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The Department of Justice just launched a broad probe into whether big tech companies like Amazon, Facebook, and others illegally harm competition

Nick Bastone

  • The Department of Justice announced Tuesday that it has launched a broad probe into whether big tech companies are illegally harming their competitors and stifling innovation.
  • The DOJ did not cite any of specific companies in its press release, but its reference to “market-leading online platforms” in social media, search and ecommerce was widely interpreted to mean Google, Facebok, and Amazon.
  • The investigation is the latest antitrust probe looking into “Big Tech” and is separate from the potential investigations into Amazon, Apple, Facebook, and Alphabet.
  • The Department said the probe will address “widespread concerns” that individuals and industries alike have

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One of the rarest shoes in the world just sold for $437,500 at auction in the wake of a Canadian investor buying 99 sneakers for $850,000

Shoshy Ciment

  • A collector bought 99 of the 100 rare sneakers available at a special auction at Sotheby’s, a press release announced on July 17. The collector, Miles Nadal, spent $850,000 on the first 99 shoes.
  • Nadal then bought the 100th sneaker — the Nike Waffle Racing Flat “Moon Shoe,” arguably the rarest of the group — for $437,500 at auction on Tuesday, Nadal told Business Insider in a phone interview.
  • Nadal was the CEO of the advertising-agency holding group MDC Partners until he stepped down in 2015, when he was at the center of a Securities and Exchange Commission investigation into his finances. He is now the CEO of the multibillion-dollar investment firm Peerage Capital.
  • Visit Business Insider’s homepage for more stories.

The Canadian investor and collector Miles Nadal spent $850,000

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Trump meets with top US tech leaders to discuss sales to Huawei as he moves to soften restrictions against the Chinese tech giant

Rosie Perper

President Donald Trump on Monday met with executives of seven top US tech companies to discuss “a range of economic issues,” including national security restrictions against sales to Chinese telecommunications giant Huawei.

Trump sat down with leaders from Google, Cisco, Intel, Qualcomm, Micron, Broadcom, and Western Digital Corporation — all top producers of US technology equipment — to discuss treatment of the Chinese technology company, according to the White House.

“The CEOs expressed strong support of the president’s po

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The future of HIV treatments will change dramatically in the next decade, Citi says. These 3 companies could be the biggest winners.

Emma Court

The market for HIV-prevention drugs is set to take off.

Analysts at Citigroup predict that US sales could nearly triple in the next decade, surging from $2 billion today to $5.5 billion in 2030.

Even though the preventive treatments collectively known as PrEP have “proven one of the most effective forms of HIV prevention in the US,” use is still relatively low worldwide and in the US, the Citi analysts said, because of barriers like cost and stigma.

“Increasing PrEP use will be complex but with significant commercial and medical returns,” they wrote.

The Citi team predicted that three experimental drugs — the US drug giant Merck’s MK-8591, the HIV-focused ViiV Healthcare’s cabotegravir, and biopharma Gilead’s GS-6207 — would li

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Iran’s best weapon in the new tanker wars against the US and UK is looking more and more like a dud

Alex Lockie

  • Iran has engaged in a gunboat showdown with the US and UK, but its main weapon in its fight against the West may be a total dud, US Secretary of Energy Rick Perry said Monday.
  • Perry said Iran can’t raise oil prices that much even if it is able to shut down a key passage for oil tankers out of the Middle East.
  • Industry analysts said the old way of thinking about oil price as a proxy for Middle East tensions may be dead, and that something like a hurricane in the Gulf of Mexico could hit the US harder than Iranian military action.
  • Visit Business Insider’s homepage for more stories.

Iran has engaged in a gunboat showdown with the US and UK, but its main weapon in its fight against the West may be a total dud, a top Trump administration official said Monday.

Since the US withdrew from the Joint Comprehensive Plan of Action, better known as the Iran deal, Tehran has seen its economy and currenc

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‘Get out quick’: A strategist at $1 trillion Edward Jones explains why bitcoin’s 300% rally is not to be trusted

Christopher Competiello

simply click here to claim your deal and get access to all exclusive Business Insider PRIME content.
  • In an exclusive interview with Business Insider, Kate Warne — an investment strategist at Edward Jones, which oversees more than $1 trillion — said to “never be a long-term investor” in cryptocurrency.
  • She also criticized the fervent speculation and excitement behind the asset class, attributing price movements to irrational investor behavior.
  • Click here for mor

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China has launched STAR Market, a new Nasdaq-style stock exchange for tech companies that could fall apart as quickly as it began

Jack Derwin, Business Insider Australia

  • The Chinese government is experimenting with loosening its grip on mainland equity markets, launching a US-style exchange for tech companies called STAR Market.
  • It will be the most independent exchange of its kind in China, allowing start-ups to go public and enabling companies to list without requiring approval from the government regulator.
  • However, it’s unlikely to stop the real Nasdaq from continuing to pull big Chinese companies overseas with the allure of US dollars and moving their capital offshore.
  • There is also speculation that it could follow the path of ChiNext, an exchange that launched to much fanfare only to see investors get burnt after a 2015 boom-and-bust that it never recovered from.
  • Visit Business Insider’s homepage for more stories.

The Nasdaq has helped launch

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Nearly 50,000 New York residents lose power as heat wave grips the city

Rosie Perper

  • Nearly 50,000 New York City residents lost power on Sunday evening as the third day of an intense heat wave grips the city.
  • Temperatures soared in New York City over the weekend, approaching 100 degrees Fahrenheit in parts of New York City, according to AccuWeather, and were exacerbated by the humidity.
  • According to Con Edison’s outage map, over 49,000 people throughout Brooklyn, Queens, and The Bronx, as well as the surrounding area, were still without power as of 10:00 p.m. local time.
  • A spokesperson for Con

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Video shows Russian-made Venezuelan aircraft ‘aggressively shadowing’ American plane, according to military

Ellen Cranley

  • The US Southern Command announced that a Russian-built Venezuelan aircraft “aggressively” shadowed an American aircraft during a mission monitoring illegal trafficking over the Caribbean sea.
  • “This action demonstrates [Russia’s] irresponsible military support to Maduro’s illegitimate regime & underscores Maduro’s recklessness & irresponsible behavior,” the command said on Twitter, knocking Russia’s military and Venezuela’s chaotic government.
  • Visit

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Hackers expose Russian intelligence agency’s secret internet projects in ‘the largest data leak’ the group has ever faced

Kat Tenbarge

  • In what BBC Russia says is possibly “the largest data leak in the history of the work of Russian special services on the Internet,” hackers stole 7.5 terabytes of data from a major contractor of Russia’s Federal Security Service.
  • On July 13, hackers targeted a Moscow information technology company, “Sitek,” or SyTech, and defaced the company’s homepage with a ” Yoba Face,” a fixture of Russian internet slang that denotes trolling.
  • The hackers relayed data to journalists that detailed several secret Russian internet projects, including Federal Security Service attempts to de-anonymize Tor browsing, scrape social media sites, and split the Russian internet off from the rest of the world.
  • Visit Business Insider’s homepage for more stories.

Russia’s principal security agency, the Federal Security Service (FSB), was targeted by hackers in what BBC Russia reports is possibly “the largest data leak in the history of the work of Russian special services on the Internet.”

On July 13, hackers operating under the name “0v1ru$” breached a major informa

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