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☆ Meta in Talks to Reboot China Business With VR Headsets
▼ + stars: | 2023-02-21 | by ( Raffaele Huang | Newley Purnell | ) www.wsj.com time to read: 1 min

Tencent Holdings Ltd. is in talks to sell Facebook parent Meta Platforms Inc.’s popular virtual-reality headset in China, home to the world’s biggest pool of internet users. Tencent, China’s biggest videogame company, has proposed to Meta that it become the exclusive seller of Meta’s Quest 2 headsets in China, people familiar with the discussion said. Tencent has also sought to publish Chinese versions of existing videogames for the device, they said.

☆ Tencent in Talks to Sell Meta’s Quest 2 VR Headset in China
▼ + stars: | 2023-02-21 | by ( Raffaele Huang | Newley Purnell | ) www.wsj.com time to read: 1 min

☆ Futures fall as Home Depot outlook disappoints
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

Investors will be focusing on retail giant Walmart Inc's (WMT.N) results due later in the day. ET, Dow e-minis were down 264 points, or 0.78%, S&P 500 e-minis were down 30.75 points, or 0.75%, and Nasdaq 100 e-minis were down 110.25 points, or 0.89%. Money market participants see the benchmark level peaking to a 5.3% in July, and staying near those levels throughout the year. Yield on the U.S. benchmark 10-year Treasury note edged higher, in turn pressuring rate-sensitive growth stocks. Reporting by Johann M Cherian and Medha Singh in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ Tencent in talks with Meta to sell Quest VR headsets in China - sources
▼ + stars: | 2023-02-21 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, Feb 21 (Reuters) - Tencent Holdings (0700.HK) is in talks with Meta Platforms Inc (META.O) to distribute its Meta Quest line of virtual reality headsets in China, three people familiar with the matter said. The talks between Tencent and Meta started last year and have continued in recent months, according to one of the sources who has direct knowledge of the matter, adding that the talks remain early stage and details have yet to be agreed. Tencent and Meta did not immediately respond to requests for comment on Tuesday. Tencent is mostly known for software that includes a suite of games and social media applications. It sells the Nintendo Switch console in China through a partnership with the Japanese gaming firm (7974.T) established four years ago.

The case involves a group of consumers who contend Facebook exploited user data to maintain its market power. Representatives for Quinn Emanuel and Facebook declined to comment, and a spokesperson for Hagens Berman did not immediately respond to a message seeking comment. Scarlett in recent court filings said Quinn Emanuel was not respecting her view as a leading antitrust attorney based on her gender. Quinn Emanuel denied the claim, saying it has "worked very hard to be cooperative with all counsel on the case, including female counsel." Donato started the appointment process from scratch in January amid quarreling between Seattle-based plaintiffs' firm Hagens Berman and 900-lawyer Quinn Emanuel.

☆ $3.7 bln UK mass action against Facebook over market dominance rejected - for now
▼ + stars: | 2023-02-20 | by ( Sam Tobin | ) www.reuters.com time to read: +1 min

LONDON, Feb 20 (Reuters) - Facebook on Monday temporarily fought off a collective lawsuit valued at up to 3 billion pounds ($3.7 billion) over allegations the social media giant abused its dominant position to monetise users' personal data. However, a London tribunal gave the proposed claimants' lawyers up to six months to "have another go" at establishing any alleged losses by users. Meta Platforms Inc (META.O), the parent company of the Facebook group, faces a mass action brought on behalf of around 45 million Facebook users in Britain. Legal academic Liza Lovdahl Gormsen, who is bringing the case, says Facebook users were not properly compensated for the value of personal data they had to provide to use the platform. But the Tribunal ruled on Monday that Lovdahl Gormsen's methodology of establishing any losses suffered by Facebook users needed "root-and-branch re-evaluation" for the case to continue.

