Business

White House says new antitrust rules will help fight inflation on December 18, 2023 at 9:45 pm Business News | The Hill

Published

1 year ago

December 18, 2023

The Biden administration fired its latest rhetorical salvo against market concentration on Monday with the release of new merger guidelines, as American households are still feeling the squeeze of elevated inflation.

The rules focus on the anticompetitive behaviors of companies on pricing, the hiring of new employees, and the risk posed by monopolies on digital platforms, such as those maintained by giant tech companies like Google, Facebook, Amazon and Apple.

The guidelines, released jointly by the Justice Department and Federal Trade Commission, are not legally binding but are meant to provide insight into how the agencies administer antitrust law.

“Today’s release … is an important step to lower costs for consumers, ensure a level playing field for small businesses, and ensure antitrust enforcement is fit for purpose in today’s economy,” White House economist Lael Brainard said in a statement along with the release.

“For too long, unchecked consolidation has meant big corporations getting bigger, giving them the power to raise prices for Americans and provide consumers with fewer options,” she said.

The guidelines note the harm to consumers done by “tacit coordination” on prices by companies, which becomes easier to accomplish in more highly concentrated markets.

“Tacit coordination can lessen competition even when it does not rise to the level of an agreement and would not itself violate the law,” the guidelines say. “For example, in a concentrated market a firm may forego or soften an aggressive competitive action because it anticipates rivals responding in kind. This harmful behavior is more common the more concentrated markets become, as it is easier to predict the reactions of rivals when there are fewer of them.”

The Biden administration has talked a big game on antitrust enforcement as the ghoul of inflation has haunted Americans’ pocketbooks and petrified the president’s economic approval ratings.

“Prioritizing and pursuing the consumer welfare standard in competition policy has led to consolidation and unchecked dominance in our domestic market, which has stifled competition and diminished economic liberty for our citizens and workers,” U.S. Trade Representative Katherine Tai said in a speech in June.

But actual antitrust enforcement by the government has atrophied in recent years.

Summary data isn’t yet publicly available for the Biden administration’s years in office, but from 2010 to 2019, the DOJ antitrust division investigated an average of just 1.8 monopoly cases and about 70 merger cases per year.

“In the United States, private enforcement continues to far outstrip public enforcement, by a ratio of over 10:1,” University of Michigan law professor Daniel Crane wrote in a 2019 book. “While there has been a good bit of volatility in the number of private antitrust cases initiated, the Justice Department’s trend line has been flat and stuck in low single figures.”

Still, the administration has succeeded in abrading the mergers-and-acquisitions wing of the financial sector. Antitrust lawyers have been railing against the antitrust division chiefs at the DOJ and FTC, while hit pieces written against them have proliferated across the financial press.

“Jonathan Kanter at DOJ and Lina Khan at the FTC — they’re just anti-deal and in a sense they’re anti-the law. They think the law on antitrust is not robust enough, so they want to move the law to essentially be able to stop more deals,” Scott Barshay, a mergers and acquisitions (M&A) lawyer with law firm Paul Weiss, told a conference at Tulane University in March.

“In this very narrow context of who’s going to be running the DOJ antitrust division and the FTC in the future, let’s just say our business will be a lot better if it’s somebody else,” he said earlier this year. “If there’s a deal with even a small amount of antitrust hair on it, there’s a very good chance they’re going to delay it and try and block it, and even if they fail you may have to go to litigation.”

Global M&A deals announced in the third quarter of 2023 amounted to $641 billion, the lowest third-quarter volume in 10 years.

“Following a brief uptick in global M&A activity, deal volumes have dropped again, and [third quarter] performance might deflate hopes that [the second quarter] was the start of an M&A market rebound,” Bloomberg legal analyst Emily Rouleau wrote in October.

According to S&P Global Market Intelligence, the U.S. economy is becoming more concentrated, with a growing number of large companies controlling more market share across more industries.

“In 91 of the 157 primary industries tracked by S&P Global Market Intelligence, the five largest U.S. companies by revenue combine for at least 80 percent of total revenue among publicly traded companies in their respective industries, up from 71 industries in 2000,” S&P analysts wrote in a report earlier this year.

The domestic market power of the largest five companies in each sector has increased in 105 of the tracked industries and fallen in just 38, the analysts found. Other researchers have also noted a concomitant increase in the ability of companies to raise their prices above marginal production costs.

President Biden stressed the need for more competition within the economy earlier this year, describing it as a central feature of the U.S. economy.

“Capitalism — I’ve said it before — capitalism without competition isn’t capitalism; it’s exploitation,” he said in July at a meeting of the White House Competition Council.

Economists have long noted the tendency of firm consolidation within market economies, describing it as a natural phenomenon.

“Cartelization is a historical process which affects the various branches of capitalist production in sequence, as conditions become more favorable … The development of capitalism tends to create such conditions in all branches of production,” German economist Rudolf Hilferding wrote in 1910.

