July, 2019

• 14 July

  FTC approves Facebook’s $5b US privacy settlement

  

  Bloomberg US officials approved a record $5 billion privacy settlement with Facebook Inc to resolve the Cambridge Analytica data scandal, people said, prompting an immediate outcry from lawmakers and privacy advocates who said it didn’t go far enough. Although details of the settlement with the US Federal Trade Commission (FTC) weren’t announced, the fine is steep but far from devastating ...

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• 14 July

  Bayer loses bid for new trial in $80m ‘Roundup case’

  

  Bloomberg Bayer AG won’t get a new trial in the case of a California man who was awarded $80 million by a jury after it found exposure to the company’s Roundup weed killer caused his cancer. US District Judge Vince Chhabria in San Francisco is expected to issue a second ruling on Monday on whether to reduce the damages in ...

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• 14 July

  Power failure hits New York on anniversary of 1977 outage

  

  Bloomberg A chunk of New York City plunged into darkness for hours as 72,000 customers on Manhattan’s West Side lost power on the anniversary of the historic 1977 blackout. Energy supply has since been fully restored, Governor Andrew Cuomo said. The outage affected an area stretching from Fifth Ave to the Hudson River, and from West 42nd through 71st streets, ...

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• 14 July

  UK faces highest recession risk since 2007

  Bloomberg The risk of a UK recession is at its highest level in more than a decade, according to the Resolution Foundation. Using yields on government bonds as a measure, the think tank sees the greatest likelihood of a deep slump since just before the financial crisis. The decline of the pound, a widening current account deficit, and poor economic ...

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• 14 July

  Murdoch heir makes largest deal yet with bet on VR 

  

  Bloomberg James Murdoch, heir to billionaire media magnate Rupert Murdoch, has added the biggest reported investment yet to his closely watched portfolio: a bet on the virtual-reality provider called the Void LLC. Murdoch has invested $20 million in the business, according to a person familiar with the transaction. He’s also taken a seat on the board, said the person, who ...

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• 14 July

  Pound’s record losing run ratchets up ‘holidays cost’

  

  Bloomberg The pound is suffering a record run of losses against the euro just as Brits get ready for the summer holidays. Sterling has slid more than 5 percent against the euro in an unprecedented run of 10 weekly declines, handing UK holidaymakers on the continent a hefty foreign-exchange disadvantage. And it’s fared the worst among 32 major currencies tracked ...

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• 14 July

  Kuwaiti stocks end longest winning streak in 3 years

  

  Bloomberg Traders taking profit from Kuwait’s longest-winning streak since at least 2016 sent the nation’s main stock index to its first loss this month. The gauge declined less than 0.1 percent, led by National Bank of Kuwait and HumanSoft Holding. While a favourable deposit shift for lenders in the country may boost second-quarter margins from lows in the previous quarter, ...

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• 14 July

  Trump nixed Iran deal for ‘personality reasons’: Mail

  

  Bloomberg President Donald Trump abandoned the nuclear pact with Iran last year because it was signed by his predecessor Barack Obama, according to the latest UK diplomatic cables published in a British newspaper. The emails, reportedly from Kim Darroch, who was Britain’s ambassador to the US until he quit following the first batch of leaks, centre on Boris Johnson’s last-ditch ...

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• 14 July

  Italy set to push for new EU proposal to control migration

  Bloomberg Italy will present a new proposal for dealing with migrant flows to European Union partners on Monday, Foreign Minister Enzo Moavero Milanesi said. “We need a structured, stable mechanism,” Moavero told newspaper Corriere della Sera in an interview. “Migrants are seeking to go to Europe, not to Italy, Malta or Greece.” Moavero said he is in favour of a ...

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• 14 July

  Salvini suffers setback over ‘funding report’

  Bloomberg Italy’s Deputy PM Matteo Salvini’s efforts to quell the fallout over reports his League Party was soliciting Russian financing suffered a setback when the country’s prime minister contradicted his recollection of events. Prime Minister Giuseppe Conte said that Salvini’s office had invited Gianluca Savoini, a Salvini ally at the centre of the flap, to a dinner with Russian President Vladimir ...

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