17 Burst results for "Francis Hagen"
The Secret History of the Future
"francis hagen" Discussed on The Secret History of the Future
"Who were attracted to the company because it offered great salaries and really generous benefits and the potential to work on interesting problems. And even people in the integrity space saw the ability to work on some of these issues that were gaining the company a lot of scrutiny from the inside. They felt they could do something to help. And they could do that with the relative security that they had security at the company or the railroad assurance that they had job security. And that they could feed their families and create a wife. But as the tech industry began to soften and lay off workers, those comfortable lives were slipping away. I talked to some workers, there's one who was like, you know, we stuck with the company, you know, during scandal after scandal, even when everyone was saying we were evil incarnate, but then the layoffs happened and it feels like a betrayal. I think a lot of employees, they did. They stuck with the company despite those controversies. Even during the Trump years, right? But this feels like a different moment. It's not longer, just a publicity scandal. It's something that's happening to them. This was also around the same time that Facebook lost what 500,000 daily active users in that last quarter of 2021, I wonder what that says about their core business model, right? The actual social network. Yes, great point. The core social app is no longer as popular as it once was. It's no longer the buzzy news social media app that gets all the college kids, you know, that sort of revolutionized or was revolutionary among young people, right? And we saw that actually in the wake of the Francis Hagen documents. We saw executives had for a long time been really concerned that young people were no longer signing up for Facebook, that they weren't spending as much time as they once did on Facebook and that they were going to competitors like TikTok. And so we see the core product that made meta the company, the business, the strong business that it is, has just no longer retained. It's appeal. It's still user growth has recovered. But there's a sense in which it's not the social media platform of the future. And that meta the company needs a second act in order to retain its dominance in this space. Do you think that's why meadow went so all in on ecommerce during the pandemic? Remember, Matt has WhatsApp and also Instagram, and so it's efforts to meet the demand, the ecommerce demand happened on all of its social networks. But I would say that meta definitely took advantage of the money that it got during the ecommerce spoon and reinvested in the company in other places in the company. So there's something it didn't include in the piece, but meta had bought this virtual reality studio that the FCC later challenged in court and lost, but during trial, Mark Zuckerberg essentially said, he said, look, we wouldn't, you know, after the company experienced repeated poor earnings showing, Mark Zuckerberg said, at the time I bought the studio, which was during the pandemic, we were looking for ways to invest that money that's not a project we would spin up now. And so I think it's fair to say that meta used the revenue, it gained during the ecommerce brand during the pandemic and grew its employee ranks and invested in the company in ways that it's trying to figure out how to unwind now. What, like 40,000 people, right? Yeah. That's a ton of people. It's a lot of people. They nearly doubled. And to be clear, they were always quickly growing. Year after year,
Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"That said, Facebook still has a massive cultural and societal impact. We were just speaking with Frances haugen, the now famous Facebook whistleblower and she expressed her concern that especially with Sheryl Sandberg leaving that Mark Zuckerberg still only really has Mark Zuckerberg to hold him accountable. Take a listen to what she had to say. You know, Mark has surrounded himself with people who tell him the same kinds of stories over and over again. Facebook is just a mirror. It doesn't have responsibility. All of these things that we're complaining about have always been present. We're just showing them to people. We don't play any role in this. We have no power. What do you think? I mean, I do think that there's a degree to which, you know, Facebook has a gatherer of cultural expression is merely reflecting what is going on in reality. But the idea that it shapes it instead is something that the company has embraced in its research internally as a lot of the documents that Francis Hagen put out showed that I do think that the company should be more transparent about that research and that they should be engaged in a dialog saying, look, we understand that there are challenges to the change that social media presents. To the way that people traditionally experience media and we're trying to lead them and now moving into the metaverse, we want to make sure that safety and sort of mental health as people experience these platforms is part of the mission and doing that in a good way as part of the mission. I think I've seen some pretty good action on that front from the company as the metaverse pivot has continued to happen. On that front. And I think that the fact that a lot of these documents have come out and have revealed internal research in the company has been mostly a cleansing opportunity for the company to talk about these things more openly. Francis is point seems to be that the company shouldn't be hiding these and I think that that's mostly right. I kind of ask your thoughts about Elon Musk and Twitter. I'm curious what you think the risks are does Twitter and Twitter under Elon Musk attract more Facebook like problems because it's run by a soul and very public billionaire. What are you watching if indeed, despite all of his success, he ends up taking over the social media company, which he has never done before. Right. And his commentary about how a simple this could be. You just reinstate some of these figures. You just allow we want to go to the limits to free speech law in America, where we're going to try to step back, seem a lot more like what people like Francis hugger are accusing Mark Zuckerberg than what has actually happened at Facebook and meta. And there's a real danger Elon's commentary on this has been simplistic and ill informed in most cases. Almost as ill informed as some of the stuff that he put out recently about effectively Russian propaganda about Ukraine. You know, that a lot of these commentary, there are areas where he just doesn't have a lot of expertise. And look, I drive a Tesla, I was an investor in SpaceX. I mostly believe in nila Musk and his ability in certain areas. But the way that he is roundly dismissed years of research and thoughtfulness in Twitter's content policies and in terms of ways to approach these difficult matters doesn't bode well for Elon Musk and Twitter. And so, I mean, if it ends up descending into 4chan, it's not something that's ever going to be as valuable as he needs it to be. So he's going to have to smarten up on this if he ends up with the deal. All right, well that's quite a comparison there. Certainly much remains to be seen. Chris Kelly, Facebook's former chief privacy officer, good to have you back here on the show, Chris and hearing you weigh in. Thank you. All right, coming up. The myth of the driverless car, we're going to talk about why a future where you can relax behind the wheel is still pretty far out. That's our big take. Next, this is Bloomberg. Start your market day with Bloomberg surveillance. The bond market, it's a really interesting soup com. Jonathan farrow and Lisa Abramovich. Isn't your base case the worst case scenario for us? Finance can't be fun. Who's in the zoo, guys? Which one of us? Bloomberg surveillance must listen must watch. I think they made a great decision separated us both. 