WEATHER ALERT
Maryland governor signs online data privacy bills
Read full article: Maryland governor signs online data privacy billsMaryland Gov. Wes Moore has signed two measures into law to better protect personal data online from Big Tech. One of the bills signed Thursday will make Maryland the second state to create strong limits on information collected on children, though the first in California has been halted in court.
Stock market today: Asian stocks are mixed after Wall Street slips to its worst loss in 4 months
Read full article: Stock market today: Asian stocks are mixed after Wall Street slips to its worst loss in 4 monthsAsian shares are mixed after Wall Street fell to its worst loss since September as the Federal Reserve indicated cuts to interest rates are not imminent.
EU official defends talks on Big Tech helping fund networks
Read full article: EU official defends talks on Big Tech helping fund networksA top European Union official says existing telecom networks aren’t up to the job of handling surging amounts of internet data traffic and defended a consultation on whether Big Tech companies should help pay for upgrades.
House approves antitrust bill targeting Big Tech dominance
Read full article: House approves antitrust bill targeting Big Tech dominanceThe House has approved antitrust legislation targeting the dominance of Big Tech companies by giving states greater power in competition cases and increasing money for federal regulators.
Big Tech attacks become rallying cry for GOP candidates
Read full article: Big Tech attacks become rallying cry for GOP candidatesRepublicans are pushing an anti-Big Tech message in the midterm campaigns as they look to tap into the resentment toward large technology companies that increasingly courses through their party.
Laxalt paves path in 2022 Senate race with Biden backlash
Read full article: Laxalt paves path in 2022 Senate race with Biden backlashRepublican Adam Laxalt hopes to win the race for Nevada's U.S. Senate seat by drawing stark contrast between his positions and the direction he says Democrats and their allies in Big Tech, Hollywood and the media are taking the country.
Stocks end mostly lower even as tech drives Nasdaq higher
Read full article: Stocks end mostly lower even as tech drives Nasdaq higherStocks closed mostly lower on Wall Street Friday following a weak jobs report, but gains for a handful of Big Tech companies allowed the Nasdaq composite to sneak in another record high.
Clash over Florida’s social media censorship law continues in court
Read full article: Clash over Florida’s social media censorship law continues in courtThe state of Florida and organizations representing major tech companies squared off in federal court Monday as they hope to sway a judge in a dispute over the state’s social media censorship law.
Florida sued over law to ban social media content blocking
Read full article: Florida sued over law to ban social media content blockingTwo groups representing online companies are suing Florida over a new law that seeks to punish large social media businesses like Facebook and Twitter if they remove content or ban politicians.
Asian stocks follow Wall St. up on strong Japan, Korea data
Read full article: Asian stocks follow Wall St. up on strong Japan, Korea dataCurrency traders talk each other at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, April 1, 2021. Asian stock markets followed Wall Street higher Thursday after Japan and South Korea reported unexpectedly strong economic data and President Joe Biden announced a $2.3 trillion U.S. infrastructure spending plan. (AP Photo/Ahn Young-joon)TOKYO – Asian stock markets followed Wall Street higher Thursday after Japan and South Korea reported unexpectedly strong economic data and President Joe Biden announced a $2.3 trillion U.S. infrastructure spending plan. South Korea reported higher March export growth. South Korea reported March export growth accelerated to 16.6% over a year earlier from the previous month’s 9.5%.
Asia stocks follow Wall Street down on renewed virus worries
Read full article: Asia stocks follow Wall Street down on renewed virus worriesFILE - In this Nov. 5, 2020 file photo, a sign for Wall Street is carved in the side of a building. Banks and energy stocks are leading major U.S. indexes mostly lower in the early going on Wall Street, while gains for some Big Tech companies like Microsoft nudged the Nasdaq slightly higher. (AP Photo/Mark Lennihan, File)BEIJING – Asian stock markets followed Wall Street lower Wednesday after European governments extended anti-coronavirus lockdowns, clouding the outlook for economic recovery. Overnight, Wall Street gave up most of the previous day's gains as technology, industrial and bank stocks fell. On Wall Street, the benchmark S&P 500 fell 0.8% on Tuesday to 3,910.52.
