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      "title": "Facebook passes Amazon in market cap and now sits on the brink of an exclusive club",
      "body": "![104605189-GettyImages-814034854.530x298.jpg](https://steemitimages.com/DQmZnJA4ZModVcwj9duLq1He8VJ1JtzLHMXGBBTJagocZZF/104605189-GettyImages-814034854.530x298.jpg)\n\nFacebook shares closed at a record high Friday even as the broader market for tech stocks slipped.\nCompany's valuation briefly touches $500 billion and ends Friday at $499.8 billion.\nCombined with Amazon's post-earnings stock drop, Facebook is now the fourth-most valuable U.S. technology firm.\nMark Zuckerberg, founder and CEO of Facebook\nPhoto by Bloomberg\nMark Zuckerberg, founder and CEO of Facebook\nFacebook shares sit on the brink of entering a very exclusive club.\nThe company's stock on Friday nudged up 1 percent, even as the broader market for tech stocks slipped, to set a new closing high of $172.45.\nThe shares rose for a second straight day after the company reported second-quarter sales, profit and user growth that topped Wall Street expectations late Wednesday.\n\nThe stock move up pushed Facebook's valuation to $499.8 billion, or almost half-a-trillion dollars, after briefly touching that lofty level in intraday trading both Thursday and Friday. (According to Yahoo Finance.)\nCombined with the drop in Amazon shares, the trading action left Facebook as the fourth-most valuable technology firm at week's end.\nIf Facebook rises to another high next week to close at or above a $500 billion valuation, it will join Apple, Alphabet and Microsoft as the only U.S. tech stocks to be so valued.",
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      "title": "More than half the continental US is within range of latest North Korean missile test, defense experts say",
      "body": "![104567952-GettyImages-809118062-north-korea.530x298.jpg](https://steemitimages.com/DQmb9z2tGT5mepN5ZwoB77FRkyi7jvddDsJSrQk9JhMz4ym/104567952-GettyImages-809118062-north-korea.530x298.jpg)\nMore than half the continental US is within range of latest North Korean missile test, defense experts say\nNorth Korea on Friday tested an intercontinental ballistic missile, which landed in the Sea of Japan.\nDefense experts say New York City and Boston could now be in range of North Korea's missile.\n\"More of the continental U.S.\" is at risk, former CIA Korea branch chief Bruce Klingner said.\nNorth Korea tested an intercontinental ballistic missile Friday, which defense experts say could reach as far as New York or other U.S. East Coast cities.\nThe most recent test lofted the North Korean missile on a very high trajectory, bringing it down in the Sea of Japan. Preliminary data from the launch reveals that half, if not most, of the continental U.S. would be in range of the missile tested Friday.\n\"Looks like it pretty much can get to New York, Boston and probably falls just short of Washington,\" David Wright, co-director and senior scientist for the Global Security Program at the Union of Concerned Scientists, told CNBC.\n\nThe missile flew for 47 minutes, traveled a distance of 1,000 kilometers (about 620 miles) and reached an altitude as high as 3,700 kilometers (nearly 2,300 miles), South Korean military told Reuters.\nWright, a physicist and technical arms control specialist, said the launch appears to show North Korea can \"go considerably farther\" than previous efforts. He believes this missile on a standard trajectory would have a range of 10,400 kilometers (close to 6,500 miles) before accounting for the rotation of the Earth, which extends the range of missiles fired from west to east.\nHowever, Wright said it's still unclear if North Korea reduced the payload on this new test to get a longer range than the test on July 4.\n\n\"Details are still preliminary, but it does look like the missile flew higher and for a longer duration than than July Fourth launch,\" Bruce Klingner, former chief of the Central Intelligence Agency's Korea branch, told CNBC. \"It's clearly an ICBM, and it would put more of the continental U.S. at risk.\"\nKlingner, now senior research fellow for Northeast Asia at the Heritage Foundation's Asian Studies Center, said there were indications last year from knowledge gained about static engine rocket tests by North Korea that the missile might be able to reach the U.S. East Coast eventually.\nKim Jong Un's regime is now \"two for two\" on ICBM missile tests, Klingner said, and the tests \"clearly show the range is more capable than some people were giving it credit for.\"\nTop U.S. and South Korean military officials discussed military options after North Korea's test, Reuters reported. Marine Corps Gen. Joseph Dunford was joined by the Commander of U.S. Pacific Command, Adm. Harry Harris, when they called Gen. Lee Sun-jin, chairman of the South Korean Joint Chiefs of Staff.\n\"During the call, Dunford and Harris expressed the ironclad commitment to the U.S.-Republic of Korea alliance. The three leaders also discussed military response options,\" said Capt. Greg Hicks, a spokesman for Dunford.