Yesterday afternoon, the S&P 500 closed at a record high, and is up over $1.5 trillion since the start of 2017. "And the companies doing the most to drive that rally are all tech firms," reports The Verge. "Apple, Alphabet, Facebook, Amazon, and Microsoft make up a whopping 37 percent of the total gains." From the report: All of these companies saw their share prices touch record highs in recent months. This is in stark contrast to the rest of the U.S. economy, which grew at a rate of less than 1 percent during the first three months of this year. That divide is the culmination of a long-term trend, according to a recent report featured in The Wall Street Journal: "In digital industries -- technology, communications, media, software, finance and professional services -- productivity grew 2.7% annually over the past 15 years...The slowdown is concentrated in physical industries -- health care, transportation, education, manufacturing, retail -- where productivity grew a mere 0.7% annually over the same period." There is no industry where these players aren't competing. Music, movies, shipping, delivery, transportation, energy -- the list goes on and on. As these companies continue to scale, the network effects bolstering their business are strengthening. Facebook and Google accounted for over three-quarters of the growth in the digital advertising industry in 2016, leaving the rest to be divided among small fry like Twitter, Snapchat, and the entire American media industry. Meanwhile Apple and Alphabet have achieved a virtual duopoly on mobile operating systems, with only a tiny sliver of consumers choosing an alternative for their smartphones and tablets.

Stanford University economist Tony Seba forecasts in his new report that petrol or diesel cars, buses, or trucks will no longer be sold anywhere in the world within the next eight years. As a result, the transportation market will transition and switch entirely to electrification, "leading to a collapse of oil prices and the demise of the petroleum industry as we have known it for a century," reports Financial Post. From the report: Seba's premise is that people will stop driving altogether. They will switch en masse to self-drive electric vehicles (EVs) that are ten times cheaper to run than fossil-based cars, with a near-zero marginal cost of fuel and an expected lifespan of 1 million miles. Only nostalgics will cling to the old habit of car ownership. The rest will adapt to vehicles on demand. It will become harder to find a petrol station, spares, or anybody to fix the 2,000 moving parts that bedevil the internal combustion engine. Dealers will disappear by 2024. Cities will ban human drivers once the data confirms how dangerous they can be behind a wheel. This will spread to suburbs, and then beyond. There will be a "mass stranding of existing vehicles." The value of second-hard cars will plunge. You will have to pay to dispose of your old vehicle. It is a twin "death spiral" for big oil and big autos, with ugly implications for some big companies on the London Stock Exchange unless they adapt in time. The long-term price of crude will fall to $25 a barrel. Most forms of shale and deep-water drilling will no longer be viable. Assets will be stranded. Scotland will forfeit any North Sea bonanza. Russia, Saudi Arabia, Nigeria, and Venezuela will be in trouble.

An anonymous reader writes: European privacy regulators from as number of countries has made a coordinated action against Facebook for violating data protection laws. The French CNIL has sanctioned Facebook with a 150,000 EUR fine, and the regulator from Netherlands is considering a similar action. Regulators are concerned with new privacy policies of Facebook, lack of transparency, cookie handling and tracking Facebook users on third-party sites -- all without user knowledge or control. Such coordinated move is unprecedented in the history of European data protection regulators.

Microsoft and the United Nations (UN) have announced a five-year "landmark" partnership to develop technology to "better predict, analyze and respond to critical human rights situations," according to a statement issued today. From a report: Additionally, Microsoft will support work being carried out by the UN Human Rights Office by contributing $5 million to a grant in what the UN called an "unprecedented level of support" from a private organization. An example of the kind of technology the duo have been working on is an information dashboard called Rights View that gives UN employees access to real-time aggregated data on rights violations by country. This, it's hoped, will "facilitate analysis, ensure early warning of emerging critical issues, and provide data to guide responses," according to Microsoft.

Ford is planning a major round of layoffs that will cut up to 20,000 jobs around the world, according to reports published Monday. From a report: Ford plans to shrink its salaried workforce in North America and Asia by about 10 percent as it works to boost profits and its sliding stock price, a source familiar with the plan told Reuters. A person briefed on the plan said Ford plans to offer generous early retirement incentives to reduce its salaried headcount by Oct. 1, but does not plan cuts to its hourly workforce or its production. The move could put the U.S. automaker on a collision course with President Donald Trump, who has made boosting auto employment a top priority. Ford has about 30,000 salaried workers in the United States. The cuts are part of a previously announced plan to slash costs by $3 billion, the person said, as U.S. new vehicles auto sales have shown signs of decline after seven years of consecutive growth since the end of the Great Recession.

An anonymous reader writes: Wall Street will be one of the first and largest industries to be automated by artificial intelligence, predicts Kai-Fu Lee, China's most famous venture capitalist and former Microsoft and Google executive. Lenders, money managers, and analysts -- any jobs that involve crunching numbers to estimate a return -- are at risk. "Banks have the curse of the baggage they have, like Kodak letting go of film," Lee says. "Their DNA is all wrong." [...] The big banks that dominate now, the venture capitalist predicts they will be outmaneuvered by smaller startups able to deploy new technology much faster.

