• Treat Facebook like something between a newspaper and telco: Zuckerberg
    Reuters Videos

    Treat Facebook like something between a newspaper and telco: Zuckerberg

    Facebook CEO Mark Zuckerberg calling once again for regulation of social media firms. Speaking Saturday before global leaders and security chiefs in Munich, he suggested the solution lies between the rules used to regulate newspapers... and telecoms. SOUNDBITE: FACEBOOK CEO, MARK ZUCKERBERG, (ENGLISH) SAYING: "There is a question about which framework you use for this. And right now there are two frameworks that I think people have for existing industries. There is, like, newspapers and existing media, which is just the analogy that you drew, and then there is this telco-type model, which is 'the data just flows through you', but you're not going to hold a telco responsible if someone says something harmful on a phone line. But I actually think where we should be is somewhere in between." Social media giants like Facebook have been under pressure to stop the spread of false and misleading information online. Critics urge them to better combat governments and political groups. Toward that end, Facebook now employs 35,000 people to review content. STRENGTHENED by automated technology, Zuckerberg said those teams suspend more than 1 million fake accounts each day.

  • Bloomberg 'meme strategy' sparks Facebook rule change
    Reuters Videos

    Bloomberg 'meme strategy' sparks Facebook rule change

    If Donald Trump is the first Twitter president, Mike Bloomberg hopes to beat him with Instagram. The Democratic presidential candidate, a late-comer to the race, added a new twist to traditional campaign advertising this week by paying popular Instagram accounts to make memes about him - a clear sign he’s looking to lure millennial voters. Paid for by his campaign – and marked as such – this sudden flood of memes cracked open a small can of worms about what kind of political posts are permitted… especially as Instagram parent company Facebook continues to come under fire for allowing political ads on its site that have not been fact-checked. Such sponsored content can look like genuine social media posts, but aren’t. Like this one, in which Bloomberg appears to be texting with this Instagram influencer, writing – “Can you let everyone know I’m the cool candidate?” The meme is one of many spread across more than 15 influencer accounts, with names like @KaleSalad, @NeatDad and @TrashCanPaul, and with an audience of 60 million followers combined, according to The New York Times. Their virtual blanketing of Instagram forced Facebook on Friday to weigh in on campaigns leveraging sponsored posts. The verdict: Thumbs up, provided they’re clearly marked as paid content, the company said. Facebook clarified that such posts will not be considered advertising, as the social media site does not make money from them. The Bloomberg campaign – funded solely by the billionaire himself – told Reuters this week that the "meme strategy," which was new to presidential politics, would be effective. A Facebook spokesman told Reuters that his wasn’t the only campaign interested in potentially using sponsored content… meaning you may see some official Bernie memes in the weeks to come.

  • Google in talks with publishers to pay for news -WSJ
    Reuters Videos

    Google in talks with publishers to pay for news -WSJ

    Google is reportedly in talks with select publishers to pay for their news content. The Wall Street Journal reported Friday that most of the publishers are outside the U.S. - including some in France and Europe and that the talks center around Google paying licensing fees for content that would be packaged in a news product. Google's Vice President of News on Friday responded to the report by releasing a statement, saying the company is in talks with its partners and looking at more ways to expand its ongoing work with publishers. While talks are in the early-stage, according to the Journal, and it's not yet clear whether agreements will be reached, such a deal would mark a shift in the search giant's relationship with the news media. While Google sends traffic to news websites by featuring their stories on its feed, it doesn't pay publishers a licensing fee for the content that appears. The tech industry has been blamed for contributing to a decline in revenues at traditional news organizations but there are signs Silicon Valley is looking to rectify that. Last year, Facebook announced it will pay news media for content and for the first time put all professional news articles in a dedicated place on its app. And Apple launched Apple News+, a paid subscription service, in partnership with major news organizations.

  • Amazon claims it's 'Earth's biggest champion of small biz,' and is spending billions to prove it
    Yahoo Finance

    Amazon claims it's 'Earth's biggest champion of small biz,' and is spending billions to prove it

    Small business is 'integral' to Amazon's business model, a top executive told Yahoo Finance.

  • Bloomberg

    Tesla Berlin Factory Preparation Delayed by German Court

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Elon Musk’s plan to build an electric car plant in Germany has run into legal trouble after a court said clearing a forest near Berlin for a new Tesla Inc. factory must stop immediately while it considers a challange by environmentalists.The Berlin-Brandenburg higher administrative court issued an injunction against further construction after overturning a lower court ruling against environmental group Gruene Liga Brandenburg. The group is seeking to prevent Tesla from clearing more of the surrounding forest and the court said it will make a final decision on the complaint in the coming days.Tesla and the local government have already filed their response to the complaint and are now “relying on the prompt decision” of the court, Joerg Steinbach, spokesman for the regional government said on Twitter.The injunction threatens Tesla’s ambitious timetable of having the plant up and running from mid-2021. If it does clear Germany’s red tape, the site could churn out as many as 500,000 cars a year, employ 12,000 people and pose a serious challenge to Volkswagen AG, Daimler AG and BMW AG. Musk recently tried to ease local concerns about water usage for the plant, which would border a nature reserve.Workers have already scoured the equivalent of about 150 soccer fields of forest and removed most of the World War II ammunition found there.The project’s environmental stipulations include scaring off or relocating wolves, hibernating bats, snakes and lizards until construction is over. Under German environmental regulations, the project in the small town of Gruenheide must also consider the breeding period for local wildlife in spring.(Updates with government spokesman in third paragraph)To contact the reporters on this story: Richard Weiss in Frankfurt at rweiss5@bloomberg.net;Stefan Nicola in Berlin at snicola2@bloomberg.net;Karin Matussek in Berlin at kmatussek@bloomberg.netTo contact the editors responsible for this story: Daniel Schaefer at dschaefer36@bloomberg.net, Andrew DavisFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • AUD/USD Forex Technical Analysis – Upside Bias Over .6718, Downside Bias Under .6706
    FX Empire

    AUD/USD Forex Technical Analysis – Upside Bias Over .6718, Downside Bias Under .6706

    Trader reaction to the two 50% levels at .6706 and .6718 will tell us if the counter-trend buying is getting stronger, or the selling pressure persists.

  • The Week Ahead – Economic Data, COVID-19 Updates and Geopolitics in Focus
    FX Empire

    The Week Ahead – Economic Data, COVID-19 Updates and Geopolitics in Focus

    It’s a busy week ahead, with private sector PMI numbers likely to reflect the impact of COVID-19 on economies. Falling cases should soften the blow, however.

