A Facebook team researching user well-being found that 1 in 8 users engage in compulsive social media habits that impact work, sleep, parenting or relationships, an analysis of recently released company documents suggests. The potentially harmful behavior, said to be categorized as “problematic use,” is comparable to what is also known as “Internet addiction.” Researchers said while some users lack control over disengaging from Facebook, the behavior isn’t considered “clinical addiction” because it doesn’t impact the brain the same way as habits like gambling or substance abuse. The research also referenced compulsive behavior among users of other social media apps. Continue reading Research Highlights Effects of Social Media on Mental Health

President Biden and other world leaders who gathered for the Group of 20 summit in Rome formally endorsed a new global minimum business tax Saturday in what is presented as a historic achievement after months of negotiations, according to the Organization for Economic Cooperation and Development (OECD). The new global minimum tax rate of 15 percent is intended to reverse a decades-long reduction in corporate tax rates across the world. The agreement, which was previously endorsed by finance ministers from each country and would have an impact on Big Tech, now faces the formidable task of being turned into multinational legislation. Continue reading G20 Leaders Approve a Global Minimum Corporate Tax Rate

Introduced in select markets a little more than a year ago and rolled out globally in July, YouTube Shorts generated more than 15 billion daily views worldwide by late September (up from 6.5 billion daily views worldwide in March), according to YouTube parent Google. The format caps videos at 60-seconds and is designed to rival TikTok, which claims 1 billion active monthly users, putting it among the most rapid-growth platforms ever. Even with YouTube Shorts’ healthy growth, the company has just begun testing advertising and monetization approaches for the short-form video experience. Continue reading Google Imagines Future Business Model for YouTube Shorts

An international move to eliminate digital-service taxes has gained momentum on news of an agreement between the U.S. and five European countries with whom it was polarized in its fight to retire the digital tax. Such taxes affect Big Tech companies like Amazon, Apple, Facebook and Google. In all, 136 countries agreed to retool international corporate taxation at last week’s Fourth G20 Finance Ministers and Central Bank Governors meeting in Washington, D.C. The deal immediately bans adding any new digital taxes, although the timing to implement reversal of existing taxes remains unclear. Continue reading U.S. and Five European Nations Strike Deal on Digital Taxes

The European Union and United States agreed yesterday on strengthening cooperation regarding several major global concerns, including a “rebalancing” of supply chains for semiconductors, new approaches to regulating international tech companies, and practical models for contending with “non-market, trade-distortive policies and practices” (although China was not singled out in the group’s statement). During their first meeting in Pittsburgh yesterday, officials from the newly formed U.S.-EU Trade and Technology Council (TTC) promised to work together on the development of artificial intelligence and screening interests in sensitive dual-use technologies. Continue reading U.S. and EU Conduct Their First Trade Tech Council Meeting

Global consumer social app spending is expected to hit $17.2 billion by 2025, up from $6.78 billion in 2021, according to a study by San Francisco-based mobile analytics firm App Annie. That’s a 29 percent compound annual growth rate (CAGR) over five years — a brisk pace credited mainly to live streaming. By 2025, the lifetime total spend on social apps is expected to reach $78 billion, according to App Annie. Meanwhile, time spent using social media the globe over totaled a whopping 740 billion hours for the first half of 2021, with 548 billion hours devoted to live streaming. Continue reading Social App Spending Projected to Hit $17.2B Globally in 2025

The High Court of Australia upheld a lower court ruling that found media companies — including newspapers and TV stations — that post on Facebook are liable for Facebook users’ comments on those posts. It stated that, by creating a public Facebook page, media outlets “facilitated and encouraged comments” from users and are responsible for defamatory content. News Corp Australia, a subsidiary of News Corp, and Nine Entertainment, which owns the Sydney Morning Herald, called for legislators to protect them from liability. Continue reading Australian Court Holds Media Firms Liable for User Comments

