|Day's Range||15.25 - 15.50|
Twitter and Facebook have suspended accounts they believe to be part of a Chinese effort to undermine protests in Hong Kong. Twitter saying it took down nearly one thousand accounts originating in China, while Facebook said it took down five accounts with seven pages that reaches more than 15,000 other accounts. Yahoo Finance has been combing through those tweets - and they all point to a similar narrative pushed by the Chinese. That the controversial extradition law is needed in Hong Kong, they praise hong kong police, and categorize protesters as rioters manipulated by the CIA. David Kennedy, TrustedSec's CEO joins Yahoo Finance's Akiko Fujita.
A bipartisan group of state attorney generals are preparing to move forward with an anti-trust investigation of big tech companies. Loup Ventures Managing Partner Gene Muster joins Yahoo Finance’s Adam Shapiro and Rick Newman to discuss.
Facebook and Twitter are blocking accounts from China that the companies say spread misinformation against pro-democracy protestors in Hong Kong. Axios media reporter Sara Fischer joined CBSN with more on this, and an exclusive Facebook report.
Financial shares led U.S. stocks lower on Tuesday to end a three-day rally as investors awaited comments from Federal Reserve Chair Jerome Powell at the end of the week. The S&P 500 financial index dropped 1.2%, and the group weighed most heavily on the benchmark index among its major sectors, which were almost all in the red. Only consumer discretionary shares posted gains, a modest 0.16% rise, as shares of Home Depot Inc climbed 4.4%.
(Bloomberg) -- The U.S. Justice Department intends to work with state attorneys general in a broad review of whether large technology companies are harming competition, the department’s top antitrust official said.More than a dozen states are interested in the issue and will likely cooperate with the Justice Department, Makan Delrahim, the head of the antitrust division, said Tuesday at a technology conference in Aspen, Colorado.“We will be taking a broad look, and we look at it with no preconceived agendas,” he said. “I anticipate it would be in cooperative manner,” he added about the state and federal efforts.The Justice Department in July said it intended to scrutinize the conduct of the largest tech platforms. It didn’t specify which firms it would look at but strongly suggested Facebook Inc., Alphabet Inc.’s Google and Amazon.com Inc. are in the cross-hairs, saying it would examine concerns about search, social media and online retail.A group of state attorneys general is also gearing up to investigate tech companies, Bloomberg reported in June.Facebook-Instagram Deal Warrants New Scrutiny, Colorado AG Says“We continue to engage in bipartisan conversations about the unchecked power of large tech companies,” New York Attorney General Letitia James’s office said in a statement. “We must ensure we protect competition, protect our economy, and protect consumers.”Delrahim said cooperation between the Justice Department and the states would reduce the burden on the companies being investigated. His comments are likely to be welcome news to the tech companies. Separate state and federal investigations could mean multiple requests for documents and depositions as well as multiple penalties.Companies that are subjects of the Justice Department investigation are cooperating with investigators to provide information, Delrahim said. He said there is no specific time line for the probe.(Updates with comments on why companies would welcome joint investigation in 7th paragraph.)To contact the reporters on this story: David McLaughlin in Washington at email@example.com;Vicky Graham in Arlington at firstname.lastname@example.orgTo contact the editors responsible for this story: Sara Forden at email@example.com, Paula Dwyer, Mark NiquetteFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Menlo Park, CA, based Investment company AH Equity Partners III, L.L.C. (Current Portfolio) buys PagerDuty Inc, Facebook Inc during the 3-months ended 2019Q2, according to the most recent filings of the investment company, AH Equity Partners III, L.L.C.. Continue reading...
The European Commission is "currently investigating potential anti-competitive behavior" related to Libra amid concerns that the proposed payment system would unfairly shut out rivals, said the report. Libra is a global crypto-currency by Facebook, set to launch in 2020. EU officials said they were concerned how about Libra may create "possible competition restrictions" on the information that will be exchanged and the use of consumer data, according to Bloomberg.
Facebook has been scrambling to get its global cryptocurrency payment network called Libra off the ground, but challengers abound.
