Global stocks up…Senate panel questions TikTok, Snapchat
TOKYO (AP) – Global shares are mostly higher after another rally to record highs on Wall Street. France’s CAC 40 added 0.8% in early trading, while Germany’s DAX edged up 1.0%. Britain’s FTSE 100 gained 0.7%. In Asian trading, Hong Kong’s Hang Seng closed 0.4% lower and the Shanghai Composite declined 0.3%. South Korea’s Kospi gained 0.9%. On Wall Street, U.S. shares are set to drift higher with Dow futures up 0.3% and S&P 500 futures up 0.4%.
WASHINGTON (AP) – The leaders of a Senate panel have called executives from YouTube, TikTok and Snapchat to face questions on what the companies are doing to ensure young users’ safety. Today’s hearing comes as the panel bears down on hugely popular social media platforms and their impact on children. The Senate Commerce subcommittee is fresh off a highly charged hearing with a former Facebook data scientist. She laid out internal company research showing that Facebook’s Instagram photo-sharing service appears to seriously harm some teens.
WASHINGTON (AP) – The White House is zeroing in on a package of clean energy strategies for President Joe Biden’s big domestic policy bill. The administration believes the new approach could reach the same greenhouse gas emission reduction goals as an initial proposal that ran into opposition from coal-state Sen. Joe Manchin of West Virginia. A senior administration official says the Biden administration discussed the proposals Monday at the White House with the leaders of about a dozen environmental and justice groups. The emerging proposals would expand grants and loans in the agriculture and industrial sectors to help them make the shift to clean energy providers with fewer emissions.
BRUSSELS (AP) – EU ministers are meeting for emergency talks focusing on energy amid divisions between the 27 member countries on how to tackle a crunch that has seen consumers’ bills skyrocket this year. Most member states agree tax cuts, state aid and other measures put forward by the EU’s executive arm to help households and businesses are beneficial to bring immediate relief, but they diverge on the long-term approach. A rift has emerged between countries calling for thorough and structural reform of the bloc’s energy market and those who believe the crisis is only temporary and doesn’t require radical market changes.
THE HAGUE, Netherlands (AP) – The Netherlands’ biggest pension fund says it will stop investing in companies that produce fossil fuels. The ABP fund says the move was prompted by recent climate reports by the United Nations and International Energy Agency. Members of the fund have long called on the ABP to divest from the fossil fuel industry. The fund is a wealthy and influential investor that manages the pension savings of more than 3 million Dutch workers in the government and education sectors.