Gannet vs. Google

Gannett accuses Google of abusing its dominance of online ad technology, Rivian reaches a deal to access Tesla Superchargers, and more [What makes a subscription to The Week so valuable now? Click here.]( [The Week Logo]( [Subscribe to The Week magazine]( [Subscribe to The Week magazine]( Daily business briefing 1. [Gannett sues Google over online ad practices]( Gannett, the biggest U.S. newspaper chain, on Tuesday filed a lawsuit accusing Google of abusing a monopoly over online ad technology in violation of federal antitrust laws. Gannett argued Google and its parent company, Alphabet, were hurting competition by cutting revenue for publishers who use the technology to buy and sell online ads. Gannett said publishers' advertising revenue has plunged nearly 70% since 2009, forcing newspapers to slash jobs or shut down. Meanwhile, the complaint said, "Google enjoys exorbitant monopoly profits." Dan Taylor, vice president of Google, said Gannett's "claims are simply wrong," and publishers using Google tools "keep the vast majority of the revenue." The Justice Department and the European Commission also have filed antitrust cases against Google over its ad practices. [[The New York Times]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Gannett+sues+Google+over+online+ad+practices&body=Read the story here: utm_campaign=business_briefing_newsletter_20230621&utm_source=business_briefing_newsletter) 2. [Rivian reaches deal with Tesla to access Superchargers]( Electric-vehicle startup Rivian Automotive on Tuesday became the latest automaker to strike a deal with Tesla to access more of Tesla Superchargers. Rivian drivers will be able to use more than 12,000 Tesla Superchargers in the United States and Canada starting in 2024. Owners of Rivian's R1T and R1S models will have to use an adapter, but future Rivian models will be equipped with Tesla's charging port design starting in 2025. The agreement comes weeks after Ford and General Motors announced similar deals. The agreements have further cemented Tesla's dominance in charging facilities for EV owners in North America. [[The Wall Street Journal]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Rivian+reaches+deal+with+Tesla+to+access+Superchargers&body=Read the story here: utm_campaign=business_briefing_newsletter_20230621&utm_source=business_briefing_newsletter) Advertisement from wisebread [Earn $200 After Spending $500]( [Advertisement from wisebread]( 3. [FedEx shares fall as demand weakens]( FedEx released a 2024 profit outlook that fell short of expectations due to falling demand for package deliveries, sending its shares falling 3% in pre-market trading on Wednesday. Rival courier companies in Europe also struggled, with Deutsche Post and PostNL falling 2.7% and 1.4%, respectively. FedEx said Tuesday its earnings in the next fiscal year will be around $17.50 a share, compared to an average estimate of $18.31 by analysts surveyed by Bloomberg. FedEx CEO Raj Subramaniam has launched a $4 billion cost-cutting plan, but it was offset by the effect of falling demand. Chief Financial Officer Michael Lenz said FedEx is struggling to improve profitability in "a challenging demand environment." [[Bloomberg]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=FedEx+shares+fall+as+demand+weakens&body=Read the story here: utm_campaign=business_briefing_newsletter_20230621&utm_source=business_briefing_newsletter) 4. [Stocks struggle ahead of Powell report to Congress]( U.S. stock futures were little changed early Wednesday in a sign of investor caution after last week's rally, and ahead of Federal Reserve Chair Jerome Powell's semi-annual report to Congress on Wednesday. Futures tied to the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were essentially flat at 6:45 a.m. ET. S&P 500 futures floated in a narrow range after the index's first back-to-back losses in nearly four weeks, as economic bellwether FedEx dropped 3% in pre-market trading on weakening shipping demand. A hot inflation reading in the United Kingdom dampened investor sentiment around the world, as it added to pressure central banks are feeling around the world to raise borrowing costs to fight high inflation, according to Bloomberg. [[CNBC]( [Bloomberg]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Stocks+struggle+ahead+of+Powell+report+to+Congress&body=Read the story here: utm_campaign=business_briefing_newsletter_20230621&utm_source=business_briefing_newsletter) ADVERTISEMENT from wisebread [Spend $500 And Earn $200]( [ADVERTISEMENT from wisebread]( 5. [Report: U.S. charitable giving fell in 2022]( Charitable giving fell 3.4% in 2022 to $499.3 billion, marking just the fourth time in four decades the number has declined, according to a Giving USA report released Tuesday. Adjusting for inflation, the drop was 10.5%. The decline came as nonprofits report an increase in demand for services, now that pandemic aid has ended and high inflation is taking a toll on families. Giving USA Foundation Chair Josh Birkholz said the data could have been worse. "I go back and forth on whether it's encouraging or discouraging," Birkholz told The Associated Press. "There was a 20 to 25% decline in the stock market and an 8% inflation rate, but Americans still gave nearly a half trillion dollars." [[The Associated Press]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Report:+U.S.+charitable+giving+fell+in+2022&body=Read the story here: utm_campaign=business_briefing_newsletter_20230621&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com]( MOST POPULAR [Related image]( [UN passes first-ever high seas treaty protecting marine life]( Devika Rao [Related image]( [Hunter Biden pleads guilty to federal tax crimes, avoids gun prosecution]( Rafi Schwartz [Related image]( [How the cruise industry is pivoting to sustainability]( Justin Klawans [Related image]( [The charges against Hunter Biden, explained]( Joel Mathis, Justin Klawans [Related image]( ['Is Trump a crook?' becomes the defining GOP question]( Rafi Schwartz [Speed reads banner] [Article image]( [Alito did not disclose Alaska private jet trip from GOP billionaire with business before Supreme Court]( June 21, 2023 [Article image]( [Humans pushed the Earth into a new geological epoch in the 1950s, Canadian lake samples suggest]( June 21, 2023 [Article image]( [Judge sets Aug. 14 start for Trump secret documents trial, but legal experts are skeptical]( June 21, 2023 [Article image]( [Judge strikes down Arkansas ban on gender-affirming care for minors]( June 21, 2023 [Read more of today's best articles at theweek.com]( [What makes a subscription to The Week so valuable now? 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