Government-owned wireless company China Mobile has cut its use of non-Chinese suppliers to 5.4 percent from 11 percent in its last 2020 buying round. Hardest hit was Sweden’s Ericsson, whose 5G gear sales were cut to a mere 1.9 percent, compared to 11 percent in the 2020 round. China stated the move was “retaliation” for Sweden’s decision to ban Huawei Technologies and ZTE Corp. gear from its 5G networks. The U.S. also banned Huawei, the world’s biggest mobile gear maker, from its networks as have other regions in the world. Continue reading China Mobile Limits Purchasing From Non-Chinese Suppliers

The Cyberspace Administration of China, an agency set up by President Xi Jinping that reports to a leadership group he chairs, increased interagency oversight of companies traded in the United States and elsewhere overseas. The agency also will harden rules related to domestic companies listed on foreign stock exchanges and better coordinate various regulators. That lack of coordination was apparent in DiDi Global’s IPO last month, which was supported by financial regulators but tagged by the country’s cybersecurity regulator. Continue reading China Cyberspace Agency Tightens Rules on Foreign Listings

Beijing-based ByteDance, parent company of social video app TikTok, which was valued at $180 billion in December, indefinitely put plans on hold for a public offering. The company had been considering an IPO in the United States or Hong Kong but its founder and CEO Zhang Yiming changed his mind after meeting with China’s cyberspace and security regulators who reportedly told him to focus on data-security risks and other issues. Another reason for holding off is that the company did not have a chief financial officer at the time. Continue reading ByteDance Pauses its IPO After Meeting with Chinese Officials

U.S. Treasury Secretary Janet Yellen revealed that 130 nations have agreed to a global minimum tax (GMT) on corporations as part of a larger agreement to update international tax rules. The Biden administration has urged that the rate be at least 15 percent, but Yellen has yet to announce an agreed-upon rate. The agreement — intended to end the practice of global corporations moving their headquarters to low-tax international jurisdictions — is a “key element” of Biden’s domestic plans for revenue and spending. Continue reading U.S. Brokers Global Minimum Tax with Support of 130 Nations

Ireland’s High Court dismissed Facebook’s procedural efforts to block a draft decision of the country’s Data Protection Commission to suspend its data flow between the European Union and the United States. The European Union decision was intended to protect the privacy of European users, whose data was being sent to U.S. computer servers, and Facebook contended that the Data Protection Commission, which issued its preliminary decision in August, gave it too little time to respond. The court originally stayed the decision in September. Continue reading Facebook Is Rebuffed in Bid to Block Irish High Court Ruling

South Korea plans to invest about $450 billion in semiconductor manufacturing over the next decade in an effort to establish dominance in this key technology sector. One hundred fifty-three companies will follow a national blueprint devised by President Moon Jae-in’s administration, led by Samsung Electronics and SK Hynix, which raised their investment to 510+ trillion won in semiconductor research and production from now until 2030. The U.S., China and Europe are all building up their semiconductor manufacturing capacity. Continue reading South Korea Invests Big to Build Out Advanced Chip Industry

Blaming Russia for attacks that interfered in the 2020 U.S. presidential election, President Biden imposed new sanctions on 32 entities and individuals in that country. Although sanctions will make it more difficult to partake in the global economy, the White House did not immediately limit Russia’s ability to borrow money on the global market. Biden noted he “chose to be proportionate” and “is not looking to kick off a cycle of escalation and conflict with Russia.” The FBI has also recently taken strong steps to stop Chinese hacking. Continue reading U.S. Takes Steps Against Russian and Chinese Cyberattacks

In upcoming legislation from the European Commission, the European Union plans to ban artificial intelligence used for mass surveillance or ranking social behavior, with the rules applying equally to “companies based in the EU or abroad.” The measure could be unveiled as early as next week. Under the law, EU member states would be required to create “assessment bodies” to test, certify and inspect AI systems. In Germany, Hamburg authorities are seeking to stop Facebook from collecting user data from WhatsApp. Continue reading EU Legislation to Ban AI for Surveillance and Social Ranking