Illustration: Caresse Haaser, Sarah Grillo/Axios

The U.K. Parliament's Digital, Culture, Media and Sport Committee, which has been investigating online disinformation, said in its final report issued on Sunday that Facebook "knowingly" violated the law and called for increased regulation of the tech giant.

What they're saying: "The big tech companies must not be allowed to expand exponentially, without constraint or proper regulatory oversight," the committee said. "But only governments and the law are powerful enough to contain them."

Details:

  • The panel found that "it is evident that Facebook intentionally and knowingly violated both data privacy and anti-competition laws" and called for a government watchdog to conduct an additional investigation into the social platform.
  • It also said there should be new regulations of tech companies that increase their liability for content they host.

Go deeper: Read the committee's report

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Uber to buy Postmates in $2.65 billion deal

Illustration: Sarah Grillo/Axios

Uber has agreed to acquire food delivery company Postmates for $2.65 billion in an all-stock deal, the companies announced Monday.

Why it matters: This is the latest merger for the food delivery space as the sector undergoes an ongoing market consolidation.

Analysts expect soaring stock market despite slashed earnings forecasts

Data: FactSet; Chart: Axios Visuals

Despite cutting expectations for companies' earnings by the most in history and revenue by the most since 2009, Wall Street analysts are getting increasingly bullish on the overall direction of the U.S. stock market.

What's happening: Equity analysts are expecting earnings in the second quarter to fall by 43.8% — the most since 2008's fourth quarter 69.1% decline.

Case growth outpacing testing in coronavirus hotspots

Data: The COVID Tracking Project. Note: Vermont and Hawaii were not included because they have fewer than 20 cases per day. Chart: Andrew Witherspoon/Axios

The United States' alarming rise in coronavirus cases isn't due to increased testing — particularly not where cases have grown fastest over the last month.

Why it matters: The U.S. doesn't yet know what it looks like when a pandemic rages on relatively unchecked after the health system has become overwhelmed. It may be about to find out.