FTC Opposes Huge Supermarket Merger

Good morning and happy Tuesday. Forget about Taylor Swift surprise song mashups; how about major city mashups? Artists have created mind-blowing renderings that imagine hybrid metropolises like Dubaris (Dubai and Paris) and Bang York (Bangkok and New York). Have a great day!

In Today’s Brief

• Supreme Court: Social media law hearing

• Sweden: NATO drama finally ends

• Michigan: Presidential primaries today

• Ryanair: Summer price hikes coming

• Oscars: I’m Just Ken performance

... and more

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Top Tips

1) Food fight

A blockbuster supermarket merger deal faces a new -- and significant -- opponent.

• What happened: The Federal Trade Commission is suing to block Kroger's $25B proposal to acquire Albertsons. Kroger is the fifth-biggest supermarket chain in the U.S. while Albertsons is No. 10; it would be the largest merger in industry history.

• The argument: The FTC claims the merger would eliminate competition and lead to higher prices, store closures and layoffs. Eight states and the District of Columbia joined the FTC suit; Colorado and Washington previously sued to block the merger.

• Big picture: The merger also faces bipartisan opposition on Capitol Hill. The companies have proposed a divestiture plan in overlapping markets and have scored union support to overcome the heavy resistance.

2) Tragic timing?

An aide for the late Alexei Navalny says the Russian opposition leader was on the verge of being freed in a prisoner swap when he died.

• The claim: Maria Pevchikh said the Kremlin had struck a deal with Western countries to trade Navalny and two unnamed Americans for former FSB agent Vadim Krasikov, who is in a German prison. Pevchikh alleges Russian President Vladimir Putin changed his mind and had Navalny killed.

• The response: Unnamed Western officials told media outlets there was no deal at the time of Navalny's death, but there had been negotiations. Putin referenced Krasikov -- convicted of killing a Chechen dissident in Berlin in 2019 -- during his interview with Tucker Carlson. 

• Big picture: Putin implied he would free jailed Wall Street Journal reporter Evan Gershkovich in return for Krasikov. Former Marine Paul Whelan is also in a Russian prison. The inclusion of Navalny -- who recuperated in Germany after being poisoned in 2020 -- may have spurred the Germans to go along with a deal.

3) Game-changing gift

One of the top medical schools in the U.S. will be tuition-free thanks to a historic donation.

• The benefactor: Dr. Ruth Gottesman, a former professor and current board member at New York's Albert Einstein College of Medicine, has donated $1B to the school. It is the largest gift to a medical school ever and one the biggest to any university.

• How it happened: Gottesman, 93, is the widow of billionaire David "Sandy" Gottesman, a businessman who was an early investor in Berkshire Hathaway. He left his wife a stock portfolio and told her to "do whatever you think is right with it."

• Big picture: Annual tuition at the school was close to $60K; it will now be $0 in perpetuity starting in the fall. Past statistics show close to 60% of students are women and 50% are people of color, with students graduating with above-average loan debts.

Quick Tips

U.S. News

• The Supreme Court heard arguments on Florida and Texas state laws restricting social media platforms. The justices appeared skeptical of the laws' constitutionality (More)

• The Odysseus lunar lander will likely stop working today or tomorrow. Its solar panels will soon lose exposure to sunlight after it landed sideways after getting caught on a moon rock (More)

• An Air Force member died after setting himself on fire outside the Israeli embassy in Washington. The airman said he was protesting Israel's war in Gaza before self-immolating (More)

World News

• Hungary's parliament ratified Sweden's bid to join NATO, the country's final hurdle to enter the alliance. Sweden's membership will become official within days (More)

• President Joe Biden hopes Israel and Hamas will reach a ceasefire deal this week. Biden said a six-week pause and hostage release agreement is “close” (More)

• Italian police believe the Mafia tried to poison a priest by putting bleach in communion wine. Father Felice Palamara has been critical of organized crime in his parish's region (More)

Campaign News

• Michigan will hold its presidential primary elections tonight. President Biden and former President Donald Trump are heavy favorites, but there could be “uncommitted” Democratic protest votes (More)

• Montana Rep. Matt Rosendale is threatening to sue former Sen. Heidi Heitkamp for defamation. Heitkamp claimed Rosendale dropped his Senate bid because he impregnated a staffer (More)

• Bridgeport, Connecticut, will re-do last year's mayoral election today. A judge ordered a revote after Mayor Joe Ganim's supporters violated absentee ballot laws during the initial Democratic primary; Ganim won the repeat primary last month (More)

Business & Markets

• Major indexes closed lower yesterday. It was Amazon's first day trading as a Dow Jones member (Dow -0.16%, Nasdaq -0.13%, S&P 500 -0.38%).

• Budget European airline Ryanair will raise prices by up to 10% this summer. The company's CEO said delays in the delivery of new Boeing planes will constrain capacity, causing the spike (More)

• KKR will buy Broadcom's end-user computing unit for $4B. The private equity firm said the EUC will operate as a standalone company with its management team remaining in place (More)

Entertainment & Sports

• Ryan Gosling will perform Best Original Song nominee I'm Just Ken at the Academy Awards next month. Gosling is a Best Supporting Actor candidate for his Barbie performance (More)

• The Premier League reduced Everton's penalty for violating financial rules after an appeal. The club will be docked six table points instead of the initial 10, putting it comfortably outside the relegation zone (More)

• Alec Baldwin's New Mexico manslaughter trial will start in July. The actor is charged in the on-set death of cinematographer Halyna Hutchins while filming Rust (More)

Quick Hitters

• Fun stuff: It is easy to find enjoyable activities when you are as a kid, but not every one translates well to adulthood (especially as we age). But these pastimes stay the same no matter how old we are.

• Be Safe: Social media has been ablaze with a new travel move: Pulling your legs onto your airplane seat with the seatbelt around your ankles. Experts say you should not do it.

• Go Deep: Millions of people are suffering from long COVID. But why are effective treatments taking so long?

• New idea: Researchers in London claim red light therapy can treat diabetes. The light is said to increase energy production inside cells, which then lowers blood sugar.

• Cooking hack: Frying food can be intimidating for many reasons. But this simple approach can make it accessible and, dare we say, easy.

• Be Well: Pop quiz: What’s the body’s most abundant protein? The answer: Collagen. NativePath's Certified Grass-Fed Collagen Powder is made from grass-fed, pasture-raised cows and contains 18 grams of protein per suggested serving. Start incorporating it daily to support skin elasticity, joint health, bone strength, and muscle growth and maintenance.*

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Watch This

The first trailer for Kevin Costner's Horizon: An American Saga has been released. The four-part film series will be about the expansion and settlement of the American West during the Civil War.

Links

• When your dad has $4M of hockey cards lying around 🏒

• Inside the world's longest underwater tunnels 🫧

• How classic foods found their way to America 🇺🇸

• The coolest offices to work in around the world 🗺️

• Jogging your memory with old fast-food slogans 🍔

• Explaining why ATM fees exists 🏧

• Check out some of the world's most incredible homes 🏠

• Fyre Fest, but with Willy Wonka and in Scotland 🍭

• There is a suitcase-sized city park in the Pacific Northwest 🏞️

• Why a European army would likely never work 🪖

Looking Ahead …

Biden and Trump will make dueling visits to the southern border in Texas later this week. Biden will meet with the U.S. Border Patrol and local law enforcement in Brownsville on Thursday; Trump will be about 300 miles away in Eagle Pass on the same day.

Question of the Day

Yesterday’s results:

What is your favorite hot beverage?

• Coffee (63%)

• Tea (21%)

• Hot chocolate (14%)

• Hot cider (2%)