Monthly Archives: July 2021

Big Tech is once again in Washingtons crosshairs. On Friday, President Biden called on the Federal Trade Commission and Department of Justice to enforce existing rules and establish new ones that could interfere with the market domination of Americas biggest tech firms.

The executive order from Biden calls on the FTC to establish stricter rules over mergers, making it harder for larger tech companies to swallow up their smaller competitors just like Facebook has with Instagram and WhatsApp. It also makes it harder for companies to use their customers data to make competing products just like Amazon has been accused of doing with its third-party sellers.

The order also calls on the FTC and DOJ to use flexibility in existing antitrust laws to retroactively unwind bad mergers completed under prior administrations.

The president appears to be putting pressure on the likes of Facebook (FB) and Amazon (AMZN), both of which are staring down antitrust lawsuits and federal investigations. It also seeks to put checks in place for major internet service providers by forcing them to provide subscribers with the total price theyd pay when signing up for plans, and to steer clear of charging steep early cancellation fees.

But executive orders dont hold the same weight as laws, largely because the next president can scrap them. And just because a president signs one, doesnt mean itll achieve its intended goal even during that presidents administration. Congress could still step in to undo such orders, and they can be challenged by existing laws.

The Biden administrations call for the DOJ and FTC to unwind bad mergers doesnt reference specific companies yet its clear that two controversial mergers Facebooks acquisitions of Instagram and WhatsApp are among those most ripe for undoing.

Rather than competing for consumers, [companies] are consuming their competitors, Biden said before signing the order.

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Rather than competing for workers, they are finding ways to gain the upper hand on labor. And too often, the government has actually made it harder for companies to break in and compete.

President Joe Biden speaks before signing an executive order aimed at promoting competition in the economy, in the State Dining Room of the White House, Friday, July 9, 2021, in Washington. (AP Photo/Evan Vucci)

The FTC has already sought to break up Facebook via its own antitrust suit. The suit, however, was dismissed last week, without prejudice, by federal district court Judge James Boasberg of the District of Columbia. The FTC is permitted to amend its argument, and is expected to refile a complaint within 30 days.

In addition to Facebook, the order also seems to call out Amazon by encouraging the FTC to establish rules on surveillance and the accumulation of data. Amazon has been accused by lawmakers on the House Antitrust Committee of using data it collects from third-party sellers on its e-commerce platform to develop its own competing products under its Amazon Basics line of goods.

During testimony before the Committee in July 2020, former Amazon CEO Jeff Bezos said the company has rules about using third-party data to develop its own products, but admitted he couldnt guarantee that it hasnt broken those rules in the past.

Amazons use of third-party seller data is also the focus of an ongoing FTC antitrust investigation. And to add to the companys troubles, the FTCs new chair, Lina Khan, is an outspoken Amazon critic who made her name by writing an article for the Yale Law Journal outlining the need to address current antitrust laws to go after Amazon.

The company has taken the threat posed by Khan seriously, and has already requested that the FTC recuse her from any antitrust investigations into the e-commerce giant.

How much impact the presidents executive order will have remains unclear. While presidents have enjoyed broad latitude under Article II of the U.S Constitution to issue the directives, critics say they can conflict with existing laws. Meanwhile, Congress can pass new laws that override such orders (subject to presidential veto).

While advocates for corralling Big Tech and bringing transparency to internet pricing may praise the executive order, theres no guarantee that any of it will go into effect.

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Alexis Keenan is a legal reporter for Yahoo Finance and former litigation attorney. Follow Alexis Keenan on Twitter @alexiskweed.

Got a tip? Email Daniel Howley at dhowley@yahoofinance.com over via encrypted mail at danielphowley@protonmail.com, and follow him on Twitter at @DanielHowley.

