Discussion on EU's €500mn fine on Apple, German investments in the US, and investors moving away from China-focused ETFs. Insights into the political climate in Russia post-Navalny, concerns about oppression, and economic reforms in India and Mexico.
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Quick takeaways
German companies increase US investments due to Biden's incentives and strong economy.
Navalny's death in Russia leads to increased repression and consolidation of power by Putin.
Deep dives
German companies increase investment in US projects due to Biden's policies
German companies have nearly doubled their investment in US projects as a result of President Joe Biden's Inflation Reduction Act. The Biden administration's tax incentives and a strong US economy have encouraged increased investment. Volkswagen, Mercedes-Benz, and BASF are among the companies that have made record investments in the US, particularly in areas such as SUV projects, battery production, and petrochemical plants.
Alexei Navalny's death deepens repression in Russia
Following the death of Russian opposition leader Alexei Navalny, Russia has experienced a climate of fear and repression. Navalny's death, combined with the approaching two-year anniversary of Russia's invasion of Ukraine, has limited space for dissent and resulted in arrests of those expressing grief or laying flowers at a monument to political prisoners. With Navalny gone, Putin has increasingly consolidated power, eliminating any challenges to his rule. The prospect of an alternative or a better future for those opposing Putin's regime has become increasingly difficult to imagine.
Apple to face half a billion euro penalty for anti-competitive practices by the EU
The European Union plans to fine Apple approximately 500 million euros for anti-competitive behavior related to its music streaming service. This marks the first EU penalty imposed on Apple. The case alleges that Apple blocked its rivals from informing users about more affordable streaming services outside the app store. Apple now joins other tech giants, such as Google, Meta (formerly Facebook), and Microsoft, who have all faced significant fines from the EU for similar antitrust violations.
The European Union plans to hit Apple with a €500mn fine over music streaming, German companies make record investments in the US, and emerging market investors switch to ETFs that exclude China.
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Zach St. Louis, Josh Gabert-Doyon, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.