US panel to grill Bezos, Cook, Zuckerberg, Pichai in antitrust hearing

Agencies
July 7, 2020

Washington, Jul 7: The US House of Representatives Judiciary Committee will grill the CEOs of US tech giants Apple, Google, Facebook and Amazon during an antitrust hearing on July 27.

Apple's Tim Cook, Facebook's Mark Zuckerberg, Alphabet's Sundar Pichai and Amazon's Jeff Bezos will testify before the antitrust panel that is working on proposals to reform and regulate the digital market.

The hearing would mark the first time all four top executives testify together in front of Congress, virtually or in-person depending on the panel's call in the COVID-19 pandemic times.

"Since last June, the Subcommittee has been investigating the dominance of a small number of digital platforms and the adequacy of existing antitrust laws and enforcement," House Judiciary Committee Chairman Jerrold Nadler (D-NY) and Antitrust Subcommittee Chairman David Cicilline (D-RI) said in a statement on Monday.

"Given the central role these corporations play in the lives of the American people, it is critical that their CEOs are forthcoming. As we have said from the start, their testimony is essential for us to complete this investigation.”

The House Judiciary Committee announced its antitrust probe into the four tech giants in June last year.

Last month, the committee sent letters to technology giants Apple, Facebook, Amazon and Alphabet (Google's parent company), asking them to confirm if their chief executives will testify as part of the committee's tech competition investigation.

Committee chair David Cicilline said the documents that the investigators sought were "essential" to the probe and that requests like this were part of the "appropriate process" to obtain them.

"The only CEO who has expressed reservation about appearing, through a representative, has been Amazon," Cicilline said. "No one in this country is above the law ... nobody is above answering a congressional subpoena".

The lawmakers want the tech giants to furnish documents that have been produced in relation to other competition probes and internal communications.

The letters that the committee sent also posed questions related to possible harms to competition in the market.

In addition to the antitrust probe, Apple's App Store policies are also facing scrutiny from the US Department of Justice.

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News Network
January 28,2020

Jan 28: China said on Tuesday that 106 people had died from a new coronavirus that is spreading across the country, up from the previous toll of 81.

The number of total confirmed cases in China rose to 4,515 as of Jan. 27, the National Health Commission said in a statement, up from 2,835 reported a day earlier.

The United States warned against travel to China on Monday and Canada issued a more narrow travel warning as the death toll from the spreading coronavirus passed 100, with tens of millions stranded during the biggest holiday of the year and global markets rattled.

Global stocks fell, oil prices hit three-month lows, and China's yuan dipped to its weakest level in 2020 as investors fretted about damage to the world's second-biggest economy from travel bans and the Lunar New Year holiday, which China extended in a bid to keep people at home.

The health commission of China's Hubei province said on Tuesday that 100 people had died from the virus as of Jan. 27, according to an online statement, up from the previous toll of 76, with the number of confirmed cases in the province rose to 2,714.

Other fatalities have been reported elsewhere in China, including the first in Beijing, bringing the deal toll to 106 so far, according to the People's Daily. The state newspaper put the total number of confirmed cases in China at 4,193, though some experts suspect a much higher number.

On Monday, US President Donald Trump offered China whatever help it needed, while the State Department said Americans should "reconsider" visiting all of China due to the virus.

Canada, which has two confirmed cases of the virus and is investigating 19 more potential cases, warned its citizens to avoid travel to China's Hubei province, at the heart of the outbreak.

Authorities in Hubei province are taking increasing flak from the public over their initial response to the virus. Chinese Premier Li Keqiang visited the city of Wuhan, epicentre of the outbreak, to encourage medical workers and promise reinforcements.

Visiting Wuhan in blue protective suit and mask, Li praised medics, said 2,500 more workers would join them in the next two days, and visited the site of a new hospital to be built in days.

The most senior leader to visit Wuhan since the outbreak, Li was shown on state TV leading medical workers in chants of "Wuhan jiayou!" - an exhortation to keep their strength up.

China's ambassador to the United Nations, following a meeting with UN Secretary-General António Guterres on Monday, said "the Chinese government attaches paramount importance to prevention and control of the epidemic, and President Xi Jinping has given important instructions. ...

"China has been working with the international community in the spirit of openness, transparency and scientific coordination," he said.

Guterres said in a statement, "The UN appreciates China's effort, has full confidence in China's ability of controlling the outbreak, and stands ready to provide any support and assistance."

MOUNTING ANGER

On China's heavily censored social media, officials have faced mounting anger over the virus, which is thought to have originated from a market where wildlife was sold illegally.

Some criticised the governor of Hubei province, of which Wuhan is the capital, after he corrected himself twice during a news conference over the number of face masks being produced.

"If he can mess up the data multiple times, no wonder the disease has spread so severely," said one user of the Weibo social media platform.

In rare public self-criticism, Wuhan Mayor Zhou Xianwang said the city's management of the crisis was "not good enough" and indicated he was willing to resign.

The central Chinese city of 11 million people is in virtual lockdown and much of Hubei, home to nearly 60 million people, is under travel curbs.

Elsewhere in China, people from the region faced questioning about their movements. "Hubei people are getting discriminated against," a Wuhan resident complained on Weibo.

Cases linked to people who travelled from Wuhan have been confirmed in a dozen countries, from Japan to the United States, where authorities said they had 110 people under investigation in 26 states. Sri Lanka was the latest to confirm a case.

