‘Google will never sell any personal info to third parties’, says Sundar Pichai

Agencies
May 10, 2019

New York, May 10: Google will never sell any personal information of its users to third parties, CEO Sundar Pichai has said, amidst growing global concern over the misuse of personal data by some social media giants.

In an opinion piece Tuesday in The New York Times, he also said that privacy cannot be a “luxury good” that is only available to people who can afford to buy premium products and services.

The 46-year-old Indian-origin CEO of Google said he believed that privacy was “one of the most important topics of our time.” People today are rightly concerned about how their information is used and shared, yet they all define privacy in their own ways, he said.

“To make privacy real, we give you clear, meaningful choices around your data. All while staying true to two unequivocal policies: that Google will never sell any personal information to third parties; and that you get to decide how your information is used,” Pichai said.

Pichai said he has seen this first-hand as he talked to people in different parts of the world.

“To the families using the internet through a shared device, privacy might mean privacy from one another. To the small-business owner who wants to start accepting credit card payments, privacy means keeping customer data secure. To the teenager sharing selfies, privacy could mean the ability to delete that data in the future,” Pichai said.

He noted that privacy was personal, which makes it even more vital for companies to give people clear, individual choices around how their data is used.

He said legislation will help companies like Google to work toward ensuring that privacy protections are available to more people around the world. “But we’re not waiting for it. We have a responsibility to lead. And we’ll do so in the same spirit we always have, by offering products that make privacy a reality for everyone,” Pichai said.

Ideally, privacy legislation would require all businesses to accept responsibility for the impact of their data processing in a way that creates consistent and universal protections for individuals and society as a whole, he said.Google has worked hard to continually earn people’s trust by providing accurate answers and keeping their questions private, he added.

“We’ve stayed focused on the products and features that make privacy a reality — for everyone,” he said in the opinion piece.

“For everyone” is a core philosophy for Google; it’s built into our mission to create products that are universally accessible and useful. That’s why Search works the same for everyone, whether you’re a professor at Harvard or a student in rural Indonesia,” he said.

“Our mission compels us to take the same approach to privacy. For us, that means privacy cannot be a luxury good offered only to people who can afford to buy premium products and services. Privacy must be equally available to everyone in the world,” Pichai underlined.

He noted that even in cases where Google offered a paid product like YouTube Premium, which includes an ads-free experience, the regular version of YouTube has plenty of privacy controls built in. Pichai recalled that last week, Google announced significant new privacy features, including one-click access to privacy settings from all its major products and auto-delete controls that allows one to choose how long the person want data to be saved.

“And to protect your data from security threats, we just introduced a security key built into Android phones that can provide two-factor authentication,” he said.

In the future, Aritificial Intelligence (AI) will provide even more ways to make products more helpful with less data. With increased spending on digital advertising, Google and Facebook have become forces to reckon with as millions of users, especially from emerging markets like India, go online.

But multiple instances of data breaches and user information leaks have brought increased scrutiny on many platforms from regulators and governments across the globe. These companies are now walking a tightrope as they attempt to balance user privacy with increased accountability as governments seek greater disclosures and controls over digital platforms.

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News Network
March 18,2020

San Francisco, Mar 18: Facebook said a bug in its anti-spam system temporarily blocked the publication of links to news stories about the coronavirus. Guy Rosen, Facebook's vice president of integrity, said on Twitter Tuesday that the company was working on a fix for the problem.

Users complained that links to news stories about school closings and other information related to the virus outbreak were blocked by the company's automated system.

Later on Tuesday, Rosen tweeted that Facebook had restored all the incorrectly deleted posts, which also covered topics beyond the coronavirus.

Rosen said the problems were unrelated to any changes in Facebook's content-moderator workforce. The company reportedly sent its human moderators home this week because of the coronavirus outbreak.

A representative for Facebook did not immediately respond to questions on the status of Facebook's content moderators, many of whom do not work directly for the company and are not always able to work from home.

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News Network
February 5,2020

Feb 5: Tesla is making Elon Musk a lot richer without paying him a dime.

A blistering stock rally has bolstered the value of CEO Musk's 19% stake in the electric car maker by $16 billion since the start of 2020, to $30 billion.

