Plus, the auto industry is pushing to shape rules that could limit how the U.S. auto sector uses tech from China. And Jeff Bezos looks to sell more Amazon stock. Zoe Thomas hosts.
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[00:00:01] Here's your TNB Tech Minute for Wednesday, July 3rd. I'm Zoe Thomas for The Wall Street Journal. We exclusively report that the parent of Saks Fifth Avenue plans to buy rival Neiman Marcus for $2.65 billion with a little help from Amazon. That's according to people familiar with the matter.
[00:00:21] The boards of both companies have approved the transaction and an announcement could come as soon as this evening, the people said. The new company will be called Saks Global.
[00:00:31] Amazon will take a minority stake and plans to provide the new company with technology and logistics expertise, the people said. The Commerce Department is investigating how to limit cyber risks in connected cars made with parts from China and other adversaries.
[00:00:47] Companies ranging from small automotive technology suppliers to major car makers Ford and Volkswagen are pushing to shape coming cybersecurity rules. In public comments to the Commerce Department, some companies said they support federal efforts to restrict foreign-made technology that could pose a cybersecurity threat.
[00:01:05] Several automakers and suppliers warned that future rules could lead to supply chain interruptions and raise costs. And Amazon founder Jeff Bezos is looking to sell more stock in the e-commerce company, according to a recent filing.
[00:01:20] He filed late Tuesday to sell up to 25 million shares as part of a trading plan. The value of 25 million Amazon shares is about $5 billion based on recent levels. Bezos sold 50 million shares across a period in mid-February. Amazon declined to comment on the most recent filing.
[00:01:38] We're off tomorrow for the Fourth of July, but for a deeper dive into what's happening in tech, check out Friday's Tech News Briefing podcast.