|Day's Range||0.5800 - 0.5800|
Facebook CEO Mark Zuckerberg continues his swing through Washington. After dining with Senators on Wednesday, Zuckerberg met with President Trump last night. Yahoo Finance's On The Move panel breaks it down.
Joel Flory, the CEO and co-founder of popular photo-editing app VSCO, joined The Final Round Tuesday to discuss how his app addresses criticisms of social media, including a “compare culture” that he says focuses too much on likes and comments.
Facebook CEO Mark Zuckerberg got “an earful” from a group of U.S. senators at a restaurant in the nation’s capital Wednesday evening.
The U.S. dollar will make up 50% of the basket of currencies backing Facebook's planned digital coin Libra, with the euro, yen, sterling and Singapore dollar comprising the rest, Der Spiegel reported, referring to a letter from Facebook. China's yuan currency will not be included, which could help smooth the planned cryptocurrency's path in the United States, where officials have raised concerns about the yuan's growing stature as a reserve currency at a time when trade relations between the two economic powers are tense. In a letter responding to a question from German legislator Fabio De Masi, Facebook said the dollar would make up 50% of the basket, followed by the euro with 18%, the yen with 14%, the British pound with 11% and the Singapore dollar with 7%, according to German news magazine Der Spiegel.
The 10-year bull market in stocks and longest economic expansion in U.S. history have minted many a millionaire since the darkest days of the Great Recession.A decade ago, less than 1 in 20, or 4.9%, of all U.S. households were considered to be millionaires, according to Phoenix Marketing International, which tracks the affluent market. That means they held at least $1 million in investable assets, such as cash, stocks, bonds and funds, among other types of investments. Real estate such as the family home, employer-sponsored retirement plans and business partnerships don't count.Cut to today, and 6.2% of all U.S. households are millionaires. In raw numbers, the nation's ranks of millionaires grew by more than 2 million over the past 10 years.Naturally, the gains haven't been distributed evenly. Although every state and the District of Columbia has more millionaire households today than it did in 2008, some areas of the country are gaining millionaires as a percentage of total households at a much faster clip than others.Kiplinger.com annually ranks all 50 states plus Washington, D.C., by their respective concentrations of millionaires. In the most recent tally, New Jersey leapfrogged long-time leader Maryland for the top spot. Nearly 9% of New Jersey households are millionaires vs. 8.9% for Maryland, which led the country in millionaires as a percentage of households from 2011 through 2017 before slipping to fourth place.That got us thinking: How have state millionaire concentrations shifted since the financial crisis? Here, we look at the five best states that have risen through the millionaire rankings since the Great Recession ... and the five that have experienced the biggest dropoffs. SEE ALSO: 25 Small Towns With Big Millionaire Populations
(Bloomberg) -- Roku Inc. shares suffered their second double-digit percentage drop of the past three trading days on Friday, as concerns over competition once again pressured a stock that has quadrupled since December.Shares of the the video-streaming platform company sank as much as 18% in midday trading, its biggest one-day percentage loss since November, dropping on volume that already eclipsed its daily average volume over the past three months. The stock was trading at a six-week low, and on track for a weekly drop of more than 25%.With the decline, Roku has lost about 35% of its value since a record close hit earlier this month. Even with the drop, however, shares remain up more than 300% from a December low as investors see the company as a major beneficiary to a shift toward streaming video.Friday’s decline was sparked after Pivotal Research Group started coverage on Roku shares with a sell rating and Street-low price target of $60, a target that represents downside of more than 55% from the company’s Thursday close.Analyst Jeffrey Wlodarczak wrote that shares were “dramatically overvalued” after the 2019 rally, and that he sees “dramatically more competition emerging.”Pivotal’s comments spoke to an issue that also weighed on Roku on Wednesday, after Facebook Inc. debuted a new model of its Portal video device that will have access to some streaming services, and Comcast Corp. said its Xfinity Flex box would be included with Internet-only subscriptions.Wlodarczak sees such developments as a harbinger of things to come. He anticipates “dramatically more competition,” including from “big boys” like Comcast, whose plan “will inevitably be copied by other distributors”, and “likely drive the cost of [over-the-top video-streaming] devices to zero.”These rivals have “massive leverage,” he wrote, and are likely to make growth “much more difficult.”This bearish view is a minority opinion. Pivotal is only the second firm to recommend selling Roku shares, according to data compiled by Bloomberg, compared with the stock’s nine buy ratings and the five firms with a neutral view on the stock.As occurred following the week’s previous drop, Roku bulls defended the name as shares declined. Needham analyst Laura Martin called it “the gold-standard pure play” of video streaming, one that was “underscored by flawless (our word) execution” and a continually expanding total addressable market.The firm reiterated its buy rating and $150 price target in a note to clients. “Even if Roku’s hardware sales went to zero TOMORROW,” the financial