  • Big Data Won't Save You From Coronavirus

    Big Data Won't Save You From Coronavirus

    (Bloomberg Opinion) -- How often do you see a piece of economic or financial information revised upward by 45%? And how reliable would you regard a data set that’s subject to such adjustments?This is the problem confronting epidemiologists trying to make sense of the novel coronavirus spreading from China’s Hubei province. On Thursday, the tally there surged by 45% — or 14,480 cases. The revision was largely due to health authorities adding patients diagnosed on the basis of lung scans to a previous count, which was mostly limited to those whose swab tests came back positive.The medical data emerging from hospitals and clinics around the world are invaluable in determining how this outbreak will evolve — but the picture painted by the information is changing almost as fast as the disease itself, and isn’t always of impeccable provenance. Just as novel infections exploit weaknesses in the body’s immune defenses, epidemics have an unnerving habit of spotting the vulnerabilities of the data-driven society we’ve built for ourselves.That’s not a comforting thought. We live in an era where everything seems quantifiable, from our daily movements to our internet search habits and even our heartbeats. At a time when people are scared and seeking certainty, it’s alarming that the knowledge we have on this most important issue is at best an approximate guide to what’s happening.“It’s so easy these days to capture data on anything, but to make meaning of it is not easy at all,” said John Carlin, a professor at the University of Melbourne specializing in medical statistics and epidemiology. “There’s genuinely a lot of uncertainty, but that’s not what people want to know. They want to know it’s under control.”That’s most visible in the contradictory information we’re seeing around how many people have been infected, and what share of them have died. While those figures are essential for getting a handle on the situation, as we’ve argued, they’re subject to errors in sampling and measurement that are compounded in high-pressure, strained circumstances. The physical capacity to do timely testing and diagnosis can’t be taken for granted either, as my colleague Max Nisen has written.Early case fatality rates for Severe Acute Respiratory Syndrome were often 40% or higher before settling down to figures in the region of 15% or less. The age of patients, whether they get sick in the community or in a hospital, and doctors’ capacity and experience in offering treatment can all affect those numbers dramatically.Even the way that coronavirus cases are defined and counted has changed several times, said Professor Raina MacIntyre, head of the University of New South Wales’s Biosecurity Research Program: From “pneumonia of unknown cause” in the early days, through laboratory-confirmed cases once a virus was identified, to the current standard that includes lung scans. That’s a common phenomenon during outbreaks, she said. Those problems are exacerbated by the fact that China’s government has already shown itself willing to suppress medical information for political reasons. While you’d hope the seriousness of the situation would have changed that instinct, the fact casts a shadow of doubt over everything we know.How should the world respond amid this fog of uncertainty?While every piece of information is subject to revision and the usual statistical rule of garbage-in, garbage-out, epidemiologists have ways to make better sense of what is going on. Well-established statistical techniques can be used to clean up messy data. A study this week by Imperial College London used screening of passengers flying to Japan and Germany to estimate the fatality rate for all cases was about 1% — below the 2.7% of confirmed ones found in Hubei province, but higher than the 0.5% seen for the rest of the world.When studies from different researchers using varying techniques start to converge toward common conclusions, that’s also a strong if not faultless indication that we’re on the right track. The number of new infections caused by each coronavirus case has now been identified in the region of 2.2 or 2.3 by several separate  studies, for instance — although that number itself can be subject to change as people quarantine themselves and self-segregate to prevent infection.The troubling truth, though, is that in a society that expects to know everything, this most crucial piece of knowledge is still uncertain.Google can track my every move and tell me where I ate lunch last week, but viruses don’t carry phones. The facts about this disease are hidden in the activity of billions of nanometer-scale particles, spreading through the cells of tens of thousands of humans and the environments we traverse. Big data can barely scratch the surface of solving that problem.To contact the author of this story: David Fickling at dfickling@bloomberg.netTo contact the editor responsible for this story: Rachel Rosenthal at rrosenthal21@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • U.S. Woman From Cruise Falls Ill as 2,200 Head Home: Virus Update

