The Week in Business: Facebook Filters Politics
happy Valentines Day. Here is a quick sequence of your top business and technology stories you want to know for the week, so you can spend the rest of your day, Reading) Candy that you bought for your loved ones (or for yourself). – Charlotte Cowles
What’s up? (February 7–13)
The inflation debate
The Biden administration’s $ 1.9 trillion stimulus proposal is making its way through Congress. but Many prominent economists have argued The far-reaching rescue plan is overkill and can lead to runaway inflation. In a speech on Wednesday, Jerome H., chair of the Federal Reserve. Powell urges to disagree To remove the fears of inflation And focus on restoring full employment. He also mentioned that Latest unemployed number The full story of the labor market was not told. Employment for high-wage workers has dipped 4 percent (still a lot), but a lower quartet of earners has seen a disastrous 17 percent drop.
Picks up the reddit bar
Tapping her starring role in online chat platform Reddit, GameStop’s stock-buying Ferrari Has raised $ 250 million In new funding. Now valued at $ 6 billion, the company intends to double its workforce and expand its user base. Reddit’s message boards are not only a popular platform for stock tips these days. They have also become A major source of information and community For Americans trying to navigate the complex unemployment benefit system during the epidemic.
Aunt Jemima’s makeover
131 year old pancake and syrup brand Is officially a new name: Pearl Milling Company. Quaker Oats pledged to overhaul the product line, which faced criticism for its history of racist fantasy in the wake of widespread protests over racial injustice last June. This summer its redesigned packaging will appear on the shelves. Many other food brands that use racial images in their marketing, including Ben’s Original Rice Products (Formerly of Uncle Ben’s), wheat grain cream and Mrs. Butterworth’s syrup are undergoing similar reforms.
What will happen next? (February 14-20)
Keep it practical
If you are tired of your crazy uncle’s political relationships on Facebook, you can welcome this development: the social media platform is Changing your algorithm to reduce political content Feeds people’s news. The new algorithm, which makes political content less prominent, but does not remove it, is being tested in several countries and will expand to the United States in the coming weeks. Facebook head Mark Zuckerberg said the change comes from a popular request: “One of the top pieces of feedback we’re hearing right now from our community is that people don’t want politics and take their experience on our services Fighting for. ” Executive Not all political positions will be affected, however. The contents of official government agencies will be exempted from change.
India takes to Twitter
Facebook may reduce political content, but Twitter is Fight to keep it – In India, at least. The clash started when Indian farmers took to Twitter Oppose new agricultural laws. The country’s government ordered Twitter to delete or mute more than 1,100 accounts that it says have promoted violence or spread misinformation. Twitter complied with some of those demands, but Refused to delete accounts Journalists, activists and others who are exercising their right to criticize the government and do not violate company policies. Now, the Indian government has accused Twitter of breaking its laws.
The result goes on
Regulators and policymakers are still trying to figure out how to react to the recent GameStop stock-trading frenzy that hijacked the market in January and caused big and small losses to investors. Congress Hearing on the case this week, And key players – including Reddit’s leader, hedge fund stronghold and stock trading platform Robinhood – have been asked to testify.
A new analysis revealed that women’s participation in the US labor market Fell to a 33-year low in January. Women accounted for about 80 percent of workers over 19 months of age who left the workforce last month. Bumble, a company that operates a female-centric dating app, made its initial public offering on Thursday as its 31-year-old founder, Whitney Wolfe Heard, a billionaire and the youngest woman to make a company public. Tickcock, the Chinese-owned social media app for Oracle and Walmart, has been sold by the Trump administration. Indefinitely picket by Biden administration While it reviews national security concerns.