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Apple downgrade signals broader tech problem

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Apple’s downgrade by Bank of America sparked a selloff in tech stocks, sending shares of Alphabet and Microsoft to one-year lows.

The move came as investors rotated out of growth stocks and into more defensive assets to deal with higher interest rates and get ahead of a possible recession.

Apple’s stock fell sharply after the downgrade, while shares of other major tech companies also tumbled.

The selloff in tech stocks weighed on the broader market, with the Dow Jones Industrial Average and the S&P 500 both falling sharply.

The market’s declines were broad-based, but the tech sector was hit particularly hard.

The Nasdaq Composite Index fell more than 3%, while the Dow Jones Industrial Average and the S&P 500 both declined more than 2%.

The market’s sell-off was sparked by a downgrade of Apple’s stock by analysts at Bank of America.

The downgrade came as investors are increasingly worried about the outlook for the tech sector.

Shares of Apple have fallen sharply this year, and the stock is now down more than 30% from its highs.

Other major tech stocks have also been under pressure, with shares of Alphabet, Facebook, and Amazon all down significantly from their highs.

The market’s sell-off on Thursday was a continuation of the recent trend of investors rotating out of growth stocks and into more defensive assets.

The rotation out of growth stocks has been driven by concerns about higher interest rates and a possible recession.

Investors have been flocking to safe-haven assets such as gold and government bonds.

The market’s sell-off on Thursday also came as oil prices fell sharply, with West Texas

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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“TikTok represents two national risks to Australians”: should you delete the app?

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Democracies continue to ban popular video-sharing app TikTok over national security concerns

Australia recently banned TikTok from all federal government owned devices over security concerns.

Canberra is the latest in a string of U.S.-backed allies to take action against the popular video-sharing app.

The ban centres around concerns China could use the app to trace users’ data, and undermine democratic values.

Senator James Paterson is the Australian Shadow Minister for Home Affairs and Cyber Security, who said TikTok poses a risk to Australians.

“They can get access to awful amount of information on your phone.

“Because it’s beholden to the Chinese Communist Party, there’s no guarantee it won’t fall into their hands,” he said.

Senator Paterson said there are “six or seven million Australians who use the app.”

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Cyber attacks are on the rise, so what is being done to combat them?

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Australia experienced two of its worst cyber attacks on record last year, as the world braces for cyber warfare to rise

 
Ukraine has suffered a threefold growth in cyber-attacks over the past year.

Viktor Zhora is leading Ukraine’s State Service of Special Communications and Information Protection agency, who said cyber attacks are occurring at the same time as missile strikes at the hands of Russia.

Mr Zhora said in some cases, the cyber-attacks are “supportive to kinetic effects”.

On the other side of the planet, Russian hackers were responsible for Australia’s Medibank scandal.

“This is a crime that has the potential to impact on millions of Australians and damage a significant Australian business,” said Reece Kershaw, who is the Commissioner of the Australian Federal Police.

Australian Shadow Minister for Home Affairs and Cyber Security is James Paterson, who said Australia can learn from cyber warfare in Ukraine.

“Ukraine is a lesson for the world.

“They are fighting a hybrid war, one on the ground and one online. If there is to be future conflict including in our own region, in the Indo-Pacific, it’s highly likely that the first shots in that war will occur cyber domain not in the physical world,” Senator Paterson said.

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Amazon employees walk out to protest office policies

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Staff at warehousing giant Amazon have walked off the job to protest the company’s return-to-office program

Over 1,900 Amazon employees pledged to protest globally over proposed changes to the company’s climate policy, layoffs and a return-to-office mandate.

The activist group behind the rally is known as Amazon Employees for Climate Justice (AECJ), who are seeking a greater voice for employees.

“Our goal is to change Amazon’s cost/benefit analysis on making harmful, unilateral decisions that are having an outsized impact on people of color, women, LGBTQ people, people with disabilities, and other vulnerable people,” organisers said.

Over 100 people gathered at the heart of Amazon’s Seattle headquarters on Wednesday. The company said it had not witnessed any other demonstrations.

AECJ said the walkout comes after Amazon made moves “in the wrong direction”.

The company recently has recently overturned a desire to make all Amazon shipments net zero for carbon emissions by 2030.

The company maintains a pledge on climate change.

Amazon spokesperson Brad Glasser told Reuters the company is pursuing a strategy to cut carbon emissions.

“For companies like ours who consume a lot of power, and have very substantial transportation, packaging, and physical building assets, it’ll take time to accomplish.”

AECJ protesters also sought support for the 27,000 staff, who had lost their jobs in recent months —around 9 per cent of Amazon’s global workforce.

The company has also mandated a return-to-office program.

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