Core Viewpoint - Morpheus Research has accused MakeMyTrip of anti-competitive practices, accounting manipulation, and failing to ensure customer safety at hotels [1][2][4] Group 1: Anti-Competitive Practices - MakeMyTrip was fined approximately $26 million by the Competition Commission of India (CCI) in 2022 for imposing price parity clauses on hotel partners [2] - Morpheus claims that MakeMyTrip continues to enforce price parity checks daily, with hotels receiving a "parity score" [3] - The OTA allegedly removes hotels from search results if they list cheaper prices elsewhere or refuse exclusive agreements [4] Group 2: Accounting Practices - Morpheus accused MakeMyTrip of using aggressive accounting practices, failing to set aside funds for a potential $34 million fine related to the CCI penalty [5] - The company has a $20 million receivable from the defunct Go First, provisioning only half of it while competitors have written off their exposure [6] - MakeMyTrip reports "adjusted" metrics that inflate profits, with a reported profit of $7.2 million adjusted to $51 million, a significant discrepancy compared to peers [7][8] Group 3: Market Position and Competition - MakeMyTrip's market share in bookings at Marriott hotels has decreased from 38% in 2022 to 31%, while Booking.com's share has increased to 36-38% [11] - The company faces increasing competition from Booking.com and Agoda, which have aggressively cut prices, leading to a drop in hotel commissions from around 35% to as low as 18% [10] - MakeMyTrip's strategic backer, Trip.com, has reduced its stake from 45% to 17% and is expanding its market presence in India [12] Group 4: Customer Safety Concerns - Morpheus analyzed reviews of 3,679 budget hotels and found 332 properties with serious customer safety issues, yet these hotels remain listed on MakeMyTrip [13] - Instances of dark patterns were reported, including hidden fees and misleading messages regarding travel insurance and cab bookings [16] Group 5: Future Considerations - MakeMyTrip is evaluating a potential listing on Indian exchanges to access capital from domestic investors [17]

Core Viewpoint - Morpheus Research has accused MakeMyTrip of continuing "anti-competitive practices" despite a previous penalty from the Competition Commission of India (CCI) in 2022, which fined the company $26 million for similar issues [1][2]. Group 1: Allegations of Anti-Competitive Practices - The report claims that MakeMyTrip enforces price parity arrangements with hotel partners, which is a violation of the CCI's directive [1][2]. - Morpheus Research alleges that the company uses a "price competitiveness score" to indirectly enforce pricing parity, affecting hotel rankings on its platform without explicit contractual agreements [3][5]. - Hotel executives and former employees have confirmed that price parity is still actively enforced, with daily monitoring and scoring of hotel partners [5]. Group 2: Financial Irregularities - The report highlights potential accounting irregularities, including exposure to receivables from the insolvent airline GoAir, with only part of the amount provisioned by MakeMyTrip [3]. - There is a significant discrepancy between adjusted profits reported by MakeMyTrip and those under international accounting standards, suggesting manipulation of financial metrics [4]. - The company is accused of using accounting tricks to inflate profits while downplaying competition and misleading customers through manipulative practices [4]. Group 3: Strategic Developments - MakeMyTrip is evaluating a potential listing of its Indian business to enhance brand growth and strengthen its market leadership in India [6]. - The company has completed an internal restructuring to consolidate its key brands in India, including the merger of RedBus India into MakeMyTrip (India) Pvt Ltd [6].

Core Viewpoint - Air France-KLM acknowledges the final ruling by the Court of Justice of the European Union regarding anti-competitive practices in the air cargo sector, confirming the European Commission's decision against the company and other operators [1][2]. Group 1: Legal Proceedings - The anti-competitive practices in question date back over 20 years and have been subject to legal proceedings, culminating in a final decision by the European Courts [2]. - The company has committed to strict compliance with competition rules and is enhancing its prevention systems as part of its compliance policy [2]. Group 2: Financial Implications - Provisions of €366 million have been made for fines related to these practices, totaling €368 million including interest, with the full amount scheduled for payment in March 2026 [3].

