Square has agreed to buy a majority stake in Tidal, the streaming music service led by rapper Jay-Z, as part of an effort to expand the company’s suite of financial tools to musicians and emerging artists. From a report: Square will pay $297 million in a mix of cash and stock to become Tidal’s “significant majority” owner, though Jay-Z and Tidal’s…
Tag: commerce
Amazon Rainforest Plots Sold via Facebook Marketplace Ads
Parts of Brazil’s Amazon rainforest are being illegally sold on Facebook, the BBC is reporting. From the report: The protected areas include national forests and land reserved for indigenous peoples. Some of the plots listed via Facebook’s classified ads service are as large as 1,000 football pitches. Facebook said it was “ready to work with local authorities”, but indicated it would…
Share of US Workers Holding Multiple Jobs is Rising, New Census Report Shows
The share of Americans working more than one job to make ends meet has been growing over the past two decades, and the pay from second jobs make up a substantial share of workers’ earnings, according to a paper published by the U.S. Commerce Department on Wednesday. From a report: An estimated 7.8% of U.S. workers had more than one job…
Silicon Valley-backed Groups Sue Maryland To Kill Country’s First-Ever Online Advertising Tax
Top lobbying groups backed by Amazon, Facebook, Google and other technology giants sued Maryland on Thursday, seeking to scuttle a new state tax on their massive online-advertising revenue — and stop other local governments from following its lead. From a report: The legal challenge contends that Maryland’s first-in-the-nation tax is unfair, unconstitutional and incompatible with federal laws that prohibit state policymakers…
SolarWinds Hack Was ‘Largest and Most Sophisticated Attack’ Ever, Microsoft President Says
A hacking campaign that used a U.S. tech company as a springboard to compromise a raft of U.S. government agencies is “the largest and most sophisticated attack the world has ever seen,” Microsoft Corp President Brad Smith said. From a report: The operation, which was identified in December and that the U.S. government has said was likely orchestrated by Russia, breached…
Was GameStop’s Rise Actually Orchestrated By Hedge Funds?
Robert J. Shapiro advised senior members of the Obama administration on economic policy, and served as an Under Secretary of Commerce under Bill Clinton. Now a senior fellow at the McDonough School of Business at Georgetown, he’s suspicious of the surge in GameStop’s stock price:
Allegedly, this is the tale of scrappy, small online day traders buying shares of a beleaguered company…
Biden Commerce Pick Sees ‘No Reason’ To Lift Huawei Curbs
President Joe Biden’s nominee for Commerce secretary, Gina Raimondo, said she knows of “no reason” why Huawei and other Chinese companies shouldn’t remain on a restricted trade list. From a report: Raimondo, in written questions from Senate Republicans, was asked about the company, as well as Semiconductor Manufacturing International Corp., Hangzhou Hikvision Digital Technology Co. and others. They are on a…
Ex-Googler Turns Virtual Gifts Into a $61 Billion Business
An anonymous reader quotes a report from Bloomberg: In China’s popular online-streaming industry, virtual gift-giving is big. You can send your favorite live performer anything from a rose for 5 yuan (80 cents) to a space rocket for 500 yuan. The present is just a symbol, but the money is real — and that’s what’s made Kuaishou Technology so successful. […]…
Microsoft Backs Direct Air Capture Player Climeworks
Microsoft this morning disclosed investments in more climate-related companies as part of efforts to make good on its year-old pledge to become “carbon negative” by 2030. From a report: One company the tech behemoth is staking is Climeworks, a firm looking to scale up deployment of direct air capture technology that removes CO2 already in the atmosphere. The size of the…
Trump Seeks To Curb Foreign Cyber Meddling on Last Day in Office
Outgoing President Donald Trump has signed an executive order aimed at thwarting foreign use of cloud computing products for malicious cyber operations against the United States, the White House said on Tuesday, Trump’s last full day in office. From a report: The order, first reported by Reuters, gives the Commerce Department authority to write rules to bar transactions with foreigners in…