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By EquityPandit

EquityPandit

EquityPandit
TECHNOLOGY

Texas Sues Facebook Over Facial-Recognition Practices

Texas’ attorney general’s office sued Facebook on Monday, saying that the social media giant breached state privacy laws with facial-recognition technology, which collects the biometric data of millions of Texans without their permission. The lawsuit accused Facebook of taking biometric information from photos and videos that users uploaded without their permission, disclosing their private information to others and not demolishing it within a reasonable time.


The social media giant had said in a blog post in November that it was closing its facial recognition system and would delete over a billion people’s data. It mentioned concerns about the technology and tension over the rules regarding its use. It also agreed to pay $650 million in 2020 to settle an Illinois state lawsuit that had similar concerns.

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Xi Jinping Says China ‘Not Afraid’ as US-China Trade War Escalates

Dhruva Kulkarni

Xi Jinping addressed the US-China trade war for the first time, stating that China is “not afraid” of external pressures.

He criticised trade wars as having “no winners” and rejected reliance on foreign aid, highlighting China’s history of self-reliance.

The dispute has escalated, with US tariffs on Chinese goods reaching 145% and China retaliating with 84% tariffs, bans on Hollywood films, and market restrictions.

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Xi is strengthening ties with Europe and Asia, engaging with Spain and planning visits to Vietnam, Malaysia, and Cambodia to build alternative trade alliances.

He urged the EU and Spain to resist “unilateral bullying,” emphasising deeper collaboration in energy, high-tech manufacturing, and smart cities.

With no resolution, China focuses on internal resilience and global outreach while sidelining direct US negotiations.

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Russia, US to Discuss Diplomatic Missions in Upcoming Talks

Dhruva Kulkarni

Russia and the US will hold talks in Istanbul on Thursday to discuss normalising diplomatic missions, led by Russian Ambassador Alexander Darchiev and US Deputy Assistant Secretary Sonata Coulter.

The discussions aim to restore embassy operations after years of tensions, restrictions, and disputes over diplomatic property.

The State Department clarified that Ukraine is not on the agenda, emphasising that the talks focus solely on embassy functions. Both countries have struggled with diplomatic credentials, limiting embassy operations.

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Russia has faced financial transaction difficulties due to Western sanctions, while US diplomats report movement restrictions in Russia.

A key issue is Russian diplomatic properties in the US, with six locations under restrictions, including estates, consulates, and trade missions.

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China’s Central Bank Urges State Lenders to Cut Dollar Buying

Dhruva Kulkarni

Chinese sources said that the central bank is taking steps to stabilise the yuan, directing major state-owned banks to limit US dollar purchases on Wednesday.

China’s central bank is taking steps to prevent sharp yuan declines, directing major state banks to limit US dollar purchases.

The People’s Bank of China (PBOC) issued informal guidance asking banks to avoid buying dollars for their accounts and tighten checks on client transactions.

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State banks were seen selling dollars and buying yuan aggressively to slow its decline in the onshore market.

The yuan has weakened by 1.3% this month, with its offshore counterpart hitting a record low.

Despite US tariffs on Chinese exports, China’s central bank will not use yuan devaluation as a response, focusing instead on financial stability.

The yuan rebounded slightly after the news, but concerns over the trade war’s impact on China’s economy remain high.

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Musk Pushes Trump to Scrap Tariffs as Tesla Falls 42% in 2025

Dhruva Kulkarni

According to the Washington Post, Elon Musk urged US President Donald Trump over the weekend to roll back tariffs, but his efforts were unsuccessful. The dispute follows Trump’s announcement of a 10% baseline tariff on all imports and higher duties on several countries.

Neither the White House nor Musk responded to Reuters’ request for comments. Over the weekend, Musk, a Trump adviser, called for zero tariffs between the US and Europe during a virtual event at Italy’s right-wing League Party congress.

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Tesla faces sharp sales declines amid backlash over Musk’s role in a new “Department of Government Efficiency.” Its stock closed at $233.29 on Monday, down over 42% this year. Musk has said Trump’s auto tariffs have a “significant” impact on Tesla.

Economists warn that these tariffs could drive up inflation, increase recession risks, and add thousands of dollars in costs for US families, posing a challenge for Trump, who promised to cut living expenses.

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WORLD

Japan’s Ishiba Plans US Visit to Push for Wider Tariff Deal

Dhruva Kulkarni

Japanese Prime Minister Shigeru Ishiba plans to visit the US soon to push for a broad tariff deal with President Donald Trump. Speaking in parliament on Monday, he said he would first urge Trump over a call to drop the planned 24% tariff on Japanese imports.

Ishiba emphasised that Japan is not acting unfairly in the dispute and outlined a proposal to resolve the issue of LNG, cars, agriculture, and national security. He aims to present a comprehensive deal, though he acknowledges it will take time.

Japan faces a 24% tariff on exports starting 9th April, alongside a 25% tariff on autos already in place. While officials have not ruled out a response, no clear retaliatory measures have been signalled.

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During a February summit, Ishiba pledged to buy more US LNG and increase Japan’s investments in the US to $1 trillion. Despite this, Japan has not secured relief from the tariffs. The trade dispute impacts Ishiba politically, with his approval rating dropping to 30.6%, the lowest since he took office.

A JNN poll showed that 57% of the public supports retaliation. Meanwhile, concerns over the trade war have pressured Japanese stocks, with trading briefly suspended due to heavy selling.

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