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2 Articles
Source: Common Domain

The Morning Risk Report: Facebook Sets Aside $3 Billion to Cover Expected FTC Fine

Today 06:04 GMT

Facebook Inc. said it has set aside $3 billion for an expected fine from the Federal Trade Commission over privacy issues, cutting into the social-media giant’s profits even as its underlying business remained strong.

The fine could mark the largest privacy-related action in FTC history, and the first major regulatory penalty for Facebook after a bruising period in which its business practices have been under intense global scrutiny.

1 Article
Source: BBC

Tracking the toxic air that's killing millions

Today 06:05 GMT

The World Health Organisation (WHO) says air pollution causes the death of seven million people a year and accounts for a third of fatalities from stroke, lung cancer and heart disease, with more than 90% of children breathing toxic air every day.

"To understand and act against toxic air properly everywhere we need to be able to measure pollution better," says Jenny Bates, clean air campaigner at environmental lobby group Friends of the Earth. "And technology such as AI shows promise in providing us with more information about the levels of pollution in the air we breathe.

1 Article
Source: Reuters

Intel cuts full-year revenue forecast, misses on data-center sales

Today 06:05 GMT

(Reuters) - Chipmaker Intel Corp cut its full-year revenue forecast on Thursday and missed analysts’ estimates for first-quarter sales for its higher-margin data center business, sending its shares down 7 percent after hours.

The lowered full-year revenue forecast adds to concerns that an industry-wide slowdown could persist until the end of 2019 and follows a similar warning earlier this week from chipmaker Texas Instruments.

1 Article
Source: Reuters

Amazon profit trounces estimates, sales forecast muted

Today 06:05 GMT

Inc on Thursday trounced first-quarter profit estimates on soaring demand for its cloud and advertising services, but a weak forecast renewed concern that the company would spend away part of its windfall on larger investments this year.

The company said revenue from the category and some other items grew 33.7 percent to $2.72 billion, but missed estimates of $2.85 billion.

1 Article
Source: Reuters

Facebook users care less about privacy than regulators

Today 06:05 GMT

(Reuters) - Facebook Inc is preparing for a record-setting fine from U.S. regulators over privacy issues, but Wall Street shrugged at the looming penalty after the company added users and trounced profit expectations for the first quarter.

Having less data could knock two percent off overall revenue since Facebook would know less about its users and advertisers would pay less, Gene Munster of Loup Ventures estimated.

1 Article
Source: Reuters

Amazon more than doubles profit but signals more spending ahead

Today 06:05 GMT

Inc on Thursday trounced first-quarter profit estimates as demand for its cloud and ad services soared, but the company indicated that bigger spending was in store that might limit its windfall.

The company forecast net sales of between $59.5 billion and $63.5 billion for the second quarter, the midpoint of which was below analysts’ average estimate of $62.37 billion, according to IBES data from Refinitiv.

1 Article
Source: Common Domain

Mark Zuckerberg is begging for governments to regulate Facebook

Today 00:35 GMT

Facebook Inc. co-founder and Chief Executive Mark Zuckerberg is effectively begging for U.S. regulators to step in and give clear policies for internet data privacy and harmful content, a worthy request that still could be self-serving.

During the company’s call with investors, Zuckerberg once again called on the U.S. government to step in and regulate certain areas for internet companies, after almost two years of constant scandals, many involving the misuse of its user data.

1 Article
Source: The Guradian

Facebook expects FTC fine of up to $5bn as inquiry continues

Thursday 20:00 GMT

Facebook is expecting to have to pay as much as $5bn to the US Federal Trade Commission (FTC), it revealed in first quarter financial reports, which otherwise showed continued revenue growth to more than $15bn for the first three months of the year.

Zuckerberg’s reference to “issues around the internet” echoes the CEO’s messaging from last quarter, when he expressed confidence that Facebook had “started to turn a corner” on the laundry list of “social issues” that have damaged the company’s reputation since 2016. That plan – to stitch together the various messaging platforms in Facebook’s “family of apps” – was announced in March as a pivot to a “privacy-focused communications platform”.

1 Article
Source: Common Domain

10-year Treasury yield records biggest daily drop in a month after soft German data

Thursday 19:05 GMT

The 10-year Treasury note yield TMUBMUSD10Y, -1.86%  slipped 4.9 basis points to 2.522%, is biggest daily decline since March 22, while the 2-year note yield TMUBMUSD02Y, -1.98%  retreated 4.3 basis points to a three-week low of 2.320%, marking its largest single-day drop since March 27.

Treasury prices rose Wednesday, pushing yields lower, after a reading of German business confidence heightened concerns over the health of the biggest economy in the eurozone, sparking a rally in European government paper.

1 Article
Source: Fox News

It's not the economy right now for voters: Here's why

Thursday 12:39 GMT

One week of data does not an economy make, but that said wage growth, stable prices and a confident consumer does all bode well for the U.S. economy.

When you add it all up -- wage growth above 3 percent for six months in a row, capital expenditures by business hitting new all-time highs, the consumer spending again -- the economy feels like it’s on very solid footing. And the expansion appears poised to continue beyond the 120-month mark, making this the longest period of sustained economic growth in U.S. history.

1 Article
Source: Fox News

Top Dem says Zuckerberg should be held 'individually liable' for Facebook privacy breaches

Wednesday 15:25 GMT

A top Democrat on Tuesday called for the Federal Trade Commission to hold Facebook chairman and CEO Mark Zuckerberg “individually liable for the company’s repeated violations of Americans’ privacy,” and charged that Zuckerberg's status as majority shareholder improperly “insulates him from accountability to Facebook’s board and shareholders."

The comments from Sen. Ron Wyden, D-Ore., came as federal regulators are reportedly considering seeking some kind of oversight of Zuckerberg's leadership of Facebook over the social network giant's mishandling of users' personal information, which may have violated an ongoing consent decree that legally requires the company to better protect user data.

1 Article
Source: Common Domain

Here’s exactly where you should retire — based on what’s important to you

Wednesday 10:50 GMT

Based on the total number of people over 60 moving into the state minus those moving out, in 2016. So where should you retire?

According to personal finance site SmartAsset’s analysis of Census Bureau data on where people 60 and older moved, the net migration of those 60 and older is highest to Florida. Given the warm weather, relatively low property prices and absence of state income tax, Florida’s popularity isn’t surprising.

1 Article
Source: Fox News

Stocks close at all time high; oil at 6 month high

Wednesday 18:10 GMT

Stocks closed at a new all time high on Tuesday as better-than-expected quarterly profits from some of the largest companies encouraged investors.

International benchmark Brent crude closed at $74.51 a barrel, while U.S. benchmark West Texas Intermediate crude for June delivery settled at $66.30 a barrel.

1 Article
Source: Reuters

U.S. congressional leaders query Google on tracking database

Thursday 02:23 GMT

Top U.S. lawmakers on Tuesday wrote to Google’s chief executive raising concerns about reports of a massive database known as Sensorvault that allegedly contains precise consumer location information from hundreds of millions of devices.

The bill from Mark Warner, a Democrat, and Deb Fischer, a Republican, would also ban online platforms with more than 100 million monthly active users from designing addicting games or other websites for children under age 13.

1 Article
Source: Common Domain

New-home sales roar to a 16-month high on deeply-discounted inventory

Wednesday 13:35 GMT

Big picture: For some context on how severe the current spell of under-building has been, take a look at new-home sales in 2000 or 2001.

Because the government’s data on new residential construction and sales is based on small sample sizes, it is often heavily revised, and economists prefer to look at several months’ worth of data to discern trends.


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