    U.S. Woman From Cruise Falls Ill as 2,200 Head Home: Virus Update

    (Bloomberg) -- The illness of an 83-year-old U.S. cruise-line traveler with the coronavirus has raised concern as more than 2,200 passengers and crew head home after being trapped at sea for almost two weeks.The first coronavirus death outside Asia, a Chinese tourist in France, and new cases in Japan, Singapore, Thailand and Malaysia suggest no let up in the outbreak.The UN’s top doctor warned the virus is unpredictable as he called for nations to get all units of government involved.Key DevelopmentsChina’s total people affected: 66,492; deaths: 1,523WHO says virus path ‘impossible to predict’Westerdam passengers blocked from leaving MalaysiaU.S. senators urge emergency funding for responseEurope Suffers First Virus Death as Fatalities Move Beyond AsiaU.S. plans to evacuate Americans on board the Diamond Princess cruise shipU.K. releases eight of nine infected patientsLocking People Up to Stop Virus Spread Could Prompt Legal FightsClick VRUS on the terminal for news and data on the novel coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.WHO Chief Urges Broader Response (3:45 p.m. NY)World Health Organization Director-General Tedros Adhanom Ghebreyesus urged the international community on Saturday to make their response to the coronavirus government-wide.“This is not a job for health ministers alone. It takes a whole-of-government approach,” he said in a speech at the Munich Security Conference. “That approach must be coherent and coordinated, guided by evidence and public health priorities.”The WHO chief again praised China, saying the steps taken by the Beijing government are encouraging.“China has bought the world time. We don’t know how much time,” he said. “We’re encouraged that outside China, we have not yet seen widespread community transmission.”Liner Passengers Can’t Leave Malaysia (2:45 p.m. NY)Some passengers from the Westerdam luxury liner were blocked from leaving Malaysia after an 83-year-old U.S. woman from the ship tested positive for the coronavirus, the Dutch RIVM National Institute for Public Health and the Environment said by phone.The travelers who left when the ship docked in Cambodia and headed to Malaysia were denied boarding an Amsterdam-bound flight from Kuala Lumpur, according to the Dutch foreign ministry. Two were Dutch citizens, both RIVM and the foreign ministry said. They remained in Malaysia, along with a group of Dutch citizens that may have had contact with the infected woman, who also remains in the country. The RIVM estimates 11 people weren’t able to board.Holland America, which operates the liner, on Saturday said everyone on the ship was tested on Feb. 10 and none had an elevated temperature, and during the cruise “no indication” of the coronavirus was evident.The ship with more than 2,200 passengers and crew was allowed by Cambodia to dock in the port city of Sihanoukville on Friday after being turned away by countries including Japan and Thailand over fears it harbored the coronavirus. The company said 236 customers and 747 crew remained on the ship on Saturday after many took charter flights to Phnom Penh to start trips home.A number of Dutch citizens are home and will be monitored daily by local authorities. The Holland America line ship had 91 Dutch passengers, a spokesman for the RIVM said.Democrats Urge Extra U.S. Virus Funds (12:30 p.m. NY)The Trump administration was “strongly urged” by Senate Democrats to seek emergency funding to fight the coronavirus, and in a letter released Saturday they criticized officials for not being forthcoming about the costs of U.S. action.A decision this month by Health and Human Services Secretary Alex Azar to shift $136 million to the Centers for Disease Control and Prevention and other units showed a “need for more resources,” senators led by Patty Murray of Washington state wrote to the White House, even as administration officials “continue to assert that there are already sufficient resources.”Emergency funding would cover states’ costs to implement federal orders such as travel screening and quarantines, the lawmakers said.Ship Passengers to Be Isolated in U.S. (11:30 a.m. NY)The approximately 400 U.S. citizens aboard the quarantined Diamond Princess in Japan, who are to be evacuated by the State Department, will be housed separately from other Americans who earlier returned from China and are under 14-day isolation orders.The ship’s passengers will be screened for the coronavirus before they leave the ship in Yokohama, before takeoff, during the flight and when they land at Travis Air Force Base in California, the Centers for Disease Control and Prevention said Saturday. Screening will continue for passengers transferred to Lackland base in Texas.Canada Sends 3 to Diamond Princess (11 a.m. NY)Canada’s Public Health Agency is sending three officials to assess the situation on Carnival Corp.’s Diamond Princess, quarantined in Yokohama, as more passengers are diagnosed with the coronavirus. The ship is the largest infection cluster outside China.Global Affairs Canada is working with Japan to determine next steps, spokesperson Barbara Harvey said in an email on Saturday.Some 3,500 people are on the ship. An additional 67 cases have been found, the Japanese health minister said, pushing total infections to almost 300.Westerdam Passenger Has Virus (9:55 a.m. NY)An 83-year-old U.S. citizen has been diagnosed with the coronavirus after traveling on the Westerdam, a Holland America Line ship that finally docked in Cambodia after being spurned by multiple countries.The woman and her husband were among 145 passengers who flew to Malaysia on Friday, the country’s health ministry said in a statement. She was found with symptoms and sent to a hospital where she’s in isolation in stable condition. Her 85-year-old husband tested negative but placed under observation.The Westerdam, a luxury liner, arrived in Sihanoukville early Thursday with more than 2,200 passengers and crew.Virus Path ‘Impossible to Predict’ (9:45 a.m. NY)All nations must be ready to handle coronavirus cases and prepared to prevent further transmission, according to the head of the World Health Organization.“It’s impossible to predict what direction this epidemic will take,” WHO Director-General Tedros Adhanom Ghebreyesus said in a statement at the Munich Security Conference.“We’re concerned by the continued increase of the number of cases in China,” he added, saying there has been a “lack of urgency” from the international community in funding a response.“Most of all, we’re concerned about the potential havoc this virus could wreak in countries with weaker health systems,” Tedros said. “We must use the window of opportunity we have to intensify our preparedness.”U.K. Releases All But One Patient (8:30 a.m. NY)The U.K. discharged all but one of the nine patients being treated for the coronavirus after twice testing negative, the government said Saturday. A center in Milton Keynes, north of London, still has 100 people, the NHS said.All 94 people being kept in in quarantine in Wirral after returning from China also have been released, according to the statement.5 New Singapore Cases (8 a.m. NY)Singapore confirmed five new cases of the coronavirus, all linked to previous cases, the Ministry of Health said Saturday, increasing the total people infected to 72.Epidemic Poses ‘Severe Challenges’ to China (6:44 a.m. NY)“The epidemic has posed a severe challenge to China’s economic and social development,” Chinese Foreign Minister Wang Yi said at the Munich Security Conference. “Nonetheless, the difficulties will be temporary and short-lived. With its strong resilience and vitality, the Chinese economy is well-positioned to overcome all risks and challenges. The fundamentals sustaining sound economic growth have not changed and will not change.”Death in France First From Disease in Europe (6:15 p.m. HK)An 80-year-old Chinese tourist died in Paris, becoming the first fatality of the coronavirus in Europe, France’s health ministry said. The man’s daughter, 50, was also infected and remains in a hospital in Paris. There are now 10 remaining cases in France and four of those have been released from hospital after recovering from the virus, Health Minister Agnes Buzyn said on Saturday.China is Testing Vaccines on Animals (5 p.m. HK)China is testing some vaccines against the coronavirus on animals, Zhang Xinmin, an official with the science and technology ministry, said at a press conference on Saturday. Vaccine research has been given top priority by the central government and the ministry has coordinated with several departments to find a solution.Earlier, China said it’s administering its centuries-old traditional medicine along with Western medicines on patients affected by the coronavirus disease. Traditional Chinese Medicine, or TCM as the method is called, was applied on more than half of confirmed cases in Hubei. To read the full story, click here.Why Reports of Drugs for Coronavirus Are Premature: QuickTakeU.S. to Evacuate Citizens from Diamond Princess (4 p.m. HK)The State Department will evacuate its citizens and their families from the virus-hit Diamond Princess cruise ship that’s been quarantined in Japan, the American embassy in Japan said. The ship is the largest infection cluster outside China, with an additional 67 cases reported on Saturday.Chartered aircraft will bring American passengers and crew back to the U.S., where they will be quarantined for two weeks. The Centers for Disease Control and Prevention said the liner has appropximately 400 U.S. citizens.To read the full story, click here.Isolation in Beijing (3:30 p.m. HK)The city of more than 21 million residents told people to quarantine themselves at home for two weeks in the latest attempt to keep the deadly coronavirus from spreading. New arrivals should stay at home for observation for 14 days because it’s sometimes unclear to authorities which provinces they may have visited or transited in, He Qinghua, an official with the ministry of public health, told reporters. He did not specify who exactly the quarantine would apply to.To read full story, click here.Lunar New Year Travel Market Plunged (3:15 p.m. HK)Air, rail and road travel market got slammed during the peak Lunar New Year season as fears about the spreading coronavirus prompted people to abandon trips.Passenger travel would likely fall 45% on-year during the 40-day travel season that ends Feb. 18, the transport ministry said. Between Jan 25. and Feb. 14, airlines carried an average of 470,000 people a day, only a quarter of last year’s volume. Passengers from Feb. 15-23 were only a tenth of the peak period.Read full story here.Cash is Quarantined Too (1:45 p.m. HK)China cut off the transfer and allocation of old bank notes across provinces, and between cities most affected by the deadly outbreak, according to Fan Yifei, deputy governor of the People’s Bank of China. The central bank also ramped up measures to sanitize old money to reduce contagion risks and added 600 billion yuan ($85.9 billion) of new cash for Hubei, the epicenter of the coronavirus, he said.WHO is Arriving in Beijing (1:30 p.m. HK)The World Health Organization and other international experts will arrive in Beijing this weekend. They will visit three provinces and cities to learn about virus protection and control measures and will make suggestions, the National Health Commission said on its website.PBOC Says Virus Won’t Cause Large Price Increases (11:44 a.m. HK)The virus outbreak is putting pressure on price stability because production has been delayed, but it won’t lead to large-scale inflationary pressures, China’s central bank said.The People’s Bank of China’s stance is unchanged and it will maintain prudent monetary policy, Deputy Governor Fan Yifei said in Beijing Saturday. The central bank is confident the effects of the outbreak can be dealt with, and the economy can be kept stable, according to a statement released before the briefing.New Zealand Extends Travel Restrictions (9:45 a.m. HK)New Zealand said temporary restrictions on travel from China have been extended for a further eight days, calling it “a precautionary approach” and a matter of public health. The country is preventing foreign nationals traveling from, or transiting through, mainland China from entering, and the position will be reviewed every 48 hours.Most Critical Time, says Health Commission Official (9:15 a.m. HK)China is entering the most critical time in its fight to contain the spreading coronavirus, Wang Hesheng, deputy director of the National Health Commission, said during a televised briefing from Wuhan. While Wang didn’t elaborate on the comment, outside of Hubei, the number of new confirmed cases have declined for the past 10 days, according to Liang Wannian, an expert at the NHC. Several other provinces have sent 217 medical teams to Wuhan as of Feb. 14, Wang said.Apple to Reopen Shanghai Store (9 a.m. HK)Apple Inc. would open one of the seven stores it has in Shanghai starting today, according to a company statement. The maker of iPhones had earlier said it will reopen stores in Beijing, according to an earlier announcement.Trump Says Xi ‘Working Very Hard’ (5 a.m. HK)President Donald Trump said Chinese leader Xi Jinping is “working very hard” on controlling the outbreak.“It’s a tremendous problem. But they’re very capable and they’ll get to it,” Trump said at a Washington event Friday with Border Patrol agents, noting he has spoken with Xi.Of Americans with the virus, “many of them are getting better. Some are fully recovered already. So we’re in very good shape,” he said.Wuhan Sharply Tightens Lockdown of Residents (1 p.m. NY)Wuhan tightened its quarantine on residents and said people will be confined to their neighborhoods except to seek medical care, work to fight the outbreak or keep vital services going. Wuhan has opened quarantine centers to house thousands of patients and others with symptoms, and Hubei province, where the city is located, has announced thousands of new cases a day, according to a statement.Wuhan residents will now be allowed to leave residential compounds only for medical care. Other cities that have put lockdowns in place have allowed people to leave every few days to buy food. Neighborhoods will be barricaded off to keep people from getting in or out, and non-residents won’t be able to enter neighborhoods that aren’t theirs.Researchers Publish New Images of the Virus (9:54 a.m. NY)U.S. researchers published new images of the coronavirus, some of the most detailed visuals yet of the pathogen.The images were released Thursday by the U.S. National Institute of Allergy and Infectious Diseases. They were made with scanning and transmission electron microscopes.To see more of the images, click here.\--With assistance from Pavel Alpeyev, Chelsea Mes, Yinan Zhao, Niu Shuping, Iain Rogers, Michael Bellusci and Wout Vergauwen.To contact Bloomberg News staff for this story: Jing Yang in Shanghai at jyang251@bloomberg.net;Dong Lyu in Beijing at dlyu3@bloomberg.net;Steve Geimann in Washington at sgeimann@bloomberg.netTo contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net, Anand KrishnamoorthyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Surprise Downfalls and a Rare Trump Rebuke

