Shares of Facebook tumbled on Monday as political leaders in the U.S and Europe call for aggressive inquiries into whether the technology giant failed to stop improper access and handling of user data. The latest controversy centers around Cambridge Analytica who collected and used without permission data from the accounts of millions of users obtained through Facebook apps. On Friday, Facebook announced it has suspended Cambridge Analytica access, along with an associated firm, as the company investigates reports Cambridge kept user records for years after claiming the data had been destroyed. The revelation reignited concerns over how Facebook, Alphabet Inc’s, Google, and other internet firms handle user data which the companies use for their advertising business.
Uber Technologies Inc has temporarily stopped its self-driving car program after one of its car struck and killed a pedestrian in Arizona. On Sunday, an Uber vehicle in autonomous mode with a human safety operator at the wheel struck a 49-year-old woman while she was walking her bicycle outside of a crosswalk. The women later died from her injuries. The incident is the first known fatality involving an autonomous vehicle and could stir regulators to action. While it has not been determined if the Uber vehicle was at fault in the accident, the fatality has confirmed the fears of those who have warned against autonomous driving vehicles.
Asia: Asian shares closed mostly higher on Tuesday despite a negative handoff from Wall Street.
Europe: European markets closed down as investor eye this week’s Federal Reserve meeting.
U.S: U.S. index’s tumbled on Monday led by shares of Facebook and investors start to question how long the good times will continue. DJIA: -335.60 24670.97 Nasdaq: -137.75 7344.24 S&P 500: -39.09 2712.92
Word of the Day:
The Federal Reserve System (also known as the Federal Reserve or the Fed)
The Federal Reserve is the US’s Central Bank. It was created on December 23, 1913, as a response to a series of financial panics. The System consists of a seven-member Board of Governors based in Washington, D.C., and twelve Reserve Banks located in major cities throughout the US. The members of the board and the twelve Reserve Banks meet monthly to determine the country’s monetary policy.
Dinner or Drink:
1.5 Oz Captain Morgan Parrot Bay® Mango
0.25 oz. orgeat syrup
0.5 oz. pineapple juice
0.5 oz. lime juice
0.25 oz. Grenadine
1 pineapple wedge(s)
Add lime juice, pineapple juice, orgeat syrup, grenadine and Captain Morgan Parrot Bay Mango.
Shake with ice and strain into an ice-filled hurricane glass.
Garnish with pineapple wedge.