(Bloomberg) -- The new Libra digital currency hasn’t even launched yet, but barely two months after the Facebook Inc.-led association announced its plans, it’s already facing a number of stumbling blocks. In the latest example of rising regulatory scrutiny into Mark Zuckerberg’s cryptocurrency project, Bloomberg on Tuesday reported that the European Union’s antitrust watchdog is investigating Libra, raising questions about the prospects of success for the digital coin.*June 18, 2019: Facebook announces plans to help create the Libra coin with 27 partners, including Visa Inc., Mastercard Inc. and Uber Technologies Inc. The digital currency, which would be tied to established government-backed currencies and securities, is set to launch as soon as next year.*June 18: U.S. Representative Maxine Waters, chairwoman of the House Financial Services Committee, urges Facebook to halt development of the token until regulators can examine it.*June 22: Burkhard Balz, board member of Germany’s central bank, says in a newspaper interview that there’s a danger the token could circumvent regulatory requirements for money laundering and terrorist financing.*July 10: Federal Reserve Chairman Jerome Powell tells lawmakers at a House Financial Services Committee hearing in Washington the Libra token “raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability.”*July 11: Bank of France Governor Francois Villeroy de Galhau says of the Libra project at a committee hearing at the French Senate: “The more we investigate this project, the more we have serious questions.”*July 11: President Donald Trump criticizes the plans on Twitter, saying Libra “will have little standing or dependability.”*July 14: The House Financial Services Committee’s Democratic majority circulates a draft bill proposing to prohibit big tech companies from offering banking or other financial services.*July 15: Speaking from the White House, Treasury Secretary Steven Mnuchin says he has serious concerns about the national security implications of Facebook’s coin.*July 16-17: During hearings on the proposed Libra cryptocurrency, Democratic lawmakers say the plans pose privacy and national security risks. Facebook executive David Marcus vows that the company will take the time to address all concerns raised.*July 17: Pierre Moscovici, European economics commissioner, tells Bloomberg TV that Libra “raises major concerns and it’s certainly not ready to happen.”*July 19: U.S. Senator Dianne Feinstein, the top Democrat on Senate Judiciary Committee, says in a letter to Mnuchin that she has “significant concerns” over Facebook’s cryptocurrency and says Libra could undermine U.S. monetary policy.*Aug. 5: In a joint statement, international data privacy watchdogs from the U.K., Australia, Canada and the U.S. Federal Trade Commission call for more transparency about the Libra currency and its infrastructure, as well as for details about how customers’ personal data will be processed.*Aug. 20: Bloomberg reports that the European Commission is investigating potential anti-competitive behavior related to the Libra Association amid concerns the proposed payment system would unfairly shut out rivals.To contact the reporter on this story: Natalia Drozdiak in Brussels at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Anne VanderMey, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- If you want a powerful depiction of the sorry state Italian politics is in, look no further than the parliamentary debate that led to the resignation of Prime Minister Giuseppe Conte.It was a festival of hypocrisy staged by three political leaders: Matteo Salvini, the hard-right deputy prime minister who wants to take the country to an election; Matteo Renzi, the former prime minister who wants a government of national unity; and Conte himself. The three attacked each other for about an hour on Tuesday – and left Italians no wiser about where their country is headed.Conte was first up, announcing he plans to tender his resignation to President Sergio Mattarella. He then took the opportunity to lay into Salvini, who this month decided to pull the plug on the coalition government.The prime minister accused his deputy of putting his own political interests ahead of those of the country and of betraying the contract between the League and Five Star Movement. Conte said Salvini should respond to allegations he received illicit funds from Russia. And added, for good measure, that politicians should care less about social media – a clear attack on Salvini’s obsessive Facebook and Twitter presence.And yet, Conte only seems to have discovered all these problems after more than 14 months in coalition government. The technocratic prime minister had previously largely avoided attacking his deputy’s behavior – even when it created controversy in Europe.Conte’s defense of his own government was also flimsy: Whatever one makes of Five Star and the League, it is clear they delivered on very few of the gigantic promises they had made, including a 125 billion-euro ($139 billion) spending plan.Then came Salvini, giving his first speech as the de facto leader of the opposition. It isn’t clear what will happen in Rome after Conte steps down, but one possibility is that Five Star will form a coalition with the center-left Democrats.Salvini said he wants Italy to be free from the control of the European Union and called for at least 50 billion euros of tax cuts in the next budget. He also made a last-ditch attempt to patch up relations with Five Star, saying the parties could pass a budget together and then go to the polls. This marked a softening of his stance, which had been to call for an immediate general election.Salvini spoke much more to his voters than to lawmakers. He touched on all the issues which he knows can inflame his base – from immigration to the EU. He even pulled out a rosary. But he failed to explain why he didn’t deliver on his pledges having just spent more than a year in government.His defense – that his allies stopped from doing things – seemed at odds with his depiction as Italy’s strongman. Salvini’s calls for a renewed, if temporary, alliance with Five Star only suggest he is getting increasingly concerned he could soon find himself out of government having botched his attempt to grab power.Finally, it was the turn of the opposition. Renzi, who is