|Day's Range||174.70 - 174.70|
Big tech is under the microscope, now that U.S. regulators investigate whether Amazon (AMZN), Apple (AAPL), Facebook (FB), and Google (GOOG) have too much power. As calls for breaking up these tech titans gain momentum among lawmakers, at least one Silicon Valley insider says “trust” is at the crux of the increased scrutiny. “I think regulators are really responding to a crisis of trust in the tech industry,” Salesforce (CRM) President, Bret Taylor, tells Yahoo Finance’s The First Trade.
Google today launched a new Chrome extension that allows you to flagsuspicious sites for inclusion in the company's Safe Browsing index, which isused by Chrome and a number of third-party browsers
Cloud-based company Salesforce announced its latest platform, New Customer 360 Innovations, at its Salesforce Connections conference today in Chicago. On the heels of this announcement, Salesforce President and Chief Product Officer Bret Taylor joins Yahoo Finance to discuss what he perceives to be the next phase of the digital revolution, and how Salesforce is already getting ahead.
Google Earth first made use of its rich global 3D visualization as a backdropfor a Carmen Sandiego tie-in back in March, but today there's a new adventureto explore
Google's rollout of RCS chat to Android devices has been slow, and you can blame that partly on the carriers. As the next-gen texting format usually depends on networks adding support one at a time, compatibility has been patchy at best. Now, though, Google is ready to take matters into its own hands -- the internet giant will offer RCS services to Android users in the UK and France later in June, giving them an opt-in choice through the platform's Messages app. The company's Drew Rowny explained it to The Verge as a sort of peer-to-peer end run around the carrier-driven model.
By James Callinan: In our view, the specific market dynamics that influence a company's sales growth prospects have a greater impact on equity returns than the overall direction of the economy
European Central Bank President Mario Draghi turned ultra-dovish in a speech in Portugal on Tuesday. Is this a motivation for Federal Reserve Chairman Jerome Powell and his cohorts to cut interest rates as they meet this week? President Trump on Tuesday blasted Draghi because stimulus in Europe means a lower euro versus the dollar, giving an edge to European companies in their exports to the U.S. On the other hand, the U.S. stock market is encouraged by Trump’s tweet of a “very good” phone call with President Xi of China and the news of an extended meeting with him at the G20.
Google, which told Reuters it has 45,000 employees in the region, has been the target of local activists who for several years have said the company's growth and high salaries have contributed to rising rents and housing shortages. Google said housing had reached a "crisis point" in the Bay Area but declined to comment on whether its announcement in a blog post https://www.blog.google/inside-google/company-announcements/1-billion-investment-bay-area-housing on Tuesday was a response to pressure from community activists, who plan to demonstrate Wednesday outside Alphabet's annual shareholder meeting.
Alphabet Inc's Google announced on Tuesday it would set aside $750 million in land and $250 million in financing to spur developers in the San Francisco Bay Area to build at least 20,000 homes and rehabilitate other housing over the next decade. Google, which told Reuters it has 45,000 employees in the region, has been the target of local activists who for several years have said the company's growth and high salaries have contributed to rising rents and housing shortages. Google said housing had reached a "crisis point" in the Bay Area but declined to comment on whether its announcement in a blog post https://www.blog.google/inside-google/company-announcements/1-billion-investment-bay-area-housing on Tuesday was a response to pressure from community activists, who plan to demonstrate Wednesday outside Alphabet's annual shareholder meeting.
Google on Tuesday unveiled a $1 billion plan to build up to 20,000 new homes in the Bay Area, with a special focus on affordable housing.
