Tag Archives: COVID-19

Financial Daily Dose 8.25.2020 | Top Story: U.S. and China Resume Trade Talks Over Phase One Status

BY: Michael D. Reif | August 25, 2020

Despite an earlier White House promise to postpone, American and Chinese trade negotiators met via videoconference on Monday to discuss “the status of the trade deal both nations signed in January, a pact that continues to open up some commerce between the world’s largest economies even as the bilateral relationship deteriorates in other areas” – … Continue reading

Financial Daily Dose 8.17.2020 | Top Story: White House Sets 90-day Deadline for TikTok Owner to Divest in U.S.

BY: Michael D. Reif | August 17, 2020

The White House has “doubled down” on its recent actions against TikTok by “formally giving ByteDance, the Chinese owner of the popular video-sharing app, 90 days to divest from its American assets and any data that TikTok had gathered in the United States” – NYTimes and WSJ and Bloomberg and MarketWatch and Law360 and Mashable … Continue reading

Financial Daily Dose 8.13.2020 | Top Story: Uber and Lyft Warn Gig-Worker Ruling Could Push Them Out of California

BY: Michael D. Reif | August 13, 2020

Ride-hailing companies Uber and Lyft are warning that California’s new moves forcing them to classify their drivers as employees could force them both to shutter their operations altogether in that state (at least while they appeal the adverse ruling). The strategy’s become a tried-and-true approach for Uber at this point – Bloomberg and MarketWatch and … Continue reading

Financial Daily Dose 8.12.2020 | Top Story: 9th Circuit Reversed Antitrust Ruling Against Qualcomm

BY: Michael D. Reif | August 12, 2020

Big win for Qualcomm this week, with a 9th Circuit panel reversing an antitrust verdict against the company that “had threatened the chip maker’s business model.” The appellate court, in flipping the district court’s ruling, found that “Qualcomm had no duty under antitrust law to license its competitors” – NYTimes and WSJ and Law360 The … Continue reading

Financial Daily Dose 8.4.2020 | Top Story: Twitter to Pay FTC Up to $250 Over Privacy Violations

BY: Michael D. Reif | August 4, 2020

Twitter will pay the Federal Trade Commission up to $250 million to “resolve new charges . . . that the social media giant breached a 2011 consent decree by using data provided for security purposes to target users with advertisements.” Twitter had collected the personal info—like phone numbers and email addresses—after a massive cyberhack in … Continue reading

Financial Daily Dose 8.3.2020 | Top Story: Microsoft in Talks to Acquire ByteDance’s U.S. TikTok Operations

BY: Michael D. Reif | August 3, 2020

Following recent histrionics from the White House, ByteDance, “the Chinese internet giant that owns TikTok, has offered to sell all of the popular video app’s American operations as a way to save the business from being banned” by the administration. Microsoft is one of several notable suitors for the site, though its precise path forward … Continue reading

Financial Daily Dose 7.31.2020 | Top Story: Amazon a Juggernaut?

BY: Juvian Hernandez | July 31, 2020

Amazon a juggernaut? Quarterly sales and profit prove how indispensable tech giants have become to our society. In the midst of a pandemic, Big Tech mostly shows gains. – WSJ Market Snapshot: S&P 500 Index increased 0.3% as of 8:23 a.m. London time; Bloomberg Dollar Spot Index declined 0.3%; 10-year Treasuries fell one basis point to … Continue reading

Financial Daily Dose 7.30.2020 | Top Story: Fed Recommits to Covid Relief Efforts as US GDP Craters

BY: Michael D. Reif | July 30, 2020

As expected, the Fed left rates unchanged at near zero as the Open Market Committee broke on Wednesday but managed to buoy stocks by pledging to “keep supporting the United States economy as the pandemic continues to depress economic growth and sideline millions of workers” – NYTimes and WSJ and Bloomberg and MarketWatch and Marketplace … Continue reading

Financial Daily Dose 7.16.2020 | Top Story: Crypto Scheme Hacks Big-name Twitter Users

BY: Michael D. Reif | July 16, 2020

A Twitter-based crypto scam managed to hack some high-profile accounts yesterday. VERY high profile – MarketWatch and NYTimes and WSJ and Bloomberg and Law360 In a surprise ruling, the European Court of Justice—the EU’s top court—has struck down the popular Privacy Shield tool, which more than 5000 companies use “to transfer data from the EU … Continue reading

Financial Daily Dose 7.15.2020 | Top Story: America’s Biggest Banks Setting Aside Tens of Billions for Anticipated Loan Losses

BY: Michael D. Reif | July 15, 2020

The latest quarterly reporting shows that America’s biggest banks—among them, JPMorgan, Citigroup, and Wells Fargo—are taking self-imposed hits now in anticipation of a “wave of loan losses” later. Those three are collectively stockpiling “$28 billion to cover losses as consumers and businesses start to default on their loans” – WSJ and Bloomberg and NYTimes Automakers … Continue reading