May 16, 2020 - Technology

Nintendo proves to be a recession-proof company

Screenshot from "Animal Crossing: New Horizons," via Nintendo

The Japan-based video game giant Nintendo — founded in 1889 as a playing-card company, and responsible for household names like Mario, Donkey Kong and Pokémon — announced a profit jump amid the coronavirus pandemic.

The state of play: In March, Nintendo "not only sold more units of their Switch console than during its launch in 2017, but sold the most consoles in a month for any platform in a decade," the Washington Post's Jon Irwin writes.

"Animal Crossing: New Horizons" is "the latest in a series of games that compel the player to plant flowers, catch bugs in nets and exist in a town inhabited by charming (and sometimes cranky) animal neighbors."

  • "The desire to escape and the need to be indoors combined perfectly; a marketing A.I. couldn’t devise a product better suited to" social distancing.
  • "In 11 days, 'New Horizons' sold over 11 million copies worldwide."

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Mark Zuckerberg: Social networks should not be "the arbiter of truth"

Photo: Drew Angerer/Getty Images

Facebook CEO Mark Zuckerberg argued on CNBC's "Squawk Box" Thursday that social media platforms should not police political speech, and that "people should be able to see what politicians say.”

Why it matters: Zuckerberg was responding to Twitter's decision this week to fact-check a pair of President Trump's tweets that claimed that mail-in ballots are "substantially fraudulent." Twitter's label, which directs users to "get the facts" about mail-in voting, does not censor Trump's tweets.

House Democrats pull FISA reauthorization bill

Speaker Nancy Pelosi. Photo: Saul Loeb/AFP via Getty Images

House Democrats pulled legislation Thursday that would have renewed expired domestic surveillance laws and strengthened transparency and privacy protections amid broad opposition from President Trump, House GOP leadership and progressive Democrats.

Why it matters: The failure to reauthorize the Foreign Intelligence Surveillance Act (FISA) comes as Trump continues to attack the intelligence community, which he claims abused the law to surveil his 2016 campaign and Trump administration officials.

U.S. GDP drop revised lower to 5% in the first quarter

Data: Bureau of Economic Analysis; Chart: Axios Visuals

The U.S. economy shrunk by an annualized 5% in the first quarter — worse than the initially estimated 4.8% contraction — according to revised figures released by the government on Thursday.

Why it matters: It's the worst quarterly decline since 2008 and shows a huge hit as the economy was just beginning to shut down because of the coronavirus. Economists are bracing for the second quarter's figures to be the worst ever — with some projecting an annualized decline of around 40%.

2 hours ago - Economy & Business