America Can't Afford a Harris Presidency

New research from Jim Rickards - former advisor to the CIA - reveals shocking predictions about an "Election Meltdown" coming this November. Jim's showing all American patriots why an "Election Meltdown" could crash stocks by 50%, lead to the final demise of the dollar, even cause violent riots in the streets.

The CEOs of Kroger and Albertsons are in court to defend plans for a huge supermarket merger

CLAIRE RUSH and DEE-ANN DURBIN
September 04, 2024

PORTLAND, Ore. (AP) -- The chief executive officers of Kroger and Albertsons were set to testify in federal court Wednesday, midway through a three-week hearing in which the grocery chains have defended their proposed merger from the U.S. government's attempt to stop it.

The two companies proposed what would be the largest supermarket merger in U.S. history in October 2022. The Federal Trade Commission sued to prevent the $24.6 billion deal and has asked a U.S. District Court judge in Oregon for an injunction that would block the merger while the complaint goes before an FTC administrative law judge.

The FTC alleges the merger would eliminate competition and raise grocery prices at a time of already high food price inflation. Kroger and Albertsons say the deal would allow them to compete with big rivals like Walmart and hold down prices by giving them more leverage with suppliers.

The testimony of Albertsons CEO Vivek Sankaran and Kroger CEO Rodney McMullen was expected to mark a key moment in the hearing, as what they say under oath about prices, potential store closures and the impact on workers will likely be scrutinized in the years ahead if the merger goes through.

During the proceedings, FTC attorneys have noted that Kroger and Albertsons currently compete in 22 states, closely matching each other on price, quality, private label products and services like store pickup. Shoppers benefit from that competition and would lose those benefits if the merger is allowed to proceed, they argued.

The FTC and labor union leaders also claim that workers' wages and benefits would decline if Kroger and Albertsons no longer compete with each other. They've additionally expressed concern that potential store closures could create so-called food and pharmacy "deserts" for consumers.

Albertsons has argued the deal could actually bolster union jobs, since many of it and Kroger's competitors, like Walmart, have few unionized workers.

Under the deal, Kroger and Albertsons would sell 579 stores in places where their locations overlap to C&S Wholesale Grocers, a New Hampshire-based supplier to independent supermarkets that also owns the Grand Union and Piggly Wiggly store brands.

Speaking in 2022 before the U.S. Senate subcommittee on competition policy, antitrust and consumer rights, the Albertsons CEO said his company's acquisition of brands such as Safeway over the previous decade had allowed it to increase the number of its stores from 192 to 2,300.

"The intent is not to close stores. The intent is to divest stores," Sankaran said at the time.

The FTC alleges that C&S is ill-prepared to take on those stores. Laura Hall, the FTC's senior trial counsel, cited internal documents that indicated C&S executives were skeptical about the quality of the stores they would get and may want the option to sell or close them.

C&S CEO Eric Winn, for his part, testified last week in Portland that he thinks his company can be successful in the venture.

In his own statement to the U.S. Senate subcommittee in 2022, McMullen said Kroger has lowered prices after other mergers, like its 2013 acquisition of Harris Teeter.

"From a business standpoint, that is our commitment," he said..

The attorneys general of Arizona, California, the District of Columbia, Illinois, Maryland, Nevada, New Mexico, Oregon and Wyoming all joined the case on the FTC's side. Washington and Colorado filed separate cases in state courts seeking to block the merger.

Kroger, based in Cincinnati, Ohio, operates 2,800 stores in 35 states, including brands like Ralphs, Smith's and Harris Teeter. Albertsons, based in Boise, Idaho, operates 2,273 stores in 34 states, including brands like Safeway, Jewel Osco and Shaw's. Together, the companies employ around 710,000 people.

___

Durbin reported from Detroit.

Continue Reading...

Popular

Will the Federal Reserve cut interest rates fast enough to deliver a 'soft landing'?

WASHINGTON (AP) — American consumers and home buyers, business people and political leaders have been waiting for months for what the Federal Reserve is poised to announce this week: That it's from a two-decade peak.

Red-Hot AI Stock "Disappearing" Soon? (Get In Now) - Ad

Right now, there's an AI stock on the verge of being snapped up by a giant company... And when it does, its price could go flying. The potential gains could be astronomical. You want to get in before that happens... Otherwise the opportunity could pass you by. Your window to buy in is right now...

Harris, Trump Films To Hit Theaters Weeks Before 2024 Election: One Candidate Tried To Block Movie From Release

Movies about Kamala Harris and Donald Trump hit theaters in October. Find out the differences between the movie and why one candidate wants a ban.

