FT News Briefing Social media groups block HK authorities, PPP loans, day trading dangers
Jul 7, 2020
Social media giants have pushed back against Hong Kong’s demands for user data, raising privacy concerns. Meanwhile, the U.S. Paycheck Protection Program boasts of saving millions of jobs during the pandemic. The safety of international students in the U.S. is in jeopardy as courses shift online. Additionally, a discussion on the rise of retail investing reveals the psychological dangers of day trading, especially on gamified platforms like Robinhood, highlighting the urgent need for better trader education.
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Social Media Resistance
- Social media companies like Facebook, Twitter, and Google are resisting China's new national security law in Hong Kong.
- They're temporarily blocking Hong Kong authorities from accessing user data.
PPP Impact and Scrutiny
- The U.S. Paycheck Protection Program (PPP) has reportedly kept over 51 million people employed.
- However, scrutiny is expected as high-end brands and private schools are among the recipients.
Impact on Foreign Students
- Harvard and Princeton will be mostly online this fall, impacting international students.
- ICE states that foreign students in fully online programs must leave or transfer.