Top Financial Stories Wednesday, September 14: Multiple Antitrust Setbacks For Google, Bitcoin Crashes, Visa Finds New Gun Control System Ineffective And More…



Google And Facebook Parent Fined Millions Of Dollars By South Korea Over Privacy Law Violations

  • South Korea has imposed fines to the tune of millions of dollars on Alphabet Inc's (NASDAQ: GOOG) (NASDAQ: GOOGL) Google and Meta Platforms Inc (NASDAQ: META) following accusations of privacy law violations.
  • The Personal Information Protection Commission said it fined Google 69.2 billion won ($50 million) and Meta 30.8 billion won ($22 million).

COVID-19 Vaccine Supply To China? Moderna CEO Says Capacity Available

  • Moderna Inc's (NASDAQ: MRNA) CEO Stephane Bancel said the company has talked with the Chinese government about supplying COVID-19 vaccines, but no decision has been made.
  • "We are open. We have the capacity," Bancel said but declined to say whether Moderna had submitted its vaccine for approval in the country.

Bed Bath & Beyond's Interim CEO To Remain In The Job For At Least A Year

  • Bed Bath & Beyond Inc's (NASDAQ: BBBY) interim Chief Executive Officer Sue Gove is likely to stay in the job for at least twelve months.
  • The report noted that the retailer will not pick a new leader until well into 2023, citing two sources familiar with the matter.
  • Gove was named the interim CEO in June, replacing Mark Tritton, following a sales slump.


Visa Finds New Gun Control System As Ineffective To Check Mass Shootings

  • Visa Inc (NYSE: V) warned against the new system that gun-control proponents saw as restricting mass shootings.
  • The International Organization for Standardization approved a new merchant category code that banks will use when processing transactions for gun and ammunition stores. The MCC will likely help banks flag suspicious activity at these retailers.
  • However, Visa found that MCC lacks access to data showing what products consumers are buying.

After Investor Flak, German Healthcare Giant Bayer Starts Hunt For New CEO

  • Bayer AG (OTC: BAYRY) has started a hunt for CEO Werner Baumann's successor.
  • The new CEO search may portend an early departure for Baumann, whose contract with Bayer isn't set to expire until April 2024.
  • Bayer's chairman Norbert Winkeljohann is looking at prospects inside and outside the company to advance a new CEO candidate in time for Bayer's next shareholder meeting in April 2023.

Tencent Music Pushes Hong Kong Listing As Soon As Next Week

  • Tencent Music Entertainment Group (NYSE: TME) is working with advisers on the preparations for its second listing in Hong Kong, intending to start trading as soon as next week.
  • The company said marketing activities could start as early as in the coming days.


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