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Markets

Boeing 737 MAX takes off on first certification test flight

Boeing 737 MAX test flights start today: Report

FOX Business’ Susan Li reports on the FAA approving Boeing to begin testing the 737 MAX on Monday.

SEATTLE/WASHINGTON (Reuters) – A Boeing Co 737 MAX took off on Monday just before 1 p.m. EDT from a Seattle-area airport on the first day of certification flight testing with U.S. Federal Aviation Administration test pilots, a crucial moment in its worst-ever crisis.

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Boeing Flight 701 departed King County International Airport, which is also known as Boeing Field, a Reuters witness confirmed. The plane is scheduled to land two hours later at Moses Lake airport, according to flight tracking website FlightAware.

The plane is then scheduled to depart Moses Lake soon afterward, arriving back in Seattle at 1:22 p.m. PDT.

FAA 'STONEWALLING' BOEING 737 MAX PROBE AFTER FATAL CRASHES: SENATOR

Boeing shares were up 7.8% at $183.31 on the news.

Ticker Security Last Change Change %
BA BOEING COMPANY 188.06 +18.05 +10.61%

Reuters first reported the long-awaited certification test flights were set to start on Monday and expected to last three days. The FAA said the flights will evaluate Boeing's proposed changes to the plane's automated flight control system.

SUPREME COURT RULES STRUCTURING OF WARREN'S BRAINCHILD IS UNCONSTITUTIONAL

The FAA said it has not made a decision on return to service and still and has a number of additional steps before the plane will be allowed to return to commercial service.

A Boeing 737 MAX (Associated Press)

Boeing's best-selling 737 MAX has been grounded since March 2019 after two fatal crashes killed 346 people. The U.S. Justice Department is investigating the airplane's certification.

After the flights are completed, the FAA must still approve new pilot training procedures, among other reviews, and would not likely approve the plane's ungrounding until September, sources said.

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If that happens, the jet is on a path to resume U.S. service before year-end, though the process has been plagued by delays for more than a year. Boeing in recent months had to address additional software issues and agreed to move wiring bundles that the FAA said posed a potentially dangerous issue.

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(Reporting by Eric M. Johnson in Seattle and David Shepardson in Washington; Editing by Chris Reese and Matthew Lewis)

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World News

5 things to know about Mark Zuckerberg

GOP lawmakers joining social media app ‘Parler’ as big tech alternative

Parler CEO John Matze on the unbiased draw of his social media app.

Facebook CEO Mark Zuckerberg started what would become the world's largest social media platform from his dorm at Harvard University at the age of 19.

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WHO IS RANDI ZUCKERBERG?

Since then, he's become a household name with a net worth of $79.7 billion, according to Forbes.

Here are five fast facts to know about the 36-year-old:

Facebook founder Mark Zuckerberg speaks during the Alumni Exercises following the 366th Commencement Exercises at Harvard University in Cambridge, Massachusetts, U.S., May 25, 2017. REUTERS/Brian Snyder

1. Harvard gave him an honorary degree

Zuckerberg received an honorary degree from Harvard in 2017, 12 years after he dropped out to focus on Facebook. He spoke at the college's commencement that year and was introduced as "Dr. Mark Zuckerberg."

"If I get through this speech today it'll be the first time I actually finish something here at Harvard," Zuckerberg told graduates.

2. He’s a girl dad.

Zuckerberg and his wife Priscilla Chan, a pediatrician, have two daughters, August and Maxima. Zuckerberg took two months of paternity leave after both girls were born and offers Facebook employees up to four months of parental leave, People reported.

WHO IS PRISCILLA CHAN?

"Studies show that when working parents take time to be with their newborns, outcomes are better for the children and families," he wrote on Facebook in 2015.

3. “The Social Network” tells his story

Facebook's early days and Zuckerberg's clashes with his co-founders play out in the 2010 film "The Social Network." Jesse Eisenberg portrays Zuckerberg, and prominent actors including Andrew Garfield, Armie Hammer and Rooney Mara round out the cast.

