By David Shepardson
WASHINGTON (Reuters) – The Federal Communications Commission has given no indication it will move quickly on an effort by President Donald Trump to narrow the ability of social media companies to remove objectionable content and require new transparency rules.
The Republican president in May directed the U.S. Commerce Department to file the petition after Twitter Inc warned readers to fact-check his posts about unsubstantiated claims of fraud in mail-in voting.
Since then, Trump’s social media posts have repeatedly been sanctioned. On Tuesday, Facebook Inc and Twitter took action on posts from Trump for violating their rules against coronavirus misinformation by suggesting that COVID-19 was just like the flu with Facebook taking the post down.
After the FCC received the Commerce Department petition July 27, it opened it for public comment for 45 days, which expired in mid-September. The proceeding has received more than 20,000 comments.
FCC Chairman Ajit Pai said last week during a call with reporters that “commission staff are currently reviewing” the public comments, declining to say how long that may last.
“I look forward to receiving the results of that review,” Pai said. “I’ll make my decision based on the law and the facts. So I’m not going to reach a conclusion until we have finished our review of the record.”
On Monday, Pai released his agenda for the Oct. 27 FCC meeting without proposing any action on the petition. It can take the FCC a year to propose and then finalize new regulations. A spokesman for Pai declined to comment.
In August, the White House abruptly pulled the nomination of Republican FCC Commissioner Mike O’Rielly to serve another term days after he expressed skepticism about whether the commission had authority to issue new regulations covering social media companies.
The two Democrats on the five-member FCC both strongly oppose the petition.
Last month, Trump nominated Nathan Simington, a senior administration official who has been involved in the social media petition. “Republicans need to get smart and confirm Nate Simington to the FCC ASAP!” Trump wrote on Twitter Tuesday.
The petition asks the FCC to limit protections for social media companies under Section 230, a provision of the 1996 Communications Decency Act that shields them from liability for content posted by their users and allows them to remove lawful but objectionable posts.
On Tuesday, Trump tweeted: “REPEAL SECTION 230!!!” reiterating his previously articulated view.
A group representing major internet companies including Facebook, Amazon.com Inc and Alphabet Inc’s Google urged the FCC to reject the petition, saying it is “misguided,” while it won the backing of four Republican state attorneys general.
(Reporting by David Shepardson; Editing by Robert Birsel)
Social Media Stocks Jump After Snap Results Suggest Ad Strength – Yahoo Canada Finance
(Bloomberg) — Oil plummeted and gasoline futures tumbled after a U.S. government report showed swelling fuel stockpiles and slowing demand as the coronavirus pandemic rages.Crude futures in New York declined as much as 3.9% on Wednesday, while gasoline futures dropped over 4%. Domestic gasoline inventories rose 1.9 million barrels last week, the biggest increase since May, while a measure of gasoline consumption slid to the lowest since late September, according to an Energy Information Administration report. The mounting fuel supplies and lackluster demand may worsen during the normally sluggish winter driving months.“The resurgence in Covid-19 has put a pause in the expectation that we’d see increased demand,” said Brian Kessens, a portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets. “The build in gasoline is an indicator that we are seeing that truly play out.”Rising coronavirus infections worldwide are putting a damper on an already murky demand outlook, with governments imposing or considering tighter restrictions. Milan, Italy’s financial capital, will be under night-time curfew beginning this week, while Germany’s new infections reached a record. In the U.S., New York posted more than 2,000 new Covid-19 cases for the first time since May.JBC Energy cut its outlook for oil-products demand this year and early 2021, saying that “the persistent lack of recovery in U.S. gasoline demand remains particularly worrisome.”Flagging fuel demand highlights the importance of ongoing discussions over the next round of U.S. virus aid to reviving energy consumption. White House Chief of Staff Mark Meadows said the goal in talks with House Speaker Nancy Pelosi is a deal on a coronavirus relief package within the next 48 hours, though any agreement likely faces a roadblock in the Republican-controlled Senate.“There’s concern about the growing virus caseload in a lot of places hitting demand, especially if there’s not some fiscal stimulus,” said Michael Lynch, president of Strategic Energy & Economic Research. “Global inventories are still quite high and they’re not going to come down until we get a stronger demand recovery. Now, it looks like that will be pushed further out into the future.”The surprise gasoline build led to another leg lower for refining margins. The so-called crack spread for combined gasoline and diesel against WTI futures slumped to the lowest since early April, providing little incentive for refiners to churn out more product in the midst of depressed demand.“There’s no reason for these guys to run the refinery. It’s a losing proposition,” said Bob Yawger, head of the futures division at Mizuho Securities. “There’s nobody that’s in a hurry to bring refinery utilization rates back up.”In another sign of weakness, the EIA report showed a fifth straight weekly build at the nation’s biggest storage hub in Cushing, Oklahoma. Crude inventories there are now over 60 million barrels for the first time since May. The spread between WTI’s nearest contracts weakened to its widest contango structure in about a week, signaling concerns of oversupply.Still, distillate stockpiles decreased 3.83 million barrels last week and crude stockpiles dropped just over 1 million barrels, the government data showed.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Social Media and the Hunter Biden Report – The New York Times
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Facebook, Twitter and YouTube have invested a significant amount of time and money trying to avoid the mistakes made during the 2016 election.
