Business Week: Facebook's Rough Stretch

What’s new? (3-9 Oct) A breakdown and a whistleblower Facebook has had a tough week. On Monday, the company’s family of apps, includ...


Facebook has had a tough week. On Monday, the company’s family of apps, including Instagram, WhatsApp, and Messenger, went down for more than five hours, disrupting communication for billions of people and many advertisers who rely on them. (The company said that several errors made during maintenance caused the failure). In a interview on “60 Minutes” on Sunday and in testimony at a Senate hearing On Tuesday, Frances Haugen, a former product manager at the company, spoke about what she believes is the need for increased scrutiny from the social media giant. Ms Haugen said Facebook has deliberately withheld research showing the negative impact of its products on teens and is willing to promote harmful content because it makes users spend more time on the site. She has also spoke with key policy makers in Brussels, Great Britain and France. Facebook chief executive Mark Zuckerberg refuted the claims in a note to employees, saying the company’s research had been taken out of context.

Democrats and Republicans agreed on Thursday to allow the debt ceiling to be raised until the beginning of December. The White House warned earlier in the week that a failure to raise the debt ceiling and default on the national debt “would send shock waves through global financial markets and likely cause credit markets around the world to freeze and stock markets to fall. “. The deal is a temporary fix, with Republicans still demanding Democrats increase the cap until next year through a tedious process known as reconciliation, which Democrats have resisted. Another compromise was found last week between factions of the Democratic Party: President Biden cut its ambitious $ 3.5 trillion proposal to extend the social safety net at a package valued at $ 2.3 trillion or less.

General Motors said on Wednesday it intended double its turnover by 2030, at about $ 280 billion. The company has invested heavily in electric vehicles over the past five years, and it expects those bets to pay off. It plans to introduce 30 new electric vehicles to the world and expand into an array of new businesses, including electric delivery vans, insurance offered through its OnStar service, and a ride-sharing service powered by self-driving vehicles. Ford engine, Volkswagen and other established automakers have also spent billions to develop electric vehicles, but Tesla, which has a market capitalization about 10 times that of General Motors, dominates the market.

The International Monetary Fund and the World Bank have many pressing issues to discuss when they meet for their annual meetings this week: The pandemic, climate change and inequality are all on the agenda. There will also be a question lurking in the background about the IMF itself: whether her boss, Kristalina Georgieva, will keep her post. Last month, investigation found that she, while she was managing director of the World Bank, had been “directly involved” in data-rigging in 2018 to make China more business-friendly. She denied any wrongdoing. Long-standing questions also remain about the appropriate role of the IMF The fund has recently embarked on more ambitious projects than its original role of financial watchdog and first responder in countries in financial crisis.

The Labor Ministry will report on the price increase in September on Wednesday. The Consumer Price Index, which is the Federal Reserve’s preferred measure of inflation, increased in August at its fastest rate in 30 years. Economists and White House officials still expect the spike in inflation caused by the pandemic to be temporary. But fears that it will drag on could complicate the Fed’s plans to gradually withdraw certain measures it took to prop up the economy during the pandemic, as well as the efforts of the Biden administration to push through broad sets of infrastructure and social safety net policies. Another indicator of inflation, the prices that dealers pay for used cars on the wholesale market, jumped 5.3 percent from August to September.

Food and Drug Administration advisers see you this week to discuss the emergency authorization of booster injections for those who received Moderna and Johnson & Johnson coronavirus vaccines. Separate meeting to discuss whether to authorize emergency use of Pfizer-BioNTech coronavirus vaccine for children aged 5 to 11 is tentatively scheduled for October 26. FDA usually makes decisions a few days after the meetings of its advisory committee.

Tesla is relocation of its head office to Texas. After years of negotiations, more than 130 countries have agreed to set an overall minimum tax rate of 15 percent. Employment growth in September was disappointing for the second consecutive month. And the Nobel Prize in economics will be announced on Monday.

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Newsrust - US Top News: Business Week: Facebook's Rough Stretch
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