Twitter wants to change social networks. Twitter announced it will set up a team called "Bluesky" that will develop open source standards to create decentralized social media to better address misinformation or filter bubbles. Taking inspiration from email, it will aim to offer an alternative to the traditional centralized social media platforms.
L'Oréal-Prada agreement. L'Oréal will create, develop and distribute luxury beauty products on behalf of Prada. The license agreement will begin on January 1, 2021.
Nestlé is once again equipping Froneri. Nestlé will recover $4 billion from the sale of its ice cream in the United States to Froneri, a joint venture it owns with PAI Partners, which was created when the Swiss giant put its ice cream on sale outside the United States. The transaction is expected to be completed in the first quarter of 2020. The company said that Nestlé will continue to manage its ice-cream business in Canada, Latin America and Asia through its current market organization.
Cartel of steel. German antitrust authorities have imposed fines totaling €646 million against Thyssenkrupp, Salzgitter and Voestalpine for price fixing.
On the hunt for investors. Reuters has learned that Telecom Italia and Vodafone have selected the consulting banks that will assist them in the sale of part of their branches in Italy. Both companies plan to place their pylons in INWIT, an entity in which TIM owns 60%. The project is waiting for the green light from European antitrust. Subsequently, TIM and Vodafone will each hold 37.5% of the entity, with the objective of reducing their respective shares to 25%. So they are looking for investors to sell them securities.
AB InBev in the hot seat. Australian antitrust authorities have concerns about the transfer of assets from Anheuser-Busch Inbev to Asahi Group. In a preliminary opinion, the ACCC fears, in particular, a reduction in competition on the cider market and, to a lesser extent, on the beer market. Its final decision will be made in March.
Not in 2019. Boeing learned yesterday that the 737MAX will not fly this year, which seemed to be a given, while the FAA is unclear on the date of return to service.
Banks in trouble. Barclays, Royal Bank of Scotland, JPMorgan Chase, Citigroup, MUFG and UBS Group are involved in a class action in the United Kingdom for manipulation of the foreign exchange market.
In other news. The Managing Director of Credit Suisse favors organic growth, considering that the obstacles to acquisitions are significant. At Fiat Chrysler, the employees who are members of the UAW union have validated the agreement negotiated by their representatives. YouTube (Google) will ban personal attacks and harassment with artificial intelligence and teams deployed to clean up the platform. ABB Ltd wins a major Italian contract. Serco sees higher.