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Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"Levels about $84 a barrel gold is lower just over $1800 an ounce and Bitcoin takes a little bit of a breather It is steady here call it 62,000 $500 or token it could be an entry point for someone Let's get some more color on those equity markets With Bloomberg stocks editor Dave Wilson Dave what do you got today Well I'm looking to Tesla I mean given the fact that the electric carmaker rose above a $1 trillion in market value yesterday the question is whether it's going to stay there so far so good the stock's down but only about three tenths of a percent in early trading Of course all this ties into people familiar with the matter of saying hurts ordered a 100,000 vehicles for its rental car fleet from Tesla So you know we'll see how well the $1 trillion Mark holds up for this company Early on though it's down to touch not enough to affect that status Facebook is kind of giving back its overnight gains I had been up as much as 3% in early trading Now hire by just a half a percent of the social media companies third quarter results showed more people using its apps than analysts expected in a Bloomberg survey and Facebook pledge to buy back as much as $50 billion of stock Of course there are a lot of cross currents at the company with all those stories coming out from internal documents disposed by whistleblower Francis Hagen so we'll see how it all shakes out Alphabet's up 1% Google's owner is due to post quarterly results here after the close So is Microsoft which is higher by half a percent Amazon.com stay with shall we say big tech up 1% The online retailer said in the blog post that's air drivers warehouses and planes to handle an expected crush of orders in the coming week Among other things Amazon's trying to reduce its dependence on the United Parcel Service that we heard from UPS quarterly results the shares are up 4% The package delivery services third quarter earnings and revenue surpassed estimates UPS benefited from better expected results in its supply chambers It's not so raising prices which offsets a bit of a drop in volume for them Maybe the mover of the morning in response to earnings Lockheed Martin down 8% The defense contractor cut this year sales forecast after third quarter revenue missed estimates We heard from one of Lockheed's peers rate the on technologies those numbers didn't go over well either that stocks down 1% and just sort of look at across the earnings front You see the drug maker Eli Lilly up half a percent You see the manufacturer 3M down three quarters of a percent industrial company General Electric GE up half a percent the toy maker Hasbro up two and a half percent and then there's the paint maker sure when Williams down one and a half percent the health insurer Centene down 1% and Corning the glass product maker Down four and a half percent in early trading A couple of deal developments DraftKings up 8% The online betting site walked away from a proposed $22.4 billion takeover of UK gaming company and tain and TransUnion up one and a half percent The credit reporting service agreed to sell healthcare business for about one and three quarter $1 billion and also to buy cybersecurity companies on teeth for 638 million And I'm watching back holdings You have to after yesterday's gain of 234% it's up another 41% and change today The cryptocurrency marketplace is surging after agreeing to work with Mastercard and financial processor Fiserv David Wilson thank you so much This is it This is it This is World Series Exactly Tom It is He's like you know I watch four videos last night at the Boston braves in Milwaukee braves I learned so much I had no idea Another back in the World Series again I didn't know that they're the reason they gave the idea like for the Dodgers and the Giants to go to the West Coast Is that right Yeah okay I didn't know that People are still upset about that We'll talk about that Bloomberg surveillance this morning Brought to you by cone Resnick advisory assurance tax Looking to improve technical capabilities and reduce costs Conor Essex managed services and outsourcing team could deliver the right approach visit cone Resnick Dot com This is a joy of ending sing We've seen them too much Yeah it's just I thought through this weather he would have pulled a W FH you know He's here in the live and in studio Twitter Everybody talks about everything else Why don't we talk enough about Twitter Is it inconsequential No because the mic's over here get up in the mic There you go Well they haven't done a great job of executing in terms of their ad revenue And the reason they haven't executed as well as Facebook is because they're at targeting isn't as good as Facebook or alphabet for that matter So I think of what Twitter needs to show is consistent user growth and ad pricing growth We saw from Facebook last night that they're at pricing growth has moderated Partly due to IDF a partly due to users spending less time on it Guess what Twitter could be the beneficiary of it So could be on the bed and others And that's what we want to see from this Twitter cool anymore I mean TikTok's cool and Facebook's not so cool We're watching a lecture from LA last night that succession I have to watch the whole have to Haven't watched it The one thing about social media There's one thing about social media now is it's very well segmented So if you want to target professional users Twitter is a go to platform If you want to target the younger kids the younger demographic probably snap and TikTok are better So I think the fact that advertisers clearly know which platform to use to target what kind of users does work in Twitter's favor You mentioned you mentioned idea for I know that's an apple thing Explain to me and to our listeners what IDF R is and why does snap blame that for missing its revenue Why does Facebook blame that for missing revenue What's going on there Well so Apple kind of instituted this change in their iOS 14 which is called identifier for advertisers Basically that gave all these apps the ability to track users outside their own apps So if you're a SnapChat you could track a user activity outside the SnapChat app So that's why now I get the pop up when I go to an app or a website saying hey do you want to be tracked And of course I click no No And that's what you're talking about Exactly So now SnapChat can only track you inside their app and they only know as much as what you're doing inside that They don't know what you're doing outside the app So who does it help in the long run I think apple stands to benefit simply because apple could easily get into ads business and they're ad inventory will be.
Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"Hear from the CEO today It has just gone 8 a.m. across the Emirates midday here in Singapore I'm Juliette Sally filling in for use of in manners who are on location And we will be live to the future investment initiative event in Riyadh later this hour Let's take in on your market so as we saw the S&P 500 have a record high on Wall Street and we are seeing very much a risk on tone across the region You can see S&P 500 futures also moving higher And particularly interest in tech stocks the NASDAQ futures they're outperforming a gain of about half of 1% as we saw a lot of focus on those positive tech earnings You've got WTA just WTI oil sorry just sliding below 84 bucks a barrel investors of course weighing at these U.S. stockpile concerns versus the prospects for talks about Iran and then you've got your U.S. tenure just below 1.64% there Let's have a look though at Facebook a big thumbs up here for this stock as it came through without announcement that it will buy back as much as $50 billion more in stock Shares rising in after hours trade here We saw the latest results showing about 3.6 billion people actively using its network of social media apps And this was more than analysts predicted But let's jump into my terminal and have a look at how you are starting to see some of the quarterly user growth stalls Some of the findings outlined by the whistleblower Francis Hagen showing that senior employers are allegedly alarmed over the company's inability to keep teens engaged and we have seen quarterly daily active user growth slow share certainly off the highest two of $382 which was reached in September Let's get a check now on how markets are faring in Asia with annabelle drawers who's in our Hong Kong studio annabelle pretty risk got out there If that's right jewel you mentioned Facebook And these U.S. earnings really boosting sentiment here in Asia as well today So think most benchmarks in the region highlight of course hire by the nikkei over in Japan But the cost be also 6 tenths percent of the outside even though we had that cooler third quarter GDP reading China though a little bit weaker here today and there's a couple of reasons for that primarily is concerned still around the property sector And we didn't have that developer modern land earlier saying that it has missed a dollar payment on Monday Now if you pull up the terminal now you can see the reasons that the nikkei is jumping so much today We're seeing a broad based rally all sectors are higher led by the transport and still indexes There are also other supplies including to Tesla the likes of Panasonic jumping today with that massive 100,000 order vehicles from hertz All right annabelle will Tesla has joined the exclusive $1 trillion club after a landmark order for a 100,000 new cars from hertz It is a key milestone for Elon Musk who's seen his company shares surge amid a global shift to electric vehicles Let's bring in our transport now and Peter This is a big win for Tesla Yeah it certainly is as you said a 100,000 car order That's about $4.2 billion in revenue according to people familiar with the situation that Bloomberg spoke to which also suggests it hurts isn't getting a discount on this order Elon Musk also tweeted earlier that they are paying full price It's also a real vote of confidence in Tesla from hertz which said that Tesla is the only automaker capable of making electric vehicles at this kind of scale And it also it's a big step forward in the mainstreaming of the mainstream adoption of EVs Hertz wants to electrify its entire fleet over time And first off it's turned to Tesla to do that And Peter paves away I guess too for more mainstream EV adoption what are we hearing Yeah I think it certainly does For a lot of people they probably haven't had the opportunity to drive a Tesla or an electric vehicle And this will give them the chance to rent one You know when you rent a car sometimes you rent something and be fancier than your own or regularly drive So think for a lot of people it's almost going to be like a gateway into electric vehicles And a chance for them to drive one test one out And it could start the united sway people who have been a bit reluctant or just haven't had the opportunity to drive one All right our transport and a pit of a coat with us And of course as we saw the stock jumped Tesla as much as 9.8% in his biggest move since March it really added to this $1 trillion valuation What does that mean for Elon Musk or he is now expanding his wealth Look at that $288.6 billion at top of the pile there on a bridge goes surpassing Jeff Bezos who is under 200 billion All right let's go back to Hong Kong check in on the first word headlines from around the world with annabelle tools.
Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"Evidence that they have seen lower ad performance so they are considering other options But again I mean Facebook has the momentum It is very large Advertisers are reliant on Facebook in a way that they are not reliant on other platforms like SnapChat like TikTok These are more particularly TikTok a more experimental platforms So while they are gaining ad dollars they're simply more additive as opposed to dollars moving from the Facebook Instagram pi into something like a TikTok All right well so much more to continue to dissect here Deborah aha Williamson of E marketer Thank you as always for your insights I want to continue with the story Former Facebook employee Francis how can of course went public earlier this month with claims that Facebook has been prioritizing profits over safety in a redacted version of the documents obtained by a consortium of news organizations including Bloomberg news we have learned that the social platform has been concerned for months about its declining popularity among teens and young adults but didn't let on to shareholders The social network also struggling to remove hate speech and morale is dropping Our own Tom's Giles our executive editor joins us now for more so Tom you obviously shepherded the reviewing of all of these documents deciding what themes to pull out just how many documents did we obtain And how did you even begin the process of pouring through them If we had access to several hundred documents which constituted thousands of pages So it was a mammoth undertaking We assembled a group of about a dozen reporters and editors myself included and just started digging and digging and digging and looking for themes that hadn't been covered before or looking for themes that had been covered but we thought we could bring additional value to the conversation It was basically we had about two and a half weeks and it was every day It was every day a group of people were dividing and conquering One of the main things you found most troubling in newsworthy because to be fair to what Deborah just said earlier a lot of these are things we suspected that teens are using Facebook less But we didn't see necessarily in numbers provided by Facebook Correct What this gave you insight into is just how deeply reflective Facebook employees are about their own problems I give them credit for taking a really hard candid look and doing deep in depth research into how bad things are Where's the user growth happening Where are we failing the public Where we've faltering on our mission So they are deeply reflective about it Here's the problem The problem is what do you do about it There's a lack of consensus There's a lack of follow through and there's also a foot dragging that happens internally about how to best address these things Take for example the conversation that happened around January 6th the insurrection There were employees at Facebook taking on the CTO of the time Shrek over what role do we play It's what extent are we responsible for this And Facebook did a lot of reflection and did a lot of research around that And they found that essentially Facebook failed to police the proliferation of groups that were promoting this idea of stop the steel promoting this idea that this false idea that Trump had won the election That's just one instance of them failing to get on top of the things that could later cause harm To that boy Francis Hagen did testify before UK parliament and brought up this point that if you made noise about something you weren't necessarily listened to even as an employee Take a listen to part of her testimony today I flagged repeatedly when I worked on civic integrity that I felt the critical teams were understaffed and I was told at Facebook we accomplished unimaginable things with far fewer resources than anyone would think possible There is a culture that lionizes kind of a startup ethic that is in my opinion irresponsible And right now there's no incentives internally that if you make noise saying we need more help like people will not get rallied around for help because everyone is everyone is underwater Now at the same time I've spoken to Facebook employees over the last couple of weeks several weeks who said to them this feels like more of the same They're used to hearing this bad press They look around them They see people working hard So is it are these documents actually going to have an impact or not Like many other scandals or controversies surrounding Facebook in the past where we haven't seen a long-term impact certainly not reflected in the stock which is still up right now 4% Right it's up today although it's down more than 10% give or take from when The Wall Street Journal started rolling out the most recent series of articles So there is a bit of overhang The other thing to bear in mind is that right now lawmakers and regulators in the U.S. are already in the process of looking at what can we do to rein in the power of big tech This is giving further fuel to that conversation And now lawmakers are calling for even stricter oversight So we haven't seen that play out yet The legislative side and the regulatory side there are implications there Okay Yeah Well I urge our audience to check out all of the stories Bloomberg has written about this at Bloomberg dot com There are many different treatments Tom Giles are executive editor for Bloomberg technology Thank you very much And we're going to continue to talk more about Facebook the Facebook files How the social media giant kept some crucial information from investors next This is Bloomberg.
Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"Day maybe week maybe a month as a result of the earnings coming out after the bell today but let's be Frank every single day we get a new leak about something about Facebook that does not too attractive Doesn't seem to be hitting the stock though And Dave Wilson's gonna hear to explain that story to us Well I mean we should point out that Facebook shares hit a record back in early September so they have come off in the past month and a half or so And also they felt more than 5% on Friday in response to results out of snap the owner of SnapChat that didn't go over so well So it's not like all these revelations that we're getting from Francis Hagen and the documents that she took away from the company and then became a whistleblower I mean they're getting noticed you could argue from the stock's performance but it's been sort of more subtle perhaps over time as opposed to you know everything comes out today These 17 news organizations working together and people respond all at once At the same time isn't the thing that drives the stock really how much money they're making off of advertising Well absolutely I mean and that's true for social media companies overall And snaps results raised a couple of issues that Facebook is dealing with as well One is that Apple they change their software They required users to opt in if they want to be tracked by advertisers like Facebook Facebook raise that issue with their second quarter results No dad it's going to come up again after the close when the third quarter figures are released And the second point the snap made maybe one that wasn't really front and center before was that you have all these companies that they can't make enough stuff to fill the orders they have Why would they advertise to go get more business I mean that's a bigger issue Ties into the supply chain concerns that a lot of companies have talked about And we'll see whether that is also an influence on Facebook Fascinating we're working on that this afternoon after the bell Thank you so much to Dave Wilson for that report on Facebook Well however Wall Street evaluates Facebook's prospects Washington lawmakers in a regulators are taking a close look at curbing what they see as Facebook's excesses We talked with former HP CEO Carly fiorina on Wall Street week this last Friday and here's how she sees the problem There are clearly huge risks right now to Facebook shareholders The board is kind of MIA The dual class shares mean that Mark Zuckerberg holds enormous power but the SEC is a regulatory agency that can demand fuller disclosure of risks of algorithms on behalf of shareholders and I think ultimately someone may take a shot at the board of Facebook For more on possible Facebook regulation welcome now law professor Kate clonic of St. John's who is writing a book on the subject of Facebook So welcome professor great to have you with us You heard Carly fiorina there talking about one four regulation which would actually be securities in terms of disclosure shareholders Other people talking about content regulation and goodness knows and a trust issues Give us a sense of what approach might make sense Yeah so there are just so many different groups that are having to kind of exercise what they're concerned about in the Facebook land of all of this You've touched on a few shareholder prices and shareholders and holding a board accountable In my world mostly what I focus on is looking at whether or not users are happy with the service and how users are responding to the service and how it's being picked up and reported on in the media But of course these are all interrelated And actually I think that one of the main things that's probably hurting Facebook so much right now and one of the things that I've written about is that they have over estimated their metric of growth just purely in terms of user engagement And without building in kind of a more holistic sense of how they are contributing to users engagement with the world users engagement with each other that without measuring that and just measuring it in very black and white binary how much time is spent on the platform where they're clicking what they're seeing You're just not getting a full sense of the health of the company And you're not getting a sense of really where they're contributing harms or where they have an easy spot where they can fix them for users or for shareholders Really good point If you just measure you're using engagement that's what you get Whatever you measure you're managed to that phenomenon But for a point of view of making money do they want to measure the other things Are they perfectly happy with user engagement and showing advertisers People are really engaged Yeah well I mean I come from a world of content moderation which is basically looking at for the last 6 years and 7 years and really studying how it is that Facebook makes the rules that enforces on its platform how it does that and how users basically interact with them How individuals decided their harms how we decide societally that their harms through misinformation or things like that I think that what you have at Facebook is that essentially means taking down or policing more content or putting a ton more into a certain cost center And as long as they continue measuring for the last 7 to ten years on a pure user engagement scale then they're never going to be reflecting that And so they're never going to be having to reflect basically when they stop measuring in that way So if they're just always measuring on this number it's one for them And so they keep making that decision What I and a lot of others have urged not actually for shareholders at all But for users who just really are using this as their main source of communication especially through the pandemic we've seen this huge rise and how people are communicating through these platforms that these are governance issues These are rights issues And if they want long-term health for their company they're going to have to do a better job governing Their users because otherwise they're going to lose users as Bloomberg reported today One of the questions occurred to me actually is whether Facebook regrets having asked some of the questions they got some unfortunate answers to and now I've gotten leaked If they never asked.
Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"2.9 billion That's how many people use Facebook every month Well over a third of the planet And to hear Mark Zuckerberg tell it the social media company he started to keep track of Friends in college is using its enormous power to do good For most of our existence we focused on all the good that connecting people can bring But as former HP CEO Carly fiorina points out with great power comes great responsibility What makes Facebook different is their dominant control over people's lives and in our economy And a growing number of people find Facebook falling short such as former Facebook product manager Francis Hagen turned whistleblower They can't protect us from the harms that they know exist in their own system It is pulling families apart And in places like Ethiopia it's literally fanny ethnic violence It's not just about harmful content being spread former Goldman Sachs CEO Lloyd blankfein flags another risk You know looking through it from a macro point of view You don't want to let them pull these pros of high concentration of economic power and influence get into play So I'd always thought that the tech industry was kind of in some ways like financial services on steroids All of which leads lawmakers both Republicans and Democrats to say there has to be more regulation With senator Elizabeth Warren of Massachusetts calling for Facebook to be broken up Break them up Break them up When we've got lots of competitors in this market no one dominates in that same way So.
Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"How many people use Facebook every month Well over a third of the planet And to hear Mark Zuckerberg tell it the social media company he started to keep track of Friends in college is using its enormous power to do good For most of our existence we focused on all the good that connecting people can bring But as former HP CEO Carly fiorina points out with great power comes great responsibility What makes Facebook different is their dominant control over people's lives and in our economy And a growing number of people find Facebook falling short such as former Facebook product manager Francis Hagen turned whistleblower They can't protect us from the harms that they know exist in their own system It is pulling families apart And in places like Ethiopia it's literally fanning ethnic violence It's not just about harmful content being spread former Goldman Sachs CEO Lloyd blankfein flags another risk You know looking through it from a macro point of view you don't want to let these pose of high concentration of economic power and influence get into play So I'd always thought that the tech industry was kind of in some ways like financial services on steroids All of which leads lawmakers both Republicans and Democrats to say there has to be more regulation with senator Elizabeth Warren of Massachusetts calling for Facebook to be broken up Break them up Break them up When we've got lots of competitors in this market no one dominates in that same way So.
Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"Whistleblower of course has now announced she will meet with a Facebook oversight board tweeting that she is looking forward to sharing the truth with them This is Francis haugen of course Is in addition to meeting with lawmakers in the United Kingdom and the EU later this month we understand who knows Kat Wagner has been all over the ongoing or fallout really from one initially was a focus on perhaps Facebook understanding the ramifications that some of their products have or mental health particularly those of the younger And choosing what Francis Hogan calls profit over people The main test always is whether or not this really hurts a share price whether or not this really hurts the business model of Facebook because time and time again when we've had these sorts of crises of PR it hasn't always hurt in the overall business proposition because small businesses are so dependent on it And this time does not necessarily feel different but we'll learn at the end of this month because Facebook will have earnings now of course by the time they report these earnings most of the drama has happened at the end of the quarter So we actually may even have to wait longer until we really have a full quarter of this kind of news being out there But as you mentioned the stock price is down I do feel like there is some concern that in D.C. in particular there's a little bit more cohesion between Democrats and Republicans about actually implementing some type of data privacy law So it's clear that people are a little spooked here that this might have a long-term impact on the business A long time impact on engagement on usage on the consumer I think it's more on Facebook's data business right So I guess if someone were to come out with a law that said hey we're going to restrict what types of data you can use to target people or hey we're going to force you to kind of expose the technology behind your algorithm or maybe get rid of the algorithm in some way That's the kind of thing that would really hurt Facebook's business And I think that's where you know if you're an investor you have to be a little worried because it directly impacts Facebook's money making ability What about Facebook's response to this particular crisis Vis-à-vis others It does feel more aggressive this time around and in the past you know for example with Cambridge Analytica I realized that was a few years ago at this point But we saw Mark Zuckerberg be a lot more active We saw him out speaking a lot more often Now it's Nick cleg you know it's their head of policy and communication who's doing most of the talking And we've seen some of their PR folks on Twitter being a little bit more aggressive and kind of sharing the company message and even countering journalists and things like that So it does just feel like Facebook is being a lot more aggressive this time around in this crisis and they have been in previous issues Talk to us about what happens next We know of course that Francis Hagen's going to the UK where Damon Collins the MP there has been very much focused on these sorts of issues We know that the EU wants to speak with her as well But what next in terms of the unfolding story from your perspective Well I think we have to keep an eye out for even more stories to come We know that Francis has given thousands of documents that maybe tens of thousands of documents to the journal to regulators and she hinted in her testimony you know she brought up some issues that were important including kind of the January 6th riots in D.C. as issues that she saw with Facebook and we haven't really seen a lot of stories necessarily touching on that So I have to imagine some of these documents contain things we still haven't seen So this is not necessarily the end of even the data dump in my opinion And so from that you know you're going to continue to see a lot of bad press for Facebook I'm sure I'm okay with close eye on how well it's valuation reacts to it and indeed the users kept Wagner Thank you so much for giving us up to speed on all of it Meanwhile coming up promising studies from Merck and its new COVID-19 pill All the FDA approved it and how could it.
Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"Did of course admit to some serious cash flow difficulties just weeks ago And let's look at the markets this morning in Asia To the global headlines and Ed Baxter in San Francisco All right thank you annabelle Hong Kong observatory says signal three storm warning remain in effect this morning It may increase it It says to as much a signal 8 this afternoon that is a severe tropical storm capacity comes toward the area It actually is going to skirt the south of Hong Kong Gale force winds increasing as it approaches though Kindergartens have been suspended Singapore announced an opening of air travel restrictions This is certainly a caused a lot of interest Singapore airlines website was temporarily down over the weekend as people tried to jump in Southwest Airlines canceled more than 350 flights today following a very bad sad weekend The company says weather in Florida others are saying it was a staffing shortage because of mandatory vaccination requirements and a pilot sick out the company says that is not true Merck has sought to use authorization emergency authorization in the U.S. for the first oral antiviral treatment for COVID-19 Thailand is unveil a road map to revive its tourism reliant economy by gradually scrapping a mandatory quarantine for vaccinated visitors UK pregnant women and this is a very stark statistic UK pregnant women who have not been vaccinated against COVID-19 account for almost 20% of the critically ill coronavirus patients in England's hospitals Southwest air I mentioned two you 10% of its fleet down today China's president Xi Jinping will have a phone call with president of the European council Charles Michel on Friday Facebook whistleblower Francis Hagen will appear before the UK and EU parliament October 25th China and India have broken off talks Each blaming each other for holding untenable positions and Netflix co CEO Ted surround us has defended the network's airing of a controversial Dave Chappelle comedy special featuring trans jokes He defends it as artistic freedom In San Francisco I'm at Baxter This is Bloomberg All right Jules Thanks Ed Well as we know trading requires the ability to adapt and profit from disruptions But what happens when the act of trading itself is disruptive We've got a fascinating piece on the Bloomberg written in part by Rebecca Cheng Wilkins Bloomberg's team leader for China credit so Rebecca you are one of several Bloomberg markets reporters who have asked traders How they got into the business what their typical day is like how their market and investing strategy is changing What are some of the common themes that these traders discussed And what's on their raider for the months ahead Well I think one big key theme is essentially how to be comfortable with risk and how to get comfortable with the incredible volatility that we've seen across all markets from kind of crypto to quant trading to credit markets And the other kind of thing that kind of tied I think all these interviews together which they all seem to start very very young We have one ton of 20 year old crypto trader in there But even among the other kind of more experienced folks lots of them were given a lot of responsibility at a very young age and they all kind of talked about this humility about learning from mistakes and communicating stakes as well as the way that that allows them to disentangle themselves from the noise and understand the kind of true fundamentals of the various assets they were looking at That said did you notice any generational differences does old age necessarily make a wiser more economically or less adverse risk-taking person I don't think it necessarily creates more risk aversion But I think what was interesting is that among the kind of let's say the more experienced traders that we spoke to there was this feeling that actually the better that you understand risk and the more experience and the more years of perspective you have actually that diminishes the risk So even if the underlying asset is potentially something that is I guess you know kind of a very distressed debt that you're trading or whatever it is Actually if you understand the risk that really diminishes any sense of uncertainty I got to say I'm really interested in the 20 year old crypto trader that you were talking about I mean he started selling lollies at netball games when he was ten and now assets under management of 38 and a half million Let's talk though about the Asian distressed ditt veteran Michael loewy what did he have to say Yes so I mean he's kind of a real veteran when it comes to Asian distressed debt He's been training these assets for 20 years before funding starting his own fund SE lowy here in Asia He was actually one of the first people to publicly call out that the risks that ever ground were really high and he was pulling back from an investing and trading in those bonds This is sort of quite a few months ago now I think from his perspective was really useful in times of understanding China's sort of move to increase defaults and on the one hand that will certainly allow a better sort of assessment of all the key players and how things are going to unfold One problem with China of course if we just don't have a lot of precedents when it comes to failures and that's important now when we're looking at evergreen which could potentially be one of age's biggest ever restructurings And the other point I think is that he mentioned you know back when he was trading 20 years ago when we were looking at Chinese Chinese firms there are actually precedents for when we talk about the huarong events the evergreen event and ultimately it all comes down to this idea that a state guarantee and a state owned firm are not the same things And ultimately investors may be on the hook I'm going to go back to the generational thing for a moment bear with me here because some of the old school guys and I'm thinking about the traders that were profiled let's say in Michael Lewis's first book liar's poker You look at someone like that against someone who is much more comfortable with the way that algorithms are being used today right And machine learning as a leads to artificial intelligence Do you find that the younger generation is more willing to accept the role of the computer the algorithm in today's market action Let's say then the veteran or not so much Interestingly not so much I think when it comes to thinking about the idea of the algorithm or quant trading actually all of the traders or most of them did mention some role that that was sort of playing in their industry And I think their willingness to accept that was less about a kind of a version or an adoption of technology and more about the capacity.
Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"That work Because this is post Brexit a lever that the UK has control of I mean I'll call the government We focus on the practicalities not the politics This could include for example expanding the structure occupation list To alleviate some stress in the state sectors and in certain that will help Looking at a more flexible migration system which flexes to leases the economy this means some look at more general space systems for example And also the providing businesses with heaven to invest in our workforce over the long term with skills funding The budget and spending will be coming up in the next few weeks As you look at ways of boosting or still taking business to be able to invest in the skills of their workforce to drive productivity growth over the long-term Okay Well we'll see if there are any business friendly measures announced in the prime minister speech or 1130 UK time later or indeed the budget on October 27th Thank you for joining us sir and thorough head of economics at the British chambers of commerce Let's get more of the global in international news now but Lee and guerin's Liam Tom good morning and thank you Germany's greens are seeking coalition talks with the social Democrats according to the FDP earlier the greens highlighted major policy differences with the CDU led conservative block after they sounded each other out Merkel's conservatives are still hoping to lead a government under their Chancellor candidate armand la Chet despite their narrow defeat to Olaf schulz's social Democrats in the recent election Now the Facebook whistleblower has told Congress it has given the social media platform a free pass for bad behavior Bloomberg's add Baxter has more Francis Hagen says Facebook works tirelessly to make Congress feel that risks posed by its platforms are too difficult to fix The company intentionally hides vital information from the public from the U.S. government and from governments around the world And that somebody needs to have some control of information other than Mark Zuckerberg There are no similarly powerful companies that are unilaterally controlled Zuckerberg has issued a short statement saying her allegations are not true in that the company does not prioritize profit over safety In San Francisco I'm Ed Baxter Bloomberg daybreak Europe Now Hong Kong is pushing ahead with the national security law imposed by Mainland China in what may be her last speeches leader Carrie lam says it is provided a stable in environment Wait why won't God going on shin To safeguard national security in the comprehensive manner there is still a substantial amount of work for the Hong Kong SER government including one taking forward proactively the enactment of local legislation to implement article 23 of the basic law in Hong Kong She's coming to the end of a 5 year term as leader and hasn't made it clear whether she will seek another one and Chinese president Xi Jinping is said to be planning to skip the G 20 summit in Rome this month Sources tell Bloomberg that she won't attend the meeting in person citing China's COVID protocols as a reason why he's not leaving the country She hasn't been outside China since January 2020 but he has attended several meetings virtually The G 20 leaders summit begins on October the 30th Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries and the angers this is Bloomberg Anna Lian thank you very much for that Let's get to an update on what's going on on these markets European equity markets are very much under pressure this morning down by one and a half percent on the stock 600 The set of tax in Germany down by 1.9% concern around inflation concern around higher energy prices certainly to.
Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"Global news with Leanne Garrett good morning to you and you start off with Facebook Indeed roger good morning to you too The Facebook whistleblower has told Congress that has given the social media platform a free pass for bad behavior Bloomberg's Ed Baxter has more Francis Hagen says Facebook works tirelessly to make Congress feel that risks posed by its platforms are too difficult to fix The company intentionally hides vital information from the public from the U.S. government and from governments around the world And that somebody needs to have some control of information other than Mark Zuckerberg There are no similarly powerful companies that are unilaterally controlled Zuckerberg has issued a short statement saying her allegations are not true in that the company does not prioritize profit over safety In San Francisco I met Baxter Bloomberg daybreak Europe Now to Asia Hong Kong's chief executive has outlined plans to develop the city's China border into a major metropolitan area with close to a million homes in an effort to ease the housing crisis in the final policy speech of a current term Carrie lam also made a broad defense of the national security law imposed last June by Beijing In Germany coalition talks are inching along with social Democrat Olaf Schultz still in the best position to form a new government and succeed Angela Merkel and as the new Chancellor Bloomberg's Patrick Donahue reports After a flurry of contacts between German parties and the week following the election two smaller factions the greens and the free Democrats will decide how they want to move forward Both will be needed for a government led by Schultz but could also form a majority with the conservative Christian democratic block that lost the election That however seems unlikely in the end it could be a three way alliance led by the social Democrats talks could take weeks or months in Berlin Patrick Donahue Bloomberg daybreak Europe And Chinese president Xi Jinping is said to be planning to skip the G 20 summit in Rome this month Sources tell Bloomberg that she won't attend the meeting in person citing China's COVID protocols as a reason why he's not leaving the country She hasn't been outside of China since January 2020 but he has attended several meetings virtually The G 20s leaders summit begins on the 30th of October Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts and will then 120 countries.
Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"Is given the social media platform of free pass for bad behavior Bloomberg's Ed Baxter has more Francis Hagen says Facebook works tirelessly to make Congress feel that risks posed by its platforms are too difficult to fix The company intentionally hides vital information from the public from the U.S. government and from governments around the world And that somebody needs to have some control of information other than Mark Zuckerberg There are no similarly powerful companies that are unilaterally controlled Zuckerberg has issued a short statement saying her allegations are not true in that the company does not prioritize profit over safety In San Francisco I met Baxter Bloomberg daybreak Europe To Asia Hong Kong's chief executive has outlying plans to develop the city's China border into a major metropolitan area with close to 1 million homes in an effort to ease a housing crisis in the final policy speech of her current term Carrie lam also made a broad defense of the national security law impose last June by Beijing In Germany coalition talks are inching along with social Democrat Olaf Schultz still in the best position to form a new government and succeed Angela Merkel as the new Chancellor Bloomberg's Patrick Donahue reports After a flurry of contacts between German parties and the week following the election two smaller factions the greens and the free Democrats will decide how they want to move forward Both will be needed for a government led by Schultz but could also form a majority with the conservative Christian democratic block that lost the election That however seems unlikely in the end it could be a three way alliance led by the social Democrats toxic could take weeks or months in Berlin Patrick Donahue Bloomberg daybreak Europe And Chinese president Xi Jinping is said to be planning to skip the G 20 summit in Rome this month sources tell Bloomberg that she won't attend the meeting in person citing China's COVID protocols as a reason why he's not leaving the country She hasn't been outside China since January 2020 But he's attended several meetings virtually the G 20 leaders summit begins on October the 30th Global news 24 hours a day on air and on Bloomberg quick tag powered by more than 2700 journalists and analysts in more than 120 countries This is Bloomberg roger Leigh Anne thank you and Garrett with the latest global news Now coming up on daybreak here we're going to take a dive into what's going on on the markets we're in a very interesting moment Asian stocks are down US Treasury yields are up the dollar is rising Clearly there's a lot of uncertainty out there in fact at the Bloomberg investor conference meeting.
Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"Think that maybe this time around There might actually be some because as you know Emily we haven't really seen a lot of actual punishment for Facebook for other things that they've done in the last couple of years Take a listen to what Francis Hogan had to say about Mark Zuckerberg in particular I thought it was pretty powerful She indicated no matter how many people are involved in any specific initiative at Facebook the buck stops with him Listen in Markle is a very unique role in the tech industry and that he holds over 55% of all the voting shares for Facebook There are no similarly powerful companies that are unilaterally controlled And in the end the buck stops with Mark What do you make of the fat Kurt that we haven't heard from Mark Zuckerberg Yeah as this scandal has continued to unfold Yeah I mean it is relatively striking He's not only having not heard about him really address it too seriously He's actually kind of been going out of his way to post things to show that he's not really worried right He was out sailing This weekend a lot of senators pointed that out I do think it's telling I also think it's telling to kind of a change in strategy Now if you'll recall around Cambridge Analytica around the election mark was very front and center He was always out apologizing and he was posting and trying to defend Facebook quite often And my understanding is that you know there's some frustration because I don't think that really worked I don't think people heard from him and said okay we're going to think about Facebook any differently So I think their approach has been well it putting mark out there all the time doesn't actually move the needle for us What's the benefit And so that's why you're seeing someone like a Nick Clegg out all the time now and he's much more visible than Zuckerberg is And I think this is a strategy because they haven't really had success with Zuckerberg being the face of Facebook in the past Well Monica bicker joined us earlier head of policy I know you were listening into that interview I'm curious What you thought about her response and also about this idea that Francis Hagen brought up in her testimony that her hope is that more employees at tech companies start to come forward You know it's pretty powerful this idea that there are many people on the inside that know what's going on And very few people are almost nobody on the outside And I'm curious if we're going to see a wave of people coming forward given all the people in the sources that you talk to or if the people on the inside are happy Well I think people are already coming forward clearly we've seen that over the last couple of years Certainly when people leave usually they used to leave and just kind of fade into the background but now we're seeing kind of these activists former facebookers You know people who were there who are now tweeting and going on panel sharing their experience So I do think there's been a little bit of a change there but you're right I mean so much of what happens at Facebook or all the other tech companies for that matter is behind closed doors We don't know you're scrambling to try and find just one or two employees who are willing to talk and obviously they have narrow perspectives Now I don't mean to say that about this particular whistleblower I just mean in general you know ideally you would be getting perspectives from all over the company And they make it really hard to do that And so as a result you rely on what you can get which is often you know people who are willing to go public and sometimes those people aren't super happy So that's why the companies you know come out very hard and aggressive but we don't really get to talk to the people that we need to talk to Is Facebook's argument you know the pushback that we heard from Monica bicker today Is that is that gaining traction in Washington or have lawmakers made up their mind We've got about 30 seconds I think people have made up their mind I think all I've seen basically is people push back and say this is just PR This is just spin There doesn't seem to be a lot of benefit of the doubt at this point for Facebook and you know that's kind of their own problem They've built that over the last couple of years So I think unfortunately for them I think a lot of people are pretty set on where Facebook stands All right well we'll see if regulation what kind of regulation legislation comes of it Bloomberg's Kurt Wagner thank you for wrapping that up for us And that does it for this edition of Bloomberg technology I want to make sure you tune in tomorrow to be joined by andreessen Horowitz general partner Arianna Simpson and Kate Brandt Google's chief sustainability officer I'm Emily Chang is San Francisco This is Bloomberg The composer Joseph Haydn famously said I listened more than I studied It sounds like a law school hypothetical Here in Bloomberg it's the same thing Do you maintain that low rate regime Can you see our two years How do you build a strategy with that eventuality in mind Experts information news The push sets up a potential fight What do we know about how it will go public Bloomberg radio the Bloomberg business app and Bloomberg radio dot com Bloomberg the world is listening The only way to start the morning is with optimism The jobs recovery was slug A lot.
The Financial Guys
"francis hagen" Discussed on The Financial Guys
"Thing in there the fact that you know facebook has people let this totally a plant totally the individuals get away with the hate speech in the divisiveness. That was a very every to hate speech in the divisiveness will be all conservative. It will be ron of pay. Look we're going to gather here to burn down the mcdonald's minnesota that's not that will not be censored that's just fine. That's just fine. he's sick. What about the taliban pages. That is that okay. Because as mentioned that. Joe attention all the you know. This has gotten from what i've been able to read in the last twenty four hours. They also mentioned that That certain vip individuals vip individuals. They didn't say anything. More names sort of deal with that. We're being favored on facebook. Where they were doing bad stuff but they were getting little to no repercussions based on their bad stuff and then they also said something about these having political ties anything on hunter's artwork or anything no laptop anything no and then. That was pretty much with our cnn. Talked about these two articles about that. They wanted to get their point across for sure. Always about the incursion of the insurrection on january sixth violence that the visentin is and and we all know this is being targeted towards conservatives. Because apparently next week this week or next week i can't remember what the exactly said. She's going to officially testify in congress today. He's testifying today testifying today in front supposedly at. That's the plan. I gotta gotta get a copy of that. So here's how. I know this is a stop. Cnn's reporting on it appears double something. If this wasn't a setup if it wasn't the talking points coming. I know. I sound crazy folks but it's this is look it i would. I would have said you're crazy to until they sold high powered weapons to mexican drug cartels. Okay don't tell me that our government isn't you know in a lot of ways doing very bad things right so don't tell me that it's out of the question that the cia doesn't leak information strategically that went out there. So you nailed it joe. Every single news story from every single outlet is running with the exact same talking points at the same time. It's not as if somebody put it out there and the rest of 'em site that article. It's it's literally as if they manufacture this girls background. And then they put out the talking points to cnn msnbc and all the news stations and they all picked it up as dutifully they do and they run with it right but this person is sounds. Like she's perfect. Right francis hagen afford. This is from cnn. A former facebook product manager was stints at several other. Big top copies went public with an appearance on sixty minutes while she got sixty minutes. Really fast. gadgetry was really really quick to testify in front of a us senate subcommittee on tuesday. That's today here's what we know about her so far the background. Hey grew up attending attending. The iowa caucuses with their parents. According to a personal website that experienced it's still a strong sense of pride a democracy and responsibility for civic participation a website at it who put that website up who put the government. Cia who seriously who has a website out themselves our business website so so many people the private sector just put up their own website right. They're studying electrical and computer engineering followed by an mba. Hagen worked at several tax firm. Starting in two thousand six including google pinterest and yelp she specializes an algorithm iq product management.
Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"More So how realistic is it then do you think that this threat materializes Well it's never happened before everybody is hopeful that it's not going to happen because it takes us into such uncertain territory It could be really disastrous So everybody thinks it's unthinkable for this really to happen That said Mitch McConnell has in the past filibustered any attempts by the Democrats to lift the debt ceiling And Chuck Schumer the Senate majority leader has said that he's going to bring up the bill The proposal to raise the debt selling on Monday Mitch McConnell is likely to lead a filibuster again of that The president clearly very frustrated by all this pointed out that more than a quarter of the U.S. debt about $8 trillion that was all incurred during the four years of the Trump administration And so he says well this means a Republicans do have an obligation to help deal with this problem Mitch McConnell would like the Democrats to just do it themselves to reconciliation That's a lengthy process that could take several weeks and but that's likely where we're going to end up Bruce a great catching up thank you for that That's Bloomberg's Bruce einhorn in Hong Kong Another story from Facebook I mean that suffered a devastating outage It's shut out many of its 2.7 billion global users Instagram and WhatsApp were also affected I mean I was using it yesterday evening here to buy time and just suddenly it just wouldn't work and I wasn't sure what to do Very rare and bizarre situation that reminded the reliance that exists on some of these tech apps He's got off to Peter elsewhere He's the man who knows more around this and he joins us from our Asia tech team on Tokyo Peter what exactly do we know then about what triggered this exceptionally rare outage Yeah well Facebook put up a blog post about an hour or two ago explaining that there was a configuration error that sort of caused this problem and then it cascaded through their networks It affected the routers that they used to exchange traffic among different data centers There was this configuration error that was so severe and also took down some of their internal tools including their ability to communicate within the Facebook staff So somebody had to go physically out to one of these centers and reset the computers to be able to get things back on track The CTO for the company posted an apology that this had happened and Mark Zuckerberg himself also posted an apology saying that we recognize many people rely on our services and we're not able to use them Facebook altogether has 2.7 billion users across the different platforms that you mentioned down detector which tracks these kinds of outages said that they got about 11 million reports of troubles which is the most that they've ever seen before So it was very widespread It lasted for quite a few hours In Facebook had an update just moments ago around what's happening with the ad delivery They're seeing that ads have resumed delivery And then advertisers are not going to be built for undelivered ads the ads did not deliver during the time systems that were offline It kind of raises the bigger question around what the fallout has been just beyond the immediate tech disruption in terms of some of its core profits drivers and its credibility Right This happens against a backdrop of tremendous backlash against Facebook There's a whistleblower as I think everybody knows who has come out complaining about how Facebook runs its business Francis Hagen is going to appear in front of Congress tomorrow in the U.S. and she has said in her prepared testimony that essentially Facebook is paying for its profits with our safety and especially the safety of children She feels like the services have not been calibrated in a proper way to be able to ensure the safety of many of its users So there's this tremendous PR backlash against the company It's this network out at sort of cascades on top of that and it's been a very bad week for Facebook so far Peter thank you for joining us That's our Asia tech executive editor Peter Aleister Let's also get you the first word headlines from around the world for that week get back out to Julia Italian Singapore Jules Yes so for European Union advisory committee has endorsed extra shots of Pfizer's COVID-19 vaccine for all adults as well as extra doses of Moderna for those with severely weakened immune systems The AMA says those aged 18 and older can get a third dose of the fisa vaccine at least 6 months after their second shot For the immunocompromised extra doses of Pfizer or Moderna can be.
Bloomberg Radio New York
"francis hagen" Discussed on Bloomberg Radio New York
"The dollar is trading at 1160 for the Bloomberg dollar spot up a tenth of 1% Oli Yan one ten 96 and we've got the Aussie at 72.79 U.S. cents yields pretty steady this morning not doing all that much Right now the yield on the ten year 1.48% We had a big spike in commodity prices and that's one of the reasons people are worried about inflation The Bloomberg commodity index up 1.1% WTI $77 and 57 cents And with all the selling that we've seen in equity Bitcoin is holding on to its own today 49,537 per coin Jules to you Well Facebook services are coming back online after users around the world reported they were unable to access its family of social media apps for hours This included the main social network the photo sharing app Instagram and the messaging service at WhatsApp Bloomberg's Kurt Wagner told us what the outage appeared to be related to We believe that there was a domain issue So essentially the technology that directed you to Facebook when you typed in Facebook dot com was not working So when you're typing in the domain it wasn't actually connecting you to the service and it obviously took them the better part of the workday to get it fixed Facebook has had to physically reset some of the company's service in an effort to fix the problem Facebook shares were already down after company whistleblower Francis Hagen appeared on the news program 60 minutes She accused the social media giant of putting profit over safety of its users Meanwhile Facebook CEO Mark Zuckerberg's personal wealth fell by more than $6 billion in just a few hours that dropped him below Bill Gates to number 5 on the Bloomberg billionaires index We mentioned that West Texas intermediate crude was at 77.57 Brent crude last traded at 81 21 a barrel OPEC plus ministers ratify the 400,000 barrel a day supply hike that was scheduled for November There had been some speculation that they could opt for a larger supply increase However delegates said no such proposal was made Russian deputy prime minister Alexander Novak said Monday's agreement will allow OPEC to continue to normalize the market situation The group said that OPEC plus ministers will meet again on November 4th All right it is a four minute past The hour time for global news.