Financial Daily Dose 7.15.2019 | Top Story: FTC Fines Facebook $5 billion Over Privacy Violations

laptop and mobile device security

Late Friday, the Federal Trade Commission hit Facebook with a $5 billion fine for the social media company’s range of privacy violations over the past few years – NYTimes and Wired and WSJ and Bloomberg

The amount is massive, yet the sheer size and power of Facebook is enough that the general consensus is that Facebook “escaped largely unscathed.” Still, it’s far from in the clear, and many critics are displeased with the penalty – NYTimes and WSJ and Law360
Huawei unveiled plans to carry out massive layoffs at its US-based R&D subsidiary, Futurewei Technologies, which employs “about 850 people in research labs across the U.S., including in Texas, California and Washington state.”  The cuts are seen as a direct effect of the U.S.’s blacklisting of the Chinese tech giant – WSJ

And since we’re really talking about the US/China trade war, it’s worth noting that China’s economy growth hit a 27-year low (at 6.2%) this past quarter as the dispute drags on. It’s also worth noting that nearly any other country in the world would kill for 6.2% growth – NYTimes and WSJ and Bloomberg

Amazon’s Prime Day officially kicks off this morning. While it’s nothing close to Alibaba’s Singles Day, it’ll still be a big one. Many outlets are trying to help by highlighting what NOT to buy – NYTimes and MarketWatch

AB InBev made the wrong kind of IPO buzz last week by announcing that it was yanking the planned $10 billion public offering of its Asian unit based on bad market reaction – WSJ and Bloomberg

As a spate of regulators, from the Fed to China’s central bank, has warned of the need to keep an eye on Facebook’s planned Libra cryptocurrency, the SEC is examining whether the offering is a security that should fall under the agency’s oversight – WSJ

Some thoughts on what an Acosta-less Labor Department will look like (including even more deregulation) now that the Secretary’s resigned as the fallout from the Jeffrey Epstein scandal spreadsMarketplace

A group of New York-based investors have accused Morgan Stanley, B of A, and its Merrill Lynch Commodities subsidiary of engaging in spoofing to “manipulate precious metals futures” – Law360

Boeing’s troubles continue, as the aerospace company has not only conceded its top industry slot to rival Airbus but now appears unlikely to have a fix for its troubled 737 MAX fleet in place until 2020 – WSJ

Puerto Rico’s federal overseers are putting the finishing touches on a plan to finalize the restructuring of the island’s $124 billion in debt, a process that’s taken more than three years. Still, the really nasty part is yet to come – NYTimes

It wasn’t to be for all-time greats Serena and Fed.  But still—quite a weekend at the All England Club [especially for Woody]- WSJ


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