    Surprise Downfalls and a Rare Trump Rebuke

    (Bloomberg) -- Want to receive this post in your inbox every day? Sign up for the Balance of Power newsletter, and follow Bloomberg Politics on Twitter and Facebook for more.It was a week of sudden downfalls, from the U.K.’s finance minister Sajid Javid to German Chancellor Angela Merkel’s protege, Annegret Kramp-Karrenbauer. Javid’s exit left the government’s economic policy in tatters, while Merkel’s plan to serve out her term is now in doubt.In the U.S., the Justice Department was in uproar over allegations of undue political influence, leading Attorney General William Barr to take a rare public stance that placed him in potential conflict with Donald Trump. His message to the president: “It’s time to stop the tweeting.”Dig into these and other topics with the latest edition of Weekend Reads and click here for more of the most compelling political images from the past week.Boris Johnson Ambushed His Chancellor in a Quest for ControlSajid Javid never saw it coming. Britain’s finance minister began his day expecting to be confirmed in his position as a mere formality, in Boris Johnson’s reshuffle of his cabinet team. It ended with his resignation, as Jessica Shankleman and Tim Ross report.Merkel Role in Heir’s Exit Puts Her at Center of German TurmoilMerkel has helped avert the meltdown of the euro, navigated an influx of refugees and handled the tricky personality of the U.S. president. But as Patrick Donahue and Arne Delfs write, how she deals with the German political vortex left by the sudden resignation of her heir apparent may be the final test of her crisis-management skills.Trump’s Asylum Crackdown Traps Dissident Fleeing Maduro’s ThugsAfter escaping Venezuelan secret police at home, lawyer Carlos Marcano has endured agonizing months in U.S. lockups as Trump’s actions to seal the border from Central Americans have ground the system to a near standstill. It’s testing the endurance and dignity of even the strongest candidates, Thomas Black reports.Xi’s Pick to Save China From Virus Is Loyalist Who Lured TeslaA month ago, then-Shanghai Mayor Ying Yong was sharing a stage with Elon Musk to celebrate the release of Tesla’s China-built Model 3 sedans. Ying, a former top judge who previously served under Xi in positions in Zhejiang province, has now been tapped to manage Hubei, a region simmering with discontent over his predecessor’s failure to contain the deadly coronavirus outbreak.What Happens When a Virus Runs Rampant on a Cruise ShipFor 3,700 passengers quarantined on a cruise liner off Japan, it began as a carefree voyage. For the new coronavirus, it was an opportunity to run rampant. Keeping it from spreading on land is hard enough. At sea, K Oanh Ha writes, it’s a whole different challenge.Putin Squeezes Belarus Strongman in Bid to Skirt Term LimitsVladimir Putin’s surprise firing of Russia’s government and unveiling of constitutional changes that would weaken the presidency may only be Plan B for retaining power after his final term ends in 2024, Henry Meyer, Aliaksandr Kudrytski, and Stepan Kravchenko write. It came after his plan to create a “super state” with Belarus was rebuffed by his counterpart Alexander Lukashenko.Duterte Tests Trump With Move to Unravel Decades-Old AllianceOver the years, Rodrigo Duterte’s regular rants about the U.S. appeared to amount to little more than bluster. This week the Philippine leader finally moved to dismantle an alliance that has endured since World War II, Philip Heijmans and Andreo Calonzo write.A Bold Plan to Defuse ‘Time Bomb’ of Inequality in U.S. SchoolsRising inequality is now at the heart of U.S. public debate, Craig Torres explains, looming over just about every policy discussion from trade to interest rates and likely to take center stage in this year’s presidential election. America’s classrooms are one place where the trend could be halted.Rewards Outweigh Risks for Assad in Drive to Retake IdlibWith his decision to make a final push to retake Idlib province, Syrian President Bashar al-Assad is walking a perilous line between risking retaliation from neighboring Turkey and saving his economy and moving closer to restoring the nation’s territorial integrity, write Sylvia Westall and Donna Abu-Nasr.And finally ... Climate change and the coronavirus are threatening Kim Jong Un’s ambition to ski his way out of international sanctions, Heesu Lee and Sam Kim report. The North Korean leader, who once went to school in Switzerland, has made tourism a centerpiece of his economic vision, building ski resorts to attract winter-sports enthusiasts and hard currency. Now that’s all under threat. To contact the author of this story: Ruth Pollard in New Delhi at rpollard2@bloomberg.netTo contact the editor responsible for this story: Karl Maier at kmaier2@bloomberg.netFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Financial Times

