ReportWire

Tag: Apple Inc

  • Musk’s Twitter reportedly hasn’t paid rent on its office spaces for weeks

    Musk’s Twitter reportedly hasn’t paid rent on its office spaces for weeks

    [ad_1]

    Pedestrians walk in front of the Twitter Inc. headquarters in San Francisco, California.

    David Paul Morris | Bloomberg | Getty Images

    In an effort to cut costs following Elon Musk’s chaotic $44 billion acquisition of Twitter, the social media company has stopped paying rent, according to a report from The New York Times.

    Twitter has not paid rent for its global offices or San Francisco headquarters in weeks, the report said, as Musk’s team has been trying to renegotiate the terms of the company’s lease. As a result, Twitter has received complaints from real estate firms like Shorenstein, which owns Twitter’s San Francisco buildings.

    Representatives for Shorenstein and Musk did not immediately respond to requests for comment. Twitter no longer has a communications department.

    Musk said Twitter suffered a “massive drop in revenue” in the days following his $44 billion acquisition of the company. Without providing any figures or evidence, he claimed in a tweet that the revenue drop was the result of activist groups putting pressure on advertisers.

    Though many companies did pause advertising on Twitter, some major advertising giants like Apple and Amazon have resumed spending on the platform.

    Musk has also revamped Twitter’s subscription service, Twitter Blue, with the hope of generating fresh revenue for the company. The service launched Monday after Musk pulled and delayed the launch in November.

    Twitter Blue costs $8 a month for web users and $11 a month for iOS users who purchase it through Apple‘s App Store. The $3 iOS price difference reflects Musk’s recent gripes about Apple’s 30% cut of all digital sales made through apps.

    Subscribers with a verified phone number will receive a blue checkmark once their account is reviewed and approved, Twitter said in a tweet Saturday. Blue users will also be able to edit tweets and get early access to new features. The company says Blue subscribers will “soon” see fewer ads, have the option to post longer videos and will appear at the top of replies and mentions.

    Musk has been a vocal critic of Twitter’s previous system, which granted verification to notable users like politicians, executives, members of the press and organizations to signal their legitimacy. He said the new verification system will be “the great leveler” and give “power to the people.

    [ad_2]

    Source link

  • Best stock picks for 2023: Here are Wall Street analysts’ most heavily favored choices

    Best stock picks for 2023: Here are Wall Street analysts’ most heavily favored choices

    [ad_1]

    Following a sharp and sustained rise in interest rates, U.S. stocks have taken a broad beating this year.

    But 2023 may bring very different circumstances.

    Below are lists of analysts’ favorite stocks among the benchmark S&P 500
    SPX,
    the S&P 400 Mid Cap Index
    MID
    and the S&P Small Cap 600 Index
    SML
    that are expected to rise the most over the next year. Those lists are followed by a summary of opinions of all 30 stocks in the Dow Jones Industrial Average
    DJIA.

    Stocks rallied on Dec. 13 when the November CPI report showed a much slower inflation pace than economists had expected. Investors were also anticipating the Federal Open Market Committee’s next monetary policy announcement on Dec. 14. The consensus among economists polled by FactSet is for the Federal Reserve to raise the federal funds rate by 0.50% to a target range of 4.50% to 4.75%.

    Read: 5 things to watch when the Fed makes its interest-rate decision

    A 0.50% increase would be a slowdown from the four previous increases of 0.75%. The rate began 2022 in a range of zero to 0.25%, where it had sat since March 2020.

    A pivot for the Fed Reserve and the possibility that the federal funds rate will reach its “terminal” rate (the highest for this cycle) in the near term could set the stage for a broad rally for stocks in 2023.

    Wall Street’s large-cap favorites

    Among the S&P 500, 92 stocks are rated “buy” or the equivalent by at least 75% of analysts working for brokerage firms. That number itself is interesting — at the end of 2021, 93 of the S&P 500 had this distinction. Meanwhile, the S&P 500 has declined 16% in 2022, with all sectors down except for energy, which has risen 53%, and the utilities sector, which his risen 1% (both excluding dividends).

    Here are the 20 stocks in the S&P 500 with at least 75% “buy” or equivalent ratings that analysts expect to rise the most over the next year, based on consensus price targets:

    Company

    Ticker

    Industry

    Closing price – Dec. 12

    Consensus price target

    Implied 12-month upside potential

    Share “buy” ratings

    Price change – 2022 through Dec. 12

    EQT Corp.

    EQT Oil and Gas Production

    $36.91

    $59.70

    62%

    78%

    69%

    Catalent Inc.

    CTLT Pharmaceuticals

    $45.50

    $72.42

    59%

    75%

    -64%

    Amazon.com Inc.

    AMZN Internet Retail

    $90.55

    $136.02

    50%

    91%

    -46%

    Global Payments Inc.

    GPN Misc. Commercial Services

    $99.64

    $147.43

    48%

    75%

    -26%

    Signature Bank

    SBNY Regional Banks

    $122.73

    $180.44

    47%

    78%

    -62%

    Salesforce Inc.

    CRM Software

    $133.11

    $195.59

    47%

    80%

    -48%

    Bio-Rad Laboratories Inc. Class A

    BIO Medical Specialties

    $418.28

    $591.00

    41%

    100%

    -45%

    Zoetis Inc. Class A

    ZTS Pharmaceuticals

    $152.86

    $212.80

    39%

    87%

    -37%

    Delta Air Lines Inc.

    DAL Airlines

    $34.77

    $48.31

    39%

    90%

    -11%

    Diamondback Energy Inc.

    FANG Oil and Gas Production

    $134.21

    $182.33

    36%

    84%

    24%

    Caesars Entertainment Inc

    CZR Casinos/ Gaming

    $50.27

    $67.79

    35%

    81%

    -46%

    Alphabet Inc. Class A

    GOOGL Internet Software/ Services

    $93.31

    $125.70

    35%

    92%

    -36%

    Halliburton Co.

    HAL Oilfield Services/ Equipment

    $34.30

    $45.95

    34%

    86%

    50%

    Alaska Air Group Inc.

    ALK Airlines

    $45.75

    $61.08

    34%

    93%

    -12%

    Targa Resources Corp.

    TRGP Gas Distributors

    $70.42

    $93.95

    33%

    95%

    35%

    Charles River Laboratories International Inc.

    CRL Misc. Commercial Services

    $201.94

    $269.25

    33%

    88%

    -46%

    ServiceNow Inc.

    NOW Information Technology Services

    $401.64

    $529.83

    32%

    92%

    -38%

    Take-Two Interactive Software Inc.

    TTWO Software

    $102.61

    $135.04

    32%

    79%

    -42%

    EOG Resources Inc.

    EOG Oil and Gas Production

    $124.06

    $158.24

    28%

    82%

    40%

    Southwest Airlines Co.

    LUV Airlines

    $38.94

    $49.56

    27%

    76%

    -9%

    Source: FactSet

    Most of the companies on the S&P 500 list expected to soar in 2023 have seen large declines in 2022. But the company at the top of the list, EQT Corp.
    EQT,
    is an exception. The stock has risen 69% in 2022 and is expected to add another 62% over the next 12 months. Analysts expect the company’s earnings per share to double during 2023 (in part from its expected acquisition of THQ), after nearly a four-fold EPS increase in 2022.

    Shares of Amazon.com Inc.
    AMZN
    are expected to soar 50% over the next year, following a decline of 46% so far in 2022. If the shares were to rise 50% from here to the price target of $136.02, they would still be 18% below their closing price of 166.72 at the end of 2021.

    Read: Here’s why Amazon is Citi’s top internet stock idea

    You can see the earnings estimates and more for any stock in this article by clicking on its ticker.

    Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.

    Mid-cap stocks expected to rise the most

    The lists of favored stocks are limited to those covered by at least five analysts polled by FactSet.

