Saturday, November 23

Big Tech, Digital Economy

Big tech has the power to make or break societies. Powerful in their promise and abilities, they are often designed with efficiency in mind. That comes with questions about control, responsibility, and the impact on humanity. Meanwhile, the digital economy is emerging as a separate topic, posing opportunities in the global marketplace.

Lawmakers Are Drafting Legislation to Regulate Social Media
16Oct By Srinidhi RajagopalNo Comments
Big Tech, Digital Economy, Domestic Politics, Types of News: Analysis

Lawmakers Are Drafting Legislation to Regulate Social Media

Photo by Nathan Dumlao, Unsplash Consumer Protection, Antitrust, Removal Of Liability Protections Are In-Play October 16, 2021—As the pressure grows to regulate the social media industry, lawmakers are drafting numerous bills that would impact social media platforms such as Facebook, Instagram, WhatsApp, and Twitter and their users. This comes in the wake of revelations made by an ex-Facebook employee turned whistleblower, Frances Haugen, at a Senate Commerce Subcommittee hearing. Committee members and their staff are exploring consumer protection issues involved with large internet platforms Already, senators have referred nearly a dozen bills to the full committee for review. About half of those focus on protecting consumers and their information. Other bills would amend a...
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In A Sign Of Global Disintegration, Microsoft Closing LinkedIn In China
14Oct By Patti MohrNo Comments
Big Tech, Digital Economy, Communism, Dictatorship, Globalization, Global Disintegration, Types of News: Brief

In A Sign Of Global Disintegration, Microsoft Closing LinkedIn In China

Decision Ends The Era Of Western-Owned Social Media In China File photo from LinkedIn in China October 14, 2021—In a sign that the global world is becoming more divided, Microsoft's LinkedIn is closing its operations in China. The company is planning to replace its LinkedIn in China with a China-centric application called InJobs. The goal of that standalone app is to help "China-based professionals find jobs in China and Chinese companies find quality candidates." Notably, it will not include a social media feed and will not allow users to share posts or articles. Mohak Shroff, LinkedIn's senior vice president of engineering announced the decision today in a blog post. "While we’ve found success in helping Chinese members find jobs and economic opportunity, we have not foun...
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Facebook And Big Tech Face ‘Big Tobacco Moment,’ Senator Says
5Oct By Patti MohrNo Comments
Big Tech, Digital Economy, Types of News: Brief

Facebook And Big Tech Face ‘Big Tobacco Moment,’ Senator Says

Senate Subcommittee on Consumer Protection, Product Safety, and Data Security on October 5, 2021 October 5, 2021—In a bipartisan hearing investigating practices at Facebook and its platforms, senators promised to take on what they said is the "immense power" of big tech. If big tech won't act to protect consumers and children, "Congress has to intervene," said Sen. Richard Blumenthal, D-Connecticut, the subcommittee chair. He added that Facebook "dodged, sidetrack, and in effect misled" the subcommittee in August when the senators and staff engage the company in their investigation. It's reached a point, Blumenthal said, that "Facebook and big tech are facing a big-tobacco moment." "Big tech has gotten away with abusing consumers for too long," said Sen. Marsha Blackburn, R-Tennes...
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Facebook’s Server Goes Down As Firm Faces Congressional Heat, Widespread Criticism
4Oct By Srinidhi RajagopalNo Comments
Big Tech, Digital Economy, Types of News: Brief

Facebook’s Server Goes Down As Firm Faces Congressional Heat, Widespread Criticism

Facebook Whistleblower Reveals Identity, Testifies on TuesdayOctober 4, 2021—Francis Haugen, a former Facebook employee who gave a series of interviews and internal documents to the Wall Street Journal about the company's practices, is seeking whistleblower protection from the Securities and Exchange Commission, the paper reported on Sunday. As the company faces perhaps its highest level of criticism yet since the disclosures released around the 2016 U.S. election, Facebook suffered a worldwide outage on Monday along with its Instagram and WhatsApp platforms. As of Monday afternoon, it was not clear what caused the massive outage. Facebook Exposed Haugen exposed explosive information about the social media giant. Her interviews on WSJ and CBS News revealed shocking details a...
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Fintech’s Fast Growth in SE Asia Attracts Consumers And Investors
3Sep By Frank McMullinNo Comments
Big Tech, Digital Economy, Finance, Investing, Types of News: Analysis

Fintech’s Fast Growth in SE Asia Attracts Consumers And Investors

In The Last Decade Fintech Provided Access To Banking For Millions Of Southeast Asians September 3, 2021--Consumer and investor activity in e-commerce is disrupting the way transactions take place across the globe and reaching Southeast Asia’s massively underserved populations without access to formal banking or credit institutions. As the pandemic evolves and economies reopen, the result is a boom in e-commerce investment in the area is booming. Meanwhile, it is further supported by local governments. Today Southeast Asian economies are primed hotbeds for financial technology, also known as fintech, and investors are taking notice. What Is Fintech? Fintech is an emerging class of technology that supports banking and financial services. This ranges from cryptocurrency to e-w...
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Regulation Needed for $2 Trillion Cryptocurrency Market, SEC Chair Says
1Sep By Patti MohrNo Comments
Big Tech, Digital Economy, Cryptocurrency, Finance, Investing, Types of News: Videos

