EU targets U.S. tech giants with a new rulebook aimed at curbing their dominance

EU targets US tech giants with a new rulebook aimed

Executive Vice President of the European Commission for a Europe Fit for the Digital Age Margrethe Vestager. Thierry Monasse | Getty Images News | Getty Images The European Union agreed on landmark new antitrust regulations that could reshape the business models of U.S. technology giants Meta, Apple, Amazon and Google dramatically. The rules are expected … Read more

Hong Kong drops nearly 3% as Chinese stocks tumble; tech stocks fall

Hong Kong drops nearly 3 as Chinese stocks tumble tech

SINGAPORE — Chinese stocks fell Friday as the rest of Asia-Pacific traded mixed, while Wall Street stocks rallied overnight and oil prices fell. Hong Kong’s Hang Seng dropped 2.47% to close at 21,404.88, paring some losses after plunging nearly 3% earlier. The Shanghai composite was down 1.17% to close at 3,212.24, and the Shenzhen component fell 1.89% to 12,072.73. … Read more

New EU law could require iMessage and WhatsApp to work with other, smaller platforms

New EU law could require iMessage and WhatsApp to work

The EU’s newly agreed-upon Digital Markets Act could require messaging app developers to make their apps work together if it ends up being passed. In the EU’s press release, it says that lawmakers agreed that the companies behind WhatsApp, Facebook Messenger, or iMessage would have to make their apps “interoperable” with smaller messaging platforms at … Read more

Fidelity’s former CEO Ned Johnson, dead at 91: ‘he was a visionary’

1648194191 Fidelitys former CEO Ned Johnson dead at 91 ‘he was

Fidelity Investments report on American retirement savings Edward Johnson III, the man who transformed Fidelity Investments into the Wall Street and investment giant it is today, died on Wednesday at the age of 91, his family has confirmed.  “We are immensely proud of his achievements and grateful for his life,” Johnson’s family said in a … Read more

Inside China’s electric drive for swappable car batteries

Inside Chinas electric drive for swappable car batteries

DETROIT/BEIJING, March 25 (Reuters) – A year ago Tesla dismissed the alternative path of electric car battery swapping as “riddled with problems and not suitable for widescale use”. It seems Beijing disagrees. In fact, China is pushing hard for swappable batteries for electric vehicles (EVs) as a supplement to regular vehicle charging, with the government … Read more

Chinese stocks tumble as shares of JD Logistics, Russia’s Rusal drop

Chinese stocks tumble as shares of JD Logistics Russias Rusal

SINGAPORE — Chinese stocks fell Friday as the rest of Asia-Pacific traded mixed, while Wall Street stocks rallied overnight and oil prices fell. Hong Kong’s Hang Seng dropped 2%, while the Shanghai composite inched down 0.47% and the Shenzhen component fell nearly 1%. The CSI 300 dropped almost 1%. Shares of Hong Kong-listed Russian aluminum producer Rusal surged more … Read more

Fed official doesn’t think housing market is headed for a crash: ‘I am trying to buy a house here in Washington and the market is crazy’

Fed official doesnt think housing market is headed for a

Federal Reserve Governor Christopher Waller has no doubt about how competitive today’s housing market is. “Trust me, I know it is red hot because I am trying to buy a house here in Washington and the market is crazy,” Waller said in a speech at a housing conference. But even as home and rental prices … Read more

Methane Leaks in New Mexico Far Exceed Current Estimates, Study Suggests

Methane Leaks in New Mexico Far Exceed Current Estimates Study

Startlingly large amounts of methane are leaking from wells and pipelines in New Mexico, according to a new analysis of aerial data, suggesting that the oil and gas industry may be contributing more to climate change than was previously known. The study, by researchers at Stanford University, estimates that oil and gas operations in New … Read more

EU targets Big Tech with sweeping new antitrust legislation

EU targets Big Tech with sweeping new antitrust legislation

The EU has unveiled its biggest ever legislative effort to balance competition in the tech world. The new Digital Markets Act, or DMA, is intended to rein in the power of the largest tech corporations and allow smaller entities to compete with the mostly US-based firms. So far, the EU has tackled antitrust issues on … Read more

Mortgage Rates Are Rising Much Faster than Treasury Yields. What’s the Deal?

1648166090 728 Mortgage Rates Are Rising Much Faster than Treasury Yields Whats

Is this spread heading to what happened in the 1970s and 1980s when the Fed battled blow-out inflation? By Wolf Richter for WOLF STREET. The average 30-year fixed mortgage rate tracks the 10-year Treasury yield, running roughly in parallel but higher. It tracks the 10-year yield because the average 30-year mortgage gets paid off in just under 10 … Read more