The world this week -- Business
In what is by far the biggest-ever takeover in the gaming industry, Microsoft agreed to buy Activision Blizzard, the company behind the “Call of Duty” series and “Warcraft”, for $69bn.
Microsoft is hungry for new content as it seeks to develop a Netflix for games, which can be streamed from any device, such as phones, and not just its Xbox console.
Gaming “will play a key role in the development of metaverse platforms”, stated Satya Nadella, Microsoft’s boss.
Unilever said it would not increase its 50bn pounds ($68bn) offer for GlaxoSmithKline’s consumer health-care business, which in effect ends its pursuit of a deal.
Its ambitious play for the business, which includes such familiar brands as Advil, Nicorette, Panadol and Sensodyne, and in which Pfizer owns a 32% stake, didn’t go down well with Unilever’s investors.
The conglomerate’s stock swooned when news of the bid was made public.
ExxonMobil laid out its strategy to reduce carbon emissions, with an aim to reach net-zero emissions by 2050 and a pledge to reduce them by a fifth by 2030 compared with 2016.
But the plan counts only the company’s own greenhouse gases from its production of oil and gas, and not the broader category of “Scope 3” emissions, which are generated across a firm’s value chain, suppliers and customers.
Providing reassurance that pandemic restrictions really do apply to everyone, Antonio Horta-Osorio resigned as chairman of Credit Suisse after the bank’s board reportedly found that he broke quarantine rules, including on a trip to the Wimbledon tennis final in July.
Mr Horta-Osorio had held the job for less than nine months.
The global job market will take longer to recover from the Covid-19 crisis than had been thought, according to the International Labour Organisation.
Its latest forecast estimates that there will be 52m fewer jobs in 2022 compared with 2019, and that a full recovery in 2023 “remains elusive”.
Another surge in Covid and supply-chain bottlenecks caused Germany’s economy to shrink by up to 1% in the fourth quarter of 2021 compared with the third, according to an initial official estimate.
For the whole year, German GDP rose by 2.7%, though output was still 2% lower than in 2019, before the pandemic.