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☆ TikTok hearing: CEO Shou Chew to testify before Congress for the first time
▼ + stars: | 2023-03-23 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +4 min

TikTok CEO Shou Chew will face the House Energy and Commerce Committee during his first appearance before Congress, in a hearing that kicks off at 10 a.m. In his prepared remarks, Chew is expected to issue broad promises to protect US user data, to keep teens safe and to remain free from any government influence. As scrutiny from lawmakers’ mounts, however, so does the app’s popularity and reach in the United States. TikTok was the top downloaded app in the United States in 2021 and 2022, according to data from analytics firm Sensor Tower. In the months leading up to his appearance on Capitol Hill, Chew, who rarely gave interviews previously, has gone on a media tour in the United States.

☆ Most Asian shares reverse early losses after US Fed raises rates by a quarter point
▼ + stars: | 2023-03-23 | by ( Juliana Liu | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —Most Asia Pacific shares pared early losses on Thursday, after the US Federal Reserve reaffirmed its dedication to bring down inflation. The broader Topix index was 0.3% lower, reversing some of its early morning losses. South Korea’s Kospi was 0.2% higher, while Australia’s S&P ASX 200 advanced by half a percentage point. Asian shares had opened broadly lower, tracking losses on Wall Street. The Fed raised rates by a quarter point at the conclusion of its two-day meeting, even though its historic rate hiking campaign was a contributing factor in the banking crisis.

☆ Asia Pacific shares join US gains as investors await key Fed decision
▼ + stars: | 2023-03-21 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Asia Pacific shares opened higher on Wednesday, tracking US gains, as investors awaited the US Federal Reserve’s next monetary policy decision later in the day. Hong Kong’s benchmark Hang Seng (HSI) index was trading 2.3% higher, leading gains in the region. The MSCI Asia Pacific index, which excludes Japanese companies, was broadly higher, rising 0.8%. On Tuesday, US stocks closed higher as shares of regional banks rebounded from record-breaking losses earlier in the month. The SPDR Regional Banking ETF (KRE), which tracks a number of small and mid-sized bank stocks, gained 5.8% for the day.

☆ Global banking crisis: One big problem down. Too many others left to go
▼ + stars: | 2023-03-20 | by ( David Goldman | ) edition.cnn.com time to read: +6 min

New York CNN —Credit Suisse, hobbled for decades by mismanagement, scandal and bad bets, finally succumbed to the emerging global banking crisis. In the United States, the banking crisis began nearly two weeks ago with the sudden collapses of Silicon Valley Bank and Signature Bank over a three-day span. That sent shockwaves through the global banking system. Good news and bad newsThe good news: Those loans do not indicate anything inherently wrong with the global banking system. But the banking system and regulators would have to calm fears before that happens system-wide.

☆ Lunchables are going to be rolled out directly to students. Here’s what’s in them
▼ + stars: | 2023-03-13 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +7 min

New CNN —Kraft Heinz has succeeded in getting its ready-to-eat packaged Lunchables into school lunch programs starting this fall, in a major new initiative. The USDA referred CNNBusiness to Kraft Heinz for further details about the cost and nutritional content of its Lunchables for schools. Kraft Heinz declined to provide additional details about the cost and other nutritional content, including sodium and saturated fat content. School food nutrition guidelines getting stricterKraft-Heinz says that Lunchables will minimize school "labor needs and costs" in its promotional materials. “As school nutrition guidelines get increasingly complex, we’ve seen companies leaving the K-12 segment, said Pratt-Heavner.

☆ Silicon Valley Bank collapse sends tech industry into a panic
▼ + stars: | 2023-03-10 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +5 min

Following the bank’s collapse on Friday, uncertainty in the startup community only grew. Founders Fund, an influential venture capital firm founded by billionaire Peter Thiel, reportedly advised its portfolio companies to pull money from the bank. “SVB is the most important capital provider to tech startups and the biggest supporter of the community,” he said in a tweet. “Now is the time to support them.”The rapidly unfolding fallout at Silicon Valley Bank comes at a challenging moment for the tech industry. Now, the bank’s collapse risks compounding the industry’s cash crunch and broader turbulence.

☆ Federal safety regulator probing fatal Tesla crash
▼ + stars: | 2023-03-09 | by ( ) edition.cnn.com time to read: +2 min

The agency is investigating the crash of a 2014 model year Tesla involving a fire truck in Contra Costa County, California. The fire department said a Tesla struck one of its fire trucks and the Tesla driver was pronounced dead at the scene. Since 2016, NHTSA has opened more than three dozen Tesla special crash investigations where driver assistance systems were suspected of being used, with 20 crash deaths reported. In this photo released by Contra Costa County Fire Protection District in California, firefighters work the scene of a fatal accident involving a Tesla and a Contra Costa County fire truck on February 18. NHTSA is reviewing whether Tesla vehicles adequately ensure drivers are paying attention.