Business, Administration, News, Biden administration, inflation, m&a, mergers, US economy, white house The Biden administration fired its latest rhetorical salvo against market concentration on Monday with the release of new merger guidelines, as American households are still feeling the squeeze of elevated inflation. The rules focus on the anticompetitive behaviors of companies on pricing, the hiring of new employees, and the risk posed by monopolies on digital…

Business

The Last of Us” Season 2: Cast and Creators Share Insights at SXSW

Published

3 days ago

March 9, 2025

Bolanle Media Staff

The cast and creators of the highly anticipated second season of “The Last of Us” gathered at SXSW to discuss the upcoming season. The panel featured cast members Pedro Pascal (Joel), Bella Ramsey (Ellie), Gabriel Luna (Tommy), Kaitlyn Dever (Abby), Isabela Merced (Dina), and Young Mazino (Jesse), along with co-creators Neil Druckmann and Craig Mazin.

Navigating Expectations and Surprising Fans

With the immense success of season one, Druckmann and Mazin acknowledged the pressure to deliver a worthy follow-up. Mazin emphasized their approach to cater to both fans of the game and newcomers to the series. “We try and think about the people who have played the game and make sure that we keep them on their toes and a little bit surprised,” Mazin stated. Druckmann highlighted the emotional weight of adapting “The Last of Us Part II,” emphasizing the dedication of the entire production team to doing justice to the source material.

A Glimpse into Season 2

Attendees were treated to a trailer for season two, offering a glimpse into the evolving relationship between Joel and Ellie five years after the events of the first season. Ramsey described the changed dynamic, hinting at a rift between the characters. Pascal added that their relationship is in “a different place” and that it is “fucking heartbreaking”.

Big Ideas: Tribalism, Love, and Loss

The creators delved into the central themes of season two, including tribalism, the destructive nature of love, and the consequences of loss. Druckmann explained that the season explores the complexities of community and the dehumanization that can occur when groups clash. Mazin emphasized the escalation of these themes, highlighting the potential for isolation and the lengths characters will go to protect their loved ones.

New and Expanded Characters

The panel also touched on new characters and expanded roles in season two. Gabriel Luna discussed Tommy’s evolution into a father, emphasizing how it solidifies his purpose and strengthens his commitment to protecting his family and community. The introduction of new characters like Gail, played by Catherine O’Hara, and the expansion of existing characters like Isaac, played by Jeffrey Wright, promise to add depth and nuance to the narrative. Additionally, the inclusion of Joe Pantoliano as Eugene, a character mentioned but not seen in the game, offers a rewarding experience for longtime fans.

Music as a Binding Force

Music continues to play a significant role in “The Last of Us,” particularly in the relationship between Joel and Ellie. Ramsey shared that music serves as a bonding experience for the characters, mirroring the connection between the actors on set. The guitar, a symbol of Joel’s promise to teach Ellie, takes on a more prominent role in season two.

Diving into the Game

The actors discussed their individual approaches to engaging with the source material. Kaitlyn Dever shared her experience playing the game with her father, while Young Mazino admitted to playing the second game up to a certain point.

How to Find More Free Events

SXSW Official Schedule: Use the SXSW website to filter for free events.
Eventbrite: Browse listings for unofficial SXSW events, many of which are free or low-cost.

Whether you’re a badge holder or not, SXSW 2025 offers something for everyone. From delicious food to live music and interactive experiences, there’s no shortage of fun to be had without spending a fortune. So, grab your friends and enjoy the best of Austin without a badge!

Bolanle Media covers a wide range of topics, including film, technology, and culture. Our team creates easy-to-understand articles and news pieces that keep readers informed about the latest trends and events. If you’re looking for press coverage or want to share your story with a wider audience, we’d love to hear from you! Contact us today to discuss how we can help bring your news to life

Business

No Badge? No Problem: Free SXSW Events

Published

3 days ago

March 9, 2025

Bolanle Media Staff

SXSW, one of the world’s most vibrant festivals, is underway in Austin, Texas, from March 7 to 15, 2025. While official badges can be pricey, there are plenty of free events and activities that allow everyone to join in on the fun without breaking the bank. Here’s a guide to some of the best free events at SXSW 2025:

Free Food and Drinks

Argentinian Barbecue at Tech N’ Fest
- Enjoy a fusion of Argentinian and Texas barbecue, along with complimentary wine and beer, at Buenos Cafe on March 7.

Love is Blind at Lucille
- Celebrate the fifth anniversary of Netflix’s “Love is Blind” with free coffee and cocktails at Lucille on Rainey Street.
Free Pastries and Non-Alcoholic Beer
- Handsome’s and Helium Mobile are hosting a gathering with free pastries and non-alcoholic beer, featuring DJ Jah Karma.
Mionetto Salone
- Experience Italian culture with free spritzes and Prosecco at the Mex-Ar Museum.