\nThis picture taken on July 4, 2017 and released by North Korea's official Korean Central News Agency (KCNA) on July 5, 2017 shows the successful test-fire of the intercontinental ballistic missile Hwasong-14 at an undisclosed location.\nKCNA | AFP | Getty Images\nThis picture taken on July 4, 2017 and released by North Korea's official Korean Central News Agency (KCNA) on July 5, 2017 shows the successful test-fire of the intercontinental ballistic missile Hwasong-14 at an undisclosed location.\nNorth Korea has stepped up its ballistic missile development program in recent years under the 33-year-old Kim Jong Un. Last year, North Korea fired off at least 16 ballistic missile tests and conducted two nuclear tests.\nThere have been questions about whether North Korea has the technology to have a nuclear weapon withstand extreme temperatures and other stresses of atmospheric re-entry of an intercontinental ballistic missile.\n\"I think at this point they can do the re-entry,\" Wright said.\nAccording to Wright, the North Koreans can achieve the re-entry by making the nuclear-armed warhead \"sort of blunt,\" which will allow it to slow down as it comes into the re-entry phase. \"You reduce the heating but your accuracy gets worse, though this thing has lousy accuracy anyway,\" he said.\nRegardless, the North Koreans have insisted they do have this capability, and earlier this week repeated threats that they can hit \"the heart of the U.S.\" with a nuclear warhead. It followed comments last weekend from CIA Director Mike Pompeo that the North Korean people \"would love to see\" regime change.",
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      "body": "Congratulations @davidodeareduo! You have completed some achievement on Steemit and have been rewarded with new badge(s) :\n\n[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/firstpost.png)](http://steemitboard.com/@davidodeareduo) You published your First Post\n\nClick on any badge to view your own Board of Honor on SteemitBoard.\nFor more information about SteemitBoard, click [here](https://steemit.com/@steemitboard)\n\nIf you no longer want to receive notifications, reply to this comment with the word `STOP`\n\n> By upvoting this notification, you can help all Steemit users. Learn how [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)!",
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      "title": "Big Tech Confronts New Walls",
      "body": "In China, Big Tech Confronts New Walls\nTech giants from Amazon to WhatsApp are finding it tougher to crack China's market.\nRegulation and censorship are posing stiff challenges to the companies.\nEven Facebook and Apple are having a hard time, as Zuckerberg's Mandarin charm offensive falls flat.\n- Facebook is the world's largest social network, with more than two billion users. LinkedIn was sold to Microsoft for $26 billion last year. And Apple is Apple, the most valuable company in the world.\nIn most local markets, it would be a surprise if any one of these companies were floundering. But in China, the real shock is that their troubles no longer surprise anyone.\nJust in the past few weeks, Facebook had one of its most popular apps blocked by the Chinese government. LinkedIn, the globe-spanning social network of résumés, job recommendations and management essays, had its local boss step down amid tepid results in the country. And Apple announced a billion-dollar investment to comply with local law as it continued to watch Chinese demand for its iPhones fade.\n\nThis summer of challenge for the three companies offers a broad illustration of just how varied the obstacles have become for foreign companies in China. They also show in stark terms why this vast market has been frustratingly difficult for outsiders.\nTempted by the world's largest smartphone market and an increasingly wealthy population deeply intrigued by new technologies, just about every American tech company from Amazon to Zynga has taken a shot at China. But outside of Apple and a group of older companies like IBM and Intel, few have a major presence in the country today.\n''In general the China market is hard, even for Chinese companies,'' said Andy Tian, co-founder of Asia Innovations Group in Beijing and former general manager of Zynga China. ''It's the most competitive place around for consumer services and technology.''\nOver the years, internet companies like Twitter, Google and Snapchat have been blocked by censors. EBay was outmaneuvered by the local internet giant Alibaba. Groupon failed to stay afloat in the flood of copycats it inspired. Uber cut its losses after establishing a foothold and sold its local business to a Chinese rival.\nEven LinkedIn, which played ball with Chinese censors two years ago in order to get into the country, has had trouble getting traction with a local audience. ''The big internet companies just don't have much of a hope here,'' said James McGregor, chairman of the greater China region for the consulting firm APCO Worldwide.\nAmerican start-ups are still in the game, in particular those selling services to Chinese businesses, Mr. Tian said. But the number of big American internet firms trying to get into the country has slowed, though exact figures are hard to come by.