Feds crank up antitrust heat on Big Tech - Axios

Broad U.S. antitrust action against Big Tech moved firmly from the speculative realm to the investigative mode in the last 72 hours, as both Congress and regulatory agencies appeared to be moving forward with inquiries.

The big picture: While the pressure on the likes of Google, Facebook, Amazon and Apple has been mounting for years, the one-two punch of a public Congressional investigation into their dominance and possible antitrust probes by regulators marks a major escalation in tensions.

• Last year saw high-profile testimony by CEOs like Facebook's Mark Zuckerberg, but the action will now shift to more mundane yet substantial document and evidence gathering that would form the basis of court cases or settlements.

Driving the news: The House Judiciary Committee said Monday that it was launching a bipartisan investigation into whether big tech platforms are engaged in monopolistic practices.

• A person familiar with the investigation said that, in addition to public hearings, the inquiry would include requesting documents from a wide range of companies.
• That could allow the committee to receive information from small competitors of the tech giants who would otherwise be wary of testifying publicly, the person said.
• "Given the growing tide of concentration and consolidation across our economy, it is vital that we investigate the current state of competition in digital markets and the health of the antitrust laws," said Rep. Jerrold Nadler (D-NY), the committee's chairman.
• Tech stocks fell in Monday trading as the federal interest in the companies came into focus.

Between the lines: The investigation could help lawmakers develop a factual record to shape legislation overhauling the nation's antitrust laws, which reformers say are inadequate for reining in corporate power as it exists today.

The announcement followed reporting over the weekend and into Monday that the Justice Department and the Federal Trade Commission had split up the field of investigations into anti-competitive behavior by tech giants.

Why it matters: Of the many ways critics want to address concerns about Big Tech, antitrust action has always been among the most significant — although it was largely seen as the least likely route.

• It could result in action as serious as the firms being broken up, but even if it doesn't, it could seriously distract the platforms' efforts to grow their main businesses and anticipate new waves of tech innovation. Microsoft learned this lesson the hard way after its antitrust fight with Washington two decades ago.

What we're watching: Congressional hearings on the issue will unfold in the coming months, and signs that DOJ and FTC are moving forward with formal investigations into the tech giants could leak out in the form of official inquiries sent to the companies or their competitors.

Our thought bubble: Once inquiries like this get started, they develop their own momentum even as they proceed at what feels like a leaden pace to tech insiders. These companies likely face years of entanglement.

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2019-06-04 10:00:08Z
CAIiEG2sSuDdd7zgHh_VhqO98rsqGQgEKhAIACoHCAowysWECzCkqIEDMO-pgwY

The close: TSX slips as energy stocks drop with oil - The Globe and Mail

A flight to safe-haven assets pushed U.S. Treasury yields to their lowest since September 2017 on Monday, while gold prices jumped more than 1 per cent.

A gloomy economic outlook is prompting traders to increase bets that the U.S. Federal Reserve will cut interest rates sooner rather than later. Markets appeared to price in higher chances of recession and rate cuts by the Fed and other central banks.

Investors have also been seeking protection from market volatility as trade conflicts between the United States and its trading partners have deepened.

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Yields on U.S. two-year notes were on track for their biggest two-day fall since 2008, and U.S. benchmark 10-year Treasury yields earlier hit 2.071 per cent, their lowest since September 2017. German government bond yields fell to an all-time low.

“What the bond market is telling us is that all of these pressures put together create a likely economic slowdown which is pushing yields down,” said Eric Kuby, chief investment officer, North Star Investment Management Corp in Chicago.

Treasury yields briefly extended their decline following remarks from St. Louis Federal Reserve President James Bullard who said a U.S. rate cut may be “warranted soon” because of global trade tensions and weak U.S. inflation.

In addition to increasing tariffs on Chinese imports in recent weeks, the White House has hardened its stance toward other countries, including Mexico.

Factory activity slowed in the United States, Europe and Asia last month, while the escalating trade war between Washington and Beijing raised fears of a global economic downturn and heaped pressure on policymakers to step up support.

