Selasa, 04 Juni 2019

Feds crank up antitrust heat on Big Tech - Axios

Broad U.S. antitrust action against Big Tech moved firmly from the speculative realm to the investigative mode in the last 72 hours, as both Congress and regulatory agencies appeared to be moving forward with inquiries.

The big picture: While the pressure on the likes of Google, Facebook, Amazon and Apple has been mounting for years, the one-two punch of a public Congressional investigation into their dominance and possible antitrust probes by regulators marks a major escalation in tensions.

  • Last year saw high-profile testimony by CEOs like Facebook's Mark Zuckerberg, but the action will now shift to more mundane yet substantial document and evidence gathering that would form the basis of court cases or settlements.

Driving the news: The House Judiciary Committee said Monday that it was launching a bipartisan investigation into whether big tech platforms are engaged in monopolistic practices.

  • A person familiar with the investigation said that, in addition to public hearings, the inquiry would include requesting documents from a wide range of companies.
  • That could allow the committee to receive information from small competitors of the tech giants who would otherwise be wary of testifying publicly, the person said.
  • "Given the growing tide of concentration and consolidation across our economy, it is vital that we investigate the current state of competition in digital markets and the health of the antitrust laws," said Rep. Jerrold Nadler (D-NY), the committee's chairman.
  • Tech stocks fell in Monday trading as the federal interest in the companies came into focus.

Between the lines: The investigation could help lawmakers develop a factual record to shape legislation overhauling the nation's antitrust laws, which reformers say are inadequate for reining in corporate power as it exists today.

The announcement followed reporting over the weekend and into Monday that the Justice Department and the Federal Trade Commission had split up the field of investigations into anti-competitive behavior by tech giants.

Why it matters: Of the many ways critics want to address concerns about Big Tech, antitrust action has always been among the most significant — although it was largely seen as the least likely route.

  • It could result in action as serious as the firms being broken up, but even if it doesn't, it could seriously distract the platforms' efforts to grow their main businesses and anticipate new waves of tech innovation. Microsoft learned this lesson the hard way after its antitrust fight with Washington two decades ago.

What we're watching: Congressional hearings on the issue will unfold in the coming months, and signs that DOJ and FTC are moving forward with formal investigations into the tech giants could leak out in the form of official inquiries sent to the companies or their competitors.

Our thought bubble: Once inquiries like this get started, they develop their own momentum even as they proceed at what feels like a leaden pace to tech insiders. These companies likely face years of entanglement.

Let's block ads! (Why?)


https://www.axios.com/google-facebook-amazon-apple-antitrust-investigations-91349658-684c-47c2-9ce3-ca9307d7cc59.html

2019-06-04 10:00:08Z
52780307956168

Senin, 03 Juni 2019

Facebook tumbles on antitrust concerns - CNBC

Facebook shares tumbled more than 8% Monday following a The Wall Street Journal reported that said the FTC will be able to examine the effect of Facebook's practices on digital competition.

Shares of other tech giants took a hit over similar concerns. Amazon's stock was down more than 4% Monday following a Washington Post report that the top U.S. antitrust enforcement agencies have a new agreement over tech oversight. The drop shaved about $35 billion from its market cap, bringing it to $839 billion.

And shares of Google parent company Alphabet were down more than 6% after The Wall Street Journal reported Friday the Justice Department is readying an antitrust investigation. The stock lost about $47 billion from its market cap, bringing it to around $721 billion.

Facebook's drop shaved more than $33 billion from its market cap, bringing it to about $472 billion. Facebook is already under investigation by the FTC over its handling of user data and has said it is expecting a fine of up to $5 billion.

Antitrust regulation has remained a distant threat in recent years as scandals like Cambridge Analytica brought the scale of tech power into focus for the public. In the lead up to the 2020 presidential election, "break up big tech" has become a rallying cry for some, Democratic presidential candidate Sen. Elizabeth Warren, D-Mass.

But a new reported agreement between the Federal Trade Commission and the Department of Justice brings that threat a bit closer to reality. The FTC will take the lead on oversight of Amazon, which the DOJ will have greater jurisdiction over Google, according to the Post. The FTC previously closed an investigation of Google without taking action, but now the DOJ will take another look into Google's practices in search and other areas, according to the Journal.