(Bloomberg) -- Google pledged $1 billion over the next 10 years to try to address an affordable housing crisis California’s Bay Area.The tech giant will re-purpose $750 million of its own land for residential use, allowing the development of at least 15,000 new homes, Chief Executive Officer Sundar Pichai said in a blog post on Tuesday. Another $250 million will go to incentives for developers to build at least 5,000 affordable housing units.The success of Google and other Silicon Valley technology companies has contributed to massive housing cost increases in the San Francisco Bay Area. The firms employ tens of thousands of high-earners who have bought or rented homes, leaving fewer options for poor and middle-income residents. Meanwhile, the supply of new houses and apartments has not kept up with demand.“Our goal is to help communities succeed over the long term, and make sure that everyone has access to opportunity, whether or not they work in tech,” Pichai said. He noted that just 3,000 homes were built in the South Bay area last year.Silicon Valley is the most expensive housing market in the country, with a median existing-home price of $1.2 million. The San Francisco and Oakland metro area is second with a $930,000 median, according to the National Association of Realtors.Google’s financial commitment is significant, but more companies and organizations will need to pitch in to really change housing affordability in the Bay Area, said Ray Bramson, chief impact officer for homelessness advocacy organization Destination: Home.In Santa Clara County, which encompasses San Jose, Mountain View and Palo Alto, there is a shortage of more than 35,000 affordable housing units, Bramson said. There will also need to be infrastructure improvements to handle population growth, he added.“There’s a huge, huge challenge our community is facing,” he said. “It’s going to take a tremendous amount of work.”Listen to Bloomberg’s Decrypted Podcast on Silicon Valley’s van dwellers.One challenge for Google will be persuading local towns to support rezoning land for housing. Because of a 1978 measure that limits property-tax increases on homes, municipalities generally get more revenue from commercial development than residential, according to Margaret O’Mara, a University of Washington history professor and author of the forthcoming book, "The Code: Silicon Valley and the Remaking of America."Google isn’t the first tech giant to throw money at the housing crisis. Microsoft Corp. said in January it would spend $500 million to develop affordable housing and alleviate homelessness in the Seattle area, near its headquarters.“These are not altruistic, non-profits, they’re for-profit companies," said O’Mara. "They’re putting money into something that they’re going to benefit from not just in terms of the good press.”The philanthropy started by Facebook Inc.’s Mark Zuckerberg and his wife Priscilla Chan is also backing an effort to address the housing shortage in the San Francisco Bay Area.(Updates with outside comment from housing activist in sixth paragraph.)\--With assistance from Kara Wetzel.To contact the reporters on this story: Gerrit De Vynck in New York at firstname.lastname@example.org;Noah Buhayar in Seattle at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Facebook Inc. and Apple Inc. are most at risk if government regulators are serious about pursuing antitrust actions against Big Tech.
Google and Amazon are tech giants locked in an intensifying battle for online shoppers. Both companies also have an ever-expanding presence in New York City and require a lot of real estate to accommodate a growing workforce. Google's and Amazon's respective strategies to accomplish this, however, are completely different — one is focused on buying and the other on leasing.
(Bloomberg) -- Nearly half the world’s electricity will come from renewable energy by 2050 as costs of wind, solar and battery storage continue to plummet.That titanic shift over the next three decades will come as electricity demand increases 62% and investors pump $13.3 trillion into new projects, according to a report released Tuesday by BloombergNEF.The move away from fossil fuel has sweeping implications for energy markets and the fight to stave off climate change. Wind, solar and batteries are poised to enable the power sector to meet its share of emission cuts required under the Paris climate agreement, at least until 2030, according to BNEF. But after that, nations will need other technologies to make deeper cuts at a reasonable cost, said Matthias Kimmel, the lead analyst on the report.“To get emissions where we want them to be, we need something else,” Kimmel said in an interview.By 2050, solar and wind will supply almost 50% of the world’s electricity, with hydro, nuclear and other renewable energy resources providing another 21%, according to BNEF. Coal will be the biggest loser in the power sector, with its share of global generation plunging from 37% today to 12% in 2050, BNEF said.Those other renewables could include geothermal systems, fuel cells and devices that harvest energy from ocean waves and tides. But it’s unclear which, if any, will be economical to deploy on a mass scale. And other low-emission technologies could be developed between now and 2030.BNEF sees a more ambitious transition to clean power than one oil giant BP Plc laid out in its 2019 Energy Outlook. BP foresees renewables generating about 30% of power by 2030 under its “evolving transition” scenario, while BNEF calls for 41%. Under a different scenario, however, BP is even more bullish than BNEF, saying renewables could hit 50% by 2040.BNEF forecasts that many nations can cut power-sector emissions through 2030 in line with goals set in Paris to limit the