    Mark Zuckerberg admits Facebook was slow on Russian disinformation

    founder Mark Zuckerberg has admitted his company had been slow to understand Russian disinformation campaigns during the last US election, as he appealed to political leaders for more regulation of online content. Mr Zuckerberg — who was speaking at the Munich Security Conference on Saturday — struck a conciliatory tone, saying that Facebook had embarked on “significantly closer” collaboration with governments, electoral authorities and members of the intelligence community over the past four years, and was taking down more than 1m fake accounts a day. Social media companies such as Facebook, Twitter and YouTube have come under pressure to improve their response to hostile states and political groups using their platforms to spread misleading information.

  • Financial Times

    Facebook rushes out influencer policies for politicians

    Facebook has rushed out new policies around the use of influencers by political campaigns on its apps, after Michael Bloomberg paid highly-followed accounts on Instagram to boost his US presidential campaign. — celebrities, models and activists with large online fandoms — to create “branded content” to promote their products. To date, so-called influencer marketing has fallen largely outside of the scope of Facebook’s traditional advertising policies, however, because contracts are drawn up directly between the brand and the creator.

  • This man is on track to become world’s richest person: Here's how
    Yahoo Finance AU

    This man is on track to become world’s richest person: Here's how

    Jeff Bezos is the world's richest man, but Tesla's Elon Musk is on track to take that title away from him.

  • Amazon Axes Delivery Partners in U.S.; Hundreds of Jobs Cut

    Amazon Axes Delivery Partners in U.S.; Hundreds of Jobs Cut

    (Bloomberg) -- Amazon.com Inc. is severing ties with small delivery firms around the country -- putting at least 1,300 drivers out of work -- in an effort to eliminate partners that aren’t meeting its standards.Bear Down Logistics, an Illinois company that rapidly expanded over the past two years, is shuttering operations in five states and letting go of about 400 drivers. Delivery Force, an Amazon delivery partner in Washington state, is cutting 272 drivers in Seattle and other cities. Kansas-based RCX Logistics, an Amazon delivery partner with operations in Texas, Alabama and Florida, will eliminate the jobs of more than 600 employees after losing its Amazon contract. Around the country, logistics firms are notifying state officials about facility closures and job cuts, signs that Amazon is culling the herd.The action underscores the challenges of outsourcing deliveries to new, untested companies instead of traditional partners such as United Parcel Service Inc. and FedEx Corp. It also serves as a warning to Amazon delivery partners that the company is an exacting client willing to cut them off.Bear Down Logistics notified Ohio, Virginia, Minnesota and Illinois that it would close facilities in those states in April, resulting in the loss of almost 280 jobs. Another Bear Down facility near Grand Rapids, Michigan, will also close in April, according to documents reviewed by Bloomberg. About 120 drivers work at the Michigan facility, said a person familiar with the matter who spoke on condition of anonymity due to company policies about speaking with the media. The company also has Amazon delivery operations in Wisconsin, the status of which was not immediately clear.“We have a responsibility to our customers and the communities where we operate to ensure these partners meet our high standards for things like safety and working conditions,” an Amazon spokeswoman said in an email. “Occasionally we need to end a relationship with a partner and when this happens we are committed to helping the impacted employees find opportunities with other delivery service partners or to learn more about the thousands of available roles at Amazon delivery stations and fulfillment centers.”Bear Down Logistics, Delivery Force and RCX Logistics didn’t immediately respond to requests for comment.Amazon in 2018 launched a program encouraging aspiring entrepreneurs to lease vans, hire drivers and build their own businesses delivering packages to its customers. More than 800 such businesses have sprouted around the country with 75,000 drivers, helping Amazon increase delivery capacity. Amazon also has greater negotiating leverage over each small operator than it does with larger delivery partners like UPS, FedEx and the U.S. Postal Service.Drivers working for Amazon delivery partners typically earn less than their counterparts working at larger delivery companies like UPS, which helps Amazon lower costs. One driver working for Bear Down Logistics in Michigan said he earned about $15 an hour delivering Amazon packages, while UPS paid seasonal drivers doing the same work in that area about $20 an hour.A big challenge for Amazon is balancing safety with its efforts to deliver things quickly at the lowest possible cost. ProPublica in December revealed internal Amazon documents showing it prioritized speed over safety in its delivery network, which followed other investigations exposing the injuries and deaths that accompanied Amazon’s quick expansion of its delivery program.The Bear Down experience also shows how hard it is to make a go of such businesses. When Amazon courted entrepreneurs, it touted the prospects of earning $300,000 a year with as little as $10,000 in up front costs, significantly less than most franchise businesses that can cost more than $100,000 to launch.(Updated with job cuts in Florida, Texas and Alabama in the second paragraph.)To contact the reporters on this story: Spencer Soper in Seattle at ssoper@bloomberg.net;Matt Day in Seattle at mday63@bloomberg.netTo contact the editors responsible for this story: Robin Ajello at rajello@bloomberg.net, Andrew PollackFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Facebook Prepares for Wave of Influencer Marketing in Politics

