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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

Go deeper

Fed chair says low interest rates aren't driving stock market prices

Jerome Powell. Photo: ANDREW CABALLERO-REYNOLDS / Getty Images

Federal Reserve chairman Jerome Powell told reporters on Wednesday that rock-bottom interest rates aren't playing a role in driving stock prices higher, while noting that vulnerabilities to the financial system are "moderate."

Why it matters: The statement comes amid unshakeable stock prices and a Reddit-fueled market frenzy — prompting widespread fears of a bubble and the role monetary policy has played in that.

2 hours ago - World

Biden freezes U.S. arms deals with Saudi Arabia and UAE

Trump struck several large arms deals with Mohammed bin Salman (L) and Saudi Arabia. Photo: Kevin Dietsch-Pool/Getty Images

The Biden administration has put on hold two big arms deals with Saudi Arabia and the United Arab Emirates which were approved in the final weeks of the Trump administration, a State Department official tells Axios.

Why it matters: The sales of F-35 jets and attack drones to the UAE and a large supply of munitions to Saudi Arabia will be paused pending a review. That signals a major policy shift from the Trump era, and may herald sharp tensions with both Gulf countries.

Dan Primack, author of Pro Rata
2 hours ago - Podcasts

Robert Downey Jr. launches VC funds to help save the planet

Robert Downey Jr. on Wednesday announced the launch of two venture capital funds focused on startups in the sustainability sector, the latest evolution of a project he launched two years ago called Footprint Coalition.

Between the lines: This is a bit of life imitating art, as Downey Jr. spent 11 films portraying a character who sought to save the planet (or, in some cases, the universe).