2019年6月4日 星期二

DealBook Briefing: Big Tech Enters Antitrust Purgatory

Amazon, Apple, Facebook and Google are all facing federal antitrust inquiries — a potentially long and painful period in their corporate lives.
 
 
June 4, 2019
Good Tuesday morning. (Was this email forwarded to you? Sign up here.)
  Josh Edelson/Agence France-Presse — Getty Images
Welcome to antitrust limbo, Big Tech
And then there were four. Yesterday, we learned that the federal government might be preparing antitrust inquiries into Apple and Facebook as well as into Google and Amazon, Cecilia Kang, David Streitfeld and Annie Karni of the NYT write.
• “The Justice Department has agreed to handle potential antitrust investigations related to Apple and Google, while the Federal Trade Commission will take on Facebook and Amazon.”
• House lawmakers are also planning 18 months of hearings and subpoenas for internal corporate documents into “major digital platforms,” which could “lead to the first overhaul of antitrust rules in many decades.”
“This is about how do we get competition back in this space,” said Representative David Cicilline, the chairman of the House Judiciary’s subcommittee on antitrust that will lead that investigation.
The agencies don’t appear to have opened official investigations yet. “But the scrutiny from Washington could lead to years of headaches for the companies, raising the prospect of lawsuits to break up companies, hefty fines or new laws limiting their reach,” Ms. Kang, Mr. Streitfeld and Ms. Karni write.
Tech stocks dropped on the news. Facebook fell more than 7 percent, Alphabet (Google’s parent) by over 6 percent and Amazon by 4 percent. Even Apple, which announced several new products yesterday, sank by 1 percent. The tech-heavy Nasdaq slid into correction territory.
What comes next is slow and difficult. Antitrust inquiries are time-consuming. And these companies, which didn’t exist when antitrust laws were written, raise challenges for investigators. It’s also unclear that regulators would break up the tech companies, as many people have recently called for.
More: Senator Elizabeth Warren’s presidential campaign put up a billboard calling for the breakup of Big Tech — in the heart of San Francisco.
____________________________
Today’s DealBook Briefing was written by Andrew Ross Sorkin in New York, and Michael J. de la Merced and Jamie Condliffe in London.
____________________________
Trump’s Mexico tariffs could meet resistance from G.O.P.
President Trump’s plans for tariffs to curb immigration could be opposed by members of his party, according to the WaPo.
“Congressional Republicans have begun discussing whether they may have to vote to block President Trump’s planned new tariffs on Mexico,” the WaPo reports, citing unnamed sources. The plan: Override Mr. Trump’s declaration of a national emergency. Unlike in the spring, the resistance would probably command a veto-proof majority, the paper said.
Such a vote “would be the G.O.P.’s most dramatic act of defiance since Trump took office.”
The worry: The tariffs may amount to tax increases. Jim Tankersley of the NYT writes that the levies on Europe, China and Mexico “would more than wipe out any gains from his $1.5 trillion tax cut for low- and middle-income earners, leaving them with less money to spend into a consumer-driven economy.”
The tariffs would erase Mr. Trump’s biggest selling point for 2020: the strong economy. Bank of America has already cut its forecast for corporate profits in 2019, citing the trade war with China.
Mexico hopes to appease Mr. Trump by cracking down on migrants trying to enter the U.S. But Mexican officials also warned that they could slap tariffs on some U.S. goods in retaliation.
More: The next front in Mr. Trump’s trade war with China may be Chinese researchers at American universities. And analysts doubt that a trade deal with the U.S. would enable Britain to compensate for leaving Europe.
James Bullard, the president of the St. Louis Fed.
James Bullard, the president of the St. Louis Fed.  Edgar Su/Reuters
Wall Street really wants an interest-rate cut
