Facebook rolled out its <a href="https://www.wionews.com/world/400-million-facebook-users-phone-numbers-exposed-in-privacy-lapse-reports-247741">online dating service</a> for the United States on Thursday, a move taking on rivals such as smartphone app Tinder.

The free "Facebook Dating" site which was announced last year and already available in other countries will allow users to link their Facebook and Instagram post to a separate dating profile.

It will seek to facilitate connections among the more than two billion users of the <a href="https://www.wionews.com/world/now-facebook-tightens-rules-for-us-political-advertisers-ahead-of-2020-polls-246223">social network worldwide</a>.

"Facebook Dating allows you to match with friends of friends and/or people not in your friend circle," said a blog post from Nathan Sharp, head of the project.

One of the features, "secret crush" which allows people to connect if they both secretly express interest in each other.

"Facebook Dating won't match you with friends, unless you choose to use Secret Crush and you both add each other to your list," Sharp said.

"Finding a romantic partner is deeply personal, which is why we built Dating to be safe, inclusive and opt-in. Safety, security and privacy are at the forefront of this product."

Sharp said users will have the ability to report and block anyone,and prohibit people from sending photos, links, payments or videos in messages.

Users may share their "stories" posts from the network, which are short video segments, which will help the service be "authentic in a way that a typical dating profile can't," according to Sharp.

Facebook chief executive Mark Zuckerberg, in announcing the plan last year, said it was being designed for "real, long-term relationships, not just hookups."

He pointed out that one in three marriages in the United States start online and that some 200 million Facebook users identify as being single.

Facebook may have an advantage over rivals in that it can allow people to share profiles and images from their social media profiles.

The dating service will be free to users, unlike some rivals which offer both free and paid plans.

Facebook Dating has already been launched in 19 countries: Argentina, Bolivia, Brazil, Canada, Chile, Colombia, Ecuador, Guyana, Laos, Malaysia, Mexico, Paraguay, Peru, the Philippines, Singapore, Surinam, Thailand, Uruguay and Vietnam.&nbsp;

It is set to launch in Europe in 2020.

Facebook rolled out its online dating service for the United States on Thursday, a move taking on rivals such as smartphone app Tinder. The free "Facebook Dating" site which was announced last year and already available in other countries will allow users to link their Facebook and Instagram post to a separate dating profile.

Facebook rolled out its online dating service for the United States on Thursday, a move taking on rivals such as smartphone app Tinder. The free "Facebook Dating" site which was announced last year and already available in other countries will allow users to link their Facebook and Instagram post to a separate dating profile. It will seek to facilitate connections among the more than two billion users of the social network worldwide. "Facebook Dating allows you to match with friends of friends and/or people not in your friend circle," said a blog post from Nathan Sharp, head of the project. One of the features, "secret crush" which allows people to connect if they both secretly express interest in each other. "Facebook Dating won't match you with friends, unless you choose to use Secret Crush and you both add each other to your list," Sharp said. "Finding a romantic partner is deeply personal, which is why we built Dating to be safe, inclusive and opt-in. Safety, security and privacy are at the forefront of this product." Sharp said users will have the ability to report and block anyone,and prohibit people from sending photos, links, payments or videos in messages. Users may share their "stories" posts from the network, which are short video segments, which will help the service be "authentic in a way that a typical dating profile can't," according to Sharp. Facebook chief executive Mark Zuckerberg, in announcing the plan last year, said it was being designed for "real, long-term relationships, not just hookups." He pointed out that one in three marriages in the United States start online and that some 200 million Facebook users identify as being single. Facebook may have an advantage over rivals in that it can allow people to share profiles and images from their social media profiles. The dating service will be free to users, unlike some rivals which offer both free and paid plans. Facebook Dating has already been launched in 19 countries: Argentina, Bolivia, Brazil, Canada, Chile, Colombia, Ecuador, Guyana, Laos, Malaysia, Mexico, Paraguay, Peru, the Philippines, Singapore, Surinam, Thailand, Uruguay and Vietnam. It is set to launch in Europe in 2020.

Facebook launches online dating service in US

For 26-year-old Laxman Muthiyah, a Chennai based independent security researcher, every scroll through his social media feed has a different significance. He thinks deeply to understand the working of the websites and the functions performed by the millions of lines of code. It is followed by thinking of possible loopholes and also spotting and identifying them.&nbsp;

In digital space, there are many prying to take control of our accounts, hack and misuse them. Laxman, over the past 5 years, has won bug bounty amounting to over a whopping $62,000 for spotting bugs that could overthrow online hacking attempts.

Most of his rewards came from Facebook and Facebook-owned Instagram. His most recent earning amounted to a whopping $40,000 Instagram.&nbsp;

“It all began after I attended an ethical hacking workshop when I was in college. In 2013, I won my first bug bounty from Facebook - a princely sum of $1500 for a student”, recalls Laxman.&nbsp;

Although Laxman has completed a degree in computer science engineering, he considers himself a self-taught ethical hacker who learnt the tricks of the trade from workshops, free online content and months of trial and error.

His latest find involved proving to Facebook that multiple accounts could be hacked within 10 minutes.&nbsp;

“When we choose the forget password option, they send us a 6-digit code to authorize our login. Since it is a 6-digit code, there are 1 million possibilities. We could enter between 50-200 random codes every minute and attempt login, and it could be tried for 10 minutes. With multiple IP addresses, we could use lakhs of codes to attempt logging-in and take control of an account. I sent a video of this method to Facebook and after verifying it, they sent me the payment of $30,000 as this method has a high rate of success,” Laxman told WION.

