Financial Daily Dose 6.11.2020 | Top Story: Europe to Charge Amazon with Antitrust Violations Over Treatment of Third-Party Sellers

Robins Kaplan LLP

Robins Kaplan LLP

The European Union’s antitrust authority is reportedly within days of filing charges against Amazon for the company’s “treatment of third-party sellers,” the latest step in a “two-year probe into Amazon’s alleged mistreatment of sellers that use its platform” related to its “dual role as a marketplace operator and a seller of its own products” – WSJ and Bloomberg

Something of a mixed bag from the Fed on Wednesday. The good? The central bank will leave rates at near-zero and will continue to intervene to smooth out the impact of the coronavirus on the U.S. economy. The bad? It’s doing all of that because it expects the unemployment rate to close out the year at near 10% “and remain elevated for years” and output to come in a full 6.5% lower than a year before. Ouch – NYTimes and WSJ and Bloomberg and MarketWatch

European food delivery service Just Eat Takeaway revealed this week that it is “in advanced talks to buy Grubhub, a deal that would give it a foothold in the United States,” and, as importantly, snatch the company away from Uber, which has been in acquisition talks itself – NYTimes and WSJ and MarketWatch

Checking in with the PPP, including the more-than $130 billion in small-business aid sitting unused (or returned), an unforeseen side effect of the program’s “messy execution and confusing rules that deterred some small businesses from using the money” – NYTimes

And while we’re at it, here’s a look at the growing dispute in Congress about extending Covid-related jobless benefits past their July expiration date – NYTimes

Leading U.S. chicken producer Tyson Foods has announced that it is “cooperating in a Justice Department price-fixing investigation under a leniency program that will allow the company to avoid criminal prosecution in exchange for adding in the continuing probe of other poultry suppliers.” The new comes just a week after prominent chicken-industry execs were indicted on charges of price fixing and bid rigging – WSJ

The Times’ Fast Forward series takes up fintechs, the “largely online financial service companies once reserved for younger people with lower earnings and savings,” and their growing role as “savvy and effective intermediaries in the age of the coronavirus” – NYTimes

Here’s a fascinating take on all of that insolvency stock popularity of late in U.S. markets. The Journal suggests that the grounding of sports has left betting-mad Brits without an outlet for their need to wager and may have led them to stock-market speculation as a means for quenching their “big risk appetite” – WSJ

Not sure if that explains Hertz’s fall back to earth on Wednesday—the NYSE delisting its stock may have a little more to do with that – MarketWatch

Feeling especially down about the Covid-induced lockdown and resulting shift to WFH? Maybe sit this one out. For the rest of you, some thoughts on just how prevalent remote work will be when things start looking more normal from a public health perspective – NYTimes

Stay safe.

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Robins Kaplan LLP

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