Ticker Security Last Change Change %
FB FACEBOOK INC. 220.00 +3.92 +1.81%

4. He and his wife have had fertility struggles.

Zuckerberg and Chan have been open about their fertility struggles, including Chan's miscarriages before she gave birth to their eldest daughter. Zuckerberg has said he hopes sharing about their experience will give other couples hope.

"You feel so hopeful when you learn you're going to have a child," Zuckerberg wrote on Facebook in 2015. "You start imagining who they'll become and dreaming of hopes for their future. You start making plans, and then they're gone. It's a lonely experience."

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In this Oct. 25, 2019 photo Facebook CEO Mark Zuckerberg speaks at the Paley Center in New York. (AP Photo/Mark Lennihan)

5. Being an entrepreneur runs in the Zuckerberg family.

Like Zuckerberg, his older sister Randi Zuckerberg is also an entrepreneur. She founded marketing firm Zuckerberg Media. She graduated from Harvard in 2003.

Randi Zuckerberg worked at Facebook during its earlier days and is credited with helping to create Facebook Live, one of the platform's pivotal features that was introduced in 2016.

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The Associated Press contributed to this report.

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Markets

Why some companies can still IPO despite coronavirus

New York (CNN Business)As the IPO market heats up, billionaire Bill Ackman is hunting for a unicorn.

Ackman’s Pershing Square filed paperwork with the Securities and Exchange Commission last week to sell stock in a “blank check” company — the term for publicly traded firms with no or limited operating assets — named Pershing Square Tontine Holdings.
The goal of the company, which would trade on the New York Stock Exchange under the ticker symbol PSTH, is to raise at least $3 billion and perhaps as much as $6.45 billion. It would be the largest blank check deal ever.

    Pershing Square said it hopes to use the new shares to buy a “mature unicorn” — one of “numerous high-quality, venture-backed businesses” with “significant scale, market share, competitive dominance and cash flow.”

    Parade of unicorns waiting in the wings to go public

    There are several well-known private companies with valuations in the $3 billion to $6.45 billion range, according to research firm CB Insights.
    The list of such unicorns includes Amazon (AMZN)-backed electric truck company Rivian, Impossible Foods, online gaming firm Roblox, SoFi, Vice Media and Magic Leap.
    How some investors have profited from the stock market's huge losses
    “Many of these companies have chosen to remain private, as there has been, until recently, limited pressure from their investors for liquidity, and large amounts of growth capital available from investors, mutual funds and hedge funds,” Pershing Square said in its filing.
    Ackman, who is famous for being an activist investor, has generated huge profits from stakes in Wendy’s (WEN), Starbucks (SBUX) and Chipotle (CMG). But he has lost big by shorting (i.e. investing in a stock with the hopes that the price will go down) nutritional supplements company Herbalife (HLF) and betting on a turnaround in struggling (and now bankrupt) retailer JCPenney.
    Ackman also lost on a controversial investment on Valeant Pharmaceuticals, a company that was criticized for jacking up drug prices and also had accounting problems. Ackman sold his stake in Valeant in 2017. The company has since changed its name to Bausch Health Companies. (BHC)
    More recently, Ackman generated controversy after he made a $2.6 billion profit earlier this year from hedging against a market crash — after doing interviews calling for President Trump to shut down the economy for a month because he thought “hell is coming” due to the Covid-19 outbreak.
    But Ackman appears to be more bullish now, as he’s willing to take a dive into the new offering market.