Bets that the Fed will lower interest rates soon have surged in recent days. But if those wagers are wrong, things could get ugly.
“The Fed funds futures market suggests a better than 50-50 chance that the central bank will announce a cut at its meeting in July,” Matt Phillips of the NYT writes. “In early May, those odds were below 20 percent.”
Strategists at JPMorgan Chase now predict two rate cuts this year, according to Alexandra Scaggs of Barron’s. They also cut year-end forecasts for Treasury yields.
Hopes have been buoyed by the head of the St. Louis Fed, James Bullard, who said yesterday that current economic conditions “suggest that the current policy rate setting is inappropriately high” and that rate cuts “may be warranted soon.”
But overheated expectations for rate cuts “could leave the market vulnerable to any sign that the Fed is wavering,” Mr. Phillips writes.
Expect some insight today when Jay Powell, the Fed’s chairman, delivers a speech on monetary policy at a conference in Chicago.
More: Australia’s central bank has cut rates to record lows.
ADVERTISEMENT
How climate change will hit bottom lines, fast
Many of the world’s biggest companies are bracing for the prospect that climate change could whack their finances within the next five years, according to a new analysis of corporate disclosures, Brad Plumer of the NYT writes.
• CDP, an international nonprofit, has analyzed risk and opportunity reports of 215 of the world’s 500 biggest corporations, from Silicon Valley tech companies to big European banks.
• It found that “these companies potentially faced roughly $1 trillion in costs related to climate change in the decades ahead unless they took proactive steps to prepare.”
• “In all, the world’s largest companies estimated that at least $250 billion of assets may need to be written off or retired early as the planet heats up.”
• “By the companies’ own estimates, a majority of those financial risks could start to materialize in the next five years or so.”
“The disclosures offer only a partial glimpse at the potential price tag of climate change,” Mr. Plumer writes. “Only a fraction of companies worldwide currently report their climate risks, and many large firms, including energy giants Exxon Mobil and Chevron, did not submit a disclosure to CDP last year.”
“On the flip side, the CDP report found, many companies also see moneymaking potential in climate change. Some 225 of the world’s largest corporations highlighted roughly $2.1 trillion of possible opportunities in a warming world, with the majority expected to materialize within the next five years.”
  Brittany Hosea-Small/Agence France-Presse — Getty Images
What happened on Apple Day
The iPhone maker made a bunch of announcements yesterday during its annual developer conference in San Jose, Calif. Here are the highlights.
Doubling down on privacy. The company is putting limits on how, and how often, apps can gain access to users’ location data without their permission. It also announced a way for people to sign into third-party apps and services using an Apple ID that shares less information than those of rivals sometimes do.
IPads that work better for work. The tablet is getting its own operating system, which is meant to make it easier to use the device as a primary work computer.
Expensive computers. A new version of the Mac Pro, Apple’s high-performance professional desktop computer, will start at $6,000. (Why not pair it with the company’s new $5,000 monitor and $1,000 display stand!)
The death of iTunes. The iconic music player and library is being carved up into Apple Music, Apple Podcasts and Apple TV. Farewell.
And more: IPhone apps are headed to the Mac’s App Store; a new version of MacOS will let you use an iPad as a second screen for your computer; and the Apple Watch is getting its own App Store. The company is also backing off from its crackdown on some third-party apps that was broadly viewed as anticompetitive.
A cryptocurrency exec gets to dine with Buffett
