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Big tech companies are in the spotlight today as companies like Google, Amazon, and Facebook testify in a U.S. government hearing against the French digital tax. Yahoo Finance's Zack Guzman, and Jessica Smith discuss.
Based in Malta, Binance launched its decentralized trading service, BinanceChain, earlier this year, and since then has issued stablecoins pegged toBitcoin and the British pound
Historic lows in long-term rates, and the inverted yield curve, suggests that China would be fighting what’s currently the market’s most powerful trend.
Mastercard is building its own cryptocurrency team. The payments giant is a partner in the Facebook Libra project. Meanwhile Bitcoin is attempting to rally.
BENGALURU/SAN FRANCISCO (Reuters) - Facebook contractor Genpact has raised minimum wages for the content moderation teams it runs for the Silicon Valley firm in India, the latest sign of improvement for workers after reports of stressful conditions at the social network's sites globally. Facebook Inc has unveiled several initiatives in the past six months to support wellbeing in teams doing the sometimes grueling and repetitive work of wading through billions of potentially harmful or violent posts on its platforms. Reuters reported in February on a group of workers at Genpact's offices in the southern Indian city of Hyderabad, who described the work they did as underpaid, stressful and sometimes traumatic.
(Bloomberg) -- One of the largest cryptocurrency exchanges is looking to partner with governments and companies to develop new digital currencies as it competes with the Libra project spearheaded by Facebook Inc.To that end, Malta-based Binance said it plans to create an independent “regional version of Libra,” the digital coin being developed by Facebook Inc. and partners, in a Chinese-language statement on its website Monday. The firm run by Chief Executive Officer Zhao “CZ” Changpeng said its open blockchain project, Venus, is intended to “empower developed and developing countries to spur new currencies.’’Developing so-called stable coins like Tether that are pegged to the U.S. dollar or another traditional currency has become a goal for many crypto platforms. Traders have flocked to these lower-volatility coins as they can be used to facilitate transactions and to park funds during wild swings in prices.Unlike Facebook, which announced its Libra coin with 27 partners from Visa Inc. to Uber Technologies Inc. signed up, Binance did not say if any other players have signed up to Venus. Instead the company said it “welcomes additional government partners, companies and organizations with a strong interest and influence on a global scale to collaborate with us to build a new open alliance and sustainable community.’’Binance already has experience with stable coins, having issued a token pegged to the U.K. pound earlier in the year. The exchange says it handles an average $1.2 billion of trading volume a day.Crypto firms have not only struggled to maintain stability in coin prices, but also with security in holding the digital assets. In May, Binance said hackers withdrew 7,000 Bitcoins worth about $40 million in a “large scale security breach.”\--With assistance from Shiyin Chen.To contact the reporter on this story: Alastair Marsh in London at email@example.comTo contact the editors responsible for this story: James Hertling at firstname.lastname@example.org, Todd White, Sid VermaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NEW YORK/SAN FRANCISCO (Reuters) - Alphabet Inc's Google has shut down a service it provided to wireless carriers globally that showed them weak spots in their network coverage, people familiar with the matter told Reuters, because of Google's concerns that sharing data from users of its Android phone system might attract the scrutiny of users and regulators. The withdrawal of the service, which has not been previously reported, has disappointed wireless carriers that used the data as part of their decision-making process on where to extend or upgrade their coverage. Google's Mobile Network Insights service, which had launched in March 2017, was essentially a map showing carriers signal strengths and connection speeds they were delivering in each area.