Italy’s Antitrust Competition Authority Fined Apple
Here is a selection of ads that have made (or are going to make) move the prices of these companies:
Italy’s antitrust competition authority fined Apple 10 million euros (AAPL, US $ 222.73) and Samsung (5 million euros) on Wednesday.
investigation for planned obsolescence. Many investigations have been opened around the world against the two giants, but the Italian antitrust seems to be the first institution to have taken the step and pronounced a sanction. “The companies of the Apple Group and the Samsung Group have implemented dishonest business practices,” the Italian authority said in a statement after its own investigation. Software updates on Apple and Samsung phones “have caused serious malfunctions and significantly reduced benefits, thereby accelerating their substitution,” says the antitrust.
Porsche SE (PAH3, € 52.90), Volkswagen‘s main shareholder, has been ordered to pay 47 million euros (C $ 70m) in damages to investors in connection with the rigged diesel engine scandal, it was reported Wednesday at the Stuttgart court. Porsche SE, accused of having alerted too late the market of the handling of the engines, “failed in its information duties,” said the court.
The first German bank Deutsche Bank (DBK, € 9.00) saw a sharp drop in net profit in the third quarter, again below expectations, its recent strategic refocusing curbing the recovery of revenues. From July to September, the Frankfurt group posted a net profit down 66% year-on-year, to 211 million euros (C $ 315M), analysts surveyed by Factset relying on 240 million euros ($ 358M) IT). The bank headed since April by the German Christian Sewing worries mainly by the persistent sluggishness of its receipts. The group has earned a turnover of 6.18 billion euros in the quarter, an annual decline of 9%. “The rebound in revenue is waiting,” acknowledged Sewing in a letter to Thursday to 94,000 employees of the group, a “realism” welcomed by JP Morgan in a note of comment.