downside “would be minimal” as it accounts for just 5% of its gross profit, Martin wrote (emphasis in original).Separately, Oppenheimer on Friday affirmed its outperform rating despite the “pending SVOD war,” referring to streaming video on demand. “Roku’s U.S. strategy play-book should allow fast international market share,” the firm wrote. “Many new services are playing catch-up in a crowded market, with limited scaled platforms to add [subscribers].”The firm raised its price target to $155 from $120, and was at least the second firm this week to boost its view on Roku’s international potential, following a similar move from Guggenheim on Wednesday.Currently, analysts expect full-year revenue growth of about 48% for 2019, and 36% growth in 2020, according to data compiled by Bloomberg. According to a Bloomberg MODL forecast, Roku is expected to have about 36.2 million active accounts at the end of 2019.To contact the reporter on this story: Ryan Vlastelica in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Steven Fromm, Morwenna ConiamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Facebook's planned cryptocurrency Libra will be backed by a basket of currencies including the U.S. dollar, euro, yen, sterling and Singapore dollar, but excluding China's yuan, Der Spiegel reported, referring to a letter from Facebook. The exclusion of China's currency could help smooth the planned digital currency's path in the United States, where officials have raised concerns about the yuan's growing stature as a reserve currency at a time when trade relations between the two economic powers are tense. In a letter responding to a question from German legislator Fabio De Masi, Facebook said the dollar would make up 50% of the basket, followed by the euro with 18%, the yen with 14%, the British pound with 11% and the Singapore dollar with 7%, according to German news magazine Der Spiegel.
(Bloomberg) -- Facebook Inc. Chief Executive Officer Mark Zuckerberg is meeting on Friday with U.S. House lawmakers, extending his Washington charm offensive into a third day as the social media giant battles criticism over its business practices.Zuckerberg is set to see Minority Leader Kevin McCarthy, Intelligence Chairman Adam Schiff and Judiciary Chairman Jerry Nadler, according to a person familiar with the matter. Earlier, he met with Doug Collins, a Georgia Republican on the Judiciary Committee, and Greg Walden, an Oregon Republican, the lawmakers said. Collins said he had a “great conversation.”On Thursday, Zuckerberg met with President Donald Trump at the White House, according to a Facebook spokesman. Trump’s son-in-law and senior adviser, Jared Kushner, was there along with Dan Scavino, the president’s social media director, Bloomberg has reported. Trump later tweeted that it was a “nice meeting.”Zuckerberg has spent the past two days defending Facebook’s practices to some of his harshest critics, who say the company isn’t taking strong enough action to prevent voter manipulation on the platform ahead of the 2020 presidential election, along with criticisms over the company’s handling of user data and treatment of conservative voices on its platform.Antitrust PanelHe’s meeting with Nadler, a New York Democrat, as the Judiciary antitrust subcommittee is investigating competition issues in the technology industry. Last week, the panel sent a letter to Facebook seeking information about its acquisitions as well as communications from Zuckerberg and other executives. Representative David Cicilline, chairman of the panel’s antitrust subcommittee, said he will meet with the CEO later Friday.Collins said he was very pleased that Zuckerberg came to Washington for the meetings.“I encouraged them to come to the table to help us out. This is not an adversarial role from my perspective,” said Collins, the top republican on the House Judiciary Committee. “It’s something that allows us to get information. And I think they were very open to that.”The Facebook CEO had a testier exchange with Republican Senator Josh Hawley over his company’s record on privacy and safeguarding user data. Hawley said he told Zuckerberg that Facebook should be subject to independent audits of its content reviews and that there should be “a wall” between Facebook and its other platforms and Zuckerberg said no.“I said to him, ‘Prove that you are serious about data, sell WhatsApp, and sell Instagram.’ That’s what they should do,” Hawley said to reporters in Washington Thursday. “I think it’s safe to say he was not receptive to those suggestions.”Zuckerberg’s visit to the capital also included a dinner on Wednesday with Senator Mark Warner, the top Democrat on the Intelligence Committee and Senator Richard Blumenthal, a Connecticut Democrat, along with other lawmakers.The executive doesn’t appear to be meeting with government officials conducting other inquiries. The Federal Trade Commission has opened an antitrust probe of the company, and New York is leading a coalition of states in a wide-ranging investigation of the social media giant. In July, Facebook agreed to pay $5 billion to settle FTC allegations it violated users’ privacy.\--With assistance from Steven T. Dennis, Billy House and Daniel Flatley.To contact the reporters on this story: Naomi Nix in Washington at email@example.com;Daniel Stoller in Washington at firstname.lastname@example.org;Rebecca Kern in Washington at email@example.comTo contact the editors responsible for this story: Sara Forden at firstname.lastname@example.org, Steve Geimann, Gregory MottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Instagram plans to restrict or remove posts promoting questionable weight loss or cosmetic procedures. Health misinformation is a key concern for digital platforms.
