LinkedIn Co-Founder Reid Hoffman on ‘Blitzscaling’ and Unintended Consequences

“You can’t anticipate everything. You can’t prep for everything,” said LinkedIn co-founder and former CEO Reid Hoffman during an interview Thursday at the 2021 Inc. 5000 Vision Conference. Entrepreneurship, he adds, is like “running really fast through the fog,” so the best thing you can do is equip yourself with learned wisdom from others who have been down the path before you.

Hoffman, who today is a partner at the venture capital firm Greylock, has had a hand in many fast-growth companies that have achieved enormous scale. In addition to LinkedIn, he was a top executive at PayPal, along with Peter Thiel, Elon Musk, and others who’ve gone on to become household names. And he’s been an investor in Facebook and Airbnb, among others.

Hoffman also is a three-time bestselling author whose newest book, Masters of Scale: Surprising Truths From the World’s Most Successful Entrepreneurs, which he co-wrote with June Cohen and Deron Triff, builds on the success of their podcast by the same name. Both the podcast and the book feature stories and lessons drawn from deep interviews with dozens of famous founders, along with tales from Hoffman’s own career. In short: Few people understand the art of scaling a business better than Hoffman.

In his conference appearance, Hoffman highlighted a few of the top takeaways from the new book and discussed the ethics of Silicon Valley-style blitzscaling at a moment when the type of tech giants he has helped create have come under increasing scrutiny.

Beware unintended consequences

One of the most memorable moments of Hoffman’s presentation came when he addressed the ethical complications that can come when scaling as quickly as possible brings unintended consequences. Especially as a growing organization moves “from single-threaded to multi-threaded,” Hoffman says, it can be hard as a leader to both maintain the speed to scale and keep on top of all the new threads–let alone anticipate all potential scenarios.

He recommends hiring “somebody whose responsibility is to say, ‘What could possibly go wrong? What would have the wrong impact with our customers or with society, and what are the things we could do now to prep against it?'” Nothing is fail-safe, he cautions, but the more you think ahead, the more nimbly you can respond when necessary–“because if things start going wrong at scale, that can be even more challenging.”

Let some fires burn

As Hoffman knows well, running a fast-growth company can feel like an exercise in constant crisis management. Rather than trying to put out every fire immediately, he advises, establish a triage system that allows you to, in his words, “let some fires burn.” An entrepreneur should ask herself a series of questions: “Which thing is most likely to kill us first, or limit our scale? Which thing, if we don’t start now, won’t be controllable later?”

The answers aren’t always obvious, he points out–some fires, though harder to control later, will be manageable because you’ll have more resources as you grow. “Generally speaking, you have a limited amount of resources to focus on some fires,” he says. “If you try to do them all at the same time, maybe you won’t get any of them sufficiently.”

It all comes back to mission

It’s not enough, Hoffman says, for your company to provide jobs or for people to love your product. “Those are important things, true, but sometimes your product might be questionable–like cigarettes.” So you should also ask, “Why is society better with your product in it?”–and invest in growing that direction.

That isn’t anti-business, he adds, it’s long-term brand building. It builds cohesion and clarifies decision-making in the company. It’s great for attracting talent. “It can be great capitalism. I think it’s really fundamental to great entrepreneurship and helps through the entire company,” he says.

By Tom Foster, Editor-at-large, Inc.@tomfoster2

Source: LinkedIn Co-Founder Reid Hoffman on ‘Blitzscaling’ and Unintended Consequences | Inc.com

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Facebook Still ‘Secretly’ Tracks Your iPhone This Is How To Stop It

Despite Apple’s public crackdown on Facebook data harvesting, the social media giant will store your iPhone’s location even when you have set it “never” to do that. Now you can stop Facebook in its tracks, ensuring your phone can’t be secretly tracked.

Facebook is reeling as it becomes clear that Apple’s privacy innovations are throttling some of its most lucrative revenue streams. But while stopping cross-app and cross-site tracking is a huge plus for a billion-plus iPhone users, when you use apps provided by the likes of Facebook and Google, you still share way too much of your data.

This should be well understood—there have been enough warnings. But even when users think they’ve done the right things—changed settings to opt for privacy, there are still backdoors, such as with private photos you upload to Facebook and Instagram.