Core Insights - The Italian Competition Authority (AGCM) has concluded its inquiry into alleged anti-competitive practices among glass bottle producers, including Verallia Italia, without finding evidence of collusion [1][2] - The investigation, initiated in 2023, focused on price increases in the glass wine bottle sector that began in 2022 [1][2] Group 1: Investigation Findings - The AGCM confirmed that "no infringement was found" and attributed price adjustments to exceptional rises in costs for energy and raw materials, along with strong market demand [2][3] - The inquiry was prompted by multiple complaints, including one via a whistleblowing channel, and involved several companies in Italy's glass bottle industry [3] Group 2: Company Profile - Verallia employs nearly 11,000 people across 35 glass manufacturing sites in 12 countries and supplies glass packaging for beverages and food to over 10,000 clients globally [3][4] - In 2024, Verallia produced over 16 billion glass bottles and jars, generating €3.5 billion ($4.07 billion) in revenue [4]

Core Viewpoint - Meta Platforms has successfully navigated a significant legal challenge from the Federal Trade Commission (FTC), which posed a potential existential threat to the company by targeting its acquisitions of Instagram and WhatsApp [2][5]. Group 1: Legal Outcome - The FTC lawsuit claimed that Meta's acquisitions of Instagram and WhatsApp constituted anti-competitive practices, which could have forced the company to divest these critical platforms [3][5]. - The trial began on April 14, 2025, and the outcome was crucial for Meta's future, as losing the case would have had devastating implications for its social media empire [3][5]. Group 2: Importance of Instagram and WhatsApp - Instagram is projected to account for over 50% of Meta's U.S. advertising revenue by 2025, a significant increase from around 7% a decade ago [4]. - Instagram is estimated to generate nearly $250 per user in 2025, which is approximately 90% higher than TikTok and more than six times that of YouTube [4]. - WhatsApp currently generates around $2 billion in revenue but has a total addressable market estimated between $30 billion to $40 billion annually, indicating substantial growth potential [6].

Core Viewpoint - Rubis has been fined a total of €64,240,000 by the French Competition Authority for alleged anti-competitive practices in the fuel supply chain in Corsica, with the total penalties for all involved parties amounting to €187,490,000 [1] Group 1 - The French Competition Authority issued a decision on November 17, 2025, imposing sanctions on multiple entities for anti-competitive practices in the supply, storage, and distribution of fuels in Corsica, which allegedly occurred between 2016 and 2022 [1] - Rubis SCA has been fined €64,240,000, jointly and severally with its subsidiary Rubis Énergie, and an additional €430,000, jointly and severally with its former subsidiary Rubis Terminal [1] - Rubis expresses strong disagreement with the decision, claiming it does not accurately reflect the facts and denies the alleged practices [2] Group 2 - The company is committed to ensuring a reliable and competitive fuel supply for the Corsican market, benefiting consumers on the island [2] - Rubis is currently reviewing the Competition Authority's decision and plans to file an appeal before the Paris Court of Appeal [3]

Group 1 - The European Union is pausing its plans to fine Google over its AdTech practices due to concerns about potential repercussions on transatlantic trade relations [1][2][3] - The initial plan was for Google to receive a significant fine and an order to change its business model by September 1, but this has been delayed [2][4] - The EU is likely to impose a smaller fine than the previous 4.3 billion euros from 2018, reflecting a shift in approach under the new EU antitrust chief, Teresa Ribera [5] Group 2 - The European Commission has accused Google of abusing its dominant position in the online AdTech industry since 2014, alleging that it favored its own AdX ad exchange [6] - Google defends its practices by stating that serving both advertisers and publishers is standard in the industry, and that competitors operate similar AdTech businesses [7] - In the U.S., Google is also facing legal challenges, with a federal judge agreeing that the company unlawfully maintained monopolies in key areas of the online ad industry, with a trial for remedies scheduled soon [8]

Core Points - NKT A/S's Czech subsidiary, NKT s.r.o., has received a "Request Before the Issuing of a Decision" from the Antimonopoly Office of the Slovak Republic regarding an investigation into alleged anti-competitive practices in the Slovak cable market [1][2] - The investigation involves a local cable association and 11 cable manufacturers, including NKT s.r.o., with allegations of infringements of Slovak and EU competition rules [2] - NKT contests the findings and proposed fines from the Antimonopoly Office and plans to submit a reasoned defense, expecting a final decision within six to twelve months [3] - NKT s.r.o. is also under investigation by the Office for the Protection of Competition in the Czech Republic alongside five other cable manufacturers [4] - The company emphasizes its commitment to cooperate with authorities and uphold ethical business standards [4] - This announcement does not alter NKT's financial outlook for 2025 [5]