increase in world temperatures to 2 degrees Celsius (3.6 degrees Fahrenheit). And they can do that without additional subsidies for solar and wind, BNEF said.Since 2010, the cost of wind power has dropped by 49%, and solar has plummeted 85%, according to BNEF. That makes them cheaper than new coal or gas plants in two-thirds of the world. Battery storage costs, meanwhile, have dropped 85% since 2010.If the world is to completely eliminate greenhouse gas emissions from the electricity sector, technologies including carbon capture and storage, hydrogen power and solar thermal plants will compete to provide about 13,000 terawatt hours of generation by 2050, according to BNEF. That’s equivalent to about half of all electricity produced today. And even if every nation scrubs emissions from the power sector, there are still ample greenhouse gases from cars, trucks, ships, airplanes, heating systems and agriculture.Europe LeadsEurope is taking the lead on the shift to renewables, which will supply 92% of the region’s electricity by 2050.China and India, which are still adding coal plants to their grids, will both get almost two-thirds of their power from mostly solar and wind by then.The U.S. will get just 43% of its power from renewables by 2050, according to BNEF.(Adds detail from BP report in seventh paragraph.)To contact the reporters on this story: Millicent Dent in New York at email@example.com;Christopher Martin in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, Joe Ryan, Reg GaleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Facebook Inc. made a renewed push into payments on Tuesday, announcing plans for a cryptocurrency called Libra.Read More: Facebook Wants Its Cryptocurrency to One Day Rival the GreenbackIt will be governed by the Libra Association, a group of companies that will have an equal say in how the cryptocurrency is managed. Almost 30 firms have joined and Facebook hopes another 70 or more will enter the fold in the future.Read Facebook’s Project Libra white paper hereWho’s In:Visa Inc. and Mastercard Inc., the world’s largest payments networks, as well as PayPal Holdings Inc. are on board. For Visa and Mastercard, it’s a chance to offer the world of cryptocurrencies the same services they provide in card payments. All three companies know the challenges of building a network and can offer expertise in encouraging consumers to use the instrument and cajoling merchants into accepting it.Companies such as Uber Technologies Inc., Lyft Inc., and Spotify Technology SA keep millions of credit cards on file, and they risk losing customers when people get a new card or number. E-commerce firms also pay higher “card not present” rates when processing payments, so anything that can reduce these expenses is welcome.“Libra has the potential to bridge the gap between traditional financial networks and new digital currency technology, while reducing the costs for everyone,” said Peter Hazlehurst, head of payments at Uber.International companies, including e-commerce firm MercadoLibre Inc. and telecom giant Vodafone Group Plc, signed onto Libra, too. Blockchain technology and stablecoins are potential solutions for the messy world of cross-border payments, which suffers from delays and high costs.Who’s Out:Large banks, including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc., already have their own payments businesses that reap billions of dollars in fees. With regulators still deciding how to treat cryptocurrencies, banks and investment firms are treading cautiously.So far, no large brick-and-mortar retailers, such as Target Corp. and Walmart Inc., are taking part. The industry is always interested in lowering the cost of accepting payments, but traditional merchants have historically been hesitant to accept cryptocurrencies due to volatility and lack of consumer adoption.The largest U.S. technology companies, Microsoft Corp., Apple Inc., Alphabet Inc.’s Google and Amazon.com Inc., are noticeably absent. Many of these firms have their own digital payments businesses and some are experimenting with blockchain technology. Apple has poured scorn on Facebook for repeated privacy missteps and other big tech firms are trying to avoid being associated with the social-media giant.“This is very early -- 27 organizations right now, 100 by the time we launch,” David Marcus, head of the Facebook blockchain team that’s spearheading the project, said in a Bloomberg Television interview. “And by that time, I definitely expect to see banks in there, I definitely expect to see other large technology companies and I definitely expect to see more diversity of organizations in terms of geographical distribution.”Square Inc. Chief Executive Officer Jack Dorsey is a cryptocurrency fan, but even his firm isn’t part of Libra at launch. Square’s cryptocurrency team made its first hire last week and it’s Cash App is a popular way for consumers to buy and sell Bitcoin.Here’s the full list of founding members and partners:Andreessen Horowitz Anchorage Bison Trails Booking Holdings Inc.Breakthrough Initiatives Facebook’s CalibraCoinbase Inc.EBay Inc. Farfetch Ltd.Iliad SA’s Free Lyft Inc.Mastercard MercadoLibre Inc.’s Mercado Pago PayPal Naspers Ltd.’s PayURibbit Capital Spotify Technology SAStripe Inc.Thrive Capital Union Square Ventures Uber Visa Vodafone Group Xapo Creative Destruction Lab Kiva Mercy Corps Women’s World Banking (Updates with comment from Facebook’s David Marcus in 10th paragraph. A previous version of this story corrected Creative Destruction’s name.)To contact the reporters on this story: Jenny Surane in New York at firstname.lastname@example.org;Julie Verhage 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, Alistair Barr, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.