Facebook still aims to launch its Libra digital currency next year, its executive overseeing the project told Swiss newspaper NZZ, as the company presses ahead despite authorities around the world pouring cold water on the plans. Since the U.S. tech company unveiled its plans in June, its proposed cryptocurrency has met with regulatory and political scepticism, with France and Germany pledging to block Libra from operating in Europe. "The goal is still to launch Libra next year," Facebook's David Marcus told NZZ in an interview published on Friday.
(Bloomberg Opinion) -- Ukraine has almost as much agricultural land as France and Germany combined and will finally start allowing it to be bought and sold next year. This is Europe’s last farmland frontier, and the fight over it is going to be messy.About 17% of Ukraine’s gross domestic product comes from agriculture, the one sector where Ukraine punches above its weight on the global stage. It’s the world’s sixth-biggest wheat exporter, a top-10 supplier of corn and barley, the global leader in sunflower oil exports, and No. 3 in honey, according to the United Nations Food and Agriculture Organization. It has more farmland than anywhere else in Europe apart from Russia, where much of the land is actually located in Asia, and Ukraine’s nutrient-rich “black earth” soil is of better quality than most of Russia’s. Ukrainians, however, haven’t been allowed to do much with that land. Out of the total 41.5 million hectares (105 billion acres), only 1.7 million hectares — mostly small plots like private gardens — can be bought and sold. The rest was distributed to former collective farmers after the Soviet Union fell apart, and a moratorium was established on its sale. Russia allowed a market in land in 2003, but Ukrainian legislators have been extending the freeze on sales every year against the persistent advice of international financial institutions. The World Bank estimated in 2017 that lifting the moratorium could boost Ukraine’s annual GDP by 1.5 percentage points, but residual post-Soviet fears that foreigners and oligarchs would buy up all the land made opening the market politically unpopular.Now, however, new President Volodymyr Zelenskiy is popular enough, and has consolidated enough power in parliament, to finally take the plunge and allow land sales. “Out of seven million Ukrainians who own land, almost one million citizens have already died” without being able to make much money from their property, Zelenskiy said in a speech touting his reform plan on Thursday. The government plans to open the land market on Oct. 1, 2020. Ukrainian citizens and Ukrainian-registered companies, regardless of the origin of their beneficial owners (apart from Russians), will be allowed to buy land; to prevent excessive concentration, there will be caps of 0.5% of the total area nationwide and 15% of the total area in a specific region. But starting official sales isn’t just a matter of snapping one’s fingers once the political will is there. The land sale moratorium spawned a deeply unfair, opaque gray market. The land shares that former collective farmers received in the 1990s often aren’t big enough to farm independently. Since they can’t be sold, banks are reluctant to accept them as collateral. All the nominal owners can do in many cases is lease their land to big agricultural conglomerates at prices about one-fifth as high as in France. Some of the leases are for 50 years or more, and obligations to sell the land after the moratorium is lifted are common. Five of Ukraine’s top-10 agricultural landholders have already exceeded the government’s planned 0.5% nationwide limit, according to the Leibniz Institute of Agricultural Development in Transition Economies. The top 10, led by Andriy Verevskiy’s Kernel and Oleg Bakhmatyuk’s UkrLandFarming, work a combined area of about 2.9 million hectares. Zelenskiy acknowledged the challenges ahead. “A large-scale shadow market has emerged” that “is beneficial not for a small farmer, a simple peasant, but for local so-called land princes,” he said in his speech. Once the law allows official sales, these “princes” will be the best-positioned to turn these holdings into property, and they won’t be easy for any new investors to dislodge. “We have only one task: to find the optimal model beneficial for ordinary Ukrainians,” Zelenskiy said.Realizing the nature of the opportunity, some foreign investors have already moved into the market despite its status as a legal gray area. The Public Investment Fund of Saudi Arabia and the Saudi Grain and Fodder Holding Co., both state entities, are among the biggest investors in Ukrainian land, having acquired large holdings since 2016, according to the Land Matrix, an independent land-monitoring project funded, among others, by the European Union. Some private Western companies, such as U.S.