    Among components of the S&P 400 Mid Cap Index, there are 84 stocks with at least 75% “buy” ratings. Here at the 20 expected to rise the most over the next year:

    Company

    Ticker

    Industry

    Closing price – Dec. 12

    Consensus price target

    Implied 12-month upside potential

    Share “buy” ratings

    Price change – 2022 through Dec. 12

    Arrowhead Pharmaceuticals Inc.

    ARWR Biotechnology

    $31.85

    $69.69

    119%

    83%

    -52%

    Lantheus Holdings Inc.

    LNTH Medical Specialties

    $54.92

    $102.00

    86%

    100%

    90%

    Progyny Inc.

    PGNY Misc. Commercial Services

    $31.21

    $55.57

    78%

    100%

    -38%

    Coherent Corp.

    COHR Electronic Equipment/ Instruments

    $35.41

    $60.56

    71%

    84%

    -48%

    Exelixis Inc.

    EXEL Biotechnology

    $16.08

    $26.07

    62%

    81%

    -12%

    Darling Ingredients Inc.

    DAR Food: Specialty/ Candy

    $61.17

    $97.36

    59%

    93%

    -12%

    Perrigo Co. PLC

    PRGO Pharmaceuticals

    $31.83

    $49.25

    55%

    100%

    -18%

    Mattel Inc.

    MAT Recreational Products

    $17.39

    $26.58

    53%

    87%

    -19%

    ACI Worldwide Inc.

    ACIW Software

    $20.75

    $31.40

    51%

    83%

    -40%

    Topgolf Callaway Brands Corp.

    MODG Recreational Products

    $21.99

    $32.91

    50%

    83%

    -20%

    Dycom Industries Inc.

    DY Engineering and Construction

    $86.03

    $128.13

    49%

    100%

    -8%

    Travel + Leisure Co.

    TNL Hotels/ Resorts/ Cruiselines

    $37.98

    $56.00

    47%

    75%

    -31%

    Frontier Communications Parent Inc.

    FYBR Telecommunications

    $25.21

    $36.18

    44%

    82%

    -15%

    Manhattan Associates Inc.

    MANH Software

    $120.06

    $171.80

    43%

    88%

    -23%

    MP Materials Corp Class A

    MP Other Metals/ Minerals

    $31.39

    $44.79

    43%

    92%

    -31%

    Lumentum Holdings Inc.

    LITE Electrical Products

    $54.45

    $76.44

    40%

    76%

    -49%

    Tenet Healthcare Corp.

    THC Hospital/ Nursing Management

    $44.22

    $62.00

    40%

    80%

    -46%

    Repligen Corp.

    RGEN Pharmaceuticals

    $166.88

    $233.10

    40%

    82%

    -37%

    STAAR Surgical Co.

    STAA Medical Specialties

    $59.57

    $82.67

    39%

    82%

    -35%

    Carlisle Cos. Inc.

    CSL Building Products

    $251.99

    $348.33

    38%

    75%

    2%

    Source: FactSet

    Wall Street’s favorite small-cap names

    Among companies in the S&P Small Cap 600 Index, 91 are rated “buy” or the equivalent by at least 75% of analysts. Here are the 20 with the highest 12-month upside potential indicated by consensus price targets:

    Company

    Ticker

    Industry

    Closing price – Dec. 12

    Consensus price target

    Implied 12-month upside potential

    Share “buy” ratings

    Price change – 2022 through Dec. 12

    UniQure NV

    QURE Biotechnology

    $22.99

    $51.29

    123%

    95%

    11%

    Cara Therapeutics Inc.

    CARA Biotechnology

    $11.34

    $23.63

    108%

    88%

    -7%

    Vir Biotechnology Inc.

    VIR Biotechnology

    $25.50

    $53.00

    108%

    75%

    -39%

    Dynavax Technologies Corp.

    DVAX Biotechnology

    $11.22

    $23.20

    107%

    100%

    -20%

    Thryv Holdings Inc.

    THRY Advertising/ Marketing Services

    $18.40

    $36.75

    100%

    100%

    -55%

    Artivion Inc.

    AORT Medical Specialties

    $12.93

    $23.13

    79%

    83%

    -36%

    Cytokinetics Inc.

    CYTK Pharmaceuticals

    $38.33

    $67.43

    76%

    100%

    -16%

    Harsco Corp.

    HSC Environmental Services

    $7.17

    $12.30

    72%

    80%

    -57%

    Ligand Pharmaceuticals Inc.

    LGND Pharmaceuticals

    $64.80

    $110.83

    71%

    100%

    -35%

    Corcept Therapeutics Inc.

    CORT Pharmaceuticals

    $20.84

    $34.20

    64%

    80%

    5%

    Payoneer Global Inc.

    PAYO Misc. Commercial Services

    $5.70

    $9.33

    64%

    100%

    -22%

    Xencor Inc.

    XNCR Biotechnology

    $28.69

    $46.71

    63%

    93%

    -28%

    Pacira Biosciences Inc.

    PCRX Pharmaceuticals

    $45.50

    $72.90

    60%

    80%

    -24%

    BioLife Solutions Inc.

    BLFS Chemicals

    $19.72

    $31.38

    59%

    89%

    -47%

    Customers Bancorp Inc.

    CUBI Regional Banks

    $30.00

    $47.63

    59%

    75%

    -54%

    ModivCare Inc.

    MODV Other Transportation

    $92.22

    $145.83

    58%

    100%

    -38%

    Stride Inc.

    LRN Consumer Services

    $32.56

    $51.25

    57%

    100%

    -2%

    Ranger Oil Corp. Class A

    ROCC Oil and Gas Production

    $36.98

    $58.00

    57%

    100%

    37%

    Outfront Media Inc.

    OUT Real Estate Investment Trusts

    $17.59

    $27.00

    53%

    83%

    -34%

    Walker & Dunlop Inc.

    WD Finance/ Rental/ Leasing

    $82.22

    $125.20

    52%

    100%

    -46%

    Source: FactSet

    The Dow

    Here are all 30 components of the Dow Jones Industrial Average ranked by how much analysts expect their prices to rise over the next year:

    Company

    Ticker

    Industry

    Closing price – Dec. 12

    Consensus price target

    Implied 12-month upside potential

    Share “buy” ratings

    Price change – 2022 through Dec. 12

    Salesforce Inc.

    CRM Software

    $133.11

    $195.59

    47%

    80%

    -48%

    Walt Disney Co.

    DIS Movies/ Entertainment

    $94.66

    $119.60

    26%

    82%

    -39%

    Apple Inc.

    AAPL Telecommunications Equipment

    $144.49

    $173.70

    20%

    74%

    -19%

    Verizon Communications Inc.

    VZ Telecommunications

    $37.95

    $44.60

    18%

    21%

    -27%

    Visa Inc. Class A

    V Misc.s Commercial Services

    $214.59

    $249.33

    16%

    86%

    -1%

    Microsoft Corp.

    MSFT Software

    $252.51

    $293.06

    16%

    91%

    -25%

    Chevron Corp.

    CVX Integrated Oil

    $169.75

    $191.20

    13%

    54%

    45%

    Cisco Systems Inc.

    CSCO Information Technology Services

    $49.30

    $53.76

    9%

    44%

    -22%

    UnitedHealth Group Inc.

    UNH Managed Health Care

    $545.86

    $593.30

    9%

    85%

    9%

    Goldman Sachs Group Inc.

    GS Investment Banks/ Brokers

    $363.18

    $392.63

    8%

    59%

    -5%

    Walmart Inc.

    WMT Specialty Stores

    $148.02

    $159.86

    8%

    72%

    2%

    JPMorgan Chase & Co.

    JPM Banks

    $134.21

    $143.84

    7%

    59%

    -15%

    Home Depot Inc.

    HD Home Improvement Chains

    $327.98

    $346.61

    6%

    61%

    -21%

    American Express Co.