Florida’s big tech censorship bill clears second committee
Read full article: Florida’s big tech censorship bill clears second committeeTALLAHASSEE, Fla. – Legislation seeking to increase transparency in big tech and fight back against social media censorship is moving quickly through the Florida House after it cleared its second committee stop Monday. Republicans believe conservatives are being unfairly targeted by big tech censorship, but Democrats argue the GOP-sponsored legislation is a response to former President Donald Trump’s de-platforming from Twitter and Facebook. Burgess is sponsoring legislation that would require social media companies to inform users why their accounts were blocked or disabled within 30 days of action being taken on the accounts. AdA similar bill in the House goes much further, requiring social media companies to publish standards for censoring users on their sites and apply them in a consistent manner. The bill would impose a $100,000/day fine on social media platforms for de-platforming statewide candidates and a $10,000/day fine for all other Florida candidates.
Stocks mostly shake off a weak start, edge to more records
Read full article: Stocks mostly shake off a weak start, edge to more recordsStocks are off to a mixed start on Wall Street as another sharp rise in bond yields unsettled investors. (AP Photo/Mark Lennihan, File)BANGKOK – A late-afternoon burst of buying helped nudge several U.S. stock indexes to all-time highs Friday, despite a pullback in Big Tech companies as bond yields headed higher. The bond market was the dominant force in pulling tech stocks mostly downward, because as yields push interest rates higher, they make high-flying stocks look expensive. Investors had sold off stocks late last week after that yield crossed above the 1.60% mark. But as the pandemic eases this year, and bond yields rise, more expensive stocks such as these have struggled.
Asian stocks follow Wall Street higher after Fed pledge
Read full article: Asian stocks follow Wall Street higher after Fed pledgeMajor indexes are off to a mixed start on Wall Street as gains for banks and industrial companies are offset by losses in Big Tech stocks like Apple and Amazon. (AP Photo/Mark Lennihan)BANGKOK – Asian stock markets followed Wall Street higher Thursday after the Federal Reserve chairman said the U.S. central bank is in no hurry to withdraw support for the economy. Overnight, Wall Street hit a new high after chairman Jerome Powell said the Fed sees no sign inflation might rise out of control. Global stock prices have soared over the past six months on hopes for a coronavirus vaccine and central bank promises of abundant credit to support struggling economies. The central bank earlier indicated it would let the economy “run hot” to make sure a recovery is well-established following the deepest slump since the 1930s.
Asian shares mostly higher amid coronavirus vaccine optimism
Read full article: Asian shares mostly higher amid coronavirus vaccine optimismAsian shares were mostly higher on Tuesday despite a sell-off in technology companies on Wall Street. (AP Photo/Kin Cheung)TOKYO – Asian shares were mostly higher Tuesday despite a sell-off of shares in technology companies on Wall Street. Although the world's economies have been battered by the coronavirus pandemic, the deployment of COVID-19 vaccines is raising hopes for a recovery from the pandemic. “Equity investors are finally paying attention to the bond market,” said Mike Zigmont, director of trading and research at Harvest Volatility Management. In energy trading, U.S. benchmark crude rose 76 cents to $62.46 a barrel in electronic trading on the New York Mercantile Exchange.
Groups file court challenge of Maryland's internet ad tax
Read full article: Groups file court challenge of Maryland's internet ad taxThe plaintiffs say the lawsuit should put on notice other states considering a similar tax that such measures will face court challenges. Supporters say the new law seeks to modernize the state’s tax system and make thriving Big Tech companies pay their fair share. It would assess the tax on revenue affected companies make on digital advertisements seen in Maryland. The law would tax revenue affected companies make on digital advertisements shown in Maryland. Tax rates would depend on global annual gross revenues for companies that make more than $100 million globally.
Asian shares down on caution after modest US gains
Read full article: Asian shares down on caution after modest US gainsAsian shares mostly fell Thursday as caution set in over company earnings reports, recent choppy trading in technology stocks and prospects for more economic stimulus for a world battling a pandemic. (AP Photo/Lee Jin-man)BANGKOK – Asian shares mostly fell Thursday as caution set in over company earnings reports, recent choppy trading in technology stocks and prospects for more economic stimulus for a world battling a pandemic. AdWall Street ended with modest gains, with the S&P 500 inched up 3.86 points, or 0.1%, to 3,830.17, after swinging between a gain of 0.6% and a loss of 0.3%. Those gains were primarily kept in check by declines in companies that rely on consumer spending and technology stocks. AdGameStop and other recently high-flying stocks notched modest gains Wednesday.
