3/9/2019
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By Charlotte Cowles
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Welcome to your quick and painless summary of tech and business news. You don’t need reminding that it’s the shortest weekend of the year; make the most of it.
MARCH 3-9
What’s Up?
Pull Up a Digital Chair
Facebook, the platform known for sharing your personal information with the world whether you like it or not, is going for a more discreet vibe these days. The company’s chief executive, Mark Zuckerberg, wants to nudge users toward “private†messaging and away from blasting their networks with status updates, a trend he says is already underway. He likened his new vision, which will integrate other Facebook-owned platforms like Instagram and WhatsApp, to a “digital living room†where people can have intimate discussions secure from outsiders. (He emphasized the term “encrypted.â€) It’s unclear how this pivot will affect Facebook’s business model, and critics have pointed out the obvious paradox of a company known for playing fast and loose with users’ data suddenly espousing privacy protection.
Still Hiring, but Barely
Yet another sign that the country’s economy may be cooling: February’s disappointing jobs numbers. Only 20,000 new jobs were added, far less than the 175,000 that analysts had predicted. It’s the weakest report since September 2017, but on the upside, it still marks the 101st consecutive month of growth. Wall Street got good news this past week as regulators eased their oversight of the nation’s biggest banks. The policy shift is part of the Trump administration’s promise to call off the watchdogs put in place after the 2008 financial crisis, rules that the financial industry has criticized as hampering economic growth. While these rollbacks may help stoke markets, they could also lead to a less transparent financial system — and a repeat of past mistakes.
Out of the Kitchen
Go back to enjoying your pasta: The Italian food impresario Mario Batali has formally exited his dining empire. More than a year after multiple women accused him of sexual harassment and assault, he “will no longer profit from the restaurants in any way, shape or form,†said Tanya Bastianich Manuali, who will run the remaining 16 establishments in Mr. Batali’s former portfolio. She and her brother, Mr. Batali’s erstwhile business partner Joe Bastianich, bought the disgraced chef’s shares in the Batali & Bastianich Hospitality Group for an undisclosed sum. Mr. Batali will also hand over the keys to Eataly, the chain of Italian food emporiums.
MARCH 10-16
What’s Next?
Tesla Thinks Bigger
If you’ve been holding out for a Tesla that can fit your family and Elon Musk’s ego, the automaker will unveil its new crossover S.U.V., the Model Y, at the company’s Los Angeles design studio this week. Mr. Musk, the chief executive, said that the Model Y will be about 10 percent roomier than the Model 3 sedan, have slightly less battery range and come at a higher price. Tesla could certainly use the revenue boost. In its effort to sell the Model 3 for a long-promised $35,000, it’s had to lay off workers, close showrooms and cut other costs — moves that have battered its stock price.
Eyes on 2020
Wondering what the growing crowd of presidential candidates will be talking about this coming week, in addition to the country’s new record-high trade deficit? Well, President Trump is expected to deliver his budget proposal for 2020 this Monday, about a month late because of the government shutdown earlier this year. Lower tax revenue and increased government spending have driven up annual budget deficits, which now are expected to exceed $1 trillion starting in 2022, according to the Congressional Budget Office. But Mr. Trump is likely to play down those numbers and focus on spending cuts instead.
A Reckoning for Brexit
It’s understandable if you’ve been ignoring the Brexit commotion; all that back-and-forth was getting tedious. But now is the time to start paying attention, as talks come down to the wire. Britain’s House of Commons will vote on the latest version of Prime Minister Theresa May’s Brexit plan this Tuesday. If it is rejected — as it probably will be — then Parliament will vote on whether to leave the European Union without a deal or to delay Britain’s departure beyond the original March 29 deadline. Either way, the path doesn’t look smooth, and the European Central Bank is bracing itself. On Thursday, it abruptly reversed course and revived its stimulus measures.
What Else?
Uber will not be held criminally liable for the death of a woman who was hit by a self-driving test car in Arizona last year, although its safety driver — who was sitting in the driver’s seat at the time of the accident — still could face charges. In other news, a new cosmetics deal has made Kylie Jenner, at 21 years old, the world’s youngest “self-made†billionaire (the “self-made†label is up for debate, but hey, the money’s real). Perhaps she’ll buy this Bugatti, which set a record last week as the world’s most expensive car at $19 million.
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