The U.S. dollar fell to a 4-1/2-month low earlier against the Japanese yen and a two-month low against the Swiss franc.

The dollar index fell 0.54 per cent, while the Japanese yen strengthened 0.37 per cent versus the greenback at 108.13 per dollar.

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Nonetheless, an index of global stocks mostly edged higher on Monday after a volatile May that wiped $3 trillion off global equities.

Canada’s main stock index slipped slightly on Monday, as energy stocks dropped with oil prices.

The Toronto Stock Exchange’s S&P/TSX composite index was unofficially down 21.60 points, or 0.13 per cent, at 16,016.89.

The materials sector, which includes precious and base metals miners, gained 3 per cent as gold prices rose to their highest in more than two months.

The energy sector reserved course and sat 1.4 per cent lower after oil prices retreated.

Hurting sentiment, though, was data that showed the downturn in Canada’s manufacturing sector deepened in May as the depressed state of global trade led to a further decline in production.

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On Wall Street on Monday, the three major U.S. stock indexes declined on Monday and Nasdaq confirmed it was in a correction, dragged down by Alphabet, Facebook and Amazon.com on fears the companies are the targets of U.S. government antitrust regulators.

The Dow Jones Industrial Average rose 4.74 points, or 0.02 per cent, to 24,819.78, the S&P 500 lost 7.74 points, or 0.28 per cent, to 2,744.32 and the Nasdaq Composite dropped 120.13 points, or 1.61 per cent, to 7,333.02.

“The concerns that the government is going to get involved and possibly break these companies up or impose fines on their operations is a major concern here,” said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.

The pan-European STOXX 600 index rose 0.39 per cent and MSCI’s gauge of stocks across the globe gained 0.28 per cent.

In commodities, spot gold added 1.4 per cent to $1,323.60 an ounce.

Oil fell on Monday as U.S. trade disputes with Mexico and China deepened concerns about weakening global crude demand, while a slump in equities also weighed on crude futures.

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Brent crude futures settled at $61.28 a barrel, losing 71 cents, or 1.2 per cent. U.S. West Texas Intermediate (WTI) crude ended 25 cents, or 0.5 per cent, lower at $53.25 a barrel.

Mexico said it would reject a U.S. idea to take in Central American asylum seekers if it is raised at talks this week with U.S. President Donald Trump’s administration, which is threatening the tariffs over immigration concerns.

The possibility of tariffs on Mexico comes on top of a drawn-out trade war between the United States and China that has bruised oil prices.

“Focus has shifted from the supply to the demand side as a U.S.-China trade agreement has proven elusive and as worries over the debilitating effects of tariffs on global economic growth have now shifted to Mexico,” Jim Ritterbusch of Ritterbusch and Associates said in a note.

A downturn on Wall Street, which crude prices sometimes follow, worsened losses in oil futures, analysts said.

Comments from Saudi Arabia, OPEC’s de facto leader, indicating that the Organization of the Petroleum Exporting Countries and its allies would continue working towards oil market stability in the second half of the year, helped limit Monday’s loses.

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June 03, 2019 at 04:25PM

World shares skid after technology sell-off hits Nasdaq - Yahoo Finance

A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Tuesday, June 4, 2019. Shares are mixed in Asia after a tumultuous session for tech shares on Wall Street.(AP Photo/Lee Jin-man)

BANGKOK (AP) -- World markets retreated Tuesday after news that the Trump administration is considering anti-trust moves against tech giants triggered a sell-off, pushing the Nasdaq composite index into a correction.

Britain's FTSE 100 lost 0.3% to 7,161.29 and the CAC 40 in France dropped 0.8% to 5,201.83. Germany's DAX declined 0.3% to 11,765.90. But Wall Street looked set for gains, with the future contract for the Dow Jones Industrial Average up 0.4% at 24,962.00. The future for the S&P 500 index added 0.3% to 2,758.40.

In London, eyes were on a meeting between visiting President Donald Trump and British Prime Minister Theresa May. The two leaders were due to meet with executives from both countries and to discuss a possible trade deal that might take effect once the U.K. leaves the European Union.

The weaker open in Europe followed losses in Asia, where Japan's Nikkei 225 index ended flat at 20,408.54.

With no major fresh developments in the standoff between Washington and Beijing over their festering trade dispute, Hong Kong's Hang Seng dropped 0.5% to 26,758.55 and the Shanghai Composite index slipped 1.0% to 2,862.28.

In a mild rebuke, the U.S. Trade Representative and Treasury Department issued a statement late Monday criticizing a Chinese government report over the weekend that had blamed President Donald Trump's administration for the trade war between the world's two biggest economies.

The statement posted on the USTR's website said the U.S. was "disappointed" with the white paper report issued by Beijing and with statements by Chinese officials that were in pursuit of a "blame game" misrepresenting the nature of the dispute and negotiations with Washington.

The Kospi in South Korea declined less than 0.1% to 2,066.97.

Australia's S&P ASX 200 advanced 0.2% to 6,332.40 after the central bank announced it was cutting its benchmark interest rate to a record low 1.25% from 1.5%. It was the first rate cut in nearly three years.

"Assuming banks cut their rates by 0.25% it will take deposit rates to their lowest since the mid-1950s and headline mortgage rates to their lowest since the early 1950s, although some mortgage rates are already at record lows," Shane Oliver of AMP Capital said in a commentary.

He suggested more cuts may be in the offing.

"Rate cuts are a bit like cockroaches. If you see one there is normally another nearby," he added.

India's Sensex gave up 0.2% to 40,205.44. Shares were lower in Taiwan but rose in Thailand and Singapore.

Overnight, major U.S. stock indexes were mostly lower amid signs the Trump administration may ratchet up scrutiny on some of the market's biggest names: Apple, Facebook, Amazon and Google.

Investors were reacting to media reports suggesting that government regulators are setting the stage for potential antitrust probes into each of the four technology giants.

"While the eventual outcome remains uncertain, the intention to investigate the technology industry over competition concerns had sparked jitters across the markets," said Jingyi Pan of IG.

The sell-off knocked the tech-heavy Nasdaq composite index into a correction, Wall Street speak for a drop of 10% or more from a peak. The Nasdaq hit its most recent all-time high early last month, before the trade dispute between the U.S. and China escalated, setting off a month-long slide. The Nasdaq tumbled 1.6% to 7,333.02. It's now down 10.2% from its all-time high set May 3.

As the dispute between Washington and Beijing over trade and technology grinds on, investors have been shifting into less risky assets. Bond prices climbed again Monday, pulling the yield on the 10-year Treasury note down to 2.10% from 2.14% late Friday.

CURRENCIES: The dollar fell to 108.01 Japanese yen from 108.07 yen on Monday. The euro strengthened to $1.1267 from $1.1242.

ENERGY: Benchmark U.S. crude gained 2 cents to $53.27 per barrel in electronic trading on the New York Mercantile Exchange. On Monday, it slid 0.5% to settle at $53.25 a barrel. Brent crude oil, the international standard, added 1 cent to $61.29 per barrel. It closed 1.1% lower on Monday at $61.28 per barrel.

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2019-06-04 08:01:00Z
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Amazon Canada To Offer TV Channels On Its Prime Video Streaming Service - HuffPost Canada

SOPA Images via Getty Images

TORONTO — Canadian television viewers will soon have another streaming option that looks very similar to a cable package.

Amazon says it’s finalizing plans to make Prime Video Channels available in Canada for the first time, giving its Prime Video subscribers (who pay $7.99 per month) the option to purchase from a selection of 13 channels of live and on-demand programming. The launch date still hasn’t been confirmed, though the company said it will be “soon.”

Watch: Will streaming end up costing you as much as cable? Story continues below.

It marks the first time cord cutters who have ditched traditional cable and satellite companies will have access to several popular channels, including kids’ broadcaster Nickelodeon, and multi-channel movie packages Super Channel and Hollywood Suite.

