Category Archives: Business

Why Biden’s Tobacco-Tax-Hike Scheme Is A Big Mistake – Steve Forbes…

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To help finance President Biden’s proposed spending binges, congressional Democrats are pushing a bill called the Tobacco Tax Equity Act. This proposed tax law would not only raise tobacco taxes but also result in a chain reaction of undesirable scenarios. Steve Forbes on Biden’s tobacco-tax-hike scheme and why this proposed legislation is a big mistake.
Steve Forbes news video.

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Why does America lag behind on Technology Law and how it affects individuals and businesses on a daily basis?

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The world has witnessed very rapid development in Internet Technology, which on the one hand, benefits society by granting access to knowledge and information, but on the other hand, allows little control over these vast amounts of data being published online daily. Today, humanity is facing a very significant issue of not being able to keep up with the progress in technology in terms of ethics and responsibility. Section 230 of the Communication Decency Act is a clear example of how the US government puts off the need to update the law regulating the spread of fake news and compromising information. 

The law was created in 1996 when computers only had a dial-up Internet connection and large non-transportable screens connected to even bigger system units. Back then, the 230 Section was wholly relevant and dictated that Search Engines and Social Networks should not be held responsible for the content, which users post. However, decades later, this regulation became utterly outdated and started to negatively affect businesses and individuals in America. Let’s see how it works these days: a website publishes an article with negatively compromising information on someone, Google crawls this site together with its writing and adds it to their search list. If the affected by a compromising website person complains to Google and requests to delete untrue statements, the company would refer to 230 Section and disclaim their responsibility, making it a website’s obligation to take down fake information. 

What is the issue with fake content online?

At first, it might seem like an easy job – the affected individual or business can simply get in touch with the website owner and ask them to remove the false article. However, today it has become rather prevalent for criminals to profit from blackmailing people because of the government inaction. Yuri Mosha is an entrepreneur who immigrated to the United States from Russia and now runs the immigration service company for Russian-speakers and faced these cyber-criminals first-hand. 

He told us about the rising popularity of compromising websites and how these solutions make money from clients wanting to ruin lives and careers of rivals: “Not long after my departure to the United States, I started coming across various articles on the Internet, which attempted to create a negative impression about me with fake information. When this situation took place in 2010, it greatly affected my reputation in the immigration industry and resulted in my company losing almost 50 per cent of clients annually. We believe it was the work of our Moscow-based competitors, who tried to lure away our clients by all means.” 

Back in the day, dealing with these websites required a lot of effort, but it was possible. Yuri and his team used to attract lawyers, get in touch with website owners, and threaten to take them to court. Frightened by legal responsibilities, fake news sites would take down any untrue articles. The process was rather timely and stressful but relatively straightforward – these were solitary and unrelated cases of criminal activity. 

Recently, Mosha faced another flurry of compromising articles, but it proved that ways of dealing with cyber-criminals have gotten ineffective. The entrepreneur was dazed to discover that the owners of these fake news websites are only willing to take down information in return for monetary compensation. “Nowadays, these services operate as criminal gangs – they hold hundreds of websites. Taking down one service is pointless because, first of all, they are going to post articles on remaining ones, and, second of all, once they see your resistance, they might get even more aggressive.” Unfortunately, there are more complications to this issue. Every website owner ensures to be anonymous – they register their Internet services under a fake name and stay almost invincible, extorting money from desperate people. “Don’t be misled that offering them any amount of reward will help you get your unwanted content taken down – once cyber-criminals see you have resources, they are going to step up their blackmailing game”, says Yuri. 

How other countries are dealing with Technology law? 

In contrast to the current US legislation, European countries tend to take a more proactive position and enact up-to-date laws, protecting their citizens in digital space. European Search Engines, including EU-based Google, are obliged to remove articles after receiving a complaint. For instance, if an EU citizen living in the Netherlands comes across a report on the Internet, which denigrates them, they can reach out to Google requesting to take the page down. Search Engine would request their ID, confirming they reside in the European Union and then delete a website or page sharing compromising and untrue information according to European legislation. 

Why is this approach not yet being practised in the US?

Before the election of 2020, President Biden gave an interview to the New York Times, where he addressed the issue and Section 230, saying that the law must be immediately revoked. It has been a while since that interview, and the cyber-criminals are still thriving. While businesses and individuals are forced to fight against fake information a lone hand, it remains unknown whether the president will review the Technology Law. But even if he does, it will take some time due to the bureaucratic structure of the American government system – the bill must be approved by Congress and Senators, which takes time to accomplish. 

There might be a few more reasons why American congress members take their time and restrain from acting on the issue. First of all, corporations, such as Google, actively lobby their interests against the law change. The second reason is related to ethics and morals. As founders of liberalism and fighters for freedom, American people are worried that restricting online content will become an attempt at the freedom of speech. 

What are the possible ways of dealing with fake information spread issue?

