 |
|
|
|||||
The BBC plans to ask a court to throw out U.S. President Donald Trump’s $10 billion lawsuit against the British broadcaster, court papers show.Trump filed a lawsuit in December over the way the BBC edited a speech he gave on Jan. 6, 2021. The claim, filed in a Florida federal court, seeks $5 billion in damages for defamation and $5 billion for unfair trade practices.The speech took place before some of Trump’s supporters stormed the U.S. Capitol as Congress was poised to certify President-elect Joe Biden’s victory in the 2020 election that Trump falsely alleged was stolen from him.The BBC had broadcast the documentary titled “Trump: A Second Chance?” days before the 2024 U.S. presidential election. It spliced together three quotes from two sections of the 2021 speech, delivered almost an hour apart, into what appeared to be one quote in which Trump urged supporters to march with him and “fight like hell.” Among the parts cut out was a section where Trump said he wanted supporters to demonstrate peacefully.The broadcaster has apologized to Trump over the edit of the Jan. 6 speech. But the publicly funded BBC rejects claims it defamed him. The furor triggered the resignations of the BBC’s top executive and its head of news.Papers filed Monday in U.S. District Court in Miami say the BBC will file a motion to dismiss the case on March 17 on the basis that the court lacks jurisdiction and Trump failed to state a claim.The broadcaster’s lawyers will argue that the BBC did not create, produce or broadcast the documentary in Florida and that Trump’s claim the documentary was available in the U.S. on streaming service BritBox is not true.It will also argue that Trump has failed to “plausibly allege” the BBC acted with malice in airing the documentary.Attorney Charles Tobin, for the BBC, said Trump can’t prove actual damages because he won reelection by a commanding margin, and carried Florida by 13-point margin, better than his 2016 and 2020 performances. He said the documentary also couldn’t have harmed his reputation because it aired after Trump was indicted by a federal grand jury over alleged efforts to overturn the 2020 election, including allegations he “directed the crowd in front of him to go to the Capitol.”The BBC is asking the court to postpone discovery the pretrial process in which parties must turn over documents and other information pending a decision on the motion to dismiss. The discovery process could require the BBC to hand over reams of emails and other materials related to its coverage of Trump.“Engaging in unbounded merits-based discovery while the motion to dismiss is pending will subject defendants to considerable burdens and costs that will be unnecessary if the motion is granted,” Tobin wrote.If the case continues, a 2027 trial date has been proposed.“As we have made clear previously, we will be defending this case,” the BBC said Tuesday in a statement. “We are not going to make further comment on ongoing legal proceedings.” Jill Lawless and Brian Melley, Associated Press
Category:
E-Commerce
If youre crypto-rich and cash-poor, you might still have a shot at securing a home loan without having to sell off your assets. Starting next month, mortgage lender Newrez will let applicants count their cryptocurrency when applying for a home loan. Historically, a borrowers crypto holdings wouldnt be considered in the loan application process. For anyone holding a large amount of digital currency, liquidating someand incurring that tax billmight be necessary to qualify for a loan in instances where traditional investments or cash are scarce. Today, an increasing number of consumers include crypto in their investment portfolios, while major financial institutions are deepening their involvement in crypto assets, supported by key regulatory developments, Newrez President Baron Silverstein said in the announcement, adding that now is the right time to weave crypto into the mortgage lending business. The company plans to introduce the new option next month. Crypto isnt Newrezs only high tech experiment. Last week, the lender announced that it would invest an undisclosed amount in HomeVision, an AI-powered tool for the mortgage underwriting process. Newrez isnt a top 10 mortgage company by loan volume, but its clearly angling to make a name for itself as a lender friendly to new technologies that other, bigger lenders might be slower to adopt. Around 14% of adults in the U.S. own cryptocurrency, but the majority of Americans say they would never buy it, according to a recent Gallup poll. Noting that Gen Z and Millennial investors are more comfortable with crypto, Newrez Chief Commercial Officer Leslie Gillin described the change as opening new pathways to homeownership that offer home buyers increased financial flexibility. Cryptocurrency settles in Newrez is one of the first mortgage companies to open up to cryptocurrency, but its unlikely to be the last. In July, the Federal Housing Finance Agency directed Fannie Mae and Freddie Mactwo pillars of the U.S. mortgage ecosystemto draft proposals for considering crypto as an asset in mortgage applications. On X, the agencys director William Pulte explained that the plan was part of President Trumps vision to make the United States the crypto capital of the world. Major U.S. banks and other financial institutions started warming up to Bitcoin and other cryptocurrencies in 2025. Banks have long been skittish about the much-hyped digital assets due to regulatory uncertainty, their inherent volatility and a lingering association with cybercrime. But with Trump back in office, crypto is on the menuboth for banking stalwarts and speculative investors, who drove a post-election Bitcoin run that sent the king of coins to new heights. The president is also cashing in, raking in millions via token sales with World Liberty Financial, the Trump familys flashy, ethically dubious crypto venture. In the current intensely crypto-friendly regulatory environment, major banks have begun tiptoeing into the realm of digital currencies. This year, Chase will let customers leverage credit card rewards points to buy cryptocurrency through Coinbasea first for a major rewards program. Mastercard was reportedly shopping for a major crypto acquisition last year and went on to introduce new support for stablecoin wallets.
