THE WEEK THAT WAS...
Trade bill is dealt a blow
President Obama’s trade agenda unraveled Friday as the U.S. House of Representatives rejected an important part of a package aimed at fast-tracking a controversial trade pact he’s pursuing with11 other Pacific Rimnations. The Trans-Pacific Partnership would be one of theworld’s largest and most ambitious free-trade efforts.
Fox transition in the works
It’s one of theworld’s biggest media companies, but Rupert Murdoch reminded everyone that it’s still a family business— and his sons, James and Lachlan, will be running it soon. Murdoch, 84, plans thisweek to ask the 21st Century Fox board to name James as the company’s new chief executive and Lachlan as executive co-chairman.
Turnover at top of Twitter
Dick Costolo is stepping downas chief executive of Twitter, effective July 1. Twitter shares had fallen more than 25% in the last three months as Costolo struggled to boost growth and profits and deal with management dysfunction. Co-founder Jack Dorsey said he won’t be changing its direction as he takes over as the interim chief.
Net neutrality rules in effect
Tough new regulations for Internet traffic went into effect Friday after federal judges declined to stop them, beginning a new era of oversight that already has reverberated through the online ecosystem. Average users won’t notice much of a difference at first, but broadband network owners are scrambling to come to grips with the rules.