\nThere are issues beyond offending censors. The Chinese internet culture is different, and at times quirky. And the technical requirements of China's internet filters can make operating difficult. Engineers often have to find alternatives to the services technology companies rely on outside China.\nFor those that overcome all that, the market is rough in a way United States companies don't normally experience, and is often tilted against outsiders.\n''It's basically like someone who has been training for Olympic taekwondo going up against a street fighter,'' Mr. Tian said. ''The Olympic fighter is waiting for the whistle, and the street fighter already has him on the ground hitting him with elbows. There's no rules.''\n\n  \n\n\nIn China, Big Tech Confronts New Walls\nTech giants from Amazon to WhatsApp are finding it tougher to crack China's market.\nRegulation and censorship are posing stiff challenges to the companies.\nEven Facebook and Apple are having a hard time, as Zuckerberg's Mandarin charm offensive falls flat.\nPaul Mozur and Carolyn Zhang\n15 Hours Ago\nThe New York Times\nFounder and CEO of Facebook Mark Zuckerberg\nBloomberg | Getty Images\nFounder and CEO of Facebook Mark Zuckerberg\nSHANGHAI -- Facebook is the world's largest social network, with more than two billion users. LinkedIn was sold to Microsoft for $26 billion last year. And Apple is Apple, the most valuable company in the world.\nIn most local markets, it would be a surprise if any one of these companies were floundering. But in China, the real shock is that their troubles no longer surprise anyone.\nJust in the past few weeks, Facebook had one of its most popular apps blocked by the Chinese government. LinkedIn, the globe-spanning social network of résumés, job recommendations and management essays, had its local boss step down amid tepid results in the country. And Apple announced a billion-dollar investment to comply with local law as it continued to watch Chinese demand for its iPhones fade.\n\nThis summer of challenge for the three companies offers a broad illustration of just how varied the obstacles have become for foreign companies in China. They also show in stark terms why this vast market has been frustratingly difficult for outsiders.\nTempted by the world's largest smartphone market and an increasingly wealthy population deeply intrigued by new technologies, just about every American tech company from Amazon to Zynga has taken a shot at China. But outside of Apple and a group of older companies like IBM and Intel, few have a major presence in the country today.\n''In general the China market is hard, even for Chinese companies,'' said Andy Tian, co-founder of Asia Innovations Group in Beijing and former general manager of Zynga China. ''It's the most competitive place around for consumer services and technology.''\nOver the years, internet companies like Twitter, Google and Snapchat have been blocked by censors. EBay was outmaneuvered by the local internet giant Alibaba. Groupon failed to stay afloat in the flood of copycats it inspired. Uber cut its losses after establishing a foothold and sold its local business to a Chinese rival.\nEven LinkedIn, which played ball with Chinese censors two years ago in order to get into the country, has had trouble getting traction with a local audience. ''The big internet companies just don't have much of a hope here,'' said James McGregor, chairman of the greater China region for the consulting firm APCO Worldwide.\nAmerican start-ups are still in the game, in particular those selling services to Chinese businesses, Mr. Tian said. But the number of big American internet firms trying to get into the country has slowed, though exact figures are hard to come by.\nThere are issues beyond offending censors. The Chinese internet culture is different, and at times quirky. And the technical requirements of China's internet filters can make operating difficult. Engineers often have to find alternatives to the services technology companies rely on outside China.\nFor those that overcome all that, the market is rough in a way United States companies don't normally experience, and is often tilted against outsiders.\n''It's basically like someone who has been training for Olympic taekwondo going up against a street fighter,'' Mr. Tian said. ''The Olympic fighter is waiting for the whistle, and the street fighter already has him on the ground hitting him with elbows. There's no rules.''\nMore from NYT:\nAs self-driving cars near, Washington plays catch-up\nA drug maker spends big in Washington to make itself heard\nScaramucci has a showman's knack for self-promotion rivaling Trump's\nWhatsapp app\nGetty Images\nMore so than the others, Facebook's problem in China is simple: Neither its website nor its app is accessible in the country. Both were blocked in 2009, shortly after ethnic rioting in western China. In the autumn of 2014, the umbrella protests in Hong Kong prompted the block of Instagram, which Facebook owns.