Facebook’s Zuckerberg Vows to Bolster Privacy Amid Data Crisis [NYT]
Although his statement addressing a chorus of criticism fell short of a full-throated apology, Mr. Zuckerberg said that Facebook would contact users whose data had been harvested through a personality quiz app and passed along to the political data firm Cambridge Analytica.
“We have a responsibility to protect your data,” Mr. Zuckerberg said Wednesday in a Facebook post, “and if we can’t then we don’t deserve to serve you.”
Trump to Announce $50 Billion in China Tariffs, Sources Say [Bloomberg]
The president is considering targeting more than 100 different types of Chinese goods, according to the person, who spoke on the condition of anonymity. The value of the tariffs was based on U.S. estimates of economic damage caused by intellectual-property theft by China, the person said.
“Tomorrow the president will announce the actions he has decided to take based on USTR’s 301 investigation into China’s state-led, market-distorting efforts to force, pressure, and steal U.S. technologies and intellectual property,” White House official Raj Shah said in an emailed statement on Wednesday.
Congressional Leaders Finalize Spending Deal [WSJ]
Lawmakers will now have only two days to consider and pass the 2,232-page bill before the government’s current funding expires at 12:01 a.m. Saturday. Debates over immigration policy, health-care markets, gun control and infrastructure funding had all complicated the negotiations, which added days of delay to the bill’s release.
“No bill of this size is perfect,” House Speaker Paul Ryan (R., Wis.) said in a statement Wednesday night. “But this legislation addresses important priorities and makes us stronger at home and abroad.”
Dow set to open more than 100 points lower after Fed hikes rates [CNBC]
Around 7:15a.m. ET, Dow futures slipped 171 points, indicating a drop of 136.31 points at the open. The Nasdaq and the S&P 500 futures also indicated a negative open for their respective markets. The moves in premarket trade come after Wall Street finished Wednesday's session in the red.
As widely expected by the markets, the Fed raised interest rates by 25 basis points on Wednesday and upgraded its economic outlook, saying that economic activity and jobs gains had been strong in recent months.
Dollar, shares buffeted by trade war worries [Reuters]
“Trade tariffs are a risk, of course, but more open economies,” such as Mexico or the euro zone “could be more at risk than the U.S.”
Those jitters, plus weaker-than-expected German business confidence data, caused European shares to fall 0.7 percent to a two-week low [EU].
In the currency market, the British pound GBP= to $1.4171, its highest in more than a month. British wage data published on Wednesday bolstered expectations the Bank of England would signal a May rate increase after its monetary policy meeting on Thursday.
Bond yields - which move inversely to price - fell broadly. Borrowing costs on 30-year German debt hit their lowest level of the year.
Musk Probably Won't Move to Mars After $2.6 Billion Pay Approved [Bloomberg]
Musk is also the CEO of Mars-bound Space Exploration Technologies Corp. and has embarked on several other projects of late, including tunnel digger Boring Co. and a brain-computer interface startup called Neuralink. The new award -- which was approved at the firm’s special meeting in Fremont, California -- requires Musk remain at Tesla either as CEO or become executive chairman and chief product officer.
Tesla said in a filing about 73 percent of the votes cast in person or by proxy at the meeting were in favor of the award, excluding those owned directly or indirectly by Musk and his brother, Kimbal.
This is how much more Jamie Dimon makes than his average employee [NYPost]
JPMorgan Chase Chief Executive Jamie Dimon makes 364 times what the median employee at his bank does, putting him near the top among Wall Street honchos, according to a new pay study.
The ratio at major banks is higher only at Citigroup, where Michael Corbat makes 369 times what the median employee makes, according to their proxy.
The bank paid Dimon, a billionaire, $28.3 million last year, including benefits, while the median employee made $77,799 including health care and retirement benefits, according to a proxy filing released Wednesday.
Casino mogul Steve Wynn lowers stake in Wynn Resorts to 7.8 percent [Reuters]
Steve Wynn sold 4.1 million shares of the company, the filing showed.
His previous stake, as of March 14, had made him the largest shareholder in the company, followed by his former wife Elaine Wynn who held a 9.26 percent stake.
Ex-MLB pitcher who fractured hand punching naked man on LSD gets millions [FoxNews]
A California jury awarded millions to a former MLB pitcher who claimed his pitching hand was never the same after punching a naked man on LSD who attacked him and tried to break into his home.
A San Mateo County jury awarded Greg Reynolds and his wife $2.3 million Monday from the man Reynolds said he punched in self-defense and the neighbor who hosted an acid party, the San Jose Mercury News reported.