Tuesday's steep climb in the share price could sweeten Musk's payday under his record-breaking compensation package, which is built on stock options that rely on market value targets. Two milestones have now been achieved that could see Musk unlock options worth $1.8 billion.

The controversial chief executive, who is also the majority owner and CEO of rocket maker SpaceX, recently testified that he did not have a lot of cash as he successfully defended himself in a defamation lawsuit. He previously has taken loans using his Tesla shares as collateral.

Musk does not take a salary, choosing instead a risky options package that envisions the stock market value of Tesla rising to $650 billion over 10 years, a prospect that was derided by some investors when the deal was announced in 2018.

That target now looks less crazy. Shares of Tesla have rallied over 50% since the company posted its second consecutive quarterly profit last Wednesday, which was viewed as a major accomplishment for a company competing against established automotive heavyweights including General Motors Co  and BMW.

Tesla shares have climbed about 400% since early June, helped by the company's better-than-expected financial results and ramped-up production at its new car factory in Shanghai.

On Tuesday, Tesla surged as much as 24% before falling back in the final minutes of the trading session to end the day up 13.7%. That put its market capitalization at $160 billion, almost twice the combined value of Ford Motor and General Motors.

The shares had also rallied on Monday, partly fueled by Panasonic Corp's 6752.T saying its automotive battery venture with Tesla was profitable for the first time.

The options Musk was awarded in 2018 vest incrementally based on targets for Tesla's stock market value and its financial performance. The market capitalization would have to sustainably rise by $50 billion increments over the agreement's 10-year period, with the full package payout reached if the market cap reaches $650 billion, as well as the company's meeting revenue and profit targets.

Musk is on his way to seeing his first two tranches of options vest. He achieved operational targets on revenue and adjusted earnings last year.

The rise in Tesla's market capitalization last month to a target of $100 billion opened the way for Musk's first tranche of options to vest. With Tuesday's surging share price, the market capitalization blew past the second target of $150 billion, opening the way for the second tranche to vest. Tesla's market capitalization must stay at or above each target level for one- and six-month averages for each set of options to vest.

Tesla was valued at about $52 billion when shareholders approved the pay package in March 2018, a time when the company faced a cash crunch, production delays and increasing competition from rivals.

A full payoff for Musk would surpass anything previously granted to U.S. executives, according to Institutional Shareholder Services, a proxy advisor that recommended investors reject the pay package deal at the time.

Musk currently owns about 34 million Tesla shares, and his compensation package would let him buy another 20.3 million shares if all his options tranches vest.

When Tesla unveiled Musk’s package, it said he could in theory reap as much as $55.8 billion if no new shares were issued. However, Tesla has since awarded stock to employees and last year sold $2.7 billion in shares and convertible bonds, diluting the value of the stock.

Musk has transformed Tesla from a niche car maker with production problems into the global leader in electric vehicles, with U.S. and Chinese factories. So far it has stayed ahead of more established rivals including BMW and Volkswagen.

Many investors remain skeptical that Tesla can consistently deliver profit, cash flow and growth. More Wall Street analysts rate Tesla "sell" than "buy," and the company's stock is the most shorted on Wall Street.

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Agencies
June 10,2020

US dictionary Merriam-Webster will update the meaning of the word "racism" after being contacted by a Missouri black woman, who claimed the current definition fell short of including the systematic oppression of people of colour, according to media reports.

"A revision to the entry for racism is now being drafted to be added to the dictionary soon, and we are also planning to revise the entries of other words that are related to racism or have racial connotations," according to a statement of the 189-year-old dictionary shared by Kennedy Mitchum, a recent graduate of Drake University in Iowa, on her Facebook.

Mitchum, 22, emailed the dictionary last month, following the death of African American George Floyd in the custody of four Minneapolis police officers, Xinhua news agency reported.

"I kept having to tell them that definition is not representative of what is actually happening in the world," Mitchum told CNN. "The way that racism occurs in real life is not just prejudice, it's the systemic racism that is happening for a lot of black Americans."

Merriam-Webster's first definition of racism is "a belief that race is the primary determinant of human traits and capacities and that racial differences produce an inherent superiority of a particular race."

"It's not just disliking someone because of their race," Mitchum wrote in a Facebook post on Friday. "This current fight we are in is evidence of that, lives are at stake because of the systems of oppression that go hand-in-hand with racism."

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