There’s also StackTV, a juiced-up selection of TV channels that’s almost like a mini cable package in itself. For that bundle, subscribers will pay $12.99 per month for access to live and on-demand programs from a roster of 12 networks, including Adult Swim, Food Network, Global, Slice and Showcase, all owned by Corus Entertainment.

A selection of existing streaming platforms round out the current lineup, including horror outlet Shudder, indie movie hub Sundance Now, reality TV chest Hayu and LGBTQ-centric OutTV, which can all be added to Amazon for a range of $3.99 to 6.99 per month for each channel.

Starz, a new channel offering launched by Bell Media that’s also available on the Crave streaming platform, is $5.99 per month.

The concept behind Prime Video Channels isn’t much different than an “a la carte″ cable bundle, and the company is pitching it as a way to centralize billing and passwords for the TV services you love through one provider. But the selection will be notably sparse when it launches — there’s no partnership with its major competitor Netflix, nor one with Crave, HBO Canada or Showtime.

Also missing from the lineup are sports and news channels.

Some broadcasters are sitting out the launch entirely, including CBC, Bell Media’s CTV and TSN, as well as Rogers-owned channels, which include Citytv and the OMNI multicultural stations.

Greg Hart, vice president of Amazon Prime Video, said he’s hopeful that voids in the offering will be filled over time.

“We’d love to have sports available... and we look forward to adding that,″ he said in a phone interview.

“Sometimes those are a little more complicated to bring off.″

He pointed out that the U.S. version of Prime Video Channels launched with about 25 channels before growing to a slate of more than 150, which include both traditional live feeds and streaming platforms.

Existential threat?

But the hurdles in Canada could prove more significant.

Canadian broadcasters have spent years griping to the federal regulator about the increasing dominance of U.S. streaming giants, including the threat of Amazon’s colossal presence.

In 2016, Mary Ann Turcke, who was Bell Media’s president at the time, expressed concerns over Amazon’s pending arrival as a streaming business. She said it would be more difficult for Canadian companies to acquire rights for the popular titles needed to satisfy subscribers if a giant like Amazon was in the bidding wars.

(Services like) Amazon Channels (are) going to be even more disruptive to the Canadian broadcasting system than foreign streaming services.Deputy Heritage Minister Helene Laurendeau

Last November, the broadcasters ratcheted up their sentiment, telling Ottawa that Prime Video Channels poses “an existential threat to the regulatory system.”

Helene Laurendeau, deputy minister of Canadian Heritage, said in a memo to the Canadian Radio-television and Telecommunications Commission that virtual TV service providers “particularly Amazon Channels, (are) going to be even more disruptive to the Canadian broadcasting system than foreign streaming services.″

She said Prime Video Channels would effectively make “moot″ the concept of “skinny basic″ and “pick and pay″ packages from TV service providers, and force any potential Canadian competitors with similar virtual TV services out of business.

Hart rejected suggestions that Prime Video Channels would be a threat to Canadian TV channels.

“My point of view is it’s actually a great way for broadcasters to distribute their content,″ he said.

“It offers another outlet.″

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June 04, 2019 at 03:09AM

Canada’s cannabis edibles, topicals market could be worth $2.7B a year after legalization: study - Global News

The market for cannabis edibles could be worth roughly $2.7 billion a year, according to a new report.A study by Deloitte found the next phase of cannabis legalization — which will include edibles other alternative cannabis products — could generate higher profits for retailers.WATCH: 6 months until edibles hit the market, Cannabis companies get ready for 2nd round of legalization

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June 04, 2019 at 02:28AM

Sawmills cut production - BC News - Castanet.net

Photo: The Canadian Press

Softwood lumber is pictured along the Fraser River in Richmond, B.C., Tuesday, April 25, 2017. THE CANADIAN PRESS/Jonathan Hayward

West Fraser Timber Co. Ltd. says all mill activities will be curtailed temporarily for a week in June at five British Columbia sawmills due to weakening lumber prices and high log costs.

The Vancouver-based company says the production curtailments will take place at sawmills in Chetwynd, Quesnel, Williams Lake, Smithers and Fraser Lake.

About 30 million board feet of lumber is expected to be reduced during the week.

