Big Tech has some big problems. The backlash against the likes of Google, Facebook, and Amazon has been simmering for a while, with critics pointing to the spread of fake news on social media during the 2016 U.S. presidential election, among other issues, as evidence that tech giants need to be reined in. And yet, investors don’t seem to care. Aside from today’s industry-wide selloff, U.S. tech stocks have had an unprecedented rally this year, with shares of Facebook, Alphabet and Microsoft hitting new record highs this week.—Katie Robertson |
| push for transparency | Senators Propose Social-Media Ad Rules After Months of Russia Probes | Senators introduced a bipartisan plan to impose new disclosure requirements for political ads on Facebook, Twitter, Google and other platforms. While televised political ads require disclosure of who paid for them, there are no such requirements for social media networks. Meanwhile, Facebook and Twitter will both send their top lawyers to testify Nov. 1 in front of Congressional committees investigating how Russian state actors interfered in the 2016 election. |
| Here are today's top stories... | | Trump gives himself a 10 out of 10 on Puerto Rico storm aid. The president said his administration’s response to Hurricane Maria deserves a perfect “10” rating, even as only one in five residents on the island has electricity. Trump, who met with Puerto Rico governor Ricardo Rossello at the White House on Thursday, suggested that he wants repayment of any loans provided for reconstruction to take precedence over the commonwealth’s existing debt. | | Spain unleashes historic power to end Catalan’s independence push. Prime Minister Mariano Rajoy’s government said it would move forward with the process of suspending the powers of the Catalan administration. The leaders of Catalonia’s separatist movement are considering proclaiming independence as early as next week as they debate their response to the latest offensive. | | The real competition begins for Amazon’s HQ2. The deadline to submit proposals for the retail giant’s second headquarters has arrived, and about 100 cities are expected to compete for the project. These ten U.S. cities may have the best shot at winning the bid and becoming Amazon’s second home, which will cost more than $5 billion and create 50,000 jobs over the next two decades. | | “Psychopath” hedge fund managers make less money. Being manipulative and mean isn’t the secret to success, according to a new study by two psychology professors. It turns out that people who exhibit what health professionals consider psychopathic traits actually perform worse than their less manipulative peers over time. The study flies in the face of earlier research that arrived at darker conclusions. | | Want to protect your Wall Street job from robots?Learn how to code. Senior bank executives preparing to roll out new technologies are making decisions with big implications for their industry’s workforce. Efforts to harness artificial intelligence and other advances will boost careers for those with cutting-edge skills, but managers are trying to figure out how to help people with traditional financial pedigrees keep up. | |
| seasonal activities | This Is the Perfect Fall Foliage Drive | A trip up Maine’s coast in October, when most of the tourists have left, is a great time to experience the beauty of the season—and discover the real personality of the place. Bloomberg Pursuits’ Chris Rovzar travelled Coastal Route 1 with his father in the Porsche 911 Targa 4 and put together the ultimate leaf-peeping tour. | | |
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