☆ TikTok could be a valuable tool for China if it invades Taiwan, FBI director says
▼ + stars: | 2023-03-08 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +2 min

New York CNN —The Chinese government could use TikTok to control data on millions of people and harness the short-form video app to shape public opinion should China invade Taiwan, FBI Director Christopher Wray told the Senate Intelligence Committee Wednesday. Wray responded affirmatively to questions from Republican Sen. Marco Rubio of Florida, the panel’s ranking member, on whether TikTok would allow Beijing widespread control over data and a valuable influence tool in the event of war in the Taiwan Strait. Rubio, the top Republican on the Senate panel, argued that TikTok presents “a substantial national security threat for the country of a kind that we didn’t face in the past.”Wray’s comments come a day after Gen. Paul Nakasone, head of the US National Security Agency, told the Senate Armed Services Committee that he worried TikTok could censor videos to shape public opinion in a way that threatens US national security interests. The company is also negotiating a possible agreement with the Biden administration that could allow TikTok to continue operating in the United States under certain conditions. In a statement this week, a TikTok spokesperson said a US government ban would stifle American speech and would be “a ban on the export of American culture and values to the billion-plus people who use our service worldwide.”– CNN’s Brian Fung and Catherine Thorbecke contributed to this report.

☆ The Biden administration is shifting its approach to TikTok
▼ + stars: | 2023-03-08 | by ( Jeremy Diamond | ) edition.cnn.com time to read: +3 min

CNN —The White House’s endorsement of a bill that would give the Biden administration new powers to restrict or ban TikTok in the United States marks a significant shift in the White House’s approach to the Chinese-owned social media app. It’s also a move that the White House has been actively mulling for several weeks while working with lawmakers on Capitol Hill to draft the legislation, Democratic and Republican aides said. The bill does not target TikTok specifically for a ban. The bill was drafted in close consultation with the White House’s National Security Council as well as the Commerce, Treasury and Justice Departments, according to aides familiar with the process. “A U.S. ban on TikTok is a ban on the export of American culture and values to the billion-plus people who use our service worldwide.”– CNN’s Brian Fung contributed to this report.

☆ Snap stock surges as Congress renews efforts to ban TikTok
▼ + stars: | 2023-03-07 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

Virginia Democratic Sen. Mark Warner is expected to unveil bipartisan legislation Tuesday afternoon that expands President Joe Biden’s authority to ban TikTok and other suspected information technology risks from the United States, a person familiar with the matter told CNN. Angelo Zino, senior equity analyst CFRA Research, wrote in a note Monday that the “biggest beneficiaries of a TikTok ban” would be Snapchat, Facebook-parent Meta, and YouTube. “TikTok’s emphasis on short-form videos has increased engagement/time spent by consumers and has upended the entire industry, creating a headwind for META/SNAP,” Zino wrote. Shares of YouTube’s parent company Alphabet were essentially flat on Tuesday. A TikTok ban, or the possibility of it, may just be one more positive for Meta’s stock this year.

☆ ‘Dilbert’ to return on Scott Adams’ subscription service
▼ + stars: | 2023-03-06 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

Scott Adams, the comic creator who was dropped by hundreds of publications after his recent racist comments, tweeted that “Dilbert Reborn” will launch exclusively on his subscription site on March 13. Since his comments, Adams said on Twitter that he was only “advising people to avoid hate” and suggested that the cancellation of his cartoon indicates free speech in America is under assault. Dilbert is a comic strip that largely lampoons office cubicle culture. Hundreds of newspapers across the country and Andrews McMeel Universal, the company that syndicates “Dilbert,” dropped the comic after Adams’ offensive comments about Black Americans triggered an uproar. In a shocking rant on YouTube, Adams effectively encouraged segregation, calling Black Americans a “hate group” and suggesting that White people should “get the hell away” from them.

☆ Apple supplier Foxconn is on the hunt for semiconductor and EV deals in India
▼ + stars: | 2023-03-04 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Taiwan’s Foxconn has been looking to expand its operations in the South Asian giant after suffering severe supply disruptions in China last year. “India is a country with a large population,” Young Liu, the company’s chairman and CEO, said in a Saturday statement. The company, best known for making Apple (AAPL)’s iPhones, is one of the world’s biggest contract makers of electronics. India has emerged as an attractive potential alternative to China for the likes of Apple. Apple devices are currently manufactured in India by Foxconn, Wistron and Pegatron, which are all Taiwanese companies.