Subsequently, he spotted another bug where the success rate was relatively lower and received a payment of $10,000.

If you’re getting ready to put your bug-hunting skills to use, remember that only a few websites encourage and reward it, whereas it is considered illegal when done without the knowledge of the website owner.&nbsp;

When asked if bug-hunting was a popular profession in India, Laxman said, “there is quite a community of bug hunters in India and some companies support it, but it isn’t so in the West, where there are many more opportunities. In the West, techies work full-time jobs and also take up bug-hunting assignments in their spare time. The work-life balance we have in India does not permit that”.

While bug-hunting is more lucrative than a full-time IT job, one must realize that the practice is pretty much like fishing where one could end up with a really good catch or none and we could go without a catch for months, Laxman says laughingly.&nbsp;

For 26-year-old Laxman Muthiyah, a Chennai based independent security researcher, every scroll through his social media feed has a different significance. He thinks deeply to understand the working of the websites and the functions performed by the millions of lines of code.

For 26-year-old Laxman Muthiyah, a Chennai based independent security researcher, every scroll through his social media feed has a different significance. He thinks deeply to understand the working of the websites and the functions performed by the millions of lines of code. It is followed by thinking of possible loopholes and also spotting and identifying them. In digital space, there are many prying to take control of our accounts, hack and misuse them. Laxman, over the past 5 years, has won bug bounty amounting to over a whopping $62,000 for spotting bugs that could overthrow online hacking attempts. Most of his rewards came from Facebook and Facebook-owned Instagram. His most recent earning amounted to a whopping $40,000 Instagram. “It all began after I attended an ethical hacking workshop when I was in college. In 2013, I won my first bug bounty from Facebook - a princely sum of $1500 for a student”, recalls Laxman. Although Laxman has completed a degree in computer science engineering, he considers himself a self-taught ethical hacker who learnt the tricks of the trade from workshops, free online content and months of trial and error. His latest find involved proving to Facebook that multiple accounts could be hacked within 10 minutes. “When we choose the forget password option, they send us a 6-digit code to authorize our login. Since it is a 6-digit code, there are 1 million possibilities. We could enter between 50-200 random codes every minute and attempt login, and it could be tried for 10 minutes. With multiple IP addresses, we could use lakhs of codes to attempt logging-in and take control of an account. I sent a video of this method to Facebook and after verifying it, they sent me the payment of $30,000 as this method has a high rate of success,” Laxman told WION. Subsequently, he spotted another bug where the success rate was relatively lower and received a payment of $10,000. If you’re getting ready to put your bug-hunting skills to use, remember that only a few websites encourage and reward it, whereas it is considered illegal when done without the knowledge of the website owner. When asked if bug-hunting was a popular profession in India, Laxman said, “there is quite a community of bug hunters in India and some companies support it, but it isn’t so in the West, where there are many more opportunities. In the West, techies work full-time jobs and also take up bug-hunting assignments in their spare time. The work-life balance we have in India does not permit that”. While bug-hunting is more lucrative than a full-time IT job, one must realize that the practice is pretty much like fishing where one could end up with a really good catch or none and we could go without a catch for months, Laxman says laughingly.

Meet Indian techie Laxman Muthiyah - Chennai guy who has won over $62,000 from Facebook

Google on Thursday said it disabled a series of YouTube channels that appeared to be part of a coordinated influence campaign against pro-democracy <a href="https://www.wionews.com/world/hong-kong-students-to-boycott-new-term-as-protests-continue-244795">protests in Hong Kong</a>.

The announcement by YouTube's parent company came after Twitter and Facebook accused the Chinese government of backing a social media campaign to discredit Hong Kong's protest movement and <a href="https://www.wionews.com/world/masked-protesters-mark-triad-attack-at-hong-kong-metro-station-244678">sow political discord in the city</a>.

Google disabled 210 YouTube channels that it found behaved in a coordinated manner while uploading videos related to the Hong Kong protests, according to Shane Huntley of the company's security threat analysis group.

"This discovery was consistent with recent observations and actions related to China announced by Facebook and Twitter," Huntley said in an online post.

Twitter and Facebook announced this week that they suspended nearly 1,000 active accounts linked to a coordinated influence campaign. Twitter said it had shut down about 200,000 more before they could inflict any damage.

"These accounts were deliberately and specifically attempting to sow political discord in Hong Kong, including undermining the legitimacy and political positions of the protest movement on the ground," Twitter said, referring to the active accounts it shut down.

Facebook said some of the posts from accounts it banned compared the protesters in Hong Kong with Islamic State group militants, branded them "cockroaches" and alleged they planned to kill people using slingshots.

China has "taken a page from Russia's playbook" as it uses social media platforms outside the country to wage a disinformation campaign against the protests, according to the non-profit Soufan Center for research, analysis, and strategic dialogue related to global security issues.

WION Wideangle: Inside the Hong Kong movement

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-wideangle-inside-the-hong-kong-movement-244880/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"Beijing has deployed a relentless disinformation campaign on Twitter and Facebook powered by unknown numbers of bots, trolls, and so-called 'sock puppets,'" the centre said on its website, referring to fake online identities created for deception.

