Big Tech, Digital Economy Archives

14Apr

By Patti MohrNo Comments

Big Tech, Digital Economy, Types of News: Brief

Elon Musk Makes Offer To Buy Twitter

Musk Says Platform Has Potential To Advance 'Free Speech Around the Globe' April 14, 2022—In yet another twist and extraordinary move, Elon Musk made an offer on Wednesday to buy 100 percent of the shares of the social networking site Twitter. It comes after Musk, the world's richest person, spent $2.64 billion this year to purchase a 9 percent stake in the company. He briefly agreed to join the company's board on April 9, but then changed course. In an April 13 letter to the Securities and Exchange Commission, Musk said he wants to turn the firm back into a private company. "I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy," Musk wrote. "Howev...

28Mar

By Patti MohrNo Comments

Big Tech, Digital Economy, Types of News: Brief

Europe Takes On Big Tech

EU passes sweeping rules for big tech. EU Sets Rules For Online Gatekeepers Like Google, Meta, Amazon, and Apple March 28, 2022—The European Union agreed on a set of new rules for large digital platforms late last week. Lawmakers have been working on the legislation, known as the Digital Markets Act, since 2020. The set of sweeping changes for large platforms gives users greater rights and forces the companies to give greater access to competing operating systems, apps, and advertising positions. "These rules are key to stimulating and unlocking digital markets, enhancing consumer choice, enabling better value sharing in the digital economy, and boosting innovation," said Cédric O, a French Minister of State. "The European Union is the first to take such decisive action in this...

White House Urges Americans To Strengthen Cybersecurity Tools

3Mar

By Patti MohrNo Comments

Big Tech, Digital Economy, Types of News: Brief, Types of News: Videos

White House Urges Americans To Strengthen Cybersecurity Tools

March 3, 2022--The White House released a video message on Wednesday encouraging individuals, businesses, and government workers to strengthen their cybersecurity defenses. "Given the history of Russia's use of cyber, it's important that we do all we can to prepare and maximize our resilience," said Anne Neuberger, deputy national security advisor for a new federal department on cybersecurity. Neuberger said the country is not raising its threat level on cybersecurity at this time. The message is intended as a precaution in case the level rises. Specifically, she is recommending users patch their systems—keeping anti-virus software up-to-date. She is also encouraging people to enhance passwords with multifactor authentication, such as fingerprints, at sign-ins. The Cybersecurity a...

House Committee Passes Bill On Digital Privacy Research

21Jan

By Jacob DavenportNo Comments

Big Tech, Digital Economy, Types of News: Brief

House Committee Passes Bill On Digital Privacy Research

January 21, 2022--The House Science, Space and Technology Committee conducted a full committee markup of digital privacy legislation on Wednesday. H.R. 847, the "Promoting Digital Privacy Technologies Act," would prompt the National Science Foundation to sponsor research on privacy-enhancing technologies and promote responsible data use. Reps. Haley Stevens, D-Mich., and Anthony Gonzalez, R-Ohio, sponsored the bipartisan bill. The committee considered three amendments. The first two amendments were proposed by Rep. Stevens. The first amendment supported research for Privacy and Enhancing Technologies (PETS) whereas the second amendment suggested technical corrections to the definition of PETS and shifted the focus to mitigating privacy risks. The third and final amendment propo...

IMF: Crypto, Stocks Surged In Response To Central Bank Policies Since 2020

11Jan

By Patti MohrNo Comments

Big Tech, Digital Economy, Finance, Banks, Cryptocurrency, Metals, Finance, Currency, Debt, National Budgets & Interest Rates, Types of News: Brief

IMF: Crypto, Stocks Surged In Response To Central Bank Policies Since 2020

In Effect, The Policies Pose The Risk Of Shocks To The Financial Systems Photo by BTC Keychain January 11, 2022--Cryptocurrencies and stock market equities skyrocketed as central banks produced loose monetary policies amid the 2020 global pandemic. Although cryptocurrency prices and some high-growth stocks have dipped since the start of the year, they both "surged amid easy global financial conditions," the International Monetary Fund reported on today. That may come as no surprise among high finance investors who carefully watch interest rates established by central banks, especially those in the United States and Europe. But today's report by the IMF appears to be the first acknowledgment from the multilateral organization that government agencies are fueling the boom in r...

As It Faces Global Backlash, Facebook Reports Strong Earnings

28Oct

By Srinidhi RajagopalNo Comments

Big Tech, Digital Economy, Types of News: Analysis

As It Faces Global Backlash, Facebook Reports Strong Earnings

Company Faces Scrutiny In India Where Hate Speech Flourished October 28, 2021—The backlash against Facebook's policies continued to make waves internationally this week. But even as the trove of internal documents leaked by whistleblower Frances Haugen reached more journalists, none of that showed up on the company's balance sheet. Strong Profits This week the social networking site declared strong earnings growth and a larger user base. According to the company's reporting, the platform's daily active users increased by a solid 6 percent, year over year, reaching close to 2 billion people. Furthermore, the company's revenue increased 35 percent, from $21 billion in 2020 to $29 billion in 2021. Also, its net profits increased 17 percent, from $7.8 billion to $9.2 billion...

Facebook Building Massive, New Virtual Platform

18Oct

By Patti MohrNo Comments

Big Tech, Digital Economy, Types of News: Analysis

Facebook Building Massive, New Virtual Platform

Tech giants are building a "metaverse" to replace real life and the internet. Execs Say 'Metaverse' Will Replace The Internet With New Digital World October 18, 2021—Undaunted by criticism by lawmakers and former workers about the company's policies, Facebook is planning to build a massive virtual-reality platform called "metaverse." According to the tech giant, the metaverse is "a new phase of interconnected virtual experiences." What's interesting is that even as governments discuss ways to reign in and regulate the 3.5 billion-user platform, the company is growing ever larger and integrating itself deeper into human life. Meeting the Metaverse Metaverse is a concept of combining multiple virtual worlds into one that supersedes the internet. Big tech giants like Microsoft ...

Lawmakers Are Drafting Legislation to Regulate Social Media

16Oct

By Srinidhi RajagopalNo Comments

Big Tech, Digital Economy, Types of News: Analysis, United States

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...

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

14Oct

By Patti MohrNo Comments

Big Tech, Digital Economy, Communism, Dictatorship, authoritarian, Globalization, Disintegration, Nationalism, Populism, 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...

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...