    AXP Finance/ Rental/ Leasing

    $157.31

    $164.57

    5%

    43%

    -4%

    McDonald’s Corp.

    MCD Restaurants

    $276.62

    $288.67

    4%

    72%

    3%

    Johnson & Johnson

    JNJ Pharmaceuticals

    $177.84

    $185.35

    4%

    36%

    4%

    Coca-Cola Co.

    KO Beverages: Non-Alcoholic

    $63.97

    $66.62

    4%

    73%

    8%

    Boeing Co.

    BA Aerospace and Defense

    $186.27

    $192.69

    3%

    77%

    -7%

    Intel Corp.

    INTC Semiconductors

    $28.69

    $29.54

    3%

    13%

    -44%

    Walgreens Boots Alliance Inc.

    WBA Drugstore Chains

    $41.06

    $42.24

    3%

    17%

    -21%

    Merck & Co. Inc.

    MRK Pharmaceuticals

    $108.97

    $110.62

    2%

    65%

    42%

    Caterpillar Inc.

    CAT Trucks/ Construction/ Farm Machinery

    $233.06

    $236.23

    1%

    41%

    13%

    Honeywell International Inc.

    HON Aerospace and Defense

    $214.50

    $217.35

    1%

    54%

    3%

    Nike Inc. Class B

    NKE Apparel/ Footwear

    $112.07

    $112.58

    0%

    64%

    -33%

    3M Co.

    MMM Industrial Conglomerates

    $126.85

    $127.30

    0%

    5%

    -29%

    Procter & Gamble Co.

    PG Household/ Personal Care

    $152.47

    $150.22

    -1%

    59%

    -7%

    Travelers Companies Inc.

    TRV Multi-Line Insurance

    $187.11

    $184.24

    -2%

    18%

    20%

    Amgen Inc.

    AMGN Biotechnology

    $276.78

    $264.79

    -4%

    24%

    23%

    Dow Inc.

    DOW Chemicals

    $51.11

    $48.73

    -5%

    15%

    -10%

    International Business Machines Corp.

    IBM Information Technology Services

    $149.21

    $140.29

    -6%

    33%

    12%

    Source: FactSet

    Don’t miss: 10 Dividend Aristocrat stocks expected by analysts to rise up to 54% in 2023

    [ad_2]

    Source link

  • Twitter Blue relaunches, now costs $11 per month if you subscribe from an iPhone

    Twitter Blue relaunches, now costs $11 per month if you subscribe from an iPhone

    [ad_1]

    The Twitter logo is seen on a mobile device in ths illustration photo in Warsaw, Poland on 30 October, 2022. Twitter is losing its most active users according to research done by Reuters. Despite the most impactful tweeters making up only 10 percent of the monthly users they are together responsible for 90 percent of all tweets and around half of the company’s revenue. 

    STR | Nurphoto | Getty Images

    Twitter relaunched its updated Twitter Blue subscription service Monday after the company’s new owner Elon Musk pulled and delayed the launch in November.

    The service costs $8 a month for web users and $11 a month for iOS users who purchase it through Apple‘s App Store. The $3 iOS price difference reflects Musk’s recent gripes about Apple’s 30% cut of all digital sales made through apps.

    It appears to be rolling out at the moment, so some users may not see the option to subscribe yet.

    Subscribers with a verified phone number will receive a blue checkmark once their account is reviewed and approved, Twitter said in a tweet Saturday. Blue users will also be able to edit tweets and get early access to new features. The company says Blue subscribers will “soon” see fewer ads, have the option to post longer videos and will appear at the top of replies and mentions.

    As part of the relaunch, businesses will receive a gold checkmark and governments will receive a grey checkmark to help prevent impersonation. If users want to change their username, display name or profile photo, they can do so, but they will lose their blue check until their account is reviewed again, Twitter said.

    In a tweet Saturday, Musk said more features are on the way.

    Twitter Blue briefly launched in November, but it was pulled after users abused the new paid option by impersonating celebrities and brands. A user impersonating pharmaceutical giant Eli Lily, for example, tweeted “we are excited to announce insulin is free now.”

    Eli Lilly’s stock price dropped sharply after the false message was posted, and so did other pharmaceutical companies like AbbVie, which was also impersonated on Twitter.

    Musk said the service would launch again on Nov. 29, but it was further delayed until Monday.

    The Tesla and SpaceX CEO, who acquired Twitter for $44 billion in October, has said the new verification system will be “the great leveler” and give “power to the people.” He has been a vocal critic of Twitter’s previous system, which granted verification to notable users like politicians, executives, members of the press and organizations to signal their legitimacy. Other social networks, like Meta‘s Facebook and Instagram, have similar verification systems.

    Users who were verified under Twitter’s old policy are being marked as legacy verified accounts that “may not be notable” under the new Twitter Blue service. It is unclear whether or not their checkmarks will ultimately disappear.

    [ad_2]

    Source link

  • Cramer: Apple, Amazon, Microsoft and Google will fuel the next rally — but not in the usual way

    Cramer: Apple, Amazon, Microsoft and Google will fuel the next rally — but not in the usual way

    [ad_1]

    Satya Nadella, chief executive officer of Microsoft Corp., during the company’s Ignite Spotlight event in Seoul, South Korea, on Tuesday, Nov. 15, 2022. Nadella gave a keynote speech at an event hosted by the company’s Korean unit.

    SeongJoon Cho | Bloomberg | Getty Images

    To build a fire — but not destroy the market by doing so.

    That’s the goal right now. It’s not as easy as in the famous Jack London short story (“To Build a Fire”) where, in the end, the survivors profit rather than freeze to death in their sleep. 

    In the early part of this decade, we saw the rise of Robinhood (HOOD) and the distribution of investments from the serious to the ephemeral. These days, Robinhood has the appearance of one gigantic bonfire of young people’s money. The gamification concept was real and the exodus of investors was noisy — culminating with the ridiculous self-immolation of GameStop (GME), AMC Entertainment (AMC) and the meme stocks. Those who fought this trend abandoned Twitter, hired bodyguards and tried to hide from the angry mob that was attempting to will stocks higher by savaging the sellers. No tinder from these clowns. 

    [ad_2]

    Source link

  • The mass unbanning of suspended Twitter users is underway | CNN Business

    The mass unbanning of suspended Twitter users is underway | CNN Business

    [ad_1]


    New York
    CNN Business
     — 

    Thousands of previously banned Twitter users, including members of the far-right and users sharing blatant misinformation, have begun to have their accounts restored to the platform, according to an independent analysis.

    The mass restoration of accounts comes after new owner Elon Musk said late last month that he would offer “general amnesty” to many who had been removed from the platform. In following through on that commitment, however, Musk risks further alienating other users and advertisers, and exacerbating concerns among watchdog groups about the rise of hate speech on the platform under his ownership (a fact Musk has attempted to refute).

    Among those recently unbanned are a range of large and small accounts, including users promoting NFTs and cryptocurrencies, users tweeting about sports, many users tweeting in languages other than English, as well as both users that appear to be left-leaning and pro-Trump, according to observations by CNN.

    But the restored accounts also include far-right figures such as Andrew Anglin, a self-professed white supremacist who founded the neo-Nazi website The Daily Stormer, and Patrick Casey, who is associated with the far-right group “America First” and was subpoenaed by the House January 6 committee for his involvement in the Capitol riot.

    A number of accounts restored in recent days, including many with thousands of followers, used their first tweets in years to thank Musk for allowing them back on the platform, according to a review of their posts by CNN. Some also quickly began sharing conspiracy theories about issues such as Covid-19 and the 2020 US Presidential election.

    A data set of many of the unbanned accounts compiled by researcher and software developer Travis Brown, who worked for Twitter for a year in 2014 and last year began a project tracking hate speech on the platform, shows dozens of users who have had their bans reversed are using QAnon-related phrases or hashtags in their account bios. The dataset was built using Twitter’s API and a tool Brown had originally built to observe and track high-profile Twitter suspensions.