"China's behaviour will likely grow more aggressive in both the physical and virtual realms, using on-the-ground actions to complement an intensifying cyber campaign characterized by disinformation, deflection, and obfuscation."

Unprecedented political crisis

While social media platforms have been tools for people to advocate for rights, justice or freedom in their countries, the services are being turned on them by oppressive governments, according to the Soufan Center.

"Autocratic governments are now using these same platforms to disparage demonstrators, divide protest movements, and confuse sympathetic onlookers," the centre said.

Hong Kong, a semi-autonomous southern Chinese city and one of the world's most important financial hubs, is in the grip of an unprecedented political crisis that has seen millions of people take to the streets demanding greater freedoms.

China's government has publicly largely left the city's leaders and police force to try and resolve the crisis, but behind the scenes online, Beijing is seeking to sway public opinion about Hong Kong, according to Twitter and Facebook.

"We are disclosing a significant state-backed information operation focused on the situation in Hong Kong, specifically the protest movement and their calls for political change," Twitter said.

It said it had pulled 936 accounts originating in China that were spreading disinformation.

Twitter and Facebook are banned in China, part of the government's so-called "Great Firewall" of censorship.

Because of the bans, many of the fake accounts were accessed using "virtual private networks" that give a deceptive picture of the user's location, Twitter said.

Facebook said it had acted on a tip from Twitter, removing seven pages, three groups and five Facebook accounts that had about 15,500 followers.

"Although the people behind this activity attempted to conceal their identities, our investigation found links to individuals associated with the Chinese government," Facebook said.

Google on Thursday said it disabled a series of YouTube channels that appeared to be part of a coordinated influence campaign against pro-democracy protests in Hong Kong.

Google on Thursday said it disabled a series of YouTube channels that appeared to be part of a coordinated influence campaign against pro-democracy protests in Hong Kong. The announcement by YouTube's parent company came after Twitter and Facebook accused the Chinese government of backing a social media campaign to discredit Hong Kong's protest movement and sow political discord in the city. Google disabled 210 YouTube channels that it found behaved in a coordinated manner while uploading videos related to the Hong Kong protests, according to Shane Huntley of the company's security threat analysis group. "This discovery was consistent with recent observations and actions related to China announced by Facebook and Twitter," Huntley said in an online post. Twitter and Facebook announced this week that they suspended nearly 1,000 active accounts linked to a coordinated influence campaign. Twitter said it had shut down about 200,000 more before they could inflict any damage. "These accounts were deliberately and specifically attempting to sow political discord in Hong Kong, including undermining the legitimacy and political positions of the protest movement on the ground," Twitter said, referring to the active accounts it shut down. Facebook said some of the posts from accounts it banned compared the protesters in Hong Kong with Islamic State group militants, branded them "cockroaches" and alleged they planned to kill people using slingshots. China has "taken a page from Russia's playbook" as it uses social media platforms outside the country to wage a disinformation campaign against the protests, according to the non-profit Soufan Center for research, analysis, and strategic dialogue related to global security issues. WION Wideangle: Inside the Hong Kong movement "Beijing has deployed a relentless disinformation campaign on Twitter and Facebook powered by unknown numbers of bots, trolls, and so-called 'sock puppets,'" the centre said on its website, referring to fake online identities created for deception. "China's behaviour will likely grow more aggressive in both the physical and virtual realms, using on-the-ground actions to complement an intensifying cyber campaign characterized by disinformation, deflection, and obfuscation." Unprecedented political crisis While social media platforms have been tools for people to advocate for rights, justice or freedom in their countries, the services are being turned on them by oppressive governments, according to the Soufan Center. "Autocratic governments are now using these same platforms to disparage demonstrators, divide protest movements, and confuse sympathetic onlookers," the centre said. Hong Kong, a semi-autonomous southern Chinese city and one of the world's most important financial hubs, is in the grip of an unprecedented political crisis that has seen millions of people take to the streets demanding greater freedoms. China's government has publicly largely left the city's leaders and police force to try and resolve the crisis, but behind the scenes online, Beijing is seeking to sway public opinion about Hong Kong, according to Twitter and Facebook. "We are disclosing a significant state-backed information operation focused on the situation in Hong Kong, specifically the protest movement and their calls for political change," Twitter said. It said it had pulled 936 accounts originating in China that were spreading disinformation. Twitter and Facebook are banned in China, part of the government's so-called "Great Firewall" of censorship. Because of the bans, many of the fake accounts were accessed using "virtual private networks" that give a deceptive picture of the user's location, Twitter said. Facebook said it had acted on a tip from Twitter, removing seven pages, three groups and five Facebook accounts that had about 15,500 followers. "Although the people behind this activity attempted to conceal their identities, our investigation found links to individuals associated with the Chinese government," Facebook said.

Google says YouTube campaign targeted Hong Kong protests

The Supreme Court on Tuesday issued notices to the Centre, Twitter, Google, and YouTube on a plea filed by Facebook seeking transfer to the court petitions pending before different high courts, demanding to interlink of Aadhaar database with social media profiles.

Several petitions are pending before Madras, Bombay and Madhya Pradesh High Courts seeking their direction for the interlinking of Aadhaar data with social media accounts for identity authentication.

A bench of Justice Deepak Gupta and Justice Aniruddha Bose said the Madras High Court shall continue hearing the pleas but shall not pass any order.

The apex court will further take up the matter for hearing on September 13.

The petition was filed by the social media giant last week. Facebook and WhatsApp told the bench that the matter should be adjudicated by it and sought transfer of petitions pending before high courts to the top court as any order passed against them will have global ramifications.

Senior advocate Mukul Rohatgi, appearing for Facebook, argued that the issue is of such a magnitude that only the top court should take a decision on it.

"It affects the privacy of the whole nation. This is the policy matter," he said.

Rohatgi further argued that any order passed by the high courts will have wider ramifications as Facebook is a global entity and it has to abide by laws of different nations.

Senior advocate Kapil Sibal, appearing for WhatsApp, told the court that the Central government is concerned about the messaging platform's end-to-end encryption and it is looking into it to frame some guidelines.

"While the government is dealing with this matter, let all the pleas come here. This can't be decided by high courts, it's a policy issue and should be decided by the Supreme Court. These are very serious issues," Sibal added.

Attorney General KK Venugopal, appearing for the Tamil Nadu government, contended that 18 hearings have taken place on the petitions in the Madras High Court and the judgement would come in another month.

"Facebook should not object to it," he said.

Citing the example of the controversial Blue Whale challenge, he argued that social media platforms should provide details about the origin of a message.

"Online games like the Blue Whale caused deaths in India because service providers did not provide details of the 'originator'. We had a serious situation during the Blue Whale game. Government of India struggled to find out about its originator, some said it's from Russia. Government is not equipped to detect the originator," Venugopal said.

He further said,&nbsp;"It is pertinent for social media platforms to share data with law enforcement agencies to ensure criminal activities like abetment to suicide or call for violence inter alia, through these platforms is curbed."After hearing the arguments, the bench said that a balance has to be struck between the protection of people's privacy online as well as a mechanism to identify people who commit an online criminal offence."

There is a conflict between the right to privacy and the duty to prevent crimes online. There is no doubt that there has to be a balance between the two," the court observed.&nbsp; 
&nbsp;

The Supreme Court on Tuesday issued notices to the Centre, Twitter, Google, and YouTube on a plea filed by Facebook seeking transfer to the court petitions pending before different high courts, demanding to interlink of Aadhaar database with social media profiles.

The Supreme Court on Tuesday issued notices to the Centre, Twitter, Google, and YouTube on a plea filed by Facebook seeking transfer to the court petitions pending before different high courts, demanding to interlink of Aadhaar database with social media profiles. Several petitions are pending before Madras, Bombay and Madhya Pradesh High Courts seeking their direction for the interlinking of Aadhaar data with social media accounts for identity authentication. A bench of Justice Deepak Gupta and Justice Aniruddha Bose said the Madras High Court shall continue hearing the pleas but shall not pass any order. The apex court will further take up the matter for hearing on September 13. The petition was filed by the social media giant last week. Facebook and WhatsApp told the bench that the matter should be adjudicated by it and sought transfer of petitions pending before high courts to the top court as any order passed against them will have global ramifications. Senior advocate Mukul Rohatgi, appearing for Facebook, argued that the issue is of such a magnitude that only the top court should take a decision on it. "It affects the privacy of the whole nation. This is the policy matter," he said. Rohatgi further argued that any order passed by the high courts will have wider ramifications as Facebook is a global entity and it has to abide by laws of different nations. Senior advocate Kapil Sibal, appearing for WhatsApp, told the court that the Central government is concerned about the messaging platform's end-to-end encryption and it is looking into it to frame some guidelines. "While the government is dealing with this matter, let all the pleas come here. This can't be decided by high courts, it's a policy issue and should be decided by the Supreme Court. These are very serious issues," Sibal added. Attorney General KK Venugopal, appearing for the Tamil Nadu government, contended that 18 hearings have taken place on the petitions in the Madras High Court and the judgement would come in another month. "Facebook should not object to it," he said. Citing the example of the controversial Blue Whale challenge, he argued that social media platforms should provide details about the origin of a message. "Online games like the Blue Whale caused deaths in India because service providers did not provide details of the 'originator'. We had a serious situation during the Blue Whale game. Government of India struggled to find out about its originator, some said it's from Russia. Government is not equipped to detect the originator," Venugopal said. He further said, "It is pertinent for social media platforms to share data with law enforcement agencies to ensure criminal activities like abetment to suicide or call for violence inter alia, through these platforms is curbed."After hearing the arguments, the bench said that a balance has to be struck between the protection of people's privacy online as well as a mechanism to identify people who commit an online criminal offence." There is a conflict between the right to privacy and the duty to prevent crimes online. There is no doubt that there has to be a balance between the two," the court observed.

Supreme Court issues notices to Centre, social media majors on Facebook plea

China&nbsp;said on Tuesday it had a right to put out its own views after&nbsp;Twitter&nbsp;and&nbsp;Facebook&nbsp;said they had dismantled a state-backed social media campaign originating in mainland&nbsp;China&nbsp;that sought to undermine <a href="https://www.wionews.com/world/clashes-erupt-between-riot-police-protesters-outside-hong-kong-airport-242832">protests in Hong Kong</a>.

Twitter&nbsp;Inc said on Monday it suspended 936&nbsp;accounts&nbsp;and the operations appeared to be a coordinated state-backed effort originating in&nbsp;China.

Facebook&nbsp;Inc said it had removed&nbsp;accounts&nbsp;and pages from a small network after a tip from&nbsp;Twitter.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/hong-kong-rally-organisers-say-weekend-demonstration-was-last-chance-for-government-to-address-demands-244371/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Facebook&nbsp;said its investigation found links to individuals associated with the Chinese government.&nbsp;

"These accounts were deliberately and specifically attempting to sow political discord in Hong Kong, including undermining the legitimacy and political positions of the protest movement on the ground," Twitter said, referring to the accounts it shut down.

"We are disclosing a significant state-backed information operation focused on the situation in Hong Kong, specifically the protest movement and their calls for political change," Twitter said.

Foreign ministry spokesman Geng Shuang declined direct comment on the&nbsp;Twitter&nbsp;and&nbsp;Facebook&nbsp;actions but defended the right of Chinese people and media to make their voices heard&nbsp;over&nbsp;the Hong Kong protests.

"Although the people behind this activity attempted to conceal their identities, our investigation found links to individuals associated with the Chinese government," Facebook said.

Twitter&nbsp;and&nbsp;Facebook&nbsp;have come under fire from users&nbsp;over&nbsp;showing ads from state-controlled media that criticised the Hong Kong protesters.&nbsp;

Twitter&nbsp;said Monday it would no longer accept advertising from state-controlled news media, and told Reuters the change was not related to the suspended&nbsp;accounts.

Twitter&nbsp;and&nbsp;Facebook&nbsp;are&nbsp;blocked by the Chinese government from being used in the mainland but are freely accessible in Hong Kong, where protests since June have plunged the Chinese-ruled territory into its most serious crisis in decades.

Chinese media use foreign social media to communicate with people around the world to introduce them to Chinese policies and "tell&nbsp;China's story", Geng said.

"I don't know why certain companies or peoples' reaction is so strong," he added.

China said on Tuesday it had a right to put out its own views after Twitter and Facebook said they had dismantled a state-backed social media campaign originating in mainland China that sought to undermine protests in Hong Kong.

China said on Tuesday it had a right to put out its own views after Twitter and Facebook said they had dismantled a state-backed social media campaign originating in mainland China that sought to undermine protests in Hong Kong. Twitter Inc said on Monday it suspended 936 accounts and the operations appeared to be a coordinated state-backed effort originating in China. Facebook Inc said it had removed accounts and pages from a small network after a tip from Twitter. Watch Video: Facebook said its investigation found links to individuals associated with the Chinese government. "These accounts were deliberately and specifically attempting to sow political discord in Hong Kong, including undermining the legitimacy and political positions of the protest movement on the ground," Twitter said, referring to the accounts it shut down. "We are disclosing a significant state-backed information operation focused on the situation in Hong Kong, specifically the protest movement and their calls for political change," Twitter said. Foreign ministry spokesman Geng Shuang declined direct comment on the Twitter and Facebook actions but defended the right of Chinese people and media to make their voices heard over the Hong Kong protests. "Although the people behind this activity attempted to conceal their identities, our investigation found links to individuals associated with the Chinese government," Facebook said. Twitter and Facebook have come under fire from users over showing ads from state-controlled media that criticised the Hong Kong protesters. Twitter said Monday it would no longer accept advertising from state-controlled news media, and told Reuters the change was not related to the suspended accounts. Twitter and Facebook are blocked by the Chinese government from being used in the mainland but are freely accessible in Hong Kong, where protests since June have plunged the Chinese-ruled territory into its most serious crisis in decades. Chinese media use foreign social media to communicate with people around the world to introduce them to Chinese policies and "tell China's story", Geng said. "I don't know why certain companies or peoples' reaction is so strong," he added.

China cries foul after Facebook, Twitter block fake accounts linked to Hong Kong protests

A man gathering firewood in Alaska discovered a bottle with a handwritten message inside wishing the finder "happy sailing" more than 50 years after it was dropped into the sea by a Russian sailor.

"Sincere greetings! From<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/chechen-women-go-places-with-female-only-taxi-service-225959&amp;sa=U&amp;ved=2ahUKEwi05dLbjo_kAhXx4XMBHfi0CSYQFjAFegQIDBAC&amp;usg=AOvVaw3O32uCuXo6bDlZehRTt6hz"> the Russian Far East Fleet mother ship VRXF Sulak</a>," it read. "We wish you good health and long years of life and happy sailing. 20 June 1969."

Tyler Ivanoff, a teacher's aide in Shishmaref, Alaska, spotted the bottle on the shore near his village and pried off the plastic stopper with his teeth.

"It was still dry on the inside and still smelled like wine or whatever, old alcohol. The note was dry," he told the Nome Nugget newspaper.&nbsp;

Ivanoff posted a picture of the bottle and the note on Facebook on August 5.

But the yarn doesn't end there.

Rossiya 1, a Russian television network, tracked it by its return address in Vladivostok to a retired Soviet ship captain now living in Crimea.

Anatoly Botsanenko, interviewed by the station in a naval uniform, said he served on the Sulak in 1969 when he was 35.

Peering at the message on the reporter's smartphone, Botsanenko said, "That's not my handwriting." But he then recognized the return address as his old home in Vladivostok.

"It's pretty cool how a small photo grew into a story," Ivanoff posted on Facebook.

A man gathering firewood in Alaska discovered a bottle with a handwritten message inside wishing the finder "happy sailing" more than 50 years after it was dropped into the sea by a Russian sailor.

A man gathering firewood in Alaska discovered a bottle with a handwritten message inside wishing the finder "happy sailing" more than 50 years after it was dropped into the sea by a Russian sailor. "Sincere greetings! From the Russian Far East Fleet mother ship VRXF Sulak," it read. "We wish you good health and long years of life and happy sailing. 20 June 1969." Tyler Ivanoff, a teacher's aide in Shishmaref, Alaska, spotted the bottle on the shore near his village and pried off the plastic stopper with his teeth. "It was still dry on the inside and still smelled like wine or whatever, old alcohol. The note was dry," he told the Nome Nugget newspaper. Ivanoff posted a picture of the bottle and the note on Facebook on August 5. But the yarn doesn't end there. Rossiya 1, a Russian television network, tracked it by its return address in Vladivostok to a retired Soviet ship captain now living in Crimea. Anatoly Botsanenko, interviewed by the station in a naval uniform, said he served on the Sulak in 1969 when he was 35. Peering at the message on the reporter's smartphone, Botsanenko said, "That's not my handwriting." But he then recognized the return address as his old home in Vladivostok. "It's pretty cool how a small photo grew into a story," Ivanoff posted on Facebook.

Russian sailor's message in bottle found 50 years later in Alaska

Facebook users suing the world's largest social media network over a 2018 data breach say it failed to warn them about risks tied to its single sign-on tool, even though it protected its employees, a court filing on Thursday showed.

Facebook users suing the world's largest social media network over a 2018 data breach say it failed to warn them about risks tied to its single sign-on tool, even though it protected its employees, a court filing on Thursday showed. Single sign-on connects users to third-party social apps and services using their Facebook credentials. The lawsuit, which combined several legal actions, stems from Facebook Inc's worst-ever security breach in September, when hackers stole login codes - or "access tokens" - that allowed them to access nearly 29 million accounts. "Facebook knew about the access token vulnerability and failed to fix it for years, despite that knowledge," the plaintiffs said in a heavily redacted section of the filing in the U.S. District Court for the Northern District of California in San Francisco. "Even more egregiously, Facebook took steps to protect its own employees from the security risk, but not the vast majority of its users." Facebook did not immediately respond to a request for comment. Judge William Alsup told Facebook in January he was willing to allow "bone-crushing discovery" in the case to uncover how much user data was stolen. Facebook has revealed few details since initially disclosing the attack, saying only that it affected a "broad" spectrum of users without breaking down the numbers by country. The attackers took profile details such as birth dates, employers, education history, religious preference, types of devices used, pages followed and recent searches and location check-ins from 14 million users. For the other 15 million users, the breach was restricted to name and contact details. In addition, attackers could see the posts and lists of friends and groups of about 400,000 users. They did not steal personal messages or financial data and did not access users' accounts on other websites, Facebook said.

Facebook failed to warn users of known risks before 2018 breach: court filing

American&nbsp;heavy&nbsp;metal&nbsp;band&nbsp;Metallica has donated&nbsp;250,000&nbsp;euros&nbsp;to a&nbsp;Romanian&nbsp;association building the country's first&nbsp;pediatric&nbsp;oncology&nbsp;hospital, they said on Wednesday.

The donation to Daruieste Viata (Give Life), founded in 2012, came ahead of the&nbsp;band's sold-out concert on Wednesday, it's fourth in the European Union state since 1999, the association said on its Facebook page.

The donation was made through the&nbsp;band's non-profit foundation All Within My Hands, it said in a statement.

Construction began in mid-2018 on the&nbsp;hospital&nbsp;in Bucharest, one of the few to be built in Romania over the last three decades.

The project is expected to be completed next year, with donations from 260,000 individuals and slightly fewer than 2,000 companies so far.

<a href="https://www.wionews.com/sports/wimbledon-champion-simona-halep-awarded-with-romanias-highest-distinctions-236307">Romania</a> has one of the EU's least developed infrastructure due to weak public administration, corruption, and bureaucracy, despite years of strong economic growth and billions of euros&nbsp;in EU funding.

The current government has repeatedly postponed plans to build three new regional&nbsp;hospitals for which the EU has allocated fund

American heavy metal band Metallica has donated 250,000 euros to a Romanian association building the country's first pediatric oncology hospital, they said on Wednesday.

American heavy metal band Metallica has donated 250,000 euros to a Romanian association building the country's first pediatric oncology hospital, they said on Wednesday. The donation to Daruieste Viata (Give Life), founded in 2012, came ahead of the band's sold-out concert on Wednesday, it's fourth in the European Union state since 1999, the association said on its Facebook page. The donation was made through the band's non-profit foundation All Within My Hands, it said in a statement. Construction began in mid-2018 on the hospital in Bucharest, one of the few to be built in Romania over the last three decades. The project is expected to be completed next year, with donations from 260,000 individuals and slightly fewer than 2,000 companies so far. Romania has one of the EU's least developed infrastructure due to weak public administration, corruption, and bureaucracy, despite years of strong economic growth and billions of euros in EU funding. The current government has repeatedly postponed plans to build three new regional hospitals for which the EU has allocated fund

Heavy metal band Metallica donates 250,000 euros for Romanian pediatric hospital

Brazil's<a href="https://www.wionews.com/world/bolsonaro-says-claims-of-hunger-in-brazil-a-big-lie-237226"> President Jair Bolsonaro</a> vowed Saturday to combat "illegal deforestation," a day after the head of the agency that measures deforestation said he was being sacked after a row over the scale of the problem in the Amazon rainforest.