Lumber production is expected to be cut by approximately 30 million board feet.

West Fraser has implemented temporary and permanent capacity curtailments of about 125 million and 300 million board feet respectively over the past six months, including Monday's announcement.

Interfor recently announced it would cut back on operations for June, joining in the temporary curtailments already rolled out by Canfor.

Tolko said in mid-May it would shut down its Quesnel, B.C., mill altogether at a loss of 150 jobs and eliminate a shift at its Kelowna, B.C. mill for another 90 jobs gone.

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June 04, 2019 at 07:16AM

De Havilland Aircraft of Canada takes to the skies - Kevin Marshall

With Longview Aviation taking over Bombardier’s interest in the Dash8 programme, a name that has not been forgotten to return to the skies. Welcome De Havilland Aircraft of Canada

Longview Aviation Capital Corp launched De Havilland Aircraft of Canada Limited. It’s an important step as this organisation will operate the world-wide Dash 8 aircraft business.

The launch comes with Longview acquiring the entire Dash 8 programme. This includes:

• Dash 8 – 100
• Dash 8 – 200
• Dash 8 -300
• Dash 8 – Q400 (currently in production).

Thus, the Bombardier Q400 becomes the De Havilland Dash 8 Q400.

The Dash 8 family joins Longview’s other development programmes including the Twin Otter program and the DHC-1 through DHC-7 series, as well as the former Canadair CL-215, CL-215T, and CL-415 waterbomber aircraft.

De Havilland Aircraft of Canada Limited will continue to produce, service and support Dash 8 and Q400 aircraft from the Downsview site in Toronto under land lease agreements which extend until 2023.  Todd Young who lead the Q-Series Programme at Bombardier will now lead the business as Chief Operating Officer.

The new company will inherit nearly all of the previous Downsview workforce with them transitioning to De Havilland Aircraft of Canada.

In quotes

David Curtis, Chairman, Longview Aviation Capital:

“We are thrilled to assume responsibility for this exceptional aircraft program, and welcome the more than 1200 professionals that are joining De Havilland Aircraft of Canada from Bombardier. We aim to enhance the tradition of excellence around this aircraft by ensuring we continue to evolve to meet the needs of our customers, with a focus on the cost competitiveness of these aircraft across the lifespan, from production to parts and in-service support. In the months ahead we will be investing in the business with the aim of positioning us to better serve our customers.”

“We are particularly proud to introduce De Havilland Aircraft of Canada as an operating company and return the De Havilland Canada brand to prominence in the global aerospace industry. The iconic De Havilland name dates back almost one hundred years, and is responsible for some of the most renowned aircraft in aviation history. The combination of the Dash 8 with the existing Longview Aviation Capital portfolio unites the entire De Havilland product line under the same banner for the first time in decades. With a new corporate identity that draws on the rich brand heritage, we are excited about the opportunities we see ahead for this company, and for the Dash 8 aircraft.”

Todd Young, Chief Operating Officer states

“We are excited to begin the next chapter for this aircraft program and to share the De Havilland Aircraft of Canada brand with the world,”

“Our team at Downsview is engaged and motivated, and we look forward to working with our customers, suppliers and industry partners to maintain the Dash 8 turboprop’s position as one of the world’s most important commercial aircraft.”

A re-emergence

de Havilland Aircraft of Canada has a long history – dating back to 1928 when it started to build Moth aircraft and training Canadian Airmen. Since then it has been brought by Boeing and most recently, Bombardier.

Now under new ownership, there’s a chance for the Q400 family to thrive, compete for orders under its own muscle.

With plenty of room to fight in the Turboprop market – there are still wins to be had and orders to fill. It’ll be exciting seeing what de Havilland can do.

As well as writing this under every Dash 8 Q400 post.

FlyBe de Havilland of Canada Dash 8 Q400 – Image, Economy Class and Beyond

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Welcome to Economy Class and Beyond – Your no-nonsense guide to network news, honest reviews, with in-depth coverage, unique research as well as the humour and madness as I only know how to deliver.

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June 04, 2019 at 02:47AM