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Now, two prominent senators are pushing to create a new federal agency to rein in the power of Big Tech. Elizabeth Warren, Democrat of Massachusetts, and Lindsey Graham, Republican of South Carolina, plan to introduce the Digital Consumer Protection Commission Act, which they say would restrain tech titans while letting them continue to innovate. But these companies have fought hard against increased oversight, and it’s unclear how a new agency will fit into a Washington already full of regulators. The bill is in the vein of legislation that established agencies to oversee fast-growing industries, much like how Congress created the Interstate Commerce Commission, the Federal Communications Commission and the Nuclear Regulatory Commission. “For too long, giant tech companies have exploited consumers’ data, invaded Americans’ privacy, threatened our national security and stomped out competition in our economy,” Ms. Warren told DealBook’s Ephrat Livni.
Persons: Elizabeth Warren, Lindsey Graham, Ms, Warren, DealBook’s Ephrat Livni Organizations: Apple, Meta, Microsoft, Big Tech, Republican, Digital Consumer Protection, Interstate Commerce Commission, Federal Communications Commission, Nuclear Regulatory Commission Locations: Massachusetts, South Carolina, Washington
Banking titans such as JPMorgan and Citi want to supercharge Wall Street by borrowing a tool from crypto — tokenizing assets on a blockchain. The firm projects $5 trillion in assets could be tokenized on blockchains over the next five years. It takes time to transfer ownership of an asset on Wall Street. U.S. agencies like the Securities and Exchange Commission are cracking down on crypto companies. Watch the video above to learn why big banks are spending millions on tokenization.
Persons: Elliot Han, Cantor Fitzgerald, Bernstein, Banks, James Angel, Gary Gensler Organizations: Banking, JPMorgan, Citi, Georgetown University, Securities and Exchange Commission Locations: U.S
What’s happening: Two years ago, Lina Khan, 34, became the youngest and perhaps most progressive leader of the FTC’s 100-plus year history. Khan, meanwhile, was unable to successfully block Microsoft from closing its $69 billion purchase of videogame publisher Activision Blizzard last week. The rise of gig workers is changing the face of the US economyFrom CNN’s Samantha DelouyaLazarus Limo usually starts his day at 10 a.m. But workplace experts say the number of gig workers is growing, and and their impact is being felt throughout the economy. But whether the success of both films will translate into a sustained revival of the movie industry remains to be seen.
Persons: New York CNN —, Biden, Lina Khan, haven’t, Khan, Kevin Kiley, Joe Biden, , Brian Fung, ” Khan, , ” What’s, She’s, Samantha Delouya Lazarus, , that’s, Louis Hyman, ” Read, “ Barbie ”, “ Oppenheimer, Anna Cooban, “ Barbie, Barbie ”, ” Daniel Loria, Disney’s “ Indiana Jones Organizations: CNN Business, Bell, New York CNN, Apple, Microsoft, Nvidia, of America, Big Tech, Federal Trade Commission, FTC, White, Activision Blizzard, Republican, Economic, of New, Yale Law, Amazon, Bloomberg, Tech, Meta, Uber, CNN, DoorDash, of Labor Statistics, Cornell University, “ Society, Insiders, Warner Bros, Universal Studios, Warner Bros ., AMC, Hollywood Locations: New York, California, of New York, Hill , North Carolina, , United States, Instacart, Disney’s
Kering, the French luxury goods company that owns brands like Balenciaga, Alexander McQueen and Yves Saint Laurent, surprised the fashion industry this week when it announced a sweeping reorganization of its top ranks, including the departure of Marco Bizzarri, the longtime chief executive of Gucci, Kering’s premier brand. Activists have turned on the luxury industry in recent years. Dan Loeb’s Third Point as well as Artisan Partners called for change at Richemont, the owner of jewelry brands like Cartier and Van Cleef & Arpels. But the most active recently is Bluebell, a four-year-old, $250 million firm that has also taken aim at Richemont, and the fashion brand Hugo Boss. Bluebell failed to persuade fellow Richemont shareholders to add Francesco Trapani, the former chief executive of Bulgari, as a director, but the conglomerate agreed to give public investors more influence.
