Turkey Fines Google | McKinsey Settles Over Opioid Work | UK Economy Declines

Market Update

• ServiceTitan’s valuation nears $9 billion as shares surge in market debut.

• T-Mobile announces $14 bln share buyback program.

• Boeing invests $1 billion to boost production in South Carolina.

• China shows willingness to improve relations with U.S. before Trump inauguration.

• Broadcom joins $1 trillion club as AI revenues spike 220%.

Turkey fines Google $75 million for violating competition law

Heavy Fine: Turkey's competition authority fined Google $75 million (2.61 billion lira) for violating competition law.

Market Dominance: The fine was imposed due to Google's abuse of its dominant position in the ad server services market.

Unfair Practices: Google favored its own supply-side platform (SSP) over rivals, making it difficult for competitors to operate.

Corrective Measures: Google must ensure within six months that competitors are not disadvantaged and provide third-party SSPs similar conditions to its own services. [Learn more]

McKinsey & Company agrees to $650 million settlement with feds over opioids work

Settlement Amount: McKinsey & Company has agreed to pay $650 million to settle a federal investigation into its work with opioid manufacturer Purdue Pharma.

Deferred Prosecution Agreement: McKinsey entered into a deferred prosecution agreement to resolve criminal charges, including conspiracy to misbrand prescription drugs.

Obstruction of Justice: A former McKinsey senior partner has agreed to plead guilty to obstruction of justice for deleting documents related to the investigation.

Previous Settlements: Since 2021, McKinsey has agreed to pay $765 million in settlements to state and local governments for its role in advising businesses on selling opioids. [Learn more]

UK economy in October suffers first back-to-back declines since 2020

Consecutive Declines: The UK economy experienced its first back-to-back declines in gross domestic product (GDP) since the onset of the COVID-19 pandemic, with a 0.1% contraction in October 2020.

Sector Performance: The services sector showed no growth, while manufacturing and construction sectors declined by 0.6% and 0.4% respectively.

Economic Uncertainty: The declines were attributed to economic uncertainty ahead of the government's first budget announcement, which led businesses and consumers to hold back on spending.

Government Response: Finance Minister Rachel Reeves stated that policies had been put in place to deliver long-term economic growth, despite the disappointing figures. [Learn more]

Joke of the Day!

What do you call a cow in an earthquake?

A milkshake.

Generative AI Photo of the Day!

Prompt: A scene featuring a cool cow standing in the midst of an earthquake, unfazed and sipping on a tall, colorful milkshake. The cow is wearing a pair of stylish aviator sunglasses and a leather jacket. Surround the cow with shaking ground and buildings in the background, cracks forming on the pavement. Add a dynamic effect of dust and debris flying around, but the cow remains calm, holding the milkshake with one hoof and sipping through a straw. The sky above is dramatic with lightning flashing, emphasizing the intensity of the earthquake, while the cow looks utterly cool and composed.