|Day's Range||43.75 - 43.75|
Companies including Facebook and Twitter committed in May to take "transparent, specific measures" to prevent the amplification of violent content, after the killing of 51 people in Christchurch, New Zealand was livestreamed on Facebook. Releasing the data would provide an indication of the impact of the new policies.
The WSJ, which first reported about the deal, said news publications Washington Post, BuzzFeed News, and Business Insider have also reached a similar deal with Facebook. The news organizations will be paid a licensing fee to supply headlines, the WSJ reported.
Facebook critics, from Donald Trump to Democratic presidential nominee candidate Elizabeth Warren, are rushing to the platform to promote their campaigns.
Facebook's Libra digital currency project is "a neat idea that will never happen," JPMorgan Chase Chief Executive Jamie Dimon said on Friday, adding to skepticism about the project that has faced criticism from policymakers and some regulators. Dimon, who made the comments at an event in Washington hosted by the Institute of International Finance, did not elaborate on why he believed Libra was a non-starter.
(Bloomberg) -- U.S. lawmakers from both parties slammed Apple Inc. and Chief Executive Officer Tim Cook on Friday for “censorship of apps” at the “behest of the Chinese government.”Senators Ted Cruz, Ron Wyden, Tom Cotton, Marco Rubio and Representatives Alexandria Ocasio-Cortez, Mike Gallagher and Tom Malinowski expressed concern about the removal of an app that let Hong Kong protesters track police movement in the city.“Apple’s decisions last week to accommodate the Chinese government by taking down HKmaps is deeply concerning,” they wrote in a letter to Cook, urging Apple to “reverse course, to demonstrate that Apple puts values above market access, and to stand with the brave men and women fighting for basic rights and dignity in Hong Kong.” Apple didn’t respond to a request for comment on Friday.Apple removed the HKmap.live app from the App Store in China and Hong Hong earlier this month, saying it violated local laws. The company also said it received “credible information” from Hong Kong authorities indicating the software was being used “maliciously” to attack police. The decision, and the reasoning, was questioned widely.Cook, in a recent memo to Apple employees, said that “national and international debates will outlive us all, and, while important, they do not govern the facts.” On Thursday, the CEO met with China’s State Administration for Market Regulation head Xiao Yaqing in Beijing to discuss consumer-rights protection, boosting investment and business development in the country, according to a statement from the Chinese regulator.The Cupertino, California-based company isn’t the only one referenced in Friday’s letter. The lawmakers mentioned recent headlines involving the National Basketball Association and Activision Blizzard Inc., a video game company that suspended a professional game player for supporting the Hong Kong protests.“Cases like these raise real concern about whether Apple and other large U.S. corporate entities will bow to growing Chinese demands rather than lose access to more than a billion Chinese consumers,” the lawmakers wrote.They also slammed Apple for removing other apps, including VPN apps that helped Chinese people get around the government’s online censorship. The letter said Apple has “censored” at least 2,200 apps in China, citing data from non-profit organization GreatFire. Apple says on its website that it removed 634 apps in the second half of last year globally due to legal violations.The letter implied that Apple made the removal decisions to maintain its huge business in China and appease the government. Greater China was Apple’s third-largest region by revenue last year, generating more than $50 billion in revenue.Apple is one of the rare tech companies that operates in China, with rivals like Google and Facebook Inc. hardly operational in the market. China’s importance to Apple means the company has to balance its own values with following local laws.In the past, the company has pulled the Skype and New York Times apps from its App Store in China. More recently, it removed a Taiwanese flag emoji for users in Hong Kong and Macau and was criticized for sending some browsing data to China’s Tencent Holdings Ltd. as part of a privacy feature.To contact the reporters on this story: Mark Gurman in San Francisco at email@example.com;Ben Brody in Washington, D.C. at firstname.lastname@example.orgTo contact the editors responsible for this story: Tom Giles at email@example.com, Alistair Barr, Robin AjelloFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Chinese-owned video-sharing app TikTok, which has exploded in popularity globally, has recently come under fire for censoring content that Beijing deems unacceptable.
(Bloomberg Opinion) -- The New Yorker and the Atlantic have never been known for their business coverage, so when both magazines published long articles about Amazon.com Inc. in their current issues it signaled that something is in the air. That something is antitrust.More precisely, what’s in the air is the question of what the government should do to rein in the tremendous power of the big four tech companies: Facebook Inc., Alphabet Inc.’s Google, Apple Inc. and Amazon.Once the province of think tanks and law reviews, this topic has become such a public concern that 48 of the 50 state attorneys general are conducting antitrust investigations, presidential hopefuls are calling for tech giants to be broken up, and general interest magazines like, well, the New Yorker and the Atlantic are asking whether the companies abuse their market power. In this particular case, the magazines are asking it about Amazon.The Atlantic article is by Franklin Foer, who has long raised concerns about Big Tech. Five years ago, for instance, he wrote a cover story for the New Republic titled “Amazon Must Be Stopped.” It focused on Amazon’s dominance over the book business.This time around, he is writing about the unbridled ambition of Amazon’s founder and chief executive officer Jeff Bezos. (The new article is “Jeff Bezos’s Master Plan.”) “Bezos’s ventures are by now so large and varied that it is difficult to truly comprehend the nature of his empire, much less the end point of his ambitions,” Foer writes. He then goes through a list. Bezos wants to conquer space with his company Blue Origin. Bezos’s ownership of the Washington Post makes him a significant media and political figure. Bezos’s brainchild, Amazon, “is the most awe-inspiring creation in the history of American business.” And so on.He also points out that while critics fear Amazon’s monopoly power, the company is loved by consumers. “A 2018 poll sponsored by Georgetown University and the Knight Foundation found that Amazon engendered greater confidence than virtually any other American institution,” he writes. I have no doubt that this is true; Amazon’s obsession with customer service instills tremendous loyalty among consumers. It’s no accident that over 100 million people now pay the company $119 a year to be Amazon Prime members. That loyalty is also one reason taking antitrust actions against Amazon would be much more difficult than going after Facebook or Google. I’ll get to some other reasons shortly.Charles Duhigg’s New Yorker article “Is Amazon Unstoppable?” is both smarter about Amazon and more pointed about its power. Duhigg captures its relentless culture, comparing it to a flywheel that never stops. He described Bezos’s efforts to ensure that Amazon never loses the feel of a scrappy startup. The phrase that came to mind as I was reading Duhigg’s article was Andy Grove’s famous dictum: “Only the paranoid survive.”Duhigg is also interested in what Amazon’s critics have to say. Amazon paid no federal taxes last year. Amazon's work culture can be difficult for women who have children. Amazon’s warehouse workers are sometimes fired after being injured on the job. Amazon doesn't effectively police the sale of counterfeit goods on its site. (In the article, Amazon’s representatives deny these allegations.)Then there’s the fact that Amazon both serves as a platform for companies wanting to sell things and sells things itself. In other words, it competes with the same companies it enables. According to Duhigg, Amazon has been known to track items that do well, and then make its own version of the same item — which it then sells at a discounted price. (Amazon denies this, too.) Margrethe Vestager, the European Union’s commissioner for competition, told Duhigg that the practice “deserves much more scrutiny.”The story’s killer anecdote, at least as it concerns antitrust, is about Birkenstock USA LP’s experience with Amazon. Although Birkenstock sold millions of dollars of shoes using the Amazon platform, it was constantly hearing customer complaints that the shoes were defective. Why? Because, according to Birkenstock, Amazon allowed counterfeits to be sold on the site. Not only would Amazon not take down the counterfeit goods, but it also wouldn’t even tell Birkenstock who was selling them.Amazon also had stocked a year’s worth of Birkenstock inventory, which terrified the company. “What if Amazon decides to start selling the shoes for 99 cents, or to give them away with Prime membership, or do a buy-one-get-one-free,” wondered Birkenstock’s chief executive officer, David Kahan. “We were powerless.”Kahan’s complaints went nowhere. So he pulled Birkenstocks off Amazon. What did Amazon do? It solicited Birkenstock retailers, offering to buy shoes directly from them. Today, if you search for Birkenstocks on Amazon you’ll be deluged with choices even though the company itself refuses to do business with Amazon. I found a pair of Arizona oiled leather sandals — listed on Birkenstock's website for $135 — marked down to $60 on Amazon. Is it the real thing, or is it a counterfeit?The hard question: What do you do about this kind of behavior? On one extreme is the Democratic presidential candidate Senator Elizabeth Warren, who believes the most appropriate solution