Markets

EU Internet regulations are falling into the ‘China trap’ – POLITICO

Konstantinos Komaitis is a veteran of developing and analyzing Internet policy to ensure an open global Internet. He’s currently with the New York Times’ Data Governance team. This article represents the views of the author. In 2018, French President Emmanuel Macron took the stage during the annual Internet Governance Forum in Paris and proclaimed: “I …

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Tencent wants to be foreign automakers’ go-to company for EVs in China

BMW’s iX electric SUV in China was the first global car brand to include the automobile version of Tencent’s WeChat messaging app, according to the Chinese tech company. Tencent BEIJING — Chinese internet giant Tencent wants to sell technology which the company says will help foreign automakers that want to sell cars in China’s massive …

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Stop-gap legislation to ease school meal challenges for now praised, but further action urged

Last Friday, Congress passed the nearly $3b Keep Kids Fed Act of 2022, introduced by House Education and Labor Committee Chairman Bobby Scott, D-Va., and Ranking Member Virginia Foxx, R-NC, and supported by senators Debbie Stabenow, D-Mich., and John Boozman, R-Ariz. The eleventh hour passage came days before the June 30 expiration of nutrition waivers …

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Mark Zuckerberg envisions 1 billion people in the metaverse

Meta Platforms CEO Mark Zuckerberg told CNBC’s Jim Cramer on Wednesday that the metaverse could be a considerable part of the social-network operator’s business in the second half of the decade. “We hope to basically get to around a billion people in the metaverse doing hundreds of dollars of commerce, each buying digital goods, digital …

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Coinbase lays off 18% as execs prepare for recession, ‘crypto winter’

Coinbase is laying off almost a fifth of its workforce amid a collapse in its stock and crypto prices. The cryptocurrency exchange will cut 18% of full-time jobs, according to an email sent to employees Tuesday morning. Coinbase has roughly 5,000 full-time workers, translating to a head count reduction of around 1,100 people. Shares of …

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Here’s how much Apple’s supply chain depends on Shanghai

Apple opened its 54th flagship store in Greater China in the city of Wuhan in May. The iPhone company warned in late April that supply chain disruptions from China’s Covid controls would likely hurt sales in the current quarter by $4 billion to $8 billion. Sopa Images | Lightrocket | Getty Images BEIJING — Apple’s …

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Recession-fearing investors keep slashing the fastest-growing cloud stocks

Nima Ghamsari, co-founder and chief executive officer of Blend, speaks during the Sooner Than You Think conference in New York on Oct. 16, 2018. Alex Flynn | Bloomberg | Getty Images Tech investors finally got some relief this past week, as the Nasdaq broke a seven-week losing streak, its worst stretch since the dot-com bust …

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Apple, Tesla, CSX, Under Armour, Target

Here are Thursday’s biggest calls on Wall Street: Stifel downgrades Target to hold from buy Stifel downgraded the big box retailer after its disappointing earnings report on Wednesday. “We downgrade shares of Target to Hold and reduce our 2022-2023 EPS estimates meaningfully and our price target to $185, 14x 2023E EPS reflecting limited near-term visibility …

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