ibt-mailAug 8, 2024, 9:55 AM

Why Google's Antitrust Ruling Could Cost Apple Billions

Newsletter Aug 8, 2024 Quick Six Antitrust ruling against Google could cost Apple billions Apple's services revenue may take a big hit as its AI deal with Google is under scrutiny after a US judge

Newsletter Aug 8, 2024

Quick Six

Antitrust ruling against Google could cost Apple billions
Apple's services revenue may take a big hit as its AI deal with Google is under scrutiny after a US judge ruled the latter's parent company, Alphabet, has been operating an illegal monopoly in the search engine market. The deal between the tech giants, known as the Information Services Agreement, mandates the use of Google as the default search engine on Apple devices. The ruling means Apple and similar companies might be required to prompt users to select their preferred search engine, rather than setting a default and allowing changes only through device settings.
THE POTENTIAL RESOLUTION BETWEEN APPLE, GOOGLE

Stocks take another downturn in week filled with volatility
The stock markets experienced significant volatility Wednesday, with the Dow Jones Industrial Average (DJIA) falling by 234 points, or 0.6%, closing at 38,763. This decline came after the Dow had initially gained over 400 points earlier in the session. The S&P 500 and the Nasdaq Composite also saw declines, falling 0.77% and 1.05%, respectively. This turbulence comes as investors attempt to recover from this week's severe losses.
TREASURY NOTES ARE CONTRIBUTING TO INSTABILITY

Mortgage rates fall, spark significant increase in re-fi market
The past week gave some relief to the mortgage market after interest rates dropped, resulting in an increase in mortgage demand. Homebuyers and homeowners took the opportunity to apply for mortgages, as seen by a 6.9% rise in applications last week compared to the previous week. It marked the lowest rate since May 2023, and the volume was the highest since January.
SEE HOW THE LATEST RATES ARE FUELING REFINANCING

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Markets

DJIA	38,763.45	-0.60%
S&P 500	5,199.50	-0.77%
Nasdaq Composite	16,195.81	-1.05%
Japan: Nikkei 225	34,451.05	-1.82%
UK: FTSE 100	8,166.88	1.75%
Crude Oil Futures	75.36	0.17%
Gold Futures	2,425.10	-0.30%
Yen	146.10	-0.40%
Euro	1.09	0.05%
* As of market close

Harvard faces antisemitism suit, not MIT

A federal judge has ruled that Harvard University must face a lawsuit over allegations of mishandling antisemitic incidents on campus. The decision stems from claims the school failed to protect Jewish students following demonstrations linked to the Oct. 7 Hamas attacks on Israel. The judge found that Harvard's response was inadequately decisive and inconsistent, which did not address the students' concerns adequately. In contrast, MIT has been cleared of similar accusations.

SEE WHY MIT WAS SPARED LAWSUIT WHILE HARVARD WAS NOT

NASA considers rescue for stranded crew

What was meant to be a weeklong trip to the International Space Station for the first NASA astronauts to fly with Boeing could extend to eight months, with the agency considering bringing them home on a SpaceX spaceship. A final decision on whether to persist with Boeing's Starliner is expected this month. Planning is underway with Boeing rival SpaceX, owned by Elon Musk, to potentially launch their scheduled Crew-9 mission in September with just two astronauts rather than four.

THE STARLINER CAN STILL HAVE AN IMPACT ON SPACE TRAVEL

Olympics cashing in on product placement

The Olympics is set to feature more high-profile product placement in a departure from the past when brands were kept away from the sport, the IOC said. The Paris Olympics have been notable for the prominent branding opportunities given to LVMH and Samsung. The IOC has long had a lucrative corporate sponsorship program with brands such as Toyota, Coca-Cola and Visa. But no advertising has been allowed on sports fields or at venues, depriving the IOC of extra revenue.

WHY HEALTH OFFICIALS ARE ASKING OLYMPICS TO BAN COKE

Extra point

What was the first movie to use product placement? Name the product.

Wednesday's answer: George Washington appears on the Badge of Military Merit (now called the Purple Heart), which was created Aug. 7, 1782. John F. Kennedy is the only president to receive the award.

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