INVESTORS WORRIED

Investors are worried about the impact. The consensus is that in the short term, economic output will be hit as authorities limit travel and extend the week-long New Year holiday — when millions traditionally travel by rail, road and plane - by three days to limit spread of the virus.

Asian and European shares tumbled, with Japan's Nikkei average sliding 2%, its biggest one-day fall in five months. Demand spiked for safe-haven assets such as the Japanese yen and Treasury notes. European stocks fell more than 2%.

The US S&P 500 closed down nearly 1.6%.

"China is the biggest driver of global growth so this couldn't have started in a worse place," said Alec Young, FTSE Russell's managing director of global markets research.

During the 2002-2003 outbreak of Severe Acute Respiratory Syndrome (SARS), which originated in China and killed nearly 800 people globally, air passenger demand in Asia plunged 45%. The travel industry is more reliant on Chinese travellers now.

Chinese-ruled Hong Kong, which has had eight cases, banned entry to people who had visited Hubei recently.

Some European tour operators cancelled trips to China, while governments around the world worked on repatriating nationals.

Officially known as 2019-nCoV, the newly identified coronavirus can cause pneumonia, but it is still too early to know just how dangerous it is and how easily it spreads.

"What we know about this virus it that transmission occurs through human contact but we are speaking of close contact, i.e. less than a meter," said Jerome Salomon, a senior official with France's health ministry.

"Crossing someone (infected) in the street poses no threat," he said. "The risk is low when you spend a little time near that person and becomes higher when you spend a lot of time near that person."

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News Network
May 28,2020

New Delhi, May 28: Twitter CEO Jack Dorsey today reinforced his stance on pointing out "incorrect or disputed information about elections globally", a day after US President Donald Trump threatened to shutter social media over Twitter's actions on his posts.

Mr Dorsey appealed to "leave our employees out of this" as the face-off with Mr Trump is likely to escalate.

"Fact check: there is someone ultimately accountable for our actions as a company, and that's me. Please leave our employees out of this. We'll continue to point out incorrect or disputed information about elections globally. And we will admit to and own any mistakes we make," Mr Dorsey tweeted.

"This does not make us an 'arbiter of truth.' Our intention is to connect the dots of conflicting statements and show the information in dispute so people can judge for themselves. More transparency from us is critical so folks can clearly see the why behind our actions," said the Twitter CEO.

Fact check: there is someone ultimately accountable for our actions as a company, and that's me. Please leave our employees out of this. We'll continue to point out incorrect or disputed information about elections globally. And we will admit to and own any mistakes we make.

— jack (@jack) May 28, 2020

"Per our Civic Integrity policy (https://help.twitter.com/en/rules-and-policies/election-integrity-policy), the tweets yesterday may mislead people into thinking they don't need to register to get a ballot (only registered voters receive ballots). We're updating the link on

@realDonaldTrump tweet to make this more clear," Mr Dorsey tweeted.

Twitter had tagged two of Mr Trump's tweets in which he claimed that more mail-in voting would lead to what he called a "rigged election" this November. There is no evidence that attempts are being made to rig the election, and under the tweets Twitter posted a link which read: "Get the facts about mail-in ballots."

Five states in the US already conduct elections primarily by mail-in vote: Utah, Colorado, Hawaii, Washington and Oregon.

For years, Twitter has been accused of ignoring the US President's violation of platform rules with his daily, often hourly barrages of personal insults and inaccurate information sent to more than 80 million followers, news agency AFP reported.

But Twitter's slap on the wrist was enough to drive Mr Trump into a tirade - on Twitter - in which "Republicans feel that Social Media Platforms totally silence conservatives voices. We will strongly regulate, or close them down, before we can ever allow this to happen," Mr Trump said.

He said that an increase in mail-in ballots - seen in some states as vital for allowing people to avoid crowds during the COVID-19 pandemic - will undermine the election.

"It would be a free for all on cheating, forgery and the theft of Ballots," wrote Mr Trump, whose re-election campaign has been knocked off track by the coronavirus crisis. His torrent of angry tweets earned a top-10 trending hashtag: #TrumpMeltdown.

Facebook chief Mark Zuckerberg also waded in to the row, telling Fox News that his social network - still the biggest in the world - has a different policy. "I just believe strongly that Facebook should not be the arbiter of truth of everything that people say online," Mr Zuckerberg said in a snippet of the interview posted online Wednesday by Fox.

"I think, in general, private companies, especially these platform companies, shouldn't be in the position of doing that," he said.

 he claimed that the political right in the US is being censored.

"Republicans feel that Social Media Platforms totally silence conservatives voices. We will strongly regulate, or close them down, before we can ever allow this to happen," Mr Trump said.

He said that an increase in mail-in ballots - seen in some states as vital for allowing people to avoid crowds during the COVID-19 pandemic - will undermine the election.

"It would be a free for all on cheating, forgery and the theft of Ballots," wrote Mr Trump, whose re-election campaign has been knocked off track by the coronavirus crisis. His torrent of angry tweets earned a top-10 trending hashtag: #TrumpMeltdown.

Facebook chief Mark Zuckerberg also waded in to the row, telling Fox News that his social network - still the biggest in the world - has a different policy. "I just believe strongly that Facebook should not be the arbiter of truth of everything that people say online," Mr Zuckerberg said in a snippet of the interview posted online Wednesday by Fox.

"I think, in general, private companies, especially these platform companies, shouldn't be in the position of doing that," he said.

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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