The photos you take on your iPhone include metadata, data about the photos that is embedded into the photo file itself. When you send the photo in its original form, the metadata goes along. That data includes the model of your phone, the way your camera was set up, the date and time the photo was taken, and, critically, where it was taken.

That location data is very precise—and it’s very useful, because you can search photos on your phone by place, logically collating your memories. But when you upload photos to Facebook or Instagram, that metadata is stripped away. If you save photos from either back to your device, you’ll see that there is no embedded location data.

So, does Facebook delete the location data after it has been stripped? No, of course not. Why would the world’s most avaricious data harvester throw away valuable information that it can use to monetize you even further? Facebook stores the data in its multi-billion-dollar data vault, against your profile.

No surprises there. What is surprising, though, is that Facebook strips and stores this data even when you’ve told the platform (both online and on your iPhone) “never” to track your location. Why Facebook thinks this is okay, I fail to understand.

You can see this for yourself. If you upload a photo to Facebook and then download “your Facebook information,” you will see Facebook has stored the exact GPS location stripped from the photo, as well as your IP address when you uploaded the image.

The data “we collect,” Facebook says in its privacy policy, “can include information in or about the content that you provide (e.g., metadata), such as the location of a photo or the date a file was created.” This location data is used “to provide, personalize and improve our products, including ads.

Until now, fixing this issue has been painful. You need to either disable your iPhone camera’s photo location tagging or use a third-party app to strip the metadata before uploading images. Thankfully, Apple has just fixed the problem.

In your photo album, swipe up any image or select the “i” in the bottom menu bar, and select “Adjust.” You can then change the location to one of your choice or delete it.

This isn’t just a great option for Facebook, of course. While many messaging apps, including WhatsApp and Signal, strip (but don’t save) metadata, iMessage and email attachments retain embedded data, as do photos added to shared albums.

If you’re sharing photos, there are many reasons you might not want to share the exact location. Putting safety aside, many a person has been caught out by inadvertently revealing where they are (and where they are not) via this invisible metadata.

I have warned on this Facebook and Instagram loophole before, and when I have asked Facebook about this, it has confirmed that the platform “collects and processes” such data. When asked if this is used for advertising, “regardless of the privacy settings selected by a user,” I was told it was fine to proceed with those assumptions.

Facebook has enough of your data. This is a great example of where you can hold something back without any detrimental impact to you whatsoever. If you’ve taken the trouble to stop Facebook capturing your location, make sure it’s doing as it’s told.

Zak is a widely recognized expert on surveillance and cyber, as well as the security and privacy risks associated with big tech, social media, IoT and smartphone platforms. He is frequently cited in the international media and is a regular commentator on broadcast news, with appearances on BBC, Sky, NPR, NBC, Channel 4, TF1, ITV and Fox, as well as various cybersecurity and surveillance documentaries.

Zak has twenty years experience in real-world cybersecurity and surveillance, most recently as the Founder/CEO of Digital Barriers, which develops advanced surveillance technologies for front line security and defense agencies as well as commercial organizations in the US, Europe and Asia. The company is at the forefront of AI-based surveillance and works closely with flagship government agencies around the world on the appropriate and proportionate use of such technologies. As well as analyzing security and surveillance stories, Zak is co-creator of Forbes’ award winning Straight Talking Cyber video series. Zak can be reached at zakd@me.com.

Source: Facebook Still ‘Secretly’ Tracks Your iPhone—This Is How To Stop It

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The World’s Newest Call Center Billionaire

Meet the world’s newest call center billionaire. Laurent Junique is quite the globe-trotter: He’s a French citizen, his company is based in Singapore and he just listed that company, TDCX Inc., on the New York Stock Exchange last week.

Junique, TDCX’s 55-year-old founder and CEO, also just joined the billionaire ranks: Junique’s 87% stake in the firm is now worth $3 billion, thanks to a 34% rise in TDCX shares since the IPO on October 1—an offering that raised nearly $350 million for the company.

Started in 1995 in Singapore as Teledirect, an outsourced call center that handled calls, emails and faxes for a variety of clients, the company rebranded as TDCX in 2019 to reflect its expansion into a range of services including content moderation, marketing and e-commerce support. (CX is short for “customer experience” in the customer service industry.)