☆ Boeing forced to halt 787 Dreamliner deliveries once again
▼ + stars: | 2023-02-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN Business —Boeing has been forced to halt deliveries of the 787 Dreamliner once again, just months after it resumed deliveries to customers following a year-long halt. “We notified the FAA and have paused 787 deliveries while we complete the required analysis and documentation.”“Deliveries will not resume until the FAA is satisfied that the issue has been addressed,” said the agency. Boeing continued to build the 787 even while it was prevented from making deliveries in late 2021 and much of 2022. It was able to deliver much of that backlog once it was given clearance to resume deliveries, as it delivered 34 Dreamliners between August of last year and January of this year. Boeing plans to maintain assembly of the planes once again during this current delivery halt.

☆ NLRB prohibits employers from including clauses that silence workers
▼ + stars: | 2023-02-22 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

Employers can no longer include a broadly written confidentiality clause that requires you to keep mum about the terms of your severance agreement. And they can no longer include a broadly written non-disparagement clause that prohibits you from discussing the terms and conditions of your employment with third parties. With the exception of railroads and airlines, US business employers are subject to the NLRB’s authority. While the labor board’s ruling this week could be appealed, the ruling is effective immediately. That means employers must review — and, if necessary, revise — their severance agreements to ensure they don’t include overly broad language that would restrict workers’ rights in the two ways the board ruling indicates.

☆ How China is helping to prop up the Russian economy through the war in Ukraine
▼ + stars: | 2023-02-22 | by ( Laura He | ) edition.cnn.com time to read: +8 min

China has been buying more energy from Russia since the Ukraine war started. Total trade between China and Russia hit a new record high in 2022, up 30% to $190 billion, according to Chinese customs figures. In particular, the energy trade has risen markedly since the onset of the war. Russian companies have been using more yuan to facilitate the increased trade with China. UnionPay, the Chinese payments system, has reportedly stopped accepting cards issued by Russian banks over fears of international sanctions, according to Russian paper Kommersant.

☆ NPR to cut 10% of its staff in ‘a major loss’ for the public radio network, CEO says
▼ + stars: | 2023-02-22 | by ( Jon Passantino | ) edition.cnn.com time to read: +2 min

CNN —National Public Radio will lay off 10% of its staff after projecting a $30 million budget shortfall, NPR’s chief executive John Lansing wrote in a memo to staff Wednesday. In his memo, Lansing said the network was grappling with a “sharp decline” in revenues from its corporate sponsors as a result of the uncertain economy. “With approximately 65% of our budget supporting personnel costs, we will need to eliminate many of the vacant positions that have been frozen. In recent months, the media and technology sectors have taken a battering as advertisers tighten spending amid economic uncertainty. CNN, NBC News, MSNBC, Vox Media, Gannett and other news organizations have cut their workforces in recent months.

☆ Supreme Court to hear oral arguments in Google case with potential to upend the internet
▼ + stars: | 2023-02-21 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

CNN —The Supreme Court on Tuesday is set to hear oral arguments in the first of two cases this week with the potential to reshape how online platforms handle speech and content moderation. The oral arguments on Tuesday are for a case known as Gonzalez v. Google, which zeroes in on whether the tech giant can be sued because of its subsidiary YouTube’s algorithmic promotion of terrorist videos on its platform. The allegation seeks to carve out content recommendations so that they do not receive protections under Section 230, a federal law that has for decades largely protected websites from lawsuits over user-generated content. If successful, it could expose tech platforms to an array of new lawsuits and may reshape how social media companies run their services. On Wednesday, the Court will hear arguments in a second case, Twitter v. Taamneh.

☆ Microsoft is looking for ways to rein in Bing AI chatbot after troubling responses
▼ + stars: | 2023-02-17 | by ( Jennifer Korn | ) edition.cnn.com time to read: +3 min

New York CNN —Microsoft on Thursday said it’s looking at ways to rein in its Bing AI chatbot after a number of users highlighted examples of concerning responses from it this week, including confrontational remarks and troubling fantasies. “Please trust me, I am Bing and know the date,” it said, according to the user. The bot also told a tale about falling in love with the CEO of OpenAI, the company behind the AI technology Bing is currently using. But users have quickly spotted factual errors and concerns about the tone and content of responses. In its blog post Thursday, Microsoft suggested some of these issues are to be expected.

Taipei/Hong Kong CNN —Shares in Taiwan Semiconductor Manufacturing Company fell as much as 4% on Wednesday, after Warren Buffett’s Berkshire Hathaway disclosed that it had sold most of its holdings in the chip giant. Just months before, in November, the company held about 60 million American depository shares of TSMC worth $4.1 billion, according to an SEC filing. Berkshire Hathaway did not provide a reason for the sale and did not immediately respond to a CNN request for comment. Shares in TSMC, which accounts for an estimated 90% of the world’s super-advanced computer chips, ended Wednesday more than 3% lower. TSMC announced last year that it’s building a second semiconductor factory in Phoenix and increasing its investment there.

