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☆ Big Tech’s Cuts Now Hitting Growth Areas
▼ + stars: | 2023-03-20 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

A company that employs more than 1.5 million people ought to be able to get by with a few less. But a few less in the wrong areas still sends a worrisome message. Amazon announced a new round of layoffs on Monday affecting 9,000 employees. This comes on top of 18,000 job cuts that the company announced in early January. The two rounds combined will affect a little less than 2% of the head count Amazon reported for the end of 2022, though they reflect a higher proportion of the company’s corporate staff given that a large number of Amazon’s employees work in its warehouses and other fulfillment operations.

☆ Virtual Reality Is Still Trying to Get Game
▼ + stars: | 2023-03-19 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

The PlayStation VR2 has arrived more than six years after Sony’s first attempt to bring VR gaming to the masses. Far from launching a “metaverse,” virtual reality hasn’t made much of a dent in what should have been the easiest market to crack. Sony , at least, is betting that they are. The electronics giant that sells one of the world’s most popular videogame consoles launched the second version of its virtual-reality headset late last month. Called the PlayStation VR2, the new device comes more than six years after Sony’s first attempt to bring VR gaming to the masses.

☆ Doyle's late strike fires Sheffield United into FA Cup semis
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

SHEFFIELD, England, March 19 (Reuters) - Sheffield United came from behind twice to edge Blackburn Rovers 3-2 in an entertaining FA Cup quarter-final after Tommy Doyle's superb 91st minute strike on Sunday booked a Wembley trip. With the score at 2-2 in added time, Doyle fired a shot from 25 metres that arrowed into the top corner with keeper Aynsley Pears unable to palm it away despite getting a hand to it. Blackburn's Sam Gallagher then scored an own goal seven minutes later after Max Lowe's shot from range took a deflection off the striker's knee to nestle in the corner of the net. Gallagher made amends on the hour when he sprang the offside trap to put Sammie Szmodics through as the midfielder restored Blackburn's lead by firing low past keeper Wes Foderingham. Reporting by Rohith Nair in Bengaluru; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

☆ Microsoft Can’t Afford Turbulence From New Copilot
▼ + stars: | 2023-03-17 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

CEO Satya Nadella presides over a company that dominates the market for office app software. Clippy just got a serious promotion. Now Microsoft has to make sure this one doesn’t become unhinged. Microsoft, helmed by CEO Satya Nadella , announced plans on Tuesday to integrate the artificial intelligence technology powering the popular ChatGPT chatbot into its suite of Office software tools. That adoption will take the form of a new interface called Copilot, which can write Word documents, create PowerPoint presentations, analyze Excel spreadsheets and even reply to emails through Outlook—essentially a far more powerful tool than the Office Assistant dubbed Clippy that Microsoft once deployed through its Office products.

☆ Microsoft Can’t Afford Turbulence from New Copilot
▼ + stars: | 2023-03-16 | by ( Dan Gallagher | ) www.wsj.com time to read: +1 min

CEO Satya Nadella presides over a company with a relatively tiny share of search traffic. Microsoft just has to make sure this one doesn’t become unhinged. Microsoft, helmed by CEO Satya Nadella , announced plans on Tuesday to integrate the artificial intelligence technology powering the popular ChatGPT chatbot into its suite of Office software tools. That adoption will take the form of a new interface called Copilot, which can write Word documents, create PowerPoint presentations, analyze Excel spreadsheets and even reply to emails through Outlook—essentially a far more powerful tool than the Office Assistant dubbed Clippy that Microsoft once deployed through its Office products. The new Copilot is also the next step in Microsoft’s aggressive campaign to adopt generative AI into its products, following a similar announcement last month related to its internet search business.

☆ Big Oil’s old profligacy lives on Down Under
▼ + stars: | 2023-03-15 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

Throw in dividends and Santos shareholders have received a measly 6% total return during that period. Santos’ 15% return on capital employed last year puts it at the bottom of the class; BP delivered almost 25%. It looks slated to stay in the basement, with analysts projecting a sub-8% return for 2025, per Refinitiv data. The bonus is mostly tied to successful “growth projects”, which arguably encourages him to overinvest. If that happens again at next month’s annual meeting, it would, under Australian rules, allow investors to boot the entire board.

