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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

FTC Antitrust Lawsuit Adds to Meta Platforms’ META Stock Woes

Jimmy Khan

Aug 02, 2022 14:22

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Today, Meta Platforms (NASDAQ:META) is struggling. A weak earnings season is hurting the value of the META stock. But some unfavorable news about the business and the Federal Trade Commission has made matters worse (FTC). There are growing concerns among authorities that the tech titan is aiming to monopolize the metaverse market, and it seems as if the FTC is going after the corporation for its recent purchase attempts.


The two corpses had run across each other before, as reported in the news today. The FTC launched a protracted legal fight against the firm over its claimed monopolization of the social media market in late 2020. An purchase undertaken by the business in 2012, when it was still known as Facebook, Inc., served as the inspiration for the lawsuit. Of course, the in question event was Facebook's acquisition of Instagram.


The FTC claimed at the time that Facebook had engaged in anticompetitive behavior to maintain its monopoly over the social media sector. The business has acquired quite a few companies in the 2010s. The FTC said last year that its "buy or bury" strategy was the consequence of this "failure to innovate" in the market, which led to these purchases.


In the meanwhile, the FTC has been fining the business more and more money for additional wrongdoings. A $5 billion punishment was imposed on the corporation in 2019. Facebook was penalized for giving users false information regarding the extent of their control over their private data. Two years later, this would blow up a huge box of worms about Facebook's misuse of personal information.


The business changed its name to Meta in late 2021 in anticipation of a new beginning. The firm is a leader for a new wave of social tech as it enters the metaverse. The news of today, however, demonstrates that it is still just rehashing previous errors.

FTC Lawsuit Charges Platforms of Monopolization in Meta

With a 6 percent decline after the company's first quarterly loss since going public, META stockholders are upset. There is more cause for concern, however, since the FTC has accused the business of anti-competitive activity once again.


Horizon Worlds, which will launch in December 2021, has become Meta Platforms' new mascot. One of the largest tech corporations has launched its first metaverse, giving a boost to its long-running hardware push. The business has sold over 15 million Quest 2 headsets, a piece of equipment required to access the Horizon Worlds metaverse.


Regulators, though, are concerned that the company's latest purchases may be going too far. In fact, since 2016, the business has acquired at least twelve pieces of technology connected to its metaverse. The FTC has just filed a new antitrust complaint against Meta.


According to John Newman, Deputy Director of Competition at the FTC, "Meta is attempting to buy its way to the top rather than competing on the merits." According to the regulator, Meta already has the best-selling gadget, the greatest virtual reality (VR) app store, seven of the industry's top developers, and several of the top-grossing applications.


However, the company's purchase of Within in October 2021 is what prompted the FTC to file a lawsuit. The software maker is well-known for its main product, Supernatural, a fitness program that blends VR and aerobic exercises with a soundtrack of top-charting pop songs. The FTC claims that Meta is improperly competing by attempting to "buy its way to the top" of the VR fitness market with this acquisition. In fact, the business already has a Beat Saber app that closely resembles Within's program in design. The FTC claims that if this deal goes through, it would hinder the market's innovative competition.