Persons: Alexander McQueen, Yves Saint Laurent, Marco Bizzarri, Gucci, François, Henri Pinault, Kering, Dan Loeb’s, Van Cleef, Hugo Boss, Bluebell, Francesco Trapani Organizations: Kering’s, Bluebell Capital Partners, Partners, Cartier, BlackRock, GlaxoSmithKline Locations: London
Despite falling poll numbers and critical news coverage, Mayor Eric Adams clearly has the continued monetary support of two influential spheres of influence: real estate leaders and the donor class from New York City and beyond. Mr. Adams has raised $1.3 million since January for his 2025 re-election effort in the latest reporting period, drawing maximum $2,100 donations from real estate magnates like Marc Holliday, the chief executive of SL Green, the city’s largest commercial landlord, and its founder, Steve Green; and Alexander and Helena Durst, members of The Durst Organization real estate dynasty, according to new filings with the city’s Campaign Finance Board. About $550,000 came from donors outside New York City who live in the suburbs, Florida and other states — a continuation of a pattern displayed early in his tenure, when he held fund-raisers in Beverly Hills and Chicago in his first months in office. As mayor, Mr. Adams has often taken positions that benefit the real estate industry, including being supportive of rent increases and criticizing state lawmakers for failing to replace a tax-incentive program for developers known as 421a.
Persons: Eric Adams, Adams, Marc Holliday, Steve Green, Alexander, Helena Durst Organizations: SL Green, Organization, city’s Campaign Locations: New York City, Florida, Beverly Hills, Chicago
Kin Cheung | Pool | Getty ImagesLONDON — Two countries are jockeying for position as Europe's capital for artificial intelligence. So, who is leading the race to take Europe's AI crown? The European Union has its AI Act, which is set to be the first comprehensive set of laws focusing on artificial intelligence in the West. In contrast the EU's AI Act could make France "less attractive" for investment in artificial intelligence given that it lays down "a burdensome regulatory regime" for AI, Tanna said. Alexandre Lebrun, CEO of Nabla, an AI "copilot" for doctors, said the U.K. and France are "probably even" when it comes to attractiveness for starting an AI company.
Persons: Rishi Sunak, Emmanuel Macron, Kin Cheung, Macron, Karen Tso, Sunak, it's, Sajid Javid, Boris Johnson's, Simmons, Tanna, Anton Dahbura, Alexandre Lebrun, Lebrun, who've, Keir Starmer Organizations: British, Viva Tech, London Tech, Microsoft, U.S, CNBC, supercomputing, European Union, Johns Hopkins Institute, Autonomy, Google, Facebook, EU, Labour Locations: Europe, China, VivaTech, Paris, France, U.S, West, Germany, London
Across the country, in Silicon Valley, the situation isn’t quite as good. For decades Silicon Valley has been a dominant contributor to the US economy and an integral part of the country’s culture. Bankruptcy filings…less so.”Pitchbook and The National Venture Capital Association’s most recent report on the industry also takes a pessimistic view of the situation. What it means: While startups are certainly far from extinct, there has been a serious culling in Silicon Valley that will likely continue on for some time. Just 19% of venture capital deals were made with startups based in the Bay Area this year; that’s down from 22% in 2020.
Persons: haven’t, Tom Loverro, IVP, Pitchbook, , dealmakers, Goldman Sachs, Morgan Stanley, they’ll, they’re, Elizabeth Warren, Tesla, Elon Musk, Ramishah Maruf, Elon, , ” Warren, funneling Tesla, Warren, Gary Gensler, Linda Yaccarino, Musk, CNN’s Justin Gamble, Bill Clinton, Jonah Bryson, “ We’ve, Michael D, Smith Organizations: CNN Business, Bell, New York CNN, Apple, Microsoft, Venture, National Venture Capital, Goldman, Center for Research, Bank, SEC, Twitter, Securities and Exchange, AmeriCorps, CNN Locations: New York, Silicon Valley, Silicon, Massachusetts, America
Elite guests sported neutral looks seemingly inspired by the quiet luxury of "Succession." Morning Brew Insider recommends waking up with, a daily newsletter. But that's exactly what the paths around town became as billionaire and CEO guests strolled and biked between conference sessions at this year's Allen & Co. event. The fashion choices of the business elite seemed to evoke the luxury style seen on the hit HBO TV show "Succession," with a focus on muted tones and casual wear. Here's what the Who's Who of the business world wore at the Sun Valley conference this week.
