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On April 26, according to the Wall Street Journal, in order to simplify the negotiations on reciprocal tariffs, US negotiating officials plan to use a new framework developed by the Office of the United States Trade Representative (USTR), which lists major categories of negotiations, such as tariffs and quotas, non-tariff trade barriers, digital trade, product origin principles, economic security and other commercial issues. In these categories, US officials will put forward specific requirements for individual countries, but people familiar with the matter emphasized that this document may also be adjusted at any time. People familiar with the matter said that the United States initial plan is to negotiate with 18 major trading partners in turn over the next two months. The initial plan is to alternately participate in the talks with six countries per week for three weeks (six countries in the first week, another six countries in the second week, and another six countries in the third week) until the deadline of July 8. If US President Trump does not extend the 90-day suspension period he set by then, those countries that cannot reach an agreement will begin to face reciprocal tariffs.On April 26, after the United States announced additional tariffs on goods from many countries, Peruvian business people expressed concerns that the US governments extreme measures would disrupt the global trade order and may even trigger a global economic recession. Alvaro Barrenechea Chavez, vice president of the Peruvian-Chinese Chamber of Commerce, said that the negative impact of the US tariff policy has begun to emerge and hoped that the US government would rethink. Recognizing the importance of countries working together to promote development, I think this is the best way to become a true "world citizen."Market news: Musks xAI company plans to raise about US$20 billion in a financing round.Conflict situation: 1. Ukrainian top commander: Russia tried to use air strikes as a cover to increase ground attacks, but was repelled by Ukraine. 2. Ukrainian Air Force: Russia launched more than 103 drones in the night attack on Ukraine. 3. Local officials said Ukraine launched an attack in the Belgorod region of Russia, killing two people. 4. The local governor said that Russia launched an attack on the Dnipropetrovsk region of Ukraine, killing one person and injuring eight people. Peace talks: 1. Trump: ① The situation between Russia and Ukraine is gradually becoming clear, and they are "very close" to reaching an agreement. ② Ukraine is unlikely to join NATO. ③ Ukraine has not yet signed the rare earth agreement and hopes that the agreement can be signed immediately. ④ It is foreseeable that the United States will conduct commercial cooperation with Ukraine and Russia after reaching an agreement. 2. Russian Foreign Minister: Russia is "ready to reach an agreement on Ukraine." 3. Russian Presidential Assistant Ushakov: Russia and the United States will continue to maintain active dialogue. 4. Russian Presidential Assistant: Putin discussed the possibility of resuming direct negotiations between Russia and Ukraine with the US envoy. 5. The differences between the United States, Europe and Ukraine are clear. The documents show that European countries and Ukraine have raised objections to some of the US proposals to end the Russia-Ukraine conflict. 6. Market news: As part of the peace agreement, the United States asked Russian President Putin to abandon the demilitarization requirement. Other situations: 1. President of Hungarys OTP Bank: We hope to return to all business areas in Russia after the (Russia-Ukraine) conflict ends. 2. Ukrainian President Zelensky: US ground forces are not necessary for Ukraine. 3. Trump said Crimea will remain in Russia, Zelensky: Never recognize it. Agreeing with Trumps view, Crimea cannot be recovered by force. 4. NATO Secretary-General Rutte met with Trump and senior US officials to discuss defense spending, NATO summit, and the Ukrainian conflict.Rising global trade risks, overall policy uncertainty and the sustainability of U.S. debt top the list of potential risks to the U.S. financial system, according to the Federal Reserves latest financial stability report released on Friday. This is the first time the Fed has conducted a semi-annual survey on financial risks since Trump returned to the White House. 73% of respondents said that global trade risks are their biggest concern, more than double the proportion reported in November. Half of the respondents believe that overall policy uncertainty is the most worrying issue, an increase from the same period last year. The survey also found that issues related to recent market turmoil have received more attention, with 27% of respondents worried about the functioning of the U.S. Treasury market, up from 17% last fall. Foreign withdrawals from U.S. assets and the value of the dollar have also risen on the list of concerns.

FTC Antitrust Lawsuit Adds to Meta Platforms’ META Stock Woes

Jimmy Khan

Aug 02, 2022 14:22

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Today, Meta Platforms (NASDAQ:META) is struggling. A weak earnings season is hurting the value of the META stock. But some unfavorable news about the business and the Federal Trade Commission has made matters worse (FTC). There are growing concerns among authorities that the tech titan is aiming to monopolize the metaverse market, and it seems as if the FTC is going after the corporation for its recent purchase attempts.


The two corpses had run across each other before, as reported in the news today. The FTC launched a protracted legal fight against the firm over its claimed monopolization of the social media market in late 2020. An purchase undertaken by the business in 2012, when it was still known as Facebook, Inc., served as the inspiration for the lawsuit. Of course, the in question event was Facebook's acquisition of Instagram.


The FTC claimed at the time that Facebook had engaged in anticompetitive behavior to maintain its monopoly over the social media sector. The business has acquired quite a few companies in the 2010s. The FTC said last year that its "buy or bury" strategy was the consequence of this "failure to innovate" in the market, which led to these purchases.


In the meanwhile, the FTC has been fining the business more and more money for additional wrongdoings. A $5 billion punishment was imposed on the corporation in 2019. Facebook was penalized for giving users false information regarding the extent of their control over their private data. Two years later, this would blow up a huge box of worms about Facebook's misuse of personal information.


The business changed its name to Meta in late 2021 in anticipation of a new beginning. The firm is a leader for a new wave of social tech as it enters the metaverse. The news of today, however, demonstrates that it is still just rehashing previous errors.

FTC Lawsuit Charges Platforms of Monopolization in Meta

With a 6 percent decline after the company's first quarterly loss since going public, META stockholders are upset. There is more cause for concern, however, since the FTC has accused the business of anti-competitive activity once again.


Horizon Worlds, which will launch in December 2021, has become Meta Platforms' new mascot. One of the largest tech corporations has launched its first metaverse, giving a boost to its long-running hardware push. The business has sold over 15 million Quest 2 headsets, a piece of equipment required to access the Horizon Worlds metaverse.


Regulators, though, are concerned that the company's latest purchases may be going too far. In fact, since 2016, the business has acquired at least twelve pieces of technology connected to its metaverse. The FTC has just filed a new antitrust complaint against Meta.


According to John Newman, Deputy Director of Competition at the FTC, "Meta is attempting to buy its way to the top rather than competing on the merits." According to the regulator, Meta already has the best-selling gadget, the greatest virtual reality (VR) app store, seven of the industry's top developers, and several of the top-grossing applications.


However, the company's purchase of Within in October 2021 is what prompted the FTC to file a lawsuit. The software maker is well-known for its main product, Supernatural, a fitness program that blends VR and aerobic exercises with a soundtrack of top-charting pop songs. The FTC claims that Meta is improperly competing by attempting to "buy its way to the top" of the VR fitness market with this acquisition. In fact, the business already has a Beat Saber app that closely resembles Within's program in design. The FTC claims that if this deal goes through, it would hinder the market's innovative competition.