Stocks rise, Nasdaq outperforms as strong earnings offset economic fears

Stocks extended gains Friday morning, with the Nasdaq jumping about 1%, after a slew of better than expected corporate earnings results from major tech firms. Each of Facebook, Amazon, Apple and Netflix hit record highs shortly after market open.

Tech titans Facebook (FB), Amazon (AMZN), Apple (AAPL), and Alphabet (GOOG, GOOGL), each reported quarterly results that blew past estimates Thursday evening, affirming these companies’ pandemic-era dominance following a steep run-up in tech stocks over the past couple months.

Facebook grew its revenue 11% over last year as its advertising business remained resilient despite the pandemic-related slowdown across the broader ad industry. Alphabet’s ad business was hit more prominently by that trend, with Google ad revenue falling 8% over last year, though Alphabet’s overall top- and bottom-line results still topped estimates. Facebook’s daily active users jumped 13% to 1.79 billion and monthly active users rose 12% to 2.7% billion as the

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EU court voids data-sharing pact with US over snooping fears

The European Court of Justice has ruled an agreement that allows thousands of companies to transfer data to the United States is invalid because its Government can snoop on people’s data.

Its decision to invalidate Privacy Shield will complicate business for some 5,000 companies and it could require regulators to vet any new data transfers to make sure Europeans’ personal information remains protected according to the EU’s stringent standards.

It will no longer simply be assumed that tech companies such as Facebook will adequately protect the privacy of its European users’ data when it sends it to the US.

Rather, the EU and US will likely have to find a new agreement that guarantees Europeans’ data is afforded the same privacy protection in the US as it is in the EU.

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New York Times to move Hong Kong staff to Seoul over press freedom fears

Hong Kong's days as global media hub are under threat
Hong Kong’s days as global media hub are under threat

The New York Times says it will move some of its Hong Kong staff to Seoul as concerns mount over the implications of a severe new security law for the city.

The US news outlet said the law “unsettled news organizations and created uncertainty about the city’s prospects as a hub for journalism”.

Reporters will remain, but the digital editing team will relocate over time.

Global media organisations often face restrictions on the mainland but Hong Kong had been an exception so far.

The controversial law criminalises subversion, secession and collusion with foreign forces.

“China’s sweeping new national security law in Hong Kong has created a lot of uncertainty about what the new rules will mean to our operation and our journalism,” New York Times executives wrote in an email to staff, according to a report published on the paper’s

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Harvard’s international students are begging the school to let them come to campus in the fall, citing fears of being stuck in unstable home environments if they’re forced to leave the US

One student is circulating a "Hear Us Harvard" petition asking the university to better support international students.
One student is circulating a “Hear Us Harvard” petition asking the university to better support international students.

Charles Krupa/AP

  • Last week, ICE released guidance stating that international students would not be allowed back into the US in the fall unless they were taking in-person classes at their university.

  • This poses a problem for Harvard’s international students, as the school recently said classes in the fall would be entirely remote.

  • Students told Business Insider that these regulations pose serious problems for them, including the difficulty of keeping up with online courses while in a different time zone and with poor internet connection.

  • Some also face unsafe or unaccommodating home situations, making it even harder for them to find a proper place to keep up with their studies.

  • Rachael Dane, a spokesperson for Harvard, told Business Insider that “the overwhelming reason to deliver all instruction remotely is Harvard’s commitment to protecting the

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7 Stay-at-Home Stocks to Buy Amid Second Wave Fears

Apprehensions regarding a second wave of coronavirus with no vaccine yet in sight are likely to compel people across the world to stay at home until and unless it is absolutely necessary to do otherwise. People are expected to follow social distancing norms, wear masks and limit travel for the foreseeable future.

Notably, over the July fourth weekend, the United States registered a whopping 156,000 new coronavirus cases. New coronavirus cases are up 42% in Florida, followed by 40% in Montana, 37% in Virgin Islands, 33% in Idaho, 32% in Arizona, 30% in South Carolina, 29% in Texas and 21% in California during the same period, per the Washington Post. The paper added that the seven-day average of new coronavirus cases was 48,361, up from 11,740 a week ago.
Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said that the early reopening of many states, failure

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virus, streaming apps spark fears for cinemas

A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status. But even here the hallowed silver screen may be losing its shine to streaming services and pandemic fears.

“Whenever things get better and theatres begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself.

But others may not join the party.

With cinemas shut for months due to a coronavirus lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to the likes of Amazon, Netflix and Disney+ Hotstar to release films online.

“Gulabo Sitabo”, starring Bollywood legend Amitabh Bachchan, premiered on Amazon Prime last month. Other Hindi movies have followed a similar route, as have the huge Telugu-, Tamil- and Malayalam-language film industries.

This has sparked fury

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US Senate panel OKs online child protection bill amid privacy fears

Washington (AFP) – A US Senate panel Thursday approved legislation aimed at combatting online child exploitation as civil liberties activists warned the measure could lead to an array of constitutional and privacy problems.

The Judiciary Committee voted to approve a revised version of the Earn It Act which would eliminate “blanket liability protection” for online platforms which fail to protect against child sexual abuse material.

The bill, which needs approval by the full Senate and House of Representatives, is among the first to chip away at the liability shield for internet services — under a law known as Section 230 — which has come under renewed scrutiny in recent months.

Backers of the bill say it would provide incentives to crack down on online child abuse and exploitation, but critics say it could shut down constitutionally protected free speech and open up online firms to endless litigation.

“To all the

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