Persons: strolled, Allen, it's Organizations: Allen, Co, athleisure, HBO, Sun Locations: Swiss, Sun Valley , Idaho
The worldwide culinary fame of Italy’s third-largest city boils down to one word: pizza. But a slew of top-notch trattorias, osterias and ristoranti exist right alongside pizza titans like Sorbillo and Da Michele. Drawing on the cornucopia of livestock and produce from the fertile fields and coastal waters of the Campania region — cattle, goats, shellfish, wheat, artichokes, zucchini, figs, citrus fruits and more — these eateries dish out local inventions from mussel soup to homegrown pastas to limoncello. So when you’re ready to foray beyond the overcrowded dens of dough and red sauce, here are five addresses in five neighborhoods offering both traditional and creative takes on beloved Neapolitan recipes and ingredients. Buon appetito.
Persons: Da Michele, appetito Locations: Campania
Industry Ventures is one of the largest players in the VC secondary market, where shares of startups are bought and sold. Industry Ventures, a pioneer in the venture capital secondary market where shares of startups are bought and sold, has raised $1.4 billion for its latest flagship secondary fund, according to an SEC filing. The last time the industry saw a fund of this size was when StepStone Group closed its $2.3 billion secondary fund in 2021. "Everyone is gonna have to have a secondary strategy," said Ken Sawyer, co-founder of Saints Capital, another major player in the VC secondary market. This latest fundraise by Industry, which is backed by Goldman Sachs Asset Management among others, could be a sign of increased interest in the VC secondary market.
Persons: Industry Venture's, Ken Sawyer, Sawyer Organizations: Industry Ventures, Industry, SEC, StepStone Group, titans, Insight Partners, Tiger Global, Saints Capital, Goldman Sachs, Management
Artificial intelligence could become the next battleground for Elon Musk and Mark Zuckerberg. Artificial intelligence could become the next battleground in the ongoing feud between Tesla CEO Elon Musk and Meta Platforms boss Mark Zuckerberg. The two billionaires – who've been trading barbs online since Musk summoned Zuckerberg to a cage fight last month – are working to challenge the dominance of ChatGPT owner OpenAI. Zuckerberg responded by telling Musk to "send [him his] location", setting the stage for a physical confrontation. Insider tech reporter (and resident combat sports expert) Hasan Chowdhury believes that Zuckerberg would have the edge in that one.
Persons: Elon Musk, Mark Zuckerberg, – who've, Musk, Zuckerberg, OpenAI, it's, It's, Sam Altman's, Hasan Chowdhury Organizations: Meta, Financial Times, Microsoft, Nvidia Locations: DeepMind
Congress grilled the PGA about its bid to merge with LIV Golf and accept Saudi Arabian investment. As PGA Tour board member Jimmy Dunne put it, "There is simply an agreement to try to get to an agreement." LIV Golf would only play in the fall and not overlap with the heart of the PGA Tour season. What makes the demand even stranger is that the PGA Tour almost certainly does not have the power to grant this. After all, despite the initial fight between the PGA Tour and LIV Golf, none of the defecting players were being withheld from competing in the majors.
Persons: LIV Golf, LIV, LIV Golfand, Jimmy Dunne, Woods, Rory McIlroy, Yasir Al, PIF, Donald Trump, Greg Norman, Chris Trotman, St Andrews, Andrews, Stephanie Asymkos, Augusta Organizations: Augusta National, PGA, Service, PGA Tour, LIV Golf, Investigations, Saudi Arabian Public Investment Fund, LIV, Aramco, Congress, Augusta National Golf, Getty, Augusta National Golf Cub, Golf, St, — Augusta National, Augusta, Uber, Microsoft, Boeing, Disney, English Premier League soccer, Newcastle United, Al, Wall Street Locations: Saudi, Wall, Silicon, Saudi Arabia, St
To help you score all the best Prime Day discounts, we're rounding up all of the best Prime Day PC gaming deals. Top 7 Prime Day PC gaming dealsThe best Prime Day gaming laptop dealsGaming laptops are down to low prices for Prime Day. $1,999.99 from Amazon Originally $3,199.99 Save 38%The best Prime Day gaming desktop dealsYou can snag great gaming desktops with powerful hardware at a discount on Prime Day. $1,259.99 from Amazon Originally $1,399.99 Save 10%The best Prime Day gaming monitor dealsAmazon's Prime Day sale includes big deals on gaming monitors from HP, LG, and more. $169.99 from Amazon Originally $249.99 Save 32%The best Prime Day gaming headset dealsGaming headsets are seeing great Prime Day discounts right now.
