Microsoft's $69B Activision deal runs into an impenetrable boss: UK regulator

Microsoft’s $69 billion bid to acquire Activision Blizzard has been blocked by the UK’s top antitrust regulator. The agency cited concerns that the deal would give Microsoft an unfair advantage in cloud gaming. Microsoft president Brad Smith said the decision was based on “a flawed understanding of this market.”

Meanwhile, Activision Blizzard is also putting up a fight, saying they will work to reverse the ruling. The FTC in the US is also suing to block the deal, so it looks like Microsoft's acquisition dreams might be going down the drain. The EU's competition regulator is also investigating, so the only thing we know for sure is that lawyers are about to make a whole lot of money.

Rapid Rundown

• 🚫 UK regulator blocks Microsoft's $69B bid for Activision citing anti-competition concerns.

• 💼 Microsoft plans to appeal the decision, while the deal also faces investigations in the US and EU.

Germany’s Nuclear Power Plants: Out with the Old, In with the…Coal?

Today we bid farewell to Germany’s nuclear power plants. Born in 1961, they passed away in 2023 after losing public support. It’s like trying to build a sandcastle without sand - impossible! But how did we get here? Well, after Chernobyl and questions about nuclear waste, public support eroded. The government planned to shut them down in 2002. After Fukushima in 2011, Chancellor Merkel sped up closures.

Shutting down nuclear power plants could be a setback for climate goals. Germany has installed renewable energy but emissions from its electricity sector have been slow to fall. The country pledged to reach net-zero emissions by 2045 but missed its climate targets for 2021 and 2022. Weaning off coal has been slow - some coal plants were restarted this winter due to the energy crisis.

Some advocates of nuclear phaseout in Germany argue that getting rid of nuclear power does not prevent the country from ditching coal and meeting climate goals. In any case, Germany's energy transition presents a unique challenge as the country attempts to achieve its ambitious climate goals without the consistent electricity supply provided by nuclear power.

Rapid Rundown

• 🏭 Germany’s nuclear power plants shut down in 2023 after losing public support.

• 🌍 Shutting down nuclear power plants could be a setback for Germany’s climate goals. Some coal plants were even restarted.

Facebook, Oops, I Mean Meta, Shows Signs of Life with 3% Revenue Growth

Well, well, well, look who's bouncing back! Meta Platforms has reported a 3% increase in revenue for the first quarter of 2023. It's about time they got their act together after three consecutive quarters of declining revenue.

However, let's not pop the champagne just yet, because spending increased by 10%, cutting net income to $5.7 billion from $7.4 billion. In the past six months, Meta has been cutting costs left and right, including two rounds of layoffs, with one still ongoing.

But hey, they're projecting a stronger second quarter with revenue growth expected to surge by up to 11%. The good news is that Meta's stock price went up after the announcement. So, congratulations to those who invested early and sorry to those who didn't, better luck next time.

Rapid Rundown

• 💰 Meta's Q1 2023 revenue is up 3%.

• 💸 10% increase in spending cut net income, layoffs ongoing.

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