An anonymous reader writes: If you work at Apple's One Infinite Loop headquarters in Cupertino as a computer programmer on an H-1B visa, you can can be paid as little as $52,229. That's peanuts in Silicon Valley. Average wages for a programmer in Santa Clara County are more than $93,000 a year, according to the U.S. Bureau of Labor Statistics. However, the U.S. government will approve visa applications for Silicon Valley programmers at $52,229 -- and, in fact, did so for hundreds of potential visa holders at Apple alone. To be clear, this doesn't mean there are hundreds of programmers at Apple working for that paltry sum. Apple submitted a form to the U.S. saying it was planning on hiring 150 computer programmers beginning June 14 at this wage. But it's not doing that. Instead, this is a paperwork exercise by immigration attorneys to give an employer -- in this case, Apple -- maximum latitude with the H-1B laws. The forms-submittal process doesn't always reflect actual hiring goals or wage levels. Apple didn't want to comment for the story, but it did confirm some things. It says it hires on the basis on qualifications and that all employees -- visa holders and U.S. workers alike -- are paid equitably and it conducts internal studies to back this up. There are bonuses on top of base pay. Apple may not be paying low wages to H-1B workers, but it can pay low wages to visa workers if it wanted. This fact is at the heart of the H-1B battle.

Bell, Canada's largest telecommunications company, said a hacker had accessed customer information containing about 1.9 million active email addresses and about 1,700 names and active phone numbers. The breach was not connected to the recent global WannaCry malware attacks, the company added. From a report: The information appears to have been posted online, but the company could not confirm the leaked data was one and the same. "There is no indication that any financial, password or other sensitive personal information was accessed," the company wrote in a statement. Bell said the incident was unrelated to the massive spike in ransomware infections that affected an estimated 200,000 computers in more than 150 countries late last week. It is not clear when the breach occurred, how the data was accessed, or how long the attacker had access to Bell's systems.

A hacker group "aligned with Vietnamese government interests" carried out attacks on corporate companies, journalists and overseas governments over the past three years, according to a report from cyber security firm FireEye. FireEye, which works with large companies to secure their assets from cyber threats, said it has tracked at least 10 separate attacks from the group -- referred to as OceanLotus, or APT32 -- since 2014. Targets included members of the media, and private and public sector organizations from across Germany, China, the U.S., the Philippines, the UK and Vietnam itself, according to the report. From an article: APT refers to advanced persistent threat -- one that involves a continuous hacking process using sophisticated techniques that exploit vulnerabilities within a network. Nick Carr, a senior manager at FireEye's Mandiant team that responds to threats and incidents, told CNBC what set APT32 apart from other groups was the kind of information the hackers were looking for within a company's breached network. "Several cases here, it appears APT32 was conducting intrusions to investigate the victims' operations and assess their adherence to regulations," Carr said. "That's where it starts to be really unusual and is a significant departure from the wide-scale intellectual property theft and espionage that you see from a Chinese group, or political espionage or information operations from a Russian group." To be clear, the attacks carried out by APT32 are unrelated to the WannaCry ransomware that has hit 200,000 victims in at least 150 countries since Friday.

An anonymous reader writes: "While the world was busy dealing with the WannaCry ransomware outbreak, last Friday, about the time when we were first seeing a surge in WannaCry attacks, WikiLeaks dumped new files part of the Vault 7 series," reports BleepingComputer. This time, the organization dumped user manuals for two hacking tools named AfterMidnight and Assassin. Both are malware frameworks, but of the two, the most interesting is AfterMidnight -- a backdoor trojan for stealing data from infected PCs. According to its leaked manual, AfterMidnight contains a module to "subvert" user software by killing processes and delaying the execution of user software. Examples in this manual show CIA operatives how to kill browsers every 30 seconds to keep targets focused on their work, how to delay the execution of PowerPoint software with 30 seconds just to mess with their targets, or how to lock up 50% of PC resources whenever the user starts certain software. Basically, the CIA created nagware.

SpaceX has successfully launched a heavy commercial communications satellite atop one of its Falcon 9 rockets today. "Weighing in at nearly 13,500 pounds atop the rocket, the fourth Inmarsat-5 satellite was the heaviest load lofted by a Falcon 9 yet," reports USA Today. From the report: The 230-foot rocket delivered the spacecraft larger than a double-decker bus to an orbit more than 22,000 miles over the equator. As a result, SpaceX did not attempt to land the rocket's first stage either at Cape Canaveral or at sea, and the Falcon 9 booster was not equipped with landing legs. The Inmarsat-5 Flight 4 satellite, built by Boeing, completes Inmarsat's four-satellite Global Xpress constellation focused on delivering high-speed broadband data to mobile customers, including commercial aircraft and ships and the U.S. military.