-based NCH Capital Inc., also have acquired sizable holdings. Cargill Inc., the U.S. agricultural giant and a big trader in Ukrainian grain, opted instead to buy a 5% stake in UkrLandFarming in 2014.New players will inevitably show up as the market’s opening approaches. Once it’s operational, investors will line up for the roughly 11 million hectares that are still state-owned. The government plans to auction them off. But whether the Ukrainian state has the resources to control the market — avoiding monopolization, corruption and turf wars — is uncertain at this point.“I call on the entire society to watch who will become landowners,” Timofey Milovanov, the recently appointed economy minister, wrote in a Facebook post. “That’s important: It’s not the law that protects, it’s society that protects.” Indeed, without a properly functioning legal system, Ukraine’s active civil society is perhaps the nation’s best hope when it comes to keeping the future land market civilized.Even if it’s something of a free-for-all, Ukraine can only benefit from allowing land sales. It will boost investment and likely increase agricultural production. It will make many of the current small landowners wealthier and provide considerable privatization revenue to the government. Creating a transparent market that doesn’t benefit oligarchs would be a bonus.To contact the author of this story: Leonid Bershidsky at email@example.comTo contact the editor responsible for this story: Stephanie Baker at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The meeting — one of several held by the company’s founder in his first visit to Capitol Hill since he faced Congress in tense hearings about the Cambridge Analytica scandal last year — was “constructive”, according to a Facebook spokesperson. It came at the end of a hectic day of meetings with senior politicians on Capitol Hill, where Mr Zuckerberg was asked by at least one senator — the Republican Josh Hawley — if he would consider selling WhatsApp, the messaging platform, and photo-sharing app Instagram to meet the concerns of some who believe the company has grown too large and powerful. Mr Zuckerberg reportedly resisted the request.
On Wednesday, Facebook (FB) unveiled new models of its Portal hardware products. Facebook’s Portal business targets markets worth nearly $300 billion.
Millions of people around the world are marching today in what’s expected to be the largest climate protest to date, ahead of the UN climate summit this weekend. The global wake-up call is one of several ...
Memoir and biography seem to be a dominant theme this week. There are of course David Cameron’s carefully calibrated regrets over the Brexit referendum — and then far spicier vignettes from the life of ...
U.S. stock futures are higher as investors debate the Federal Reserve's next policy move and look for progress from the current round of U.S.-China trade talks; Facebook CEO Mark Zuckerberg meets with Donald Trump at the White House; Apple's iPhone 11 goes on sale across the world; global climate change demonstrations kick off in Australia.
Facebook and Twitter have suspended hundreds of accounts they said were connected to Spain’s People’s party, marking one of the few occasions that social media groups have linked disinformation campaigns to a major political party in western Europe. Twitter said in a blog post on Friday that it had taken down 265 accounts linked to the centre-right party that it identified as “falsely boosting public sentiment online in Spain” through spamming and retweeting. The accounts, which Twitter said were operated by the PP, were only active for a short period around the time of Spain’s last general election.
