Treasury Secretary Steven T. Mnuchin said Sunday that President Donald Trump’s recent decision to impose tariffs on global imports will likely not cause a major economic fallout. Mnuchin adds that he believes the tariffs will have a positive effect on the country’s economy in the long run.
Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL), Facebook, Inc. (NASDAQ:FB) and Tesla Inc (NASDAQ:TSLA) all made waves over the weekend as all three companies, along with a few other tech companies, have gotten in hot waters recently.
Here’s what’s going on:
Alphabet Inc (GOOG, GOOGL)
Alphabet is being asked by the UK to simplify its data management policies.
The UK government said that Facebook, Alphabet’s Google, Twitter Inc (NYSE:TWTR) and other tech companies need to be more clear about these policies for consumers, following recent data breaches.
UK digital, culture and media secretary Matt Hancock said that the companies were not providing users with clear and concise terms and conditions regarding how their personal data is used. The agency hopes that all this information will be provided on one, easy-to-read page.
Facebook has a service agreement with more than 3,700 words, while Twitter’s has over 11,000 words. The country’s government has called on executives from all three major companies to an April meeting to discuss these data management practices.
The UK Parliament is also considering passing a data protection law that would allow the government to penalize tech companies for mishandling their users’ data with heavy fines.
GOOG stock fell 2.6% on Friday and GOOGL shares fell 2.5%.
Facebook, Inc. (FB)
Facebook is also making news after it was discovered that the companies had been recording calls and messages delivered through its messaging platform.
The social media platform has been collecting call records and SMS data from Android devices for several years, with several Twitter users noting that they have months of years of call history data in their downloadable Facebook data file.
“Oh wow my deleted Facebook Zip file contains info on every single phone cellphone call and text I made for about a year,” says Mat Johnson on Twitter. Other users have expressed similar concerns.
According to Ars Technica, Facebook has been requesting access to contacts, SMS data and call history on Android devices in order to improve its friend recommendation algorithm and help distinguish business contacts from personal friendships.
FB shares declined 3.3% Friday.
Tesla Inc (TSLA)
Tesla may slow down the delivery of some of its vehicles in Norway.
The electric car maker has been unable to find enough giant trucks to safely deliver its cars around the Scandinavian country, prompting CEO Elon Musk to say the company will slow down these deliveries.
The decision comes following an incident in which a truck loaded with Tesla Model S vehicles was involved in a scandal. Two of the cars were crushed by the trailer’s upper deck, according to Electrek on Saturday.
Numerous other trucks have also been taken off the road by local authorities in Norway after failing inspections. “I have just asked our team to slow down deliveries,” Musk said on Twitter.
“It is clear that we are exceeding the local logistics capacity due to batch build and delivery. Customer happiness and safety matter more than a few extra cars this quarter,” he added.
Norway is Tesla’s third largest market, behind the U.S. and Canada. The country plans on eliminating gas-powered cars by 2025.
TSLA stock slipped 2.5% Friday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.