    The accounts that have been restored includes “a really strange mix of accounts” that includes apparent far-right extremists and QAnon adherents, but also, for example, a Miley Cyrus fan account that has been repeatedly suspended and appears aimed mostly at growing a large following, Brown said.

    But Brown added that other accounts he has observed as part of his hate speech tracking project have yet to be reinstated, raising questions about the criteria Twitter is using to restore previously banned accounts, although it’s possible Musk’s reinstatement process will take time. Many users on Twitter have also raised questions about Musk’s move last week to again suspend Kanye West, who has made numerous antisemitic comments, while restoring the accounts of other white supremacists and Neo-Nazis. In another instance, Musk tweeted that he would not restore Alex Jones’s account because of a personal preference.

    “I’ve found it really hard … to generalize about how and why certain accounts are allowed back,” Brown said.

    Twitter, which has made substantial cuts to its public relations team, did not immediately respond to a request for comment and questions on the number of previously banned accounts restored or its process for doing so.

    Musk said last month that he would begin restoring most previously banned accounts to the platform, after having polled his Twitter followers about whether to offer “general amnesty to suspended accounts, provided that they have not broken the law or engaged in egregious spam.” The poll, which garnered more than three million votes, finished with more than 72% voting in favor of the proposition. It is not clear how Musk and Twitter’s remaining staff are sorting out which accounts were banned for spam or illegal activity.

    The new Twitter owner had already begun to restore the accounts of some prominent, controversial users that had previously been banned or suspended from the platform, most notably former President Donald Trump, as well as conservative Canadian podcaster and all-beef diet promoter Jordan Peterson and the right-leaning satire website Babylon Bee.

    Some of the accounts restored in the latest wave have already raised concerns from civil rights groups. The Anti-Defamation League on Monday described as “deeply disturbing” Twitter’s decision to allow Anglin back on the platform.

    “The return of extremists to the platform has the potential to supercharge the spread of extremist content and disinformation, and this in turn could lead to the increased harassment of users,” Yael Eisenstat, vice president of ADL’s Center for Technology and Society said in a statement to CNN. “Musk’s actions to date show that he is not committed to a transparent process that incorporates the best practices we have learned from civil society groups.”

    Before taking over Twitter, Musk said he disagreed with the platform’s policy of permanent bans, which were typically doled out only after a user had received a number of “strikes” for repeatedly violating Twitter’s policies, including those against Covid-19 or civic integrity misinformation.

    Shortly after acquiring the company, Musk said he would create a “content moderation council” prior to making major changes, but there is no evidence such a group was ever formed or involved in the decisions to bring back violative accounts. Instead, Musk has appeared to make the decisions himself.

    Musk and Twitter have repeatedly stressed that the platform’s rules have not changed, despite restoring accounts that had repeatedly violated its rules and ceasing enforcement of the company’s policy prohibiting Covid-19 misinformation. In a blog post last month, Twitter said that its trust and safety team “remains strong and well-resourced, and automated detection plays an increasingly important role in eliminating abuse.” Content that violates Twitter’s rules, it added, will be demoted on the platform.

    Yoel Roth, Twitter’s former head of trust and safety who left the company following Musk’s takeover, criticized the billionaire Twitter owner’s top-down approach to content decisions in an interview with journalist Kara Swisher last month, suggesting that the platform had started to be run by “dictatorial edict rather than by a policy.” He also raised concerns about layoffs that hit Twitter’s safety teams.

    Restoring additional, previously banned accounts could exacerbate several big issues Twitter is currently facing. It could further alienate Twitter’s advertisers, many of whom have fled the platform in the wake of the chaos since Musk took over and out of fear that their ads could end up running alongside objectionable content. Musk has said the departure of key Twitter advertisers in recent weeks has led to a “massive drop in revenue” for the company.

    Ads for major brands, including Kia, Amazon, Snap and Uber, have already begun to appear alongside tweets from reinstated accounts such as Anglin’s, according to reporting from the Washington Post and observations by CNN. (Kia told CNN it “continues to monitor the evolving Twitter environment and work closely with their teams on advertisement placement and usage.” The other brands did not immediately respond to CNN’s requests for comment.)

    It could also draw more attention from Apple, which Musk previously tweeted had threatened to remove Twitter from its app store. Musk later said that the concern had been resolved following a meeting with Tim Cook, but Apple has previously shown a willingness to remove social media platforms from its app store over concerns about their ability to moderate hate speech and other potentially harmful content. Getting booted from Apple’s app store would be detrimental to Twitter’s business by making it harder for the iPhone maker’s more than one billion global customers to access the app, and difficult if not impossible for iPhone users to receive app updates.

    [ad_2]

    Source link

  • Apple plans to expand encryption of iCloud data | CNN Business

    Apple plans to expand encryption of iCloud data | CNN Business

    [ad_1]



    CNN Business
     — 

    Apple on Wednesday said it plans to expand end-to-end encryption of iCloud data to include backups, photos, notes, chat histories and other services, in a move that could further protect user data but also add to tensions with law enforcement around the world.

    Among a handful of new security tools is a feature called Advanced Data Protection which will allow users to keep certain data more secure from hackers, governments and spies, even in the case of an Apple data breach. In addition, law enforcement would not be able to gain access to that data even with a warrant. With end-to-end encryption, not even the platform can access the data, only the sender and recipient.

    As a result, Apple would be unable to comply with requests to share this data stored in the cloud to officials as part of an investigation. Apple has previously clashed with law enforcement over attempts to access data on devices, including an effort by the FBI to break into the iPhone of one of the shooters behind the 2015 attack in San Bernardino, California.

    In recent years, Apple has increasingly made privacy a core pillar of its pitch to users through a mix of new tools, including a feature designed to protect journalists and human rights workers from spyware. The company framed the latest move as part of an effort to combat “increasingly sophisticated and complex” threats to user data from bad actors, as well as from a spike in the number of data breaches.

    Privacy groups have urged Apple for years to increase encryption for iCloud backups. In an interview with the Wall Street Journal, Craig Federighi, Apple’s senior vice president of software engineering, said some of the steps it took over a decade ago in designing iCloud and the way it encrypts its data were “necessary precursors to build toward this moment.”

    In a blog post, Apple

    (AAPL)
    said iCloud already protects 14 sensitive data categories using end-to-end encryption by default, including passwords in iCloud Keychain and Health data, and it is adding nine new categories. Not included in the new list, however, is encryption for iCloud Mail, Contacts, and Calendar due to interoperability challenges, Apple

    (AAPL)
    said.

    Matthew Green, a cryptographer and associate professor at the Johns Hopkins Information Security Institute, believes Apple’s increased effort will set a standard for others to increase encryption.

    “Why is this a big deal? Because Apple sets the standard on what secure (consumer) cloud backup looks like,” Green said in a series of tweets on Wednesday. “Even as an opt-in feature, this move will have repercussions all over the industry as competitors chase them.”

    In a statement Wednesday, the FBI said it “continues to be deeply concerned with the threat end-to-end and user-only-access encryption pose.”

    “This hinders our ability to protect the American people from criminal acts ranging from cyber-attacks and violence against children to drug trafficking, organized crime and terrorism,” the FBI said in the statement. “End-to-end and user-only-access encryption erodes law enforcement’s ability to combat these threats and administer justice for the American public.”

    – CNN’s Sean Lyngaas contributed to this report

    [ad_2]

    Source link

  • Video: Apple AirTags were used for stalking on CNN Nightcap | CNN Business

    Video: Apple AirTags were used for stalking on CNN Nightcap | CNN Business

    [ad_1]

    CNN’s Sam Kelly talks to Nightcap’s John Sarlin about the lawsuit filed against Apple by two women alleging their exes used AirTags to stalk them. For more, watch the full Nightcap episode here.