TDCX reported a $64 million net profit on $323 million sales in 2020, an improvement from the $54 million profit and $242 million in revenues it recorded in 2019. That growth came in part due to greater use of the services that TDCX offers, including tools that help companies improve the performance of employees working from home. Still, TDCX is highly dependent on two clients—Facebook and Airbnb—which collectively accounted for 62% of sales in 2020.

“Our successful listing reflects the world-class company that we have built and our position as the go-to partner for transformative digital customer experience services,” Junique said in a statement on the day of the IPO. “We are grateful for the support of our clients, many of whom are global technology companies that are fuelling the growth of the digital economy.”

Junique is the second call center billionaire that Forbes has tracked. The first, Kenneth Tuchman, founded Englewood, Colorado-based TTEC Holdings (formerly called TeleTech), in 1982; at nearly $2 billion, the firm had about six times the revenues of TDCX last year. Tuchman first became a billionaire in 2007. Several Indian billionaires, including HCL Technologies cofounder Shiv Nadar and Wipro’s former chairman Azim Premji, offer call centers as some of the services their firms provide.

Junique will maintain an iron grip on TDCX as a public company, controlling all of the firm’s Class B shares, which make up more than 86% of the firm’s equity and represent 98.5% of voting power. He owns those shares through Transformative Investments Pte Ltd, a company based in the Cayman Islands that is entirely owned—according to public filings with the Securities and Exchange Commission—by a trust established for the benefit of Junique and his family. While its headquarters are in Singapore, TDCX has also been incorporated in the Cayman Islands since April 2020; prior to the IPO, the firm was controlled by Junique through a Caymans-based holding company. A spokesperson for TDCX declined to comment.

Before launching TDCX as a 29-year-old in 1995, the French native cut his teeth studying advertising at the École Supérieure de Publicité in Paris and business administration at the nearby École Supérieure Internationale d’Administration des Entreprises, graduating in 1989. After a two-year stint at consumer goods giant Unilever, Junique—who had reportedly been cooking up business ideas since he was a child, including a glass recycling proposal he came up with at age 13—decided he wanted a more international career, but struggled to find a gig as a young graduate with little experience.

Armed with a suitcase and just enough cash to get by, he decamped to Singapore in 1995 to try his luck on the other side of the planet. Singapore offered a strategic location as a modern, English-speaking city at the heart of fast-growing Southeast Asia, and Junique started a call center called Teledirect aimed at businesses looking to cut costs and outsource customer service. Soon enough, Junique scored the firm’s first big client, an American credit card firm based in Singapore.

Two years later, in 1997, Junique sold a 40% stake in Teledirect to London-based advertising giant WPP for an undisclosed amount. Since then, TDCX expanded beyond call centers and now has offices in 11 countries across three continents, including locations in China, Japan and India. In 2018, Junique bought back WPP’s 40% stake in the call center business for about $28 million. Three years of growth later, the company now has a market capitalization of $3.5 billion.

With 2020 marking a record year for TDCX, Junique is hoping that the Covid-induced transition away from offices has made the firm’s products more necessary for its clients. “As consumers live more and more of their lives online, the expectation for things to be done simply, conveniently and on-demand will only increase,” Junique said in a statement.

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I’m a Staff Writer on the Wealth team at Forbes, covering billionaires and their wealth. My reporting has led me to an S&P 500 tech firm in the plains of Oklahoma; a

Source: The World’s Newest Call Center Billionaire

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“BBC Three – The Call Centre, Series 1”. Bbc.co.uk. 2013-12-10. Retrieved 2017-12-10.

Why Your Most Important Relationship Is With Your Inner Voice

As Ethan Kross, an American experimental psychologist and neuroscientist, will cheerfully testify, the person who doesn’t sometimes find themselves listening to an unhelpful voice in their head probably doesn’t exist. Ten years ago, Kross found himself sitting up late at night with a baseball bat in his hand, waiting for an imaginary assailant he was convinced was about to break into his house – a figure conjured by his frantic mind after he received a threatening letter from a stranger who’d seen him on TV.

Kross, whose area of research is the science of introspection, knew that he was overreacting; that he had fallen victim to what he calls “chatter”. But telling himself this did no good at all. At the peak of his anxiety, his negative thoughts running wildly on a loop, he found himself, somewhat comically, Googling “bodyguards for academics”.

