Stay up-to-date with the latest news from the Federal Trade Commission in the US by signing up to receive free updates. Every morning, you’ll receive a myFT Daily Digest email summarizing the latest news from the FTC. Good morning! In exciting news, Microsoft is one step closer to its $75 billion purchase of Activision Blizzard. A US federal judge has rejected the FTC’s attempt to halt the deal, and the UK’s competition watchdog has indicated that it is open to discussing a merger it had previously rejected. Shares in Activision have risen by over 11% in New York trading, reaching their closest level to the $95 per share offer price since Microsoft announced its bid in January 2022. Judge Jacqueline Scott Corley, in her decision, wrote that the FTC has failed to demonstrate that the combined firm would likely remove Call of Duty from Sony PlayStation or that its ownership of Activision content would significantly reduce competition in the video game library subscription and cloud gaming markets. The FTC has until Friday to appeal the decision. They had sought a preliminary injunction to block the deal, pending the outcome of a separate challenge in their in-house court. Proceedings for this challenge are set to start on August 2. This ruling is a significant setback for one of the highest-profile antitrust challenges under President Joe Biden’s administration, which has prioritized cracking down on anti-competitive behavior in the US economy. With the judge’s decision, Microsoft and Activision can now proceed with closing their deal before the July 18 deadline. Now, let’s go over what else we’re following today: First, former Samsung executive Choi Jin-seok is on trial, facing accusations of corporate espionage and stealing sensitive information. Second, inflation rate figures for India, Russia, Spain, and the US are set to be released, giving us important insights into the state of these economies. Third, the G7 plans to announce a multilateral security agreement for Ukraine, which will have significant implications for both regional and global security. Finally, here are five more top stories to keep an eye on: 1. Nato leaders have agreed to extend an invitation to Ukraine to join the alliance, but without a firm timeframe, leading to criticism from Kyiv. 2. China is developing stricter rules to regulate generative artificial intelligence, requiring companies to obtain a license before releasing AI models. 3. Trade talks between Australia and the EU have stalled over a dispute regarding meat quotas. 4. Taiwan is conducting its first large-scale evacuation drill in decades, signaling its focus on strengthening civil defenses against potential Chinese aggression. 5. Temasek Holdings, a Singaporean state-owned investor, has reported its worst returns since 2016, indicating the challenges investors face in a changing global landscape. For a more in-depth analysis, check out our Big Read on Rishi Sunak and the challenges facing his leadership as UK Prime Minister. Finally, in our chart of the day, we see that while cryptocurrency transactions are illegal on the Chinese mainland, Hong Kong is striving to become a digital assets trading hub, with crypto shops thriving. Enjoy a break from the news with a visit to the legendary London seafood restaurant Manzi’s and indulge in their extensive menu.
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