Facebook Focus on India, Others In "Big Year Of Elections": Mark Zuckerberg

Agencies
April 5, 2018

Facebook has deployed technology tools like artificial intelligence and thousands of people to work on security as the company's "major focus" this year is to protect the integrity of upcoming elections in several countries, including India, on its platform, its founder and CEO Mark Zuckerberg has said.

Terming 2018 a "big year" for elections, Mark Zuckerberg said Facebook was enhancing its security features to prevent trolls from spreading information.

The social media giant has been slammed over a major data breach scandal by Cambridge Analytica, a British firm linked to Donald Trump's presidential campaign.

"In the US Senate Alabama special election last year, we successfully deployed some new artificial intelligence (AI) tools that removed Macedonian trolls who were trying to spread information during the election. We now have about 15,000 people working on security and content review and we'll have more than 20,000 by the end of this year," Mark Zuckerberg told reporters during a conference call on Tuesday.

"This is going to be a big year for elections ahead with the US midterms and elections in India, Brazil, Mexico, Pakistan, Hungary and others. This is going to be a major focus for us," he said.

Several states like Karnataka, Madhya Pradesh, Rajasthan and Chhattisgarh are scheduled to go for polls this year and the general elections are due in a little over a year from now.

A day earlier, Mark Zuckerberg said Facebook had taken big steps by taking down Russia's Internet Research Agency (IRA) pages that were targeting the US.

"Since we became aware of their activity after the 2016 US elections, we've been working to root out the IRA and protect the integrity of elections around the world," he said.

"There have been a number of important elections that we've focused on. A few months after the 2016 elections, there was a French presidential election and leading up to that we deployed some new AI tools that took down more than 30,000 fake accounts," he said.

In German election, the company developed a new playbook for working with the local election commission on share information on threats it received, he said.

"We have more work to do here and we're going to continue working very hard to defend against them. There's the Mexican presidential election, there are big elections in India and Brazil as well as in Pakistan and Hungary and a number of other countries and the US midterms, of course," he said.

The Facebook CEO pointed out three different types of activity that required different strategies for fighting.

Economic actors, who are basically spammers; the second are governments trying to interfere in elections, and then the third is just polarisation and sometimes lack of truthfulness in what you've described as the media, he said.

"If we just make it so that the economics stop working for them then they'll move on to something else. I mean, these are literally the same type of people who had been sending you Viagra e-mails in the '90s. We can attack it on both sides. on the revenue side, we make it so that they can't run the Facebook ad network," he said.

The second category are the national security type issues, Mark Zuckerberg said, adding that is the Russian election interference.

"In order to solve that, what we need to do is to identify these bad actors...What we need to do is to just track that really carefully in order to just be able to remove it from Facebook entirely," he said.

Mark Zuckerberg alleged that some media organisations that are sanctioned news outlets in Russia when investigated closely over time, clearly come out as organisations completely owned, controlled and operated by the IRA.

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News Network
March 6,2020

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

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News Network
March 25,2020

New Delhi, Mar 25: The government is likely to agree an economic stimulus package of more than Rs 1.5 lakh crore ($19.6 billion) to fight a downturn in the country that is currently locked down to stem the spread of coronavirus, two sources familiar with the matter told news agency.
The government has not yet finalised the package and discussions are ongoing between Prime Minister Narendra Modi's office, the finance ministry, and Reserve Bank of India (RBI), said both the sources, who asked not to be named as the matter was still under discussion.

One of the sources, a senior government official, said the stimulus plan could be as large as Rs 2.3 lakh crore, but final numbers were still in discussion.

The package could be announced by the end of the week, both sources added.

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News Network
July 3,2020

Kanpur,  Jul 3: A total of eight police personnel including Deputy Superintendent of Police Devendra Mishra have lost their lives after they were fired upon by criminals in the early hours of Friday.

The incident took place when a police team had gone to raid history-sheeter Vikas Dubey's house.

Senior Superintendent of Police and Inspector General of Police have reached the spot and forensics team is examining the area.

State Chief Minister Yogi Adityanath has expressed his condolence to the families of the eight Police personnel who lost their lives after being fired upon by criminals in Kanpur. He has directed Director General of Police HC Awasthi to take strict action against criminals. He also sought a report of the incident. 

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