Kross runs the wonderfully named Emotion and Self Control Lab at Michigan University, an institution he founded and where he has devoted the greater part of his career to studying the silent conversations people have with themselves: internal dialogues that powerfully influence how they live their lives. Why, he and his colleagues want to know, do some people benefit from turning inwards to understand their feelings, while others are apt to fall apart when they engage in precisely the same behaviour?

Are there right and wrong ways to communicate with yourself, and if so, are there techniques that might usefully be employed by those with inner voices that are just a little too loud? Down the years, Kross has found answers to some, if not all, of these questions, and now he has collected these findings in a new book – a manual he hopes will improve the lives of those who read it.

“We’re not going to rid the world of anxiety and depression,” he says, of Chatter: The Voice in Our Head and How to Harness It. “This is not a happy pill, and negative emotions are good in small doses. But it is possible to turn down the temperature a bit when it’s running too high, and doing this can help all of us manage our experiences more effectively.”

According to Kross, who talks to me on Zoom from his home in a snowy Ann Arbor, there now exists a robust body of research to show that when we experience distress – something MRI scans suggest has a physical component as well as an emotional one – engaging in introspection can do “significantly” more harm than good.

Our thoughts, he says, don’t save us from ourselves. Rather, they give rise to something insidious: the kind of negative cycles that turn the singular capacity of human beings for introspection into a curse rather than a blessing, with potentially grave consequences both for our mental and physical health (introspection of the wrong sort can even contribute to faster ageing).

Does this mean that it’s not, after all, good to talk? That those in therapy should immediately cancel their next appointment? Not exactly. “Avoiding our emotions across the board is not a good thing,” he says. “But let’s think about distance instead. Some people equate this word with avoidance and repression. But I think of it as the ability to step back and reflect, to widen the lens, to get some perspective. We’re not avoiding something by doing this, we’re just not getting overwhelmed.”

According to one study, we talk to ourselves at a rate equivalent to speaking 4,000 words per minute (by way of comparison, the American president’s State of the Union address, which usually runs to about 6,000 words, lasts more than an hour). No wonder, then, that listening to it can be exhausting, whether it takes the form of a rambling soliloquy, or a compulsive rehashing of events, a free-associative pinballing from one thought to another or a furious internal dialogue.

But if such noise can be paralysing, it can also be self-sabotaging. What we experience on the inside can blot out almost everything else if we let it. A study published in 2010, for instance, shows that inner experiences consistently dwarf outer ones – something that, as Kross notes, speaks to the fact that once a “ruminative” thought takes hold of us, it can ruin even the best party, the most longed-for new job.

Why do some people have a louder or more troubling inner voice than others? “That’s harder to answer,” he says. “There are so many ways it can be activated, some genetic, some environmental.” What is certain is that these experiences cannot be discounted: “The data is overwhelming when it comes to the connection between anxiety and physical health conditions.” Those who are able to quieten their inner voice are happier; their sense of relief can be palpable.

See also:

  1. What Is Your Inner Voice?
  2. What If You Don’t Hear Any Voice?
  3. Why Don’t We Listen to Our Inner Voice?
  4. How to Listen to Your Inner Voice
  5. Moving on with Your Inner Voice
  6. Final Thoughts
  7. More About Self-Understanding

What is interesting about the science involved in all this is how it both backs up, and goes against, intuition. Much of Kross’s book is devoted to what he calls the “toolbox” of techniques that can be used to dial down chatter, and while some of these seem to contradict all that we think and feel – “venting”, for instance, can do a person more harm than good, because talking about negative experiences with friends can often work as a repellent, pushing away those you need most – others confirm that when we act on certain instincts, we’re right to do so.

To take one example, if you are the kind of person who slips into the second or third person when you are in a flap (“Rachel, you should calm down; this is not the end of the world”), you really are doing yourself some good. What Kross calls “distanced self-talk” is, according to experiments he has run, one of the fastest and most straightforward ways of gaining emotional perspective: a “psychological hack” that is embedded in “the fabric of human language”.