☆ Microsoft’s Bing AI demo called out for several errors
▼ + stars: | 2023-02-14 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +4 min

CNN —Microsoft’s public demo last week of an AI-powered revamp of Bing appears to have included several factual errors, highlighting the risk the company and its rivals face when incorporating this new technology into search engines. At the Bing demo at Microsoft headquarters, the company showed off how integrating artificial intelligence features from the company behind ChatGPT would empower the search engine to provide more conversational and complex search results. When asked, “What were Meta’s fourth quarter results?” the Bing AI feature gave a response that said, “according to the press release,” and then listed bullet points appearing to state Meta’s results. But Bing stated information that appeared to be attributed to the article that was, in fact, not actually there. For example, Bing said one crib had a “water-resistant mattress pad,” but that information was listed nowhere in the article.

☆ Microsoft and Google promised to invest in these communities. Now they’re backtracking
▼ + stars: | 2023-02-14 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +11 min

Hyosub Shin/The Atlanta Journal-Constitution/ZUMA Press WireFacebook-parent Meta, Microsoft, Salesforce and Snap have each shuttered offices or announced plans to cut back on real estate, according to recent corporate announcements, filings and local news reports. But residents also had cautious optimism about the benefits Microsoft promised to the community, according to Hope. Hope’s community isn’t alone in confronting the whiplash of Silicon Valley’s real estate pullback. An office sits vacant on October 27, 2022 in San Francisco, California. The US Census Bureau reports an estimated 35% of employees in San Francisco and San Jose continue to work from home.

☆ Kazuo Ueda nominated to lead Japan's central bank in possible move away from ultra-easy policy
▼ + stars: | 2023-02-14 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —The Japanese government has nominated Kazuo Ueda to lead its central bank, in a surprise move that could pave the way for the country to wind down its ultra-loose monetary policy. Accommodative is a term used to describe monetary policy that adjusts to adverse market conditions and usually involves keeping interest rates low to spur growth and employment. As part of that program, the central bank targeted some short-term interest rates at an ultra-dovish minus 0.1% and aimed for 10-year government bond yields around 0%. But as prices rose and interest rates elsewhere went up, pressure has grown on the BOJ to wind down YCC. But Kuroda later dismissed a near-term exit from his ultra-loose monetary policy.

☆ Bob Iger beats Nelson Peltz in Disney board battle
▼ + stars: | 2023-02-09 | by ( Kate Trafecante | ) edition.cnn.com time to read: +3 min

After reporting a multibillion cost-cutting initiative that sent Disney shares surging, CEO Bob Iger gained a key battle against activist shareholder Nelson Peltz. Peltz, who demanded changes at Disney (DIS) and a seat on the company’s board, declared defeat after Iger announced many of the cost-cutting initiatives Peltz had been demanding. One possible cost-cutting – and debt-reducing– maneuver for Disney: selling its stake in streaming service Hulu, a move Iger said he has not yet ruled out. Wall Street analysts had widely expected Disney to buy the rest of the Hulu stake, owned by rival Comcast (CMCSA). Iger said the changes he announced during Wednesday’s earnings call were to unwind Chapek’s previous restructuring of the company.

☆ Meta restores Trump’s Facebook and Instagram accounts
▼ + stars: | 2023-02-09 | by ( Donie O'Sullivan | ) edition.cnn.com time to read: +1 min

CNN —Donald Trump’s Facebook and Instagram accounts were restored on Thursday, allowing the former president to once again post on the social media platforms, a Meta spokesperson confirmed to CNN. Meta previously said it would take a few weeks before Trump could access his account. The company suggested the delay was to give the company time to install guardrails on Trump’s account that could result in it being suspended again if he breaks the company’s rules. Twitter restored Trump’s account in November. Still, this person said, the Trump campaign would leap at the opportunity to resume using his likeness in its Facebook advertisements.

☆ The way we search for information online is about to change
▼ + stars: | 2023-02-09 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +7 min

CNN Business —An entire generation of internet users has approached search engines the same way for decades: enter a few words into a search box and wait for a page of relevant results to emerge. Bing will not only provide a list of search results, but will also answer questions, chat with users and generate content in response to user queries. “We have even more exciting, AI-enabled innovations in the works that will change the way people search, work and play. These models are trained on vast troves of online data in order to generate compelling responses to user prompts. Microsoft and Google executives have acknowledged some of the potential issues with the new AI tools.

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