    [ad_2]

    Source link

  • Video: ‘Swifties’ take on Ticketmaster, new AI chatbot coming for your job and Apple sued for AirTag stalking on CNN Nightcap | CNN Business

    Video: ‘Swifties’ take on Ticketmaster, new AI chatbot coming for your job and Apple sued for AirTag stalking on CNN Nightcap | CNN Business

    [ad_1]

    The AI chatbot coming for your job, ‘Swifties’ take on Ticketmaster, and Apple sued for AirTag stalking

    Nightcap’s Jon Sarlin talks to futurist Amy Webb about the implications for ChatGPT, the next-gen AI tool that’s blowing everyone’s minds. Plus, Morgan Harper of the American Economic Liberties Project on whether Ticketmaster has met its match in Taylor Swift and her legion of devoted fans. And CNN’s Sam Kelly on the lawsuit filed against Apple by two women alleging their exes used AirTags to stalk them. To get the day’s business headlines sent directly to your inbox, sign up for the Nightcap newsletter.


    13:31

    – Source:
    CNN

    [ad_2]

    Source link

  • Apple announces plans to encrypt iCloud backups

    Apple announces plans to encrypt iCloud backups

    [ad_1]

    CUPERTINO, CALIFORNIA – JUNE 06: Apple CEO Tim Cook looks at a display of brand new redesigned MacBook Air laptop during the WWDC22 at Apple Park on June 06, 2022 in Cupertino, California. Apple CEO Tim Cook kicked off the annual WWDC22 developer conference. (Photo by Justin Sullivan/Getty Images)

    Justin Sullivan | Getty Images News | Getty Images

    Apple announced on Wednesday that it plans to allow users to encrypt additional kinds of iCloud data on its servers, including full backups, photos and notes.

    The feature, called Advanced Data Protection, will prevent Apple from seeing the contents of some of the most sensitive user data stored on its servers, and will make it impossible for Apple to provide the content of an encrypted backup to law enforcement.

    Encrypted backups will be opt-in, according to Apple, and will be available in the U.S. before the end of the year.

    While Apple has previously encrypted a lot of data it stores on servers, entire device backups that included text messages, contacts, and other important data were not end-to-end encrypted, and Apple previously had access to the contents of the backups.

    The move will please security advocates, many of whom previously pointed to unencrypted iCloud backups as a weak link in Apple’s privacy policy. It also means that user data content would not be exposed if Apple’s servers were ever breached.

    It could upset law enforcement, which has used Apple’s policy of not encrypting backups as a way to obtain materials in investigations even though Apple’s iMessage and devices are encrypted.

    Apple famously fought the FBI’s attempt to force it through the courts to unlock an encrypted iPhone used by a terrorist in San Bernardino. At the time, Apple said that an unencrypted iCloud backup on its servers was an option to get the same data.

    Law enforcement officials around the world generally oppose encryption because it allows suspects to “go dark,” and denies law enforcement access to potential evidence they could previously access under lower levels of security.

    Apple also announced two other security features on Wednesday. Users will soon be able to use a physical key as second-factor protection for Apple ID logins. Another update allows users facing significant security threats to confirm that text messages aren’t being intercepted.

    Last year, in an apparent effort to appease law enforcement, Apple announced a system to scan for illegal content such as child sexual abuse materials using a complicated system that would still allow Apple to encrypt user photos on its servers. The system was opposed by privacy advocates who said that it would essentially allow Apple to scan people’s hard drives.

    The development of the system has been stopped, according to the Wall Street Journal.

    [ad_2]

    Source link

  • Apple now lets developers charge as much as $10,000 for an app | CNN Business

    Apple now lets developers charge as much as $10,000 for an app | CNN Business

    [ad_1]



    CNN
     — 

    If you were worried about how much money you could blow on apps before, buckle up.

    Apple

    (AAPL)
    on Tuesday said it is adding 700 new price points for apps in its App Store, starting as low as $0.29 and running all the way up to $10,000, though the very high-end is available “upon request” by developers only.

    The changes follow a $100 million settlement with developers in August 2021 in which the company pledged to expand the price points developers can offer to consumers, among other changes. At the time, Apple said it “will help make the App Store an even better business opportunity for developers.”

    It also comes as Apple has faced scrutiny for the restrictions and fees it places on developers, including the 30% commission the company takes from some of the apps listed in its app store.

    Apple last year made it easier for some media companies to avoid the fees, but the company continues to face criticism from Elon Musk, Fortnite-maker Epic and others for the cut it takes.

    In addition to the new price points, Apple said Tuesday it is rolling out new tools intended to make it easier for developers to set prices based on country or region and manage foreign exchange rate changes and more.

    It said the new pricing enhancements will be available for apps offering auto-renewing subscriptions starting on Tuesday, and for other apps and in-app purchases next spring.

    In total, there are now 900 different price points for apps in Apple’s App Store. The new price points available include every $0.10 mark from the minimum up to $10, and every $0.50 between $10 and $50.

    While seeing a $10,000 price tag next to an app could come as shock, the App Store is no stranger to costly apps. Some apps, such as piano tuning app Cyber Tuner, are currently priced at $999.99.

    [ad_2]

    Source link

  • Apple sued by two women alleging their exes used AirTags to stalk them | CNN Business

    Apple sued by two women alleging their exes used AirTags to stalk them | CNN Business

    [ad_1]



    CNN
     — 

    Apple has been sued by two women who allege their previous romantic partners used the company’s AigTag devices to track their whereabouts, potentially putting their safety at risk.

    The proposed class action lawsuit was filed in federal court in San Francisco on Monday on behalf of one woman from Texas and another in New York. They are seeking unspecified monetary damages.

    One of the women said her ex-boyfriend allegedly placed an AirTag – a small tracking device, slightly larger than a quarter and intended to help locate lost items – into the wheel well of a tire on her car. The device was allegedly colored with a sharpie marker and tied up in a plastic baggie to disguise it.

    The other woman, named in the lawsuit as Jane Doe, said her ex-husband, who had been harassing her and challenging her about her whereabouts, found an AirTag in her child’s backpack, the lawsuit said. Though she attempted to disable it, another one soon showed up in its place, according to the complaint.

    “Ms. Doe continues to fear for her safety—at minimum, her stalker has evidenced a commitment to continuing to use AirTags to track, harass, and threaten her, and continues to use AirTags to find Plaintiff’s location,” the lawsuit said. “[She] seeks to bring this action anonymously due to the real risk that being identified would expose her to increased risk of harassment and/or physical harm.”

    Apple did not immediately respond to a request for comment on the lawsuit.

    In 2021, Apple

    (AAPL)
    launched the AirTag, a $29 Tile-like Bluetooth locator that attaches to and helps users find items such as keys, wallets, laptops or even a car by giving nearly anything a digital footprint, enabling it to be found on a map. But soon after its launch, some experts warned that the devices could be used to track individuals without their consent.

    This isn’t the first time AirTags have allegedly been used for unwanted tracking. In June, a woman from Indiana allegedly used one to track and ultimately murder her boyfriend over an alleged affair, according to reports. They’ve also allegedly been used to steal cars.

    Earlier this year, Apple added more safeguards to the AirTag to cut down on unwanted tracking. In a blog post, Apple said it has worked with safety groups and law enforcement agencies to identify more ways to update its AirTag safety warnings, including alerting people sooner and louder if the small Bluetooth tracker is suspected to be tracking someone.

    “We’ve become aware that individuals can receive unwanted tracking alerts for benign reasons, such as when borrowing someone’s keys with an AirTag attached, or when traveling in a car with a family member’s AirPods left inside,” the company said in a statement at the time. “We also have seen reports of bad actors attempting to misuse AirTag for malicious or criminal purposes.”

    “We condemn in the strongest possible terms any malicious use of our products,” the company said.