Subscribe to CNBC on YouTube.

Watch: DOJ's Google antitrust probe will hit other tech players, analyst says

Let's block ads! (Why?)


https://www.cnbc.com/2019/06/03/amazon-facebook-and-google-stocks-stumble-over-antitrust-concerns.html

2019-06-03 16:30:52Z
52780307956168

Kelp Has Been Touted As The New Kale, But It Has Been Slow To Catch On - NPR

Bren Smith is a seaweed farmer and co-founder of GreenWave, a nonprofit that supports and trains ocean farmers. Courtesy of GreenWave hide caption

toggle caption
Courtesy of GreenWave

A few years ago, many news stories announced that "kelp is the new kale." That the global seaweed harvest is worth more than lemons and limes. That it's the "next great food craze." And that it will be "everywhere by the next decade."

Where are we now?

Kelp is a type of seaweed that grows in large underwater forests and looks a little like green lasagna noodles with curly edges.

Seaweed farming has a lot going for it: It doesn't require any fertilizer, can actually be used as fertilizer, helps fight climate change, and cleans up ocean water by taking in nitrogen compounds. It's also a nutritious sea vegetable — rich in vitamins C and K and minerals like iron and calcium.

But now, the growing industry in the U.S. needs to build infrastructure and to change people's tastes on a larger scale.

Bren Smith is a leading advocate for what he calls restorative ocean farming — growing seaweed alongside shellfish like mussels and oysters, which absorb carbon dioxide and nitrogen compounds, protect shorelines from storm surges, and rebuild marine ecosystems. He co-founded a nonprofit called GreenWave to promote the movement and train aspiring farmers.

"The momentum's been unbelievable ... we have requests to start farms in every coastal state in North America, 20 countries around the world," Smith says.

Smith's farm is just off the coast of Connecticut, on Long Island Sound. There are now farms up and down the New England coast, with more getting started in California and the Pacific Northwest.

"We're growing, and people are eating it," Smith says. "This isn't like a cute little Brooklyn bee farm project creating nice little bottles of honey at the farmers market. ... There are hundreds of thousands of pounds being produced and sold at this point."

Kelp can be used as a pasta substitute, as noodles, sautéed with butter and mushrooms, or ground into powder to use as seasoning. High end restaurants have also used seaweed as a side vegetable and on cookies.

However, some industry specialists say growing seaweed has become perhaps too popular. Anoushka Concepcion is an assistant extension educator with the Connecticut Sea Grant; she works with seafood producers and researchers and answers questions about the latest technology and trends.

"The idea sort of took off before all the practical challenges could be addressed," Concepcion says. "Farmers are finding it difficult now just to get rid of their seaweed."

Seaweed can be used to make seasoning and even gin. Alan Yu/WHYY hide caption

toggle caption
Alan Yu/WHYY

She explains that the seafood business usually works like this: Oysters and clams are sold right off a boat to a dealer, who sells them to restaurants.

"Dealers are not buying seaweed yet, because there's no established market on their end," Concepcion says.

Smith, GreenWave's co-founder, says all the farmers who are a part of that network have no problem selling their seaweed, but he agrees with Concepcion about another obstacle — a lack of large-scale processing facilities in Connecticut.

His farm grows kelp. He explains that it has a shelf life of a half-hour and needs to be blanched quickly after it leaves the water to stabilize it, which is expensive and fine to do on a small scale. But if more farmers grow kelp, they will need big buildings with giant tubs of hot water and freezers to process it and keep it safe to eat.

On the other side of the country in Alaska, farmers also have no problem growing seaweed, the problem is what to do with it once it's harvested, says Gary Freitag, a marine advisory agent at the Alaska Sea Grant who works closely with the state's marine resources industries.

He says Alaska has about five seaweed farms, and he gets about 20 calls a month from people interested in starting their own. But now the industry needs to address questions like these: Does the market want frozen seaweed, dried seaweed, or other products? Can they process seaweed using existing facilities for salmon and other fish? Do they have enough trucks and transport hardware if the industry takes off ?

"I think in 10 years it will be a fairly substantial industry up here, but now it's just going to be very small and experimental," Freitag says. "We just don't know how to solve all these ... bottlenecks (that inhibit further growth.)"

