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Facebook’s recently introduced Messenger Kids app is getting an upgrade that lets parents set “off times” that blocks their children from using the service.
The new Sleep Mode, which debuted on Friday, also lets parents set different times for the app to shut off depending on the day of the week. During “off times,” the app is inaccessible, meaning children will be unable to send or receive messages or video calls, use the creative camera to take or send photos or receive notifications.
All Sleep Mode settings are controlled from the parent’s Facebook account and can be changed at any time.
Messenger Kids, which is aimed at children from 6 to 12, launched in December. While some parents have said that they appreciate having control over their children’s social media access, it’s still been met with controversy. Facebook itself recently faced a number of questions from Congress over how user data it collects is handled, especially when those users are minors.
So far, the word “unpredictable” seems to be one of the most-used descriptive choices when characterizing the events of 2018. And, broadly speaking, this appears to be an accurate term. Just a few months ago, if you were to suggest that the NASDAQ would be seeing “flash crash” activity while General Electric (NYSE:GE) was forming a long-term bottom in a multi-year decline, you might have been laughed out of the room. But this appears to be where we are, given the market’s positive reaction to GE’s April 20th announcements and the generalized lack of certainty in almost every aspect of this current financial environment. We have been saying that the stock declines below $ 13 per share would be the worst of it for holders of GE and we maintain this view in light of the company’s recent strategic moves. We are long GE with a bullish stance on the stock as a long-term hold for portfolio strategies.
Chart: CNN Money
Many analysts have argued that there are fundamental earnings problems within the company itself. But, since this is the most “mega” of the “mega-conglomerates” it is critical to assess the trends over at least three years before drawing any drastic conclusions. The earnings performance at GE has been erratic since 2015. But the revenue side of the equation has been much more stable over the same period.
This implies that GE’s problems are internal (fixable) rather than external (not fixable). This is good news, as long as the company is able to reduce operations and focus on the businesses. Currently, jet engines, power plants, and healthcare machines are GE’s biggest money-makers – and we would prefer to see more of the company’s attention (and resources) focused on streamlining these segments.
Earnings Trend Chart: Yahoo Finance
On the other side of the ledger, the power, oil, and gas markets are still presenting major challenges for General Electric, with revenue in those segments showing significant weakness in Q1. Operating losses in the power unit were lower by 38%, but the company has said that improvements have been made in service operation and cost execution for the segment. Operating losses in oil and gas fell by 30%. Other negatives were seen in the GE Capital unit, as it continues with its weaker trends.
For the first quarter, net losses came in at 14 cents per share (roughly in-line with last year’s performance for the period). On a continuing basis, net incomes came in at 4 cents per share (a solid increase from the in the 1 cent per share seen a year ago). On an adjusted basis, the company posted earnings of 16 cents per share (well above analyst estimates calling for 11 cents per share). Total revenues for the quarter gained by 7% (to $ 28.66 billion against expectations of $ 27.45 billion). In the accompanying statement, Flannery highlighted the fact that margins, industrial earnings, and free cash flows are all gaining on an annualized basis – and this is all good news for dividend investors.
What really matters here is the strategic direction, and the willingness within those in management to cut the fat and become a more modern company. There are still very real questions with respect to whether or not Flannery & Co. will be able to address those needs. But we do know that many of the correct moves have already been made. This includes the decisions to sell NBC, Universal Studios, and its real estate portfolio.
These were areas where the company could not reasonably hope to compete, and sacrifices needed to be made in order to preserve as much of the dividend as possible. Another example of a strategic move in the “right” direction was deal to sell GE’s appliance division for $ 5.6 billion. GE is still in recovery-mode, and this is the short-term outlook that should define the long-term outlook for quite some time.
GE Chart Analysis: Dividend-Investments.com
The key point here is that the word “recovery” implies gradual strengthening. In market terms, that equates to positive price movement, and we view GE as a long-term hold with an attractive yield offering for investors. GE cut industrial structural costs by $ 805 million, and they expect to beat prior goals to reduce costs by $ 2 billion for all of 2018. This is strong evidence of progress, and it has not yet been reflected in share prices.
Shorter-term, we have seen some upside and this is an indication that the market is liking what it sees (so far, at least). Since aviation, healthcare, and transportation divisions all experienced double-digit profit growth, these moves should be viewed as valid. Prior resistance under $ 14 should now be expected to act as price support and we believe that a long-term bottom has likely formed at $ 12.80.
What is your position on GE? We look forward to reading your comments. Stay tuned to Dividend Investors and receive our next alerts by clicking the “Follow” button at the top of the page.
