Facebook confirms data sharing with Chinese companies, including Huawei and Oppo

Agencies
June 6, 2018

Washington, Jun 6: Facebook Inc said Tuesday it has data sharing partnerships with at least four Chinese companies including Huawei, the world`s third largest smartphone maker, which has come under scrutiny from US intelligence agencies on security concerns.

The social media company said Huawei, computer maker Lenovo Group, and smartphone makers OPPO and TCL Corp were among about 60 companies worldwide that received access to some user data after they signed contracts to re-create Facebook-like experiences for their users.

Members of Congress raised concerns after The New York Times reported on the practice on Sunday, saying that data of users` friends could have been accessed without their explicit consent. Facebook denied that and said the data access was to allow its users to access account features on mobile devices.

More than half of the partnerships have already been wound down, Facebook said. It said on Tuesday it would end the Huawei agreement later this week. It is ending the other three partnerships with Chinese firms as well.

Chinese telecommunications companies have come under scrutiny from US intelligence officials who argue they provide an opportunity for foreign espionage and threaten critical US infrastructure, something the Chinese have consistently denied.

Senator Mark Warner, vice chairman of the Intelligence Committee, who asked Facebook if Huawei was among the companies that received user data, said in a statement that the House of Representatives Intelligence Committee had raised concerns about Huawei dating back in 2012.

"The news that Facebook provided privileged access to Facebook’s API to Chinese device makers like Huawei and TCL raises legitimate concerns, and I look forward to learning more about how Facebook ensured that information about their users was not sent to Chinese servers," Warner said.

API, or application program interface, essentially specifies how software components should interact.

A Facebook executive said the company had carefully managed the access it gave to the Chinese companies.

"Facebook along with many other U.S. tech companies have worked with them and other Chinese manufacturers to integrate their services onto these phones," Francisco Varela, vice president of mobile partnerships for Facebook, said in a statement. "Facebook`s integrations with Huawei, Lenovo, OPPO and TCL were controlled from the get-go — and we approved the Facebook experiences these companies built."

Varela added that "given the interest from Congress, we wanted to make clear that all the information from these integrations with Huawei was stored on the device, not on Huawei`s servers."

RESPONSE DEMANDED FROM ZUCKERBERG

Earlier on Tuesday, the Senate Commerce Committee demanded that Facebook`s chief executive officer, Mark Zuckerberg, respond to a report that user data was shared with at least 60 device manufacturers, weeks after the social media company said it would change its practices after a political firm got access to data from millions of users.

Senators John Thune, the committee`s Republican chairman, and Bill Nelson, the ranking Democrat, on Tuesday wrote to Zuckerberg after The New York Times reported that manufacturers were able to access data of users` friends even if the friends denied permission to share the information with third parties.

In April, the Federal Communications Commission proposed new rules that would bar purchases by government programs from companies that it says pose a security threat to U.S. telecoms networks, a move aimed at Huawei and ZTE Corp, China’s No. 2 telecommunications equipment maker.

The Pentagon in May ordered retail outlets on U.S. military bases to stop selling Huawei and ZTE phones, citing potential security risks.

ZTE was not among the firms that received access to Facebook data, but it has been the subject of U.S. national security concerns.

The letter asks if Facebook audited partnerships with the device manufacturers under a 2011 consent order with the Federal Trade Commission (FTC). It also asked if Zuckerberg wanted to revise his testimony before the Senate in April.

Facebook said it looks forward to addressing any questions the Commerce Committee has.

Facebook still has not answered hundreds of written questions submitted from members of Congress after Zuckerberg`s testimony in April, according to congressional staff.

The data sharing mentioned in the Times story was used over the last decade by about 60 companies, including Amazon.com Inc, Apple Inc, Blackberry Ltd, HTC Corp, Microsoft Corp and Samsung Electronics Co Ltd, Ime Archibong, Facebook vice president of product partnerships, wrote in a blog post on June 3.

The FTC confirmed in March that it was investigating Facebook`s privacy practices.