Betting on elections threatens confidence in voting and should be banned, US agency says

ATLANTIC CITY, N.J. (AP) — Allowing people to bet on the outcome of poses a great risk that some will try to manipulate the betting markets, which could cause more harm to the already fragile confidence voters have in the integrity of results, according to a federal agency that wants the bets to be banned.

Why Are These Strange "Accidents" Happening All Over America? - Ad

Across America, strange "accidents" are happening in greater numbers than ever before. Jets are falling apart, chemicals are spilling, construction workers are being electrocuted -- and no one knows why. In his new exposé, American financial analyst Dan Ferris reveals the silent force behind this trend... why it's destroying this country from the inside... and where all signs suggest it's about to strike next: the U.S. stock market.

NBA Legend Shaq Shows Off His New Widebody Carbon Fiber Tesla Cybertruck: Elon Musk Has A One Word Reaction

NBA legend Shaquille O'Neal, also known as Shaq, showed off his new Tesla Cybertruck featuring a widebody carbon fiber design, which is the first of its kind in the world.

Kamala Harris May Seize This Cutting-Edge Tech -- Act Now - Ad

A new technology (not AI) is powerful enough to save America $1.7 TRILLION in healthcare costs each year. Trump is rumored to use it personally... And Kamala Harris has threatened to have key patents on it seized. Whoever wins the election - it could cause a massive surge in demand... And send a tiny firm with key patents on this technology soaring. It's currently trading for only $7. But it likely won't stay this cheap for long.

Flames from massive pipeline fire near Houston subside but continue burning

DEER PARK, Texas (AP) — A flame that towered over a southeast Houston suburb had subsided Tuesday, but continued to burn following after a vehicle drove through a fence and struck an above-ground valve, officials said.

Forget AI, Imperium Is Expected to Grow 320,000% In 3 Years - Ad

Three of the world's biggest AI companies -- Google, Nvidia and Intel -- have even partnered with my No. 1 Imperium company to get on this massive mega trend. The average investor hasn't caught on yet, but you can still invest in my No. 1 Imperium company for just $10 a share.

Americans Split On Election Result Acceptance Between Harris And Trump, Here Is The Candidate They Think More Likely To Accept Voters' Verdict

A survey conducted by ABC News/Ipsos has shed light on the American public's confidence in the acceptance of the upcoming November presidential election results by Vice President Kamala Harris and former President Donald Trump.

Man Who Called Nvidia at $1.10 Says Buy This Now... - Ad

In 2004, a man predicted Nvidia's rise. Now, he says a new company, which IPO'd in 2023, could soar like Nvidia. It signed a major deal with Apple for its AI tech in iPhones and iMacs. Could it be the next trillion-dollar company? See why he believes it's among "The Next Magnificent Seven."

McCormick's hedge fund days are a double-edged sword in Pennsylvania's Senate race

HARRISBURG, Pa. (AP) — Before he ran for the U.S. Senate in Pennsylvania, was a big name on Wall Street.

OnlyFans Beats Apple, Google, Netflix, And Other Big Tech Companies In Revenue Per Employee: Here's The Down Low

Content-sharing platform OnlyFans has come out on top against big tech companies like Apple Inc., Alphabet Inc.'s Google, Netflix Inc., and others in terms of revenue generation per employee.

Oil = Monthly Income - Ad

Right now, there's an unusual $25 way to collect MONTHLY income from the oil markets. It's not a stock, bond, or anything you've likely heard about... But it's by far my #1 investment opportunity for 2024.

Advisors Brace For Fed Rate Cuts: Shifting Bond Strategies To Balance Yield And Risk

Americans must adjust bond and income portfolios as Fed cuts rates. Advisors reassess fixed-income strategies amid varying market approaches.

Trump Vs Harris: Who Do Russia, Iran And China Favor In 2024 Election? Intelligence Officials Weigh In

U.S. intelligence officials believe that Russia, Iran and China have preferred candidates in this year's U.S. presidential election. Each of these foreign powers has different views on who would best serve their interests.

My No. 1 Oil Play for 2024 - Ad

Do you own oil and gas stocks? Or are you thinking about buying some? If so, you need to see my #1 oil play for 2024. But it's NOT oil stocks, futures, or anything you've likely heard about. Rather, it's an unusual way to potentially bank monthly income from the oil and gas markets.

Bill Ackman And Elon Musk Blast Kamala Harris For Her Social Media Posts During Debate With Trump: 'Even Her Tweets Are Not Her Own'

Recent comments by prominent figures have sparked debate over Vice President Kamala Harris's social media activity and public engagement. Bill Ackman, CEO of Pershing Square Capital Management, raised questions about Harris's involvement in her own X posts during the recent Republican primary debate.

