The Justice Department will seek a court's approval to get rid of decades-old rules restricting how movie studios can distribute films, DOJ antitrust chief Makan Delrahim said Monday.
Why it matters: While the DOJ and FTC are investigating tech companies for anticompetitive behavior, Delrahim warned against hurting innovation by over-enforcing or putting in place strict rules that could outlive their usefulness.
A new Institute of International Education report shows that the number of international students newly enrolled in U.S. colleges and universities fell by 1% last academic year, per AP.
Why it matters: The drop marks the third consecutive year that enrollment for international students dipped, following 7% and 3% decreases in the two previous years, which were the first downturns in more than a decade.
Saudi Aramco is taking the world's largest oil producer public in what is expected to be the largest IPO of all-time — but it will be smaller than expected. Dan digs in with Axios' Ben Geman on what this means for global financial and energy markets, plus the future of Saudi Arabia.
Saudi Arabia's decision to abandon a $2 trillion valuation for the Aramco IPO underscores hurdles facing Crown Prince Mohammed bin Salman's plans to use the company as a tool for diversifying the kingdom’s crude-reliant economy.
Driving the news: ICYMI, over the weekend Aramco announced preliminary pricing on the offering that signals an estimated valuation of the world's largest oil-producing company in the $1.6–$1.7 trillion range.
The narrative of the U.S. economy lately has been strong consumer spending as the cornerstone of growth, offsetting lackluster business investment.
Driving the news: Economists pared down estimates for Q4 GDP — prompted by worse-than-expected economic data on Friday. The downgrades would have been worse, if not for retail sales figures that pointed to a solid, but slightly more cautious, consumer.
California’s unprecedented law requiring all public companies headquartered there to have at least one female board member by 2020 is drawing lawsuits.
Why it matters: Pressure to diversify corporate boards has historically come from shareholders and special interest groups. With California's law poised to take effect — and at least three states weighing similar legislation — critics are raising the question of government overreach.
WeWork is set to lay off at least 4,000 employees as early as next week as the company grapples with majorlosses that have threatened its very existence, the New York Times reported Sunday evening.
Details: About a third of the 12,500 people that WeWork employed across its global operation at the end of June would be impacted by the layoffs, NYT notes, citing two people with knowledge of the matter. One source placed the figure as high as 5,000–6,000.
CNN host Fareed Zakaria responded Sunday to a report from the New York Times that Ukrainian President Volodymyr Zelensky was set to announce investigations into the 2016 election and the Bidens on his CNN show, prior to the Trump-Ukraine scandal and subsequent impeachment inquiry bursting into public view.
Ad targeting is how Facebook, Google and other online giants won the internet. It's also key to understanding whythese companies are being held responsible for warping elections and undermining democracy.
The big picture: Critics and tech companies are increasingly considering whether limiting targeting of political ads might be one way out of the misinformation maze.