is to break up Amazon. At the other end of the spectrum, there are still plenty of antitrust economists who believe that if a $135 sandal is being sold for $60, that’s good for consumers. They argue that the government should just stay out of the way.I’m a proponent of breaking up Facebook, mainly because I believe if you force it to disgorge two of its prized platforms, Instagram and WhatsApp, you’ll instantly create serious competitors. That could help raise the bar on privacy, data usage and other concerns. But I’m not sure that would work with Amazon.For instance, if Amazon had to separate its highly profitable cloud service, Amazon Web Services, from its retail business the power dynamic between Amazon and the companies that use its platform would remain.What’s more, it’s harder to make a classic antitrust case against Amazon than it is against Facebook and Google. According to the research firm EMarketer Inc., Amazon is expected to account for 37.7% of all online commerce in 2019. By contrast, Google controls 89% of the search market.Still, for too many retailers, Amazon has the power to control their destiny, for good or ill. As the antitrust activist Lina Khan wrote in her now-famous 2017 article in the Yale Law Journal: “History suggests that allowing a single actor to set the terms of the marketplace, largely unchecked, can pose serious hazards.” I take that assessment to mean that government intervention at Amazon is needed.To my mind, the simplest and most sensible solution is from the economist Hal Singer: Don’t allow platform companies to favor their own products over competitors’ products. Singer calls this a “nondiscrimination regime,” and models it after the Cable Television Consumer Protection and Competition Act, which prevents cable distributors from favoring their own content over content from competitors. In that scenario, a company that felt it was being discriminated against by Amazon could bring a complaint to federal regulators just as cable stations can do now. This regime has worked well for the TV industry. It could work for Amazon, too.Secondly, the government should hold Amazon accountable for counterfeits. Counterfeiting is against the law, and although Amazon told Duhigg that it spends “hundreds of millions of dollars” on anti-counterfeiting efforts it’s no secret that many deceptively labeled goods are still sold on the site. (See, for instance, this recent Wall Street Journal story.) Companies like Birkenstock have a right to expect that a platform selling its products will rigorously police counterfeits — and will identify counterfeiters so manufacturers of authentic goods can take legal action.These are solvable problems. They don’t require extreme measures. What they do require is a government with the will to transform Amazon’s platform from what it is now, a vehicle that squelches competition, to one that lets competition flower.(Corrects paragraph eight to accurately describe the year in which Amazon paid no federal taxes and to more accurately describe the experiences of women with children who work for the company. Also changes language in paragraph eight to more accurately describe how effectively Amazon combats the sale of counterfeit goods on its site. Also corrects paragraphs 12 and 13 to accurately reflect pricing disparities between sandals sold on Birkenstock's website and those sold on Amazon.)To contact the author of this story: Joe Nocera at firstname.lastname@example.orgTo contact the editor responsible for this story: Timothy L. O'Brien at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
A finance professor made a startling discovery about the stock market: Over a 90-year span, 96% of all stocks collectively performed no better than risk-free 1-month Treasury bills. After analyzing the lifetime returns of 25,967 common stocks, Hendrik Bessembinder determined that just 1,092 of those stocks -- or about 4% of the total -- generated all of the $34.8 trillion in wealth created for shareholders by the stock market between July 1926 and December 2016. Even more striking, a mere 50 stocks accounted for well over one-third (39.3%) of that amount.But before we get to our profiles of the 50 best-performing stocks of all time, many of which are (or were) components of the Dow Jones Industrial Average, a word of caution. Accurately identifying the precious few "home run" stocks amid the many thousands of underachieving names is extremely difficult. It might be impossible. Your portfolio is more likely to suffer because you guessed wrong and failed to invest in the top long-term winners, says Bessembinder of Arizona State University's W. P. Carey School of Business.A better alternative to trying to find a needle in a haystack? To paraphrase Jack Bogle, the Vanguard founder and pioneer of index investing: Just buy the haystack. "The results reinforce the importance of diversification," says Bessembinder, "and low-cost index funds are an excellent way to diversify broadly."Take a look at the 50 best stocks since 1926. SEE ALSO: 101 Best Dividend Stocks for 2019 and Beyond
The Dow Jones Industrial Average has dropped nearly 200 points after Reuters reported that Boeing might have misled the FAA about safety features in its 737 MAX, causing the stock to tumble.