Yuri Mosha made his point on the moral dilemma of the 230 Section and found many supporters. He says, “We should not confuse freedom of speech with cyber-criminal activity. Authors of compromising articles blackmail people and gouge money. People should not pay money to take down fake information; it must become an obligation of Search Engine Platforms and Social Media to protect users from misleading content.” Today, Yuri is supported by 8 Senators from Congress, and is working on further attracting awareness to the issue. The problem of fake online content is rather significant and no one can be immune from it. The ultimate approach to coerce government to act is by attracting attention of the American society and reaching out to members of congress. 

Biden’s Tax Plan Will Be Devastating For Democrats & The Economic Recovery – Steve Forbes Video

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President Biden proposed a variety of higher taxes and tax enforcement measures to pay for his sweeping array of social programs, but his approach is wrong-headed. Steve Forbes on why Biden’s tax plan is fundamentally flawed and how it will be devastating for Democrats and the US economic recovery.
Steve Forbes video

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California Governor Newsom Faces Recall Election: Why Investors Should Care – Steve Forbes Video

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Caitlyn Jenner’s announcement that she will run for governor of California has directed national attention to the upcoming recall election of incumbent Gavin Newsom. The next governor could push for the reforms California desperately needs. Steve Forbes on the recall election that Newsom is facing and why investors should pay attention.
FORBES video

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Britishvolt Plans U.K.’s First Battery Gigaplant

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Orral Nadjari, founder and chief executive officer at Britishvolt Ltd., discusses the building of the U.K.’s first battery gigaplant, the funding for the plant and how the pandemic has impacted the business. He speaks on “Bloomberg Markets: European Open.”
Bloomberg Markets news video.

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EU’s Crackdown on Big Tech

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The European Union is set to unveil sweeping legislation adding to the regulation facing internet companies, such as Amazon, Alphabet and Facebook. The tech giants are warning the new rules may hinder innovation and are holding a video call with EU officials later today.
Bloomberg’s Maria Tadeo reports on
“Bloomberg Markets: European Open.”
Bloomberg Markets news video.

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Meet the Man Forging Africa’s Cashless Future

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Tayo Oviosu has plans to migrate cash-reliant consumers in Nigeria and Ethiopia onto his brand-new digital platform, one that also allows users to trade stocks and bonds, too. Many people in African countries rely solely on cash to handle their transactions, but Tayo Oviosu has an idea to change all that—and not just in Africa.
QuickTake Bloomberg’

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How Trump Made $5.4 Million From A Chinese Bank During His Presidency

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President Donald Trump, who declared “I don’t make money from China” in Thursday night’s presidential debate, has in fact collected millions of dollars from government-owned entities in China since he took office. Forbes estimates that at least $5.4 million has flowed into the president’s business from a lease agreement involving a state-owned bank in Trump Tower.

The Industrial and Commercial Bank of China signed a lease for space in 2008, years before the president took office, paying about $1.9 million in annual rent. Trump is well-aware of the deal. “I’ll show you the Industrial Bank of China,” he told three Forbes journalists touring Trump Tower in 2015. “I have the best tenants in the world in this building.”

FORBES video

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Electric automaker Fisker CEO discusses SPAC and debut on the NYSE

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Electric automaker Fisker Chairman and CEO Henrik Fisker speaks with Yahoo Finance’s Myles Udland and The Final Round panel to discuss the new IPO, how the company differentiates itself from other electric car manufacturers, and outlook for the future.
#electriccars #EV #Fisker
Yahoo Finance News video.

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Coronavirus stimulus: Mnuchin and Pelosi are the wrong combo to negotiate stimulus: Ric Edelman

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Stimulus talks remain at a standstill just days before the 2020 Presidential election. Ric Edelman, Founder of Edelman Financial Engines, joins Yahoo Finance’s Zack Guzman to discuss how investors should be prepare their portfolios amid market uncertainty.
#coronavirus #COVID19 #stimulus
Yahoo Finance video.

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How Selling Knives Helped Investor Avery Rosin Land A Job In Tech Investing

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This week on Unfiltered we sit down with Avery Rosin, a principal at Lead Edge Capital, about how a job selling knives helped develop skills he’s used throughout his career.
FORBES news video.

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How Hydrogen Trucks Are Shaping The Future Of The Port Of Los Angeles

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Los Angeles is best known as the center of Hollywood film and TV production. But it’s also home to the largest container port in North America, the adjacent ports of Los Angeles and Long Beach. Every year, this facility handles more than nine million individual cargo containers, and processes more than $276 billion worth of goods flowing in and out of the ports. You might not know it, but this is a real hotspot for advanced technology vehicles. It’s the single biggest entry port for goods from Asia – cars, clothes, electronics, everything that Americans buy – probably passes through these ports. With all of that activity, it takes a huge number of vehicles to keep cargo flowing armies of big trucks, loaders, forklifts, and the side armies of big trucks, loaders, forklifts powered by gasoline and diesel fuel…..
Forbes news video.

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