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Amazon and Facebook are unnamed targets of Bidens executive order - Yahoo Finance

New Bet & Watch Feature Allows Fans to Watch a Live MLB Game in the DraftKings App

BOSTON and NEW YORK, July 09, 2021 (GLOBE NEWSWIRE) -- Major League Baseball and DraftKings Inc. (Nasdaq: DKNG) today announced a strategic sportsbook expansion and an extension of its existing Daily Fantasy Sports and sports betting relationship which will include expanded promotional rights and content inclusive of the sports betting category. Among the key components of the expanded relationship are rights to an innovative Bet & Watch streaming integration where fans with open and active MLB.com and DraftKings accounts will be able to watch a free, live MLB game within the DraftKings app. In addition, DraftKings and MLB plan to collaborate on future sports betting-themed game broadcast experiences that will live within the MLB.TV product. DraftKings is now a co-exclusive Official Sports Betting Partner of MLB, joining BetMGM. As part of the expanded relationship, DraftKings remains the exclusive Official Daily Fantasy Sports partner of Major League Baseball.

In 2012, MLB helped ignite the daily fantasy industry by becoming our first-ever league partner, and that same foresight has persisted over the years as our organizations look to disrupt and innovate further through this expansion, said Matt Kalish, President DraftKings North America and co-founder. As we adapt and scale integrations within the constantly evolving sports landscape, MLB and DraftKings will again shape the future of fan engagement in baseball and beyond.

Pursuant to the agreement, DraftKings will be an Official Sports Betting Partner throughout the entire MLB Postseason and have on-site brand exposure and activation opportunities during all MLB Jewel Events. These touchpoints embed the DraftKings brand within MLB games and will debut as part of the 2021 T-Mobile Home Run Derby, including an on-field Hit It Here trigger where lucky fans will have the chance to win tickets to a 2021 World Series game. Additionally, DraftKings is offering customers with two free-to-play pools around this years Home Run Derby totaling $50K in prizes. While the blend of baseball, betting and branding will materialize in other ways including digital odds displays, virtual signage and hospitality packages, DraftKings will also adopt several new designations in connection with the promotions of upcoming events.

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For nearly a decade, our growing relationship with DraftKings has been rooted in fan engagement and the second-screen immersion of sports gaming and entertainment products, said Kenny Gersh, MLB Executive Vice President, Business Development. This next iteration of unique and experiential offerings is something we look forward to rolling out together as baseball fans continue to embrace technological advances.

All MLB offers are available at http://www.draftkings.com or via the DraftKings apps on iOS and Android.

About DraftKings

DraftKings Inc. is a digital sports entertainment and gaming company created to fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for 50+ operators in 17 countries. DraftKings Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in Colorado, Illinois, Indiana, Iowa, Michigan, Mississippi, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee, Virginia and West Virginia. DraftKings daily fantasy sports product is available in 7 countries internationally with 15 distinct sports categories. DraftKings is the official daily fantasy partner of the NFL, MLB, NASCAR, PGA TOUR and UFC as well as an authorized gaming operator of the NBA and MLB, an official betting operator of the PGA TOUR and the official betting operator of UFC. DraftKings also owns Vegas Sports Information Network, Inc. (VSiN), a multi-platform broadcast and content company.

Forward-Looking Statements

Certain statements made in this release are forward looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words estimates, projected, expects, anticipates, forecasts, plans, intends, believes, seeks, may, will, should, future, propose and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside DraftKings control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see DraftKings Securities and Exchange Commission filings. DraftKings does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Media Contacts

DraftKingsmedia@draftkings.com @DraftKingsNews

MLBDavid Hochman212-931-7652David.Hochman@MLB.com@MLB_PR

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Major League Baseball and DraftKings Expand Relationship to Include Live Game Streaming and Sports Betting - Yahoo Finance

Ransomware cyberattacks have skyrocketed, and no part of the economy is safe. From infrastructure companies like Colonial Pipeline to meat producers like JBS to a huge attack linked to Russia just over the Fourth of July weekend, the attacks have escalated.

According to George Kurtz, CEO of cybersecurity firm CrowdStrike (CRWD), the company is seeing a massive increase in ransomware attacks. And theyre targeting everything from private businesses to government entities.