Stocks fall as economic pain deepens, rally runs out of gas
Read full article: Stocks fall as economic pain deepens, rally runs out of gasStocks are pulling lower again on Friday, Jan. 15, 2021, after reports showed the pandemic is deepening the hole for the economy, as Washington prepares to throw it another lifeline. The S&P 500 fell 27.29, or 0.7%, to 3,768.25, with stocks of companies that most need a healthier economy taking some of the sharpest losses. Stocks have run out of steam since the S&P 500 set a record high a week ago amid optimism that COVID-19 vaccines and more stimulus from Washington will bring an economic recovery. Like banks, stocks of smaller companies also fell more than the rest of the market in a mirror image of recent weeks. A big question for investors is what big stimulus for the economy from Washington would mean for interest rates.
Asian shares mixed following Biden speech, Wall St retreat
Read full article: Asian shares mixed following Biden speech, Wall St retreatAsian shares were mixed on Friday after a late slide in several Big Tech stocks left major indexes lower on Wall Street. (AP Photo/Lee Jin-man)Asian shares were mixed on Friday after a late slide in several Big Tech stocks left major indexes lower on Wall Street. U.S. futures were trading slightly lower after President-elect Joe Biden announced his plans to propose a $1.9 billion package to help along a recovery from the coronavirus pandemic. Biden's coronavirus plan would include $1,400 checks for individuals, on top of $600 provided in the last COVID-19 bill. The plan would also extend a temporary boost in unemployment benefits and a moratorium on evictions and foreclosures through September.
US antitrust siege of tech widens with lawsuits vs Facebook
Read full article: US antitrust siege of tech widens with lawsuits vs FacebookThe antitrust lawsuits were announced by the Federal Trade Commission and New York Attorney General Letitia James. Regulators filed landmark antitrust lawsuits Wednesday against Facebook, the second major government offensive this year against once seemingly untouchable tech behemoths. Facebook, Google, Amazon and Apple have come under scrutiny from Congress, federal regulators, state attorneys general and European authorities. “The government now wants a do-over, sending a chilling warning to American business that no sale is ever final,” Facebook general counsel Jennifer Newstead said in a statement. Antitrust skeptics point to newer social media services such as TikTok and Snapchat as rivals that could “overtake” older platforms like Facebook.
Asia tracks Wall St rally as markets shrug at election limbo
Read full article: Asia tracks Wall St rally as markets shrug at election limboThe benchmark index had gained 3.5% before the market lost some of its momentum toward the end of the day. The Shanghai Composite index rose 0.6% to 3,297.34. But after a tumultuous overnight session in global markets where Trump prematurely declared victory, markets acted as if the occupant of the White House might be secondary. It may take days for a winner of the White House to emerge, and professional investors say they’re bracing for sharp market swings in the meantime. Stocks tend to rise regardless of which party controls the White House.
Tech losses drive Wall Street down again, ending grim week
Read full article: Tech losses drive Wall Street down again, ending grim weekBEIJING – Wall Street closed out another punishing week Friday with the S&P 500 posting its first back-to-back monthly loss since the pandemic first gripped the economy in March. The S&P 500 dropped 1.2% and ended the week with a 5.6% loss, its worst in seven months. President Donald Trump often cites the stock market as a barometer of his administration’s performance on the economy. A similar trend has been occurring across the market: Stocks are not getting the bounce they usually do after reporting results that beat analysts' expectations. A measure of fear in the U.S. stock market, the VIX index, flipped between small gains and losses before rising 1.1%.
Social media CEOs rebuff bias claims, vow to defend election
Read full article: Social media CEOs rebuff bias claims, vow to defend electionThe committee summoned the CEOs of Twitter, Facebook and Google to testify during the hearing. Dorsey said Twitter was working closely with state election officials. Dorsey told Cruz that he does not believe that Twitter can influence elections because it's only one source of information. GOP senators raised with the executives an array of allegations of other bias on the platforms regarding Iran, China and Holocaust denial. “We approach our work without political bias, full stop," Pichai said.
