Tech Firms, U.S. Officials Strategize 2020 Election Security

As the 2020 U.S. presidential election nears, government officials met in Silicon Valley with Facebook, Google, Microsoft and Twitter to discuss how to prevent the foreign interference that took place during the 2016 election. The companies’ security teams and representatives from the FBI, Office of the Director of National Intelligence and the Department of Homeland Security attended the daylong meeting at Facebook’s headquarters. The group talked about detecting potential threats and methods of strategic collaboration. Continue reading Tech Firms, U.S. Officials Strategize 2020 Election Security

New Cryptocurrency Planned by Messaging App Telegram

Social network Telegram is moving ahead with its plans to issue its own cryptocurrency, dubbed Gram, within the next two months. The 200 million to 300 million global users of its messaging app will also have access to Gram digital wallets. Telegram appears to have the same ambitions for Gram that Facebook has for its Libra cryptocurrency: as a way to move money worldwide. In early 2018, Telegram tapped $1.7 billion from prominent investors including major Silicon Valley venture capitalists to launch the fund. Continue reading New Cryptocurrency Planned by Messaging App Telegram

Facebook Plans Section in Its Mobile App Called News Tab

Facebook is working on a publishing initiative called News Tab that will deliver news content partly curated by a team of editors to the social platform’s mobile app. The Silicon Valley company, which has primarily relied on algorithms to select news stories, plans to hire a team of experienced journalists to serve as editors and launch a test version of News Tab by the end of this year. “Our goal with the News Tab is to provide a personalized, highly relevant experience for people,” said Campbell Brown, head of global news partnerships at Facebook. Continue reading Facebook Plans Section in Its Mobile App Called News Tab

SoftBank to Lend Employees $20B to Invest in Vision Fund

SoftBank Group plans to lend up to $20 billion to its 400 employees to buy stakes in its second Vision Fund, following the first fund launched in 2017. That first $100 billion fund, which debuted in 2017, made big investments in Uber Technologies, WeWork, and Chinese ride-hailing company Didi Chuxing Technology, driving up their valuations. For the second Vision Fund, SoftBank chief executive Masayoshi Son may invest as much as $15 billion, and SoftBank could put in $38 billion, more than is typical for a fund sponsor. Continue reading SoftBank to Lend Employees $20B to Invest in Vision Fund

Toronto Has Become a Magnet For Major Tech Companies

Toronto has become an attractive locale for Silicon Valley companies to set up shop. Intel plans to build a graphics-chip design lab there, Uber Technologies will open an engineering hub, and Google’s parent, Alphabet, aims to build a new Toronto campus as part of its “smart city” on Lake Ontario. Microsoft also said it will increase its Canadian workforce by 20+ percent. All that activity has led Silicon Valley Bank, which funds startups and venture capital firms, to open an office in what is the largest Canadian city. Continue reading Toronto Has Become a Magnet For Major Tech Companies

Apple Card Debuts With 70 Percent of U.S. Retail On Board

This month, Apple will officially launch Apple Card, a credit card for iPhone users, according to chief executive Tim Cook. The credit card, which will be situated in Apple’s Wallet app, allows contactless payments and includes no fees, lower interest and cash rewards. According to the Silicon Valley company, Apple Pay has 70 percent “retail acceptance” in the U.S. and 90 percent in Australia. It can be used wherever Apple Pay is available and is expected to be in 40 countries by the end of the year. Continue reading Apple Card Debuts With 70 Percent of U.S. Retail On Board

France Inks Law to Tax Tech Firms, U.S. Threatens Probe

France’s Senate has approved taxing Amazon, Google and other large technology companies, despite the threat of a U.S. probe into discrimination. In fact, the vote came hours after U.S. trade representative Robert Lighthizer said he would investigate the French legislation based on the same law President Trump used in the trade clash with China. French finance minister Bruno Le Maire responded that, “France is a sovereign state. It makes sovereign decisions on tax matters and will continue to make sovereign decisions on tax matters.” Continue reading France Inks Law to Tax Tech Firms, U.S. Threatens Probe

