Facebook made mistakes, says Zuckerberg; vows to 'fix'

Agencies
March 22, 2018

Washington, Mar 22: In the midst of revelations of a major data breach, Facebook CEO Mark Zuckerberg today admitted that his company made mistakes on user data secrecy and vowed to take steps to prevent the misuse or breach of personal data of users by developers or business partners.

Zuckerberg, 33, through a lengthy Facebook post, broke his silence over the alleged privacy scandal that hit the social media giant.

"I started Facebook, and at the end of the day, I'm responsible for what happens on our platform. I'm serious about doing what it takes to protect our community," Zuckerberg said.

Reports alleged that personal data from as many as 50 million people might have been used improperly in Donald Trump's 2016 presidential campaign by Cambridge Analytica, a UK-based political research firm.

Zuckerberg said Facebook has a "responsibility" to protect its users' data and if it fails, "we don't deserve to serve you."

He acknowledged that there is more the company needs to do.

"...But we also made mistakes, there's more to do, and we need to step up and do it," he said.

Over the past several days, Facebook has been facing an investigation by the Federal Trade Commission and calls for legislative testimonies in the US and Europe.

India's IT and Law Minister Ravi Shankar Prasad has warned social media companies such as Facebook of stringent actions if there was an attempt to influence the electoral process of any country.

Amidst a global outrage against Facebook, the Silicon Valley-based company, which currently has 2 billion monthly active users, has suffered a loss of USD 50 billion in market value.

In a damage control mode, Zuckerberg announced a slew of measures aimed to "secure our platform further and make our community safer for everyone going forward".

For this, the Facebook founder said, his company will take three steps to prevent the data misuse.

"We will investigate all apps that had access to large amounts of information before we changed our platform to dramatically reduce data access in 2014, and we will conduct a full audit of any app with suspicious activity," he said.

"We will ban any developer from our platform that does not agree to a thorough audit. And if we find developers that misused personally identifiable information, we will ban them and tell everyone affected by those apps," he added.

Zuckerberg said that the second step is to restrict developers' data access even further to prevent other kinds of abuse.

He cited an example for this: "It (Facebook) will remove developers' access to one's data if the app hasn't been used by the person in three months."

"We will reduce the data you give an app when you sign in -- to only your name, profile photo, and email address. We'll require developers to not only get approval but also sign a contract in order to ask anyone for access to their posts or other private data. And we'll have more changes to share in the next few days," Zuckerberg said.

In the last of the three steps, he said in the next month Facebook will show everyone a tool at the top of their News Feed with the apps they have used and an easy way to revoke those apps' permissions to their data.

"We already have a tool to do this in your privacy settings, and now we will put this tool at the top of your News Feed to make sure everyone sees it, Zuckerberg said.

Zuckerberg said that his company had already taken a series of steps in 2014.

Giving a timeline of the events, Zuckerberg said in 2013, a Cambridge University researcher named Aleksandr Kogan created a personality quiz app. It was installed by around 300,000 people who shared their data as well as some of their friends' data.

Given the way Facebook platform worked at the time, this meant Kogan was able to access tens of millions of their friends' data, he said.

Zuckerberg said in order to prevent the "abusive apps", a series of measures were taken in 2014 to dramatically limit the data apps could access.

In 2015, Facebook learned from journalists at The Guardian that Kogan had shared data from his app with Cambridge Analytica. It is against Facebook's policies for developers to share data without people's consent, he said, adding that he immediately banned Kogan's app from Facebook, and demanded that Kogan and Cambridge Analytica formally certify that they had deleted all improperly acquired data. They provided these certifications.

Zuckerberg cited some media reports that suggested Cambridge may not have deleted the data as they had certified.

This, according to him, was not only a breach of trust between Kogan, Cambridge and Facebook but also between his company and its users.

"But it was also a breach of trust between Facebook and the people who share their data with us and expect us to protect it. We need to fix that," he said.

"In this case, we already took the most important steps a few years ago in 2014 to prevent bad actors from accessing people's information in this way. But there's more we need to do," Zuckerberg said.

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News Network
March 10,2020

Mar 10: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest crude producer.

While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian conglomerate’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Ma reclaims crown after Reliance shares were pummeled in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

In a pivot toward new businesses such as telecommunications, technology and retail, Ambani’s Reliance Industries has piled on billions of dollars of debt over the years.

It spent almost $50 billion -- most of it funded by borrowings -- to build Reliance Jio Infocomm Ltd., which became India’s No. 1 wireless carrier within about three years of its debut. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc. in India.

Addressing concerns over the liabilities, Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March. The Aramco deal is crucial to that plan for which Reliance Industries has valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake that’s for sale.

Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec. 19.

Reliance Industries expected the Aramco transaction to be completed by March, but people familiar with the matter said in February that talks were still ongoing to bridge differences between the two parties over the deal’s structure.