Persons: Marti Bug, That's, DisobeyArt, it'll, William Antonelli, Price Razer, Price Organizations: Amazon, ASUS, Intel, Razer, Getty, HP, LG, DC, Nvidia, AMD, Prime, Asus, Logitech, PlayStation, Amazon's, Price Logitech, Lightspeed, Bluetooth, Samsung, titans
Some of the tax-prep companies still do not know whether the data they shared continues to be held by the tech platforms, the report said. The Warren aide told CNN it was unclear whether Meta knew it was inappropriately using taxpayer data at the time. The investigation found that all three tax-prep companies had discontinued their use of Meta’s pixel after The Markup’s report last November. “The scope of ‘taxpayer information’ is broad by design,” Rosenthal said, adding that tax-prep companies can be sued for “knowingly” or “recklessly” leaking that information. Depending on the strength of the allegations, the tax-prep companies could quickly be forced into a binding settlement, said a former FTC official who requested anonymity in order to speak more freely.
Persons: , , David Vladeck, Vladeck, Democratic Sen, Elizabeth Warren, Meta, Warren, , Sens, Ron Wyden, Richard Blumenthal, Tammy Duckworth, Sheldon Whitehouse, Sen, Bernie Sanders, Katie Porter, TIGTA didn’t, Block, TaxSlayer didn’t, TaxAct, TaxSlayer, TurboTax, Steven Rosenthal, ” Rosenthal Organizations: CNN, Meta, Google, Georgetown University, Federal Trade Commission, Democratic, FTC, Internal Revenue Service, Justice Department, Tax Administration, Intuit, IRS, Urban, Brookings Tax Locations: United States, Google’s
Deutsche Bank analysts recently shared their 29 top stock picks for the next 12 months. Upcoming rate hikes and a looming recession have kept investors apprehensive about the future of the stock market — but not enough to impede the ongoing bull rally. 29 top stock picks for the next yearIn a report from July 7, Deutsche Bank analysts updated their quarterly Fresh Money List, which reflects their top investment ideas to hold over the next twelve months. Since the creation of this list in 2017, Deutsche Bank's basket of stocks has outperformed the S&P 500, returning 167% versus the S&P's 124% gain. The full list of Deutsche Bank's updated basket is below, along with each company's ticker, market capitalization, price target, sector, and respective analyst commentary.
Persons: That's, Charles Schwab's Joe Mazzola, Dave Sekera, Diane Jaffee Organizations: Deutsche Bank, Nasdaq, Deutsche
WREXHAM, Wales - April 10, 2023: Wrexham AFC owners Rob McElhenney and Ryan Reynolds watch their team during the Vanarama National League fixture between Wrexham and Notts County at The Racecourse Ground. Wrexham AFC, the small Welsh soccer club owned by Hollywood stars Ryan Reynolds and Rob McElhenney, on Tuesday announced new sponsorship from U.S. technology giant HP . Wrexham Association Football Club was born in a bar in 1864 and is on its way to great things," said Wrexham AFC Co-Chairmen McElhenney and Reynolds. The formerly struggling club has undergone a remarkable transformation since Reynolds and McElhenney purchased the team for £2 million ($2.6 million) in November 2020. "We're excited to bring the power of our technology to the club and broader community, supporting them to achieve their goals."