\nAround the same time Instagram went down, Facebook's Mark Zuckerberg stepped up a charm campaign to try to get the social network back into China. He trotted out his Mandarin in a large public forum, invited the then head of China's internet regulator to Facebook's offices and even dined with president Xi Jinping during a state visit.\nFor all his efforts, just last week the company's last major app in the country, WhatsApp, was blocked by the Chinese government. While experts say it's not clear whether it will ultimately be fully blocked, in recent days users have been unable to send images, videos and voice messages.\nAt least partially responsible for the block, according to analysts, is a new cybersecurity law that went into effect on June 1. While vague, the new rules call for security checks on foreign companies and force firms to store key data in China.\nEven Apple's had trouble\n\nWhile Apple's position in China is about as different from Facebook's as possible -- it has built a hugely valuable retail business -- it too has been affected by the law. Just the week before WhatsApp was hit by disruptions, Apple said that to ensure it complied with the law it would begin storing data from its iCloud service in China. It also said it would work with a local Chinese company to set up a data center in southwest China as part of a $1 billion investment.\nAn Apple spokeswoman referred to remarks by Apple's chief executive, Timothy D. Cook, during the company's most recent earnings call, in which he said Apple was ''very enthusiastic'' about opportunities in China.\nYet keeping Beijing satisfied is only part of the challenge for Apple. With more and more Chinese smartphone makers selling high-quality smartphones cheaply, the company's sales in the country have slid over the past two years. In the second quarter ending April 1, the company's revenue in greater China fell 14 percent, even as the market remains critical. Greater China accounts for 21 percent of the company's sales, making it Apple's most important market after the United States.\nIn a new tack for Apple in China, just last week it created a new position, general manager for greater China, and appointed a longtime manager, Isabel Ge Mahe, to the position. Ms. Ge Mahe was born in China, speaks Mandarin and has deep engineering experience. The company is also in search of a greater China policy head after its former head, Jun Ge, recently resigned, according to two people familiar with the matter.\nLinkedIn's censoring bargain\n\nIf Apple is trying something new, LinkedIn is showing that what had been an accepted model within China is no guarantee of success. Unlike Apple, which as a hardware company is considered less threatening by the Chinese government, LinkedIn had to go along with a bargain other internet companies have refused.\nIn 2014 the company agreed to start censoring -- much as Google had done almost a decade before it eventually left China -- and formed a partnership with two influential Chinese venture capital investment funds to create a separate China operation. While the self-censorship drew complaints from users, other technology companies looking to get into China came to see LinkedIn's approach as a model.\nBy bringing in well-connected investors, it was able to ensure its communications with the Chinese government were in capable hands. It also focused on the particulars of the local market. It hired Derek Shen, a successful Chinese entrepreneur and Google veteran, to run its China operations separately. Mr. Shen, in turn, created a stand-alone app to bring LinkedIn, a service built around email and computers, to China's smartphone-dependent population.\nThree years on, the results have been mixed. Troubles have included missing sales targets and failing to attract enough users, according to four former and current employees who declined to be named because they were not authorized to speak officially. LinkedIn's local app, Chitu, also failed to attract the hundreds of millions of would-be users who have less exposure to the international work force and live in China's smaller cities.\nWhile in most countries LinkedIn simply runs its network as it does in the United States, in China that proved difficult. In China, many of the people the company wants to attract use only smartphones, and communicate on messaging apps instead of email. Mr. Shen decided to try a specialized app catering to those patterns. Yet it had to compete with entrenched social networks, like WeChat, and gained little traction.\nIn June, the company also announced the departure of Mr. Shen and is still in the process of looking for his permanent replacement. A LinkedIn spokesman said the decision that Mr. Shen would leave was mutual, and his decision was motivated by a desire to join a more entrepreneurial effort.\nHolding LinkedIn back wasn't so much the ferocious local competition or the regulatory hurdles, but Chinese internet culture itself. Many are simply not in the habit of publicly sharing their professional connections, and it has been hard to convince them, said analysts and those who worked at LinkedIn China.