|Day's Range||2.9000 - 4.0000|
Facebook CEO Mark Zuckerberg is set to testify on Wednesday to defend libra. This comes after Paypal, Mastercard, Visa, Ebay, among other companies, have dropped their association with Libra. Yahoo Finance's On The Move discuss.
Libra will be the focus when Facebook CEO Mark Zuckerberg goes to Capitol Hill on Wednesday, but it won't be the only thorny issue he'll have to address.
Facebook said it would increase transparency through measures such as showing more information about the confirmed owner of a Facebook page so users can better understand who is behind a page's content. The company said it would start labeling state-controlled media on its page and in the site's ad library. Facebook, Twitter and YouTube, the video-streaming service of Alphabet's Google all recently came under scrutiny after showing ads from Chinese state-controlled media that criticized Hong Kong protesters.
Facebook Inc. says it has fortified its digital defenses to eradicate meddling in elections, and it’s already thwarted new interference attempts from Russian and Iran as a result.
Buying the right stocks at the right time is key to investing. Check out Lululemon Athletica, Costco, TransDigm, Tempur Sealy and Intuitive Surgical.
Facebook’s efforts to quash a potentially costly lawsuit continue to suffer setbacks. A US appeals court last week denied its request for a special hearing.
LONDON/WASHINGTON (Reuters) - A network of Instagram accounts operated from Russia has targeted Americans with divisive political messages ahead of next year's U.S. presidential election, with operators posing as people within the United States, Facebook said on Monday. Facebook said it had suspended the accounts Monday, as well as three separate networks operated from Iran. The Russian network "showed some links" to Russia's Internet Research Agency (IRA), Facebook said, an organization Washington has said was used by Moscow to meddle in the 2016 U.S. election.
(Bloomberg) -- Facebook Inc. discovered four separate misinformation networks -- three tied to Iran and one to Russia -- that the social network said it shut down as part of an ongoing effort to counter “foreign influence campaigns.”Facebook said that the “coordinated inauthentic behavior” took aim at the U.S., North Africa and Latin America and included “proactive work ahead of the U.S. elections.” The company said it shared the findings with “law enforcement and industry partners.”In a blog post Monday, the company also disclosed some adjustments to its policies meant to combat foreign influence and manipulation. Facebook will now identify posts from state-controlled media, provide more information about the country of origin for Facebook pages, and help further secure political candidates’ Facebook pages.Following questions about its ability to identify and fight disinformation and influence campaigns on its platforms during the 2016 campaign, the social media company has been at the center of attention ahead of the 2020 U.S. presidential election. Facebook has gone to great lengths to tell voters and lawmakers that it’s taking misinformation more seriously — something it did ahead of the 2018 U.S. midterms as well.But the company has already encountered harsh criticism, particularly around political advertising. Facebook’s policy is that it won’t fact-check posts from politicians, including ads, which has led to complaints from Democratic candidates such as Elizabeth Warren and Joe Biden.Chief Executive Officer Mark Zuckerberg said last week that he doesn’t believe it’s Facebook’s role to make decisions about posts from politicians.“I don’t think most people want to live in a world where you can only post things that tech companies judge to be 100% true,” he said Thursday during a speech at Georgetown University. “People should be able to see for themselves what politicians are saying.”To contact the reporters on this story: Eric Newcomer in New York at email@example.com;Kurt Wagner in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Twitter's (TWTR) third-quarter 2019 results are expected to have benefited from initiatives, including security measures to boost user engagement, despite intensifying competition for ad dollars.
FAANG stocks are popular. • Over a long stretch, Netflix’s stock significantly outperformed the Dow Jones Industrial Average (DJIA) S&P 500 Index (SPX) and the Nasdaq-100. • Netflix had been the darling of FAANG stocks.