Persons: Rob McElhenney, Ryan Reynolds, HP, McElhenney, Reynolds, Vikrant Batra Organizations: WREXHAM, Wrexham AFC, National League, Wrexham, Notts County, Welsh, Hollywood, Tuesday, HP, United Airlines, Wrexham Association Football Club, Wrexham AFC Co, Vanarama National League, League, Disney, HBO, HP Global, English Premier League titans Chelsea, Manchester United, Major League, LA Galaxy Locations: Wales, U.S, Palo Alto , California, Wrexham
Amazon Prime Day is here, and that means exclusive Prime Day discounts on thousands of products, including gaming PCs, headsets, and monitors. To help you score all the best Prime Day discounts, we're rounding up all of the best Prime Day PC gaming deals. Top 4 Prime Day PC gaming dealsThe best Prime Day gaming laptop dealsGaming laptops are down to low prices for Prime Day. $1,259.99 from Amazon Originally $1,399.99 Save 10%The best Prime Day gaming monitor dealsAmazon's Prime Day sale includes big deals on gaming monitors from HP, LG, and more. $169.99 from Amazon Originally $249.99 Save 32%The best Prime Day gaming headset dealsGaming headsets are seeing great Prime Day discounts right now.
Persons: Marti Bug, That's, DisobeyArt, it'll, William Antonelli, Price Razer, Price Organizations: Amazon, ASUS, Intel, Razer, Getty, HP, LG, DC, Nvidia, AMD, Prime, Asus, Logitech, PlayStation, Amazon's, Price Logitech, Lightspeed, Bluetooth, titans
AI in advertising Amazon is not only differentiating its gen AI strategy by leveraging the cloud, but it's also incorporating AI in e-commerce to support its ad business. Amazon Prime Day Amazon Prime Day, the global shopping event that attracts consumers seeking huge cost-saving deals, on a variety of products will be held July 11 and 12 in 24 countries. Coupled with the cloud, e-commerce is the other big piece of what Amazon is all about. The 48-hour event is expected to bring in $8 billion in U.S. e-commerce sales, according to data by Insider Intelligence. Still, Insider Intelligence data shows Amazon Prime Day e-commerce sales will surpass that of competing retailers.
Persons: Andy Jassy, Scott Devitt, Devitt, Andrew Lipsman, it's, Lipsman, Sellers, Gene Munster, Jim Cramer's, Jim Cramer, Jim Organizations: Amazon Web Services, CNBC, Amazon, Microsoft, Nvidia, AWS, Insider Intelligence, Google, Deepwater Asset Management, Intelligence, Amazon CNBC Locations: U.S
LONDON — European markets advanced on Tuesday, tracking the trend across the Atlantic after Wall Street snapped a three-day losing streak, with investors looking ahead to key U.S. inflation figures later this week. The pan-European Stoxx 600 was up 0.3% in early trade, having pared some of its opening gains. Mining stocks added 1.4% to lead gains while autos slipped 0.5%, as most sectors and major bourses traded in positive territory. U.S. stock futures were little changed in early premarket trade after the major U.S. averages eked out gains on Monday. Back in Europe, U.K. wage growth hit a joint-record high in the three months to the end of May, deepening concerns about entrenched high inflation.
Persons: Hong, Wells Organizations: Wall, Mining, Investors, BlackRock, JPMorgan Chase, Citi Locations: Asia, Pacific, U.S, Wells Fargo, Europe, London
Price and Dunne may also be asked about the weekend resignation of Randall Stephenson from the tour’s board after more than a decade. The sport’s leaders have often handled their business in Washington behind closed doors, relying on a fount of good will and gentility. The tour faced a significant threat in the 1990s, when the Federal Trade Commission examined antitrust issues in golf before its inquiry fizzled amid a pressure campaign from Capitol Hill. But baseball has drawn much of the attention from Congress, like when senators called a 1958 hearing on antitrust exemptions. (“Stengelese Is Baffling to Senators,” read a subsequent headline in The New York Times, which reported that Yankees Manager Casey Stengel had lawmakers “confused but laughing.”)