    Facebook Prepares for Wave of Influencer Marketing in Politics

    (Bloomberg) -- Facebook Inc. is trying to clarify how it will handle a new wrinkle in the world of digital political advertising: politicians paying influencers to post on social media platforms like Instagram, which it owns.In the past, political entities were technically barred from offering money for posts, which has become a common practice for marketers. But Facebook is changing its policy after a New York Times report this week about how Michael Bloomberg’s presidential campaign is paying Instagram creators to make and distribute posts making him “look cool.”(Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.)A company spokeswoman said Facebook has heard from multiple campaigns about the subject, and wanted it to be easy for users to identify paid political speech, whether it was direct advertising or branded content. “Branded content is different from advertising, but in either case we believe it’s important people know when they’re seeing paid content on our platforms,” the spokeswoman said.Now Facebook is stepping up enforcement of rules — which had been inconsistent —  requiring influencers to use Facebook’s tool to tag paid posts with a prominent disclaimer. It said Friday it will require users who worked with the Bloomberg campaign to retroactively add these disclaimers to branded posts the campaign sponsored. “The campaign was explicitly clear that these posts were ads and sponsored content,” said Sabrina Singh, a Bloomberg campaign spokeswoman. “We went above and beyond to follow Instagram’s rules and the text of the post clearly shows that these are the campaign’s paid ads.” Facebook will now require political candidates buying branded content to register as political advertisers with the company. Unlike other political ads, branded posts won't end up in Facebook's ad archive unless the politician also pays Facebook to promote the posts.  Elizabeth Warren criticized Facebook for creating a new loophole. "Refusing to catalogue paid political ads because the Bloomberg campaign found a workaround means there will be less transparency for the content he is paying to promote. Mike Bloomberg cannot be allowed to buy an election with zero accountability," she wrote on Twitter.  The emergence of political branded content is a reminder of how hard companies have to work to keep up with the changing landscape of political speech.  These posts, also known as sponsored content —  or, if you must, “sponcon” — have pushed the boundaries of advertising for the last half-decade or so. As individual users on Instagram, Google’s YouTube, Amazon.com Inc.’s Twitch and other platforms amassed large audiences, marketers began seeing them as a viable alternative to standard advertising. Influencers now regularly tout products in their posts.  Regulators have complained for years that they often do so without explaining that they’re being paid. In 2017, the Federal Trade Commission sent dozens of letters to influencers and marketers requiring them to disclose any “material connection” that someone pitching a product had to advertisers. The commission is currently reviewing its endorsement policies, with an eye toward social media. “We may need new rules for tech platforms and for companies that pay influencers to promote products,” FTC commissioner Rohit Chopra wrote on Twitter this week. While Bloomberg’s campaign has drawn unprecedented attention to political branded content, he isn’t the first politician to fall for the charms of social media influencers. And as more money pours into political advertising in coming months, there will likely be candidates and other political entities willing to explore any potential advantage.  Gil Eyal, the chief executive of Hypr, a company that helps marketers find influencers for sponsored content deals, said he’s noticed a recent wave of interest from political entities. “We’ve had a lot of inquiries about how we can do this,” he said. He declined to name anyone who had contacted him, and said they’ve turned down the proposals. “We truthfully say this isn’t our forte,” he said. “I think they underestimate how hard this is to do.”  Main Street One, a New York-based startup, has been pitching Democratic and progressive organizations on influencer campaigns for months as a way to drown out online disinformation. It has run several such experiments. Late last year, it helped run an influencer campaign promoting Cory Booker funded by United We Win, a Democratic super PAC. This sparked a debate among influencers about whether accepting money from politicians was appropriate, and whether doing so would be bad for their personal brands.   Curtis Hougland, Main Street One’s chief executive officer, said the group doesn’t always pay influencers for posting — it’s also seeking out volunteers. But those it does pay can get as much as $500 per post. Finding the right influencers, he said, is a side-door way to effectively target messages. The company might pay more, he said, for posts from someone whose followers are clustered in a particular geographic region, or who fall into some other demographic they’re trying to reach.  The response has been mixed, said Hougland, with some potential clients concerned that the risk of such campaigns outweigh the benefits. In his view, mobilizing left-leaning social media influencers is the best way to reach voters in a distracted and messy online media environment. “Can we live with that risk tolerance?” he said. “I think by being less precious we can be more effective.” (Updates with comments from Bloomberg campaign in the sixth paragraph.)\--With assistance from Mark Niquette.To contact the author of this story: Joshua Brustein in New York at jbrustein@bloomberg.netTo contact the editor responsible for this story: Molly Schuetz at mschuetz9@bloomberg.net, Andrew PollackFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Apple Accused by Ex-Exec It’s Suing of Poaching His Staff

    Apple Accused by Ex-Exec It’s Suing of Poaching His Staff

    (Bloomberg) -- A former Apple Inc. chip executive sued for allegedly betraying the iPhone maker by launching a startup and poaching its employees accused the technology giant of doing the same to him.Gerard Williams III, who last year left his job as lead chip architect at Apple and co-founded Nuvia Inc., fired back with his own claims against his former employer. He says Apple tried to stop his firm from hiring its engineers while simultaneously recruiting staff from Nuvia.Apple’s lawsuit is designed to “suffocate the creation of new technologies and solutions by a new business, and to diminish the freedom of entrepreneurs to seek out more fulfilling work,” according to a filing by Williams late Thursday in state court in San Jose, California.In January, Williams failed to persuade a judge to dismiss Apple’s complaint accusing him of using company resources to create an idea for Nuvia in violation of a contract. The Cupertino, California-based company declined to comment on Williams’s latest filing, which couldn’t immediately be confirmed in court records though it was verified by a Nuvia spokesman.Read More: Apple Gains Footing in Court Feud With Ex-Executive Turned RivalNuvia is developing a chip to power cloud servers. Williams, who spent nearly a decade at Apple, says he raised the possibility of developing such technology years ago, but the idea was rejected by then-Chief Executive Officer Steve Jobs, who died in 2011, and by Johny Srouji, who’s now Apple’s head of hardware technology, because they thought it would detract from the company’s work on consumer facing technology. Apple continues to hold that position today, according to Williams.After Nuvia launched, Apple’s Vice President of Silicon Engineering Sribalan Santhanam warned of “consequences” if the startup continued hiring Apple engineers, according to Williams. He also alleges the iPhone maker monitored his conversations with Apple employees and that its human resources department used a “heavy-handed campaign” to keep staff from talking to him.Williams claims he’s maintained the appropriate distance with his former employer and colleagues since leaving. Williams said Apple’s Anand Shimpi sent him numerous texts after Williams left the company, including material marked “Apple Confidential” in an April conversation. Williams said he told Shimpi this was “inappropriate and unwelcome,” according to the filing. Apple didn’t immediately respond to a query about Shimpi.Williams says Apple went to great lengths to keep him from leaving, including an offer from Srouji for a six-month paid sabbatical to stay. At a going-away party, the company gave Williams a one-off iPad engraved with signatures from top Apple executives, according to the filing.The case is Apple Inc. v. Williams III, 19-cv-352866, California Superior Court, Santa Clara County (San Jose).(Updates with details from filing in seventh paragraph.)To contact the reporters on this story: Mark Gurman in Los Angeles at mgurman1@bloomberg.net;Ian King in San Francisco at ianking@bloomberg.netTo contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Peter BlumbergFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Tech Daily: NVIDIA & Intel Earnings, JEDI Stay Order, Facebook App, More

    Tech Daily: NVIDIA & Intel Earnings, JEDI Stay Order, Facebook App, More

    Earnings reports from NVIDIA and Cisco, a stay order on the JEDI contract, Facebook's app to compete with Pinterest and other stories are covered in this daily.

