Apple and Amazon Fined by $225 Million in Antitrust Fines
The antitrust authority of Italy has imposed a fine on Apple and Amazon worth over 200 million euros ($225 million), for alleged anti-competition initiatives in the sale of Apple and Beats products on Italy’s Amazon domain. According to the Italian watchdog, selected resellers were allowed to sell Apple and Beats products, which affected price competition. Both companies stated that they plan to appeal this decision.
MACROECONOMIC DATA ANALYSIS
According to Chinese local media, China’s state planner approved a southern province-aimed railway project, worth 16.3 billion yuan ($2.55 million), which shall connect the Ruijin city of Jiangxi province to Meizhou city of Guangdong province. Today, $1 equals 6.3855 Chinese yuan.
The Economic Development Board of Singapore stated that the Asian nation aims at capturing at least 2 million tons of carbon dioxide emissions by 2030, to boost the sustainability potential and capability of its Jurong Island oil refinery hub. Many nations & organizations in Southeast Asia are seeking carbon capturing, whether it be for storage or reuse, in efforts to achieve green goals such as long-term sustainability.
The U.S. dollar hits 16-month highs after Federal Reserve Chairman Jerome Powell was picked for a second term, which is a duration of four years. This has reinforced investor expectations that interest rates in the United States will rise in 2022. The dollar index edged 0.06% lower to 96.483.
Gold futures stumble hard below the $1,800 mark as Federal Reserve Chairman Jerome Powell has been re-nominated for the position, with the prospect of rising interest rates in 2022, and rising treasury yields. The precious metal collapsed 1.25% in value to price at $1,786 per ounce.
Crude oil prices surge higher, steadying near $80 per barrel after the United States announced that it plans to release up to 50 million crude oil barrels from its reserves, in efforts towards cooling the market. Brent futures jumped 1.68% to $81.02 a barrel, and WTI futures climbed 1.34% to $77.81 a barrel.
USA: S&P500 -0.03%, Dow Jones Industrial Average +0.14%, Nasdaq Composite -0.42%
Europe: FTSE 100 +0.32%, DAX -0.72%, CAC 40 -0.28%
Asia: Nikkei 225 +0.09%, Hang Seng -1.20%, CSI 300 +0.01%, Nifty 50 +0.50%
A letter seen by Reuters unveiled that salesmen from India have threatened to disrupt & derange supplies to stores which are partnered with the renowned Reliance giant. As per the Reuters report, Indian salesmen from companies such as Reckitt Benckiser, Uniliever and Colgate-Palmolive stated that their sales declined 20-25% in the last year as small, family-owned and independent businesses were increasingly in partnership with Reliance to provide lower prices, dominating the market.
According to people familiar with the matter, Apple has informed to its suppliers that the demand for the iPhone 13 has slowed down. The company has already cut iPhone 13 production by 10 million units due to global semiconductor chip shortages, as well as coronavirus-related manufacturing issues in Asia. The news of weaker iPhone 13 demand has pushed the Apple stock downwards by 2.92% in early trading sessions.