Market (@MarketNewsUpdateINT) on getquin

getquin Daily Summary 06.07.2022

Hello getquin,

More oversight for Amazon, Rivian really gets going, and Prime will soon deliver food? More on that in today's MarketNews!

Europe🌍:

1. Antitrust agency introduces competition oversight for Amazon.

After Facebook Group Meta and Google, the German Federal Cartel Office introduces stronger competition supervision for Amazon. The Internet tycoon was classified by the authority on Wednesday as a company with "high cross-market competitive relevance." Unlike Google and Meta, Amazon disagrees with the decision. In a statement released Wednesday, it said, "We disagree with the Bundeskartellamt's findings and will carefully review the decision and our options, including legal action."

The antitrust agency was given more authority over companies with cross-market reach in 2021 and now has the power to prohibit them from taking actions it deems anti-competitive. Alphabet, the company that owns Google, was identified as one of those companies in January, and Meta in May. Apple remains the subject of investigations.

Read more about the decision: https://bit.ly/3uu9Tej

🟩 $AMZN (+0.62%) (🔼 +1.26%)

America🌏:.

2. Rivian on the fast track

Rivian confirmed it will build 25,000 vehicles in 2022, in line with its lowered forecast in March. The electric carmaker delivered 4,467 of its electric trucks and SUVs to customers in the second quarter. The company produced more than 4,000 vehicles in the second quarter and remains on track to build 25,000 vehicles by 2022.