Disclosure: I am/we are long GE.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
OpenAI, a nonprofit research lab started by Tesla founder and CEO Elon Musk released the salary details of it’s employees–and they are striking. The organization’s top researcher was paid more than $ 1.9 million in 2016, and another leading researcher who was only recruited in March was paid $ 800,000 that year, according to a recent article in the New York Times.
Salaries for top A.I. researchers have skyrocketed because there is high demand for the skills–thousands of companies want to work with the technology–and few people have them. So even researchers at a nonprofit can make big money.
It likely has more to do with competition than interest in the field itself, however. The Times points out that both of the researchers employed by OpenAI used to work at Google. At DeepMind, a Google-owned A.I. lab in London, $ 138 million was spent on the salaries of 400 employees, translating to $ 345,000 per employee including researchers and other staff, the Times reports.
OpenAI was started by Musk who recruited several engineers from Google and Facebook, two companies pushing the industry into artificial intelligence. People who work at major companies told the Times that while top names can expect compensation packages in the millions, even A.I. specialists with no industry experience can expect to make between $ 300,000 and $ 500,000 in salary and stock as demand for the skills continues to outstrip supply.
LONDON (Reuters) – London’s Transport Commissioner Mike Brown met Uber [UBER.UL]boss Dara Khosrowshahi in January, a freedom of information request revealed, as the Silicon Valley app fights to keep its cars on the streets of its most important European market.
Uber is battling a decision by the city’s transport regulator last September to strip it of its license after it was deemed unfit to run a taxi service, a ruling Uber is appealing.
Since then Uber has made a series of changes to its business model, responding to requests from regulators, including the introduction of 24/7 telephone support and the proactive reporting of serious incidents to London’s police.
Khosrowshahi flew to London in October for discussions with Brown after which Uber promised to make things right in the British capital city.
The pair had a second meeting in London in January, according to a response to a freedom of information request from Reuters.
“The Commissioner met with Dara Khosrowshahi on 3 October 2017 and 15 January 2018, both meetings took place in London,” Transport for London (TfL) said.
A TfL spokesman declined to provide an immediate comment on what was discussed at the meeting. Uber declined to comment.
Reuters had asked for a list of every meeting which had taken place between Uber and TfL’s private hire team and/or Brown since Sept. 22 but TfL declined to release such details.
“We are not obliged to supply the remainder of the information requested in relation to meetings as it … relates to information where disclosure would be likely to prejudice the exercise by any public authority of its functions ..,” it said.
A court hearing over Uber’s appeal is due this month before the substance of the appeal is heard in June.
Reporting by Costas Pitas; editing by Stephen Addison
NEW DELHI (Reuters) – Indian ride-hailing firm Ola, backed by Japan’s SoftBank Group will launch 10,000 electric three-wheelers in the country over the next 12 months as part of a broader electrification plan, the company said in a statement on Monday.
The move is part of a broader push by Ola to launch 1 million electric vehicles on its platform by 2021, it said in the statement, adding that it will work with various state governments, vehicle manufacturers and battery companies to meet its target.
Reporting by Aditi Shah; Editing by Swati Bhat
BEIJING/SHANGHAI (Reuters) – In China, a platform for risqué jokes is no laughing matter.
Toutiao, a hugely popular news and online content portal that is luring investors, was forced to pull its joke sharing “Neihan Duanzi” app, literally meaning “implied jokes”, after a watchdog said it included “vulgar and improper content”.
The move comes amid a broader clamp-down targeting online content from livestreams and blogs to mobile gaming, as the country’s leaders look to tighten their grip over a huge and diverse cultural scene online popular with China’s youth.
China’s State Administration of Radio and Television ordered the app to be taken down permanently in a post on Tuesday for low values that had “caused strong disgust amongst netizens”. It urged Toutiao to regulate similar content on its other sites.
Toutiao, one of the country’s fastest-growing tech start-ups which was valued at around $ 20 billion last year, has been in hot water with regulators lately. Earlier this week, its main mobile app was also removed from a number of Chinese smartphone app stores following reports of increased censorship.
In a public letter titled “Apology and Introspection”, Toutiao founder Zhang Yiming pledged to raise the number of in-house censors – referred to as content auditors – to 10,000 people from 6,000 currently to keep its content wholesome.
“This product walked the wrong path and had content in deviation of socialist core values,” he wrote in the letter posted on his official microblog account on Wednesday.
Reporting by Pei Li and Adam Jourdan; Editing by Michael Perry
(Reuters) – U.S. President Donald Trump launched his second attack in a week on Amazon.com Inc on Saturday, accusing the world’s biggest online retailer of getting unfairly cheap rates from the U.S. Postal Service and not paying enough tax.
Trump’s comments on Twitter reiterated criticisms he made on Thursday about the company. He may have been prompted by a report from news website Axios saying he was obsessed with Amazon and considering ways to rein in the company’s power, possibly with federal antitrust or competition laws.