Social media CEOs to face grilling from Republican senators
Read full article: Social media CEOs to face grilling from Republican senatorsWASHINGTON – Less than a week before Election Day, the CEOs of Twitter, Facebook and Google are set to be grilled by Republican senators making unfounded allegations that the tech giants show anti-conservative bias. With the election looming, Republicans led by President Donald Trump have thrown a barrage of grievances at Big Tech’s social media platforms, which they accuse without evidence of deliberately suppressing conservative, religious and anti-abortion views. The tech platforms are gateways to news online. It proposes that Congress enact rules preventing tech platforms from taking local news content without fair payment. “For too long, social media platforms have hidden behind Section 230 protections to censor content that deviates from their beliefs,” Sen. Roger Wicker, R-Miss., the committee chairman, said recently.
Asian shares lower after tech-driven rally on Wall Street
Read full article: Asian shares lower after tech-driven rally on Wall StreetShares were mostly lower in Asia on Tuesday as investors awaited the release of Chinese trade data. (AP Photo/Lee Jin-man)TOKYO – Shares were mostly lower in Asia on Tuesday as investors awaited the release of Chinese trade data. Tokyo's Nikkei 225 index edged 0.1% lower to 23,525.64, while the Shanghai Composite index shed 0.6% to 3,339.76. Wall Street extended its gains Monday from last week's rally, the market's best in three months. The S&P 500 rose 1.6% to 3,534.22, with Big Tech stocks, including Apple and Microsoft, powering much of the gains.
Five things to know about the Big Tech antitrust report
Read full article: Five things to know about the Big Tech antitrust reportAfter years of calling Big Tech too big, Democratic lawmakers are calling for Congress to rein in Facebook, Google, Amazon and Apple by breaking them up, limiting future mergers and blocking self-dealing that could hurt competitors. Those proposals are in a 450-page report issued Tuesday by a House antitrust panel, which undertook a 15-month investigation into the companies’ market dominance. The report found that Google holds a monopoly in search and that Facebook has monopoly power in social networking. But it merely said that Amazon and Apple have “significant and durable market power” in, respectively, the U.S. online retail market and mobile operating systems and app stores. ANOTHER REPORTThough the report was “bipartisan,” Republicans issued their own thoughts Tuesday in a report titled “A Third Way to Take on Big Tech.” Authored by Rep. Ken Buck of Colorado, it called for “targeted” enforcement of existing antitrust laws rather than “onerous and burdensome regulation that kills industry innovation.” It's not hard to guess which option Big Tech would get behind if forced to choose.
Democrats call for Congress to rein in, break up Big Tech
Read full article: Democrats call for Congress to rein in, break up Big TechWASHINGTON – Democratic lawmakers are calling for Congress to rein in Big Tech, possibly forcing Facebook, Google, Amazon and Apple to break up their businesses, while making it harder for them to acquire others and imposing new rules to safeguard competition. The 450-page report offers Congress a possible roadmap for action, potentially with a new balance of political power in Congress and a new president next year. If such steps were mandated, they could bring the biggest changes to the tech industry since the federal government’s landmark case against Microsoft almost 20 years ago. It proposes laws be changed to impose a higher bar for approving future tech industry mergers and acquisitions. Both Republicans and Democrats have accelerated their criticism of Big Tech in recent months, though sometimes for different reasons.
Asian shares gain, cheered by US rally on hopes for stimulus
Read full article: Asian shares gain, cheered by US rally on hopes for stimulusAsian shares advanced Friday, cheered by a modest rally on Wall Street and rising hopes for fresh stimulus for the U.S. (AP Photo/Hiro Komae)Asian shares advanced Friday, cheered by a modest rally on Wall Street and rising hopes for fresh stimulus for the U.S. economy. Despite signs of a global economic rebound in the third quarter, worries remain the upturn may be running out of steam. House Democrats said they are paring back their proposal for a new stimulus package in an attempt to jump-start negotiations with the Trump administration. On Wall Street, the S&P 500 rose 0.3% to 3,246.59 after swinging between a loss of 0.9% and a gain of 1.3%.