Good morning! Here’s what you need to know in markets on Friday.
1.In a move that could fundamentally reshape the internet – and spur a new wave of legal wrangling – the Federal Communications Commission voted Thursday to repeal its net-neutrality rules. The repeal is most likely mean higher prices and fewer choices for US consumers.
2.More skilled tech workers came to the UK from India, the USA, and Australia in 2016 than from the top five EU countries, according to LinkedIn data. The data – touted in a Tech City UK study on Friday – shows that India provided 12% of all the skilled tech workers migrating to the UK in 2016, while the US provided 10%. European neighbours Spain and France provided 6% each, while Italy provided 5%, Ireland 5%, and Germany 3%.
3.An influential British MP has slammed Twitter for its “completely inadequate” response to questions about Russian meddling in the EU referendum last year. Damian Collins, chair of the UK’s Digital, Culture, Media, and Sport Select Committee (DCMSC), is leading an inquiry into fake news and has called on Twitter, Facebook, and Google to disclose the activity of Russian actors on their platforms during Brexit.
4.US stocks fell overnight amid mounting worry that the GOP tax bill will struggle to pass the Senate. The S&P 500 slipped 0.4%, while the Dow Jones Industrial Average lost 0.3%, and the more tech-heavy Nasdaq 100 declined 0.3%.
5. Japanese stocks fell to more than a week low on Friday morning, with mobile firms extending a sell-off on concerns of increased competition after Rakuten said it aims to become Japan’s fourth wireless carrier.The Nikkei closed down 0.68%. Elsewhere in Asia, the Hong Kong Hang Seng is down 1.20% at the time of writing (6.25 a.m. GMT/1.25 a.m. ET) and China’s Shanghai Composite index is down 0.90%.
6.Oracle reported strong quarterly results after the closing bell on Thursday afternoon, beating Wall Street expectations. Even so, the stock fell more than 4% in after-hours trading.
7. The Bank of England’s quarterly bulletin is coming. The central bank will release its regular commentary on market developments and monetary policy thinking at 12.00 p.m. GMT (7.00 a.m. ET). Monetary Policy Committee member Andy Haldane is also giving a speech at 1.15 p.m. GMT (8.15 a.m. ET).
8.Star Wars: The Last Jedi arrives in cinemas at a time when the British film industry is booming, according to official figures. Helped by generous tax reliefs, the Guardian reports that the film and TV industry contributed £7.7 billion to the economy in 2016 – an 80% jump in five years.
9.Amazon may not be able to lean on its increasing Prime membership numbers to fuel its insatiable appetite for growth much longer. Results from a Morgan Stanley survey of 1,000 US adults, sent in a note to investors, showed that 40% of Americans likely have Amazon Prime memberships. That’s virtually unchanged from a year ago.
10.A Japanese internet services provider will start to pay employees partially in bitcoin, according to cryptocurrency watcher CoinDesk. Beginning in 2018, GMO Internet Group will give employees the option to receive payments from 10,000 yen (about $US88) to 100,000 yen (about $US881) in the digital currency.
Business Insider Emails & Alerts
Site highlights each day to your inbox.