Mark Zuckerberg. Photo: Josh Edelson/AFP/Getty Images.

Facebook rolled out its new dating vertical, called Facebook Dating, in Colombia on Thursday.

Why it matters: Its potential is huge — Facebook says 200 million users identify as single on their profiles, per Recode.

The details:

  • CEO Mark Zuckerberg wants the dating service to be for meaningful relationships, not hookups, and a majority of Facebook users polled said they would be interested in such a service.
  • The system is centered around an algorithm-powered home screen of suggested romantic matches based on everything Facebook knows about users that other apps don’t, per TechCrunch.
  • Users 18 and older will be able to create dating profiles and, once those reach a critical mass, find some matches, according to Wired.
  • There won’t be any swiping to match with profiles, unlike Tinder and Bumble.
  • The service doesn’t require downloading an additional application to your phone.
  • Facebook restricts potential matches to people located less than 100 kilometers (62 miles) away.
  • The company plans to expand the service to other countries, including the U.S., in the future.

Yes, but privacy concerns still loom over Facebook following the Cambridge Analytica scandal, and the company will need to manipulate its data to run this service.

The bottom line: Facebook's service is currently free, but there is a potential market for subscriptions. Tinder, a subscription-based dating app that launched in 2012, will make more than $800 million in revenue in 2018, per Recode.

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.