☆ $3.7 billion UK mass action against Facebook over market dominance rejected - for now
▼ + stars: | 2023-02-20 | by ( Sam Tobin | ) www.reuters.com time to read: +1 min

☆ Facebook Parent Launching ‘Meta Verified’ Subscription Service
▼ + stars: | 2023-02-19 | by ( Alexandra Bruell | ) www.wsj.com time to read: 1 min

Meta’s headquarters in California. The company is going to launch a paid subscription service. Meta Platforms Inc. is launching a paid subscription service that enables users to verify their accounts with government identification and receive direct access to customer support. The aim of Meta Verified is to increase security and authenticity across the company’s services, Chief Executive Mark Zuckerberg said Sunday in social-media posts. It is also meant to “help up-and-coming creators grow their presence and build community faster,” according to a Meta spokesperson.

☆ Facebook Parent Meta Gives Thousands of Workers Subpar Reviews
▼ + stars: | 2023-02-17 | by ( Salvador Rodriguez | Jeff Horwitz | ) www.wsj.com time to read: 1 min

Facebook parent Meta Platforms Inc. gave thousands of employees subpar ratings in a recently concluded round of performance reviews, a signal that more job cuts may be on the way, people familiar with the matter said. The company also cut a bonus metric, the people said, one of several steps senior executives are taking after Chief Executive Mark Zuckerberg declared 2023 would be a “year of efficiency.”

☆ Google, Twitter, Meta face tougher EU online content rules
▼ + stars: | 2023-02-17 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, Feb 17 (Reuters) - Alphabet Inc's (GOOGL.O) Google, Facebook parent Meta Platforms Inc (META.O) and Twitter face stricter EU online content rules according to monthly user numbers published by the companies on Thursday which exceeded the EU threshold. The European Commission had given online platforms and search engines until Feb. 17 to publish their monthly active users. Very large online platforms have four months to comply with the rules or risk fines. Twitter said it has 100.9 million average monthly users in the EU, based on an estimation of the last 45 days. It said the average monthly number of signed-in users totalled 278.6 million at Google Maps, 274.6 million at Google Play, 332 million at Google Search, 74.9 million at Shopping and 401.7 million at YouTube.

☆ VR firm Pico, owned by Chinese TikTok maker ByteDance, announces 'small' layoffs
▼ + stars: | 2023-02-17 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, Feb 17 (Reuters) - Pico, a virtual reality (VR) headset manufacturer owned by TikTok's Chinese developer ByteDance, said on Friday it was laying off a small number of people, after local media reported the start of hundreds of redundancies earlier this week. The South China Morning Post reported unidentified sources on Thursday as saying Pico had trimmed some teams by as much as 30%. "We greatly appreciate these colleagues' contributions and are working closely with those impacted to support them through this time of change." The layoffs mark the latest streamlining for ByteDance, which like many tech peers in China has cut jobs since last year and undergone restructuring as economic growth slows. On Thursday, Tencent Holdings Ltd (0700.HK) said it was making some personnel adjustments after local media reported the Chinese gaming and social media major was laying off staff in its recently formed "extended reality" (XR) business.

The Illinois Biometric Information Privacy Act (BIPA) imposes penalties of $1,000 per violation and $5,000 for reckless or intentional violations. The Chamber in a brief filed last year said a ruling against White Castle would spur litigation that could be financially ruinous for some companies. A Chicago-based U.S. appeals court had asked the Illinois Supreme Court to decide the issue. Ohio-based White Castle in a statement provided by a spokesperson said it was disappointed with the ruling and was considering its options. The case is Cothron v. White Castle System Inc, Illinois Supreme Court, No.

☆ Instagram rolls out broadcast chat feature 'Channels'
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: 1 min

Feb 16 (Reuters) - Instagram, the social media platform owned by Meta Platforms Inc (META.O), is rolling out a broadcast chat feature called Channels, the company's boss Mark Zuckerberg said on Thursday. "I'm starting a channel to share news and updates on all the products and tech we're building at Meta," Zuckerberg said in a Facebook post. "It will be the place I share Meta product news first." The company will also introduce the feature to Messenger and Facebook in the coming months. Reporting by Eva Mathews in Bengaluru; Editing by Shailesh Kuber and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Snapchat now has 750 million monthly active users
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: 1 min

Instagram rolls out broadcast chat feature 'Channels', article with imageTechnology category · February 16, 2023 · 5:46 PM UTC · undefined ago · undefined agoInstagram, the social media platform owned by Meta Platforms Inc , is rolling out a broadcast chat feature called Channels, the company's boss Mark Zuckerberg said on Thursday.