ECB Director Benoit Coeure said that the EU financial regulator doesn't plan to ban Libra. The European Commission doesn’t intend to ban stablecoins either.
German Finance Minister Olaf Scholz on Friday redoubled his criticism of Facebook's plans to launch its Libra cryptocurrency, and said creation of a new world currency should be prevented. Scholz, speaking with reporters at the IMF and World Bank fall meetings in Washington, cited growing concern about such "stablecoins" and the potential international risks they posed. The German official said he was "highly skeptical" about Facebook's plans, adding, "We will carefully monitor the situation with all the means at our disposal.
Snap announces new advertising product, Dynamic Ads to boost advertisement revenues from retail, e-commerce and other direct-to-consumer (DTC) brands.
Facebook's (FB) Watch to receive sports-related digital shows and content from recent partnership with Fox Sports amid the intensifying sports streaming battle.
Companies that improve their environmental, social and governance reputations outperform the S&P 500 — big tech and financial services firms among them.
(Bloomberg) -- A House hearing scheduled for Wednesday with Mark Zuckerberg as the sole witness will kick off the “next phase” in the battle between big tech companies and the U.S. government, according to Wedbush.“The drum-roll has started” for the Financial Services committee hearing, with Zuckerberg set to defend the Libra cryptocurrency effort, which still faces a “massive regulatory spotlight,” analyst Daniel Ives wrote in a note. The hearing is titled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.”“We fully expect politicians to use this forum as another major shot across the bow on broader antitrust concerns for FAANG names,” Ives said. He sees a regulatory and legal focus on Facebook’s WhatsApp and Instagram acquisitions, with “the convergence of Facebook’s messaging platforms likely a hot button issue.”Ives described Facebook’s Libra as a bid to “further penetrate its customer base with a financial currency that enables the company to become more entrenched in the purchasing cycle of its 2 billion-plus users.”Other tech companies are making similar efforts, he said, flagging Apple Inc.’s Apple Card with Goldman Sachs Group Inc. and an “enhanced” Apple Pay tool. On Tuesday, Goldman CEO David Solomon said the Apple credit card was the most successful card launch ever.Several payments companies left Facebook’s cryptocurrency project earlier this month. Analysts said the departures would likely delay the coin’s launch and shift Congress’s attention to other matters. That might give Zuckerberg some breathing room, they said.On Thursday, David Marcus, the Facebook executive leading Libra, said China’s progress toward a digital payments system with global reach could pose a threat to U.S. influence. Marcus had earlier this month said that payments companies exiting Libra was in a way “liberating.”Facebook’s shares declined as much as 1.4% on Friday.To contact the reporter on this story: Felice Maranz in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Debarati RoyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Amphenol's (APH) third-quarter 2019 results are likely to reflect lower demand across communications equipment and automotive end markets.