Every year, someone bids millions of dollars to have lunch with Warren Buffett. This year, it’s Justin Sun, who founded the cryptocurrency Tron and is C.E.O. of the file-sharing site BitTorrent.
Mr. Sun paid $4.6 million for the chance to eat with Mr. Buffett at a steakhouse in New York City. It’s a record for the charity auction, which benefits the antipoverty charity Glide.
“I’m excited to talk to Warren Buffett about the promise of blockchain,” Mr. Sun said. He plans to invite other industry executives — he’s allowed to bring up to seven — to the meet-up.
They have their work cut out. Mr. Buffett is a noted skeptic of cryptocurrencies: He once derided trading in them as “just dementia,” and called Bitcoin “rat poison squared.”
Revolving door
Justin Osofsky, a longtime Facebook executive, will become Instagram’s C.O.O.
Alex Beard, the head of Glencore’s oil division, will step down. He’ll be replaced by Alex Sanna, who has led the trading firm’s diesel business.
Credit Suisse hired Tang Zhenyi, a former chairman of the investment group CLSA, as the C.E.O. of its China operations.
JPMorgan Chase named Xavier Bindel as a co-head of technology investment banking for Europe, the Middle East and Africa. He’ll serve alongside Matthew Gehl.
The speed read
Deals
• Fiat Chrysler and Renault tried to reassure the French government over the weekend about their proposed merger. But any concessions could make minority shareholders less enthusiastic about the deal. (NYT, Bloomberg Opinion)
• Blackstone’s $18.7 billion deal to buy a collection of U.S. warehouses is a huge bet on Amazon and e-commerce. (WSJ)
• Humana said that it won’t bid for fellow health insurer Centene. (WSJ)
• A British financial watchdog is investigating whether a Citigroup employee leaked information about major deals to a stock trader before they were made public. (WSJ)
Politics and policy
• President Trump suggested a boycott of AT&T to punish the company over news coverage from its CNN division. (NYT)
• A former business partner of the Trump Organization claimed in a lawsuit that the company evaded taxes in Panama. (NYT)
• Congress finally approved a $19.1 billion disaster-aid package, overcoming objections from some House Republicans. (NYT)
• The movie and TV producer Peter Chernin is trying to raise millions of dollars to fight new anti-abortion laws. But Hollywood’s opposition to the measures may be flimsier than it seems. (NYT, CNN)
• No, Justice Clarence Thomas isn’t retiring from the Supreme Court. (NYT)
Tech
• YouTube’s automated recommendation system has helped create a vast video catalog of children for pedophiles. (NYT)
• A decision by Britain on whether to use Huawei’s 5G hardware appears to be delayed. (FT)
• E-commerce companies are nervous about how new European antifraud measures during customer checkouts could affect sales. (FT)
• AT&T, Verizon and T-Mobile were the biggest spenders in two recent F.C.C. spectrum auctions. (WSJ)
• Tesla makes a healthy income from selling greenhouse gas credits to G.M. and Fiat Chrysler. (Fortune)
Best of the rest
• Boeing’s C.E.O. said that its 737 Max jets should be flying again by the end of the year. (CNBC)
• FedEx reportedly misrouted Huawei’s packages because it was trying to comply with the Trump administration’s crackdown on the Chinese tech company. (WSJ)
• Some parents charged in the college admissions scandal will reportedly claim that the sums of money they gave were donations, not bribes, in an attempt to avoid prosecution. (Bloomberg)
• Sweden won’t seek an arrest warrant for Julian Assange, which could make it easier for the U.S. to extradite him. (WSJ)
• Refinitiv, the data arm spun out of Reuters, blocked news about Tiananmen Square from data terminals in China. (FT)
Thanks for reading! We’ll see you tomorrow.
You can find live updates throughout the day at nytimes.com/dealbook.
We’d love your feedback. Please email thoughts and suggestions to business@nytimes.com.
ADVERTISEMENT
FOLLOW NYTimes
|
Get unlimited access to NYTimes.com and our NYTimes apps. Subscribe »
Copyright 2019 The New York Times Company
620 Eighth Avenue New York, NY 10018
View in Browser

