FT News Briefing A big win for Microsoft’s Activision deal
Jul 12, 2023
A UK minister seeks over £2 billion to boost public sector pay amid financial strains. Meanwhile, JPMorgan is eyeing clients from the fallen Silicon Valley Bank and expanding its startup banking team abroad. A significant court ruling has cleared the way for Microsoft's acquisition of Activision, stirring discussions on competition in gaming. The evolving landscape of tech regulations and Frances Haugen's insights as a whistleblower highlight the push for greater corporate accountability.
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Microsoft Wins Activision Deal
- Microsoft's acquisition of Activision Blizzard faced regulatory hurdles, especially concerning the impact on Sony's PlayStation.
- A U.S. judge ruled against the FTC's attempt to block the deal, citing a lack of evidence of harm to competition.
UK Public Sector Pay Rises
- UK Chancellor Jeremy Hunt seeks over £2 billion in savings to fund public sector pay rises.
- He insists on avoiding borrowing to prevent further inflation, raising concerns about potential cuts to already strained public services.
Banks Compete for SVB Clients
- Following SVB's collapse, major banks like JPMorgan Chase and HSBC compete to acquire its startup and venture capital clients.
- JPMorgan Chase aggressively hires former SVB executives globally, leveraging its extensive commercial banking operations.