Regulation Needed for $2 Trillion Cryptocurrency Market, SEC Chair Says

Asset Class Lacks Protections, Leaving Investors Vulnerable September 1, 2021--Cryptocurrency platforms that provide direct access to millions of people leave investors "vulnerable" and are "rife with fraud, scams, and abuse," according to Gary Gensler, chairman of the U.S. Securities and Exchange Commission. Need for Public Policy Speaking by videoconference to the European Parliament Committee on Economic and Monetary Affairs, Gensler warned that "financial innovations throughout history don’t long thrive outside of public policy frameworks." Gensler is not the first public official to warn about the inherent dangers of investing in cryptocurrencies. Policymakers are increasingly taking an interest. The Bank for International Settlements warned about the rapid rise of virtua...
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House Panel Wraps Up Antitrust Investigation On High Tech Giants
7Oct By Patti MohrNo Comments
Big Tech, Digital Economy, Political Systems, Domestic Politics, Types of News: Brief

House Panel Wraps Up Antitrust Investigation On High Tech Giants

October 7, 2020-After a 16-month antitrust investigation of high-tech giants Facebook, Apple, Amazon and Google, a U.S. congressional committee suggests the companies wield extraordinary power in the economy and use their dominance to cut off competition. According to Democrats on a House Judiciary Subcommittee, the "market power of the dominant platforms risks undermining both political and economic liberties." Not since the "era of oil barons and railroad tycoons" have firms commanded extensive monopoly power in the market, they asserted in a 450-page report released by subcommittee this week. "By controlling access to markets, these giants can pick winners and losers throughout our economy. They not only wield tremendous power, but they also abuse it by charging exorbitant fees, ...
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As US-China Digital Battle Begins, Global Tech Firm Tencent Holdings Hires U.S. Lobbyist
18Aug By Patti MohrNo Comments
Big Tech, Digital Economy, Globalization, Global Disintegration, Types of News: Brief, United States

As US-China Digital Battle Begins, Global Tech Firm Tencent Holdings Hires U.S. Lobbyist

August 18, 2020--As the United States and China begin to battle over the use digital technologies by consumers, Tencent Holdings, a Chinese-based multinational technology company that owns the social media app WeChat, hired a law firm to lobby the U.S. government. Paul, Weiss, Rifkind, Wharton & Garrison a global law firm headquartered in New York, filed a lobbying disclosure filed on August 7 with the Senate. According to the disclosure, the firm intends to represent Tencent, its largest shareholder Naspers Limited, and WeChat in the areas of consumer issues/safety/protection, media and trade. The firm's chief lobbyist on behalf of Tencent is Roberto Gonzalez, an attorney specializing in high-stake litigation, economic sanctions and export controls. Gonzalez has held senior posi...
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Microsoft Fast-Tracks Plans to Purchase TikTok from China-Based ByteDance Amid Possibility of U.S. Ban
3Aug By Patti MohrNo Comments
Big Tech, Digital Economy

Microsoft Fast-Tracks Plans to Purchase TikTok from China-Based ByteDance Amid Possibility of U.S. Ban

August 3, 2020--The Microsoft Corporation announced it plans to "move quickly" to purchase the widely popular video-sharing app TikTok from its China-based owner Bytedance. The announcement came on Sunday after Microsoft CEO Satya Nadella spoke with U.S. President Donald Trump, who has threatened to ban the app over national security concerns. Microsoft said it intends to complete negotiations by September 15. The fast-moving talks come as public officials are paying closer attention to digital apps that collect data from billions of users. It also highlights the current economic integration of the world's two superpowers: the United States and China. Data Collection and Security Concerns With more than 2 billion downloads to date, TikTok is the among first Chinese internet-se...
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Tech Giants Face Investigations, Scrutiny
17Jul By Patti MohrNo Comments
Big Tech, Digital Economy, Types of News: Brief

Tech Giants Face Investigations, Scrutiny

UPDATE: The European Union settled its 2019 investigation with a legally binding agreement with Amazon in December 2020. That agreement covered the online retail giant's use of non-public seller data and access to its Buy Back and Prime programs. July 17, 2019--As some of the largest tech companies in the world grow in value and market share, they face increasing scrutiny in both the United States and the European Union that they are using their platforms to favor their products over their competitors, collect and use data to their advantage and buyout competitors. The European Union launched a formal investigation into Amazon's use of data on independent retailers selling on its platform to see if it violates competition rules. The investigation will focus on "Amazon's business prac...
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