The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Facebook took a $3 billion charge due to the Federal Trade Commission's inquiry into its business, the company disclosed in its first quarter 2019 earnings report. Facebook estimated the final charge could be as much as $5 billion for the company.
"The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome," the company wrote in its release.
The FTC launched an investigation into Facebook after the Cambridge Analytica scandal broke, probing whether Facebook violated a 2011 agreement it made with the agency that required it to gain explicit consent to share users data. Although the FTC has previously declined to confirm the status of the investigation, The Washington Post reported in January that the agency is considering a "record-setting fine" against the company for failing to protect users' data.
While the $3 billion reserve does not mean Facebook has come to an agreement with the FTC, it does imply the company expects a fine of that size is possible. The Post previously reported that Facebook's penalty is expected to surpass the $22.5 million fine the FTC imposed on Google in 2012 for allegedly violating an agreement to improve privacy practices. A multi-billion settlement has been floated in talks between Facebook and the FTC, The New York Times reported in February.
Facebook's stock was up more than 3 percent after hours following the release. The one-time charge put Facebook's GAAP earnings per share at 85 cents.
Facebook is currently thought to be under investigation by several domestic and foreign agencies that could also wager fines against the company for its privacy practices. The Department of Housing and Urban Development filed a civil complaint against the company as recently as last month, seeking damages for any person harmed by Facebook's targeted advertising practices for housing, which it alleged were discriminatory.