Welcome to another edition of The Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
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[M&A] The U.K. government said it would probe Nvidia Corp.’s $40 billion deal to buy British chip designer Arm from SoftBank Group Corp. over possible national security issues, adding new regulatory scrutiny to the proposed acquisition. The deal to combine two of the world’s biggest chip designers could redraw the semiconductor industry. But it has attracted intense scrutiny from regulators around the world—and accusations from Nvidia competitors that it would hand the U.S. company an unfair advantage in an intensifying global race for chip know-how and manufacturing capacity.
[Sports] On Sunday afternoon, a dozen top soccer clubs, including six in the English Premier League and top teams in Spain and Italy, announced a plan to form a breakaway Super League. The competition is supposed to supersede UEFA’s Champions League, which pits the top clubs across Europe against one another. The Super League would mean huge payoffs for the top teams, including a one-time payoff of €3.5 billion ($4.18 billion) for any team that joins the new league. Opposition came swiftly from the U.K. Prime Minister Boris Johnson, French President Emmanuel Macron, domestic rivals around Europe, and soccer fans worldwide.
[Internet] Google’s plan to replace third-party cookies with its new ad-tech Federated Learning of Cohorts (FLoC) faces hostility from other major internet browsers such as Microsoft Edge and Mozilla Firefox. Both these browsers are built on the open source Chromium project. FLoC uses an algorithm to look at your browser history and place you in a group of people with similar browsing histories so that advertisers can target you. Detractors of the FLoC say that it places a huge responsibility on the browser maker and, if implemented poorly, could leak out sensitive information.
Over60: The Verge
[Crypto] Traders are whipping up a “Doge Day” frenzy on Twitter and Reddit forums to push the price of the meme cryptocurrency toward $1, in a further sign of overheating in parts of the market. The mania around dogecoin, which was started as a joke and designed to serve no purpose, has sent the price soaring by over 8,000% this year. In comparison, the S&P 500 generated about 1,900%, including dividends, over the past three decades.
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