**Business Briefs**
In a significant development, SoftBank and Toyota have joined forces to create a new autonomous driving venture, Monet. SoftBank’s Vision Fund, a $100 billion tech-focused investment arm, will hold a majority stake of over 50% in the company, while Toyota will own the remaining shares. This partnership is the latest in a series of collaborations between tech giants and automakers, including Honda and General Motors’ recent announcement to develop fully autonomous vehicles.
Meanwhile, Facebook is facing a formal investigation by the Irish Data Protection Commission over a recent hack that affected up to 50 million user accounts. The probe will examine whether Facebook complied with new European data protection laws introduced in May. The incident has raised several unanswered questions, including the identity of the hackers and their motives.
In economic news, the yield on 10-year US Treasuries has surged to its highest level in seven years, driven by positive economic data and expectations of rate hikes by the Federal Reserve. The strong US economy has been described as “on fire” by analysts, with US hiring data exceeding expectations and initial claims numbers expected to add to the optimism.
In other news, CNN is launching a new business initiative, CNN Business, which will focus on the impact of technology on the global economy. The platform will cover the companies, personalities, and innovations driving business forward in a rapidly changing world.
Global markets are experiencing a mixed bag, with US stock futures down and European markets dropping in early trade. The Dow Jones industrial average closed 0.2% higher on Wednesday, while the S&P 500 added 0.1% and the Nasdaq gained 0.3%. Key earnings releases are expected from Constellation Brands and Costco, while Danske Bank’s shares opened 3% lower following a money laundering scandal.
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