Business Highlights: Unemployment claims, Facebook board

Desy Papper

WASHINGTON (AP) — The number of Americans seeking unemployment aid fell last week to 498,000, the lowest point since the viral pandemic struck 14 months ago and a sign of the job market’s growing strength as businesses reopen and consumers step up spending. Applications declined 92,000 from a revised 590,000 […]

WASHINGTON (AP) — The number of Americans seeking unemployment aid fell last week to 498,000, the lowest point since the viral pandemic struck 14 months ago and a sign of the job market’s growing strength as businesses reopen and consumers step up spending. Applications declined 92,000 from a revised 590,000 a week earlier. The number of weekly jobless claims — a rough measure of the pace of layoffs — has declined significantly from a peak of 900,000 in January as employers have ramped up hiring. The pace of applications is still well above the roughly 230,000 level that prevailed before the viral outbreak tore through the economy in March of last year.

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Facebook’s oversight board: Watchdog or distraction?

SAN FRANCISCO (AP) — Facebook’s oversight board, which on Wednesday upheld the company’s ban of former President Donald Trump, also had some harsh words for its corporate sponsor: Facebook. But critics aren’t convinced this decision is a triumph of accountability, and say its actions may actually distract from more fundamental issues that Facebook seems less interested in talking about. Among those concerns are Facebook’s massive power, its shadowy algorithms that can amplify hate and misinformation and its desire to avoid regulation. Facebook said the board provides scrutiny and accountability for the company and that it is no substitute for regulation.

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NY: Broadband cos paid for 8.5M fake net neutrality comments

NEW YORK (AP) — The Office of the New York Attorney General said in a new report that a campaign funded by the broadband industry submitted millions of fake comments supporting the 2017 repeal of net neutrality. The Federal Communications Commission’s contentious 2017 repeal undid Obama-era rules that the broadband industry had sued to stop. The proceeding generated a record-breaking number of comments, most of which were fake. A broadband industry group, called Broadband for America, spent $4.2 million generating more than 8.5 million of the fake FCC comments. A California teen submitted 7.7 million fake comments.

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Vaibhav Global trades ex-split; stock zooms 19%, scales new high

Shares of Vaibhav Global hit an all-time high in Friday’s trade after they rallied 19 per cent to Rs 1,037.90 on the BSE as investors lapped up the stock after it turned ex-split. The company has split the stock in the ratio of 1:5, i.e. equity share […]