TECHNOLOGY
Qualcomm loses bid to pause antitrust ruling

Qualcomm can’t avoid renegotiating many of its licensing deals while it appeals a judge’s ruling that its business model is anti-competitive.

The order comes six weeks after U.S. District Judge Lucy Koh sided with the Federal Trade Commission and issued injunctions against Qualcomm’s licensing and sales practices. Koh said Wednesday there is no reason to halt the injunctions while the appeal is pending.

Koh found that Qualcomm’s “no license, no chips” policy unfairly leveraged the company’s market position to force customers to pay inflated prices for chips and royalties for their technology.

She ordered the company to end the policy and renegotiate some of its contracts for chips and royalties.

— Bloomberg News

COAL INDUSTRY
Judge rejects firm's bankruptcy agreement

A federal judge has rejected a proposed new financing agreement for a West Virginia coal operator that filed for bankruptcy protection this week.

A bankruptcy judge in Charleston said in a ruling released Wednesday that Blackjewel LLC must explore more alternatives in its Chapter 11 bankruptcy filing, according to news reports.

Blackjewel said in a filing Tuesday that without the agreement, it would shift to Chapter 7, which would seek asset liquidation.

The nation’s sixth-largest coal producer had been granted the emergency hearing on its plan to continue with new lenders after being denied a $20 million line of credit to keep its coal operations running.

The company’s two Wyoming mines closed after Monday’s bankruptcy filing. Blackjewel also has mines in Kentucky, Virginia and West Virginia.

— Associated Press

ALSO IN BUSINESS

A gauge of U.S. service industries dropped more than forecast in June to the weakest level in almost two years, led by a cooling in employment that may further temper optimism about the labor market heading into Friday's jobs report. The nonmanufacturing index fell to 55.1 from 56.9, according to an Institute for Supply Management survey Wednesday. Three of the gauge's four components slipped, with employment dropping by the most in 16 months and new orders declining to the lowest level since December 2017. Sixteen of 18 industries reported growth in June, unchanged from the prior month.

A keynote address in Beijing by Baidu chief Robin Li morphed into a public humiliation when a man jumped onstage and doused him in water. The billionaire founder was introducing an artificial-intelligence-powered valet parking service when a man in a black T-shirt upended a small bottle of water over his head. The Chinese Internet tycoon froze for a few seconds, wiped his face, then plowed ahead with his speech as if nothing had happened. "What's your problem?" Li said in English to the perpetrator, who was wearing an event pass. "As everyone has just seen, there will be a variety of unexpected happenings on the road to AI," Li said. It is unclear who the prankster was.

Netflix is setting up a U.K. production hub at the historic Shepperton Studios, giving the streaming giant more space to increase output and fuel its expansion in Europe. Netflix is also creating more country-specific content to appeal to local audiences and increase its international subscriber base. The base at Pinewood Group's Shepperton site in outer London dates back to the 1930s. The new hub will have 14 sound stages, workshops and office space, Netflix said in a statement. It will open in October.

— From news reports