no longer the leader of the center-left Democrats but still hopes to reclaim the political limelight, played the part of the elder statesman. He warned of trade wars and of an incoming recession, and advocated a grand coalition to avoid an increase in value-added tax, something which is set to kick in next year unless explicitly ruled out in the budget.But for all his jokes, he sounded unconvincing. It isn’t at all clear how a government of Five Star and the Democrats could breathe new life into Italy’s economy in the context of such a precarious fiscal outlook. Renzi also faces resistance within his own party; some supporters fear this is all just a ploy to buy him time and a return to the main political stage.If this were a theatrical performance – or an episode of an Italian version of House of Cards – it would be hugely entertaining. But with the economy stagnating and a deeply disenchanted electorate, it is depressing to see a political class acting so cynically.The coming days will decide whether Italy gets a technocratic caretaker administration, a new governing coalition, or fresh elections. Only one thing is certain: the country’s deep political and economic crisis won’t be over anytime soon.To contact the author of this story: Ferdinando Giugliano at firstname.lastname@example.orgTo contact the editor responsible for this story: Edward Evans at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Ferdinando Giugliano writes columns on European economics for Bloomberg Opinion. He is also an economics columnist for La Repubblica and was a member of the editorial board of the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- European Union antitrust regulators are already probing Facebook Inc.’s two-month-old Libra digital currency project, according to a document seen by Bloomberg.The European Commission is "currently investigating potential anti-competitive behavior" related to the Libra Association amid concerns the proposed payment system would unfairly shut out rivals, the EU authority said in a questionnaire sent out earlier this month.Officials said they’re concerned about how Libra may create "possible competition restrictions" on the information that will be exchanged and the use of consumer data, according to the document, which is a standard part of an early-stage EU inquiry to gather information.The investigation into founder Mark Zuckerberg’s ambitions to take on traditional cash adds to another preliminary EU investigation into how Facebook may unfairly use its power to squeeze rival apps. The Brussels-based commission, Europe’s most feared regulator, has already targeted Google and Apple Inc.Facebook and the commission both declined to comment on the investigation. The Menlo Park, California-based company has previously promised to appease all regulators before launching the cryptocurrency, a process that could take some time.Global CurrencyLed by a social network with more users than the combined population of China and the U.S., Libra represents a potential challenge that the guardians of money have never faced: a global currency they neither control nor manage.The EU questionnaire said regulators are also examining the possible integration of Libra-backed applications into Facebook services such as WhatsApp and Messenger. It said their investigation focuses on the governance structure and membership of the Libra Association.Facebook has previously promised to appease all regulators before launching the cryptocurrency, a process that could take some time.Visa Inc. declined to comment while the Libra Association representatives didn’t immediately respond to requests for comment. Mastercard Inc. had no immediate comment.Aside from the antitrust division, other EU regulators are "monitoring market developments in the area of crypto assets and payment services, including Libra and its development," a spokesman for the commission’s financial services department said.Data-protection supervisors are also worried about how Libra will share information. They said earlier this month that Facebook had the potential to combine "vast reserves of personal information with financial information and cryptocurrency, amplifying privacy concerns about the network’s design and data-sharing arrangements."\--With assistance from Alexander Weber, Alastair Marsh and James Hertling.To contact the reporters on this story: Lydia Beyoud in Arlington at firstname.lastname@example.org;Aoife White in Brussels at email@example.comTo contact the editors responsible for this story: Anthony Aarons at firstname.lastname@example.org, Peter Chapman, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Facebook Inc said on Tuesday it was tweaking its policies to allow users to see and control the data that the social network gathers from their browsing habits on other websites and apps. The company defines the data, for example when a clothing website shares information with Facebook on browsing activity of a user, as "Off-Facebook Activity". Facebook said in a blog post https://newsroom.fb.com/news/2019/08/off-facebook-activity that the tool is being rolled out in Ireland, South Korea and Spain and would be available to users across the globe in the coming months, adding that it expects the move to have some impact on its business.
Switzerland's privacy watchdog expects to receive details on Facebook's Libra cryptocurrency by the end of this month, a spokeswoman for the agency said on Tuesday. Facebook's plans to launch Libra next year have prompted warnings from politicians, regulators and central bankers that it must be closely regulated to avoid any disruption to the international financial system. Facebook's Libra project head David Marcus told U.S. senators earlier this year he expected the Swiss authority to be Libra's privacy regulator, yet the Federal Data Protection and Information Commissioner (FDPIC) had at that time yet to be contacted by Libra's organizers.
Soon, you could get fewer familiar ads following you around the internet — or at least on Facebook (FB) . Facebook is launching a long-promised tool that lets you block the social network from gathering information about you on outside websites and apps. The company said Tuesday that it is adding a section where you can see the activity that Facebook tracks outside its service via its “like” buttons and other means.
