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People or profit? Facebook papers show deep conflict within
Facebook the company is losing control of Facebook the product — and of the carefully crafted image it’s spent over a decade selling despite problems like misinformation, human trafficking, and pervasive extremist groups on its platform. From complaints whistleblower Frances Haugen has filed with the SEC, along with redacted internal documents obtained by The Associated Press, the picture of the mighty Facebook that emerges is of a troubled, internally conflicted company, where data on the harms it causes is abundant but solutions are halting at best. The documents show a company in crisis, where good intentions long ago stopped being enough. Facebook says it does not prioritize engagement over safety.
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Facebook profits rise amid revelations from leaked documents
MENLO PARK, Calif (AP) — Amid fallout from the Facebook Papers showing its failure to address the harms its social network has created around the world, Facebook on Monday reported higher profit for the latest quarter, buoyed by strong advertising revenue. Also on Monday, Facebook whistleblower Frances Haugen told British lawmakers that the social media giant stokes online hate and extremism, fails to protect children from harmful content and lacks any incentive to fix the problems. Haugen spoke Monday before a parliamentary committee that’s working on legislation to rein in the power of social media companies. Her sharp comments are providing momentum for efforts by European governments working on stricter regulation of tech giants.
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Tesla’s market value tops $1T after Hertz orders 100K cars
DETROIT (AP) — Hertz has announced that it will buy 100,000 electric vehicles from Tesla. It’s one of the largest purchases of battery-powered cars in history and the latest evidence of increasing commitments to EV technology. The news of the deal triggered a rally in Tesla’s stock, driving the carmaker’s market value over the $1 trillion mark for the first time. The purchase by one of the world’s leading rental car companies reflects its confidence that electric vehicles are gaining acceptance with environmentally minded consumer as an alternative to vehicles powered by petroleum-burning internal combustion engines.
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Treasury claims rental assistance helped stop eviction wave
WASHINGTON (AP) — The number of households receiving emergency rental assistance has increased steadily in recent months, with no major increase in people being turned out of their homes despite the expiration of the federal eviction moratorium. Fresh numbers released Monday by the Treasury Department, which oversees the rental assistance program, showed that the number of households receiving the benefits jumped 10 percent in September — up to 510,000 households compared with 459,000 in August. The department says the number of evictions remains below historical averages.
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Wall Street sets more records as earnings season gears up
NEW YORK (AP) — Wall Street notched some more record highs on Monday as a better-than-expected profit reporting season gets into higher gear. The S&P 500 rose 0.5%, surpassing the peak it set on Thursday. Tesla jumped to the biggest gain in the S&P 500 after Hertz said it will buy 100,000 Model 3 vehicles for its fleet. Stocks broadly have been pushing higher recently as companies turn in much stronger profit reports for the summer than analysts expected. With roughly one in four S&P 500 companies having reported, more are topping expectations than usual, and by a wider margin.
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Treasury Department names first counselor for racial equity
NEW YORK (AP) — The Treasury Department has hired a former JPMorgan Chase executive to head a new government program aimed at combatting racial inequality issues in banking and other financial-services industries. Treasury Secretary Janet Yellen said Monday that Janis Browdler will be the department’s first counselor for racial equity, part of a multi-pronged strategy by the Biden administration to deal with systemic racism found in many parts of the economy. Banking and finance have long had issues with racial inequity, from the lack of representation of Blacks and other minorities at the highest levels of companies to ongoing issues of getting equal access to services for non-white borrowers.
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Toyota testing hydrogen combustion engines in race cars
TOKYO (AP) — Toyota said Monday it is testing hydrogen combustion engines in race cars as it works toward using the technology in commercial products. Such engines burn hydrogen as fuel instead of gasoline, much like rockets. The Japanese automaker said testing the technology in race cars will allow it to collect data and try to fix problems on-site. Toyota Motor Corp. announced earlier that it was developing a hydrogen combustion engine, which Ford Motor Co. and other automakers have also developed. Vehicles powered by such engines are different from fuel cell vehicles that use hydrogen to create electricity, and from electric or hybrid vehicles.
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Plan for UK coal mine brings hope to some, horror to others
WHITEHAVEN, England (AP) — A proposal to dig a new coal mine in northern England is presenting a dilemma for the British government just as it prepares to host an annual United Nations climate conference. West Cumbria Mining wants to build Britain’s first deep coal mine in three decades to extract coking coal, which is used to make steel. The coal would be processed in Whitehaven, 340 miles northwest of London. Environmentalists say the project sends a disastrous message on the eve of the two-week U.N. conference in Glasgow, Scotland. The British government is aiming to generate all of the U.K.’s electricity from clean energy sources by 2035, but has promised economic investment for England’s neglected north.
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The S&P 500 rose 21.58 points, or 0.5%, to 4,566.48. The Dow Jones Industrial Average rose 64.13 points, or 0.2%, to 35,741.15. The Nasdaq rose 136.51 points, or 0.9%, to 15,226.71. The Russell 2000 index of smaller companies rose 21.37 points, or 0.9%, to 2,312.64.
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Business Highlights: Facebook's conflict, Hertz buys Teslas - Associated Press
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