Facebook leads big tech down a dark path.
Stocks rose on Friday after Treasury Secretary Janet Yellen said a large Covid relief package is needed for a full recovery in the U.S. The Dow Jones Industrial Average rose 55 points at the open, while the S&P 500 added 0.25%. The Nasdaq Composite outperformed with a gain of 0.5%.
Tesla Inc CEO Elon Musk on Thursday said that owning bitcoin was only a little better than holding conventional cash, but that the slight difference made it a better asset to hold. Tesla’s $1.5 billion bitcoin purchase set the cryptocurrency soaring toward this week’s record peak above $50,000 while Musk’s recent promotion of dogecoin on Twitter also lifted the price of that cryptocurrency.
In the UK Uber drivers are entitled to worker rights such as the minimum wage, Britain’s Supreme Court ruled on Friday in a blow to the ride-hailing service that has ramifications for millions of others in the gig economy.
President Joe Biden sought on Friday to rally global democracies and European allies to work together to address a range of concerns about China, but is not looking for a “new Cold War,” a senior administration official said. Biden bore gifts – a $4 billion pledge of support for global coronavirus vaccination efforts, the re-entry of the US into the Paris climate accord, and the prospect of a nearly $2 trillion spending measure that could bolster both the US and global economies.
Facebook unfriended Australia Thursday morning in retaliation to the proposition of laws requiring sites to pay for their news content. This has caused a stir around the world, resulting in backlash. Including a bipartisan plan from members of Congress to introduce a bill in coming weeks to make it easier for smaller news organizations to negotiate with Big Tech platforms, said Rep. Ken Buck.
|IBM is looking to sell its IBM Watson Health business, the Wall Street Journal has learnt. The technology giant is looking at different alternatives that include a sale to a private equity firm, another industry player, or a merger “with a blank-check company,” according to the report.|
|Apple is poised to clean up in the new advertising frontier. While Facebook and Google still dominate in mobile and online ads, it’s another story when it comes to “Connected TV.”
CTV is the ad industry’s term for internet-connected TVs and streaming devices, such as the Roku player, Amazon.com Fire stick or Apple TV box. An estimated 30 million U.S. households no longer use pay-TV set-top boxes. Meanwhile, subscriptions to ad-supported video streaming services are booming.
|McDonald’s Corp on Thursday said it will tie executive bonuses to new goals for diversifying the company and for the first time publicly release demographic details of its workforce.
Under the new rules, CEO Chris Kempczinski stands to lose 15% of his approximately $2.25 million annual bonus if he fails to meet goals to increase the portion of women and Blacks, Hispanics, Asians, and other minorities in senior leadership roles.