|3 THINGS THAT WILL CHANGE THE WORLD TODAY|
Good morning, here’s your Wednesday morning briefing to set you up for the day ahead. Look out for these three things happening around the world today.
Zuckerberg quizzed over Facebook cryptocurrency
Facebook chief Mark Zuckerberg will appear before the US House Financial Services Committee to answer questions about the firm’s proposed Libra cryptocurrency.
Zuckerberg will be the sole witness of the hearing, where he will provide testimony about Libra and digital wallet Calibra. His vision for a global, digital payment method faces an uphill challenge to get regulators onside after the social network’s string of privacy scandals.
Problems for Libra have been mounting after PayPal, Visa, MasterCard and four other companies backing the project withdrew their support just four months after it was first announced.
Libra has also faced a cold reception from regulators around the world, who fear it could become used for money laundering, as well as a threat to global financial stability.
The hearing, entitled ‘An Examination of Facebook and its Impact on the Financial Services and Housing Sectors’, will take place at 3pm BST.
Annual Privacy Shield review
European Commissioners conduct their third annual review of Privacy Shield, the transatlantic data flow agreement that dictates how data flows between the EU and the US.
The Commission, which gathers in Strasbourg, is expected to give Privacy Shield its approval once again. However, that could change in 2020 when the Court of Justice of the European Union decides on a landmark case about whether Facebook’s method for transferring personal data from the EU to the US sufficiently protects EU citizens’ rights to privacy.
The case stems from leaks by Edward Snowden about US ‘mass surveillance’ in 2013, with Austrian privacy activist Max Schrems arguing that US surveillance techniques are a violation of EU privacy laws. The outcome will have huge implications for how EU citizens’ data can legally be transferred to the US.
You can read our explainer of the complex case here.
Tesla announces Q3 results
Electric carmaker Tesla will announce its third-quarter earnings after markets close.
Key questions will be whether the Elon Musk-lead firm can translate record delivery numbers into profit.
3 Things That Will Change the World Today
Sales of its high-end electric cars are up from 83,500 to 97,000 this time last year. But in Q2 while Tesla reported a record quarter it still failed to deliver a profit.
Shares are down more than 23% in 2019, lagging behind the auto market’s 8.1% rise. Yahoo Finance Analysts expect Tesla to make gains in total sales, but for its bottom-line to plummet 104.14% in Q3.