Talking to yourself like this – as if you were another person altogether – isn’t only calming. Kross’s work shows that it can help you make a better impression, or improve your performance in, say, a job interview. It may also enable you to reframe what seems like an impossibility as a challenge, one to which, with your own encouragement, you may be able to rise.

Some of his other techniques are already well known: the power of touch (put your arms around someone); the power of nature (put your arms around a tree). Activities that induce “awe” – a walk in the mountains, say, or time spent in front of a magnificent work of art – are also useful, helping with that sense of perspective.

Writing a daily journal can prove efficacious for some (something that felt terrible one day physically becoming old news the next), while neat freaks like me will be thrilled to discover that what he calls “compensatory control” – the creation of exterior order, better known as tidying up – really does have an impact on interior order. Reorganise your sock drawer, and you may find that your voice quietens.

Research shows, too, that superstitions, rituals and lucky charms can be useful, though most of us will draw the line at, say, taking our milk teeth with us when we fly, as the model Heidi Klum is said to (she keeps hers in a tiny bag, which she clutches during turbulence). Placebos have been found to work on chatter, just as they do in the case of some physical illnesses.

In one study in which Kross was involved, a saline nasal spray acted as a kind of painkiller for the inner voice: data from brain scans showed that those who’d inhaled it, having believed they were inhaling a painkiller, displayed significantly less activity in their brain’s social-pain circuitry compared with those who knew they had inhaled only a saline solution.

No wonder, then, that Kross believes children should be taught the science behind all of these ideas, and in the US he has already begun working with teachers to make this happen: “We want to find out if knowing this stuff influences how they regulate themselves.” Does he make use of the toolbox? (Physician, heal thyself.) “We should probably ask my wife,” he laughs. “But yes, I do, absolutely. I’m human, too.” In particular, he is “very selective” when it comes to friends from whom he seeks “chatter support”.

Kross finished his book long before the outbreak of the pandemic, let alone the storming of the Capitol. But as he observes, it could hardly be published at a more opportune moment. “This is the perfect chatter episode for society: a once-in-a-lifetime pandemic, political uncertainty, widespread groupthink.” His most cited paper to date looked at the harmful implications of social media, often “a giant megaphone” for the inner voice – Facebook expressly asks its users: “What’s on your mind?” – and an environment that he thinks we need to learn to navigate with more care.

As for the pandemic, though, he is less pessimistic than some about the effects it is likely to have long-term on mental health. “We are already seeing signs that depression and anxiety are spiking,” he says. “Everyday feelings of sadness are elevated for many, and then there are more full-blown episodes. But there is also a lot of resilience, and we often underestimate that. A lot of people are doing quite well. They’re managing this hardship in an adaptive way. I am an optimist. We will return, I think, to a nicer place, though how quickly that will happen, I only wish I could say.”

Which technique should the pandemic-anxious deploy? “Well, one that I personally rely on is temporal distancing,” he says. This requires a person to look ahead: to see themselves determinedly in the future. Studies show that if you ask those going through a difficult experience how they will feel about it in 10 years’ time, rather than tomorrow, their troubles immediately seem more temporary. Does this really help him? “Yes, it does. I ask myself how I am going to feel a year from now, when I’m back in the office, and I’m seeing my colleagues, and travelling again, and taking my kids to soccer – and it gives me hope.”

It is, as he says in his book, a form of time travel: a mental Tardis that, if only we can manage to board it, may make everything from a bereavement right down to a silly argument seem less brutal, just a little easier to bear.

By: Rachel Cooke

Source: Why Your Most Important Relationship Is With Your Inner Voice

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More Contents:

There’s a Dark Side to Meditation That No One Talks About

The Running Conversation in Your Head

People Who Hear Voices in Their Head Can Also Pick Up on Hidden Speech

The ‘Untranslatable’ Emotions You Never Knew You Had

Hallucinogen Therapy Is Coming

How you attach to people may explain a lot about your inner life

How can you conquer ordinary, everyday sadness? Think of it as a person

How anxiety scrambles your brain and makes it hard to learn

10 Strategies to Keep Moving Forward When Feeling Stuck

How to Build Self Discipline to Excel in Life

How to Build Self-Esteem: A Guide to Realize Your Hidden Power

How Self-Reflection Gives You a Happier and More Successful Life

How to Be More Self-Aware and Strive to Be a Better Person

How to Attain Self Realization (Step-By-Step Guide)

From Miners To Big Oil, The Great Commodity Cash Machine is Back, Energy & Commodities

JUST over five years ago, Anglo American was in deep trouble. The natural resources giant, beset by a collapse in commodity prices, scrapped its dividend and announced plans to close mines and cut thousands of workers. Amid talk of an emergency capital raise, its market value fell to less than US$3 billion.