Smith of GreenWave says that "expectations [for how quickly seaweed would take off] have been set way too high. This is an exciting, scalable, replicable thing that can be a true climate solution, but it's going to be really hard work."

Still, he adds, climate change is a big issue, so this work has to happen fast.

"It's not about growing slow and small because we only have 30 years to address the climate crisis — that would have been great in the 1950s."

Smith says the seaweed business is past the startup phase. Aside from infrastructure, there's another big challenge: How do they get more people to eat it?

That could take some time, says Jet Tila, a celebrity chef who specializes in pan-Asian cuisine. He has used seaweed in many Japanese and Chinese dishes in his restaurants, but when asked to make it the star of a plate in a challenge on the show Iron Chef, he found it difficult.

"Seaweed is not a center-of-the-plate ingredient traditionally," Tila says. "It lacks fat. It has savoriness, [but] it lacks the protein feeling from meat, so it was really difficult to pair it into something to try and make it the star of the show."

He explains that kelp has a distinct, strong ocean flavor; and an unfamiliar, slippery, dense texture — features that can take time for Americans to get used to. He works in large-scale corporate food service and says seaweed will be mainstream if it becomes the center of the plate in those settings.

"You're still in the early-adopting phase; I don't think we're even close to the middle," Tila says. "It's going to be, in my opinion, quite a few years."

Alan Yu reports for NPR member station WHYY's health and science show, The Pulse, in Philadelphia.

Let's block ads! (Why?)


https://www.npr.org/sections/thesalt/2019/06/03/725790613/kelp-has-been-touted-as-the-new-kale-but-its-been-slow-to-catch-on

2019-06-03 14:49:44Z
CAIiEBYWW9i65ZwdG3A49iFC4rIqFggEKg4IACoGCAow9vBNMK3UCDDK0Rc

Kelp Has Been Touted As The New Kale, But It Has Been Slow To Catch On - NPR

Bren Smith is a seaweed farmer and co-founder of GreenWave, a nonprofit that supports and trains ocean farmers. Courtesy of GreenWave hide caption

toggle caption
Courtesy of GreenWave

A few years ago, many news stories announced that "kelp is the new kale." That the global seaweed harvest is worth more than lemons and limes. That it's the "next great food craze." And that it will be "everywhere by the next decade."

Where are we now?

Kelp is a type of seaweed that grows in large underwater forests and looks a little like green lasagna noodles with curly edges.

Seaweed farming has a lot going for it: It doesn't require any fertilizer, can actually be used as fertilizer, helps fight climate change, and cleans up ocean water by taking in nitrogen compounds. It's also a nutritious sea vegetable — rich in vitamins C and K and minerals like iron and calcium.

But now, the growing industry in the U.S. needs to build infrastructure and to change people's tastes on a larger scale.

Bren Smith is a leading advocate for what he calls restorative ocean farming — growing seaweed alongside shellfish like mussels and oysters, which absorb carbon dioxide and nitrogen compounds, protect shorelines from storm surges, and rebuild marine ecosystems. He co-founded a nonprofit called GreenWave to promote the movement and train aspiring farmers.

"The momentum's been unbelievable ... we have requests to start farms in every coastal state in North America, 20 countries around the world," Smith says.

Smith's farm is just off the coast of Connecticut, on Long Island Sound. There are now farms up and down the New England coast, with more getting started in California and the Pacific Northwest.

"We're growing, and people are eating it," Smith says. "This isn't like a cute little Brooklyn bee farm project creating nice little bottles of honey at the farmers market. ... There are hundreds of thousands of pounds being produced and sold at this point."

Kelp can be used as a pasta substitute, as noodles, sautéed with butter and mushrooms, or ground into powder to use as seasoning. High end restaurants have also used seaweed as a side vegetable and on cookies.

However, some industry specialists say growing seaweed has become perhaps too popular. Anoushka Concepcion is an assistant extension educator with the Connecticut Sea Grant; she works with seafood producers and researchers and answers questions about the latest technology and trends.

"The idea sort of took off before all the practical challenges could be addressed," Concepcion says. "Farmers are finding it difficult now just to get rid of their seaweed."