(Bloomberg) -- Facebook Inc. is making good on a promise the company made following last year’s Cambridge Analytica scandal: It finally finished a feature that will let users separate their internet browsing history from their personal profiles.The move is a risk for the world’s largest social media company because it could make Facebook advertising less accurate and potentially less valuable for marketers. Indeed, the executive leading the project, David Baser, said Facebook expects it to “decrease top-line revenue to some degree.”The company is unveiling “Off-Facebook Activity” on Tuesday, a feature it previously called “Clear History,” and one that Chief Executive Officer Mark Zuckerberg first announced in May 2018. The tool enables users to disconnect their Facebook profile from web browsing data and other information the company collects from outside apps and sites.The shares fell about 2% earlier Tuesday and were down less than 1% to $184.76 at 11:27 a.m. in New York. Facebook scoops up this data in a number of ways, including through tracking software that developers voluntarily add to their websites and apps. This helps make Facebook ads more effective: If a retailer knows what items you click on their website, they can re-target you with ads for those products on the social network.But the system is not well-understood by users. Off-Facebook Activity is meant to clarify some of this by showing people what Facebook has collected, and offering a way to remove it. Users will have to proactively seek out the new feature in their settings, where they’ll see a list of companies and websites that have shared data with Facebook. Users then have two main options:Clear all browsing data from their account, which means it will no longer be used for ad targeting.Tell Facebook to stop linking this data to their account moving forward. Users can do this holistically, meaning no browsing data will be linked from any app or website, or halt that data pairing for specific apps and websites.In either instance, Facebook will continue to collect data about people’s browsing activity, and store it on company servers. It just won’t tie that data back to a specific user.Facebook does not have a reputation for building comprehensive, easy-to-understand privacy features. The company recently announced a $5 billion settlement with the Federal Trade Commission over questionable privacy practices. Many of those lapses came to light after an outside developer sold the personal data of millions of Facebook users to Cambridge Analytica, a consultancy working with Donald Trump before the 2016 presidential election.The social media giant hopes to change perceptions with Off-Facebook Activity. The feature includes numerous links and additional sections intended to explain why Facebook has certain information, what it uses it for, and where it came from, according to a product demo shared with Bloomberg. That will only matter if people actually use Off-Facebook Activity, and go out of their way to find it in Facebook’s settings. The company says it will run an advertising campaign both on Facebook and in print to tell people about the tool.If people do use it, it could pose a challenge. The company makes most of its revenue from targeted ads, and de-coupling browsing data from a user’s profile will make it harder to show users relevant ads. Baser, the product executive in charge of the new tool, said that when he cleared his off-Facebook activity, his ads were “pretty terrible.”“I got a bunch of ads for tennis, which is a sport I haven’t done in 14 years, because it’s on my Facebook profile as an interest,” he added.Facebook has used a version of this argument before: More information creates better ads, which makes Facebook a better experience. But it’s also a sign that, if people were to adopt this new feature en masse, Facebook results may suffer. Irrelevant ads are bad for users, but also bad for advertisers who won’t get as many clicks or conversions.“We do anticipate that this will decrease top line revenue to some degree,” Baser said.All of that is hypothetical for now. Millions of users will need to find the new feature and activate it before it’s clear if it even makes a difference. Facebook is rolling out Off-Facebook Activity in South Korea, Spain and Ireland, with plans to bring it to other countries soon after.The feature, which Facebook said took longer than expected due to technical hurdles, does have limitations. Those who use Facebook’s Login feature to sign into outside apps, for example, cannot separate the data collected from that app from their profile, according to Baser.Users also can’t clear browsing data on a case by case basis -- that is, you can’t remove a specific web interaction from your account, or remove the browsing data from one particular app or website. Everything must be cleared together.(Updates shares.)To contact the reporter on this story: Kurt Wagner in San Francisco at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Alistair Barr, Emily BiusoFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A review by a former Republican U.S. senator concludes that political conservatives believe Facebook Inc needs to do "significant work" to satisfy their concerns that the social media website is biased, describing policies and examples that they found problematic without laying out evidence of systemic partisanship. It is the latest effort by Facebook to address rising anger among Republicans over alleged conservative bias as some lawmakers call for legislation that would revoke the liability shield big tech companies have for content posted by users.
Yesterday, Binance announced its plans to commence an open blockchain project called Venus. The crypto exchange player plans to launch regional stablecoins.
Despite a new report that said up to 20 or more states might participate in a joint antitrust investigation of big technology companies, shares of Amazon, Apple, Facebook and Google parent Alphabet weren’t moving much.
Facebook prepares to launch News Tab in the fall. The social networking giant seeks publisher deals and journalists to curate content.