Last week, the trials of 2016 probably seemed like a parallel universe to its chief executive officer Mark Cutifani.

Fuelled by a rally in iron ore and other commodity prices, he announced record first-half earnings and billions in dividends. Anyone who took a punt on Anglo’s shares when they reached their nadir, would have seen a 14-fold increase as the market capitalization soared to US$55 billion.

“High commodity prices have been very important to us,” Mr Cutifani told investors last week. “We don’t think this is as good as it gets.”

Anglo American is one of many. With raw materials prices surging, the whole natural resources sector is showering shareholders with special dividends and buybacks as miners, oil drillers, trading houses, steelmakers and farmers reap billions in windfall profits.

The sector, marked down by investors because of its contribution to climate change and a reputation of squandering money on mega projects, is again a great cash machine.

The economic rebound from last year’s Covid slump has powered an explosive rally in commodity prices as consumers forgo vacations and dining out and spend their money loading up on physical goods instead: everything from patio heaters to start-of-the-art TVs. Politicians are helping, too, lavishing hundreds of billions on resource-heavy infrastructure projects.

The Bloomberg Commodity Spot Index, a basket of nearly two dozen raw materials, surged to a 10-year high last week and is rapidly closing in on the record set in 2011.

Brent crude, the global oil benchmark, has again surged above US$75 a barrel, copper is headed back towards US$10,000 a tonne, European natural gas is at its highest ever for the summer season, and steel is changing hands at unprecedented levels. Agricultural commodities such as corn, soya beans and wheat are also expensive.

“Demand continues to improve with increasing global vaccinations,” Joe Gorder, the chief executive of Valero Energy, one of the world’s largest oil refiners, said last week.

Even commodities long left for dead, like thermal coal, are enjoying a new life in 2021. Coal, burned in power stations to produce electricity, together with huge volumes of carbon emissions, is trading at a 10-year high.

While commodities prices are the main reason behind the turnaround, there are structural factors at play as well.

Miners and oil companies have cut spending in new projects savagely, creating a supply shortfall. The miners were first, as they curbed investment from 2015 to 2016 as investors demanded more discipline; oil companies followed up last year and some major energy companies last week announced further cuts in spending for 2021.

The result is that while demand is surging, supply is not – at least for now. The oil majors are benefiting too from the work of the Organization of the Petroleum Exporting Countries alliance of oil producers, which is still holding back a large share of output.

Anglo American, which announced US$4 billion in dividends, is probably the most remarkable turnaround story in the natural resources sector, but its profits were still dwarfed by its bigger rivals. Rio Tinto and Vale, the world’s two leading iron ore miners, together vowed to hand back more than US$17 billion in dividends recently. There is still more to come for investors, with both BHP, the world’s biggest miner, and Glencore, another big miner and commodity trader, yet to report.

And for once, the world’s biggest steelmakers were not only able to absorb the costs, but pass them on. An industry that has spent much of the last decade in crisis is now also able to reward long-suffering shareholders.

The world’s largest steelmaker outside China, ArcelorMittal, that was forced to sell shares and scrap its dividend just five years ago, posted its best results since 2008 last week and announced a US$2.2 billion share buyback programme.

The miners have stolen the spotlight from the energy industry, traditionally the biggest dividend payer in the natural resources industry.

Still, Big Oil recovered from the historic price collapse of 2020, when a vicious Saudi-Russian price war and the Covid-19 pandemic briefly sent the value of West Texas Intermediate, the US oil benchmark, below zero. Supported by rising oil, natural gas, and, above all, the chemicals that go into plastics, Exxon Mobil, Chevron, Royal Dutch Shell, and TotalEnergies delivered profits that went to pre-covid levels.

With cash flow surging, Shell, which last year cut its dividend for the first time since World War II, was able to hike it nearly 40 per cent, and announced an additional US$2 billion in buybacks. “We wanted to signal to the market the confidence that we have in cash flows,” Shell CEO Ben van Beurden said.