Ransomware is going crazy right now. What weve seen at CrowdStrike, is...almost 50 attacks per week, targeted attacks, Kurtz told Yahoo Finance. And its only getting worse.

The most recent high-profile attack saw IT remote management software maker Kaseya hit by a supply chain-style ransomware attack, which impacted as many as 1,500 businesses. The suspected group behind the attack, REvil, is seeking a $70 million ransom to call it off.

Whats turned ransomware from a nuisance crime that impacted everyday people via email scams to a national security-level threat? A new business model for cybercriminals, a lack of accountability on the parts of foreign governments, and plenty of money to go around.

Cybercriminal gangs like REvil (which stands for Ransomware Evil) have a business model that allows them to contract out their ransomware to smaller gangs that launch attacks.

They have an affiliate model where anybody who contributes to the successful ransomware payment gets a profit share in the ransom, explained Liam O Murchu, director of Symantecs (AVGO) Security Response Group.

They've got a lot of people in the cybercriminal underground, who want to help and want to participate in these attacks, and basically sucked the air out of all of the other economic models that were in the underground, O Murchu said. This is the biggest game in town right now.

Cybercriminals have also taken their attacks to a new level that forces companies to respond as quickly as possible. In a normal ransomware attack, criminals target victims computer systems by encrypting them and keeping them locked down until the victims pay a ransom for the digital keys to regain access to their files.

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JBS was hit with a massive cyberattack that took its systems offline. (AP Photo/David Zalubowski, File)

More recently, however, cybercriminals have added a new threat. Now in addition to locking down victims systems, theyll exfiltrate sensitive data and threaten to release it online if the victims dont pay up quickly.

Its not just sensitive corporate information either, O Murchu explained.

Recently...a CEO of one of the companies that [cybercriminals] got into was having an affair with someone...and they leaked photographs of the person he was having the affair with, he said. They also get the phone numbers of the executives and they call them on the phone to put pressure on them.

Beyond a new business model and pressure tactics, cybercriminals are benefiting from huge wins in the amount they charge in ransom. In the instance of the Colonial Pipeline hack, the attackers got away with a $4.6 million ransom, though the U.S. recovered $2.3 million. JBS, meanwhile, paid $11 million. CNA Financial paid $40 million, and in the Kaseya attack, the hackers are seeking $70 million.

Those are massive numbers when you consider hackers were previously targeting individual consumers for hundreds or thousands of dollars. And as more companies pay exorbitant ransoms, more attacks will be launched.

Attacks have been profitable, because people have been paying ransom, NYU Tandon School of Engineering professor Justin Cappos explained. So, effectively, if no one had ever paid ransom for ransomware, there would have been an initial sort of speculative thing where people were trying to do it and then it would have faded away.

The government says companies should avoid paying ransoms, since it only invites more attacks. But theres nothing to stop private businesses from paying up.

Legislation that forbids such transactions, however, could help put a stop to the ransomware outbreak.

Let's say that [legislation] became nationwide and actually was enforced, Cappos said. Then that removes a lot of the economic incentive, because the attackers know there's a small, small chance they'll be paid, because an organization will have to find the money to do it, do it off the books, and face legal consequences if they did it.

Cryptocurrencies have also facilitated anonymous payments, with hackers demanding ransoms in the form of bitcoin or ethereum. The rise in cryptocurrency prices, despite some pullbacks as of late, has made such currencies appealing for cybercriminals who want a big payday without being tracked.

But cybercriminals can be tracked, and in the instance of gangs like REvil, they turn up in countries that either cant or refuse to deal with them, such as Russia, China, or North Korea.

Oh Friday, President Joe Biden spoke with Russian President Vladmir Putin about the countrys inaction on ransomware gangs, and said the U.S. would respond if nothing is done.

I made it very clear to him that the United States expects when a ransomware operation is coming from his soil even though its not sponsored by the state, we expect them to act if we give them enough information to act on who that is, Biden said.