(Bloomberg Opinion) -- The world economy is turning toward a depressingly familiar cycle of lower rates, renewed quantitative easing and more fiscal stimulus. The return to a persistent semi-slump in advanced economies is likely to increase interest in universal basic income, or UBI – an idea supported by Democratic presidential contender Andrew Yang and business figures from Facebook Inc.’s Mark Zuckerberg to Tesla Inc.’s Elon Musk. If adopted, this radical prescription is unlikely to prove a magic bullet.Advocates argue that guaranteeing every individual a flat-rate payment irrespective of circumstances will help to address the poverty traps inherent in traditional welfare systems, the declining share of income going to labor, and increasing threats to employment from automation. Yang, a tech entrepreneur and an outsider for the Democratic nomination, proposes giving $1,000 a month in cash to every American and has made the plan a key talking point in candidate debates.The concept isn’t new. It was first suggested by Sir Thomas More in his 16th century work “Utopia,” and was championed by free-market economists such as Friedrich Hayek and Milton Friedman in the 20th century. In a national referendum in 2016, Switzerland rejected a proposal to establish a universal basic income.The case for UBI is that it can increase the efficiency of welfare systems by minimizing bureaucracy, the administrative costs of delivery, and drainage of resources through political exploitation or benefit fraud. Trials in Finland, Canada and India have been inconclusive, showing psychological improvements among recipients but limited success in achieving economic or social objectives. Critics point to the financial constraints of funding such programs. In the U.S., $1,000 per month per person would equate to a total cost of around $4 trillion per year, approximately the size of the 2018 federal budget. The Organization for Economic Co-operation and Development found that income tax would have to increase by almost 30% to fund a modest UBI.The key to the proposal’s renewed political appeal is how it could neutralize rising criticism of QE, which has disproportionately benefited the wealthy by driving up the prices of financial assets. UBI funded by new rounds of central bank purchases of government bonds – branded as “QE for the people” – may be a more palatable way to return to monetary stimulus.UBI would allow for the introduction by stealth of “helicopter money,” a controversial proposal for central banks to print money and distribute it to consumers to boost growth and inflation. The idea covers a wide range of policies including the permanent monetization of budget deficits and direct transfers to households financed with base money. Friedman outlined the concept in his 1969 parable of dropping money from a helicopter. If everyone is convinced that this is a unique, non-repeatable event, then it is assumed they will spend the money, increasing economic activity. The concept generated revived interest in recent years as a means of preventing deflation. There’s a telling link between universal basic income and modern monetary theory, an unconventional economic approach that’s been gaining ground with politicians. MMT, loosely, argues that a state cannot go bankrupt where it can print its currency – a version of the argument that deficits don’t matter. Under MMT, governments should borrow and spend when demand is inadequate to move the economy to full employment. It provides theoretical cover for governments to issue debt to central banks in greater amounts than hitherto contemplated. This can then finance spending programs – such as a universal basic income – to maintain economic activity.Whether a guaranteed minimum income can produce economic recovery is questionable, though. It’s a repackaging of existing approaches that have had limited effectiveness. There’s little new in central banks financing governments via QE or fiscal stimulus, including welfare spending. It doesn’t address key structural issues such as excessive debt, imbalances, wage levels and demographics. Adoption of such an approach would also mean the economy becomes dependent on government intervention to sustain activity. A universal basic income financed by helicopter money may perversely increase uncertainty. Ordinary people may react to unlimited money printing by shutting their wallets and hoarding. Australia’s recent “cash back” program, which provided up to A$1,080 ($740) to taxpayers earning less than A$126,000, doesn’t appear to have offset pessimism about the outlook.That’s unlikely to deter more countries from embracing such solutions. The reality is that existing policy is increasingly constrained. Significant debt restructuring and writedowns as well as acceptance of lower growth and stagnant or diminishing living standards is unacceptable. Policymakers will be desperate to show that there are more tools to stave off loss of confidence in their powers.Friedman believed that policies should be judged by results, not intentions. Unfortunately, the continued lure of a painless and easy solution to economic problems dictates that universal basic income will remain on the political agenda. To contact the author of this story: Satyajit Das at email@example.comTo contact the editor responsible for this story: Matthew Brooker at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Satyajit Das is a former banker and the author, most recently, of "A Banquet of Consequences."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The Senate’s most vocal critic of the tech industry offered a challenge Thursday to Facebook CEO Mark Zuckerberg: Sell your WhatsApp and Instagram properties to prove you’re serious about protecting data privacy.
U.S. President Donald Trump and Facebook Chief Executive Mark Zuckerberg had a "good, constructive" meeting at the White House on Thursday, the social media company said in a statement. The White House did not immediately respond to a request for comment. "Mark is in Washington, D.C., meeting with policymakers to hear their concerns and talk about future internet regulation.
Investing with IBD is a weekly podcast focused on helping investors learn how to make more money in the stock market by using stock charts to find top stocks.
Microsoft (MSFT) stock appears to be one of safest mega-cap tech buys out there at the moment, even at its new all-time highs. And it just raised its dividend and announced a new share buyback program.