Stock quotes, Money and Markets :: Market news

Game company seeks to block Facebook from using virtual reality code


Video game publisher ZeniMax Media Inc., which earlier this month won a $500 million verdict against Facebook Inc.’s (FB. O) Oculus virtual reality unit for unauthorized copying of computer code, has asked a federal judge to block Oculus from using the code in its products. ZeniMax made its request in papers filed on Thursday in federal court in Dallas. It was the same court where jurors on Feb. 1 issued the verdict against Oculus and its founders Palmer Luckey and Brendan Iribe.

The injunction could limit the number of games available for sale for Oculus' Rift VR headset. Such a move would be a blow to a product still in its infancy and on which Facebook has made a big bet for the future.

Oculus has already made the disputed code available to companies that develop games, and it is embedded in many of the games available for use on the Rift, as well as Samsung Electronics Co's (005930. KS) Gear VR, a smartphone-compatible device developed through a partnership with Oculus.

Tech breakthroughs take a backseat in upcoming Apple iPhone launch SAN FRANCISCO When Apple Inc launches its much-anticipated 10th anniversary iPhone this fall, it will offer an unwitting lesson in how much the smartphone industry it pioneered has matured.

Baidu's quarterly revenue falls 2.6 percent Baidu Inc reported a second straight drop in quarterly revenue as regulatory scrutiny into healthcare and related advertisements continued to take a toll on the Chinese internet search giant.

Tesla's 'close to the edge' cash foretells capital raise SAN FRANCISCO Tesla Inc Chief Elon Musk has taken big risks repeatedly since going public in 2010, but investors were spooked on Thursday after he said the electric car company could get "close to the edge" as it burns cash ahead of its crucial Model 3 launch.

Mnuchin says dollar strength reflects confidence in U.S. economy WSJ


WASHINGTON U.S. Treasury Secretary Steven Mnuchin on Wednesday praised the strong dollar as a reflection of confidence in the U.S. economy, telling The Wall Street Journal in an interview that it was "a good thing" in the long run. Echoing comments he made last month during his Senate confirmation hearing, Mnuchin said the dollar's strength reflected the United States' stronger economic performance compared with the rest of the world and the greenback's status as a reserve currency. He told the Journal that the dollar's value was "a reflection of the confidence that kind of people have in the U.S. economy."President Donald Trump said before his inauguration in January that the dollar's strength against the Chinese yuan was "killing us" and making it hard for U.S. companies to compete, roiling global currency markets.

The Treasury secretary is the traditional dollar spokesman in U.S. administrations, and Mnuchin's comments are more in line with his predecessors' mantra that a strong dollar is good for the United States even if it can hurt exports. But Mnuchin repeated his caveat that at times short-term dollar spikes are not always positive.

"For longer-term purposes, an appreciation of the dollar is a good thing, and I would expect longer-term, as you’ve seen over periods of time, the dollar does appreciate," Mnuchin told the Journal."In the short term, there are certain aspects (of a strong currency) that are positive about the dollar for our economy and there are certain aspects that are not as positive," Mnuchin added. "A lot of the appreciation of the dollar since the election in particular is a sign of confidence in the Trump administration and the economic outlook for the next four years."