Persons: Price, Dunne, Randall Stephenson, Stephenson, Jamal Khashoggi, , Travis Tygart, Arnold Palmer, Dwight D, Eisenhower, Jack Nicklaus, Biden, Casey Stengel, Organizations: AT, Saudi, Washington Post, U.S, Doping Agency, Federal Trade Commission, Capitol, Lawmakers, football’s, , New York Times, Yankees Locations: Washington, Capitol Hill
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMATIC jumps 3%, and SEC says Coinbase knew it could have violated law before suit: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Muneeb Ali of Trust Machines, weighs in on the impact for the crypto industry as finance titans like BlackRock and Fidelity have pushed for spot bitcoin ETFs.
Persons: Coinbase, explainers, Muneeb Ali Organizations: SEC, CNBC Crypto, CNBC, Trust Machines, titans, BlackRock, Fidelity
Meta has officially debuted its Twitter-like messaging app Threads, which the company is pitching as Instagram's "text-based conversation app." Mark Zuckerberg, Meta's CEO and co-founder, announced the debut of Threads on Wednesday, marking the official release of the social networking giant's new text-focused messaging app. The Threads app is now available to download for free on the Apple App Store and Google Play online store in over 100 countries, Meta said in a blog post. Many Instagram users were also recently able to obtain invitations to access Threads from within their Instagram accounts. Although Threads is linked to Instagram, with users able to use their existing Instagram usernames, the messaging service is a separate app that people will need to download.
Persons: Mark Zuckerberg, Elon Musk, Meta, Instagram Organizations: Tech, Meta, SpaceX, Apple
Americans aren't spending like they used to
  + stars: | 2023-06-29 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +5 min
You can also download the app to get notifications about our biggest markets stories. Spending has remained elevated even through the Fed's 10 straight rate hikes, but warning signs of a change have started to surface. That's going to further take the wind out of Americans' brisk spending over the last few years. From David Rosenberg to Rob Arnott, experts are sharing what the disruptive technology can mean for the economy, jobs, and stock market. The biggest companies and banks can't agree on where the stock market is heading next.
Persons: I'm Phil Rosen, You'll, let's, Derek Davis, Patek Pilippe, Audemars, Jerome Powell, Brian Moynihan, Morgan Stanley, Andy Ryan, Pablo Hernández de Cos, David Rosenberg, Rob Arnott, Stocks, Russell, Goldman Sachs, Phil Rosen, Max Adams, Hallam Bullock Organizations: Big Apple, Portland Portland Press, Getty, Rolex, Bloomberg, Bank of America, Bank of Spain, Fed, Wall Street, Royal, Nvidia, Tesla, Morningstar Locations: Madrid, Phoenix, Miami, Royal Caribbean, New York, London
announced penalties on Thursday for four players who had violated the league’s gambling rules. games in the 2022 season. Nicholas Petit-Frere, an offensive tackle with the Tennessee Titans, received a six-game suspension for betting on other sports while at the team’s facility. He will be allowed to participate in training camp and preseason practices and games. spokesman declined to comment on specifics of the investigation and how the league had discovered the players’ violations.
Persons: Isaiah Rodgers, Rashod Berry, Demetrius Taylor, Nicholas Petit, Frere Organizations: Indianapolis Colts, Detroit Lions, Tennessee Titans
The three players, who all bet on National Football League games during the 2022 season, may petition for reinstatement after the 2023 campaign, the league said in a statement. Shortly after the NFL announced the suspensions, the Colts waived defensive end Berry and cornerback Rodgers. "We have made the following roster moves as a consequence of the determination that these players violated the league’s gambling policy," said Colts General Manager Chris Ballard. "We will continue to emphasize to our players the importance of understanding and adhering to league rules and policies." Berry broke into the NFL as an undrafted free agent in 2020 and played eight games over parts of two seasons.
Persons: Isaiah Rodgers, Bob DeChiara, Rashod Berry, Demetrius Taylor, Berry, Rodgers, Chris Ballard, Nicholas Petit, Frere, Nick, Petit, Taylor, Frank Pingue, Ken Ferris, Toby Davis Organizations: Indianapolis Colts, New England Patriots, Gillette, NFL, National Football League, Colts, Tennessee Titans, Titans, ESPN, Detroit, Lions, Thomson Locations: Foxborough , Massachusetts, USA, Tennessee, Toronto
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