US widens indictment of Russians in 'WhisperGate' conspiracy to destroy Ukrainian and NATO systems

BALTIMORE (AP) — The U.S. Justice Department has widened its indictment of Russians in the so-called ‘WhisperGate’ malware attack aimed at destroying computer systems in Ukraine and 26 NATO allies including the United States.

Exposed: Democrats' Secret Plan to Keep Trump Out of the White House - Ad

Former advisor to the CIA, the Pentagon and the White House Jim Rickards just released this shocking new video exposing Democrats' secret plan to keep Trump out of the White House... Even if he wins the election. See the details and learn how to prepare... Because this could trigger the biggest constitutional crisis in our nation's history.

Stanley Cup champion Panthers agree to extend arena deal with Broward County through at least 2033

FORT LAUDERDALE, Fla. (AP) — The Stanley Cup champion Florida Panthers are extending their operating agreement with Broward County for five more years, ensuring that the team remains in the market through 2033 and likely well beyond.

E. Jean Carroll Case: Appeals Court Skeptical of Trump's Bid to Overturn Sexual Abuse Verdict

E. Jean Carroll's case sees an appeals court skeptical of Donald Trump's bid to overturn a $5 million verdict for sexual abuse and defamation.

A 10,000% Dividend?!? - Ad

Have you seen this strange oil investment? It's NOT a stock, bond, or private company...It has NO age requirements...You do NOT need to be accredited to participate... And you can get in for as little as $25.

A pipeline has exploded and is on fire in a Houston suburb, forcing evacuations

LA PORTE, Texas (AP) — Firefighters were battling a massive pipeline fire in suburban Houston that sparked grass fires and burned power poles on Monday, forcing people in the surrounding neighborhood to evacuate as a giant plume of fire was shooting high up into the air.

Seven Unknown AI Stocks That Could Dominate the Next Six Years - Ad

The original "Magnificent Seven" stocks generated 16,800% over the last 20 years. But now a new set of AI stocks is set to take over. Alex Green dubs them "The Next Magnificent Seven." And he's arguing that just $1,000 in each could turn into more than $1 million in less than six years.

Amazon is requiring workers to be in the office five days a week starting next year

is reverting to its pre-pandemic policy and will require corporate employees to be five days a week starting next year, CEO Andy Jassy said Monday.

What If Kamala Wins? The 3 Words That Will Change Everything - Ad

The same team that predicted Biden's downfall ... now warns of a new threat. Learn how to safeguard your future.

How small businesses can recover from break-ins and theft

Break-ins and thefts can happen at any small business, no matter how tight the security.

Why Is WiSA Technologies Stock Surging Premarket Wednesday?

WiSA Technologies shares are jumping premarket Wednesday, as the company acquires Datavault's IP and IT assets in a $210 million deal.

This $2 Stock Outshines Historic Gold Rally! - Ad

Gold has soared 25% in the last 6 months, but this young company has more than doubled that return. With a price target nearly double its current value, it's caught the eye of 40+ investment banks and funds. Discover the name of this standout company today and see why it's a potential gold mine for investors.

Ohio's Cannabis Sales Reach $44M As New Customers Just Keep Coming And Demand Is Not Slowing

Ohio recreational marijuana sales soar past $44M as demand remains high. Columbus dispensaries see strong growth, with no slowdown in sight.

Moderna Faces Analyst Downgrades Amid Revised R&D Restructured Strategy and Delayed Profitability Target

Moderna announces plans to reduce R&D spending by $1.1 billion by 2027, focusing on ten key products. Analysts highlight near-term challenges, lowered price targets, and a delayed breakeven to 2028, with optimism around Moderna's oncology pipeline and long-term platform potential.

Man Who Predicted Trump Win Issues Shocking New Election Prediction - Ad

In 2016, surveys were giving Hillary Clinton more than 99% chance of winning right up until election night. But right before the election... Former advisor to the CIA, Jim Rickards predicted Trump would win. You won't believe what he's predicting now. And it could have huge implications for the financial markets.

Judge allows smoking to continue in Atlantic City casinos, dealing blow to workers

ATLANTIC CITY, N.J. (AP) — A judge on Friday allowed smoking to continue in Atlantic City’s casinos, giving some measure of relief to the city's struggling casino industry while rebuffing workers who have long sought to be able to breathe clean air on the casino floor.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright technicaltrading.org
Privacy Policy | Terms of Service