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Amazon Used Secret ‘Project Nessie’ Algorithm to Raise Prices
The strategy, as described in redacted parts of FTC lawsuit, is part of agency's case that Amazon has outsize influence on consumer prices
Amazon.com used an algorithm code-named "Project Nessie" to test how much it could raise prices in a way that competitors would follow, according to redacted portions of the Federal Trade Commission's monopoly lawsuit against the company.
The algorithm helped Amazon improve its profit on items across shopping categories, and because of the power the company has in e-commerce, led competitors to raise their prices and charge...
CEO: Kroger 'Committed to Litigate' if Regulators Seek to Block Merger Deal
Kroger is prepared to fight regulators at the Federal Trade Commission, if they seek to block its $25 billion takeover of Albertsons, CEO Rodney McMullen told Bloomberg News on Wednesday.
In March, The Enquirer reported the massive deal could face harsher regulatory scrutiny in light of tougher antitrust regulators under President Biden.
McMullen told the news outlet that Kroger and Albertsons have been prepared for a court battle from the start.
"Usually you wouldn't commit in advance to litigate. In this case we both committed to litigate...
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