iRobot Files for Chapter 11 Bankruptcy Amid Rising Competition and Tariff Pressures 
HSBC’s $13.6 Billion Take-Private Offer for Hang Seng Bank Gains Board Backing 
South Korea Warns Weak Won Could Push Inflation Higher in 2025 
RBA Unlikely to Cut Interest Rates in 2026 as Inflation Pressures Persist, Says Westpac 
Biren Technology Targets Hong Kong IPO to Raise $300 Million Amid China’s AI Chip Push 
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes 
Japan Exports to U.S. Rebound in November as Tariff Impact Eases, Boosting BOJ Rate Hike Expectations 
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
Silver Prices Hit Record High as Safe-Haven Demand Surges Amid U.S. Economic Uncertainty 
Asian Currencies Trade Sideways as Dollar Weakens Ahead of Key U.S. Data 
CMOC to Acquire Equinox Gold’s Brazilian Mines in $1 Billion Deal to Expand Precious Metals Portfolio 
FDA Says No Black Box Warning Planned for COVID-19 Vaccines Despite Safety Debate 
Treasury Wine Estates Shares Plunge on Earnings Warning Amid U.S. and China Weakness 
Shell M&A Chief Exits After BP Takeover Proposal Rejected 
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
Robinhood Expands Sports Event Contracts With Player Performance Wagers 
SpaceX Begins IPO Preparations as Wall Street Banks Line Up for Advisory Roles 
Microsoft’s acquisition of Activision Blizzard has been met with another hurdle as the antitrust regulator of the United Kingdom refused to give its approval. The antitrust watchdog has blocked the $69 billion takeover deal, which has been described as the biggest in the tech industry.
UK’s Competition and Markets Authority said on Wednesday, April 26, it is concerned that if allowed, Microsoft’s takeover of Activision Blizzard will lead to the reduction of innovation and choices for gamers in the region would be reduced as well in the years to come.
As per CNN Business, the competition regulator explained the deal will make Microsoft, even more, stronger in the cloud gaming space, which already holds about 60% to 70% market share around the world. The CMA also noted that the video game developer and publisher is one of the world’s biggest and owns many popular titles such as “Overwatch,” “World of Warcraft,” and “Call of Duty.”
“The cloud allows UK gamers to avoid buying expensive gaming consoles and PCs and gives them much more flexibility and choice as to how they play,” the regulator said in a press release. “Allowing Microsoft to take such a strong position in the cloud gaming market just as it begins to grow rapidly would risk undermining the innovation that is crucial to the development of these opportunities.”
Microsoft and Activision Blizzard are planning to appeal CMA’s decision at the UK Competition Appeals Tribunal. The companies will challenge it to gain the approval they have been seeking for. The latter’s CEO Booby Kotick said they have already started the paperwork for the appeal.
Meanwhile, Microsoft's vice chairman and president, Brad Smith, reportedly lashed out at the UK after the deal was disapproved. He told BBC News that the decision was "bad for Britain" and pushed the company to the "darkest day" in its four decades of operation in the region.
"It does more than shake our confidence in the future of the opportunity to grow a technology business in Britain than we have ever confronted before," Smith said. "People are shocked, people are disappointed, and people's confidence in technology in the UK has been severely shaken.”
Photo by: Turag Photography/Unsplash