(Bloomberg) -- Thousands of protesters cut off roads and started fires around Lebanon as anger over plans to impose a levy on WhatsApp calls escalated into demands for the government to resign.Demonstrators carrying Lebanese flags thronged outside government headquarters in downtown Beirut on Friday, as some of the largest protests in years entered a second day.Chants of “the people want the fall of the regime” and “revolution” rang out and scuffles erupted with riot police as the crowds demanded the politicians currently debating a proposed austerity budget step down and hold early elections.The economic stakes have rarely been higher for Lebanon, a tiny country that straddles the geopolitical fault-lines of the Middle East, since the end of the 15-year civil war in 1990. One of the most indebted countries in the world, it is struggling to find fresh sources of funding as the foreign inflows on which it has traditionally relied have dried up.The protests have increased pressure on Prime Minister Saad al-Hariri, who heads a fractious coalition government that has struggled to overcome sectarian and political differences to push through much-needed reforms.Hariri, a Sunni Muslim, has been traditionally backed by Saudi Arabia, but the kingdom has withheld support in recent years as the Iranian-backed Hezbollah militia’s political influence over the government has grown.The crisis has catapulted Lebanon into a new and unpredictable phase. If Hariri and his allies resign, Lebanon could end up with a government dominated by Hezbollah, making it even harder to attract investment. Hezbollah’s ministers and parliamentarians have oppose higher taxes to spare their supporters further financial pressure as the U.S. seeks to choke off its funding through sanctions on its members and its patron, Iran.If the government survives, few observers expect it to overcome the divisions that have frustrated public demands for change.Foreign Minister Gebran Bassil, the son-in-law of the president and an opponent of Hariri, called for urgent measures to fight corruption and warned in a televised address that the collapse of the government would result in “chaos” and undermine the currency peg.Hariri, who canceled a cabinet session planned for Friday, is expected to deliver an address to the nation at 6 p.m. local time.Persistent instability in Lebanon has shaken investor confidence and made it harder to revive an economy already struggling to absorb more than 1.5 million Syrian refugees who have fled the crisis in neighboring Syria.The yield on Lebanon’s dollar bonds due in 2021 jumped more than two percentage points to 20.38% as of 10:44 a.m. in London, snapping six days of declines. The cost of insuring Lebanese debt against default climbed, with the nation’s five-year credit-default swaps rising 87 basis points to 1,262 -- the highest level on a closing basis since the start of the month.‘Revolution’Sporadic demonstrations have erupted for months in Lebanon as the economic crisis has led to shortages of dollars and threatened the pensions of retired soldiers.The government is under pressure to cut spending, raise taxes and fight corruption -- conditions required by international donors to unlock some $11 billion in pledges made at a Paris conference in early 2018. But the measures are proving deeply unpopular with the public, which widely blames institutional corruption, nepotism and profiteering by politicians for bankrupting the government.The latest unrest was sparked by plans to impose a fee of 20 U.S. cents on the first WhatsApp call that users make every day, causing outrage in a country where communications costs are among the least competitive in the region and people widely use internet voice applications to save money. WhatsApp, a free messaging and voice platform owned by Facebook Inc., has some 1.5 billion users worldwide.On Thursday, the government also discussed a proposal for a gradual increase to the value-added tax, currently at 11%, and new levies on gasoline. But Finance Minister Ali Hasan Khalil insisted there were no additional taxes planned for next year’s budget.As protests spread to the suburbs and provinces, Telecom Minister Mohamed Choucair called LBCI television on Thursday to say Hariri had ordered him to cancel the levy on Internet calls. But the reversal came too late to appease public opinion.Walls of burning tires and debris effectively severed the main thoroughfares at the northern and southern entrances of Beirut and crowds also headed toward the presidential palace in Baabda, footage aired on Lebanese television stations showed. In downtown Beirut, protesters threw bottles, petrol bombs, metal barriers and other projectiles at riot police and occasional scuffles broke out as they tried to break through the security cordon around the government headquarters.The International Monetary Fund projects Lebanon’s current-account deficit will reach almost 30% of gross domestic product by the end of this year. Amid the violence on Thursday, it issued a new report predicting that economic growth, stagnant at 0.3% in 2018, would continue to be weak amid political and economic uncertainty and a severe contraction in the real estate sector. Public debt is projected to increase to 155% of Gross Domestic Product by the end of 2019, it said.(Updates throughout, adds quotes from Basil.)\--With assistance from Alex Nicholson.To contact the reporters on this story: Lin Noueihed in Beirut at firstname.lastname@example.org;Dana Khraiche in Beirut at email@example.comTo contact the editors responsible for this story: Lin Noueihed at firstname.lastname@example.org, Mark WilliamsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Facebook CEO Mark Zuckerberg spoke at Georgetown University Thursday, defending Facebook on free speech. This comes a week ahead of Zuckerberg's congressional testimony next week. Yahoo Finance’s Adam Shapiro, Julie Hyman and Dan Howley discuss with Tech Crunch Senior Writer Anthony Ha and Bryn Mawr CIO Jeff Mills on On the Move.
Oct.18 -- Chris Hughes, co-founder at Facebook, and Thomas Perriello, executive director at Open Society-US, discuss efforts to break up and regulate Facebook and other big tech firms. They speak on "Bloomberg Daybreak: Americas."