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- 🍎 Is Apple's App Store A Monopoly?
🍎 Is Apple's App Store A Monopoly?
Good morning. US stock futures fell in Tuesday morning trading as investors assessed the latest quarterly figures from several major companies.
S&P 500 | Dow | Nasdaq |
---|---|---|
-0.45% | -0.26% | -0.39% |
"An awareness of extremes in valuation and secular excesses affords the capable an opportunity to pivot. Doing so can preserve and create fortunes"
Christopher Bloomstran
Top News
US, South Korea lock in deals on climate, cybersecurity
WHAT: The United States and South Korea are apparently about to lock in some sweet deals. According to the White House, President Joe Biden and his South Korean counterpart Yoon Suk Yeol will soon announce bilateral agreements related to cybersecurity and climate change.
WHY: The US has long viewed South Korea as a strategic ally in Asia as it attempts to compete with China and bolster Asian support for its backing of Ukraine in its ongoing war with Russia.
No one's taking a bite out of Apple
WHAT: Looks like Apple's iPhone app distribution monopoly is here to stay! An appeals court has spoken, and they've given the tech giant a green light to keep those digital walls up.
WHY: The 92-page decision by the US Ninth Circuit Court of Appeals rejected the monopolistic claim leveled against Apple which alleged it had turned its app store into an illegal monopoly that stifles innovation and competition.
$100 billion...poof, gone!
WHAT: First Republic Bank, one of the regional banks caught in the early-March banking sector mini-crisis, said it lost over $100 billion in deposits in the first quarter as it delivered its earnings report - talk about shedding client deposits! The bank said it was "exploring options", including a complete balance sheet makeover.
WHY: First Republic came into intense focus after Silicon Valley Bank and Signature Bank collapsed last month, shaking confidence in US regional banks and prompting customers to move billions of dollars to bigger institutions.
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In Other News
GM, Samsung to team up on battery plant
WHAT: General Motors and Samsung seem ready to take their relationship to the next level as sources confirmed to Reuters that they are looking to build a brand spanking new battery manufacturing plant together in the US.
WHY: While an exact location has not as yet been disclosed, the cost of the plant is expected to be more than the $2.6 billion currently being spent by GM and LG to build a battery plant in Michigan.
Coinbase goes after SEC
WHAT: In what can only be described as a plot twist no one saw coming, Coinbase, the largest crypto exchange in the US, has decided to file a petition against the US Securities and Exchange Commission asking them to create new rules for digital assets.
WHY: The crypto industry largely believes it operates in a regulatory gray area not governed by existing securities laws. Meanwhile, SEC Chair Gary Gensler has said crypto firms should simply comply with existing laws, and that new, crypto-specific regulations are not necessary.
EU adds teeth to patent rules
WHAT: The European Commission has made some changes to their patent rules, giving patent holders a bit more muscle when it comes to royalty disputes. The Commission had initially caught some flak for an earlier draft of the rules which favored users and restricted owners from seeking possible injunctions.
WHY: The EU is hoping the new rules will end costly legal spats over patents essential to key technologies for telecoms equipment, mobile phones, computers, connected cars and smart devices.
Key Economic Events
Tuesday - S&P Case/Shiller Home Price Y-o-Y
Wednesday - US Goods Trade Balance
Thursday - US GDP Growth Rate Q-o-Q
Friday - U. Of. Mich. Consumer Sentiment, Baker Hughes Rig Count
Notable Briefs
Here are 10 tips to teach kids about money at different stages of life!
Have pets? Here are the pros and cons of pet insurance
If you have student loans, here's what you should consider before paying them off
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