GEN

Meta battles US antitrust agency over future of virtual reality

WASHINGTON/SAN JOSE, Calif., Dec 8 (Reuters) – The Federal Trade Commission, which enforces antitrust law, is about to engage in a real-life courtroom fight over virtual reality. On Thursday, a high-profile trial kicks off in which the FTC will try to prevent Facebook parent Meta Platforms Inc (META.O) from buying virtual reality app developer Within …

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‘The worst is yet to come’: the curse of high inflation

Dec 8 (Reuters) – Globally, people are experiencing inflation at levels not seen for decades as prices surge for essentials like food, heating, transport and accommodation. And although a peak could be in sight, the effects may still get worse. How did we get here? In two words: pandemic and war. A long and comfortable …

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Google must remove ‘manifestly inaccurate’ data, EU top court says

LUXEMBOURG, Dec 8 (Reuters) – Alphabet unit Google (GOOGL.O) must remove data from online search results if users can prove it is inaccurate, Europe’s top court said on Thursday. Free speech advocates and supporters of privacy rights have clashed in recent years over people’s “right to be forgotten” online, meaning that they should be able …

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US weekly jobless claims rise; continuing claims at 10-month high

Weekly jobless claims increase 4,000 to 230,000 Continuing claims rise 62,000 to 1.671 million WASHINGTON, Dec 8 (Reuters) – The number of Americans filing new claims for jobless benefits increased moderately last week, while unemployment rolls hit a 10-month high towards the end of November, suggesting the labor market was gradually slowing down. Still, labor …

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Pentagon splits $9 billion cloud contract between Google, Amazon, Oracle and Microsoft

Dec 7 (Reuters) – The Pentagon awarded $9 billion worth of cloud computing contracts to Alphabet Inc’s Google (GOOGL.O), Amazon Web Services Inc (AMZN.O), Microsoft Corp (MSFT.O) and Oracle Corp on Wednesday. The Joint Warfighting Cloud Capability (JWCC) is the multi-cloud successor to the Joint Enterprise Defense Infrastructure (JEDI), which was an IT modernization project …

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Elon Musk briefly loses title as world’s richest person to LVMH’s Arnault – Forbes

Dec 7 (Reuters) – Twitter owner and Tesla (TSLA.O) boss Elon Musk briefly lost his title as the world’s richest person on Wednesday, according to Forbes, following a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm. Bernard Arnault, the chief executive …

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Ex-Theranos president Balwani sentenced to nearly 13 years for fraud

Dec 7 (Reuters) – A US judge on Wednesday sentenced former Theranos Inc President Ramesh “Sunny” Balwani to 12 years and 11 months in prison on charges of defrauding investors and patients of the blood testing startup led by Elizabeth Holmes, a spokesperson for the US attorney’s office confirmed. US District Judge Edward Davila in …

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US military bill features up to $10 billion to boost Taiwan

WASHINGTON, Dec 7 (Reuters) – The US Congress is expected to start voting as soon as Wednesday on a massive military policy bill including authorization of up to $10 billion in security assistance and fast-tracked weapons procurement for Taiwan. The compromise version of the annual National Defense Authorization Act, or NDAA, does not include some …

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Oil drops, hits lowest since January as US data fans fuel demand fears

US fuel stocks build more than expected China’s relaxation of COVID curbs to support demand Investors wary about recession warnings, rate hikes outlook HOUSTON, Dec 7 (Reuters) – Oil edged to its lowest since the start of the year in volatile trading, after US government data showed an unexpectedly large build in fuel stocks, feeding …

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