CEO Mary Dillon said the company is taking a more cautious view, and it cut its forecasts for sales and profit this year. Dillon pointed to how keen customers are for discounts and how soft demand has been outside of Thanksgiving week and other key selling periods. Retailers overall have offered mixed signals about how resilient U.S. shoppers can remain. Their spending has been one of the main reasons the U.S. economy has avoided a recession that earlier seemed inevitable after the Federal Reserve hiked interest rates to crush inflation. But shoppers are now contending with still-high prices and a slowing job market. This week's highlight for Wall Street will be Friday's jobs report from the U.S. government, which will show how many people employers hired and fired last month. A narrower report released Wednesday morning suggested employers in the private sector increased their payrolls by less last month than economists expected. Hiring in manufacturing was the weakest since the spring, according to Nela Richardson, chief economist at ADP. The report strengthened traders' expectations that the Fed will cut its main interest rate again when it meets in two weeks. The Fed began easing its main interest rate from a two-decade high in September, hoping to offer more support for the job market. The central bank had appeared set to continue cutting rates into next year, but the election of Donald Trump has scrambled Wall Street's expectations somewhat. Trump's preference for higher tariffs and other policies could lead to higher inflation, which could alter the Fed's plans. Fed Chair Jerome Powell said Wednesday that the central bank can afford to cut rates cautiously because inflation has slowed from its peak two years ago and the economy remains sturdy. A separate report on Wednesday said health care, finance and other businesses in the U.S. services sector are continuing to grow, but not by as much as before and not by as much as economists expected. One respondent from the construction industry told the survey from the Institute for Supply Management that the Fed's rate cuts haven't pulled down mortgage rates as much as hoped. Plus, "the unknown effect of tariffs clouds the future." In the bond market, the yield on the 10-year Treasury fell to 4.18% from 4.23% late Tuesday. On Wall Street, Campbell's sank 6.2% for one of the S&P 500's sharper losses despite increasing its dividend and reporting a stronger profit than analysts expected. Its revenue fell short of Wall Street's expectations, and the National Football League's Washington Commanders hired Campbell's CEO Mark Clouse as its team president. Gains for airline stocks helped offset that drop after JetBlue Airways said it saw stronger bookings for travel in November and December following the presidential election. It also said it's benefiting from lower fuel prices, as well as lower costs due to improved on-time performance. JetBlue jumped 8.3%, while Southwest Airlines climbed 3.5%. All told, the S&P 500 rose 36.61 points to 6,086.49. The Dow climbed 308.51 to 45,014.04, and the Nasdaq composite rallied 254.21 to 19,735.12. In stock markets abroad, South Korea's Kospi sank 1.4% following a night full of drama in Seoul. President Yoon Suk Yeol was facing possible impeachment after he suddenly declared martial law on Tuesday night, prompting troops to surround the parliament. He revoked the martial law declaration six hours later. In the crypto market, bitcoin climbed near $99,000 after Trump said he would nominate Paul Atkins, a cryptocurrency advocate, to chair the Securities and Exchange Commission.ST. SIMONS ISLAND, Ga. (AP) — PGA Tour rookie Patrick Fishburn played bogey-free for an 8-under 64 for his first lead after any round. Joel Dahmen was 10 shots behind and had a bigger cause for celebration Friday in the RSM Classic. Dahmen made a 5-foot par putt on his final hole for a 2-under 68 in tough conditions brought on by the wind and cold, allowing him to make the cut on the number and get two more days to secure his PGA Tour card for next year. He is No. 124 in the FedEx Cup. “I still got more to write this weekend for sure,” said Dahmen, who recently had said his story is not yet over. “But without having the opportunity to play this weekend, my story would be a lot shorter this year.” Fishburn took advantage of being on the easier Plantation course, with trees blocking the brunt of the wind and two additional par 5s. He also was helped by Maverick McNealy, who opened with a 62 on the tougher Seaside course, making two bogeys late in his round and having to settle for a 70. Fishburn, who already has locked up his card for next year, was at 11-under 131 and led McNealy and Lee Hodges (63) going into the weekend. Michael Thorbjornsen had a 69 and was the only player who had to face Seaside on Friday who was among the top five. What mattered on this day, however, was far down the leaderboard. The RSM Classic is the final tournament of the PGA Tour season, and only the top 125 in the FedEx Cup have full status in 2025. That's more critical than ever with the tour only taking the top 100 for full cards after next season. Players like Dahmen will need full status to get as many playing opportunities as they can. That explains why he felt so much pressure on a Friday. He didn't make a bogey after his opening hole and was battling temperatures in the low 50s that felt even colder with the wind ripping off the Atlantic waters of St. Simons Sound. He made a key birdie on the 14th, hitting a 4-iron for his second shot on the 424-yard hole. Dahmen also hit wedge to 2 feet on the 16th that put him on the cut line, and from the 18th fairway, he was safely on the green some 40 feet away. But he lagged woefully short, leaving himself a testy 5-footer with his job on the line. “It was a great putt. I was very nervous,” Dahmen said. “But there's still work to do. It wasn't the game-winner, it was like the half-court shot to get us to halftime. But without that, and the way I played today, I wouldn't have anything this weekend.” His playing partners weren't so fortunate. The tour put three in danger of losing their cards in the same group — Zac Blair (No. 123), Dahmen and Wesley Bryan (No. 125). The cut was at 1-under 141. Blair and Bryan came to the 18th hole needing birdie to be assured of making the cut and both narrowly missed. Now they have to wait to see if anyone passes them, which is typically the case. Thorbjornsen in a tie for fourth and Daniel Berger (66 at Plantation) in a tie for 17th both were projected to move into the top 125. Dahmen, indeed, still has work to do. Fishburn gets a weekend to see if he can end his rookie year with a win. “I've had a lot of experience playing in cold growing up in Utah, playing this time of year, kind of get used to playing when the body’s not moving very well and you’ve got to move your hands,” said Fishburn, who played college golf at BYU. “Just pretty happy with how I played.” Ludvig Aberg, the defending champion and No. 5 player in the world competing for the first time in more than two months because of knee surgery, bounced back with a 64 on Plantation and was back in the mix. Aberg played with Luke Clanton, the Florida State sophomore who looks like he belongs each week. Clanton, the No. 1 player in the world amateur ranking who received a sponsor exemption, had a 65 at Plantation and was two shots off the lead. Clanton already has a runner-up and two other top 10s since June. “Playing with him, it's pretty awesome to watch,” Clanton said. “We were kind of fanboying a little it. I know he's a really good dude but to be playing with him and to see what he's done over the last couple years, it's pretty inspirational.” AP golf: https://apnews.com/hub/golf
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Dropbox CFO Regan sells $69,678 in stock( MENAFN - IANS) New Delhi, Dec 18 (IANS) All India Institute of Medical Sciences (AIIMS), New Delhi, on Wednesday announced a partnership with the Council of Scientific and Industrial Research (CSIR) to promote collaboration in healthcare, emerging technologies, their applications, and policy development. The Memorandum of Understanding (MoU) will boost regular dialogues and also drive innovative solutions to address healthcare challenges in the country. “The importance of leveraging synergies between the two premier institutions will be of immense value to the translational research and play a key role in delivering quality patient care,” said Prof. M. Srinivas, Director of AIIMS. CSIR is a research organisation with a network of laboratories, outreach centers, and innovation complexes across India. It's known for its research and development knowledge base in various scientific and technological areas. Together the CSIR and AIIMS will establish a synergistic partnership aimed at propelling medical research forward, enhancing healthcare delivery, and tackling pressing health challenges in India. It will combine the clinical expertise of AIIMS with the technological and research excellence of CSIR to revolutionise healthcare innovations. “This partnership will pave the way for significant breakthroughs in research, contributing to patient care and scientific progress in the country,” said Dr. Vinay Nandicoori, Director of CSIR-CCMB. The AIIMS-CSIR collaboration marks the beginning of a transformative journey, promoting innovation and creating impactful solutions to address healthcare challenges in India. AIIMS and the CSIR have previously collaborated on several projects. Currently, the institutions are working on a pilot project to convert biomedical waste into soil additives. CSIR has also tested the technology on biomedical waste with AIIMS. AIIMS Bhopal is using a molecular PCR-based diagnostic test developed by CSIR-CCMB to help patients with sickle cell disease. The partnership also includes joint research projects on sickle cell disease and genetic health. MENAFN17122024000231011071ID1109005263 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
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Rapper Sean 'Diddy' Combs returns to jail as judge considers bail bidOTTAWA — The RCMP will create a new aerial intelligence task force to provide round-the-clock surveillance of Canada's border using helicopters, drones and surveillance towers. The move is part of the federal government's $1.3-billion upgrade to border security and monitoring to appease concerns of U.S. president-elect Donald Trump about the flow of migrants and illegal drugs. Trump has threatened to impose a 25 per cent tariff on all Canadian and Mexican exports to the U.S. as soon as he is inaugurated next month unless both countries move to improve border security. Public Safety Minister Dominic LeBlanc says he has discussed parts of the plan with American officials and that he is optimistic about its reception. Canada will also propose to the United States to create a North American "joint strike force" to target organized crime groups that work across borders. The government also intends to provide new technology, tools and resources to the Canada Border Services Agency to seek out fentanyl using chemical detection, artificial intelligence and canine teams. This report by The Canadian Press was first published Dec. 17, 2024. Jim Bronskill, The Canadian Press
CHICAGO (AP) — The Seattle Seahawks placed running back Kenneth Walker III on injured reserve prior to their game against the Chicago Bears on Thursday because of an ankle injury. Walker hurt his ankle in last week’s loss to Minnesota and left that game after sitting out the previous two because of a calf problem. He also missed two weeks in September with an oblique issue. Walker has run for 573 yards and seven touchdowns on 153 carries. A second-round draft pick by Seattle in 2022, he has 2,528 yards rushing and 24 TDs in his career. Walker could, in theory, return if the Seahawks win two playoff games, though their postseason hopes were slim entering the game against Chicago. Seattle (8-7) trailed the NFC West-leading Los Angeles Rams (9-6) by one game with two to play. The Seahawks’ best path to the postseason was to win the final two regular-season games and have Los Angeles lose to Arizona on Saturday. Seattle visits the Rams to close the regular season. With Walker out, Seattle signed rookie running back George Holani off the practice squad. ___ AP NFL: https://apnews.com/hub/NFLNone