And secondly, weve set up a means of communication now on a regular basis to be able to communicate with one another when each of us thinks something is happening in another country that affects the home country, he said.

Asked if there would be consequences to further inaction, Biden said yes.

But until countries act to slow the spread of ransomware, the attacks will continue to haunt private companies and governments around the world.

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Ransomware has surged Why the attacks are going crazy right now - Yahoo Finance

How much a stock's price changes over time is a significant driver for most investors. Not only can price performance impact your portfolio, but it can help you compare investment results across sectors and industries as well.

Another thing that can drive investing is the fear of missing out, or FOMO. This particularly applies to tech giants and popular consumer-facing stocks.

What if you'd invested in Apple (AAPL) ten years ago? It may not have been easy to hold on to AAPL for all that time, but if you did, how much would your investment be worth today?

Apple's Business In-Depth

With that in mind, let's take a look at Apple's main business drivers.

Apples business primarily runs around its flagship iPhone. However, the Services portfolio that includes revenues from cloud services, App store, Apple Music, AppleCare, Apple Pay, and licensing and other services now became the cash cow.

Moreover, non-iPhone devices like Apple Watch and AirPod gained significant traction. In fact, Apple dominates the Wearables and Hearables markets due to the growing adoption of Watch and AirPods. Solid uptake of Apple Watch also helped Apple strengthen its presence in the personal health monitoring space.

Headquartered in Cupertino, CA, Apple also designs, manufactures and sells iPad, MacBook and HomePod. These devices are powered by software applications including iOS, macOS, watchOS and tvOS operating systems.

Apples other services include subscription-based Apple News+, Apple Card, Apple Arcade, new Apple TV app, Apple TV channels and Apple TV+, a new subscription service.

In fiscal 2020, Apple generated $274.52 billion in total revenues. The companys flagship device iPhone accounted for 50.2% of total revenues. Services, Mac, iPad and Other products category contributed 19.6%, 11.2%, 8.6% and 10.4%, respectively.

Apple primarily reports revenues on a geographic basis, namely the Americas (North & South America), Europe (European countries, India, Middle East and Africa), Greater China (China, Hong Kong & Taiwan), Japan and Rest of Asia Pacific (Australia & other Asian Countries).

In fiscal 2020, Americas, Europe, Greater China, Japan and Rest of Asia-Pacific accounted for 45.4%, 25%, 14.7%, 7.8% and 7.1% of total revenues, respectively.

Apple faces stiff competition from the likes of Samsung, Xiaomi, Oppo, Vivo, Google, Huawei and Motorola in the smartphone market. Lenovo, HP, Dell, Acer and Asus are its primary competitors in the PC market. Other notable competitors are Google & Amazon (smart speakers) and Fitbit & Xiaomi (wearables).

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Bottom Line

Anyone can invest, but building a successful investment portfolio requires research, patience, and a little bit of risk. So, if you had invested in Apple ten years ago, you're likely feeling pretty good about your investment today.

According to our calculations, a $1000 investment made in July 2011 would be worth $11,149.68, or a gain of 1,014.97%, as of July 9, 2021, and this return excludes dividends but includes price increases.

The S&P 500 rose 221.54% and the price of gold increased 12.25% over the same time frame in comparison.

Looking ahead, analysts are expecting more upside for AAPL.

Apple is benefiting from continued momentum in the Services segment, driven by App Store, Cloud Services, Music, advertising and AppleCare. Apples near-term prospects are bright, driven by new iPhones that support 5G, revamped iPad and Mac line-up of devices, healthcare-focused Apple Watch, and an expanding App Store ecosystem. Apples ability to attract small developers has been a key catalyst. Moreover, Apple devices continue to gain traction among enterprises. Apples focus on user privacy, as reflected by its latest iOS 15, iPadOS 15, macOS Monterey, and watchOS 8 updates, is a game changer. However, Apple refrained from providing any guidance due to uncertainties triggered by the COVID-19 pandemic. Moreover, increasing scrutiny and legal woes over App Store are headwinds. Shares have underperformed the S&P 500 year to date.

