Good morning. US stock futures slipped in Friday morning trading as investors reviewed the latest earnings reports from big box retailers.

"To become a good investor…the real goal perhaps, is not acceptance by others, but acceptance of oneself"

Guy Spier

Top News

SEC set to adopt rules for multi-trillion dollar fund industry

WHAT: The curtain is about to be pulled back on the $20 trillion private fund industry! According to an official notice, the US Securities and Exchange Commission is gearing up to adopt new transparency rules for private fund advisers. The new rules would, among other things, require firms to produce quarterly statements on performance and fees, and submit to annual audits.

WHY: Lawmakers and regulators have sought to increase oversight of the private asset management sector, citing risks to financial stability and insufficient investor protections in the industry.

Another TikTok ban…

WHAT: New York City has given its employees a digital “Tik-Bye” directive: they’ve been asked to delete TikTok from their city-issued cellphones. ”While social media is great for connecting New Yorkers with one another and the city, we have to ensure we are always using these platforms in a secure manner” Jonah Allon, a spokesperson for Mayor Eric Adams said in a statement.

WHY: The federal government ordered employees to delete TikTok from government-issued cellphones earlier this year amid concerns that its parent company ByteDance, could share user data with the Chinese government.

Striking writers direct antitrust claims at streaming giants

WHAT: The Writers Guild of America (WGA) is throwing some serious shade at the streaming giants. They’re calling on regulators to increase their oversight of businesses like Walt Disney, Amazon and Netflix, accusing them of amassing too much power, and potentially engaging in anti-competitive practices.

WHY: The roughly 11,500 members of the WGA have called for higher compensation, staffing guarantees and protections around the use of artificial intelligence (AI), among other demands in talks with Hollywood studios.

In Other News

Microsoft pulls plug on Xbox 360 online store

 WHAT: Microsoft is saying “bye-bye” to Xbox 360’s online store and marketplace next year, giving them a one-way ticket to the digital retirement home, as it focuses on its latest consoles and subscription service Game Pass. Via an announcement on Xbox’s website, the company said it would shut down Xbox 360 Store and Xbox 360 Marketplace on July, 29th 2024.

WHY: Microsoft stopped the production of Xbox 360 in 2016, and a year later launched Xbox Game Pass, a subscription gaming service that can be accessed on consoles and Windows platforms.

Amazon tries to woo influencers with payments

WHAT: Amazon is on a mission to lure influencers to help ramp up its TikTok-like shopping feed. The company said it would offer select influencers $25 per video if they submitted videos showing two or more products. The offer has been ridiculed online as it represents about one-tenth of the current going rate.

WHY: Last December, Amazon launched Inspire — a TikTok-like feed of photos and videos customized to users interests and featuring products that can be purchased on Amazon’s website.

No longer for sale…

WHAT: Looks like BET Media Group won the ultimate game of “will-they or won’t-they?” Paramount Global has decided to hold on to their majority stake in the entertainment franchise after the company determined its majority interest would create more value for Paramount than any of the proposals they received.

WHY: BET was originally started by Robert and then-wife Sheila Johnson in 1980. Johnson created BET from the basement of his Washington home after securing a $500,000 loan from cable industry stalwart John Malone, and eventually built it into the leading TV network for Black Americans.

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