About the issue by british members of parliament at a public hearing in washington critics have given the tech giants an unflattering new acronym baadd. As in big, anti competitive, addictive and destructive to democracy. Last month facebook reacted to criticism by refocusing on updates from friends and family rather than news publishers and brands. It says that has led to people spending 50 million fewer hours a day on the network a fall of around 5 facebook has admitted 146 million users may have been subjected to russian misinformation, before and after the us president ial election. Youtube says russian groups uploaded more than 1,000 videos during the us election although it described that as limited activity. Regulators in europe are beginning to take action last year germany introduced fines of up to 50m euros for firms that fail to remove fake news or hate speech within 2a hours of receiving a complaint. Googles uk boss recently told the bbc they have an Important Role in news.
Stephanie greece has responded to that ultimatum in europe by asking for a new bailout. Today, the greeks formally asked for a new bailout. In return, greece said it would impose tax reform as early as next week. This morning, the greek Prime Minister promised to deliver. In the next two to three days, we will put forward concrete proposals in detail and i am confident we will be able to meet the obligations of the crucial times. Stephanie the European Commissioner meanwhile says there is a scenario if greece has to leave euro. We will hear from the Economic Affairs commissioner in europe in the next hour. Erik in china, the government is trying to stop a meltdown. Nothing is working and on paper, investors have lost trillions of dollars. Down with 30 since june 12. Here is the issue. Much of that money is wrote money. Borrowed money. At one point, walk locked out of the market because the trigger had been tripped. Jpmorgan is preparing to settle federal investigation into credit card
Im francine lacqua. Manus and im manus cranny. Welcome back. Francine it is nice to be here. I havent missed anything, have i . Manus nothing much. Francine now we have this technology route. Big disappointment for the tech giants. Manus despite posting record thirdquarter profit, shares in the worlds most valuable company plunged more than 8 in afterhours trading as lackluster iphone sales left investors wondering whether the company can keep making its products. Francine lets bring in Caroline Hyde and paul. Thank you for joining us. Caroline, we have record earnings for apple but because we are seeing some weakness, analysts are concerned that this is the peak. Caroline a record thirdquarter and yet you are about to see 60 billion of market valuation wiped off. That is three times the market valuation of arm holdings in the u. K. It is 10 times that of stmicroelectronics. The concern is, iphone sales disappointed. We saw 35 growth. You would have thought that would be fabulous. We e
Seven minutes until the end of the monday session . No trading in the u. S. Because of the labor day holiday. The focus is very much on the european trading. European stocks falling for the first day, and investors turning to haven assets the day after north korea test of the nuclear bomb on sunday. All these markets, currencies are rising against the dollar today. ,he currency of choice yen swiss franc. Those of the best performing currencies. Bond yields are declining. Korea, gold is rising today, continuing above 1300. There is some Corporate News today. Surprised departure of chief executive Joseph Jimenez after eight years of the home of no rvartis. Medical officer, the global head of drug development, enez. Succeed m s on jim bloombergrn from the pharmaceutical index. This includes the struggling business and the stake in crosstown rival. , down9 . Rival, down 9 . The euro is up by 13 this year. That is the Dollar Exchange rate, the thick white line. This is very close to the hig
Somewhere between debating somewhere between 0. 25, 0. 5. Mark the British Chamber of commerce says the weaker pound is failing to boost u. K. Growth. We speak to the head of economics. This is bloomberg surveillance. Im mark barton in london. Check out european stocks today, on track for a weekly decline, continuing that trend of alternating between weekly drops and gains. Down today by 0. 2 on the european benchmark. Above 1. 20. Rising for a fifth day today, best run since august last year, aside from admitting the Exchange Rate and volatility is problematic. Draghi declining to talk about any action to reverse the course. Highest for the euro against the dollar since 2015. Look at the u. S. 10year yield. Down by a basis point. Lowest since november 8 last year. You know what happened on that day, the election in the u. S. Geopolitical tensions, Hurricane Irma, driving yields lower across europe as well. Nymex crude is lower today. It is headed for the first weekly gain since july a