A test of those new policies came last week, when The New York Post published a story that contained supposedly incriminating documents and pictures taken from the laptop of Hunter Biden. The provenance and authenticity of that information is still in question, and Joe Biden’s campaign has rejected the assertions.
While YouTube largely did nothing, Facebook deprioritized the Post story and Twitter initially moved to ban all links to the piece on its platform. Those actions infuriated some Republican lawmakers and conservative media figures, who accused the social networks of censorship and election interference.
We speak to Kevin Roose, a technology columnist for The Times, about how the episode reveals the tension between fighting misinformation and protecting free speech.
Here’s Kevin’s full report on the efforts by Twitter and Facebook to limit the spread of the Hunter Biden story.
The New York Post published the piece despite doubts within the paper’s newsroom — some reporters withheld their bylines and questioned the credibility of the article.
Joe Biden’s campaign has rejected the assertions made in the story.
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Kevin Roose contributed reporting.
“The Daily” is made by Theo Balcomb, Andy Mills, Lisa Tobin, Rachel Quester, Lynsea Garrison, Annie Brown, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Larissa Anderson, Wendy Dorr, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, Kelly Prime, Sindhu Gnanasambandan, M.J. Davis Lin, Austin Mitchell, Neena Pathak, Dan Powell, Dave Shaw, Sydney Harper, Daniel Guillemette, Hans Buetow, Robert Jimison, Mike Benoist, Bianca Giaever, Liz O. Baylen, Asthaa Chaturvedi and Rachelle Bonja. Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sam Dolnick, Mikayla Bouchard, Lauren Jackson, Julia Simon, Mahima Chablani, Nora Keller, Sofia Milan and Desiree Ibekwe.
InvestorChannel's Media Watchlist Update for Tuesday, October 20, 2020, 16:30 EST – InvestorIntel
InvestorChannel’s Media Stocks Watchlist Update video includes the Top 5 Performers of the Day, and a performance review of the companies InvestorChannel is following in the sector.
Sources Include: Yahoo Finance, AlphaVantage FinnHub & CSE.
For more information, visit us at InvestorIntel.com or email us at email@example.com
– Quizam Media Corporation (QQ.CN) CAD 0.50 (16.28%)
– Moovly Media Inc. (MVY.V) CAD 0.07 (7.69%)
– WOW! Unlimited Media Inc. (WOW.V) CAD 0.38 (7.04%)
– Thunderbird Entertainment Group Inc. (TBRD.V) CAD 2.13 (0.47%)
– Wix.com Ltd. (WIX) USD 278.65 (0.13%)
– Glacier Media Inc. (GVC.TO) CAD 0.22 (0.0%)
– GVIC Communications Corp. (GCT.TO) CAD 0.14 (0.0%)
– Media Central Corporation Inc. (FLYY.CN) CAD 0.01 (0.0%)
– Postmedia Network Canada Corp. (PNC-A.TO) CAD 1.60 (0.0%)
– QYOU Media Inc. (QYOU.V) CAD 0.07 (0.0%)
– Adobe Inc. (ADBE) USD 494.58 (-0.13%)
– Corus Entertainment Inc. (CJR-B.TO) CAD 2.95 (-0.34%)
– HubSpot, Inc. (HUBS) USD 309.79 (-0.59%)
– MediaValet Inc. (MVP.V) CAD 2.50 (-1.19%)
– Stingray Group Inc. (RAY-A.TO) CAD 5.50 (-2.65%)
– Slack Technologies Inc. (WORK) USD 30.81 (-4.47%)
– Zoom Video Communications Inc. (ZM) USD 537.02 (-5.51%)
– Network Media Group Inc. (NTE.V) CAD 0.14 (-6.67%)
– Lingo Media Corporation (LM.V) CAD 0.09 (-10.53%)
– ZoomerMedia Limited (ZUM.V) CAD 0.06 (-21.43%)
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