☆ Meta’s ‘Year of Efficiency’ Still Looks Costly
▼ + stars: | 2023-03-14 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Meta CEO Mark Zuckerberg didn’t signal any intention of backpedaling on his vision for the metaverse. Wall Street loves it when Meta Platforms fires people. Maybe a bit too much. The parent company of Facebook said Tuesday it is planning to lay off another 10,000 employees this year. That would amount to about 13% of the remaining workforce following last year’s announced job cuts of 11,000, confirming a Wall Street Journal report from last week.

☆ The CD Market Is Doing Something Strange—and It Could Have a Big Impact on Your Money
▼ + stars: | 2023-03-14 | by ( ) www.wsj.com time to read: +8 min

CD rates have been rising rapidly over the past year, thanks to the Federal Reserve’s efforts to fight inflation. And there’s potentially a bigger issue at play: Regardless of where you stick your cash, interest rates’ odd behavior suggests the economy may be out of whack. CD rates have climbed dramatically since the Federal Reserve embarked on its campaign to fight inflation, which peaked at nearly 10% late last year. But the Fed faces a conundrum: Hiking interest rates to fight inflation also slows economic growth. Short term rates remain high, while longer term rates—reflecting grim economic prospects in years to come—fall off.

☆ At the Oscars, Diamonds May Be a Man’s Best Friend
▼ + stars: | 2023-03-13 | by ( Jacob Gallagher | ) www.wsj.com time to read: 1 min

At the Oscars, only a few will venture home with a little gold statue. Yet out on the red carpet, there is sure to be a bounty of little gilded brooches pinned to the glittery guests’ lapels. The male brooch has been an inescapable sight this awards season, highlights of which include Irish swooner Paul Mescal with a feathery Cartier pendant at the Baftas, Marvel star Simu Liu sporting a blossoming two-toned brooch to the Academy’s Scientific and Technical Awards and kingpin producer Nile Rodgers sporting not one, but two double-C Chanel pins to the Grammys.

☆ Mask-free Monday comes to Japan as government eases COVID guidelines
▼ + stars: | 2023-03-13 | by ( Rocky Swift | ) www.reuters.com time to read: +3 min

[1/4] Commuters make their way on the first day of the Japanese government's relaxation of official guidance on masks as it emerges from the COVID-19 pandemic, in Tokyo, Japan March 13, 2023. "Mask-wearing was part of our culture even before COVID-19," said Hitoshi Oshitani, a Tohoku University professor who was an architect of Japan's COVID response. "I think many people will be wearing masks even after the rules are relaxed." "As of today, mask wearing is at the discretion of each individual," Tokyo Governor Yuriko Koike told reporters on Monday. Health experts in Japan have pointed to widespread mask use along with an embrace of hygiene and social distancing for the country's relatively lower death toll from COVID.

☆ Sonos Brings New Era to a New Era
▼ + stars: | 2023-03-07 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Sonos doesn’t expect its new speakers to rock the world right out of the gate. Sonos has finally decided to mess with its best. The maker of premium wireless speakers announced two new offerings on Tuesday. One is a new midtier device called the Era 300 that is designed for the spatial audio format and is aimed just below the $550 Sonos Five speaker in the company’s portfolio. The other, called the Era 100, replaces the Sonos One, which is the company’s flagship, entry-level Wi-Fi speaker that has carried the same basic design for nearly a decade.

☆ Tech Giants Are Chipping In Fast on AI
▼ + stars: | 2023-03-06 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Broadcom said it has seen a jump in demand from customers seeking to enhance their networks for generative AI. Tech giants are moving fast on artificial intelligence, even if they have to hit the brakes elsewhere. The latest confirmation of that trend came from an unexpected source. Broadcom , a chip maker most commonly associated with radio-frequency components used in the iPhone, used its fiscal first-quarter results late last week to discuss the increase in business it is seeing from customers scrambling to beef up their networks for generative AI—the technology made popular by the ChatGPT chatbot tool that Microsoft is now wrapping into its Bing search engine to take on rival Google. Google is responding by working to integrate its own generative AI technology into its search tool.

