Author: Vitaliy Dadalyan

President Trump Takes Aim at Digital Tech Giants From Google to Twitter

U.S. President Donald Trump is accusing Alphabet Inc.’s Google (GOOGL), Facebook Inc. (FB), Twitter Inc. (TWTR) and Instagram of being involved in an “illegal situation”.“The Radical Left is in total command & control of Facebook, Instagram, Twitter and Google,” Trump said in a Twitter post. “The Administration is working to remedy this illegal situation.”Trump’s comment was triggered by a video showing part of a speech decrying tech censorship by Michelle Markin, a conservative commentator who has been criticised for backing white nationalist activists and who has previously questioned the number of Holocaust victims.The tweets come amid a report by the Wall Street Journal that the U.S. Justice Department is drafting a lawsuit against Google, claiming that the internet giant is violating antitrust laws. The Justice Department has been investigating Google’s dominant standing for nearly a decade examining whether the company is thwarting competition in the digital advertising market.If the lawsuit against Google...

Saudi Arabia’s Sovereign Fund Snaps Up $7.7B Of US Stocks, Including Boeing and Facebook

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) has dramatically ramped up its holdings of US stocks in the first quarter of the year, a new filing has revealed.The $325 billion fund, which is chaired by Crown Prince Mohammed bin Salman, made the most of the coronavirus-related stock market selloff by taking its US holdings from a total value of $2.1 billion to $9.78 billion in just three months.Sizable new positions include an $828M stake in BP Plc (BP), and a $714M stake in Boeing (BA).PIF also made significant investments in Citigroup (C), Facebook ($521M) (FB), Marriott (MAR), Disney (DIS), Pfizer (PFE) and Starbucks (SBUX).However the fund said goodbye to a small position in controversial auto stock Tesla (TSLA) – which has seen share prices explode 91% year-to-date.“These opportunities include sectors and companies that are well positioned to drive economies and lead sectors moving forward,” PIF said in a statement.Boeing stock...

China warns US of 'all necessary measures' over Huawei rules

China’s commerce ministry says it will take “all necessary measures” in response to new U.S. restrictions on Chinese tech giant Huawei’s ability to use American technology, calling the measures an abuse of state power and a violation of market principles. “The U.S. uses state power, under the so-called excuse of national security, and abuses export control measures to continuously oppress and contain specific enterprises of other countries,” the statement said. China will “take all necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises,” it said....