Meta’s Mark Zuckerberg issues dramatic apology at Senate hearing

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Good morning. Meta’s Mark Zuckerberg was pushed to publicly apologise to the families of people who said they had been harmed by his social media platform, a dramatic moment in a heated congressional hearing over child safety online.

Zuckerberg, whose Meta is the parent of popular platforms Facebook and Instagram, came under particular fire by irate lawmakers during yesterday’s hearing before the Senate judiciary committee over whether social media companies have done enough to protect younger users from child predators, pornography and other harmful content.

After being called upon repeatedly by Republican Senator Josh Hawley to apologise to victims, Zuckerberg turned round to the large crowd of families present behind him, many of whom held photographs of lost loved ones, and said that he was sorry for everything that they had been through.

“No one should go through the things your families have suffered,” he said, adding that Meta was investing in “industry-leading efforts” to prevent families from going through such things in the future.

Here’s more on the tense hearing in Washington, which also featured testimony from X’s Linda Yaccarino, TikTok’s Shou Zi Chew, Snap’s Evan Spiegel and Discord’s Jason Citron.

And here’s what else I’m keeping tabs on today:

• Manufacturing data: Final purchasing managers’ index data for manufacturing is due for France, Germany, Italy, Japan, UK and the US.

• Companies: Amazon, Apple, Konami, Meta, Mitsubishi Motors, Shell and Sumitomo Mitsui Financial Group are among those reporting results.

• Holiday: Today is Federal Territory Day in Malaysia. Financial markets are closed.

Five more top stories

1. China’s manufacturing activity contracted in January for the fourth consecutive month. Analysts said the figures showed that a long-running property downturn, weak export demand and low investor and consumer confidence had continued to weigh on the world’s second-largest economy.

• Record gold prices: Chinese investors and households have been buying gold as a refuge from local property and stock market mayhem, helping to support record prices for the haven asset.

2. Taiwan’s armed forces simulated identifying and attacking Chinese naval vessels in drills to reassure the public amid concerns that Beijing could raise pressure on the country after the ruling Democratic Progressive party’s victory in this month’s presidential election. The FT’s Kathrin Hille reports from the exercise in Kaohsiung.

• US-China relations: White House national security adviser Jake Sullivan said the US and China were aiming to set up a call “fairly soon” between President Joe Biden and his Chinese counterpart Xi Jinping.

3. Jay Powell moved to cool speculation that the Federal Reserve would begin cutting interest rates as soon as March, saying that was not the “base case” as the central bank considers easing monetary policy this year. The Fed chair was speaking yesterday after rate-setters agreed unanimously for the fourth straight month to keep the benchmark federal funds rate at between 5.25 per cent and 5.5 per cent. Here’s how the market reacted.

4. Chinese internet marketplace Temu has launched a multibillion-dollar internet advertising blitz in the US, as it seeks to grab market share from Amazon in the world’s biggest consumer market. The huge spending spree has vaulted the online marketplace, which offers shoppers cheap goods shipped from China, into the ranks of the biggest online advertisers in the US.

5. Brussels has made a last-minute offer to Hungary’s prime minister to try to secure his support for the bloc’s €50bn financial aid to Ukraine, amid frenzied diplomatic efforts to reach a deal at a summit of EU leaders today. According to the draft seen by the FT, the new proposal involves holding annual reviews of the next four years’ worth of aid to Ukraine — but falls short of Orbán’s demand for a veto on the funding.

News in-depth

Japan’s government has been rocked by a slush-fund scandal that threatens to topple Prime Minister Fumio Kishida. The FT’s Kana Inagaki reports how a bandanna-wearing law professor sparked a political funding investigation that has put intense pressure on the powerful political groups that have shaped Japan’s postwar policies.

We’re also reading . . . 

Chart of the day

China’s three major airlines are on track to extend a lossmaking streak to a fourth year, as analysts warn that the country’s uncertain economic growth and fewer direct US flights are weighing on demand for international travel.

Take a break from the news

Alastair Humphreys, the author of a new book championing local adventures, picks the best apps to take on your next hike.

Additional contributions from Tee Zhuo and Gordon Smith