☆ Okta Is on Safer Ground Now
▼ + stars: | 2023-03-02 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Timing hasn’t been Okta ’s friend for a while, but that looks to be changing. The cloud software company that specializes in identity-management services for businesses had a rotten run of luck last year. A breach by the hacking group LAPSUS$, which posted screenshots online to boast of its accomplishment, worried Okta’s customers and shook the faith of investors after the company reported the incident in March. That roughly coincided with integration problems with the record-sized acquisition of Auth0 the year before, which caused particular upheaval in the combined company’s sales force. And all this was taking place during a global economic slowdown that was driving corporate customers to finally hit the brakes on technology spending.

☆ Salesforce Makes Its Biggest Sale Yet
▼ + stars: | 2023-03-02 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Chief Executive Marc Benioff said on Wednesday’s investor call that Salesforce’s board has disbanded its M&A committee and formed a new ‘business transformation committee.’If there is a Hawaiian word for “hustle,” Salesforce seems to have found it. The cloud-software pioneer surprised investors Wednesday by delivering better-than-expected revenue and much better-than-expected adjusted operating profit for the fiscal fourth quarter ended January. Its forecast for the new fiscal year was a similar story, with adjusted operating margins projected to hit a record-high 27% after averaging 18% over the previous five years. Salesforce shares—up 26% already for the year on hopes that activist pressure would improve the company’s performance—jumped another 16% following the results.

☆ Analysis: Cash-strapped countries face IMF bailout delays as debt talks drag on
▼ + stars: | 2023-03-02 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +7 min

IMF funding is often the sole financial lifeline available to countries in a debt crunch, and key to unlocking other financing sources, with delays putting pressure on government finances, companies and populations. Though staff agreements can be reached without financing assurances, the IMF board needs them to approve the programme. Chinese Premier Li Keqiang said on Wednesday the country is willing to "constructively" participate in solving debt problems of relevant countries under a multilateral framework. But Beijing has always emphasised all creditors should follow the principle of "joint action, fair burden" in debt settlements. Adding another layer of complexity to these debt talks, the Common Framework doesn't lay out precise rules on how a debt restructuring with bilateral creditors should work.

☆ Zoom Is Paying Up to Hold the Line
▼ + stars: | 2023-03-01 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

The basic online videoconferencing service that made Zoom famous is also now available widely at competitors. Just ask Zoom Video Communications . The company that helped the world stay connected in the pandemic has been struggling since to revive its growth traction. That is no small task, given that the pandemic expanded Zoom’s business more than sixfold in two year’s time, creating comparisons that future periods could never live up to. Revenue from the segment of Zoom customers made up of consumers and small businesses fell 7% in the fiscal year ended January, according to the company’s fiscal year-end results reported late Monday.

☆ House Committee Lays Out Case for China Threat
▼ + stars: | 2023-03-01 | by ( Charles Hutzler | ) www.wsj.com time to read: 1 min

Members of the new House committee adopted rules for the panel ahead of a prime-time hearing at the Capitol. WASHINGTON—A new House committee holds its first hearing Tuesday evening to draw attention to China’s policies on human rights, business and military power that the panel says pose a challenge to U.S. interests and values. “We may call this a ‘strategic competition,’” Rep. Mike Gallagher (R., Wis.) chairman of the Select Committee on the Chinese Communist Party, is expected to say, according to prepared remarks. “But this is not a polite tennis match. This is an existential struggle over what life will look like in the 21st century, and the most fundamental freedoms are at stake.”

☆ We're going to have to find a way to reduce dependence on China, says Rep. Mike Gallagher (R-Wisc.)
▼ + stars: | 2023-03-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're going to have to find a way to reduce dependence on China, says Rep. Mike Gallagher (R-Wisc.) CNBC's Kayla Tausche talks to Select Committee on China Chairman Mike Gallagher about where he sees relations with China headed over the next few years.

☆ TikTok is automatically setting a one-hour limit for users under 18 — but it's a setting that's easy to bypass
▼ + stars: | 2023-03-01 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

TikTok announced a new one-hour screen time limit for teens, among other controls. A bill that would ban TikTok in the US was advanced by the US House Foreign Affairs Committee on Wednesday. TikTok also announced updates to its Family Pairing feature that will allow a parent or guardian to link their account to their teen's TikTok and set parental controls. The US House Foreign Affairs Committee voted on Wednesday to advance a bill that would give President Joe Biden the power to ban TikTok, according to a report from CNBC. Republican Rep. Mike Gallagher of Wisconsin, sponsor of the act to ban TikTok, dubbed the app "digital fentanyl," Insider's Brian Metzger reported last week.

