The on-going lawsuit between Valve and the ACCC is about to come an end, Valve has appealed the fine of $3 million and the Australian High Court has tossed the appeal out. Newell is going to have to pay-up.
According to an announcement from the ACCC, Valve has breached consumer law in Australia causing the company to be slapped with a fine of $3 million. Justice Edelman, fined Valve back in 2016 for not allowing Australian gamers the right of refunding products between the years of 2011 and 2014, Valve appealed this notion but the High Court has dismissed their proposal.
Here is what the ACCC said: "As a result of the High Court's refusal of special leave, the Full Federal Court's decision that Valve is bound by the ACL in its dealings with Australian customers, despite being based overseas, is the final decision on this issue"
We have all experienced those pesky 'warranty void if removed' stickers on our devices, but it looks like those stickers don't really matter... with the Federal Trade Commission (FTC) saying they're worthless.
Motherboard reports from an FTC press release, that the Commission has sent letters to six companies that said that their stickers are in violation of a long standing law. The press release said: "The letters warn that FTC staff has concerns about the companies' statements that consumers must use specified parts or service providers to keep their warranties intact".
It continued: "Unless warrantors provide the parts or services for free or receive a waiver from the FTC, such statements generally are prohibited by the Magnuson-Moss Warranty Act, a law that governs consumer product warranties. Similarly, such statements may be deceptive under the FTC Act".
Samsung has had a massive first three months of 2018, with a huge 58% increase in profit and demand for its memory chips through the roof, more than enough to offset Apple's reduced requirement of displays for iPhone X.
Bloomberg is reporting that Samsung's operating income reached $14.7 billion in Q1 2018, compared to $13.5 billion that analysts expected Samsung to report. Samsung sold through a huge $56.4 billion in Q1 2018, with these sales including the new Galaxy S9 and the near unlimited want for memory across the world with ASIC miners and graphics cards.
Samsung became the world's largest chipmaker by sales late last year, besting Intel, but memory is where Samsung is making its strides lately. Lee Jay-yun, an analyst with Yuanta Securities Co. explains: "Memory chips are the loyal son of Samsung. Still, momentum may slow toward the end of this year with price rises likely to be less steep than last year".
Broadcom has been in headlines for the last few weeks after its aggressive push to acquire Qualcomm, with President Trump stepping in and blocking the acquisition.
Now news is breaking that Broadcom is going to be moving its operations into the US, a move that would allow the Singapore-based giant to acquire US companies. Broadcom is moving its operations to Delaware, with the company proposing the move all the way back in November.
We don't know if Broadcom will once again try and hunt down Qualcomm for an acquisition, but moving to the US will allow the company to pursue US companies in the future.
Broadcom has been going after Qualcomm for months now, which led into US national security concerns and even President Trump standing in and blocking the takeover last week.
The presidential order said there was "clear evidence" of a US national security concern, with Broadcom able to "take action that threatens to impair the national security of the United States". Broadcom said in a statement regarding the order that the Singapore-based company "strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns".
Qualcomm rejected the hostile takeover bid from Broadcom multiple times, while the Committee on Foreign Investment in the US (CFIUS) operating under the Treasury Department, investigated the national security threat and determined there were multiple red flags, and now the deal is dead.
President Trump has issued an order that immediately stops Broadcom's attempts at acquiring Qualcomm, with Broadcom now blocked from the takeover and anything "substantially equivalent" to it, as it might "impair the national security" of the United States.
Broadcom has been lusting after Qualcomm for a while now, offering up a huge $130 billion to acquire the Snapdragon creator, and soon, 5G leader. There was a letter from the Committee on Foreign Investment in the US that warned of a major national security threat if the Singapore-based company were to acquire Qualcomm.
In the meantime, Broadcom has said it is "reviewing" President Trump's order, and that the company "strongly disagrees" that its acquisition of Qualcomm would affect US national security. Qualcomm has said that once they've got the Order, they will kick off their annual stockholders meeting on March 23.
We all know just how big Amazon is, and with its founder and CEO Jeff Bezos kicking off the New Year as the world's richest man, but did you know he's making around $231,000 per minute this year?
Bezos has a fortune of nearly $100 billion already, and added another $10 billion in the first two weeks of 2019 alone. By the end of January, Bezos racked up another $10 billion bringing his net worth to $120 billion, while the Bloomberg Billionaire Index has Bezos' net worth hitting just over $129 billion, meaning he's made $30.1 billion IN THE LAST THREE MONTHS.
If we consider Bezos added just $35 billion to his fortune in 2017, making $30 billion in under three months of 2018 is astounding. Bezos is now making $10 billion per month, which equates to around $231,000 per minute, seeing Bezos make around 400% more than the average American worker makes in an entire year.
Broadcom has it hard for Qualcomm right now as they see the San Diego-based giant as a massive acquisition target going into the future with the world leading Snapdragon product family, 5G, and a million things in between.
But now, rumor has it Intel wants to acquire Broadcom and this is something that hit on Friday night. Intel shares dropped 1% in after-hours trrading, while Broadcom shares jumped over 6% in the same period. In a world where Broadcom did acquire Qualcomm, it would create a near unstoppable threat for Intel, more so than Qualcomm is on its own.
An Intel spokeswoman reached out to CNBC who said: "That being said, we have made important acquisitions over the past 30 months - including Mobileye and Altera - and our focus is on integrating those acquisitions and making them successful for our customers and shareholders".
Broadcom has the hots for Qualcomm in all the wrong ways, and even with nearly $120 billion on the table, the San Diego-based company behind the Snapdragon family of products has pushed away this acquisition.
The US government stepped in and stopped the deal over major concerns regarding national security, and now Broadcom is sweetening the deal with a $1.5 billion fund that would train new American engineers. Broadcom said in a statement: "With its proven track record of investing in and growing core franchises, Broadcom is committed to making the US the global leader in 5G. Broadcom is in every important respect an American company".
But why the $1.5 billion pledge for American workers? That's what the national security concerns were by the Commitee on Foreign Investment in the US (Cfuis) were over, as they said that Broadcom is trying to inject new directors into Qualcomm through this acquisition that "could pose a risk to the national security of the US".
The big deal going on between tech giants in Broadcom and Qualcomm is reaching new levels, with a US government national security panel seeing potential risks in Broadcom's want to acquire Qualcomm.
In a letter to the two companies, a senior US Treasury official said there were enough national security risks in this deal that it warrants a full investigation. Some of the concerns to the US government over national security involve Broadcom's relationships with foreign entities, but no names were released.
The US government's Committee on Foreign Investment ordered a national security review of Singapore-based Broadcom and their proposed deal, where it said there is an unnamed "actor" that is working through Broadcom to hurt US national security by acquiring Qualcomm. Most of the report is classified, so there's not much to go on, but what there is here is pretty damning.