    SPAC or IPO? That is the question

    Blank check firms, also known as special purpose acquisition companies (SPACs), have become popular ways for private companies to make their debuts on Wall Street in recent years.
    Virgin Galactic (SPCE), DraftKings and electric truck company Nikola have all gone public through mergers with SPACs.
    Another SPAC named Landcadia Holdings II announced Monday that it will buy online casino company Golden Nugget Online Gaming. When the deal is closed, Golden Nugget will trade under the ticker symbol GNOG.
    More companies are willing to go public this way, said Jim Ross, chairman of Fusion Acquisition Corp — a SPAC looking to buy a financial tech firm — that began trading on Friday.
    Ross noted in an interview with CNN Business that it’s easier for private companies to go public through a SPAC deal than an IPO, and his company is having multiple conversations with potential targets.
    ZoomInfo just went public. No, not that Zoom
    Still, some private companies may choose to sell new shares. The traditional initial public offering market has rebounded lately as the broader stock market has bounced back.
    Among the recent successful debuts are Warner Music Group, online car seller Vroom, business database company ZoomInfo and several biotechs.
    But Pershing Square Tontine called “the IPO process inherently uncertain and risky” in its filing. Uber (UBER) and Lyft (LYFT) are high profile examples of so-called mega unicorns that did not live up to considerable hype.
    Pershing Square also cited significant upfront expenses and regulatory hurdles as factors that “have discouraged many large private companies from attempting to execute public offerings in the current environment.”

      Since many of these “mature unicorns” have been hit hard by the Covid-19 pandemic, a public offering could help supply them with fresh new capital, the company added in the filing.
      But Pershing Square said it is not limiting itself to looking just for unicorns. The company said in its filing that companies owned by big private equity firms and large, family-owned businesses could benefit from a merger with the SPAC.
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      Business

      Here's the story of the rise and fall of JCPenney

      New York (CNN Business)Temporary store closures. Near-zero travel demand. People shopping online even more as they’re stuck home. It was the perfect storm for bankruptcy for some of the country’s most recognizable consumer brands — and several have filed recently.

      Retailers had already been struggling, and now they’re bearing the brunt of coronavirus’ impact. But a large gym brand and a major car rental company have also filed for bankruptcy recently.
      A bankruptcy filing doesn’t necessarily mean a company will go out of business. Many use bankruptcy to shed debt and other liabilities while closing unprofitable operations, in hopes of emerging leaner and stronger. Lots of these companies have gone on to post record profits, including automaker General Motors (GM)and many of the nation’s airlines.

        Still, many other brands that have filed for bankruptcy with the intention of staying in business didn’t survive. Here are some US-based companies that filed in May:

        Gold’s Gym

        Gold’s Gym said in its May 5 fling that the virus has affected it “deeply and in many ways,” which includes the temporary closures of many of its 700 global gyms.
        Filing for Chapter 11 bankruptcy protection will help it “emerge stronger and ready to grow,” the statement continued.
        The 55-year-old company intends to exit bankruptcy by August and said it is “absolutely not going anywhere.” Gold’s did shutter 30 locations in April, but it doesn’t intend to permanently close any more gyms.

        Hertz

        Car rental giant Hertz (HTZ) filed for bankruptcy on May 22. The company also rents cars under the brands Dollar, Thrifty and Firefly.
        The company has been in business since 1918, when it set up shop with a dozen Ford Model Ts. Hertz has survived the Great Depression, World War II’s near-total halt of US auto production and numerous oil price shocks.
        By declaring bankruptcy, the rental car company says it intends to stay in business while restructuring its debts so it can emerge financially healthier.
        “The impact of Covid-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company’s revenue and future bookings,” the company said in a statement, noting that “uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today’s action.”
        Hertz was criticized for paying out millions of dollars in bonuses to its executives just before its bankruptcy — and a month after it started laying off thousands of employees.
        It paid a total of $16.2 million to 340 executives on May 19 as part of a plan to keep them in place while the company attempts to reorganize, according to a filing with the Securities and Exchange Commission.

        JCPenney

        Coronavirus could be the final blow for 118-year-old department store stalwart JCPenney. It was already struggling to overcome a decade of bad decisions, executive instability and damaging market trends.
        JCPenney (JCP) filed for bankruptcy on May 15. The company has an agreement with most of its lenders that will allow it to attempt a turnaround plan to stay in business.
        But it will close 30%, or around 200, of its 846 US stores. The company did not say how many of its 85,000 employees would lose their jobs as a result of the permanent store closings.
        “Until this pandemic struck, we had made significant progress rebuilding our company,” CEO Jill Soltau in a statement, adding that the company’s efforts “had already begun to pay off.”
        But JCPenney’s problems go back far before the pandemic, with the company having been battered by a decade of bad decisions. Its most recent profitable year was 2010, and its net losses have totaled $4.5 billion since then.
        And the entire department store sector has suffered as more consumers shop online. Big-box discounters like Walmart (WMT), Target (TGT) and Costco (COST) have also proved to be competition, offering shoppers lower prices and a selection of items not found in department stores, such as groceries.

