Category: Articles of the week

Read time : 3 mins

Level : Advanced

By ANGELA CHARLTON Associated Press

PARIS (AP) — U.N. cultural and scientific agency UNESCO announced Monday that the United States plans to rejoin — and pay more than $600 million in back dues — after a decade-long dispute sparked by the organization’s move to include Palestine as a member.

U.S. officials say the decision to return was motivated by concern that China is filling the gap left by the U.S. in UNESCO policymaking, notably in setting standards for artificial intelligence and technology education around the world.

The U.S. and Israel stopped funding UNESCO after it voted to include Palestine as a member state in 2011, and the Trump administration decided in 2017 to withdraw from the agency altogether the following year, citing long-running anti-Israel bias and management problems. Continue reading

Read time : 3 mins

Level : Intermediate

By KEN SWEET AP Business Writer

NEW YORK (AP) — Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned Thursday.

The alert comes several weeks after the failure of Silicon Valley Bank, Signature Bank and First Republic Bank, which all experienced bank runs after fearful customers with uninsured deposits pulled their money en masse.

The Federal Deposit Insurance Corporation insures bank accounts up to $250,000. But money stored in Venmo or CashApp or Apple Cash is not being held in a traditional bank account. So, if there is an event similar to a bank run with those payment apps, those funds may not be protected. Continue reading

Read time : 3 mins

Level : Advanced

By MATT OTT and HALELUYA HADERO AP Business Writers

WASHINGTON (AP) — Living in New York City, working full time and without a car, Jessica Ray and her husband have come to rely on deliveries of food and just about everything else for their home. It has meant more free time on weekends with their young son, rather than standing in line for toilet paper or dragging heavy bags of dog food back to their apartment.

“I don’t even know where to buy dog food,” said Jessica Ray of the specialty food she buys for the family’s aging dog.

There are millions of families like the Rays who have swapped store visits for doorstep deliveries in recent years, meaning that contentious labor negotiations now underway at UPS could become vastly more disruptive than the last time it happened in 1997, when a scrappy upstart called Amazon.com became a public company. Continue reading

Read time : 3 mins

Level : Intermediate

By KEN SWEET AP Business Writer

NEW YORK (AP) — Teenagers will officially be allowed to open a Venmo account with their parent’s permission, the company said Monday, expanding the popular social payments app to a age demographic that is likely to embrace it almost immediately.

Using Venmo won’t necessarily be new to a good number of teens — parents often set up accounts for their children through their own accounts, which is a violation of Venmo’s terms of service. There have been guides on the Internet for some time showing parents how to create a child’s account without Venmo penalizing them. Continue reading

Read time : 3 mins

Level : Advanced

By KELVIN CHAN AP Business Writer

LONDON (AP) — The European Union slapped Meta with a record $1.3 billion privacy fine Monday and ordered it to stop transferring users personal information across the Atlantic by October, the latest salvo in a decadelong case sparked by U.S. cybersnooping fears.

The penalty of 1.2 billion euros is the biggest since the EU’s strict data privacy regime took effect five years ago, surpassing Amazon’s 746 million euro fine in 2021 for data protection violations.

Meta, which had previously warned that services for its users in Europe could be cut off, vowed to appeal and ask courts to immediately put the decision on hold. Continue reading

Read time : 3 mins

Level : Advanced

By BARBARA ORTUTAY AP Technology Writer

Less than two months into his $44 billion purchase of Twitter, Elon Musk declared that whoever took over as the company’s CEO ” must like pain a lot.” Then he promised he’d step down as soon as he found a replacement “foolish enough” to want the job.

That person, Musk announced Friday, is Linda Yaccarino, a highly-regarded advertising executive from NBCUniversal. She’ll start in six weeks. How long she’ll last might depend on her pain tolerance.

When Musk tweeted on Thursday that he’s found a new CEO but didn’t say who, one word stuck out: “she.” Some of his more extreme Twitter followers took immediate issue with the new CEO’s gender, but the fact that Musk hired a woman is actually notable simply because it is so rare — in business overall and especially in the tech industry — to see female chief executives.

Her appointment renewed questions about the “glass cliff,” a theory that women — as well as underrepresented minorities — are more likely to be hired for leadership jobs when there’s a crisis, which sets them up for failure. The term was coined in 2005 by University of Exeter professors Michelle Ryan and Alex Haslam, and there have been plenty of famous examples since then, from Yahoo’s Marissa Mayer to the U.K.’s Theresa May. Continue reading