Facebook allowed Apple and other device makers to have "deep" access to users` personal data without their consent, according to the Times.

The Times said Facebook allowed companies access to the data of users` friends without their explicit consent, even after it had declared it would no longer share the information with outsiders.

Archibong said the data was only shared with device makers in order to improve Facebook users` access to the information. "These partners signed agreements that prevented people’s Facebook information from being used for any other purpose than to recreate Facebook-like experiences."

Regulators and authorities in several countries have increased scrutiny of Facebook after it failed to protect the data of some 87 million users that was shared with now-defunct political data firm Cambridge Analytica.

Two Democrats on the Senate Commerce Committee, Edward Markey and Richard Blumenthal, on Monday also wrote to Zuckerberg.

Archibong said the cases were "very different" from the use of data by third-party developers in the Cambridge row.

New York Attorney General Barbara Underwood said on Monday the "data-sharing partnerships with other corporations" is part of the ongoing investigation into the reported misuse of Facebook user data by Cambridge Analytica.

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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
June 15,2020

New Delhi, Jun 15: On Monday, petrol and diesel prices across the country were raised for the ninth consecutive day by 48 paise and 59 paise, respectively.

Petrol price per litre was raised to Rs 76.26 in New Delhi, Rs 83.17 in Mumbai, Rs 79.96 in Chennai, Rs 79.17 in Hyderabad, Rs 78.73 in Bengaluru and Rs 78.10 in Kolkata.

Diesel price per litre was hiked to Rs 74.62 in New Delhi, Rs 73.21 in Mumbai, Rs 72.69 in Chennai, Rs 72.93 in Hyderabad, Rs 70.95 in Bengaluru and Rs 70.33 in Kolkata.

Since 7 June, after ending their 82-day hiatus in daily revision, state-owned oil marketing companies have increased petrol price by Rs 5 per litre and diesel by Rs 5.23 per litre.

These prices are close to levels last seen in October-November 2018 when international oil prices had spiked close to $80 per barrel. In October 2018, petrol price in Mumbai had crossed Rs 90-mark and in Delhi, it was around Rs 83 per litre.

Comparatively, on Monday, Brent crude, the international benchmark for crude oil prices, fell 2.3 percent to $37.84 a barrel over concerns of subdued demand for fuel as new coronavirus infections were reported in China and the US.

The present spike in fuel prices in India could be attributed to the fact that central and state governments, along with oil marketing companies are looking to make up for their loss in revenues due to the lockdown.

Last month, the central government had increased the excise duty on per litre of petrol by Rs 10 and per litre of diesel by Rs 13. Several state governments have also hiked their VAT or cess on fuel in the last month. In fact, now around 70 percent of the retail price of fuel is just some form of tax.

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Agencies
January 21,2020

New Delhi, Jan 21: With the IMF lowering India's economic growth estimate for the current fiscal to 4.8 per cent, senior Congress leader P Chidambaram on Tuesday claimed an attack on the world body and its chief economist Gita Gopinath by government ministers was imminent.

He also alleged that the growth figure of 4.8 per cent given by the International Monetary Fund (IMF) is after some "window dressing" and he won't be surprised if it goes even lower.

"Reality check from IMF. Growth in 2019-20 will be BELOW 5 per cent at 4.8 per cent," Chidambaram said in a series of tweets.

"Even the 4.8 per cent is after some window dressing. I will not be surprised if it goes even lower," the former finance minister said.

IMF Chief Economist Gopinath was one of the first to denounce demonetisation, he noted.

"I suppose we must prepare ourselves for an attack by government ministers on the IMF and Dr Gita Gopinath," Chidambaram said.

The IMF lowered India's economic growth estimate for the current fiscal to 4.8 per cent and listed the country's much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years.

In October, the IMF had pegged India economic growth at 6.1 per cent for 2019.

Listing decline in rural demand growth and an overall credit sluggishness for lowering of India forecasts, Gopinath, however, had said the growth momentum should improve next year due to factors like positive impact of corporate tax rate reduction.

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