        J.Crew Group

        It’s a distinction no one wants: J. Crew Group became first national US retailer to file for bankruptcy protection since the coronavirus pandemic forced a wave of store closures. It filed on May 4.
        The company, which owns the preppy J.Crew and Madewell brands, expects to stay in business and emerge from bankruptcy as a profitable company. And Madewell, the fast-growing denim brand that had been slated for an IPO, will remain part of the business.
        J.Crew Group was saddled by a heavy debt load since its 2011 purchase from private equity firms TPG Capital and Leonard Green & Partners in a $3 billion deal.
        It had grown rapidly in the nine years since the transaction was completed, nearly doubling the number of stores. But it has also accumulated far more debt. It had $50 million of long-term debt on its books in 2010, before the deal was announced — and as of February of this year that number had ballooned to $1.7 billion.
        The company operates nearly 500 stores including J.Crew’s factory outlets.

        Neiman Marcus

        Luxury retailer Neiman Marcus, which filed for bankruptcy on May 7, said the restructuring agreement with creditors will allow it to “substantially reduce debt and position the company for long-term growth.”
        The company’s history goes back 113 years to its first store in Dallas, which is still its home base. The company also operates the Bergdorf Goodman and Last Call chains.
        Neiman had 69 stores among the three brands as of last year. In March, just days before the pandemic prompted mass store closings, the company announced plans to permanently close a “majority” of its 22 Last Call outlet stores.
        ITS fate was very possibly sealed in 2013 when Ares Management and the Canada Pension Plan Investment Board paid $6 billion in a leveraged buyout, taking the company private.
        “The big issue with Neiman is that the [private equity companies] paid too much and layered on too much debt,” Steve Dennis, a retail consultant and former Neiman executive, previously told CNN Business.

        Tuesday Morning

        Discount home goods retailer Tuesday Morning (TUES) blamed the virus for prolonged store closures that caused an “insurmountable financial hurdle.”
        CEO Steve Becker said the business was thriving before the pandemic. But the resulting temporary store closures and employee furloughs had “severe consequences on our business.”
        “The complete halt of store operations for two months put the company in a financial position that can be effectively addressed only through a reorganization in Chapter 11,” he said in a statement.

          The Dallas-based chain, which filed on May 27, said it will permanently close approximately 230 of its nearly 700 US stores.
          –CNN Business’ Chris Isidore and Nathaniel Meyersohn contributed to this report.
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          Industries

          ‘Govt. must allow airlines commercial freedom’

          India risks survival of carriers if curbs remain, says CAPA

          The government must cease to control commercial decisions of India’s airlines to ensure their survival following the financial setbacks caused by the air travel restrictions necessitated by the COVID-19 pandemic, aviation consultancy CAPA India warned on Monday.

          “Allowing complete commercial freedom is a must for the revival of airlines in India. No other major aviation market in the world imposes such barriers on their own carriers,” the firm said.

          The removal of curbs would enable airlines to tap into sources of ancillary revenue such as extending zero-baggage fares — which would allow passengers with no baggage to benefit from lower fares, while those with baggage would pay an extra fee thus providing airlines a new source of income.

          CAPA estimates that Indian carriers could generate $400 million more a year if they were able to offer zero baggage fares. Indian carriers have struggled to tap ancillary revenues because of curbs by the government, which is sensitive to any increase in fares. In 2015, DGCA allowed airlines to offer zero baggage fares but later rescinded the decision.

          Airlines have over the years been able to unbundle many services and earn ancillary revenue, such as extra fee for seats with leg room and meals onboard.

          CAPA also reiterated the need to mandate that airlines have a minimum cash reserve to be able to renew their operator’s permit.

          “CAPA has repeatedly recommended this since 2010. Most airlines today are technically bankrupt and are starved of cash to be able to operate. This is what drives them to discount fares, locking them in a cycle of instability. Unfortunately, this is not recognised at a policy level,” the consultancy added.

