The daily business briefing: February 24, 2016

(Image credit: AP Photo/ Seth Wenig)

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1. Bill Gates enters debate over the Apple-FBI encryption fight
2. Nike co-founder Philip Knight gives Stanford record $400 million
3. Markets remain volatile as oil prices fluctuate
4. Consumer confidence falls
5. Uber tries motorcycle taxis to expand in Thailand

published 24 February 2016

1. Bill Gates enters debate over the Apple-FBI encryption fight

Microsoft co-founder Bill Gates on Tuesday fueled renewed debate over the FBI's request for Apple's help unlocking an iPhone used by one of the San Bernardino shooters. "The government shouldn't have to be completely blind," Gates said. The comment appeared to break with other tech leaders who have supported Apple's opposition to the government's request on the grounds that it would damage the iPhone's security. Gates later tempered his remarks, saying there should be a balance between government access and privacy.

Nike co-founder Philip Knight has donated $400 million to Stanford University, the school announced. The gift is the largest ever received by Stanford, and matches the largest gift ever to a university. Hedge fund magnate John Paulson gave Harvard's engineering school $400 million last year. Knight's gift will help Stanford establish a graduate-level leadership program called the Knight-Hennessy Scholars, which will be run by outgoing university president John Hennessy and is intended to rival the Rhodes scholarship.

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In a familiar pattern of volatility, stocks dropped sharply on Tuesday as oil prices plummeted, a day after both surged. Monday's gains came as hopes rose that oil output could fall. On Tuesday, crude prices dropped by more than 4 percent after Saudi Oil Minister Ali al-Naimi doused hopes that production would be cut any time soon. The major U.S. stock indexes closed down by more than 1 percent. Shares in Europe and Asia fell on Wednesday, and U.S. index futures were down as well.

Consumer confidence fell in February to a seven-month low, the Conference Board said Tuesday. The consumer confidence index fell to 92.2 from 97.8 in January — a steeper decline than economists expected — as worries increased about the jobs market and the economy. "Consumers’ short-term outlook grew more pessimistic, with consumers expressing greater apprehension about business conditions, their personal financial situation, and... labor market prospects," said Lynn Franco, director of economic indicators at the board.

Uber is launching its first motorcycle taxi service in Bangkok. Thailand's capital is choked with rush-hour traffic that typically moves at just under 7 miles per hour. Douglas Ma, head of Uber's expansion in Asia, said two-wheeled transport can be the only way for Bangkok residents to cut down on two-hour commutes on clogged city streets. "Motorcycles are part of the commuting culture in Thailand," he said. The move comes as Uber tries to push into Asian markets dominated by an alliance of its rivals.

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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.