歡迎蒞臨:https://ofa588.com/

娛樂推薦:https://www.ofa86.com/

N.Y. Today: Your Subway Service Is Disrupted. Now You’ll Know Exactly How.

What you need to know for Tuesday.
View in Browser | Add nytdirect@nytimes.com to your address book.

Tuesday, June 4, 2019

New York Today
Your Subway Service Is Disrupted. Now You'll Know Exactly How.
By AZI PAYBARAH
It's Tuesday. Was that a "Montauk monster" that washed up on Staten Island?
Weather: Sunny, with a high in the low 70s. The clouds move in at night, and temperatures dip into the low 60s.
Alternate-side parking: Suspended today, Wednesday and Thursday for Eid al-Fitr.
John Taggart for The New York Times
In New York City, few phrases are as common, or confusing, as "service change," "planned work" or the curt and unforgiving "delays."
Subway riders lived with them for years. Now they're gone.
The Metropolitan Transportation Authority just replaced those generalities with more specific wording. It could help you plan your trip and save you time.
What is changing?
Those three broad labels were replaced yesterday afternoon on the M.T.A.'s website, mobile MYmta app and electronic signs.
The new phrases are "part suspended," "trains rerouted," "local to express," "express to local," "stations skipped," "slow speeds" and, because sometimes there is more than one change, "multiple impacts."
(The MYmta app is a replacement for the SubwayTime app. A spokesman for the M.T.A. said third-party apps would reflect these changes in the future.)
What do those new phrases mean?
They are pretty self-explanatory, but the M.T.A. has details here.
Where will I see these phrases?
Riders can find service announcements on the M.T.A.'s website and app in a window called "service status."
Why does the service status box look different?
The window now describes what is happening on individual train lines rather than on groups of lines.
In the past, if the F train was skipping a few stops in Brooklyn, the face of the box would say there was a service change on B, D, F and M lines. You had to click on that announcement to learn that only the F train was affected.
Trains are grouped by color into "trunk lines," which are, roughly speaking, where trains operate in central Manhattan. The old updates based on trunk lines were helpful to some riders but not others.
Where else is detailed information available?
Some Twitter feeds are fire hoses of subway information, including @NYCTSubway and @SubwayStats.
How will we know if these changes make commutes better?
Subway riders are quick to comment on their experiences, so we should get lots of anecdotal evidence.
If you want help sorting through all that feedback, or just want a distraction, check in with @mta_mood on Twitter, which says it analyzes tweets to grade riders' moods.
From The Times
 