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          Categories
          World News

          Property: How to get rid of rats from your home for good with this trick

          In the UK, there are anywhere between 10.5 million and 120 million rats. As well as being a pest, rats can carry disease and cause health risks. This is how to get rid of rats from your property.

          READ MORE

          • Cleaning tips: Easy way to spot damp and banish mould

          With many restaurants being temporarily closed, rats have found new places to feed.

          The coronavirus lockdown has left Britons spending most of their time at home and filling up their bins more quickly, which may attract more rats.

          Homeowners who find rats in their property will want to take steps to remove them quickly.

          However, this is not always easy to do as rats are adaptable and mobile, making them difficult to catch.

          Experts at the British Pest Control Association (BPCA) have shared tips on how to target rodents.

          How to get rid of rats

          If rats are present in a property, homeowners have a few options on how to get rid of them.

          Rat poisons and traps can be picked up from many garden centres and used in a home.

          “Members of the public can choose to carry out the work themselves, buying amateur-use rat poisons (rodenticides) and traps from a hardware store or garden centre,” the BPCA website stated.

          “Keep in mind that most rats are wary of new objects such as traps or poisons placed in their environment.

          “They will avoid them for a period before exploring them, so don’t expect instant success with this approach.”

          While this is not always an instant fix, it is an easy way to tackle the problem.

          READ MORE

          • Mrs Hinch fans share how to clean shower and banish mould

          When using rat poison, it is also important to follow the instructions and dispose of any dead rats in a safe way.

          However, poison will not work on all rats due to genetic mutations.

          The website continued: “Natural survivors and highly adaptable, some rats have shown evidence of evolving to become resistant to conventional poison.

          “A study from the University of Reading revealed a new generation of rats carrying a genetic mutation which makes them resistant to conventional poison.”

          If poison and traps don’t work and the problem continues, it could be time to get the help of a professional.

          Professional pest removers can control the situation and get rid of rats for good.

          The website said: “Knowing how much, where, and when to deploy products is where professionals are able to take control of situations efficiently.

          “There’s also a growing issue with resistance, due to incorrect choice of rodenticide or widespread use by members of the public.”

          Source: Read Full Article

          Categories
          Markets

          Hedge Funds Score Big Gains on Dividend Trades That Burned Banks

          One of the largest financial market dislocations of the Covid-19 era has generated big gains for hedge funds that bet the turmoil would prove short-lived.

          The winning trades involved dividend futures, which derive their value from shareholder payouts by companies in benchmark stock indexes. Historically among the most stable of equity-linked investments, the securities have swung even more wildly than share prices over the past three months.

          One of the most heavily traded contracts in Europe tumbled almost 60% in March as a spate of dividend cuts spooked investors and banks dumped futures to hedge exposures at their structured product units. While firms including BNP Paribas SA, Societe Generale SA and Natixis SA lost money on their positions in the first quarter, the sell-off created buying opportunities for a clutch of bargain hunters.

          Ovata Capital Management, Oasis Management Co., York Capital Management and AM Squared Ltd. all scored double-digit returns on dividend futures as the securities snapped back from the March rout, buoyed by unprecedented government stimulus. The bets have helped the funds post year-to-date gains, bucking a 5% slump through May for the Bloomberg All Hedge Fund Index.

          38,845 in U.S.Most new cases today

          -10% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23

          -1.​085 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23

          -2.​3% Global GDP Tracker (annualized), May


          “The pace of the meltdown was even faster than in 2008 and it went too far,” said Rodrigo Rodriguez, a Jersey-based partner at Ovata who previously held senior trading roles at JPMorgan Chase & Co. and Credit Suisse Group AG. Ovata, which manages $750 million, has returned an estimated 4.6% this year through June 25.

          Dividend futures are usually less volatile than stock indexes, in part because shareholder distributions tend to be more stable and predictable than equity valuations. But in March it was dividend bets that suffered deeper losses as the pandemic sent shockwaves through global markets. Investors offloaded futures as companies from Occidental Petroleum Corp. to Deutsche Lufthansa AG cut or suspended their payouts and big banks faced pressure to follow suit.

          Read more:
          French Bank Woes on Dividend Trades Spill Into Second Quarter
          Here’s How Payouts Are Shrinking in Europe: Dividend Tracker
          Fed Caps Bank Dividends, Bans Buybacks Through September
          A $10 Billion Dividend ETF Has Record Flows on Foggy Outlook
          Japan Firms’ Habit of Hoarding Cash Becomes Boon for Dividends

          Euro Stoxx 50 dividend futures expiring in December sank as much as 57% in a span of four weeks, after moving less than 2% during most months last year. By contrast, the Euro Stoxx 50 index recorded a peak-to-trough slide of 38%.

          The disconnect was partly fueled by selling pressure from banks that had issued high-yield structured products and were using dividend futures to hedge their obligations. As futures prices fell, the banks had to offload an ever-greater number of contracts into a market bereft of buyers.

          At least one large hedge fund manager was also caught in the downdraft. London-based LMR Partners told investors that the collapse in European dividend futures contributed to a 24% March decline in one of its funds, which also took a hit from volatility trades gone awry, according to a person with knowledge of the matter.

          While the plunge in dividend futures was deep, it didn’t last long. Prices began rebounding in early April on optimism that historic economic support measures from the Federal Reserve, European Central Bank and others would give some companies scope to continue their payouts.

          Read more: Green Shoots Emerge in World Economy as Virus Lockdowns Ease

          Ovata positioned for the rally by purchasing dividend futures linked to the Euro Stoxx 50, FTSE 100 and S&P 500, hedging its bets with bearish positions on those same indexes, Rodriguez said. The fund also bought Nikkei 225 dividend futures expiring in 2021 and sold 2020 contracts as a relative value trade.

          At Oasis, led by Highbridge Capital Management alumnus Seth Fischer, dividend futures were among the top contributors to returns in April, May and June, according to fund documents seen by Bloomberg News.

          The fund placed bearish wagers on 2020 and 2021 Euro Stoxx dividend futures in the early weeks of Covid-19, while going long contracts maturing in 2025 and beyond. In late March, it covered the shorts and switched to buying across maturities. Euro Stoxx dividend futures expiring in December have jumped more than 60% from an April 3 low.

          Oasis, which posted an overall gain of 7.6% this year through June 16, also placed bullish wagers on 2020 and 2021 Nikkei dividend futures in late March, after prices had dropped about 35%. The fund was encouraged by data showing that 81% of Nikkei firms pay stable dividends. Companies in the gauge held 349 trillion yen ($3.3 trillion) in cash as of their latest filings, a 54% jump from five years ago, data compiled by Bloomberg show.

          Convinced that Japanese dividends were sustainable and likely to continue amid ongoing corporate governance improvements, York Capital also took advantage of the sell-off in 2021 Nikkei dividend futures, notching a 30% gain before taking profit, said a person with knowledge of the matter. The firm’s $2.5 billion Asia fund is up an estimated 10% this year, the person said. York Capital, which is based in New York, and Oasis, based in Hong Kong, declined to comment.

          AM Squared, which oversees about $250 million, bought 2022 Nikkei dividend futures, taking profit on the trade after making double-digit returns, said Arjun Menon, the fund’s chief investment officer in Hong Kong. The contracts have rebounded 33% from this year’s low.

          The recovery has also eased the pain for some investors who got hit by the March selloff. LMR, for example, has recouped the March losses in its dividend arbitrage strategy, a person with knowledge of the matter said. The fund declined to comment.

          — With assistance by Donal Griffin

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          Categories
          World News

          How to quickly delete your old Facebook posts that could embarrass you

          IF you're embarrassed by some of your old Facebook posts then it may be time to delete them.

          Luckily, this process can be quick and easy, just follow the steps below.

          How to delete a Facebook post

          Go to your profile on either your smartphone, tablet or PC and click on the ellipsis icon – the three horizontal dots to the bottom right of your profile picture.

          You'll be taken to a menu where you will need to click "Activity Log".

          You can then use the filters at the top to select what posts you want to see and from what year.

          Scroll through and if you see anything you want to delete just click the ellipsis next to it and you'll be given the option to delete or edit.

          How to hide a Facebook post from your Timeline

          If you don't want to delete a post completely but don't want other people to see it then you can choose to hide it from view.

          Scroll to the post you want to hide, click the ellipsis and select the "Hide from Timeline" option.

          You can also hide the post from select people by clicking "Edit audience" on desktop or "Edit privacy" on your phone app.

          Archive or delete Facebook posts in bulk

          You can also delete or archive in bulk.

          Follow the steps above to get to your "Activity Log" on your smartphone.

          Then click "Manage Activity" and "Your Posts".

          Each post of yours should give you the option to "Archive" or "Trash". 

          To do this on a PC you may want to use a browser extension like Social Book Post Manager for Chrome.

          You should be careful with these though as they can delete a lot of your posts instantly.

          Limit your old Facebook posts

          If you have a lot of posts to hide and just want to limit your Timeline then this step is for you.

          On a PC go to "Settings", "Privacy" and then "Limit Past Posts".

          Clicking this will warn you that all your public posts will be converted to private ones.

          If you're okay with this then click the button again and all public posts will now be for your friends only.

          This could be useful if you don't want future employers seeing some of your old photos or comments.

          On your smartphone app, go to "Settings & Privacy > Privacy Shortcuts".

          Under the Privacy section is the option to "Review a few important privacy settings".

          Here you can click "Who can see what you share" and you'll be given some limiting options.

          Facebook's biggest cyber-security mistakes

          Here's some of the major times Facebook let us down…

          • In 2007, Facebook's first targetted advertising product, Beacon, caused outrage because there was initally no opt-in option about the kinds of information users wanted to share
          • In 2009, a Federal Trade Commission investigation was triggered because Facebook users complained that the new privacy tools were too confusing and pushed users to make more of their personal information public
          • In 2010, it was revealed that advertisers were using a privacy loophole to retrieve revealing personal information about Facebook users and the company had to change its software
          • In 2011, the FTC charged Facebook with lying to customers about how their information could be kept private but making it public anyway
          • 2018 saw Facebook's biggest privacy scandal to date with reports that Cambridge Analytica misused user data and Facebook had to admit that it had failed to protect its users

          In other news, a Windows 10 update has been bugging users with false security warnings about apps that don't exist.

          TikTok has been accused of 'spying' on Apple users along with a host of other popular apps.

          And, scammers are using Google Alerts to send out links to malware.

          Do you have any Facebook tips? Let us know in the comments…

          We pay for your stories! Do you have a story for The Sun Online Tech & Science team? Email us at [email protected]

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          Categories
          Business

          Ursula Burns to Corporate America: You can undo the system

          New York (CNN Business)AT&T’s next CEO, John Stankey, is a White man — replacing Randall Stephenson, a White man. When CBS News’ Gayle King questioned whether Stephenson should have used his retirement to promote someone who doesn’t look like him to head one of America’s biggest companies, Stephenson said her point was valid.

          “It seems like that would have been an opportunity to have a woman or a person of color,” King said in an interview at the US Chamber of Commerce Commerce’s National Summit on Equality of Opportunity Thursday. “I’m sure Mr. Stankey is very nice, nothing against Mr. Stankey.”
          “Fair challenge,” Stephenson said.

            “I will tell you Mr. Stankey has made probably the biggest moves in media, in our acquisition of WarnerMedia, being the first to actually institute and institutionalize diversity requirements in our media business,” he added. I think John is going to prove that he will move the needle for AT&T even further than I took it.”
            AT&T (T) owns WarnerMedia, the parent company of CNN.

            An AT&T spokesperson confirmed that seven out of eight members of the company’s executive leadership team are White. Only one is Black.
            Three out of 14 members of AT&T’s board of directors are people of color, two of whom are Black. Additionally, the company’s latest diversity & inclusion report shows 13.5% of management is Black and 39.4% of management employees are people of color.
            AT&T appears to do a better job hiring black executives than most major corporations. Black people make up 13.4% of the US population, but just 3.3% of all US corporate executive or senior leadership roles were held by Black Americans in 2018, according to the US Equal Employment Opportunity Commission.
            Only four, or less than 1%, of the current Fortune 500 CEOs are Black.

