Sunday☕️

Time Is Money

Sep 17, 2023 • 7 min read

Trending:

Google Location Privacy Settlement
TikTok Shop Holiday Discounts

Week Recap:

U.S. President Joe Biden reached agreements with Vietnam regarding semiconductors and minerals, marking a significant development in diplomatic ties. In recognition, Vietnam has elevated the U.S. to the same diplomatic status as China and Russia. This promotion has been a U.S. goal for some time, driven by a desire to reduce dependency on Chinese supply chains.
On Monday, a legal battle commenced against Google. Holding 90% of the search engine market in the U.S., Google faced a lawsuit in 2020. The US government claimed Google compensated companies, including Apple, with billions to set Google Search as their default engine, leading to a monopolistic dominance.
For the women's final, 19-year-old Coco Gauff won her first U.S. Open title, defeating the world's No. 1 player, Aryna Sabalenka, with a score of 2-6, 6-3, 6-2. This victory marked her as the youngest American U.S. Open champion since Serena Williams in 1999. On the men's side, 36-year-old Novak Djokovic secured his 24th Grand Slam title by beating Daniil Medvedev 6-3, 7-6, 6-3.
The U.S. approved the transfer of $6 billion in previously frozen Iranian oil funds, setting the stage for the release of five detained Americans in Iran. In exchange, the U.S. will free five detained Iranians.
The University of Toronto's Citizen Lab recently uncovered a significant software flaw in iOS. Upon their investigation, they found that this vulnerability had been exploited by Pegasus, a sophisticated cyber tool developed by the Israel-based NSO Group. In response to this finding, Apple released an emergency software patch to address this security gap.
The Libyan port city of Derna experienced catastrophic flooding after two dams failed. Local officials and the Red Cross estimated over 10,000 people missing, with a confirmed death toll surpassing 5,300. Many bodies were discovered by the sea or left where floodwaters receded, with about 25% of Derna now destroyed or submerged.
MGM Hotels & Casinos experienced a cyberattack that forced the shutdown of its computer systems across several properties. Working with cybersecurity professionals, MGM Resorts International is investigating the incident and has also informed law enforcement.
U.S. Senate Majority Leader Chuck Schumer hosted a significant gathering at Capitol Hill, drawing together leading figures from the tech industry. The meeting's focus was to address the concerns surrounding the potential misuse of artificial intelligence (AI), with a special emphasis on implications for the 2024 elections.
House Representative Kevin McCarthy of California has announced the Republicans' intention to initiate an impeachment investigation into President Biden, stemming from concerns regarding Hunter Biden's international business activities.
Cocaine is set to surpass oil as the leading export from Colombia. This shift is largely due to the Colombian government's more lenient drug policies, which have resulted in a surge in cocaine production. In 2022, the export value of cocaine reached an estimated $18.2 billion, while oil exports experienced a 30% decline in the first half of that year.
Migrants are arriving in unprecedented numbers on the small Italian island of Lampedusa from the Tunisian coast, with nearly 7,000 arriving in just three days. This influx has intensified scrutiny on Italy's Prime Minister Giorgia Meloni, who had promised to curb immigration during her campaign.
Birkenstock, the German footwear brand, has announced plans to conduct an IPO on the New York Stock Exchange, using the trading symbol "BIRK." Reports from the Financial Times suggest the company is aiming for a valuation that surpasses $8 billion.
After celebrating 400 consecutive days without a major blackout, Nigeria, Africa's largest economy, faced a nationwide power outage. The blackout was caused by a fire on a vital transmission line connecting the Kainji and Jebba power plants. Power Minister Adebayo Adelabu has stated that the situation is being addressed and over half the connections have been restored.
On Friday, the United Auto Workers (UAW), which represents a 145,000 workforce across General Motors (GM), Ford, and Stellantis (previously Chrysler), initiated a targeted strike. The strike involved only a segment of their membership, specifically 12,700 workers from select factories.
Microsoft has released EvoDiff, an open-source AI tool capable of generating proteins. Unlike other similar tools, EvoDiff can produce proteins without needing detailed structural data. The software is poised to accelerate the creation of new enzymes for therapeutics and industrial uses.

Google Location Privacy Settlement:

Google has reached a $93 million agreement in a California lawsuit over its unsanctioned gathering and utilization of user location data. The state's Department of Justice pointed out that the tech giant accessed location details even when users deactivated this function on their devices. Attorney General Rob Bonta remarked that despite Google's assurance to users about not tracking them once they opted out, it still did so for its business interests.
The lawsuit further accused Google of not being transparent with users about their choice to decline location-focused ads. In response to the settlement, Google will enhance clarity for users around location settings, amplify its transparency measures about location data practices, and launch a webpage titled “Location Technologies” to better inform users.
Additionally, they will be upfront about the potential use of location data for ad tailoring and will seek consent before using a user's Location History for ad profile creation. Google will also implement a review system for major changes via its Privacy Working Group. This isn't the first time Google faced such issues, having settled similar cases in Washington and Arizona in the past.

TikTok Shop Holiday Discounts:

TikTok is gearing up to challenge major retailers like Amazon this holiday season. To boost its newly launched online marketplace, TikTok Shop, the platform plans to fund substantial discounts beginning October 27th.
TikTok aims to entice U.S. holiday shoppers by offering discounts of up to 50%, especially during the peak shopping days of Black Friday and Cyber Monday. TikTok Shop's official Black Friday deals are set to launch at 8 PM on November 23rd, with Cyber Monday promotions running from November 28th to 30th.
Just last week, TikTok introduced the Shop feature in the U.S., establishing its own fulfillment centers to manage and deliver sellers' products. Moreover, they've initiated an affiliate program for creators promoting products in their videos.
With aspirations of achieving $20 billion in global product sales this year, TikTok is leveraging the significant online spending observed during the holiday season, as evidenced by the $20 billion online expenditure in the U.S. on Black Friday and Cyber Monday the previous year.

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Top 50 companies ranked by current (TTM) revenue: