Facebook to unveil new cryptocurrency

Agencies
June 17, 2019

London, Jun 17: Facebook is set Tuesday to unveil a bid to bring cryptocurrency payments into the mainstream, reportedly with the endorsement of governments and financial giants.

The world's biggest social network is expected to outline details of a virtual currency launching next year that it hopes will avoid the rollercoaster volatility of "blockchain" technologies such as bitcoin.

Facebook is setting up a consortium called "Libra" which, according to the Wall Street Journal, has been joined by more than a dozen companies including Visa, Mastercard, PayPal and Uber.

The companies along with venture capitalists and telecommunications firms will reportedly invest around USD 10 million each into the consortium.

Facebook has been trying to ward off hostile regulatory scrutiny after a series of privacy abuses and the spread of fake news.

The consortium will be managed externally and will seek to build trust among consumers by pegging the virtual coin to a basket of currencies including the dollar and euro, the Journal said.

Facebook has already sought blessings from the US Treasury and the Bank of England, the BBC reported last month.

Regulators have been reticent about cryptocurrencies, not only due to potential abuse by criminals but the wild swings in their value harming consumers.

With more than two billion users across its platforms, which include WhatsApp and Instagram, Facebook could have the clout to bring cryptocurrency out of the fringes and emulate the likes of WeChat in China, where the US site is banned.

WeChat allows its users to chat, shop and play games without leaving its platform, generating more revenue by offering a one-stop portal.

Buffeted by the privacy storms, chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments.

But it will need to overcome questions of trust and privacy, not least over how financial data will be stored. Some analysts are betting that the heavyweight Libra consortium will help to do that.

Facebook's crypto initiative could facilitate shopping, applications and gaming, and would leverage its broad user base in Asia, RBC analyst Mark Mahaney said in a research note last week.

It "may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams", he wrote.

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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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Agencies
June 17,2020

In a bid to help tackle rise in domestic violence during the social distancing times in India, Twitter on Wednesday launched a dedicated search prompt to serve information and updates from authoritative sources around domestic violence.

Twitter has partnered with the Ministry of Women and Child Development the National Commission for Women in India to expand its efforts towards women.

The search prompt will be available on iOS, Android and on mobile.twitter.com in India, in both English and Hindi languages, the company said in a statement.

Data shows that since the outbreak of Covid-19, violence against women and girls has intensified in India and across the globe.

"We recognise collaboration with the public, government and NGOs is key to combating the complex issue of domestic violence. Accessing reliable information through this search prompt could be a survivor's first step towards seeking help against abuse and violence," said Mahima Kaul, Director, Public Policy, India and South Asia, Twitter.

Every time someone searches for certain keywords associated with the issue of domestic violence, a prompt will direct them to the relevant information and sources of help available on Twitter.

This is an expansion of Twitter's #ThereIsHelp prompt, which was specifically put in place for the public to find clear, credible information on critical issues.

The feature will be reviewed at regular intervals by the Twitter team to ensure that all related keywords generate the proactive search prompt, said the company.

Violence against women and girls across Asia Pacific is pervasive but at the same time widely under reported.

"In fact, in many countries in our region, the number is even greater, with as many as 2 out of 3 women in some countries reporting experiences of violence," added Melissa Alvarado, UN Women Asia Pacific Regional Manager on Ending Violence against Women.

Rekha Sharma, Chairperson, the NCW, said: "With social distancing norms in place, several women are unable to contact their regular support systems. This initiative by Twitter will provide big support to the survivors, who would otherwise be easily isolated without access to relevant information and help".

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Agencies
April 4,2020

Kozhikode, Apr 4: In a bid to maintain the lockdown amid COVID-19 outbreak, Police in Kozhikode is monitoring the situation using drone cameras and making sure that people are not breaking the law.

The police have so far arrested 41 persons who were out on a morning walk on Saturday during the lockdown in the backdrop of coronavirus outbreak.

The SHO of Town South Police Station informed that the accused were later released on bail.
At least 295 cases have been reported in the state so far.

Talking about COVID-19 testing, State Health Minister KK Shailaja told media: "Nine labs are conducting polymerase chain reaction (PCR) tests in Kerala. We've received 2000 rapid test kits and will start rapid tests from tomorrow. If a person tests positive in rapid test, we need to confirm it with PCR test."

The total number of COVID-19 positive cases in India climbed to 3072 on Saturday, according to Ministry of Health and Family Welfare.

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