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. The relationship between President Donald Trump and the largest U.S. technology companies has often been frosty but a common opponent -- France’s plan to tax U.S. tech giants -- will bring the two sides together, at least temporarily.Alphabet Inc.’s Google, Facebook Inc. and Amazon.com Inc. are all scheduled to testify in Washington on Monday in support of the Trump administration’s efforts to potentially punish France for enacting a 3% tax on global tech companies with at least 750 million euros ($832 million) in global revenue and digital sales of 25 million euros in France.France’s digital tax “is a sharp departure from long-established tax rules and uniquely targets a subset of businesses,” according to prepared remarks a Google representative is scheduled to deliver in the U.S. Trade Representative’s Office hearing in Washington on Monday. “French government officials have emphasized repeatedly that the” tax is intended to target foreign technology companies.How ‘Digital Tax’ Plans in Europe Hit U.S. Tech: QuickTakeThe U.S. is probing France’s new tax, which French President Emmanuel Macron signed into law last month, using a tool that could be a precursor to new tariffs or other trade restrictions. U.S. Trade Representative Robert Lighthizer could take action as soon as Aug. 26 when a comment period on the issue closes.‘Radical Left’The effort to crack down on France has created common ground for Trump -- who has called Google and Facebook “on the side of the Radical Left Democrats” and accused Amazon of avoiding taxes -- and technology companies that are both worried foreign governments are looking to use American corporations as a way to collect additional tax revenue.The U.S. is looking to use France as an example to deter other countries from targeting American technology firms for tax dollars. The U.K., New Zealand, Spain and Italy are among countries considering their own digital taxes, a move that U.S. officials say could lead to companies being taxed multiple times on the same profits.Trump has threatened to tax French wine or other goods in response to the digital tax. He tweeted last month “we will announce a substantial reciprocal action on Macron’s foolishness shortly!” The so-called 301 investigation, which looks into unfair trade practices, is the same tool Trump used to slap tariffs on China over alleged intellectual-property theft.The U.S. says countries considering their own version of a digital tax should focus on ongoing global talks with 130 countries on how to tax tech companies. Any future pact would likely create a whole new set of rules governing which countries have the right to tax the companies, which corporate profits are taxable, and how to resolve the inevitable disputes that would arise. A deal could be reached as soon as next year.Opposition to France’s tax is a rare area of bipartisan agreement in Congress. In a letter to Treasury Secretary Steven Mnuchin in June, Senators Chuck Grassley, an Iowa Republican, and Ron Wyden, an Oregon Democrat, urged the U.S. to look at “all available tools under U.S. law to address such targeted and discriminatory taxation.”The lawmakers included a suggestion to use a section of the tax code that would double the rate of U.S. taxes on French citizens and companies in the U.S.To contact the reporter on this story: Laura Davison in Washington at email@example.comTo contact the editors responsible for this story: Joe Sobczyk at firstname.lastname@example.org, Sarah McGregor, Robert JamesonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The report follows earlier news that Mastercard had teamed up with Facebook on Libra, the social media giant's cryptocurrency.
“Today’s hearing is about more than the French digital services tax. It is about preventing widescale application of unilateral excise taxes,” said Jennifer McCloskey, vice-president for policy at the Information Technology Industry Council, a Washington-based lobbying group. France has led the way in Europe towards imposing higher taxes on digital sales, amid frustration that US technology giants have been generating high volumes of business in the country but avoided large tax bills.
The Business Journal Untucked catches you up on Seattle-area business news from the past week, including an in-depth look at plane spotters, the rapid growth of Zillow Offers and Facebook's interest in Redmond.