  • Shopify’s Sweetheart Week Has It Encroaching on Market Stalwarts

    Shopify’s Sweetheart Week Has It Encroaching on Market Stalwarts

    (Bloomberg) -- Canada’s homegrown tech company Shopify Inc. is on a tear.After surging annually since its 2015 initial public offering, it has rallied 36% to a market value of almost C$82 billion ($62 billion) in 2020, making it the seventh largest company on the S&P/TSX Composite Index. That puts it about C$8 billion away from usurping Bank of Nova Scotia -- the fifth biggest company. Canadian National Railway Co. -- is No. 6 on the benchmark.Shopify’s value has climbed about C$7.9 billion just this week as fourth-quarter revenue topped analysts’ estimates and the provider of online shopping tools gave an optimistic forecast for the year.Shares of Shopify have skyrocketed to fresh records amid a dearth of quality tech companies on the S&P/TSX Composite Index. The benchmark tech gauge has a mere 10 members compared with over 71 on the S&P 500’s tech index, which includes FAANG giants such as Facebook Inc., Amazon.com Inc., Apple Inc., Netflix Inc. and Google parent Alphabet Inc.Still, Shopify’s meteoric rise has some analysts calling for caution. Credit Suisse analyst Brad Zelnick downgraded the stock to the equivalent of a hold on its “lofty valuation” but raised his share price target for the U.S.-listed stock to $575 from $450. He did, however, contend that company has a “great business.” The stock is currently sitting at about $527.Markets -- Just The NumbersChart of The WeekPoliticsPrime Minister Justin Trudeau said the government will do everything it can to resolve protests that have crippled parts of the country’s railways, leading to disruptions in passenger travel and the shipment of key goods. RBC Capital Markets said the demonstrations are another reason the Bank of Canada will be “biased to ease.”Get the latest news on the pipeline protests hereThe coronavirus continues to spread within China. Finance Minister Bill Morneau said that the epidemic will take a “real” toll on Canada’s economy given it’s global knock-on effects. Reduced tourism from China and lower commodity prices will also impact Canada’s growth.EconomyA new survey showed that Canadians are growing increasingly confident of getting a job with better pay were they to leave their current workplace, another indication of the health of the nation’s labor market as the unemployment rate sits at historic lows and wages climb near the fastest pace since the recession.The housing market in major Canadian cities continued to tighten as home sales fell and prices rose in January. A combination of steady population growth, low unemployment and cheap borrowing costs have brought buyers into the market but shrinking supply is damping transactions and driving bids for homes higher in places like Toronto.Up next, economists will be watching manufacturing sales figures on Feb. 18, inflation data due Feb. 19 and retail sales expected on Feb. 21. The stock market is closed on Monday for a holiday in Ontario and some other provinces.TrendingInCanada1\. Former Mississauga Mayor Hazel McCallion, also known as “Hurricane Hazel” turned 99 with NHL’s Maple Leafs team celebrating her birthday. She was in office for 12 terms before stepping back in 2014.2\. An extreme cold warning alert was issued for the city of Toronto Friday as temperatures dip below 30 degrees Celsius (that’s -22 degrees Farenheit).\--With assistance from Shelly Hagan.To contact the reporter on this story: Divya Balji in Toronto at dbalji1@bloomberg.netTo contact the editors responsible for this story: Kyung Bok Cho at kcho7@bloomberg.net, Jacqueline Thorpe, Danielle BochoveFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Google’s $2.6 Billion Fine Is Like Loose Change, Judge Says

    Google’s $2.6 Billion Fine Is Like Loose Change, Judge Says

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Google’s 2.4 billion-euro ($2.6 billion) fine is “a small amount of cash” to the search-engine giant, according to a European Union judge, who also raised the prospect of increasing the antitrust penalty that the company is seeking to overturn.Colm Mac Eochaidh’s persistent questioning of Google’s representatives during the third day of a hearing at the EU’s General Court caused lawyers to scramble through papers seeking a response when he told them the tribunal had the right to increase the 2017 fine, then the highest the EU had ever levied for antitrust abuse. The Irish judge is one of five justices who will rule in the coming months on whether Google unfairly discriminated against smaller shopping rivals.“Did that level of fine deter you from repeating the behavior?” Mac Eochaidh asked before wondering how “might it be justified to increase or alter the fine.” He suggested that the penalty meant little to Google since it was only “a small amount of your cash in hand, so not actually that eye-catching in the light of day.”Google hadn’t bargained for a potentially bigger fine when it attacked the EU’s antitrust findings during the hearing. Officials from the U.S. Department of Justice, EU investigators and company executives were in the Luxembourg court to hear Google argue that regulators had overreached and made crucial errors. The case is the first of three lawsuits against EU antitrust decisions and a loss for the EU could halt its tough enforcement of big tech firms.When Google’s attorney Christopher Thomas said there could be no increase in the fine because EU regulators hadn’t asked for one, Mac Eochaidh immediately contradicted him. The EU’s second highest-court has “unlimited jurisdiction” to increase the fine even if the issue hasn’t been explored, he said.The senior judge on the panel, Stephane Gervasoni, stopped his Irish colleague, asking if his questioning was theoretical or if there were actual reasons to increase the fine. It’s rare for one judge to question another. Judges appeared to move away from the possibility of a higher penalty in the case, stressing that any such move would need additional legal analysis and the opportunity for Google to give its views.It isn’t the first time Mac Eochaidh has needled Google during the three days of hearings on the appeal. On Thursday, he said it was “perfectly apparent” that the company had promoted its own services and demoted others -- a key point for the EU side.On Friday, Mac Eochaidh urged Google’s lawyer to imagine he had savings of 120 euros in his back pocket but was fined 2.4 euros for dropping some litter.“Would you miss the 2.4 euros?” the judge asked.(Updates with judge’s questioning in third paragraph)To contact the reporters on this story: Aoife White in Luxembourg at awhite62@bloomberg.net;Stephanie Bodoni in Luxembourg at sbodoni@bloomberg.netTo contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net, Joe Schneider, Anthony LinFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • New York and San Francisco Tech Industries Are Leaving Women Behind

