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Microsoft makes final case for Activision Blizzard deal as federal judge decides whether to block it
SAN FRANCISCO — The fate of what could be the priciest merger in tech industry history will soon be in the hands of a federal judge who must decide whether to stop Microsoft from closing its deal to buy video game company Activision Blizzard. Federal antitrust enforcers have sued to block the $69 billion acquisition they say will harm competition between Microsoft and gaming industry competitors such as Sony and Nintendo. But Microsoft has largely had the upper hand in the 5-day San Francisco federal court hearing that ends Thursday, calling in its CEO Satya Nadella and other executives, including longtime Activision Blizzard CEO Bobby Kotick, to testify in favor of the merger.
Facebook content moderators in Kenya call the work ‘torture.’ Their lawsuit may ripple worldwide
NAIROBI, Kenya — Nearly 200 former content moderators for Facebook are suing the company and a local contractor in a court case in Kenya that could have implications for the work worldwide. They are the first known moderators outside the United States to lodge such a complaint. The former employees from several African countries allege poor working conditions including low pay and insufficient mental health support. They say they are haunted by the graphic videos and other content they watched so the rest of the world wouldn’t have to. One former moderator says it was like taking a bullet for Facebook users, and another called the work “torture.”
US economic growth last quarter is revised up sharply to a 2% annual rate
WASHINGTON — Showing surprising resilience in the face of higher interest rates, the U.S. economy grew at a 2% annual pace from January through March as consumers spent at the fastest pace in nearly two years. The revised figure from the Commerce Department sharply upgraded its assessment of first-quarter growth from its previous estimate of a 1.3% annual rate. Despite the uptick, the government’s third and final report on January-March economic growth still marked a deceleration from the 2.6% annual rate from October through December and the 3.2% growth from July through September. The economy has been slowed by the Federal Reserve’s aggressive drive to tame inflation through a series of interest rate hikes beginning early last year.
3 charged in insider trading case related to taking Trump media firm public, accused of making $22M
NEW YORK — Three Florida men have been charged with making $22 million through illegal insider trading before the public announcement that an acquisition firm was going to take former President Donald Trump’s media company public. The charges were outlined Thursday in papers unsealed in federal court in New York and do not implicate Trump or the Trump Media & Technology Group. That’s the parent company of Trump’s Truth Social platform. Prosecutors say the men were given confidential information about a merger deal. Lawyers for all three declined to comment. The three were freed on bond after a court hearing in Miami.
Flight delays are easing on a busy travel day. One airline has by far the most cancellations
DALLAS — Backups are easing at U.S. airports thanks to a break in the weather, but travelers are still seeing large numbers of flight delays. United Airlines is struggling more than others. United was accounting for the majority of canceled flights in the U.S. on Thursday. The CEO of United blames a shortage of air traffic controllers, especially in the New York City area. Transportation Secretary Pete Buttigieg concedes there is a shortage of controllers, but he says United has some internal issues that aren’t happening at other airlines.
Stock market today: Stocks rise and bond yields jump after the latest signs of a resilient economy
NEW YORK — Most stocks ticked higher on Wall Street following the latest signs that the U.S. economy remains stronger than feared. The S&P 500 rose 0.4% Thursday and is on track for its sixth winning week in the last seven. The Dow gained 269 points, or 0.8%, and the Nasdaq composite edged down by less than 0.1%. Yields jumped after data showed the U.S. economy grew faster at the year’s start than estimated. Fewer workers also applied for unemployment benefits last week. The data are a positive for investors because they suggest a growing economy can support corporate profits. But they could also mean higher interest rates.
Bed Bath & Beyond lives on!(line). Overstock.com buys rights to bankrupt retailer and changes name
NEW YORK — Overstock.com is dumping its name online and becoming Bed Bath & Beyond. The news, announced Wednesday, comes as a federal bankruptcy court approved the online retailer’s bid to buy the bankrupt retailer’s intellectual property assets for $21.5 million. The deal doesn’t include the Bed Bath & Beyond physical stores, which are shuttering, nor the Buybuy Baby chain. The Midvale, Utah-based company, which sells primarily furniture, said it will start rolling out the name change in Canada in early July. In August, customers in the U.S. will see a relaunch of a refreshed website and mobile app under the Bed Bath & Beyond name.
Southwest Airlines pilots ask to be freed from mediation. It’s another step towards a strike
DALLAS — Southwest Airlines pilots are moving one step closer to a possible strike. On Thursday, the pilots’ union asked to be freed from mediation with the airline. The union says pilots and the company are far apart in talks over pay, work rules and other items. But Southwest says it favors more mediation. The union’s request doesn’t mean that a strike is imminent. Pilots could walk off the job only after a 30-day cooling-off period. During that time, the White House could delay a strike, or Congress could block one by imposing a contract settlement on both sides.
The S&P 500 rose 19.58 points, or 0.4%, to 4,396.44. The Dow Jones Industrial Average rose 269.76 points, or 0.8%, to 34,122.42. The Nasdaq composite fell 0.42 points, less than 0.1%, to 13,591.33. The Russell 2000 index of smaller companies rose 22.88 points, or 1.2%, to 1,881.59.
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