How New York's elite public schools lost their black and Hispanic students.
Jennifer Dulos: Blood found in the trash matches that of the missing Connecticut mother of five.
New York is a noisy city. One man got revenge.
The drummer Lawrence Leathers, a rising talent on New York's straight-ahead jazz scene, was found dead after an assault.
Lawyers by day, Uber drivers by night: Legal Aid lawyers, who represent poor people in court, often have to work second jobs to make ends meet.
[Want more news from New York and around the region? Check out our full coverage.]
The Mini Crossword: Here is today's puzzle.
What we're reading
Governor Cuomo is supporting Melinda Katz in the June 25 Democratic primary for Queens district attorney. [New York Post]
Governor Cuomo will remain a registered voter in Westchester County through the primary, even though he is moving out of the home he shares there with his girlfriend. [Wall Street Journal]
Some Upper West Side residents want to eliminate free curbside parking. [NY1]
The police have confiscated some very loud sound systems from motorists. [Gothamist]
Coming up today
Celebrate Eid al-Fitr, the end of Ramadan, at the Museum of the City of New York in Manhattan with crafts, snacks and henna. 11 a.m. [Free with $18 museum admission]
Fish, crabs, snails and other creatures arrive at the Wetlab at Hudson River Park in Manhattan. See the marine animals, participate in a raffle, have a snack and learn about local species. 4 p.m. [Free]
Pay homage to African, African-American and African diasporic food with culinary historians at Food for the Soul, at the Brooklyn Historical Society in Brooklyn Heights. 6:30 p.m. [$10]
The German author Benedict Wells presents his novel "The End of Loneliness" in a conversation with the critic Liesl Schillinger at the Goethe-Institut in Manhattan. 7 p.m. [Free]
— Vivian Ewing
Events are subject to change, so double-check before heading out. For more events, see the going-out guides from The Times's culture pages.
And finally: He's c-o-n-f-i-d-e-n-t about next year's spelling bee
Susan Walsh/Associated Press
The competition was f-i-e-r-c-e.
The odds were d-a-u-n-t-i-n-g.
Last week, 562 students competed in the annual Scripps National Spelling Bee, and eight were crowned "co-champions." None of the eight winners was from New York.
Of the students who participated, 36 were from the state, including seven from New York City.
How did they do?
A spokeswoman for the spelling bee, Valerie Miller, provided an u-p-d-a-t-e in an email.
Patricia Block-Sheehan of Staten Island was eliminated in Round 2, after omitting the first "i" in the word "parturition." She was among the spellers ranked 519th (which was 519 places higher than I ever placed).
Olivia Meyer, Madhavendra Thakur, Charlie Kim and Nathaniel Wintraub — who study in Manhattan — as well as Adonis Cusu of Queens, were among the spellers ranked 51st.
According to Ms. Miller, they each "spelled correctly onstage in Rounds 2 & 3 - but didn't have enough points to advance into the finals."
Cianna Bazemore of Brooklyn was one of three spellers who dropped out of the competition at the start of Bee Week. Ms. Miller said she was unsure why.
But New York State has had no shortage of winners. In 1976, Tim Kneale of Syracuse won with "narcolepsy."
In 2013, Arvind Mahankali of Queens won with "knaidel."
In 2014, Sriram Hathwar of Painted Post co-won with "stichomythia." Two years later, his younger brother, Jairam, co-won with "Feldenkrais."
Lately, the competition has gotten tougher. One former finalist and spelling bee expert said coaching companies like SpellPundit were altering the competition. (Six of this year's eight co-champions used SpellPundit, The Times reported.)
But regardless, New York City's schools chancellor, Richard A. Carranza, said in a statement that he was optimistic about a city student's chances of winning the bee next year.
"As a lifelong Yankees fan, I know that the Big Apple produces champions," he said. "I congratulate all of this year's contestants, and I am c-o-n-f-i-d-e-n-t that NYC's best spellers will shine even bigger and brighter in the years to come."
It's Tuesday — have f-u-n.
Metropolitan Diary: High-five
 
Dear Diary:
We drove more than 200 miles to see our daughter run in the New York City half-marathon in March, stopping overnight on the way and waking up at 5 a.m. to get to the course on time.
Her group of runners was to leave Prospect Park at 8:10 a.m. and cross the Manhattan Bridge about five miles later. Her knee had been hurting and she wondered whether we should make the trip.
We parked at 88th Street, took the subway down to Canal Street and waited on the Manhattan side of the bridge, where the runners would turn toward the F.D.R. Drive.
As we waited, we tracked her progress on an app that showed us she was coming our way. We loved the wait. We absorbed New York City all over again: the cheerful encouragement of strangers, the Yankees and Mets caps on all kinds of people.
Then she arrived. We had told her to look for us to her left, where we would be waving her college flag. But we had ended up on the right. We called out to her, and she darted over and jumped to give me a high-five.
We walked as fast as we could to the Q train, took it uptown and emerged at 55th Street and Seventh Avenue. After meandering through the crowd and security checkpoints, we got to the finish line in Central Park. She crossed it just a few minutes later.
— Jim Hall
ADVERTISEMENT
New York Today is published weekdays at 6 a.m. Sign up here to get it by email. You can also find it at nytoday.com.
We're experimenting with the format of this newsletter. What would you like to see more (or less) of? Post a comment or email us: nytoday@nytimes.com
Need help? Review our newsletter help page or contact us for assistance.
FOLLOW NEW YORK TODAY
|
Get unlimited access to NYTimes.com and our NYTimes apps for just $0.99. Subscribe »
Copyright 2019 The New York Times Company
620 Eighth Avenue New York, NY 10018

歡迎蒞臨:https://ofa588.com/

娛樂推薦:https://www.ofa86.com/