Chevron and Total also announced they will buy shares. Exxon, though, is still licking its wounds and focused on paying down debt.

The more opaque world of commodity trading has also cashed in. Glencore said last week that it was expecting bigger trading profits than forecast, with rivals Vitol and Trafigura, two of the world’s largest oil traders, also benefiting from lucrative opportunities created by rocketing prices.

The agricultural traders have cashed on higher prices and unusually strong demand from China.

Bunge, a trader that is the world’s largest crusher of soya beans, told investors it expected to deliver its best earnings-per-share since its initial public offer two decades ago. Archer-Daniels-Midland Co, another big American grain trader and processor, also flagged strong earnings. And Cargill, the world’s largest agricultural trader, is heading towards record earnings in its 2021 fiscal year.

Whether the natural resources boom can last is hotly contested. Many investors worry climate change makes the long-term future of the industry hard to read and they also fret about the tendency of executives to approve expensive projects at the peak of the cycle.

Mining executives fear Chinese demand will slow down at some point, hitting iron ore in particular. But the current lack of investments may support other commodities, like copper and oil.

But Shell’s Mr van Beurden summed up the bullish case last week: “Supply is going to be constrained, and demand is actually quite strong”. BLOOMBERG

Source: From miners to Big Oil, the great commodity cash machine is back, Energy & Commodities – THE BUSINESS TIMES

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Brokers’ take: DBS cuts target for China Aviation Oil after profits fall short

BP boosts dividend, buybacks as profit soars

Gold falls as investors await US jobs data

Citi, HSBC, Prudential hatch plan for Asian coal-fired closures: sources

Google Hit With $593 Million Fine In France For Failing To Ink Deal With News Publishers

FRANCE-ECONOMY-TECHNOLOGY-VIVATECH

Google was hit with a $593 million (€500 Million) fine by antitrust regulators in France on Monday after the company failed to offer a fair deal to local publishers for hosting their news content on its platform, adding to the list of several large fines the U.S. tech giant has copped in Europe in the past few years.

The ruling comes after Google failed to comply with an April 2020 decision by the French regulators to negotiate a deal “in good faith” with publishers to carry snippets of their content on its Google News platform. As part of the ruling, the French Competition Authority has ordered Google to come up with an remuneration offer for its use of the news snippets within two months.

If the tech giant fails to meet the deadline, it will face penalty payments of up to $1 million (€900,000) per day of delay. In a statement shared with Forbes, Google said it was “very disappointed” with the ruling and it believes it had “acted in good faith throughout the entire process.” The company added that it is about to reach a global licensing agreement with the French news agency, Agence France-Presse (AFP), but did not provide a timeline.

Google will be able to appeal Tuesday’s fine, but it is unclear if it will choose to do so.

Crucial Quote

“The sanction of 500 million euros takes into account the exceptional seriousness of the breaches observed and how Google’s behavior has led to further delay of the proper application of the law…which aimed to better take into account the value of content from publishers and news agencies included on the platforms,” Isabelle de Silva, president of the French Competition Authority said in an official statement.

Surprising Fact

Tuesday’s fine is the second-biggest antitrust penalty a single company has faced in France. Last year, the competition regulator hit Apple with a $1.2 billion fine after the company was found to have signed anti-competitive agreements with two distributors over the sale of non-iPhone products such as Apple Mac computers. Apple has appealed the ruling.

Key Background

Publishers in Europe have clashed with Google multiple times in the past year, accusing the tech giant of luring away billions of euros in advertising money from the publishers while leveraging their content. Particularly contentious has been the company’s Google News platform which hosts snippets of news stories from publishers without paying them. On the flipside, publishers are unable to yank their content from Google’s platform as they rely on it heavily to drive traffic to their sites.

Earlier this year, Google managed to reach a $76 million deal to pay a group of 121 French Newspapers. But the AFP and other French publishers who were not part of the deal expressed anger and slammed Google for being opaque. De Silva has dismissed that deal and criticized Google for limiting the scope of the negotiations, excluding agency content like photos, and offering to pay the same amount for news content that it does for dictionary listings or weather information.

