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Merger Meltdown, NYC Medical School Tuition-Free, Beyoncé's Chart Triumph
Just reporting the facts.
Centrist Chronicle
February 28, 2024
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The US Federal Trade Commission, alongside nine state governments, initiated legal action to obstruct the merger between supermarket giants Kroger and Albertsons, valued at $25 billion, citing concerns that it would escalate prices, diminish wages, and stifle competition within the sector. This transaction, unveiled in 2022, stands as the most substantial merger ever proposed within the supermarket domain.
The combined entity would represent 13% of the American grocery market share. Both Kroger and Albertsons defend the merger, arguing it would fortify their position against leading market players such as Walmart, Costco, and Amazon. Despite Kroger's attempt to alleviate regulatory concerns by proposing to sell off 400 stores, the FTC, in its legal challenge, refutes the claim that such divestitures would foster competitive dynamics. This legal challenge aligns with the Biden administration's intensified scrutiny and intervention in significant mergers, as evidenced by the unsuccessful attempt to derail Microsoft's $70 billion acquisition of Activision Blizzard.
This legal confrontation emerges at a time when American consumers are experiencing a three-decade peak in the proportion of income spent on groceries, a trend persisting despite a general slowdown in inflation.
The Albert Einstein College of Medicine recently disclosed receiving an unprecedented $1 billion bequest from Dr. Ruth Gottesman, a 93-year-old emeritus professor. This monumental donation is set to cover the tuition fees indefinitely for all 737 students enrolled at the institution, marking it as the most substantial contribution ever made to a U.S. medical school.
The cost of annual tuition at Einstein exceeds $59,000, resulting in nearly 50% of its students graduating with a debt exceeding $200,000. Located in the Bronx, one of New York City's economically challenged yet culturally rich boroughs, the college will start implementing this tuition-free initiative in the spring semester of 2024, beginning with the tuition reimbursement for fourth-year students and extending it to all enrollees from August onward.
Dr. Gottesman, alongside her deceased spouse David—a Berkshire Hathaway initial investor and the founder of First Manhattan Co.—has historically engaged in philanthropy, cumulatively donating around $330 million. A stipulation of this remarkable gift is the perpetual retention of the college's namesake, a tribute to Albert Einstein, who sanctioned the use of his name for the institution back in 1953.
Merely a week after Beyoncé set a milestone as the first Black female artist to top Billboard's Hot Country Songs chart with her catchy track "Texas Hold 'Em," the song has ascended to the pinnacle of Billboard's Hot 100, a chart that encompasses all music genres.
The debut of "Texas Hold 'Em," paired with "16 Carriages," occurred around the Super Bowl, quickly capturing audiences and initially entering the Hot 100 chart at the second spot. It climbed to the top position in the following week, backed by impressive statistics: the song amassed 29 million streams and witnessed a significant surge in radio popularity, boasting a 200% increase that translated to 16 million airplay impressions, as reported by Luminate, up from its initial 5 million.