Investor concerns about regulatory action sent Amazon shares down 3.3 percent over Wednesday and Thursday, knocking $ 24 billion off the company’s market value.
“While we are on the subject, it is reported that the U.S. Post Office will lose $ 1.50 on average for each package it delivers for Amazon. That amounts to Billions of Dollars,” Trump tweeted on Saturday.
A Citigroup analysis last year showed that if the U.S. Postal Service (USPS) reallocated costs to account for the growing volume of packages it delivers, it would cost $ 1.46 more to deliver each package. Federal regulators, which review contracts made by USPS, have not raised any issues with the terms of its contract with Amazon.
“If the P.O. ‘increased its parcel rates, Amazon’s shipping costs would rise by $ 2.6 Billion’,” Trump tweeted, although it was not clear what report he was citing. “This Post Office scam must stop. Amazon must pay real costs (and taxes) now!”
A White House spokeswoman said on Thursday the administration has no Amazon-related action at this time.
Trump also accused the Washington Post, owned privately by Amazon Chief Executive and founder Jeff Bezos, of being a “lobbyist” for Amazon.
The newspaper, a frequent target of Trump’s ire, won a Pulitzer Prize last year for its critical investigation of Trump’s donations to charities.
Amazon declined comment. The Washington Post did not immediately reply to a request for comment.
Reporting by Bill Rigby; Editing by Bill Trott
WASHINGTON/LONDON (Reuters) – Facebook Inc Chief Executive Mark Zuckerberg’s apology for how his company handled 50 million users’ data did little on Thursday to ease investor worries about the cost to fix mistakes and lawmakers’ dismay that his response did not go far enough.
Germany’s second-largest bank Commerzbank AG has suspended advertising on Facebook until further notice, Handelsblatt newspaper reported on Thursday, following in the steps of Mozilla, which runs the Firefox web browser.
Allegations that political consultancy Cambridge Analytica improperly accessed data to build profiles on American voters and influence the 2016 presidential election has knocked more than $ 50 billion of Facebook’s market value this week.
Five days after the scandal broke, Zuckerberg apologized on Wednesday that mistakes were made and promised to restrict developers’ access to user information as part of a plan to improve privacy protection.
On Thursday, Facebook executives were still saying sorry. “It was a mistake”, Campbell Brown, head of news partnerships at Facebook, said at The Financial Times FT Future of News Conference in New York City.
Zuckerberg’s apology and promises were not enough to ease political pressure on the world’s largest social media company.
“It shouldn’t be for a company to decide what is the appropriate balance between privacy and innovation and use of data. Those rules should be set by society as a whole and so by parliament,” British minister for Digital, Culture, Media and Sport, Matt Hancock, told BBC Radio. “The big tech companies need to abide by the law and we’re strengthening the law.”
In Washington, Zuckerberg’s media rounds did little to satisfy lawmakers in either political party who have demanded this week that the billionaire testify before Congress.
Facebook executives were expected to brief two congressional committees on Thursday, after being grilled for nearly two hours by staff for the House Energy and Commerce Committee on Wednesday.
Facebook Deputy Chief Privacy Officer Rob Sherman and other executives were unable to answer many questions at Wednesday’s meeting, according to two aides who were present. The executives said they had written down a list of 60 questions they promised to answer, the aides said.
The Republican chairman and top Democrat of the U.S. House Energy and Commerce Committee said they will in coming days formally ask Zuckerberg to testify.
Wall Street analysts expressed relief that there were no signs so far of a more fundamental shift in the company’s advertising-driven revenue model, but some said there would be costs to shore up its reputation.
Facebook, with more than 2 billion monthly active users, made almost all its $ 40.6 billion in revenue last year from advertising.
Stifel analyst Scott Devitt cut his price target on Facebook by $ 27 to $ 168, while BofA Merrill Lynch slashed its target by $ 35 to $ 230.
“Facebook’s current plight reminds us of eBay in 2004 – an unstructured content business built on trust that lost that trust prior to implementing policies to add structure and process,” Devitt said.
“Warren Buffett has his own thing called a “too hard” pile, and we are choosing to put Facebook shares in it,” he wrote.
Facebook shares were down 2.2 percent on Thursday in heavy trading.
Analysts said that Zuckerberg’s promises to investigate thousands of apps, and to give members a tool that lets them turn off access, would not substantially reduce advertisers’ ability to use Facebook data – the company’s lifeblood.
Nevertheless, open-source browser and app developer Mozilla said it was “pressing pause” on its Facebook advertising after the revelations prompted it to take a closer look at the site’s default privacy settings.