    But the new lawsuit alleges those safeguards have done little to protect victims. “While Apple has built safeguards into the AirTag product, they are woefully inadequate, and do little, if anything, to promptly warn individuals if they are being tracked,” it said.

    It added that the women wanted to file the lawsuit on behalf of those “who have been and who are at risk of stalking via this dangerous product.”

    [ad_2]

    Source link

  • DOJ antitrust regulators should look at Apple, Google’s handling of TikTok, says FCC commissioner | CNN Business

    DOJ antitrust regulators should look at Apple, Google’s handling of TikTok, says FCC commissioner | CNN Business

    [ad_1]


    Washington
    CNN Business
     — 

    Apple and Google’s continued hosting of TikTok on their app stores, despite US national security concerns about the short-form video app, reflects the tech giants’ “gatekeeper” power and should be made part of any antitrust reviews the app stores may face, a member of the Federal Communications Commission wrote to the Justice Department last week.

    The previously unreported letter — sent on Dec. 2 to DOJ antitrust chief Jonathan Kanter and obtained by CNN — said that continuing to make TikTok available on the app stores risks harming consumers, whose personal information US officials have worried may be being fed to the Chinese government.

    Beyond possible consumer harm, TikTok’s continued presence on app stores also undercuts Apple and Google’s arguments that their dominance in app distribution leads to better user security and privacy, FCC Commissioner Brendan Carr wrote in the letter.

    It’s the latest attempt by Carr, a top Republican at the FCC, to pressure Apple and Google to remove TikTok. Last month, Carr called for the US government to ban TikTok over the bipartisan concerns that China could wield its influence over TikTok’s parent, ByteDance, to gain access to US user data or to disseminate propaganda and disinformation. Now, Carr is trying a new tack by framing the TikTok matter as an antitrust issue.

    “Apple and Google are not exercising their ironclad control over apps for the altruistic or procompetitive purposes that they put forward as defenses to existing antitrust or competition claims,” Carr wrote. “Instead, their conduct shows that those rationales are merely pretextual — talismanic references invoked to shield themselves from liability.”

    DOJ’s Antitrust Division should consider that “to the extent that it assesses the reasonableness of Apple’s and Google’s anticompetitive actions,” Carr added.

    Google declined to comment. Apple the Justice Department didn’t immediately respond to a request for comment.

    The FCC does not regulate app stores or social media, focusing instead on telecommunications and traditional media such as radio and television broadcasters and cable operators. But Carr has become the most vocal commissioner to speak out on TikTok, drawing what he’s said are lessons from the FCC’s own decisions to block Huawei, ZTE and other telecom companies with ties to China from the US market.

    His remarks also echo those by prominent lawmakers of both parties, including Virginia Democratic Sen. Mark Warner and Florida Republican Sen. Marco Rubio, who together lead the Senate Intelligence Committee.

    Carr’s call comes as Apple and Google’s critics have increasingly sought to apply the nation’s antitrust laws against the tech giants. Third-party software developers have long alleged that Apple and Google’s app store fees and rules are monopolistic and anticompetitive. A high-profile 2020 lawsuit along those lines brought by Epic Games, the maker of video game “Fortnite,” has so far proven largely unsuccessful, though an appeal is pending.

    More recently, Apple’s conservative critics have accused the company of abusing “monopoly” power by allegedly threatening to remove Twitter from its app store — a claim that Twitter’s new owner Elon Musk has made without evidence and that he says has since been resolved thanks to a conversation with Apple CEO Tim Cook. Apple has not commented on Musk’s allegation or purported exchange with Cook.

    For years, TikTok has been negotiating with the Committee on Foreign Investment in the United States, a multi-agency US government panel charged with reviewing the national security implications of foreign investment deals, to arrive at an agreement to allow TikTok to operate in the US market despite the security concerns.

    TikTok has said Project Texas, its plan to migrate US user data exclusively to cloud servers hosted by Oracle, is a core part of the solution. Last week, TikTok CEO Shou Zi Chew said at a conference hosted by the New York Times that “no foreign government has asked us for user data before, and if they did, we would say no.”

    In congressional testimony, TikTok has said it maintains robust data controls but has sought to sidestep questions about its parent company and declined to stop letting China-based employees access US users’ data.

    [ad_2]

    Source link

  • OnePlus co-founder Carl Pei’s new startup wants to launch smartphone in the U.S. to take on Apple

    OnePlus co-founder Carl Pei’s new startup wants to launch smartphone in the U.S. to take on Apple

    [ad_1]

    The Nothing Phone (1).

    Nothing

    U.K.-based consumer tech company Nothing is setting its sights on the U.S., with ambitions of taking on Apple’s iPhone.

    The startup, the hardware venture of Carl Pei — co-founder of Chinese mobile phone maker OnePlus — is in early conversations with American carriers about launching a new smartphone in the U.S., Pei told CNBC, without naming any of the carriers.

    In July, Nothing launched Phone (1), a mid-range device with a design, price and specs similar to Apple’s entry-level iPhone SE.

    The company, which is backed by iPod creator Tony Fadell and Alphabet’s VC arm GV, has only launched its smartphone in Europe, the Middle East and Asia so far — not the U.S. or Canada.

    “The reason why we didn’t launch in the U.S. is because you need a lot of additional technical support, to support all the carriers and their unique customizations that they need to make on top of Android,” Pei explained in an interview with CNBC. “We felt that we weren’t ready before.”

    “Now we are in discussions with some carriers in the U.S. to potentially launch a future product there,” said the Chinese-Swedish entrepreneur.

    The likes of Apple and Samsung already have established relationships with large U.S. carriers, making it harder for smaller firms to compete.

    But a third of the sales of its recently launched Ear (stick) headphones currently come from the U.S., Pei added.

    “It’s definitely a market where there’s already a lot of interest for our products. And if we launch our smartphones there, I’m sure we could obtain significant growth,” he said.

    The company expects its revenues to jump more than tenfold in 2022 — from about $20 million in 2021 to an estimated $250 million this year, according to figures shared with CNBC exclusively. It has also more than doubled its employees to more than 400. However, the firm is still losing money.

    “The goal is to be profitable in 2024,” Pei said. “We are not profitable right now. And this year was made even harder due to the foreign currency exchange. We pay a lot of our COGS [cost of goods sold] in USD but we make money in pounds, in euros, in Indian rupees — so everything devalued against the USD.”

    The U.S. dollar has rallied this year; the dollar index — which measures the greenback against a basket of major currencies — is up over 8.5% year-to-date.

    Taking on Apple

    David vs. Goliath

    Pei said his firm has faced a plethora of challenges in bringing its products to market. One of the major setbacks it faced was when it approached Foxconn, Apple’s largest iPhone supplier, to manufacture its phones.

    According to Pei, Foxconn refused to do business with Nothing, citing past failures in the smartphone industry.

    “Every startup manufacturer has worked with Foxconn,” Pei said. “But when it was our turn, they said no because every startup that worked with them failed. And every time a startup failed, Foxconn lost money on it, they were not able to recoup their costs.”

    Foxconn was not immediately available for comment when contacted by CNBC.

    Covid restrictions around the globe also presented a significant hurdle for the company. In India, where Nothing produces its phones, the company was unable to fly out engineers due to travel restrictions, with Pei saying the company had to manage its factory on the ground remotely.

    “We really had to hustle to create this,” he said of Nothing’s smartphone.

    In Shenzhen, China, where officials have imposed strict lockdowns, Nothing’s engineers had to discuss component designs and mechanics during mandated 45-minute periods when it was acceptable for people to go outside to buy groceries.

    Nothing has sold over 1 million products to date globally, with its Ear (1) and Ear (stick) earbuds selling 600,000 units and the Phone (1) reaching 500,000 shipments.

    Still, the startup is a tiny player, and it faces a bleak economic outlook where people are being forced to limit their spending drastically.

    In Europe, smartphone shipments sank 16% in the third quarter year-over-year, per Counterpoint Research data — although they were up slightly from the previous quarter on the back of the iPhone 14’s strong launch.

