Economy

The Week in Business: Facebook Cracks Down

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Happy Sunday, and hope you’re staying secure and wholesome. Here’s what you want to know in enterprise and tech information for the week forward. — Charlotte Cowles

Facebook and Twitter drew a contemporary wave of Republican ire this previous week in blocking and limiting the unfold of a New York Post article that contained unsubstantiated rumors about Hunter Biden, son of the Democratic presidential candidate, Joe Biden. After President Trump accused the platforms (as he has for years) of deliberately suppressing conservative information retailers that assist him, Twitter finally caved, permitting the article’s content material to be shared. The social media firms are preventing an uphill battle towards the unfold of misinformation main as much as Election Day, and scrambling to deploy extra aggressive ways consequently. It’s a very sharp flip for Facebook, which has typically been criticized for being too sluggish and light-handed in eradicating doubtlessly harmful content material.

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The so-promised V-shaped financial restoration is beginning to look extra like a lopsided L. Jobless claims jumped final week to their highest stage since August, a reversal from the gradual downward development in unemployment. The uptick got here after a number of main firms laid off hundreds of staff, together with Disney and a number of airways. To make issues worse, coronavirus case numbers are surging as soon as extra all over the world — in addition to many areas of the United States — heading towards a “third peak” and forcing some companies to close down once more.

If you had been clinging to a slim hope of Congress passing what now looks as if a legendary pandemic assist bundle within the coming weeks, you’ll be disillusioned by the most recent developments, or lack thereof. The dispute over the invoice’s contents and prices has gone from a two-front battle (Democrats versus Republicans) to a few, with Mr. Trump inserting himself into the dialog with wildly conflicting calls for. It’s not precisely fruitful floor for compromise, and that’s unhealthy information for the thousands and thousands of Americans who’re slipping into poverty as unemployment checks dwindle.

As we head into the vacation season, shops are getting ready for a brand new problem: disputes over mask-wearing and social distancing insurance policies (sure, nonetheless). To assist staff implement guidelines for buyer security, the National Retail Federation, the nation’s largest retail commerce group, has partnered with the Crisis Prevention Institute to present de-escalation coaching for retail staff. And it’s a critical concern: Previous clashes over mask-wearing in shops have resulted in violence and even lethal power.

The in style stock-trading app Robinhood was focused by cyber criminals who managed to compromise about 2,000 buyer accounts and steal their cash. The firm stated that the service itself was not hacked; somewhat, the e-mail accounts of its customers had been breached after which used to entry and siphon off funds. Robinhood has not confirmed the variety of prospects affected, however stated that it’s working with customers to encourage two-step authentication and ensure accounts are safe.

One shiny spot on this pandemic world: The housing market is doing nicely. New authorities information is predicted to indicate an increase in constructing permits and housing begins in September as mortgage charges proceed to hit file lows and spur demand. (Being compelled to remain home to keep away from a lethal virus definitely hasn’t damage folks’s urge for food for homeownership, both.) Several housing metrics at the moment are near or above pre-pandemic ranges.

More than 150 enterprise and nonprofit teams, together with the U.S. Chamber of Commerce, are asking Mr. Trump to withdraw an govt order he issued in September that limits coaching on racial and gender biases. Raymond J. McGuire, one of many highest-ranking and longest-serving Black executives on Wall Street, is leaving his job at Citigroup to run for mayor of New York City. And because the clock runs out on a Brexit deal — for actual this time — Prime Minister Boris Johnson of Britain is operating out of choices earlier than his end-of-the-year deadline.



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