“We found that its current default settings leave access open to a lot of data – particularly with respect to settings for third party apps,” Mozilla, it said in a blog post.
“When Facebook takes stronger action in how it shares customer data, specifically strengthening its default privacy settings for third party apps, we’ll consider returning.”
Commerzbank said it, too, was pausing its campaign on Facebook. “Brand safety and data security are very important to us,” head of brand strategy Uwe Hellmann told Handelsblatt. The comments were confirmed by a spokesman for the bank.
The Times newspaper reported that British advertising group ISBA, which represents thousands of well-known brands, has threatened to withdraw ads if investigations show user data has been misused.
“We think this issue is more likely to snowball than recede and that advertisers are reaching a tipping point at which spending on not only Facebook and other online platforms, is re-evaluated,” brokerage Liberum said in a note.
Technology stocks have fallen along with Facebook this week as investors worried about tighter scrutiny of global platforms like Google, Twitter and Snapchat.
British police removed cordons around the London headquarters of Cambridge Analytica on Thursday after they deemed a suspicious package which sparked a security alert to be safe.
Efforts by Britain’s information watchdog to investigate Cambridge Analytica were delayed when a judge adjourned for 24 hours its application to search the company’s head office.
Additional reporting by Munsif Vengattil and Paul Sandle; Editing by Nick Zieminski
WASHINGTON (Reuters) – The Federal Communications Commission plans to fine Sinclair Broadcasting Corp $ 13.3 million after it failed to properly disclose that paid programming that aired on local TV stations was sponsored by a cancer institute, three people briefed on the matter told Reuters.
The proposed fine, which covers about 1,700 spots including commercials that looked like news stories that aired during newscasts for the Utah-based Huntsman Cancer Institute over a six-month period in 2016, could bolster critics of Sinclair’s proposed $ 3.9 billion acquisition of Tribune Media Co.
Sinclair Broadcasting and a spokesman for the FCC declined to comment. Sinclair, which has told reporters previously the violations were unintentional, disclosed the investigation in financial filings.
Sinclair, which owns more than 170 U.S. television stations and is the largest U.S. operator, announced plans in May to acquire Tribune’s 42 TV stations in 33 markets as well as cable network WGN America and digital multicast network Antenna TV, extending its reach to 72 percent of American households. The FCC and Justice Department are reviewing Sinclair’s proposed acquisition of Tribune.
The proposed fine, which was approved by the five-member FCC earlier this week but has not yet been made public, is significant, officials said. The penalty represents an average fine of about $ 7,700 for each of the improperly aired spots but is significantly less than the maximum fine Sinclair could have faced under the law.
Sinclair will have the opportunity to respond to the proposed fine before it becomes final.
Reporting by David Shepardson; Editing by Nick Zieminski
LONDON (Reuters) – Social media companies should face prosecution for failing to remove racist and extremist material from their websites, according to a report by an influential committee.
Prime Minister Theresa May’s ethics watchdog recommends introducing laws to shift the liability for illegal content onto social media firms and calls for them to do more to take down intimidatory content.
Social media companies currently do not have liability for the content on their sites, even when it is illegal, the report by the Committee on Standards in Public Life said.
The recommendations form part of the conclusions of an inquiry into intimidation experienced by parliamentary candidates in an election campaign this year.
“The widespread use of social media has been the most significant factor accelerating and enabling intimidatory behavior in recent years,” the report said.
“The committee is deeply concerned about the limited engagement of the social media companies in tackling these issues.”
While the report said intimidation in public life is an old problem, the scale and intensity of intimidation is now posing a threat to Britain’s democracy.
The report found that women, ethnic minorities and lesbian, gay, bisexual and transgender political candidates are disproportionately likely to be the targets of intimidation.
The committee heard how racist, sexist, homophobic, transphobic and anti-Semitic abuse is putting off some candidates from standing for public office.
Platforms such as Twitter, YouTube and Facebook are criticized for failing to remove abusive material posted online even after they were notified.
The committee said it was “surprised and concerned” Google, Facebook and Twitter do not collect data on the material they take down.
“The companies’ failure to collect this data seems extraordinary given that they thrive on data collection,” the report said. “It would appear to demonstrate that they do not prioritize addressing this issue of online intimidation.”
Twitter said in a statement it has announced several updates to its platform aimed at cutting down on abusive content and it is taking action on 10 times the number of abusive accounts every day compared to the same time last year.
YouTube declined to comment, while Facebook did not immediately respond to requests for comment.
Many politicians have become more vocal about the abuse they face after Labour’s Jo Cox, a 41-year-old mother of two young children, was shot and repeatedly stabbed a week before Britain’s Brexit referendum last year.
Reporting By Andrew MacAskill; editing by Stephen Addison