\nA business person in China may blush at making a Rolodex public because it is so personal, and also incredibly valuable. And publicly updating a résumé can be misconstrued by an employer as a signal that an employee is looking for a new job.\nAlso, with a corruption crackdown ongoing in China, showing the relationships that allow business leaders to get things done can be a liability.\nAs a result, professional relationships are often managed on a more conventional social network that allows for greater privacy: WeChat. Though at its heart a messaging app, it has a function like Facebook's newsfeed where people can post. Also widely used are group chats, where school alumni, embittered ex-employees or parents of a local school can keep up with the latest gossip or get a few potential candidates for a new position they have to fill.\nWith the social side of business life on WeChat, many local services have focused more on the posting of job openings.\n''It may not be so much that LinkedIn is having trouble in China because they're a foreign company,'' said Mark Natkin, founder of tech research firm Marbridge Consulting. ''It's more that they're having trouble in China because this is not the model people want to use here.'' Most use Tencent messaging services like WeChat or QQ -- another Tencent messaging service originally built for desktop computers -- to connect for business instead, he added.\nThat cultural difference has kept a broader swath of the Chinese from joining LinkedIn. Two former employees said that they had quotas of posts they had to write on LinkedIn China's website each week to help boost activity. One of them, who said she used to write five to 10 posts a week, said it often seemed futile because most people used WeChat for professional discussions. Along with group chats, articles and even long messages easily go viral with people sharing them between groups, or on their moments, roughly the equivalent of a Facebook wall.\nA spokesman said the program encouraging employees to post was voluntary.\nSelling to customers without experience in international business was often an exercise in explaining why people would want to post their résumé online, one former employee said. As a result most of LinkedIn's best Chinese consumers were companies with major international operations like Huawei and the drone company DJI.\nXu Mengya, a former marketing employee at LinkedIn China, said that although there were far fewer LinkedIn users in Australia than China, the network there was much more active. She attributed the difference to a more distinct work-life divide, where people use Facebook to communicate with friends and family, and LinkedIn with work connections. In China, she said, everyone uses WeChat for both.\nAs LinkedIn continues to press ahead, its new legacy may be less its model for going into China, and instead a willingness to accept a more modest type of success -- underscoring the reality that for the world beaters of Silicon Valley, getting into China is only a first step in what can become a long slog.\nAlthough it failed to attract the huge number of users that companies like Alibaba and Tencent have, LinkedIn has attracted a large number of China's international professional class.\nIn his departure note, Mr. Shen noted as a sign of its success the fact that the company had 32 million users in China. While that may be less than 5 percent of China's total internet-using population, a spokesman for the company said it showed the venture was living up to expectations. The company has also attracted more than 1,000 clients since coming to China less than four years ago, he said.\n''So they haven't achieved nothing, they can congratulate themselves on making a start and not having been lapped by any local competitor,'' Mr. Natkin said.\nStill, the current and former employees said there were other problems. LinkedIn's ad and recruiting rates are far more expensive than local competitors, making it hard to sell, according to two former employees.\nSimply to get in, LinkedIn needed to create a new operation partially owned by well-connected local investors. Yet the logic also followed that an independent China business would indeed be more independent, allowing it to respond more quickly to local challenges without the myriad phone calls at odd hours required to coordinate with headquarters. But the structure also had a negative side. Benefits and quotas at LinkedIn China were also different from the rest of the company, sometimes damaging morale, the two people also said.\nUltimately however, Ms. Xu said LinkedIn's original sin was simply being too late and not necessary enough. ''The root of the problem is that Chinese do not need a social platform for work. It is a fact in China that all social activities related to work are on WeChat,'' she said.\n''In China, LinkedIn has turned into a hiring website -- a high-end version of domestic hiring sites,'' she said, referring to the many local sites that specialize in listing job opportunities.\n''This has led to a lack of activity because it has lost its social side.''",
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