Interactive Experiences

Whataburger’s Museum of Art
- Explore hundreds of pieces of fan art and interactive features at Wanderlust Wine Co. on March 8-9.
Barbie Birthday Cake Mochi
- Enjoy free mochi ice cream at the SX Registrant booth from March 7 to 12.
Artisan Mercado@SXSW
- Discover local artisans and their wares at 419 Congress Ave. on March 7..

Music and Entertainment

Rolling Stone’s Future of Music Showcase
- Catch live music performances at ACL Live from March 11 to 14.

Taiwan Beats Day Party
- Enjoy Taiwanese hip-hop performances and cuisine at Seven on East 7th Street.
Something To Feel X SXSW Rnb Party
- Dance the night away at 612 W 4th St on March 7.

Networking and Community Events

K-Content Night 2025 @ SXSW
- Enjoy free dinner and drinks at Parlor & Yard on March 8.
SXSW Creator & Publisher Happy Hour
- Network with industry leaders at Chisos Boot Company on March 8.

How to Find More Free Events

SXSW Official Schedule: Use the SXSW website to filter for free events.
Eventbrite: Browse listings for unofficial SXSW events, many of which are free or low-cost.

Business

HRM Queen Shanta Lana Hereford Delivers Powerful Speech on Global Peace

Published

3 weeks ago

February 20, 2025

Bolanle Media Staff

New Delhi, India – February 16, 2025 – Her Royal Majesty Queen Shanta Lana Hereford, a distinguished global leader and advocate for peace and economic empowerment, was a special
guest speaker at an international event hosted by the EurAsia Afro Chamber of Commerce. The
hybrid event, aired live from New Delhi, India, gathered influential leaders, policymakers, and business executives from around the world to discuss global cooperation, economic diplomacy, and sustainable peace.

Queen Shanta delivered a compelling speech titled “Creating a Framework for a Global Peace Charter,” emphasizing the need for a justice-centered, faith-driven approach to global peace. She outlined a transformative vision, calling for governments, businesses, and faith leaders to unite to draft policies integrating equity, economic accountability, and environmental stewardship into global governance.

“The pursuit of peace is not just the absence of war; it is the presence of justice, dignity, and
opportunity for all, ” Queen Shanta stated. “We must move beyond just talking and establish
actionable frameworks that empower nations and communities to achieve lasting prosperity and peace.”

The EurAsia Afro Chamber of Commerce, under the leadership of its founder and chairman, Dr. Rohit Gupta, is dedicated to fostering economic and cultural collaboration between Africa, Asia, and Europe. The organization aims to create a strong, interconnected business network
bridging these regions, facilitating pathways for economic prosperity and diplomatic relations.
As a prolific leader within the African American diaspora and a global advocate for its
advancement, HRM Queen Shanta Lana Hereford is actively exploring opportunities for trade
and commerce between Africa, Asia, Europe, and other international communities.

Through her affiliations with organizations such as The African Diaspora Collective, The Atlanta Black Chambers, The Black Achievement Fund, The National Business League, The 10K Project, and many others, she is championing economic initiatives that build sustainable supply chains and foster strategic partnerships.

Her mission is to create economic opportunities for Black entrepreneurs and business leaders in America, who have historically been excluded from global trade discussions. By forging these international connections, Queen Hereford is working to ensure that Black communities in the U.S. not only have a seat at the table but play a key role in shaping the future of international commerce, economic empowerment, and global policy.

The event featured several other distinguished guests, including:
● Dr. Rohit Gupta: Founder and Chairman of the EurAsia Afro Chamber of Commerce,
Dr. Gupta has been instrumental in promoting cross-continental business relationships
and trade.
● H.E. Bishop Dr. Samsher Khan: Founder of the BSK Prayer Tower and IRKT, Bishop
Dr. Khan serves as a Peace Ambassador for the International Human Rights
Commission (IHRC) and holds the position of Asia’s Social Media Editor. He is dedicated
to promoting peace and spiritual well-being across communities.
● Madam Sadhvi Pragya Bharti: Sadhvi Pragya Bharti is a spiritual leader, humanitarian,
and national media panelist known for her advocacy of social and educational reforms
rooted in spirituality and justice.

The event underscored the importance of strategic economic partnerships as a tool for
peacebuilding, aligning with Queen Hereford’s global mission of self-determination and
economic sovereignty for Black and Indigenous communities worldwide.

As part of her continued advocacy, Queen Hereford urged global stakeholders to collaborate on
drafting a Global Peace Charter, organizing annual Global Peace Assemblies, and
implementing economic policies that uplift marginalized communities.

This event marks a significant milestone in international diplomacy, reinforcing the role of
economic and cultural cooperation in shaping a peaceful and prosperous future for all.

For media inquiries, interviews, or further information, please contact:
H.E. Roselyn Omaka
National Press Secretary, Nation of Cherut
Email: nps@nationofcherut.org
Phone: 281.301.5535