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AP morning business news brief – Aug. 25, 2023

by BIZ Magazine

Stock market today: Wall Street is higher ahead of speech by Federal Reserve’s head

NEW YORK (AP) — Stocks are rising in early trading ahead of a speech by the head of the Federal Reserve Friday morning. The S&P 500 was 0.4% in the early going, coming off its worst loss in three weeks. The Dow was up 163 points and the Nasdaq composite was up 0.6%. The day’s headliner is Fed Chair Jerome Powell, who is giving a speech at an annual Fed event that’s been the site of big policy announcements. The hope is that he’ll say the fall in inflation over the last year is encouraging and that the Fed may be done hiking interest rates.

Europe is cracking down on Big Tech. This is what will change when you sign on

LONDON (AP) — Starting Friday, Europeans will see their online life change. People in the 27-nation European Union can alter some of what shows up when they search, scroll and share on the biggest social media platforms like TikTok, Instagram and Facebook and other tech giants like Google and Amazon. That’s because Big Tech companies are now subject to a pioneering new set of EU digital regulations. The Digital Services Act aims to protect European users when it comes to privacy, transparency and removal of harmful or illegal content. They can now turn off AI-recommended videos, know why a post was taken down and report fake products. It’s also easier to flag harmful content, and kids won’t be targeted by digital ads.

Europe’s sweeping rules for tech giants have kicked in. Here’s how they work

LONDON (AP) — Google, Facebook, TikTok and other Big Tech companies operating in Europe must comply with one of the most far-reaching efforts to clean up what people see online. The European Union’s groundbreaking new digital rules took effect Friday for the biggest platforms. The Digital Services Act is part of a suite of tech-focused regulations crafted by the 27-nation bloc. The law is designed to keep users safe online and stop the spread of harmful content that’s either illegal or violates a platform’s terms of service. Some online platforms already have made changes, and they could have worldwide effects.

Dutch brewer Heineken sells its Russian operations for 1 euro, taking a 300-million-euro hit

THE HAGUE, Netherlands (AP) — Dutch brewer Heineken says it has completed its withdrawal from Russia, 18 months after Moscow launched its full-scale invasion of Ukraine. The company announced Friday the sale of its business in Russia for just 1 euro. Heineken says it will incur a total loss of 300 million euros ($325 million) for the sale to Russian manufacturing giant the Arnest Group. Heineken had faced criticism for the slow pace of its exit in the wake of the outbreak of war, but insisted it was seeking to look after its local employees in Russia.

Trump returns to site formerly known as Twitter, posts his mug shot shortly after Georgia surrender

NEW YORK (AP) — Former President Donald Trump has returned to X, the social media site formerly known as Twitter. He fired off his first message in more than two and a half years, just hours after he surrendered at an Atlanta jail on charges he conspired to overturn his election loss. He posted a photo of his mug shot and the words “Election interference. Never surrender!” along with a link to his website, which directs to a fundraising page. It was Trump’s first post since Jan. 8, 2021, when Twitter suspended his account after the storming of the Capitol. His account was reinstated last November shortly after Elon Musk took over the company.

Taiwan’s vice president accuses China of attempting to influence upcoming elections

TAIPEI, Taiwan (AP) — Taiwan’s vice president and front-runner in upcoming presidential elections has accused China of employing unfair trade practices that could be used to influence the voting. William Lai said China “will be hoping to interfere in the elections with all sorts of tactics.” If they succeed, he said, “it will be an undermining of Taiwan’s democracy.” His comments come after China announced on Monday that it was suspending mango imports from Taiwan, alleging that authorities had detected pests on the fruit. The trade curb is widely believed to be politically motivated. Taiwan is due to hold presidential elections in January 2024.

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