Friday, December 27

Types of News: Brief

News briefs are shorter stories about current events. It’s the who-what-when-and-where. “Just the facts, ma’am.” Please see our writers guidelines.

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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France to Impose ‘GAFA’ Tax on Digital Giants
11Jul By Patti MohrNo Comments
Big Tech, Digital Economy, Europe, EU, Eurozone, Types of News: Brief

France to Impose ‘GAFA’ Tax on Digital Giants

July 11, 2019--The French Parliament enacted new legislation today to tax digital companies, including Google, Apple, Facebook and Amazon, earning over €750 million ($844 million) a year. The GAFA tax marks the first time a national government would be garnering income from high-tech's increasing use of data collection and targeted online advertising. Moreover, it might pave the way for international efforts to tax the digital, global economy. Revenue Raiser The tax, known as "GAFA" for the four highest-revenue tech companies, is expected to generate about €400 million in revenue for France this year and €650 million in 2020 ($450 million in 2019 and $730 in 2020). It applies to companies with total annual revenues of €750 million globally with €25 million of that earned in...
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Online Retail Giant Amazon.com Stock Hits 2,000
10Jul By Patti MohrNo Comments
Big Tech, Digital Economy, Types of News: Brief

Online Retail Giant Amazon.com Stock Hits 2,000

July 10, 2019--Online retail giant Amazon.com reached new heights today as its stock rose above 2,000 on the NASDAQ stock exchange. Just a week before company executives are scheduled to appear before a congressional committee investigating the dominance of top tech companies, the stock price reached a new high, reflecting the company's massive scale. The mile-marker in the company's stock price came amid peaks U.S. equities after Federal Reserve chairman Jerome Powell suggested the Fed might cut interest rates. It also comes as tech giants enter the field of finance, posing new risks to consumers, traditional banks and financial markets. Amazon Stock: From $324 in 2014 to $2,024 Today Amazon Sales & Revenue Though Amazon does not pay a dividend and is priced at ...
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U.S. Adds Maduro’s Son to Sanctions Blacklist
29Jun By Patti MohrNo Comments
Sanctions, Types of News: Brief

U.S. Adds Maduro’s Son to Sanctions Blacklist

June 28, 2019--The U.S. government added the son of Venezuela President Nicolas Maduro Moros to its sanction's list, blocking all his property that are in the United States or in possession or control of U.S. persons. In its release, Treasury's Office of Foreign Assets Control said it is targeting Nicolas "Nicolasito" Ernesto Maduro because he is "a current or former official of the Government of Venezuela," and the office would continue to target regime insiders. "Maduro’s regime was built on fraudulent elections, and his inner circle lives in luxury off the proceeds of corruption while the Venezuelan people suffer," said Treasury Secretary Steven Mnuchin in a release. "Maduro relies on his son Nicolasito and others close to his authoritarian regime to maintain a stranglehold on...
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U.S., India Must ‘Try Harder’ to Negotiate Trade Tensions, India’s Top Diplomat Says
26Jun By Patti MohrNo Comments
Diplomacy, Global Trade, Sanctions, Types of News: Brief

U.S., India Must ‘Try Harder’ to Negotiate Trade Tensions, India’s Top Diplomat Says

June 26, 2019--Despite a growing economic relationship between the United States and India, high-level meetings today between the nations' top diplomats reveal strained relations due to a tougher trade environment and differing diplomatic views on U.S. sanctions against Iran and Russia. Ahead of this week's G20 meeting in Japan and amid growing tensions with Iran, U.S. Secretary of State Mike Pompeo traveled to India and the Middle East this week to garner support. In India, Pompeo met with Prime Minister Narendra Modi and Minister of External Affairs Subrahmanyam Jaishankar. While economic relations between the two countries are growing, it appears that geopolitical differences are also rising. 'Try Harder' on Trade Relations Trade between India and the United States on goo...
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Remittances Keep Venezuelans Afloat Amid Economic Crisis
21Jun By Patti MohrNo Comments
Global Economics, Global Trade, Types of News: Brief, Types of News: Videos

