Business News at a Glance
Posted June 5, 2018 10:03 p.m. EDT
Facebook Gave Chinese Giants Access to Data
Facebook has data-sharing partnerships with at least four Chinese electronics companies, including a manufacturing giant that has a close relationship with China’s government, the social media company said Tuesday. The agreements, which date to at least 2010, gave private access to some user data to Huawei, a telecommunications equipment company that has been flagged by U.S. intelligence officials as a national security threat, as well as to Lenovo, Oppo and TCL. The four partnerships remain in effect, but Facebook officials said in an interview that the company would wind down the Huawei deal by the end of the week.
Mexico Imposes Tariffs on U.S. Goods
Mexico hit back at the United States on Tuesday, imposing tariffs on around $3 billion worth of American pork, steel, cheese and other goods in response to the Trump administration’s steel and aluminum levies on June 1, further straining relations between the two countries as they struggle to rewrite the North American Free Trade Agreement. The tariffs came as the Trump administration threw yet another complication into the fractious NAFTA talks by saying it wants to splinter discussions with Canada and Mexico and work on separate agreements rather than continue three-country discussions to rewrite the 1994 trade deal.
Consumer Bureau’s Leader Sides With Payday Lenders
Payday lenders fought, and lost, a battle to block new federal rules curbing short-term loans. Now, the lenders have gained a powerful ally: the Consumer Financial Protection Bureau. In a joint motion filed last week in federal court in Austin, Texas, Mick Mulvaney, the bureau’s acting director, sided with two industry trade groups suing the agency. The bureau asked a judge to delay the rules until after the industry groups’ lawsuit is resolved. Consumer groups complained that the court filing appeared intended to delay the restrictions long enough for the bureau’s new leadership to kill them before they take effect.
British Ruling Clears Way for Bidding War Over Sky by Comcast and Disney
Comcast wants to upend the Walt Disney Co.'s empire-building plans, and a jewel of Europe’s media industry could give it an opening. They are vying for control of the British satellite broadcaster Sky. Disney has offered to buy 21st Century Fox, which already owns part of Sky and has offered to buy the rest. Comcast has made plays for both Fox and Sky. On Tuesday, Britain’s culture secretary, Matthew Hancock, ruled that Fox could proceed with its bid, provided that it sold Sky News, the broadcaster’s 24-hour news channel.
Tesla Fends Off Rare Revolt by Dissident Shareholders
Tesla Inc. and its chief executive, Elon Musk, have become accustomed to adoration from customers and shareholders alike. But at this year’s annual meeting came a rare challenge from investors who sought to shake up the board and force Musk to give up one of his two top positions. One proposal at the meeting on Tuesday in Mountain View, California, called for the splitting of the posts of chairman and chief executive. Others sought to deny re-election to board members including Musk’s brother. Tesla announced that the proposals had been rejected by “a wide margin.”
The Wall Street Journal, Its Newsroom Unsettled, Names a New Editor-in-Chief
The Wall Street Journal named a new editor-in-chief on Tuesday, elevating Matthew J. Murray to the top spot at one of the country’s pre-eminent newspapers and bringing an end to the tenure of Gerard Baker, whose stewardship gave rise to unrest in the newsroom. The British-born, Oxford-educated Baker, who led the broadsheet for 5 1/2 years, will remain at The Journal as a weekend columnist. He will also host live events and a Journal-themed show on the Fox Business Network, which, like the newspaper, is an arm of Rupert Murdoch’s media empire.
Crowdfunding a Funeral: How the Internet Helps
Crowdfunding campaigns are designed for just about everything these days: making video games; filming movies; paying for trips to Disney World; and, in a reflection of today’s astronomical health care costs, covering medical bills. In recent years, too, campaigns have become popular among families and friends seeking emergency funds to cover burial and funeral costs for a loved one who has died. GoFundMe, one of the largest fundraising sites, says that 13 percent of its campaigns created in 2017 were described as memorials, which include funerals and are one of the company’s fastest growing categories.