    Samsung is Europe’s largest smartphone maker with 35% market share, followed by China’s Xiaomi’s 23% and Apple’s 21%.

    [ad_2]

    Source link

  • Foxconn says it’s restoring production at the world’s largest iPhone factory | CNN Business

    Foxconn says it’s restoring production at the world’s largest iPhone factory | CNN Business

    [ad_1]


    Hong Kong
    CNN Business
     — 

    Apple supplier Foxconn says it is “gradually” restoring production capacity at its sprawling campus in central China, which has been hit by Covid-19 restrictions and worker protests since October.

    The “epidemic situation” at the facility, known as iPhone City and normally home to hundreds of thousands of workers, has been brought under control, the Taiwanese contract manufacturer said in a statement on Monday.

    “We have also started to recruit new employees, and are gradually moving toward the direction of restoring production capacity to normal,” it said, adding that the outlook for the fourth quarter was expected to be in line with market consensus.

    Foxconn did not provide further details. Its executives were quoted as telling Reuters that full production would resume between late December and early January.

    The ongoing supply disruptions at Foxconn’s campus in the city of Zhengzhou were costing Apple roughly $1 billion a week in lost iPhone sales, Daniel Ives, an analyst at Wedbush Securities, had told CNN Business. He estimates that Apple is short of between 10 million and 15 million iPhones in the vital holiday shopping season.

    The troubles started in October when workers left the campus because of concerns about working conditions and shortages of food. Short on staff, bonuses were offered to workers to return.

    But protests broke out last month when newly-hired staff said management had reneged on their promises. Workers clashed with security officers, before the company eventually offered them cash to quit and leave.

    Analysts said the production woes at iPhone City would speed up the pace of Apple’s supply chain diversification away from China.

    In recent weeks, according to The Wall Street Journal, Apple

    (AAPL)
    has accelerated plans to shift some of its production outside China. It was reportedly telling suppliers to plan more actively for assembling Apple

    (AAPL)
    products elsewhere in Asia, particularly India and Vietnam.

    Apple did not immediately respond to a request for comment.

    “The shift out of China will not be easy and come with clear logistical, engineering, and infrastructure hurdles as the aggressive move to India and Vietnam now begins with the Apple ecosystem alerted,” Ives wrote in a research report on Sunday.

    If Apple moves aggressively, more than 50% of iPhone production could come from India and Vietnam by the 2025/2026 fiscal year, versus the single-digit percentage currently, he added.

    [ad_2]

    Source link

  • EU warns Musk to beef up Twitter controls ahead of new rules

    EU warns Musk to beef up Twitter controls ahead of new rules

    [ad_1]

    LONDON (AP) — A top European Union official warned Elon Musk on Wednesday that Twitter needs to beef up measures to protect users from hate speech, misinformation and other harmful content to avoid violating new rules that threaten tech giants with big fines or even a ban in the 27-nation bloc.

    Thierry Breton, the EU’s commissioner for digital policy, told the billionaire Tesla CEO that the social media platform will have to significantly increase efforts to comply with the new rules, known as the Digital Services Act, set to take effect next year.

    The two held a video call to discuss Twitter’s preparedness for the law, which will require tech companies to better police their platforms for material that, for instance, promotes terrorism, child sexual abuse, hate speech and commercial scams.

    It’s part of a new digital rulebook that has made Europe the global leader in the push to rein in the power of social media companies, potentially setting up a clash with Musk’s vision for a more unfettered Twitter. U.S. Treasury Secretary Janet Yellen also said Wednesday that an investigation into Musk’s $44 billion purchase was not off the table.

    Breton said he was pleased to hear that Musk considers the EU rules “a sensible approach to implement on a worldwide basis.”

    “But let’s also be clear that there is still huge work ahead,” Musk said, according to a readout of the call released by Breton’s office. “Twitter will have to implement transparent user policies, significantly reinforce content moderation and protect freedom of speech, tackle disinformation with resolve, and limit targeted advertising.”

    After Musk, a self-described “free speech absolutist,” bought Twitter a month ago, groups that monitor the platform for racist, antisemitic and other toxic speech, such the Cyber Civil Rights Initiative, say it’s been on the rise on the world’s de facto digital public square.

    Musk has signaled an interest in rolling back many of Twitter’s previous rules meant to combat misinformation, most recently by abandoning enforcement of its COVID-19 misinformation policy. He already reinstated some high-profile accounts that had violated Twitter’s content rules and had promised a “general amnesty” restoring most suspended accounts starting this week.

    Twitter didn’t respond to an email request for comment. In a separate blog post Wednesday, the company said “human safety” is its top priority and that its trust and safety team “continues its diligent work to keep the platform safe from hateful conduct, abusive behavior, and any violation of Twitter’s rules.”

    Musk, however, has laid off half the company’s 7,500-person workforce, along with an untold number of contractors responsible for content moderation. Many others have resigned, including the company’s head of trust and safety.

    In the call Wednesday, Musk agreed to let the EU’s executive Commission carry out a “stress test” at Twitter’s headquarters early next year to help the platform comply with the new rules ahead of schedule, the readout said.

    That will also help the company prepare for an “extensive independent audit” as required by the new law, which is aimed at protecting internet users from illegal content and reducing the spread of harmful but legal material.

    Violations could result in huge fines of up to 6% of a company’s annual global revenue or even a ban on operating in the European Union’s single market.

    Along with European regulators, Musk risks running afoul of Apple and Google, which power most of the world’s smartphones. Both have stringent policies against misinformation, hate speech and other misconduct, previously enforced to boot apps like the social media platform Parler from their devices. Apps must also meet certain data security, privacy and performance standards.

    Musk tweeted without providing evidence this week that Apple “threatened to withhold Twitter from its App Store, but won’t tell us why.” Apple hasn’t commented but Musk backtracked on his claim Wednesday, saying he met with Apple CEO Tim Cook who “was clear that Apple never considered” removing Twitter.

    Meanwhile, U.S. Treasury Secretary Janet Yellen walked back her statements about whether Musk’s purchase of Twitter warrants government review.

    “I misspoke,” she said at The New York Times’ DealBook Summit on Wednesday, referring to a CBS interview this month where she said there was “no basis” to review the Twitter purchase.

    The Treasury secretary oversees the Committee on Foreign Investment in the United States, an interagency committee that investigates the national security risks from foreign investments in American firms.

    “If there are such risks, it would be appropriate for the Treasury to have a look,” Yellen told The New York Times.

    She declined to confirm whether CFIUS is currently investigating Musk’s Twitter purchase.

    Billionaire Saudi Prince Alwaleed bin Talal is, through his investment company, Twitter’s biggest shareholder after Musk.

    ___

    Associated Press writers Fatima Hussein in Washington and Matt O’Brien in Providence, Rhode Island, contributed.

    [ad_2]

    Source link

  • CNBC Pro Talks: Evercore’s Mark Mahaney finds bargains in big tech and answers your questions

    CNBC Pro Talks: Evercore’s Mark Mahaney finds bargains in big tech and answers your questions

    [ad_1]

    Share

    Evercore ISI analyst Mark Mahaney sat down with CNBC Pro to share the tech names he is looking at going into 2022. He also breaks down what stocks he views in the travel space that could do well, even in a possible recession.

    [ad_2]

    Source link

  • Two victims of Apple store crash file lawsuits claiming negligence | CNN Business

    Two victims of Apple store crash file lawsuits claiming negligence | CNN Business

    [ad_1]



    CNN Business
     — 

    Two victims injured when a car drove into an Apple store filed lawsuits Tuesday morning claiming various development companies failed to protect people by not installing barriers near the store.

    One person died and at least 19 others were injured after an SUV drove through an Apple store in Hingham, Massachusetts, on November 21, according to the Plymouth County District Attorney’s Office.