Adding to the uncertainty, Indian Prime Minister Narendra Modi’s administration has petitioned a court to halt the proposed stake sale, threatening a key source of funds needed to pare net debt.

But Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru, India.

“The game isn’t over,” he said. “Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years.”

Comments

SmR
 - 
Tuesday, 10 Mar 2020

The curses of the bank depositors savings which vanished with collapsing economy and fraudlent seems to have gradully affecting riches of Ambani's.

 

AU
 - 
Tuesday, 10 Mar 2020

in Holy Quran Allah says; but they plan and Allah plans, and Allah is the best planners..(Surah Al Anfal 8:30)

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News Network
January 24,2020

Beijing, Jan 24: As China stepped up measures to control the spread of coronavirus, locking down Wuhan and Huanggang cities in the Hubei province where several Indians live, the Indian Embassy here has set up hotlines for their assistance.

Chinese officials assured all assistance, including food supply, to the Indians who stayed put in the province, the Indian Embassy here said in a press release on Thursday.

Wuhan and its surrounding area became the epicentre of the coronavirus outbreak as the confirmed cases climbed to over 600 mostly from the city and the province with 17 deaths so far.

China has virtually sealed Wuhan and Huanggang cities, halting all public transport, including flight services, and advised people to stay at home and follow the precautions. The two cities put together have a population of over 17 million people.

Chinese officials said the measures have been taken to prevent the spread of the virus to other cities and the world.

Concerns arose for India too as about 700 Indian students, mostly studying medicine in different Chinese universities, resided in Wuhan and its neighbouring areas.

While many of them were believed to have left home for the Chinese New Year holidays, others remained in the city to complete their academic work. However, the exact number is not yet known.

“The Embassy of India has been receiving queries from Indians in Hubei province as well as their relatives in India in connection with the evolving situation of coronavirus infection in China,” the embassy press release said.

The embassy is in touch with relevant Chinese authorities in Beijing and Wuhan as well as Indians in Hubei Province, especially in Wuhan, it said.

“We are closely monitoring the evolving situation in China, including the advisories issued by the World Health Organisation (WHO),” the embassy said.

According to the embassy, Chinese authorities have assured all assistance to residents of Wuhan, including food supply.

“At present, it is reported that supermarkets (particularly those that are government-run) and e-commerce services, including food delivery, continue to remain operational in Wuhan,” it said.

The embassy has started two hotlines for those who wish to get in touch with the Mission in this regard in the following phone numbers:              +8618612083629 and +8618612083617.

“All are advised to also keep track of the embassy's social media accounts (Twitter:@EoIBeijing; Facebook: India in China) for updates on this evolving situation,” the release said.

Meanwhile, the Chinese Foreign ministry said all assistance would be provided to consular officials of the foreign missions to ensure the safety of the foreigners in the country.

Asked whether China would consider any request from the respective countries to move their citizens out of Wuhan, Chinese Foreign Ministry spokesman Geng Shuang said, “We always help foreign consular officials in China in their official jobs, we offer them all the assistance and convenience necessary and we work to guarantee foreign citizens' legitimate rights and interest in China.”

He said while specific detailed would be provided by local officials, China in principle, has always handled issues according to domestic laws, international laws and bilateral consular agreements.

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News Network
February 18,2020

Washington, Feb 18: The upcoming visit of President Donald Trump to India later this month has the potential to usher in a new era of bilateral ties between the two countries, a top American business advocacy group has said.

President Trump will pay a state visit to India on February 24 and 25 at the invitation of Prime Minister Narendra Modi. He would be accompanied by First Lady Melania Trump.

This would be the president's first bilateral visit in the third decade of the 21st century and also the first after his acquittal by the Senate in the impeachment trial.

"I believe President Trump's upcoming visit to India has the potential to usher in a new era of our bilateral ties," Mukesh Aghi, President of the US India Strategic and Partnership Forum (USISPF) said in a statement on Monday.

On the sidelines of the visit, the USISPF, in collaboration with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the ORF, has announced to organise a program entitled "US-India Forum: Partners for Growth".

The full-day discussion will focus on the key pillars defining India and the US' strategic, economic, and cultural partnership over the next decade.

"We have an opportunity before us to make real progress on multiple aspects of the relationship— whether it is upholding peace and security in the Indo-Pacific region; building upon an already strong energy partnership; developing co-production and co-development opportunities in the defense space; or strengthening bilateral trade," Aghi said.

"We look forward to an extremely successful visit and some concrete outcomes from the visit," he said.

The day-long programme on February 25 in New Delhi, will bring together over 500 senior business executives, members of the US-India think tank community and leading figures of the Indian diaspora to set the agenda for this strategic partnership.

Discussions during the day will touch upon areas, including the Indo-Pacific Strategy and Maritime Security; the US-India Defence Partnership, the US-India Energy Partnership, Elevating US-India Trade and Investment and Role of the Indian Diaspora in US-India Relations.

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