What we’re reading (2/13)
“Facebook Meets Apple In Clash Of The Tech Titans—‘We Need To Inflict Pain’” (Wall Street Journal). “Facebook Inc. Chief Executive Mark Zuckerberg has groused for years that Apple Inc. and its leader, Tim Cook, have too much sway over the social-media giant’s business. In 2018, his anger boiled over. Facebook was embroiled in controversy over its data-collection practices. Mr. Cook piled on in a national television interview, saying his own company would never have found itself in such a jam. Mr. Zuckerberg shot back…[]n private, Mr. Zuckerberg was even harsher. ‘We need to inflict pain,’ he told his team, for treating the company so poorly, according to people familiar with the exchange.”
“Why Widespread Muni Defaults Are Unlikely To Happen” (Charles Schwab). “The COVID-19 crisis opened up cracks in the muni market, but we don’t expect those cracks to alter the reality that municipal bonds can be a relatively conservative investment option. Many municipalities are under stress, but that’s not a reason to avoid munis, in our view.”
“A Conversation With Lawrence H. Summers and Paul Krugman” (Princeton Bendheim Center For Finance). Larry Summers and Paul Krugman get together via Zoom to debate the new stimulus package, inflation, etc.
“Amsterdam Ousts London As Europe’s Top Share Trading Hub” (Financial Times). “Amsterdam surpassed London as Europe’s largest share trading centre last month as the Netherlands scooped up business lost by the UK since Brexit. An average €9.2bn shares a day were traded on Euronext Amsterdam and the Dutch arms of CBOE Europe and Turquoise in January, a more than fourfold increase from December. The surge came as volumes in London fell sharply to €8.6bn, dislodging the UK from its historic position as the main hub for the European market, according to data from CBOE Europe.”
“Tax Season Is Here: Your Burning Questions Answered, From Remote Work To Stimulus Checks” (NBC News). “A slew of laws passed under the CARES Act last March directly impact taxes, from expanded unemployment compensation to waivers for IRA withdrawal penalties. Customers are also wondering how to account for their stimulus checks and what the tax implications are of their remote working situations. The constantly updated guidance is keeping tax pros on their toes.”