Category:
E-Commerce
The first Big Tech layoffs of 2026 have happened. This week, Facebook owner Meta Platforms reportedly informed employees that up to 1,500 positions in its Reality Labs division would be eliminated. Heres what you need to know about the job cuts. Whats happened? Meta this week notified employees in its Reality Labs division that up to 10% of jobs could be lost, according to a Bloomberg report. A day earlier, the New York Times reported that the layoffs were expected. Reality Labs is a division of the social media giant primarily responsible for developing the companys augmented and virtual reality products. The division was responsible for spearheading Metas failed metaverse virtual-reality world. How many jobs are being lost? An exact figure is not known, but according to media reports, Meta is aiming to cut about 10% of its Reality Labs workforce. The division reportedly employs about 15,000 workers, so a 10% reduction equates to around 1,500 jobs lost. Bloomberg reviewed an internal post to Meta’s employees from the company’s chief technology officer, Andrew Bosworth. In that post, Bosworth announced the 10% layoff estimate. Fast Company has reached out to Meta for comment. Why is Meta laying off workers? In the internal post Bosworth sent to employees, the CTO reportedly announced that Meta was shifting its priorities away from virtual and augmented reality, while metaverse resources will focus more on mobile device experiences as opposed to VR headsets. At the same time, Bosworth also confirmed that Meta was looking to cut back on its investments in virtual reality (VR) in order to make its business more sustainable. A Meta spokesperson confirmed to Bloomberg that the company plans to reinvest the savings [from the Reality Labs cuts] to support the growth of wearables this year. The metaverse never took off The fact that Meta is reprioritizing its areas of focus to AI and mobile is of little surprise to those familiar with the companys metaverse virtual world initiatives. In 2021, Meta CEO Mark Zuckerberg announced that the social media company, formerly known as Facebook, would be pivoting to the next frontier of technology: virtual worlds. In October of that year, Zuckerberg announced the metaverse, and was so certain that the future of tech was VR that he even decided to change the companys name from Facebook to Meta. But in the more than four years since Meta went all-in on the metaverse, consumer interest in virtual reality worlds never developed beyond a niche appeal. Moreover, the arrival of ChatGPT in 2022 made clear that the next era of computing was AI, not VR. Since then, Meta has gone all-in on AI, and its metaverse products have languished as a result. Shares of Meta Platforms (Nasdaq: META) were down more than 2% in midday trading on Tuesday after the news broke. Metas job cuts are the largest tech layoffs of 2026 so far The Reality Labs job cuts have earned Meta the distinction of having the largest layoff round of any prominent tech company in 2026 so far. Many in the tech industryparticularly those working in non-AI sectors and divisionswill now likely be wondering whether other companies will follow suit and eliminate jobs in legacy divisions as tech firms continue to go all-in on AI development. According to data compiled by Layoffs.fyi, total tech layoffs in 2025 resulted in neqrly 124,00 jobs lost at 269 tech companies. While significant, the annual level of tech job layoffs has been decreasing since 2022, according to the site. In 2022, there were more than 165,000 tech layoffs. That number rose to nearly 265,000 in 2023, before falling to around 152,000 in 2024.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||