☆ Ant-Man’s Shrinkage Is a Problem for Disney—and Theaters
▼ + stars: | 2023-02-28 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Paul Rudd and Jonathan Majors star in ‘Ant-Man and the Wasp: Quantumania.’Disney ’s smallest superhero doesn’t appear to have much legs. That is a growing problem for the Mouse House, and for those showcasing its fare. “Ant-Man and the Wasp: Quantumania” is the 23rd theatrical movie Disney has produced and released from its Marvel franchise. That doesn’t count the three “Spider-Man” movies produced by Sony that are considered part of the franchise’s cinematic universe, nor the five Marvel movies that came out prior to 2012’s “The Avengers,” which marked the first Disney-produced theatrical release after acquiring Marvel for $4.3 billion in 2009. Still, Disney’s end hasn’t been a bad haul; its own Marvel movies to date have grossed more than $22 billion in worldwide box-office, according to the industry-tracking site the Numbers.

Wray's comments Tuesday came after Baier noted that the Energy Department had cited the FBI's earlier findings in its report. A Chinese Foreign Ministry spokesperson, Mao Ning, said earlier Tuesday that China has "always been open and transparent" about Covid. In its assessment, the Energy Department also described the "likely" laboratory-related leak as an "accident," the official added. The Energy Department is one of 18 government departments and agencies that make up the U.S. intelligence community. Sen. Tim Kaine, D-Va., said, "China obviously is very threatened by this," but "the lab leak story is not anti-Chinese.

Instead the opposite happened," said Representative Raja Krishnamoorthi, the top Democrat on the select committee, in his opening remarks. McMaster said the United States must put a priority on expediting delivery of billions of dollars of weapons and munitions that Taiwan has already purchased. Although the committee is bipartisan, some Democratic lawmakers have voiced concerns that it could fuel anti-Asian sentiment within the United States. The select committee has 13 Republican and 11 Democratic members. It will not write legislation, but will draw attention to competition between the United States and China on a range of fronts and make policy recommendations.

☆ Kevin McCarthy gave Tucker Carlson access to secret January 6 footage. Mitch McConnell and other Republicans have little to say about it.
▼ + stars: | 2023-02-28 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

Kevin McCarthy recently gave Fox News host Tucker Carlson access to security footage from January 6. McConnell repeatedly told reporters that he was simply concerned about Capitol security. "Going back to when Speaker [Nancy] Pelosi was Speaker, my main concern is the security of the Capitol," said McConnell. "Good try," replied McConnell, before again repeating his statement about Capitol security. House Speaker Kevin McCarthy and Fox News host Tucker Carlson.

☆ Watch live: U.S. House China panel holds first hearing after lawmakers push seven bills targeting Beijing
▼ + stars: | 2023-02-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

Gallagher and Rep. Raja Krishnamoorthi, D-Ill., ranking member of the select committee, called the balloon a "violation of American sovereignty" in a joint statement. The administration's move prompted the advancement of several bills designed to bolster U.S. national security against China. Seven out of 10 bills passed by the House Financial Services Committee Tuesday addressed China or its neighbor, Taiwan. The Select Committee will not allow the CCP to lull us into complacency or maneuver us into submission." Matthew Pottinger, former U.S. Deputy national security adviser; former U.S. National Security Adviser H.R.

☆ Michael Jordan’s Championship Air Jordans, Sneakerdom’s Most Elite Collection, Head to Sotheby’s Sale
▼ + stars: | 2023-02-27 | by ( Jacob Gallagher | ) www.wsj.com time to read: 1 min

Sotheby’s auction house will unveil on Tuesday in Dubai what many sneaker collectors consider to be the Holy Grail: the “Dynasty Collection,” or six Nike Air Jordan sneakers that Michael Jordan, His Airness himself, wore during the six NBA championship games the Chicago Bulls won in the 1990s. The price for the collection, on offer in a private sale? Sotheby’s won’t disclose it. But to sneaker collectors, it’s close to priceless: These shoes are like the Mona Lisa, the David and a few of Monet’s Water Lilies rolled into one. Memorabilia experts place their value well into the millions, which would make the collection the most expensive set of shoes ever sold.

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