Remittances Keep Venezuelans Afloat Amid Economic Crisis

June 21, 2019-Money transfers into Venezuela from friends and family living abroad are primary means of survival for those left behind in the dire circumstances of economic collapse, according to economic data and on-the-ground reporting by The Indigo Traveller. Economic Snapshot of Venezuela Since 2014, the Venezuelan economy has been in free fall. In terms of economic size, its GDP shrunk from $324 billion in 2015 to $76 billion (projected) for this year. It started shrinking in 2014 with a decline of nearly 4 percent. The past two years, the economy decreased by more than 15 percent a year. Meanwhile, inflation has skyrocketed -- by 10 million percent projected for this year alone. That leaves residents dealing with food shortages, blackouts, unemployment, health issues...
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U.S. Gov’t Charges Walmart with Foreign Corruption Violations
20Jun By Patti MohrNo Comments
Corruption, Bribes, Illicit Finance & Money Laundering, Types of News: Brief

U.S. Gov’t Charges Walmart with Foreign Corruption Violations

June 20, 2019--In an indication of the prevalence of bribery in international business, Walmart, the world's largest retailer, has agreed to pay the U.S. government $282 million to settle charges that it failed to instill anti-corruption practices for over a decade. The U.S. Securities and Exchange Commission charged Walmart with with violating the Foreign Corrupt Practices Act (FCPA). According to the SEC, Walmart did not sufficiently investigate or mitigate corrupt payments its subsidiaries and third-party intermediaries made to foreign governments in Brazil, China, India and Mexico. "Walmart valued international growth and cost-cutting over compliance," said Charles Cain, Chief of the SEC Enforcement Division’s unit on foreign corruption. "The company could have avoided many of t...
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U.S. Treasury Cracks Down on Cuba-Related Travel
13Jun By Patti MohrNo Comments
Globalization, Global Disintegration, Sanctions, Types of News: Brief

U.S. Treasury Cracks Down on Cuba-Related Travel

June 13, 2019-Just a week after the U.S. government announced tougher restrictions on traveling to Cuba, the U.S. Treasury Department announced it reached settlement agreements with internet-travel firm Expedia and Hotbeds USA for apparent violations of the U.S. Cuban Assets Control Regulations. The two actions, which relate to separate areas of the U.S. sanctions law, demonstrate the new emphasis in the United States on tightening and enforcing sanctions against Cuba. Enforcement Targets Travel Agencies Today, the U.S. Treasury 's Office of Foreign Assets Control announced settlement agreements with travel groups Expedia and Hotelbeds USA for assisting Americans for unauthorized Cuba-related travel. Headquartered in Bellevue, Washington, the Expedia Group agreed to pay $325,40...
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U.S.-Mexico Promise to Combat Migration, Invest in Central America
9Jun By Patti MohrNo Comments
Diplomacy, Global Trade, Migration, Immigration, Borders, Types of News: Brief

U.S.-Mexico Promise to Combat Migration, Invest in Central America

June 9, 2019-After a week of negotiations between Mexican and U.S. officials, the United States and Mexico promised to work together to curb irregular migration and promote economic growth and good governance in Central America. U.S. President Donald Trump said in a message on Twitter that new tariffs on Mexican goods would be "indefinitely suspended." Against widespread opposition in Congress and Wall Street, Trump had threatened to impose tariffs of 5 percent starting June 10 and 25 percent in October, saying that Mexico needed to do more to curb migration flows from Central America to the United States. "I think Mexico has to step up. And if they don’t, tariffs will go on," Trump said June 5 during a joint press briefing with Ireland's Prime Minister. "And if they go high, the co...
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Japan’s Abe Promotes Indo-Pacific Strategy in Trade Talks
29May By Patti MohrNo Comments
Diplomacy, Global Economics, Global Trade, Globalization, Global Disintegration, Types of News: Brief

Japan’s Abe Promotes Indo-Pacific Strategy in Trade Talks

May 29, 2019--As the U.S.-Japan continued a dialogue over trade between their two nations over the weekend, Japan Prime Minister Shinzo Abe put the talks with U.S. President Donald Trump in the context of a wider free-trade agenda for the region. Specifically, Abe emphasized an Indo-Pacific strategy, which would engage the United States in stronger economic ties with the region. "In today’s summit meeting, we welcomed the steady progress of U.S.-Japan cooperation, looking toward the creation of free and open Indo-Pacific, including the areas such as energy, digital, and infrastructure," Abe said at a joint press conference with Trump in Tokyo on Monday. "Going forward, we will walk hand in hand and promote the cooperation for the realization of this common vision of our two nation...
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