☆ Uber and Lyft Claim Big Gains for Their Ad Businesses
▼ + stars: | 2023-02-15 | by ( Patrick Coffee | ) www.wsj.com time to read: +4 min

Ride-hailing companies Uber Technologies Inc. and Lyft Inc. each say their nascent advertising businesses have grown significantly in recent months. PREVIEWThe ride-hailing rivals’ ad businesses are also important for the companies’ growth. Uber said increased ad revenue in the latest quarter was a key growth driver for its overall business. Lyft ad revenue increased “nearly seven times” in the fourth quarter compared with the previous quarter, according to Mr. Greenberger. But the companies’ ad prices offer a glimpse at their respective positions in the market.

☆ Facebook owner Meta increases Zuckerberg's security allowance by $4 million
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

Feb 15 (Reuters) - Meta Platforms Inc (META.O) said on Wednesday it had increased the security allowance given to Chief Executive and co-founder Mark Zuckerberg and his family by $4 million to $14 million. "This increased allowance, together with the costs of Zuckerberg's existing overall security program, are appropriate and necessary under the circumstances," Meta said in a filing. The 38-year-old, who ranks as the 16th richest person in the Forbes billionaire list, earned a compensation of about $27 million in 2021. The Financial Times reported last week that Meta had delayed finalizing the budgets of multiple teams as it was preparing for a fresh round of job cuts. read moreReporting by Aditya Soni; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Twitter becomes first social media platform to allow cannabis ads in U.S.
▼ + stars: | 2023-02-15 | by ( Mrinalika Roy | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid//File PhotoFeb 15 (Reuters) - Twitter on Wednesday became the first social media platform to allow cannabis companies to market their brands and products in the United States. The company had earlier only allowed advertising for hemp-derived CBD topical products, while other social media platforms including Facebook, Instagram and TikTok follow a "no cannabis advertising policy" as pot remains illegal at the federal level. However, more states in the United States are moving towards allowing the sale of recreational cannabis, with 21 already on board. "This is a pretty massive win for legal cannabis marketers," multistate cannabis and medical marijuana company Cresco Labs said. "This change speaks to the growing acceptance of cannabis as a mainstream wellness category, and we are hopeful it will serve as a catalyst for other social media platforms to follow suit," said Kate Lynch of Curaleaf, the biggest cannabis company operating in the United States.

Feb 14 (Reuters) - Christine Wilson, the sole Republican on the U.S. Federal Trade Commission (FTC), said on Tuesday she will resign soon, blaming the move on the agency's top official, Lina Khan. "Much ink has been spilled about Lina Khan's attempts to remake federal antitrust law as chairman of the Federal Trade Commission," Wilson wrote in an opinion piece in the Wall Street Journal. Wilson said in the piece that she would resign "soon" but gave no date. "I dissented on due-process grounds, which require those sitting in a judicial capacity to avoid even the appearance of unfairness," wrote Wilson. Wilson accused the Biden administration FTC of overstepping by being too aggressive in stopping mergers and banning most noncompete clauses.

☆ Dogs Win the Super Bowl Ad Lineup, Surveys Show
▼ + stars: | 2023-02-13 | by ( Patrick Coffee | ) www.wsj.com time to read: +5 min

The winner of USA Today’s annual Super Bowl Ad Meter was a commercial for dog-food delivery company Farmer’s Dog Inc. that tracked one chocolate Lab’s relationship with its owner from puppyhood to old age. The USA Today rankings had some overlap with other results. Research by Ace Metrix, a unit of TV ad measurement firm iSpot.tv Inc., crowned Jeep’s Super Bowl commercial as the most likable of the night. Jeep had the game’s most likable ad, according to Ace Metrix. “In past years, we’ve seen the majority of Super Bowl conversation generated in the weeks leading up to the Big Game,” a Mars spokeswoman said.