    New York and San Francisco Tech Industries Are Leaving Women Behind

    (Bloomberg) -- San Francisco and New York have created thousands of lucrative jobs in technology, but despite efforts to increase diversity in the industry, women are still being left behind.The two cities, sometimes rivals for attracting tech talent, slid backwards in recent years on gender diversity, according to data from SmartAsset, a financial technology company that provides personal finance advice online. From 2013 to 2018 they either did worse or made little progress on women’s workforce participation in tech and gender pay gaps.“No single city or no city’s tech sector has figured this out,” said Eli Dvorkin, editorial and policy director at the Center for an Urban Future in New York. “Tech jobs are falling behind the diversity of the workforce overall. They tend to be whiter, they tend to be much more male and typically see a notable under-representation of blacks and Hispanics.”In the U.S., women made up about 26% of the tech workforce nationally, according to SmartAsset. But while jobs for computer and information technology workers are expected to grow by 12% overall from 2018-2028, employment opportunities for these often well-paying positions still usually favor men, according to the report released earlier this month. Racial diversity isn’t much better. In 2017, the latest year for which data is available, only about 20% of New York’s tech workforce was either black or Hispanic, and only 7.5% of San Francisco’s, according to a 2019 analysis by the Center for an Urban Future.San Francisco and the broader Bay Area is home to many of the biggest U.S. tech companies, as well as major venture capital firms. In recent years, tech giants from Alphabet Inc.’s Google to Facebook Inc. and Amazon.com Inc. have been expanding in New York, too, adding to a burgeoning startup scene, helping technology rival finance as the city’s growth engine. But despite industry efforts to increase women in the workforce, progress in the two cities has been limited.One of the main reasons for the lack of representation is limited access to tech skills training. New York in particular, despite having a strong pipeline of programs, is failing to reach under-served communities, according to a study by the Center for an Urban Future and Tech:NYC released Wednesday. The city’s programs focus more on basic digital skills instead of the advanced training required for tech jobs.Exposure to tech training early on is also important to break social conditioning surrounding who belongs in science, tech, engineering, and mathematical occupations. “By the time they get to high school, many boys are socialized to think STEM is for them, while many girls are socialized to think the opposite,” said Dvorkin.Part of the issue is also the high cost of living in the two cities. Women are choosing to move to more affordable cities with growing tech opportunities, according to Denise Roy-Desrosiers, managing director at the nonprofit Girls in Tech New York.“New York has become a less friendly city for both women and men,” said Roy-Desrosiers. “Women are still being paid less to do the same jobs and so while that is still the case, women will take advantage of working in places where they can afford to live comfortably and independently.”New York went from being the fifth-best city for women in tech in 2013 to 27 in 2018, according to SmartAsset data. The percentage of women working in tech declined to 25% from 26%, while the gender pay gap, defined as the percentage of men’s salaries women make for the same jobs, widened. Women in the industry were making 84% of what men made in 2018 compared with 96% five years earlier.Google and other big tech companies expanding in New York represent a significant chunk of the industry’s workforce and the gender imbalance within their ranks is also making New York less like the “haven for disruption and innovative work culture that it once was,” Roy-Desrosiers said.Still, New York does better than San Francisco on most diversity metrics. San Francisco never made it to the Top 10 best cities on SmartAsset’s list for women. It dropped to 33 in 2018 from 23 in 2013. While women’s participation in the workforce increased marginally over five years, the gender pay gap increased to 79% from 88% in the city. Topping the 2020 list of the best cities for women in tech was Baltimore, where women make up 33% of the tech workforce and their average earnings are about 94% that of men in the industry.To contact the reporter on this story: Nikitha Sattiraju in New York at nsattiraju@bloomberg.netTo contact the editors responsible for this story: Molly Schuetz at mschuetz9@bloomberg.net, Andrew PollackFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • QQQ: Superstar ETF of the Decade; Here's Why

    QQQ: Superstar ETF of the Decade; Here's Why

    Here's what investors need to know about QQQ, one of the best performing ETFs of the past decade.

  • Roku Turns Lower as Outlook Overshadows Active Account Beat

    Roku Turns Lower as Outlook Overshadows Active Account Beat

    (Bloomberg) -- Roku Inc. shares fell on Friday, erasing an initial rally that came in the wake of its better-than-expected fourth-quarter results.Analysts were broadly positive on the quarter, the latest to show strong momentum at the video-streaming platform as consumers cut the cord on traditional cable services and move toward services like Netflix or Disney+However, the adjusted loss per share beat expectations by a smaller degree than is typical for the company. In addition, some firms expressed concern over the stock’s valuation following a recent surge, and said the Ebitda guidance looked light.Shares fell 7.8% after earlier spiking as much as 8.7%. The stock remains down more than 20% from a record close, though it has risen more than 30% off a September low, and it remains up more than 300% from the start of 2019.Here’s what analysts are saying about the results:Macquarie Research, Tim NollenThe outlook “is a bit below our admittedly bullish estimates,” given more investment costs and “a more measured international roll-out” than expected.Expects a full-year loss of $1.33 a share, compared with a prior view of a loss of 38 cents a share.Outperform, $170 price target.Loop Capital Markets, Alan Gould“While the company has executed well, it still faces substantial potential competition.” It is “difficult to justify the $18 billion enterprise value.”Sell, $80 price target.SunTrust Robinson Humphrey, Matthew ThorntonActive account additions “were well ahead of consensus,” which is likely due in part to Disney+. However, the Ebitda outlook “is well below consensus,” and competing platforms could pressure Roku’s margins.“Roku continues to execute and is well-placed in the secular shift to internet TV.”Hold, $160 price target.Rosenblatt Securities, Mark ZgutowiczThis was a “generally stellar quarter,” and the outlook underscores Roku’s “widening scale and market leverage.”Sees signs of “meaningful” international growth ahead.Buy, price target raised to $190 from $159.RBC Capital Markets, Mark MahaneyThe company’s platform business “looks like a sustainable 50% grower.” Fundamentals were “solid” in the quarter, with only a “very modest” deceleration in growth from “robust levels.”Outperform, price target $170 from $160.Stephens, Kyle EvansThe outlook was “in line or above consensus where it mattered most -- revenue and gross margin in its Platform segment.”A “heavy” launch cycle for streaming video on demand services in 2020 and 2021 “is likely to drive [average revenue per user] higher for the foreseeable future.”“Investors wanting exposure to connected T.V. will continue to bid Roku upward.”Overweight, $155 price target.Susquehanna Financial Group, Shyam PatilThe report and outlook “continue to highlight Roku’s strong momentum.” Active accounts rose more than expected, and “engagement growth was also strong.”Positive, price target raised to $170 from $150.Guggenheim, Michael Morris“Roku holds an attractive position within an expanding global steaming market and ultimately has the potential for a higher valuation.”Buy, $150 price target.What Bloomberg Intelligence Says:Roku is “still well-positioned to benefit from the secular shift away from traditional pay-TV, as the company reinforced its position as the No. 1 TV streaming platform in the U.S.”\- Analyst Amine Bensaid\- Click here for the research(Updates with afternoon trading, adds Macquarie comments)To contact the reporter on this story: Ryan Vlastelica in New York at rvlastelica1@bloomberg.netTo contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Scott Schnipper, Steven FrommFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Mastercard Up Nearly 5% Since Q4 Earnings: What's Driving It?

    Mastercard Up Nearly 5% Since Q4 Earnings: What's Driving It?

    Mastercard (MA) stock continues to benefit from strong fourth-quarter earnings and receipt of approval from China.