Seaweed can be used to make seasoning and even gin. Alan Yu/WHYY hide caption

toggle caption
Alan Yu/WHYY

She explains that the seafood business usually works like this: Oysters and clams are sold right off a boat to a dealer, who sells them to restaurants.

"Dealers are not buying seaweed yet, because there's no established market on their end," Concepcion says.

Smith, GreenWave's co-founder, says all the farmers who are a part of that network have no problem selling their seaweed, but he agrees with Concepcion about another obstacle — a lack of large-scale processing facilities in Connecticut.

His farm grows kelp. He explains that it has a shelf life of a half-hour and needs to be blanched quickly after it leaves the water to stabilize it, which is expensive and fine to do on a small scale. But if more farmers grow kelp, they will need big buildings with giant tubs of hot water and freezers to process it and keep it safe to eat.

On the other side of the country in Alaska, farmers also have no problem growing seaweed, the problem is what to do with it once it's harvested, says Gary Freitag, a marine advisory agent at the Alaska Sea Grant who works closely with the state's marine resources industries.

He says Alaska has about five seaweed farms, and he gets about 20 calls a month from people interested in starting their own. But now the industry needs to address questions like these: Does the market want frozen seaweed, dried seaweed, or other products? Can they process seaweed using existing facilities for salmon and other fish? Do they have enough trucks and transport hardware if the industry takes off ?

"I think in 10 years it will be a fairly substantial industry up here, but now it's just going to be very small and experimental," Freitag says. "We just don't know how to solve all these ... bottlenecks (that inhibit further growth.)"

Smith of GreenWave says that "expectations [for how quickly seaweed would take off] have been set way too high. This is an exciting, scalable, replicable thing that can be a true climate solution, but it's going to be really hard work."

Still, he adds, climate change is a big issue, so this work has to happen fast.

"It's not about growing slow and small because we only have 30 years to address the climate crisis — that would have been great in the 1950s."

Smith says the seaweed business is past the startup phase. Aside from infrastructure, there's another big challenge: How do they get more people to eat it?

That could take some time, says Jet Tila, a celebrity chef who specializes in pan-Asian cuisine. He has used seaweed in many Japanese and Chinese dishes in his restaurants, but when asked to make it the star of a plate in a challenge on the show Iron Chef, he found it difficult.

"Seaweed is not a center-of-the-plate ingredient traditionally," Tila says. "It lacks fat. It has savoriness, [but] it lacks the protein feeling from meat, so it was really difficult to pair it into something to try and make it the star of the show."

He explains that kelp has a distinct, strong ocean flavor; and an unfamiliar, slippery, dense texture — features that can take time for Americans to get used to. He works in large-scale corporate food service and says seaweed will be mainstream if it becomes the center of the plate in those settings.

"You're still in the early-adopting phase; I don't think we're even close to the middle," Tila says. "It's going to be, in my opinion, quite a few years."

Alan Yu reports for NPR member station WHYY's health and science show, The Pulse, in Philadelphia.

Let's block ads! (Why?)


https://www.npr.org/sections/thesalt/2019/06/03/725790613/kelp-has-been-touted-as-the-new-kale-but-its-been-slow-to-catch-on

2019-06-03 14:49:29Z
CAIiEBYWW9i65ZwdG3A49iFC4rIqFggEKg4IACoGCAow9vBNMK3UCDDK0Rc

Alphabet target cut at Evercore on concerns about potential DOJ investigation - MarketWatch

Evercore ISI analyst Kevin Rippey cut his price target on Alphabet Inc. GOOGL, -5.88% shares to $1,200 from $1,250 on Monday, following reports that the Department of Justice is prepared to investigate Google for potential antitrust violations. The stock is down 4% in Monday morning trading. "Importantly, GOOGL has successfully navigated an antitrust investigation before (2011-2013), and emerged unscathed after a two year inquiry, as the FTC voted 5-0 not to pursue further action," wrote Rippey, who has an outperform rating on the stock. "While precedent suggests that Google enjoys broad discretion over the direction of search results, the questions arising from an investigation will challenge the possibility of multiple expansion." Alphabet shares have risen 2% so far this year, as the S&P 500 SPX, +0.24% has gained 10%.

