Profits up at Facebook; no impact from privacy scandal

Agencies
April 26, 2018

Washington, Apr 26: Facebook today reported a sharp jump in profits in the past quarter, with gains in its user base and strong ad growth as the social network appeared to see no impact from a controversy on privacy.

Profit in the first quarter of 2018 jumped 63 percent from a year ago to USD 5 billion, and total revenues increased 49 percent to USD 11.97 billion, Facebook said in an earnings update which topped most analyst forecasts.

Facebook chief executive Mark Zuckerberg, who has spent most of the past month on the fallout from the revelations on the hijacking of personal data by a political firm, sought to reassure investors in the latest update. "Despite facing important challenges, our community and business are off to a strong start in 2018," Zuckerberg said.

"We are taking a broader view of our responsibility and investing to make sure our services are used for good. But we also need to keep building new tools to help people connect, strengthen our communities, and bring the world closer together." Facebook shares climbed more than 4.7 percent to USD 167.33 in after-hours trades that followed the release of the earnings figures.

The number of people using Facebook monthly climbed 13 percent from last year to 2.2 billion as of the end of March, despite concerns that users would abandon the network.

The earnings results "should give the bulls finally something to hang their hat on after the company (and its investors) have just gone through the darkest chapter in Facebook's history," GHB Insights analyst Daniel Ives said in a research note.

Facebook's strong earnings report comes as it grapples with a data privacy scandal that strikes at how the huge social network makes money from what it knows about people.

Zuckerberg two faced questioning in congressional panels about revelations that personal data was harvested on 87 million users by Cambridge Analytica, a consultancy working for Donald Trump's 2016 campaign. Whether the scandal is taking a toll on membership or advertising at the online social network was not likely to be revealed in earnings numbers from the first three months of this year, and the topic was expected to come up during a routine call with financial analysts.

Using information about people's lives to target advertising is a standard internet business model, and any effort to rein it in could ripple through the industry.

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News Network
January 20,2020

New Delhi, Jan 20: Surging inflation and slowing growth are raising serious concerns about the future growth prospects of the economy and as a remedial measure the government should resolve supply-side hurdles and ensure more stringent governance norms, a report said on Monday.

According to the Dun and Bradstreet Economy forecast, even though the Index of Industrial Production (IIP) turned positive in November 2019, it is likely to remain subdued.

"Slowdown in consumption and investment along with high inflationary pressures, geopolitical issues and uncertainty over the recovery of the economic growth are likely to keep IIP subdued," the report noted.

Dun and Bradstreet expect IIP to remain around 1.5-2.0 percent during December 2019.

As per government data, industrial output grew 1.8 percent in November, turning positive after three months of contraction, on account of growth in the manufacturing sector.

On the price front, uneven rainfall along with floods in many states and geopolitical issues have led to a surge in headline inflation even as demand remains muted.

The Consumer Price Index (CPI) in December rose to about five-and-half year high of 7.35 percent from 5.54 percent in November, mainly driven by high vegetable prices.

"The sharp rise in inflation has constrained monetary policy stimulus while revenue shortfall has placed limits on the government expenditure," Dun & Bradstreet India Chief Economist Arun Singh said.

According to Singh, growth-supporting measures and deceleration in growth are likely to cause slippage in fiscal deficit target by a wider margin.

"The government should focus on taking small steps to address the slowdown; in particular, resolve the supply-side hurdles and ensure more stringent governance norms," Singh said.

Unless these concerns are addressed through a comprehensive policy framework, it will not be easy for India to clock a sustainable growth rate to become a USD 5 trillion economy, he added.

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Agencies
January 4,2020

Kota, Jan 4: Following the death of an infant in the morning, the death toll in JK Lon Hospital here has risen to 107, officials said on Saturday.

A three-member state government committee of doctors, who was sent to investigate the matter on December 23 and 24, found that Kota's JK Lone Hospital is short of beds and it requires improvement.

However, the committee gave a clean chit to the doctors for any lapses over the recent death of infants admitted there.

A Central government team reached the hospital on Saturday to take stock of the situation.

As per the government report, at least 91 infants lost their lives at the government hospital in December last year.

Meanwhile, the National Human Rights Commission (NHRC) has issued a notice to Chief Secretary of Rajasthan to submit a detailed report within 4 weeks about the steps being taken to address the issue.

The Commission also asked the Chief Secretary to ensure that such deaths of the children do not recur in future due to lack of infrastructure and health facilities at the hospitals.

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News Network
January 29,2020

New Delhi, Jan 29: Badminton champion Saina Nehwal joined the ruling BJP today and is likely to campaign for the party ahead of the February 8 Delhi election.

"I have won medals for the country. I am a very hardworking and I love hardworking persons. I can see Prime Minister Narendra Modi does so much for the country, I want to do something for the country with him," the shuttler said, wearing the BJP scarf.

"I draw a lot of inspiration from Narendra sir".

Haryana-born Saina Nehwal, 29, is a major acquisition for the party in the middle of the Delhi poll campaign; she is one of the most popular sportspersons in India with a huge fan following and brand value. She is preparing for the 2020 Tokyo Olympics.

A former world number 1, she has been honoured with the country's top sporting awards like the Rajiv Gandhi Khel Ratna and Arjuna Award. She was also awarded the Padma Bhushan in 2016.

The Badminton player has won over 24 international titles. In the London Olympics, she won a bronze. She was world number two in 2009 and number one in 2015.

With her tweets praising Prime Minister Narendra Modi, Saina Nehwal was widely seen to lean towards the BJP.

One of her tweets became controversial when it was found to be identical to several others in praise of a PM Modi speech last year. Saina was trolled on Twitter with screenshots of the identical tweets. She was also among the sportswomen who put up identical tweets on Diwali thanking PM Modi for his initiative to empower women, with the hashtag #bharatkilaxmi.

The BJP roped in many famous personalities last year, including cricketer Gautam Gambhir, who was elected MP from Delhi in the national election, and wrestler Babita Phogat. Just before the Haryana assembly polls, the party roped in wrestler Sushil Kumar, Babita Phogat and former Hockey team captain Sandeep Singh. Sandeep Singh won the election and was appointed minister.

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