FTC stops Amgen's $27B Horizon deal / U.S. solar tax credits don't break China dependence / Consumer debt hits $17T

Plus, EU clears Microsoft's Activision deal

Inside Business For May 16, 2023

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1 The Federal Trade Commission has filed a lawsuit to block Amgen's $27.8B acquisition of Horizon Therapeutics due to concerns about its impact on competition in the pharmaceutical industry. This reflects the FTC's stricter stance on mergers under Chair Lina Khan. More: The complaint might represent a stronger stance against the pharmaceutical industry, which has traditionally avoided significant FTC action. Following the announcement, Amgen's stock fell by more than 2%, and Horizon Therapeutics' stock fell by more than 15%. According to the FTC, the merger would allow Amgen to establish monopolies in Horizon's eye and gout medications, possibly limiting competition. The Pharma companies counter the FTC's arguments by claiming that they do not intend to bundle Horizon's goods and that the bundling theory has not been proven in previous acquisition cases. Zoom Out: Recent court decisions in favor of the mergers, such as Illumina's acquisition of Grail, have made it difficult for the FTC to stop agreements in the pharmaceutical sector.

2 What happened: To be eligible for the tax credits provided by the Inflation Reduction Act, U.S. solar producers must employ locally produced cells, according to recent instructions from the U.S. Treasury. Analysts predict that the requirement won't considerably lessen the U.S.'s reliance on imports from China because the U.S. has a limited capability for producing solar cells. Since 2011, China has invested $50B to become the world leader in solar-power technology, significantly more than any other country. Why it matters: The U.S. solar manufacturing industry needs to catch up to China's, making it unlikely that the new U.S. regulations to restore renewable energy supply chains will be able to weaken China's sway over the industry. The limitations on imported cells may impact solar producers' procurement plans and show Washington's efforts to offset China's competitive edge in clean technology. Where to see the impact: Due to supply chain limitations and trade prohibitions on solar-related imports, U.S. solar projects will only benefit from the full tax credit if they obtain their cells domestically. According to IEA, China's share of manufacturing in the critical stages of solar panel production is set to reach 95%.

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3 In Q1 2023, total consumer debt increased by over $150B or 0.9% from the previous quarter to a new high of over $17T. While mortgage debt increased slightly to $12.04T in Q1 2023, driven by higher interest rates of 6.4%, mortgage originations plummeted 35% to $323.5B. More: According to Andrew Haughwout of the New York Fed, even though the mortgage refinancing boom is over, its effects will be felt for a long time. Around 14 million mortgages were refinanced during the pandemic, with rate refinancing accounting for 64% of those transactions; As a result, borrowers saved an average of about $220 per month. Credit card delinquency rates rose by 0.6 percentage points to 6.5%, auto loan delinquency rates by 0.2 percentage points to 6.9%, and overall delinquency rates rose by 0.2 percentage points to 3%. Debt for auto loans grew to $1.56T, while student loan debt increased marginally to $1.6T.

4 The European Commission has approved Microsoft's $69B acquisition of Activision, but the U.K.'s Competition & Markets Authority has blocked the deal. The U.S. Federal Trade Commission's case is still pending, while Japan has already approved it. More: Due to Microsoft's agreement to grant Activision game licenses to competing game streaming services, the European Commission views the transaction as pro-competitive. The U.K.'s decision to reject the accord was viewed as an assertion of its regulatory power after Brexit. Microsoft has agreements to license Activision titles to organizations like Nvidia, Nintendo, Boosteroid, and Ubitus. Following the EU's approval, Activision's shares increased 1.3%, while Microsoft's shares remained steady.

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5 Verizon's unlimited mobile plans have been reduced from six to two, with costs per line ranging from $30 to $80; Additional subscriptions are also now offered as part of the myPlan bundle. To entice users, Verizon is giving myPlan add-ons like Disney streaming and Walmart+ for $10 monthly. More: The new Unlimited Welcome and Unlimited Plus plans will cost $120 and $180 for four lines ($30 and $45 per line). One line will cost $65 and $80, respectively. Starting Thursday, customers can choose from the new individualized service plans or keep their existing bundle plans. While rivals AT&T and T-Mobile added 424,000 and 538,000 postpaid phone connections, respectively, Verizon struggled to retain consumers in Q1, losing 127,000 postpaid phone connections. According to Verizon's consumer unit head Sowmyanarayan Sampath, the move is intended to remove any uncertainty and the "paradox of choice" that would put off potential customers. Tuesday's trading saw a 1.96% decrease in Verizon stock.

6 Vodafone CEO Margherita Della Valle has announced plans to cut 11,000 jobs, representing 12% of its global workforce, over the next three years to restore growth. This action follows a period of underwhelming performance and falling share price; these job cuts will impact both the local markets and Vodafone's U.K. headquarters. More: The business intends to use the $312M in cost savings to boost the Vodafone brand and enhance customer service. Vodafone's full-year revenues for 2022 climbed only by 0.3% less than experts had anticipated, coming in at $50B. EBITDA, which accounts for earnings before interest, taxes, depreciation, and amortization, decreased 1.3% to $16B. Over the past year, Vodafone's share price has decreased by 25% while numerous foreign investors, such as e& and Liberty Global, have taken significant holdings in the business. Zoom Out: On April 25, To boost Vodafone's performance, e&, a United Arab Emirates investment organization, expanded its shareholding to 14.6% and is debating the board's makeup.

7 Quick Hits: Kathy Lueders, the former top human spaceflight official at NASA, has joined SpaceX as general manager, reporting directly to Gwynne Shotwell. The French government is attempting to reclaim $2.7B in back taxes from several of the country's biggest banks for allegedly evading taxes on dividend payments. After Warren Buffett's Berkshire Hathaway Inc. reported that it had acquired a nearly $1B stake in Capital One Financial Corp., the credit card-focused bank's shares increased on Tuesday. Airlines of varying sizes are adding U.S.-Europe flights in anticipation of sustained international travel growth, with higher fares for international trips than domestic ones.

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Knowledge Hub Term of the Day Accredited investor: Individuals who are eligible to invest in early-stage startups are known as accredited investors. Read More Question of the Week How do you approach networking, and what advice can you give others looking to build their professional connections? Join the conversation

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Shriram Jeevakumar Freelance Writer Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. This newsletter was edited by Aaron Crutchfield

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