Supreme Court: App Store Customers Can Now Sue Apple

In what could become a landmark decision, the Supreme Court has ruled to allow individual iPhone users to sue Apple in antitrust violation cases related to the tech giant’s App Store. In a 5-4 decision written by Associate Justice Brett Kavanaugh, the Supreme Court agreed with a lower court ruling that determined App Store customers could sue Apple for allegedly driving up prices by forcing them to purchase apps exclusively from the App Store. Apple lost its argument that was based on the contention that third-party developers set the prices for apps. While Apple holds steady in its belief that it does not represent a monopoly, the ruling could have future ramifications regarding consumers who seek to sue other app sellers for antitrust violations. Continue reading Supreme Court: App Store Customers Can Now Sue Apple

New Silicon Valley Stock Exchange Is Approved by the SEC

U.S. regulators have approved a new stock exchange originally introduced to the Securities and Exchange Commission last year by tech entrepreneur Eric Ries, who raised $19 million from VCs for his project. The new Long-Term Stock Exchange (LTSE) will provide tech firms with options to traditional New York exchanges. The “Silicon Valley-based national securities exchange” is “promoting what it says is a unique approach to governance and voting rights, while reducing short-term pressures on public companies,” reports Reuters. Continue reading New Silicon Valley Stock Exchange Is Approved by the SEC

Facebook Opens New Command Post Ahead of EU Election

As part of a range of efforts to show that it has taken regulator and governmental concerns seriously, Facebook has set up an operations center in its European headquarters in Dublin, Ireland ahead of the upcoming European Union’s parliamentary election, which is scheduled for May 23-26 across 28 countries. Employees will monitor and clear Facebook of misinformation, fake accounts, and any signs of foreign meddling aimed at swaying election results. Facebook recently set up a similar post in Singapore for elections in India.

Continue reading Facebook Opens New Command Post Ahead of EU Election

Global Regulators Looking Into Facebook Privacy Practices

Regulators have reached a tipping point with Facebook after years of half-measures regarding the social media giant’s security-related missteps. Now, regulators across four continents are attempting to reign in Facebook’s behavior. In the United States, the Federal Trade Commission hasn’t come to a decisive conclusion regarding what constraints to implement, but the agency is looking to address a wide range of issues, including violations reported almost monthly, according to a source close to the investigation.

Continue reading Global Regulators Looking Into Facebook Privacy Practices

Facebook Planning to Face FTC Fine in Excess of $3 Billion

In its first quarter earnings report yesterday, Facebook revealed that it is putting aside $3 billion (about 6 percent of its cash and marketable securities) in anticipation of an upcoming fine from the Federal Trade Commission regarding privacy violations. The penalty, which could become the highest of its kind against a tech company by U.S. regulators and the biggest privacy-related fine in the FTC’s history, is expected to run from $3 billion to $5 billion. The social media giant posted more than $15 billion in revenue, a 26 percent increase over the year-earlier period. Continue reading Facebook Planning to Face FTC Fine in Excess of $3 Billion

Apple’s Tim Cook Makes Case For U.S. Regulation of Tech

At the TIME 100 Summit in New York, Apple chief executive Tim Cook said that technology needs to be regulated to protect privacy, noting that, “we have to admit that what we’re doing isn’t working.” He suggested to U.S. regulators that Europe’s General Data Protection Regulation (GDPR), which was passed in 2018, is “a step in the right direction,” and added that Europe should continue to evolve the GDPR. Having taken the helm of Apple from founder Steve Jobs in 2011, Cook has become a prominent Silicon Valley leader. Continue reading Apple’s Tim Cook Makes Case For U.S. Regulation of Tech

FTC Examining Zuckerberg’s Personal Role in Data Lapses

According to sources, the Federal Trade Commission, which is investigating Facebook for mishandling of personal data, is also taking a close look at co-founder/chief executive Mark Zuckerberg and deciding if and to what degree he should be held personally responsible. Should the FTC move in this direction, it would be a major new challenge for the Silicon Valley company and a personal censure of Zuckerberg. At the same time, Facebook just revealed it botched the safeguarding of millions of Instagram passwords. Continue reading FTC Examining Zuckerberg’s Personal Role in Data Lapses

China’s Internet Model Gains Popularity Among Autocracies

Autocratic countries are moving towards China’s version of the Internet — limited content and controlled data — as a way of ensuring their own continued power and mimicking the success of Chinese corporations such as Alibaba Group and Tencent Holdings. Vietnam, Thailand, India and Russia are among those embracing a government-controlled model. China has also become the first government to intentionally use artificial intelligence for racial profiling, in this case its 11 million Uighurs, a Muslim minority group. Continue reading China’s Internet Model Gains Popularity Among Autocracies

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