Over the past four weeks, shares have rallied 13.58%, and there have been 1 higher earnings estimate revisions in the past two months for fiscal 2021 compared to none lower. The consensus estimate has moved up as well.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportApple Inc. (AAPL) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

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If You Invested $1000 in Apple 10 Years Ago, This Is How Much You'd Have Now - Yahoo Finance

(Bloomberg) -- Saudi Arabia is considering revamping the kingdoms pension system to require citizens to work longer and contribute more, another hit to living standards that could undermine public support for Crown Prince Mohammed bin Salmans efforts to reshape the oil-reliant economy.

The government -- faced with an estimated actuarial gap of 800 billion riyals ($213 billion) at the state-controlled pension fund -- is weighing proposals to increase the retirement age, according to three people familiar with the matter, who asked not to be identified to discuss confidential deliberations. It could also require workers to contribute more of their salaries to the General Organization for Social Insurance, or GOSI, which manages both public and private sector pensions, the people said.

A final decision on the details of the changes and whether to implement them has not yet been made, the people said.

Saudi officials have warned the current system is unsustainable. Thats a quandary pension programs the world over have faced as people have lived longer. China plans to raise its retirement age gradually over the coming years as it faces a declining birthrate. In Russia, a 2018 proposal to raise the retirement age touched off protests and exposed cracks in Vladimir Putins base before eventually becoming law.

The kingdoms dilemma has a decidedly Saudi twist, though.

The average Saudi life expectancy is 75 years, and the official retirement age is around 60, including a five-year hike for women in 2019. But about a third of employees take an early retirement option after working just 20 or 25 years. That compares to an average retirement age of 64.3 years for men and 63.5 years for women in member countries of the Organization for Economic Cooperation and Development.

Saudi Austerity Angst Wants to Be Heard Even If No One Listens

Any changes to the rules, however, could be controversial domestically. Prince Mohammed, the kingdoms de facto ruler, has already upended decades of expectation that the state would use its oil wealth to provide citizens with benefits like cheap gasoline and power, plentiful government jobs and university scholarships.

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As part of his plan to end the economys reliance on oil and fill a budget gap left by lower crude prices, hes remodeled the social contract in the worlds largest crude exporter by cutting subsidies, introducing taxes and criticizing a bloated public sector. Many low- and middle-income Saudis are struggling to adjust, and the coronavirus pandemic has only accelerated the pace of change by straining government finances and highlighting the urgency of economic diversification.

Two Million Saudis Lose Cash Aid When They Can Least Afford It

When asked about the proposed changes to the pension system, GOSI said the merger of the public and private sector pension and insurance funds last month will not affect the insurance entitlements of the insurance clients, the pensions for the retirement clients, or the percentages or supply of subscriptions for each fund, nor its operations or transactions.

But Nader Al Wahibi, the assistant governor at GOSI, recently argued on state television that early retirement and longer life spans were endangering the funds future. The practice of retiring workers after 20 years of service was temporarily frozen after the fund merged with the Public Pension Agency last month.

The people that are retiring early now are going to drain all of the money in the fund, Al Wahibi said. Theyre living longer, and the money isnt enough, even if we achieved astronomical investment returns. Workers now pay 9% of their salaries into the pension fund.

The Ministry of Finance and the governments Center for International Communication didnt immediately respond to requests for comment.

Al Wahibis pointed remarks sparked negative reactions from some well-known Saudis -- a rare occurrence since Prince Mohammed led a crackdown thats chilled domestic criticism.

Even if we agreed that this is the truth, it shouldnt be said in this dry, tough language, novelist Mohammed Al Rotayyan said in a post on Twitter. People arent numbers in a rigid accounting process.

(Updates with details about other countries facing similar problems and additional context in fourth paragraph.)

More stories like this are available on bloomberg.com

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Retirement for 45-Year-Olds May Vanish in Saudi Pension Reform - Yahoo Finance