Let's block ads! (Why?)


https://www.marketwatch.com/story/alphabet-target-cut-at-evercore-on-concerns-about-potential-doj-investigation-2019-06-03

2019-06-03 13:32:00Z
52780307956168

Stock futures fall after China blames US for trade war, Alphabet shares drop - CNBC

U.S. stock index futures fell on Monday, the first trading day of June, after China's rhetoric on U.S. trade relationship intensified over the weekend.

At around 8 a.m. ET, Dow Jones Industrial Average futures slipped 58 points, indicating a drop of 60 points at the open. Futures on the S&P 500 and Nasdaq 100 also fell. The Dow came into Monday's session having logged in six straight weeks of losses, the index's longest weekly slide since 2011.

Shares of Boeing, a trade bellwether of global trade, fell 1.2%. Alphabet shares also dropped 3.4% after the Justice Department is reportedly investigating the tech company for antitrust violations.

Chinese Vice Commerce Minister Wang Shouwen said in a white paper Sunday that Washington would not be able to use pressure to force a trade deal on Beijing. He also refused to say whether the leaders of both countries would meet at the G-20 summit to work out an agreement later this month.

Wang added: "The U.S. has backtracked, and when you give them an inch, they want a yard."

The remarks from Wang follow a month of heightened trade tensions between the world's largest economies. The U.S. hiked tariffs on $200 billion worth of Chinese goods in May. China retaliated with higher tariffs on U.S. imports.

Trade worries also rattled Wall Street last week after President Donald Trump threatened to slap a 5% charge on all imports from Mexico. The threat sent stocks tumbling on Friday. 

On the data front, a final reading of manufacturing PMI (Purchasing Managers' Index) data for May will be released at around 9:45 a.m. ET. The Institute for Supply Management (ISM) manufacturing index for May, construction spending figures for April and latest light vehicle sales data will all follow slightly later in the session.

Let's block ads! (Why?)


https://www.cnbc.com/2019/06/03/stock-markets-wall-street-monitors-intensifying-trade-war-concerns.html

2019-06-03 12:17:05Z
CAIiEKgO45V4uolxR9oq6mKs-PsqGQgEKhAIACoHCAow2Nb3CjDivdcCMJ_d7gU

Dow futures fall nearly 100 points after China blames US for trade war, Alphabet shares drop - CNBC

U.S. stock index futures fell on Monday, the first trading day of June, after China's rhetoric on U.S. trade relationship intensified over the weekend.

At around 8 a.m. ET, Dow Jones Industrial Average futures slipped 58 points, indicating a drop of 60 points at the open. Futures on the S&P 500 and Nasdaq 100 also fell. The Dow came into Monday's session having logged in six straight weeks of losses, the index's longest weekly slide since 2011.

Shares of Boeing, a trade bellwether of global trade, fell 1.2%. Alphabet shares also dropped 3.4% after the Justice Department is reportedly investigating the tech company for antitrust violations.

Chinese Vice Commerce Minister Wang Shouwen said in a white paper Sunday that Washington would not be able to use pressure to force a trade deal on Beijing. He also refused to say whether the leaders of both countries would meet at the G-20 summit to work out an agreement later this month.

Wang added: "The U.S. has backtracked, and when you give them an inch, they want a yard."

The remarks from Wang follow a month of heightened trade tensions between the world's largest economies. The U.S. hiked tariffs on $200 billion worth of Chinese goods in May. China retaliated with higher tariffs on U.S. imports.

Trade worries also rattled Wall Street last week after President Donald Trump threatened to slap a 5% charge on all imports from Mexico. The threat sent stocks tumbling on Friday. 

On the data front, a final reading of manufacturing PMI (Purchasing Managers' Index) data for May will be released at around 9:45 a.m. ET. The Institute for Supply Management (ISM) manufacturing index for May, construction spending figures for April and latest light vehicle sales data will all follow slightly later in the session.

Let's block ads! (Why?)


https://www.cnbc.com/2019/06/03/stock-markets-wall-street-monitors-intensifying-trade-war-concerns.html

2019-06-03 11:12:37Z
CAIiEKgO45V4uolxR9oq6mKs-PsqGQgEKhAIACoHCAow2Nb3CjDivdcCMJ_d7gU