HMG Strategy Market Update and Tech News Digest

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Global market update and executive summary of tech industry news headlines, brought to you Hunter Muller and the editorial team at HMG Strategy.

Markets Rise on Good News from Pfizer and the U.S. Labor Department

Markets rose this morning after good news from Pfizer and a solid jobs report. โ€œPfizer said Friday that its easy-to-administer Covid-19 pill, used in combination with a widely used HIV drug, cut the risk of hospitalization or death by 89% in high-risk adults whoโ€™ve been exposed to the virus,โ€ writes Berkeley Lovelace Jr. of CNBC.

Meanwhile, the U.S. Department of Labor reported 531,000 new hires across the nation, well over the 450,000 number that had been expected. And a prominent physician suggested the pandemic may end by January.

โ€œThe Covid-19 pandemic could be over in the U.S. by the time President Bidenโ€™s workplace vaccine mandates take effect in early January, Pfizer board member Dr. Scott Gottlieb told CNBCโ€™s โ€œSquawk Boxโ€ Friday,โ€ writes Robert Towey of CNBC. โ€œThe vaccine requirements from the Occupational Safety and Health Administration take effect on Jan. 4 for any company with at least 100 employees. All affected workers must get either their second Moderna or Pfizer shot or one dose from Johnson & Johnson by that date or face regular testing for the virus.โ€

Dr. Gottlieb is a former commissioner of the Food and Drug Administration.


Facebook Will Drop Facial Recognition Program

In the face of mounting criticism and concern, Facebook has decided to end a program that had become increasingly controversial.

โ€œFacebook on Tuesday announced it will be putting an end to its facial recognition system amid growing concern from users and regulators,โ€ writes Salvador Rodriguez of CNBC. โ€œThe social network, whose parent company is now namedย Meta, said it will delete more than 1 billion peopleโ€™s individual facial recognition templates as a result of this change. The company said in aย blog postย that more than a third of Facebookโ€™s daily active users, or over 600 million accounts, had opted into the use of the face recognition technology.โ€


Commerce Department Bans Firms Accused of Providing Spyware that Targeted Journalists

Several firms were โ€œblacklistedโ€ by the U.S. this week for allegedly making spyware available to foreign nations or trafficking in cyber tools that could be used to break into digital information systems.

โ€œThe U.S. Commerce Department on Wednesdayย blacklistedย Israeli firms NSO Group and Candiru, accusing the companies of providing spyware to foreign governments that โ€˜used these tools to maliciously targetโ€™ journalists, embassy workers and activists,โ€ writes Sean Lyngaas of CNN Business. โ€œCommerce officials added the Israeli firms to its so-called โ€˜entity list,โ€™ effectively banning the companies from buying software components from US vendors without a license. Also added to the list were Russian firm Positive Technologies and Singaporean firm Computer Security Initiative Consultancy.โ€


โ€˜Squidโ€™ Cryptocurrency Rises, Then Crashes

A meme coin based on a popular Netflix series has apparently collapsed and its website has vanished, according to reports.

โ€œThe cryptocurrency, called Squid, began trading early last week at a price of just one penny per token,” writes John Yoon of The New York Times. In the following days, itย drew attentionย from aย numberย of mainstream media outlets. By early Monday, it was trading at $38 a token on a cryptocurrency exchange called Pancakeswap. โ€œThen Squid went on a roller-coaster ride. In a 10-minute span later on Monday, the tokenโ€™s value grew from $628.33 to $2,856.65, according toย CoinMarketCap, a crypto data tracking website. Then, five minutes later, it traded at $0.0007.โ€

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