Italian Authority Closes Google Probe, Focuses On Data Portability

Alphabet's Google escapes investigation as Italy commits to enhancing data portability.

July 31, 2023 4 min read

Zenger News

The Italian Competition Authority has ended its probe into the alleged abuse of its position by Alphabet Inc’s (NASDAQ: GOOG) (NASDAQ: GOOGL) Google LLC, Google Ireland Limited, and Google Italy S.r.l (Google) by making the proposed commitments binding.
The Alphabet and Google group’s dominant position in several markets enabled it to acquire large amounts of data through its services (Gmail, Google Maps, Android). In 2022, it achieved a turnover of $282.8 billion.

Toyota Motor Corp (NYSE: TM) said it will work towards strengthening its local development of intelligence and electrification technology in China.
The automaker’s statement comes as it looks to gain a market share in the intensely competitive Chinese market.
To achieve multi-pathway-based carbon neutrality, Toyota will strengthen the local development of all electrified vehicles (BEV, PHEV, HEV, FCEV).

J.B. Hunt Transport Services, Inc (NASDAQ: JBHT) subsidiary plans to buy 13 zero-emission Class 8 trucks from Nikola Corp (NASDAQ: NKLA).
The acquisition is at par with J.B. Hunt’s goal to reduce carbon emission intensity by 32% by 2034 (with a 2019 baseline).
The initial truck order comprises ten battery-electric and three hydrogen fuel-cell electric vehicles, with the first vehicles expected to be delivered in August 2023.

Britain’s telecoms giant, BT Group PLC (OTC: BTGOF), disclosed the appointment of Allison Kirkby as Chief Executive, effective the end of January 2024 at the latest.
Allison Kirkby has served Telia Company AB (OTC: TLSNF) (OTC: TLSNY) as the president and CEO since early 2020. Before that, she worked at several well-known telecommunication companies.
Allison Kirkby has been a Non-Executive Director at BT Group since 2019.

Financial Times

Walt Disney Co (NYSE: DIS) stock is trading higher Monday amid reports of the company engaging former executives Kevin Mayer and Tom Staggs as advisors to current CEO Bob Iger to deal with the company’s legacy television businesses, including ESPN.
Mayer and Staggs were once considered potential successors to Bob Iger during his first stint as CEO but departed as their chances of getting the top job wilted.

Reuters

A Hon Hai Precision Industry Co Ltd (OTC: HNHPF) Foxconn unit will ink a deal on Monday with India’s Tamil Nadu state to build a new facility for electronic components likely to create 6,000 new jobs.
The Apple Inc (NASDAQ: AAPL) supplier subsidiary, Foxconn Industrial Internet, looks to invest ₹16 billion ($194.45 million) to build a campus in Kancheepuram district, near the state’s capital of Chennai.

Novo Nordisk A/S’s (NYSE: NVO) revolutionary weight-loss medication, Wegovy, has hit the German market, its premier substantial European destination. The medication is already available in the U.S. and only in Norway and Denmark within Europe.
There are concerns about supply constraints due to non-obese individuals seeking prescriptions for vanity purposes, leading Novo to urge doctors to “prescribe responsibly” in a mid-July statement.
The pharmaceutical company anticipates that German consumers will willingly cover the drug’s expenses as public health insurance is currently unable to cover it.

Wall Street Journal

Retail giant Walmart Inc (NYSE: WMT) recently spent $1.4 billion (INR 115.15 billion) to purchase the remaining Flipkart shares from Tiger Global, boosting its stake in the Indian e-commerce startup.
This transaction has allowed New York-based hedge fund Tiger Global to make a $3.5 billion (INR 287.8 billion) profit from an initial investment of $1.2 billion (INR 98.71 billion).
Tiger Global has now mostly cashed out its Flipkart shares.

Yellow Corporation (NASDAQ: YELL) reportedly terminated its operations after grappling with multiple issues, including mergers that left it burdened with debt and a conundrum with the Teamsters Union.
The shutdown endangers the employment of nearly 30,000 people.
The Teamsters Union said it was served legal notice today that Yellow Corp. is ceasing operations and filing for bankruptcy.

Earnings

Panasonic Holdings Corp (OTC: PCRFY) reported a Q1 FY24 sales growth of 3% Y/Y to ¥2.03 trillion on higher sales in Automotive, Connect, and automotive batteries and favorable currency translation.
In USD, sales of $14.80 billion missed the consensus of $15.07 billion.
EPS of ¥86.06 was considerably higher than ¥20.97 a year ago.

Heineken NV (OTC: HEINY) clocked revenue growth of 6.3% Y/Y in H1 2023 to €17.44 billion.
Beer volume declined 5.6% Y/Y organically, with weak performance across Vietnam and continued socio-economic volatility in Nigeria.
2023 Outlook: Heineken revised the operating profit growth outlook to be stable to mid-single-digit organic growth (from mid- to high-single digits earlier).

ON Semiconductor Corp (NASDAQ: ON) stock gained Monday after it reported flat second-quarter FY23 revenue growth year-on-year at $2.09 billion, beating the consensus of $2.02 billion. Non-GAAP EPS of $1.33 beat the consensus of $1.21.
Outlook: ON Semiconductor expects third-quarter adjusted revenue of $2.095 billion – $2.195 billion, above the consensus of $2.07 billion.
The company sees non-GAAP EPS of $1.27 – $1.41 above the consensus of $1.21.

Produced in association with Benzinga

Edited by Eunice Anyango Oyule and Jason Reed