(Bloomberg) -- A top long-only equity hedge fund is betting big on Internet dating.Helsinki-based HCP Focus, which has a slim portfolio of only 12 “high-conviction” stocks, has 16% of its funds invested in Tinder-operator Match Group Inc. The owner of subscription-based online dating websites and applications has risen 93% so far this year, with a surge in new Tinder subscribers boosting second-quarter revenue and fueling a record gain on August 7. HCP entered the stock at the beginning of 2017.“If you’re a heterosexual single guy, you don’t really care about the technical details,” Ernst Gronblom, portfolio manager at Helsinki Capital Partners, said by phone on Thursday. “When a dating platform has reached critical mass, it’s very, very hard to dislodge it. If a competing platform tries to enter the market, it’s very hard to convince people to create accounts on several dating platforms.”HCP Focus manages about 70 million euros ($78 million) and was the top long-only equity fund over the three years through the first quarter, according to BarclayHedge. It returned an average 22% a year in the past five years through July. Match is its biggest holding, followed by Amazon.com Inc., which has been one of the main holdings since the start of the fund.“It’s not overvalued,” he said. “But I don’t see an explosive upside in it anymore because it’s so huge. It has the potential to give a reasonably good return for quite some time.”Gronblom focuses on companies with network effects that can create “natural monopolies”. He also holds PayPal Holdings Inc., Alibaba Group Holding Ltd and Facebook Inc., which has the strongest network effects “of any big company on the planet,” he said.Zeroing in on just 12 stocks is the “sweet spot” for Gronblom, giving enough diversification to keep volatility in check yet concentrated enough to give the full benefits of stock-picking, he said. That’s a strategy that has outperformed in recent years, but it faces risks in the short term from a global bear market.“Most of my portfolio companies are highly valued, at least according to traditional metrics,” he said. “If there’s a panic in the market these companies will typically suffer more severe losses than regular companies.“To contact the reporter on this story: Jonas Cho Walsgard in Oslo at email@example.comTo contact the editors responsible for this story: Jonas Bergman at firstname.lastname@example.org, Stephen TreloarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Two years ago, Chris Wane, a now 31-year-old living in Manchester, England, was struggling to pay his bills and often couldn’t afford enough food for the week. Wane started an e-commerce business and used drop shipping — a practice in which a retailer keeps no inventory and a third-party supplier sends consumers the products — to handle orders. “I heard about drop-shipping a couple of years ago, and I wanted to try it,” Wane said.
Harvard University’s endowment made some bold stock trades in the calendar second quarter. Harvard Management Co., or HMC, the entity that manages the endowment, oversaw $405 million in U.S.-traded equities as of June 30.
COO of Facebook Inc (30-Year Financial, Insider Trades) Sheryl Sandberg (insider trades) sold 55,000 shares of FB on 08/14/2019 at an average price of $181.62 a share. Continue reading...
(Bloomberg) -- President Donald Trump, who has repeatedly lashed out at technology giants and their leaders, announced on Friday evening that he would be dining with Apple Inc. Chief Executive Officer Tim Cook.“Having dinner tonight with Tim Cook of Apple,” Trump, who is staying at his golf resort in Bedminster, New Jersey, wrote on Twitter. “They will be spending vast sums of money in the U.S. Great!”He did not elaborate, and Apple did not immediately respond to a request for comment on the meeting.Heads of other major technology companies, including Amazon.com Inc., Alphabet Inc.’s Google and Facebook Inc. have not fared as well in the president’s tweets and public remarks.He and his political allies have made unsupported claims that social media companies muzzle conservative views. Trump has assailed Amazon for edging out brick-and-mortar retailers and criticized its founder Jeff Bezos, who owns the Washington Post.Pressure on tech companies is increasing in Washington as congressional Republicans examine accusations of bias against conservatives; Democrats in the House conduct an antitrust inquiry and officials at the Justice Department and the Federal Trade Commission divvy up oversight of Google, Facebook, Apple, and Amazon.Earlier this week, FTC Chairman Joe Simons said in an interview that he wouldn’t let Trump’s complaints about the size and political inclinations of large technology platforms affect his agency’s decisions.Cook visited the White House in June to discuss the Trump administration’s efforts to develop job training programs that meet the changing demands of U.S. employers. The meeting was part of the American Workforce Policy Advisory Board, a working group that includes many corporate leaders. Commerce Secretary Wilbur Ross and Trump’s daughter and adviser Ivanka Trump unveiled the initiative earlier this year.\--With assistance from Alistair Barr.To contact the reporter on this story: John Harney in Washington at email@example.comTo contact the editors responsible for this story: Kevin Whitelaw at firstname.lastname@example.org, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The landmarked James A. Farley Post Office, currently being redeveloped, is also a possibility, according to The Real Deal.