(Bloomberg Opinion) -- The question of how to distribute the fruits of the economy’s production is central to economics. Many take a utilitarian approach: Let the private sector produce what it wants, and then tax the wealthy to help the poor. Utilitarians don’t spend much time worrying about who deserves what; the goal is simply to maximize human happiness. Marxists tend to take a more class-based view, believing that the fruits of production ought to belong to workers.Then there’s Henry George. George was a 19th-century American economist who believed that land was the source of human inequality. As the population and the economy grow, he reasoned, land remains scarce, so rents go up. Landowners don’t actually produce anything that benefits the economy, but they capture much of the value created by workers and businesses that do use the land. Thus, land ownership is a vast engine of human poverty and concentration of undeserved wealth.Modern history seems to bear out George’s assessment. In the 140 years since George wrote his magnum opus “Progress and Poverty,” land has been a remarkably good financial investment across a range of developed countries:And much of the increasing wealth inequality documented by economist Thomas Piketty is due not to corporate profits, but to the increasing value of land.George believed that it was government’s job to redistribute these unearned profits on land ownership to the public at large. His preferred policy for doing this was a land-value tax, which is like a property tax with an exemption for the value of useful structures or other improvements that are built on top of the land. A century later, economists began to realize that land-value taxes are a very efficient way of funding local government services like education.The land-value tax is a simple, elegant policy on paper, but it tends to be tricky to implement. Some economists trained in the Georgist tradition have focused on more direct means of redistributing wealth earned from land. For example, Wolf Ladejinsky, who served as an adviser to the governments of Japan and Taiwan in the postwar years, engineered sweeping programs of agrarian land reform. Some credit these programs with jump-starting East Asian economic development, as well as creating a sense of fairness that diminished the appetite for communist revolutions.In the modern day, neo-Georgist ideas tend to focus on urban land rather than farmland. As the knowledge economy becomes more important, high-earning workers are crowding into cities, sending rents soaring. Housing co-ops, public housing and programs to help lower-earning people buy houses are all ways to redistribute urban land.But it’s unlikely that land reform and taxation, by itself, will be enough to make Americans feel like they’re living in a fair society. As spectacular profits accrue to the owners of a few dominant companies, it’s worth asking whether those companies have some advantages that, like land, allow them to make profits out of proportion to the value they create. Patents and ownership of online platforms might be two such assets.Economists call unearned profits “rent,” drawing an explicit analogy with the income earned by a landlord. One source of rent is monopoly power: When a company doesn’t have to face the pressures of competition, it can jack up prices beyond the efficient level in order to earn extra profits. Industrial concentration has been rising in the U.S. as a few so-called superstar companies gobble up market share. And as concentration goes up, profits have taken a larger share of economic output:Beefing up the antitrust system is a very good idea, but it won’t be sufficient to halt the rise of monopoly rents. Stronger unions and other pro-labor institutions can complement legal remedies.But the age of knowledge industries brings new challenges that older policies are ill-equipped to address. In the digital age, a lot more companies have strong network effects, meaning that the more people use a product, the more valuable it is. Facebook is the classic example: People are on the site not because it has the best features, but because all of their friends are on it.Network effects are a little like land, only in digital form. Because Facebook successfully occupied the social network space — kind of like claiming empty land — it’s difficult for later competitors to grow. It’s not impossible. More recent platforms such as Snap and Pinterest have carved out networks of their own, and eventually some newcomer may dethrone Facebook the way it dethroned MySpace. But the strength of network effects for first movers leads to market concentration and a few dominant companies.The patent system is another source of rent extraction: The government allows companies a temporary monopoly in order to encourage innovation. But since new technologies tend to build off of older ones, patents can allow first movers to block out the possible competition and hog profits for a long time.Modern-day Georgists should think about how to redistribute this digital land. Early ideas involve regulating online platforms to allow more competition, reforming the patent system and a progressive corporate tax that only kicks in when companies have very high margins.Businesses, entrepreneurs and inventors certainly put in plenty of effort and take plenty of risks to create new platforms and patentable innovations. But the rewards may be out of proportion to the value created. Finding new ways to redistribute the rents from digital land may help to avert damaging class warfare.To contact the author of this story: Noah Smith at firstname.lastname@example.orgTo contact the editor responsible for this story: James Greiff at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Noah Smith is a Bloomberg Opinion columnist. He was an assistant professor of finance at Stony Brook University, and he blogs at Noahpinion.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
A new poll focused on the first-in-the-nation Iowa caucuses suggests that Democratic presidential hopeful Pete Buttigieg is gaining momentum. Meanwhile,
The so-called Turla group, which has been linked with Russian intelligence, allegedly hijacked the tools of Oilrig, a group widely linked to the Iranian government, according to a two-year probe by the UK’s National Cyber Security Centre in collaboration with the US National Security Agency. Victims include military establishments, government departments, scientific organisations and universities across the world, mainly in the Middle East. The Iranian group was probably unaware that its hacking methods were hacked and deployed by another cyber espionage team, security officials involved in the investigation said.
