Facebook Contractor: “It’s Like a Sweatshop in America” – One Contractor has Died & Many Fear for Their Lives

By CCN Markets: An exposé published at TheVerge.com revealed at least one Facebook moderation center is akin to a third world sweatshop. This should come as no surprise given what we already know about Facebook’s company culture. Facebook Whistleblowers Step Forward Facebook outsources moderation services to Cognizant, a publicly-held $35 billion firm that apparently does not care about its work conditions. Three anonymous Facebook contractors breached their non-disclose agreements to inform TheVerge about the conditions. They include death of one worker via heart attack, filthy conditions at workstations and bathrooms, bedbug infestation, sexual harassment, verbal and physical altercations, frequent marijuana

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Uber’s “Crypto” Libra Support Could Be The End of The Giant

By CCN Markets: There’s a lot of irony in Uber’s lack of crypto acceptance contrasted with its support of Facebook’s Libra project. The company will play a vital role in the early stages of the network, and presumably, it will be one of many vendors who accept the “crypto” out of the gate. Several companies have already agreed to accept the Libra. The Libra can be used in a myriad of ways, from sending money to loved ones to paying overseas contractors. What will be interesting to see is whether a vibrant network of Libra-to-cash methods emerges. Will we have ATMs

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Fed Not Threatened by Facebook Libra, Has No ‘Plenary Authority’ Over It

By CCN Markets: Federal Reserve members held discussions with Facebook over the company’s Libra project. According to Federal Reserve Chairman Jay Powell during today’s press conference, monetary policy makers are not worried that Libra will replace fiat money. He said: “I think we’re a long way from that…Digital currencies are in their infancy. So essentially, not too concerned about central banks no longer being able to carry out monetary policy because of digital currencies or cryptocurrencies.” Meanwhile, regulating Facebook’s Libra is not on the agenda because the Fed doesn’t have specific authority to do so. “We don’t have plenary

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Disney’s Fox Purchase is a Terrible Deal for Hollywood

By CCN Markets: The Walt Disney Company’s merger with 21st Century Fox was hailed in the entertainment industry as a great deal for both companies. There’s a lot of truth to that, particularly for Disney, as far as revenue is concerned. Disney obtained the rights to numerous franchises under the Fox banner, including Avatar, Men In Black, Alien, Die Hard, Home Alone, Maze Runner, Night at the Museum, Planet of the Apes, and X-Men. This, however, has not been such a good thing from the standpoint of creativity, originality, or economics for Disney or Hollywood. Welcome to the Disney Oligopoly With the

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Global Policy Makers Are Up in Arms About Facebook’s Libra Coin

By CCN Markets: Facebook is already under fire from regulators less than a day after officially revealing its cryptocurrency whitepaper. Based on three separate talks, it’s clear top government and bank officials from around the world are preparing to regulate Facebook Libra. Cryptocurrencies like bitcoin transcend national borders, and project Libra is looking to cash in on this edge that no other central bank can lay claim to. Regulators are on high alert as Facebook ambitiously aims to be the first global central bank. Bank of England Governor Demands High Standards In Portugal at the ECB’s annual symposium, Bank of

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Tesla Could Miss Model 3 Delivery Targets. Here’s Why It’s Not Shocking

By CCN Markets: After Elon Musk announced that he was cracking the whip on Tesla employees to hit unrealistic quarterly delivery targets, a document leak suggests that target will not be met, according to Business Insider. This comes as a surprise to nobody. Overpromising and Under-Delivering, as Usual After boasting that Tesla would deliver 90,000 cars in the quarter, Elon Musk has backed himself into a corner. The master of overpromising and under-delivering can’t shut up. Business Insider reports that, according to documents it has viewed, things are looking bad: “According to documents that describe the daily output rate for

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Analyst Says Facebook’s Crypto Can See Bigger Adoption Than Bitcoin

By CCN Markets: On June 18, Facebook and the Libra Association formally announced their plans to release Libra, a crypto asset backed by the Libra Reserve to maintain a stable value. By 2020, Facebook has said it plans to integrate Calibra, a crypto wallet designed to support Libra, into WhatsApp and Messenger, introducing the asset to billions of users worldwide by 2020. According to Michael Levine of Pivotal Research, Libra could see bigger mainstream adoption than bitcoin, especially among merchants due to its stable value. But, are Libra and bitcoin comparable? Bitcoin and Libra Are Not Comparable At CNBC’s Closing

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Dow Creeps Higher but Fearful Wall Street Money Managers Exit Stocks Fast

By CCN Markets: Dow Jones futures rose on Tuesday, but money managers on Wall Street aren’t convinced the stock market rally has longevity. Billion-dollar investors are pulling money out of stocks and piling into cash, according to a survey by Bank of America Merrill Lynch. The investors, who manage $528 billion between them, are also cycling into defensive investments and treasury bonds. It’s a sure sign that investors are building defensive portfolios in the face of trade war fears and weak economic data. Dow creeps higher on hopes of Federal Reserve rate cut As of 6.44 am ET Tuesday, Dow

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Zuckerberg Pal Doubles Down on Facebook CEO Having Too Much Power

By CCN Markets: Give Facebook Co-Founder Chris Hughes a lot of credit. He not only has made comments that could make him less wealthy, but he’s also doubled down on them. Specifically, Chris Hughes believes that his “friend” Mark Zuckerberg has too much control over speech. Zuckerberg Is a Scary Master of the Universe In a May op-ed in the New York Times, Chris Hughes wrote: “The most problematic aspect of Facebook’s power is Mark’s unilateral control over speech. There is no precedent for his ability to monitor, organize and even censor the conversations of two billion people.” Chris Hughes is

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Dow Ignores Trump’s Threat to Slam China With Double Tariffs

By CCN Markets: The Dow Jones Industrial Average traded flat on Monday, despite ominous trade warnings from the White House over the weekend. In an interview with ABC News on Sunday night, Trump said he was ready to go all in on tariffs in a bid to twist China’s arm. The president threatened to double the value of Chinese goods subject to tariffs from $250 billion to over half-a-trillion. “We have … right now, we’re getting 25 percent on $250 billion. And in the end, we’re going to get probably 25 percent or so. And it could be even increased.

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