☆ Meta Platforms Business Chief Marne Levine to Leave
▼ + stars: | 2023-02-13 | by ( Salvador Rodriguez | ) www.wsj.com time to read: 1 min

Facebook parent Meta Platforms Inc. said Monday that the executive in charge of overseeing the company’s advertising business would be leaving the company. Marne Levine , Meta’s chief business officer, is set to depart the company during the summer, just two years after being elevated to the role. Ms. Levine’s exit comes as the company struggles through one of the toughest periods it has faced in its advertising business. Over the past three quarters, Meta has recorded year-over-year declines in revenue.

☆ Silicon Valley layoffs are a boon for tech-hungry farm equipment makers
▼ + stars: | 2023-02-13 | by ( Bianca Flowers | ) www.reuters.com time to read: +7 min

The executives said the newly available tech talent could inject much-needed expertise into farm equipment manufacturing, helping to transform the industry through the use of more artificial intelligence and automation. Detroit automakers are also hiring tech workers to meet the growing software needs of vehicles, auto executives have said. REMOTE-CONTROLLEDDeere's main rival, Irving, Texas-based Caterpillar Inc. (CAT.N), is also making a big push to recruit tech talent. "Companies really need to jump into action," said Michael Solomon, co-founder at 10x Management, a compensation negotiation agency for senior tech talent. The amenities aim to attract tech workers.

☆ TikTok’s Parent Takes On Meta in Battle for Virtual-Reality Market
▼ + stars: | 2023-02-12 | by ( Meghan Bobrowsky | Stu Woo | ) www.wsj.com time to read: 1 min

ByteDance Ltd., the China-based owner of TikTok, is starting to snare market share in the virtual-reality headset space that Meta Platforms Inc. has identified as critical to its future. Two years ago, ByteDance bought Pico, a Chinese startup that makes VR headsets. That launched a new front in the Chinese company’s competition with Meta , whose Instagram and Facebook services have been battling for users and advertising dollars against TikTok as the short-video app soared in popularity.

☆ Meta delays setting team budgets as Facebook parent plans fresh round of layoffs, Financial Times reports
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +1 min

Feb 11 (Reuters) - Facebook parent Meta Platforms Inc (META.O) has delayed finalizing the budgets of multiple teams as it prepares a fresh round of job cuts, the Financial Times reported on Saturday. In recent weeks there had been a lack of clarity surrounding budgets and future head count, the FT reported, citing two Meta employees familiar with the situation. Meta did not immediately respond to a Reuters request for comment outside of normal business hours. Earlier this month, Meta announced that it expects its 2023 expenses at between $89 billion and $95 billion, with CEO Mark Zuckerberg calling the period a "Year of Efficiency." Reporting by Anirudh Saligrama in Bengaluru Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Meta delays setting team budgets as Facebook parent plans fresh round of layoffs -FT
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +1 min

☆ Privacy Fears, Abuse Allegations Jeopardize Foreign Surveillance Tool
▼ + stars: | 2023-02-10 | by ( Dustin Volz | ) www.wsj.com time to read: 1 min

The FBI says it has taken steps to protect privacy and civil liberties. intelligence officials are bracing for a fight in Congress over the renewal of a foreign surveillance tool they say is critical to fighting terrorism, thwarting hackers and spying on top rivals like China and Russia, but one that lawmakers in both parties say intrudes on Americans’ privacy. The spy program, classified details of which were revealed 10 years ago by former intelligence contractor Edward Snowden, gathers communications directly from U.S. firms like Alphabet Inc.’s Google, Meta Platforms Inc., Microsoft Corp., and Apple Inc. It allows investigators to copy and search digital communications traversing the internet’s backbone. Senior intelligence officials widely regard it as among their most valuable tools.

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