The FTC has proposed a rule change that would make it easier for consumers to cancel recurring subscriptions, requiring companies to simplify the cancellation process and providing consumers with annual reminders before automatically renewing them. This rule would affect millions of consumers in virtually every aspect of their lives, and the FTC is seeking public comment before the August 14th deadline.
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Ford Motor Co. announced a $3 billion loss for its electric vehicle business, Ford Model e, this year. Despite this, the company is still expecting to hit its profit targets of between $9 billion and $11 billion. Ford is investing in new technologies to become a leader in the electric vehicle market and is confident that its investments will pay off in the long run.
North Carolina lawmaker and TikTok celebrity Jeff Jackson is set to testify at a hearing about the platform's consumer privacy and data security practices, its impact on children, and its relationship with the Chinese Communist Party. Despite security concerns, Jackson believes a ban is not inevitable and is expected to make promises to protect US user data, keep teens safe, and remain free from any government influence. FBI Director Christopher Wray has warned of the app's national security risks, and the hearing will be an important moment for the social media platform.
Relativity Space launched the world's first 3D-printed rocket, Terran 1, from the Cape Canaveral Space Force Station in Florida on Wednesday night. The mission was a success until a malfunction in the second stage prevented the rocket from reaching orbit. Despite the setback, the company is determined to investigate the issue and move forward with their plans for the future.
TikTok CEO Shou Zi Chew is set to face a grilling from US lawmakers this Thursday in his first sworn testimony before Congress, with the hearing focusing on data privacy and security. In preparation, Chew has been taking part in near-daily, multi-hour prep sessions with TikTok personnel and the app has organized a gathering of creators in D.C. to show their support. The hearing is expected to be a high-stakes event, with Chew’s performance likely to have a major impact on the future of the app in the US.
On Thursday, TikTok CEO Shou Zi Chew will testify before the House Committee on Energy and Commerce to address concerns about the app's national security implications, consumer privacy, data security practices, and its relationship with the Chinese Communist Party. Chew has sought to reassure the public that the company is taking steps to protect user data, but a recent incident involving a reporter's data has raised questions about the company's commitment. The hearing will be closely watched to see if Chew's testimony is enough to allay the concerns of U.S. policymakers.
Rep. Jamaal Bowman (D-N.Y.) has become a vocal supporter of TikTok, defending the platform against bipartisan efforts to ban it. Bowman argues that he hasn't seen any evidence of espionage and that the platform provides a space for content creators to share their ideas. TikTok CEO Kevin Mayer is expected to testify before a House panel this week, which could affect the debate over the app's future in the U.S. and Bowman's support.
Amazon is cutting 9,000 jobs in the coming weeks, the second largest round of layoffs in the company's history, as part of its efforts to streamline operations and reduce costs. The job cuts will mostly impact people working in Amazon Web Services, People Experience and Technology Solutions (PXT), advertising and Twitch, and will be completed by the end of the year. CEO Andy Jassy said the job cuts were not announced with the ones in January as the company wanted to give employees time to adjust to the news.