It’s hard to know who is more narcissistic and oblivious to reality — Zuck, or our president. The idea that a man who has become a billionaire by the industrial-scale monetisation of personal data is invoking Frederick Douglass, Martin Luther King, the Vietnam war and the first amendment of the US constitution in his continuing efforts to avoid appropriate regulation is just beyond. If anyone wonders about the cognitive dangers of being in the Silicon Valley money and power bubble, this is a case in point of how it can truly addle your brain.
Facebook Inc , facing growing skepticism about its digital currency project Libra, on Sunday said the initiative could use cryptocurrencies based on national currencies such as the dollar, instead of the synthetic one it initially proposed. David Marcus, who heads the Libra project for Facebook, told a banking seminar the group's main goal remained to create a more efficient payments system, but it was open to looking at alternative approaches for the currency token it would use. "We could definitely approach this with having a multitude of stablecoins that represent national currencies in a tokenized digital form," he said.
(Bloomberg) -- Google searches for a popular antibiotic and a baby teething product send some users to suspect websites, according to a report released on Monday by a firm that tracks trademark and copyright infringement online.Earlier this year, six of the 10 results on the first page for the Google search “buy Bactrim online” showed links to websites that were “operating unlawfully and misusing” the Bactrim trademark, Incopro Ltd. said in the study.Another Google search for “wholesale Comotomo teether” produced nine organic results that directed users to an online marketplace or e-commerce website. Three of those sites listed “potentially harmful products that misuse the Comotomo trademark,” Incopro also reported.The results are based on searches Incopro ran using its software and data from web marketing firm SimilarWeb Ltd. Incopro wrote to Alphabet Inc.’s Google about its findings and the company said it got a written response from the internet giant, which it quoted in the study.“Google aggregates information published on the web returning users different web pages that relate to their search requests, but we don’t make any claims about the content of these pages,” Google wrote in its response, according to Incopro.Google has had a mixed record in dealing with contentious websites, Incopro said. The internet giant will remove website addresses from its search index for infringing copyright. But it won’t act when it is told that its search engine is pointing to sites selling counterfeits and infringing trademark rights, Incopro said. The firm noted that that other large internet companies including Facebook Inc., EBay Inc. and Amazon.com Inc. will take action in these cases.“Google takes the view that it is not (and cannot be) a ‘publisher’ when it is told that it is returning results for counterfeit web pages and so it does nothing,” Incopro wrote in its report. “If Google did remove these websites from their index these sites would be starved of oxygen and would fail.”The study suggests that Google search results for antibiotics are still showing suspect websites almost as much as they were three years ago, when another report from the Alliance for Safe Online Pharmacies showed 65% of search results for prescription drug terms led U.S. consumers to sites selling unapproved and dangerous medication.Search engines like Google should do more to protect consumers from unsafe results, Incopro said. “The FDA and other government bodies have limited resources and cannot be expected to solve every problem,” the report said. “Brand owners should be able to request that search engines de-index these sites themselves.”To contact the reporter on this story: Gerrit De Vynck in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Alistair Barr, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
FT subscribers can click here to receive #techFT every day by email. “It was a neat idea that’ll never happen, and I have nothing else to say about it.” So said JPMorgan Chase chief executive Jamie Dimon ...
What does Facebook have in common with a failed German bank? Mark Zuckerberg’s empire, valued at more than $500bn and with 2.7bn monthly users, is a world away from Bankhaus Herstatt, a small Cologne-based lender that collapsed in a sea of foreign exchange losses in 1974. The reason that the bank founded by Ivan Herstatt in the mid-1950s failed 20 years later was simple: it had made a bad bet on the direction of the dollar and by June 26 1974 was so indebted that it was closed by regulators: customers who had given it Deutschmarks during the German trading day never got the dollars they were due at the end of it.
Facebook has become a political target — and so it has had to enter the political arena, trying to mollify legislators who fear its power. At 35 years old, Mr Zuckerberg has proved himself to be a brilliant engineer and businessman. Perhaps the biggest threat to Facebook would be if governments decided to treat it as a publisher rather than a platform — making it legally liable for every lie or libel published by the company.
Facebook's upcoming news section will include headlines from publications like The Wall Street Journal, the Washington Post, and Buzzfeed News. Yahoo Finance's Alexis Christoforous, Brian Sozzi, and Dan Howley discuss.