"We are going to act effectively in the fight against illegal deforestation," Bolsonaro wrote on his Facebook account, along with a video in which environment minister Ricardo Salles said the government would bring in new technology to measure deforestation with greater precision.

A day earlier, the head of Brazil's National Institute for Space Research (INPE), Ricardo Galvao, said he was being sacked after a row with Bolsonaro over deforestation.

Bolsonaro, a climate change sceptic, claimed the INPE figures "don't correspond to the truth" and were damaging to the institute and the country.

The president has previously floated the idea of opening up protected rainforest areas to agriculture, a highly controversial move given the existing level of deforestation.

"We cannot accept sensationalism or the disclosure of inaccurate numbers that cause great damage to Brazil's image," Bolsonaro said, reiterating comments from his row over the INPE figures.&nbsp;

The latest data released by INPE, an institution of international repute, shows that deforestation has increased 40 per cent in the last two months compared to the same period a year ago.

On Thursday, Bolsonaro, Salles and other ministers had refuted the INPE satellite data and said the methodologies for measuring deforestation would be changed.

The government admits <a href="https://www.wionews.com/photos/under-brazils-jair-bolsonaro-rule-amazon-deforestation-accelerates-239233#may-reach-its-tipping-point-239239">deforestation</a> has increased but insists it is not as great as indicated by the agency.

The sacking of Galvao fueled criticism from environmental groups.

"Bolsonaro knows that his government is primarily responsible for the current destruction of the Amazon. The dismissal of the director of INPE is nothing more than an act of revenge against those who show the truth," said Marcio Astrini from Greenpeace.

For many years, NGOs defending the environment and the territorial rights of indigenous people have criticized the agriculture industry and major landowners for constantly trying to expand into virgin lands, including those protected by law.

Bolsonaro, though, was helped in his election last year by support from the powerful agriculture lobby.

The president suffered a blow on Thursday when the Supreme Court cancelled a decree transferring the right to demarcate indigenous lands from the National Indian Foundation to the Ministry of Agriculture, a bulwark of the agriculture industry's interests. 
&nbsp;

Brazil's President Jair Bolsonaro vowed Saturday to combat "illegal deforestation," a day after the head of the agency that measures deforestation said he was being sacked after a row over the scale of the problem in the Amazon rainforest.

Brazil's President Jair Bolsonaro vowed Saturday to combat "illegal deforestation," a day after the head of the agency that measures deforestation said he was being sacked after a row over the scale of the problem in the Amazon rainforest. "We are going to act effectively in the fight against illegal deforestation," Bolsonaro wrote on his Facebook account, along with a video in which environment minister Ricardo Salles said the government would bring in new technology to measure deforestation with greater precision. A day earlier, the head of Brazil's National Institute for Space Research (INPE), Ricardo Galvao, said he was being sacked after a row with Bolsonaro over deforestation. Bolsonaro, a climate change sceptic, claimed the INPE figures "don't correspond to the truth" and were damaging to the institute and the country. The president has previously floated the idea of opening up protected rainforest areas to agriculture, a highly controversial move given the existing level of deforestation. "We cannot accept sensationalism or the disclosure of inaccurate numbers that cause great damage to Brazil's image," Bolsonaro said, reiterating comments from his row over the INPE figures. The latest data released by INPE, an institution of international repute, shows that deforestation has increased 40 per cent in the last two months compared to the same period a year ago. On Thursday, Bolsonaro, Salles and other ministers had refuted the INPE satellite data and said the methodologies for measuring deforestation would be changed. The government admits deforestation has increased but insists it is not as great as indicated by the agency. The sacking of Galvao fueled criticism from environmental groups. "Bolsonaro knows that his government is primarily responsible for the current destruction of the Amazon. The dismissal of the director of INPE is nothing more than an act of revenge against those who show the truth," said Marcio Astrini from Greenpeace. For many years, NGOs defending the environment and the territorial rights of indigenous people have criticized the agriculture industry and major landowners for constantly trying to expand into virgin lands, including those protected by law. Bolsonaro, though, was helped in his election last year by support from the powerful agriculture lobby. The president suffered a blow on Thursday when the Supreme Court cancelled a decree transferring the right to demarcate indigenous lands from the National Indian Foundation to the Ministry of Agriculture, a bulwark of the agriculture industry's interests.

President Jair Bolsonaro vows to fight 'illegal deforestation' in Brazil

A new opposition party backed by the estranged brother of Singapore's prime minister was launched Saturday in a fresh challenge to the government as speculation mounts elections could be called soon.

The Progress Singapore Party (PSP) aiming to contest an election due by 2021 but widely expected earlier is led by Tan Cheng Bock, a medical doctor and former government stalwart who once ran for president and nearly defeated the establishment candidate.

The group has received the support of Prime Minister Lee Hsien Loong's brother, the latest sign of a bitter falling out within the city state's first family over their father's legacy.

