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  • Blackstone CEO blames gap between rich and poor on income 'insufficiency'

    Steve Schwarzman outlined what he called a Marshall plan for the middle class that would introduce a higher minimum wage

    Income “insufficiency”, not inequality, is to blame for the widening gap between rich and poor, private equity titan Steve Schwarzman said on Thursday, becoming the latest billionaire to publicly worry about the issue.

    The CEO of Blackstone and former Trump adviser outlined what he called a Marshall plan for the middle class on cable channel CNBC – referencing the US initiative that aided the rebuilding of western Europe after the second world war.

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  • Facebook uploaded email contacts of 1.5m users without consent

    Company says it has stopped using password verification feature that collected data

    Facebook has admitted to “unintentionally” uploading the address books of 1.5 million users without consent, and says it will delete the collected data and notify those affected.

    The discovery follows criticism of Facebook by security experts for a feature that asked new users for their email password as part of the sign-up process. As well as exposing users to potential security breaches, those who provided passwords found that, immediately after their email was verified, the site began “importing” contacts without asking for permission.

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  • Galaxy Fold: Samsung investigates as screens break in first days

    Flexible screen failed on several £1,800 tester devices in run-up to public release

    The screen at the heart of Samsung’s new Galaxy Fold phone, which literally folds in half, has been failing in testers’ hands within days, prompting concerns about the durability of the £1,800 device.

    The company distributed the device to publications across the US on Monday before its release to the public on 26 April. But within two days testers were reporting that the all-important central flexible screen started to break under normal use.

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  • Ketchup, handbags and consoles among US imports facing tariffs

    EU threatens $20bn of tariffs in long-running battle over Boeing and Airbus subsidies

    Tomato ketchup, handbags and video game consoles are among the US imports facing EU tariffs, as the European bloc hit back in the latest twist in the transatlantic dispute over aircraft subsidies.

    The European commission threatened to impose tariffs on US imports worth $20bn (£15.3bn) on Wednesday, publishing an 11-page catalogue of items at risk, which also included aircraft and tractors, following a World Trade Organization ruling against Washington last month.

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  • Pinterest shares leap 25% in spectacular New York stock exchange debut

    • Latest Silicon Valley ‘unicorn’ valued at $15bn
    • Popular digital scrap book platform is close to making money

    Pinterest, the digital pin board company, made a spectacular debut on the New York stock exchange on Thursday when its shares leapt 25% in its first few hours of trading.

    The company, that allows users to “pin” and share pictures of favorite recipes, decorating tips and inspiring images, is used by 250 million users a month and reaches “eight out of 10 moms” in the US, according to its regulatory filing.

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