Waymo people are about to ride RoboTaxis

An unlikely alliance - Waymo (a subsidiary of Alphabet, $GOOG) and Uber ($UBER) are putting past differences aside to bring robotaxis to Austin and Atlanta in early 2025. Waymo will provide the cars (exclusively Jaguar I-PACE AVs), and Uber will handle the distribution and booking via its app. Back in 2018, Uber and Waymo were famously beefing over whether or not Uber had “stolen trade secrets” from Waymo after an ex-employee was accused of taking 14,000 files with them when they left. The case was settled and one of the provisions was that Waymo received 0.34% of Uber’s equity.

Waymo offers its own ride hailing platform, Waymo One, in San Francisco, Los Angeles and Phoenix and are now offering about 100,000 trips per week. With the new Uber partnership, Waymo is showing an interest in scaling via its direct booking platform as well as through other ride-hailing platforms, specifically Uber.

Temu and Shein’s favorite import policy is about to disappear - new US shipping rules will target Chinese giants

The TL;DR: The US's Tariff Act of 1930 established a de minimis threshold that allowed low-cost imports to enter the country duty-free and tariff-free to expedite transit through customs. As recently as 2014, the total value of goods entering the country through de minimus was still under $1 billion, but the emergence of fast fashion e-commerce brands, especially in China, has caused an explosion in de minimis shipments, with more than $40 billion of de minimis imports entering the country each year since 2019. A 2023 congressional investigation showed that in 2022, 30% of de minimis shipments came from Shein and Temu alone, and 62% came from China.

• Removal of Exemption: The new rules would eliminate the de minimis exemption for goods already subject to U.S. tariffs, impacting many products, including textiles and apparel.

• Increased Compliance Requirements: Shippers will need to provide more detailed information about their packages, enhancing scrutiny by U.S. Customs.

TikTok Ban Heard in Court

The U.S. Court of Appeals is currently hearing TikTok's challenge against a law that could lead to the app being banned unless its Chinese parent company, ByteDance, divests its ownership by January 2025. TikTok argues that this law infringes on First Amendment rights, claiming it effectively bans the platform without sufficient evidence of a national security threat.

• Arguments Presented: TikTok's legal team contends that the law targets the app specifically and violates free speech rights by enforcing a forced sale. They argue that the government has not provided adequate justification for its claims regarding national security risks associated with Chinese ownership.

• Next Steps: A ruling is expected by December 2024. If the court upholds the law, TikTok could be forced to divest or face a ban, which would significantly impact its operations in the U.S. The decision may also be appealed to the Supreme Court, prolonging the legal battle.

Luxury juggernauts Tapestry and Capri head to court to save their $8.5B fashion merger

Tapestry, Inc., the parent company of Coach and Kate Spade, is facing legal challenges from the U.S. Federal Trade Commission (FTC) regarding its proposed $8.5 billion acquisition of Capri Holdings, which owns Michael Kors, Versace, and Jimmy Choo. The FTC argues that this merger would significantly reduce competition in the "accessible luxury" handbag market, leading to higher prices and fewer choices for consumers. The agency claims that the deal would eliminate direct competition between Tapestry's and Capri's brands, harming both consumers and employees by reducing incentives for innovation and better wages. Tapestry has been pursuing a strategy of serial acquisitions to strengthen its position in the fashion industry, which the FTC believes could further entrench its dominance.

The FTC's lawsuit follows a broader trend of increased scrutiny on large mergers and acquisitions, particularly those that could harm consumer interests. While Tapestry insists that the merger would be pro-competitive and beneficial for consumers, the FTC’s complaint highlights potential monopolistic risks. The case underscores ongoing tensions in the luxury market as companies seek to consolidate their power against formidable European competitors like LVMH. As the legal proceedings unfold, they will determine whether the merger can proceed or if it will face significant regulatory hurdles that could reshape the landscape of American luxury retail.

India accuses Samsung, Xiaomi of colluding with Amazon, Flipkart

India has accused major smartphone manufacturers Samsung and Xiaomi of colluding with e-commerce giants Amazon and Flipkart (one of India's largest e-commerce platform) to manipulate pricing and restrict competition in the market. The allegations, made by the Competition Commission of India (CCI), suggest that these companies engaged in practices that could harm consumers by inflating prices and limiting choices. The CCI's investigation indicates that such collusion undermines fair competition, which is crucial for a healthy market environment.

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