Further Reading

Google Fined $593 Million By French Antitrust Agency (Bloomberg)

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I am a Breaking News Reporter at Forbes, with a focus on covering important tech policy and business news. Graduated from Columbia University with an MA in Business and Economics Journalism in 2019. Worked as a journalist in New Delhi, India from 2014 to 2018. Have a news tip? DMs are open on Twitter @SiladityaRay or drop me an email at siladitya@protonmail.com.

Source: Google Hit With $593 Million Fine In France For Failing To Ink Deal With News Publishers

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Critics:

Google said it was very disappointed with the decision but would comply. “Our objective remains the same: we want to turn the page with a definitive agreement. We will take the French Competition Authority’s feedback into consideration and adapt our offers,” the U.S. tech giant said.

A Google spokesperson added: “We have acted in good faith throughout the entire process. The fine ignores our efforts to reach an agreement, and the reality of how news works on our platforms.”

The framework agreement, which many other French media outlets criticized, was one of the highest-profile deals under Google’s “News Showcase” programme to provide compensation for news snippets used in search results, and the first of its kind in Europe.

Google agreed to pay $76 million over three years to a group of 121 French news publishers to end the copyright row, documents seen by Reuters showed. It followed months of bargaining between Google, French publishers and news agencies over how to apply the revamped EU copyright rules, which allow publishers to demand a fee from online platforms showing extracts of their news. read more

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Investment Giant Fidelity Will Let Your Teen Trade Stocks—For Free

Fidelity Investments Earns

As interest in the stock market grows and equities continue to soar, investment giant Fidelity said Tuesday that it will launch new investing accounts just for teens.

The offerings for 13- to 17-year-olds—limited to those teenagers whose parents or guardians also invest with Fidelity—will include ways to save and deposit money, a debit card and investing capabilities, all accessible on a mobile app.

Teens will be able to buy and sell U.S. equities, Fidelity’s own mutual funds and ETFs without any fees or commissions.

To open the account, a teen’s parent or guardian must enter into a brokerage agreement with Fidelity, the Wall Street Journal reported, and after that the account—and power to make trades—is transferred to the teen.

Parents will be able to monitor the account’s activity and will retain the ability to close the account at any time, the Journal reported, and teens won’t be able to trade options or borrow money to fund trades.

Crucial Quote

“Fidelity is committed to responsibly supporting young investors,” Jennifer Samalis, senior vice president of acquisition and loyalty at Fidelity Investments, said in a statement. “Importantly, our goal for the Fidelity Youth Account is to encourage young Americans to learn through action and foster meaningful family conversations around financial topics.”

Big Number

$10.3 trillion. That’s how much money Fidelity manages. It’s one of the largest stock brokerage firms in the United States.

Tangent

Old-guard brokerage firms and startups alike are actively pursuing the next generation of investors. Greenlight, a startup that offers debit cards and investing services for kids, was recently valued at $2.3 billion.

Key Background

Fidelity’s new offering was in the works before the memestock trading frenzy that sent stocks soaring and captivated investors earlier this year, the Journal reported.

In January, retail traders from online communities including Reddit’s r/WallStreetBets and the popular brokerage app Robinhood—which is also aimed at making investing simpler for young investors—pitted themselves against Wall Street institutions which had placed bets that a handful of previously unpopular stocks would fall.

That resulted in a short squeeze that sent Gamestock and other stocks soaring and ignited a national debate about regulation, risky trades and the what some viewed as gamified app-based trading.

I’m a breaking news reporter for Forbes focusing on economic policy and capital markets. I completed my master’s degree in business and economic reporting at New York University. Before becoming a journalist, I worked as a paralegal specializing in corporate compliance.

Further Reading

Fidelity’s Pitch to America’s Teens: No-Fee Brokerage Accounts (Wall Street Journal)

With Debit Cards And Investing For Kids, Fintech Startup Greenlight Doubles Valuation To $2.3 Billion (Forbes)

It’s Not Just Crypto Crashing: Here Are All The Market Bubbles Popping So Far This Year (Forbes)

Goldman Sachs Says Stock Picking Becoming Harder, But Tesla, Twitter And Etsy Have Potential. Here’s Why (Forbes)

Source: Investment Giant Fidelity Will Let Your Teen Trade Stocks—For Free

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