    “For just a few dollars, a couple of barriers could’ve easily prevented this entire tragedy,” Doug Sheff, a lawyer for the two victims, said at a press conference Tuesday afternoon.

    Sheff showed pictures of barriers at different Apple store locations and other areas in the Hingham shopping complex, arguing they should have been at the Hingham Apple store as well. He said barriers had been placed in front of the store following the incident.

    The two lawsuits were filed by victims who sustained injuries in the incident and their families. One of the victims, who was working at Apple, suffered a traumatic brain injury, the complaint says. The other victim sustained rib fractures and other injuries which will require surgery, according to the other complaint.

    The lawsuits accuse several property development entities of negligence, claiming they “failed to reasonably protect occupants” by not installing barricades near the store.

    CNN has attempted to contact the development companies.

    One lawsuit filed by a non-employee accuses Apple of negligence, alleging it failed to reasonably protect the store’s occupants.

    Apple

    (AAPL)
    has not responded to a request for comment regarding the lawsuits. “Our hearts go out to our team members and customers who were injured and all of those who were affected by this terrible incident,” the company said in a statement last week.

    The lawsuits also accuse Bradley Rein, the alleged driver, of negligence when he “carelessly, recklessly, and negligently operated the SUV.”

    CNN has attempted to reach Rein’s attorney. He has pleaded not guilty to charges of reckless homicide by a motor vehicle and reckless operation of a motor vehicle, according to the Plymouth District Attorney’s Office. He is being held on $100,000 bail and his next court appearance is scheduled for December 22.

    CNN previously reported that Rein told police “his right foot became stuck on the accelerator and the vehicle accelerated,” prosecutors said. Prosecutors said Rein’s sobriety test registered at zero.

    Both lawsuits request a jury trial.

    [ad_2]

    Source link

  • Elon Musk meets Tim Cook, says Apple never considered removing Twitter app

    Elon Musk meets Tim Cook, says Apple never considered removing Twitter app

    [ad_1]

    An aerial view of Apple Park is seen in Cupertino, California, United States on October 28, 2021.

    Tayfun Coskun | Anadolu Agency | Getty Images

    Twitter owner Elon Musk said he went to Apple’s headquarters and met with Apple CEO Tim Cook in tweets on Wednesday.

    The meeting marks a significant de-escalation days after Musk went on a tweet storm accusing Apple of threatening to pull the Twitter app from the App Store and posted then deleted a meme that suggested he would rather “go to war” than pay Apple’s 30% platform fees.

    “Good conversation. Among other things, we resolved the misunderstanding about Twitter potentially being removed from the App Store,” Musk tweeted. “Tim was clear that Apple never considered doing so.”

    In another tweet, Musk posted a short video of a reflecting pool at the center of Apple Park in Cupertino, California.

    On Monday, Musk posted several tweets criticizing Apple and arguing that its App Store moderation policies were against the spirit of free speech, a complaint subsequently echoed by Republican lawmakers. Over the weekend, he mused that he may make his own smartphone.

    Musk also chafed against Apple’s fees, which take between 15% and 30% of digital sales through apps on iPhones. Apple stands to make money from Twitter if Musk succeeds in his plan to significantly expand Twitter subscription revenue, and those features are sold through the Twitter iPhone app.

    “Did you know Apple puts a secret 30% tax on everything you buy through their App Store?” Musk tweeted on Monday. He also tagged Cook’s Twitter account on Monday and asked what was going on with a potential suspension of the Twitter app.

    Apple representatives did not respond to requests for comment.

    [ad_2]

    Source link

  • Salesforce stock falls over 5% on earnings and sudden departure of co-CEO Bret Taylor

    Salesforce stock falls over 5% on earnings and sudden departure of co-CEO Bret Taylor

    [ad_1]

    Salesforce cofounder and co-CEO Marc Benioff speaks during the grand opening of the Salesforce Tower, the tallest building in San Francisco, Calif., Tuesday, May 22, 2018.

    Karl Mondon | Bay Area News Group | Getty Images

    Salesforce reported earnings and revenue on Wednesday that beat analyst expectations. It also announced that co-CEO Bret Taylor is stepping down. CEO and Salesforce co-founder Marc Benioff will the be sole person in charge of the company.

    Salesforce stock fell over 6% in extended trading.

    Here’s how the company did versus Refinitiv consensus estimates for the quarter ending in October:

    • EPS: $1.40, adjusted, versus $1.21 expected by analysts
    • Revenue: $7.84 billion versus $7.82 billion expected by analysts

    Salesforce said it expected between $7.9 billion to $8.03 billion in revenue in the company’s fourth fiscal quarter, lower at the midpoint than analyst expectations of $8.02 billion in sales in the fourth quarter. The company also said it would take a $900 million hit in sales because of foreign currency effects.

    Salesforce’s total revenue increased 14% year-over-year. Last quarter, Salesforce trimmed its year-end estimates for both revenue and earnings, citing a weaker economic cycle. It reaffirmed those estimates on Wednesday.

    Salesforce said that its operating cash flow came in at $313 million for the quarter, which was a decrease of 23% year-over-year.

    Subscription and support revenue, which includes the company’s flagship Sales Cloud software and comprises the majority of the company’s sales, came in at $7.23 billion, which was up 13% year-over-year.

    The Platform and Other category that includes Slack reported $1.51 billion in sales, an 18% increase year-over-year.

    Salesforce spent $1.7 billion on share repurchases during the quarter, the company said.

    [ad_2]

    Source link

  • China’s Zhengzhou, home to world’s largest iPhone factory, ends Covid lockdown | CNN Business

    China’s Zhengzhou, home to world’s largest iPhone factory, ends Covid lockdown | CNN Business

    [ad_1]


    Hong Kong
    CNN Business
     — 

    The central Chinese city of Zhengzhou, home to the world’s largest iPhone factory, has lifted a five-day Covid lockdown, in a move that analysts have called a much-needed relief for Apple and its main supplier Foxconn.

    Zhengzhou is the site of “iPhone City,” a sprawling manufacturing campus owned by Taiwanese contract manufacturer Foxconn that normally houses about 200,000 workers churning out products for Apple

    (AAPL)
    , including the iPhone 14 Pro and 14 Pro Max. Last Friday, the city locked down its urban districts for five days as Covid-19 cases surged there.

    Foxconn’s massive facility is not part of the city’s urban districts. However, analysts say the lockdown would have been detrimental to efforts to restore lost production at the campus, the site of a violent workers’ revolt last week.

    “This is some good news in a dark storm for Cupertino,” Daniel Ives, managing director of equity research at Wedbush Securities, told CNN Business, referring to the California city where Apple is based. “There is a lot of heavy lifting ahead for Apple to ramp back up the factories.”

    Ives estimates the ongoing supply disruptions at Foxconn’s Zhengzhou campus were costing Apple roughly $1 billion a week in lost iPhone sales. The troubles started in October when workers left the campus in Zhengzhou, the capital of the central province of Henan, due to Covid-related fears. Short on staff, bonuses were offered to workers to return.

    But protests broke out last week when the newly hired staff said management had reneged on their promises. The workers, who clashed with security officers, were eventually offered cash to quit and leave.

    Analysts said Foxconn’s production woes will speed up the pace of supply chain diversification away from China to countries like India.

    Ming-Chi Kuo, an analyst at TF International Securities, wrote on social media that he estimated iPhone shipments could be 20% lower than expected in the current October-to-December quarter. The average capacity utilization rate of the Zhengzhou plant was only about 20% in November, he said, and was expected to improve to 30% to 40% in December.

    Total iPhone 14 Pro and 14 Pro Max shipments in the current quarter would be 15 million to 20 million units less than previously anticipated, according to Kuo. Due to the high price of the iPhone 14 Pro series, Apple’s overall iPhone revenue in the current holiday quarter could be 20% to 30% lower than investors’ expectations, he added.

    [ad_2]

    Source link