            CBS News host Gayle King (left) and AT&T CEO Randall Stevenson (right) discuss diversity in corporate America during the U.S. Chamber of Commerce's National Summit on Equality of Opportunity on Thursday, June 25, 2020.
            Stephenson said addressing racial inequality is both a moral imperative and a business opportunity for Corporate America, which he said is having more intensive conversations about the issue than in any point in recent memory.
            “CEOs are all leaning forward and saying, ‘Look we do, we have a problem,'” he said. “You cannot watch the George Floyd encounter and walk away with anything other than saying, ‘We have a problem.’ And as a result we have to engage. The business community is finally recognizing and saying, ‘It’s time to engage.'”
            Stephenson told King that promoting diversity internally must be a “conscious effort.”
            “It’s not going to happen on its own,” he said. “If we’re just left to our own devices, we surround ourselves with people who look like us. … Candidly, me as CEO, I have not done enough. Our efforts, I think they’ve been a really good start, but I think it’s time to step things up.”

              Stephenson also took issue with those who specify Black executives must be “qualified” to get hired at companies like his.
              “We need to stop qualifying that,” he said. “If somebody’s going to come on the board at AT&T, we obviously are going to make sure they’re qualified. I don’t think we have to [emphasize] qualified with Black.”
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              Economy

              Varney: Economy can’t take a second coronavirus shutdown

              Varney: ‘Once was enough’ for total US coronavirus shutdown

              FOX Business’ Stuart Varney argues America should not implement a total shutdown again despite an increase in cases due to the possible negative economic impacts a second lockdown could cause. Then, FOX Business’ Charles Payne joins to weigh in on the subject.

              FOX Business’ Stuart Varney, in his latest “My Take,” argues America should not implement a second nationwide lockdown.

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              “It sure looks like a second wave," Varney said. "We can argue all day long about whether it’s a spike in new cases or a surge, or a 'serious' increase'. But the fact is, the number of new cases is going up, especially in some of the states that started to reopen.”

              Varney pointed to governors in Texas, Florida and California who have imposed some restrictions again.

              “Miami closes the beaches for the July 4 weekend,” Varney noted. “Sec. Azar says the window is closing to curb the surge.”

              VARNEY: SOCIAL DISTANCING PREVENTS A RETURN TO NORMAL

              A restaurant advertises a re-opening Saturday, June 27, 2020, in Huntington Beach, Calif. (AP Photo/Marcio Jose Sanchez)

              Varney asked, should we have a second lockdown at the state or national level?

              “In my opinion, no,” he said. “Quite simply, the economy couldn't take it. Nor could all those people who have been locked in with abusive relationships. And all those people denied life-saving medical tests and elective surgery. We can't go back to that.”

              Varney noted how President Trump is reacting to this new “wave.”

              “The president says no new national lockdown. Instead, put out the fires at the local level,” Varney said. “That’s what the bar and beach closings are all about. Wear masks, keep your distance, wash your hands. That’s the policy. Contain the outbreaks. Limit the spread.”

              VARNEY: 4 CORONAVIRUS LOCKDOWN CHANGES THAT ARE HERE TO STAY

              Visitors crowd the beach Saturday, June 27, 2020, in Huntington Beach, Calif. (AP Photo/Marcio Jose Sanchez)

              Young people will have trouble sticking to the rules during the summer, Varney believes.

              “They've already missed college and high school graduation ceremonies,” he said. “It will not be easy to get them off the beach and out of the bar.”

              Varney said the economy will take a hit from these new rules.

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              “There will be some impact on the pace of the economic recovery,” he said. “You can't expand rapidly if there are still restrictions on economic activity. The virus will not go away completely any time soon. There are going to be local outbreaks. There will be local shutdowns. That’s the way it is. That’s what we have to live with.”

              Varney said under no circumstances should America shut down again.

              “Once was enough,” he said.

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