Newsletter Mar 27, 2023

Quick Six

McCarthy: Lawmakers ready to go forward with TikTok ban
House Speaker Kevin McCarthy said Sunday that lawmakers will move forward with legislation to address national security worries about TikTok, alleging China's government can access the short video app's user data. In the wake of TikTok CEO Shou Zi Chew's testimony last week, there are growing calls to pass legislation to give President Joe Biden's administration legal authority to seek a ban, despite the fact there are 150 million TikTok users in the U.S.
TIKTOK BAN COULD IMPACT US ECONOMY, INFLUENCERS

Shaky banks, hawkish Fed have Wall Street on edge again
Investors are settling in for a long slog in the U.S. stock market in coming months, braced for more tumult in the banking sector and worries over how the Federal Reserve's tightening will impact the economy. Banking sector concerns drove sharp moves in financial stocks after the collapse of two U.S. lenders and last weekend's Swiss-government takeover of Credit Suisse by rival UBS.
SEE WHAT NASTY SURPRISES ANALYSTS ARE PREDICTING

Microsoft's $69B bid to buy Activision gets a boost in UK
Microsoft's $69-billion takeover bid to buy US video game giant Activision Blizzard advanced after Britain's competition regulator narrowed the scope of its cloud-gaming probe. Despite objections to the deal, the UK's Competition and Markets Authority declared that the "transaction will not result in a substantial lessening of competition in relation to console gaming in the UK."
SEE THE POTENTIAL FALLOUT FROM MICROSOFT'S DEAL

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Markets

DJIA	32,237.53	0.41%
S&P 500	3,970.99	0.56%
Nasdaq Composite	11,823.96	0.31%
Japan: Nikkei 225	27,471.17	0.31%
UK: FTSE 100	7,405.45	-1.26%
Crude Oil Futures	69.27	0.01%
Gold Futures	1,978.20	-0.28%
Yen	130.73	0.01%
Euro	1.08	0.08%
* As of market close

Musk values Twitter at half the price he paid

Elon Musk has put the current value of Twitter at $20 billion, less than half the $44 billion he paid for the social media platform just five months ago, according to a leaked email to employees dealing with a new stock compensation program. Musk cited a revenue drop of $1.5 billion a year and also said the company nearly went broke. Since taking control of Twitter in late 2022, Musk has sharply trimmed the group's payroll from 7,500 to fewer than 2,000 employees.

SEE TWITTER'S OFFICIAL ONE-EMOJI REPLY TO THE REPORT

FBI briefs senator on Trump investigation

Sen. Mark Warner (D-Va.) said Sunday he was briefed by the FBI on Donald Trump's rhetoric after the ex-president verbally lashed out at a New York prosecutor overseeing a grand jury investigation into alleged hush-money payments. Trump, who seeks the Republican nomination for the 2024 presidential election, amped up his rhetoric against New York prosecutors probing his hush-money payment to porn star Stormy Daniels. Prosecutors have said they will not be intimidated by Trump..

SEE TRUMP'S COMMENTS AHEAD OF POSSIBLE INDICTMENT

UK cracking down on nitrous oxide parties

The UK plans to ban sales of small canisters of laughing gas as part of a wider crackdown on anti-social behavior. Communities Secretary Michael Gove vowed to save city centers and parks from turning into "drug-taking arenas" -- and that public spaces should no longer be littered with the "scourge" of small canisters of nitrous oxide used by people to get a quick high. The move comes ahead of key elections.

WHY CRITICS SAY THE POTENTIAL BAN IS FULL OF HOT AIR

No laughing matter

Who is credited as the inventor of nitrous oxide? Where and what year?

Friday's answer: Dr. Hideo Kodama invented the first 3D printer in 1981.

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