The rare row within <a href="https://www.wionews.com/world/singapore-pm-lee-hsien-loongs-brother-backs-new-opposition-party-239046">Singapore's</a> elite erupted following the 2015 death of the men's father, revered founding leader Lee Kuan Yew, who led the country for three decades.

Under his People's Action Party (PAP), Singapore transformed from a gritty port into one of Asia's most advanced economies although authorities also faced criticism for curtailing civil liberties and free speech.

Speaking to hundreds of supporters at a hotel ballroom and live on social media, the 79 year old Tan decried what he said was a climate of fear preventing people from speaking up.

He also claimed there was an "erosion of trust" between the government and citizens due to lack of transparency, independence, and accountability.

Beneath Singapore's gleaming skyscrapers "is an underlying tale of disquiet," he said, adding, "we cannot allow this current style of managing the country to go unchallenged".

The group joins a handful of other parties seeking to take on the dominant PAP, but the fractious opposition which has just six out of 89 elected seats in parliament is not viewed as a serious threat.

However, backing from the premier's sibling, Lee Hsien Yang could provide a boost to Tan.

In January, a 62 year old business executive Lee, who did not attend the PSP launch, said in a Facebook post that Tan was "the leader Singapore deserves".

In a separate post, he wrote PAP had lost its way and was no longer the party of his father.

During a press conference last week, Tan said he may be willing to take Lee into the party formally.

Lee's&nbsp;association with the party can boost Tan's profile as "one of the 'nice' people to have represented the PAP during its glory days," said Michael Barr, a Singapore politics specialist at Flinders University in Australia.

"The presence of the prime minister's brother in, or at least on the fringes of an opposition party, is a reminder that Prime Minister Lee Hsien Loong is not his father... and that this family is fractured over Lee Kuan Yew's legacy," Barr told AFP.

A Lee Hsien Yang candidacy under the PSP would be a "game changer" as it would "do immense damage to the brand of Lee Hsien Loong's branch of the family".

However, Singapore Management University law lecturer Eugene Tan said Lee Hsien Yang's support for the party is a "double-edged sword" as it could overshadow the PSP's agenda and focus attention on the family feud.

"The vision that Dr. Tan may have will become a sideshow. So it is a card that needs to be played very, very carefully," political analyst Tan told AFP.

The Lee family row centers on allegations made by the premier's siblings that he is seeking to block the demolition of a family bungalow to capitalize on their father's legacy something he has denied.

A new opposition party backed by the estranged brother of Singapore's prime minister was launched Saturday in a fresh challenge to the government as speculation mounts elections could be called soon.

A new opposition party backed by the estranged brother of Singapore's prime minister was launched Saturday in a fresh challenge to the government as speculation mounts elections could be called soon. The Progress Singapore Party (PSP) aiming to contest an election due by 2021 but widely expected earlier is led by Tan Cheng Bock, a medical doctor and former government stalwart who once ran for president and nearly defeated the establishment candidate. The group has received the support of Prime Minister Lee Hsien Loong's brother, the latest sign of a bitter falling out within the city state's first family over their father's legacy. The rare row within Singapore's elite erupted following the 2015 death of the men's father, revered founding leader Lee Kuan Yew, who led the country for three decades. Under his People's Action Party (PAP), Singapore transformed from a gritty port into one of Asia's most advanced economies although authorities also faced criticism for curtailing civil liberties and free speech. Speaking to hundreds of supporters at a hotel ballroom and live on social media, the 79 year old Tan decried what he said was a climate of fear preventing people from speaking up. He also claimed there was an "erosion of trust" between the government and citizens due to lack of transparency, independence, and accountability. Beneath Singapore's gleaming skyscrapers "is an underlying tale of disquiet," he said, adding, "we cannot allow this current style of managing the country to go unchallenged". The group joins a handful of other parties seeking to take on the dominant PAP, but the fractious opposition which has just six out of 89 elected seats in parliament is not viewed as a serious threat. However, backing from the premier's sibling, Lee Hsien Yang could provide a boost to Tan. In January, a 62 year old business executive Lee, who did not attend the PSP launch, said in a Facebook post that Tan was "the leader Singapore deserves". In a separate post, he wrote PAP had lost its way and was no longer the party of his father. During a press conference last week, Tan said he may be willing to take Lee into the party formally. Lee's association with the party can boost Tan's profile as "one of the 'nice' people to have represented the PAP during its glory days," said Michael Barr, a Singapore politics specialist at Flinders University in Australia. "The presence of the prime minister's brother in, or at least on the fringes of an opposition party, is a reminder that Prime Minister Lee Hsien Loong is not his father... and that this family is fractured over Lee Kuan Yew's legacy," Barr told AFP. A Lee Hsien Yang candidacy under the PSP would be a "game changer" as it would "do immense damage to the brand of Lee Hsien Loong's branch of the family". However, Singapore Management University law lecturer Eugene Tan said Lee Hsien Yang's support for the party is a "double-edged sword" as it could overshadow the PSP's agenda and focus attention on the family feud. "The vision that Dr. Tan may have will become a sideshow. So it is a card that needs to be played very, very carefully," political analyst Tan told AFP. The Lee family row centers on allegations made by the premier's siblings that he is seeking to block the demolition of a family bungalow to capitalize on their father's legacy something he has denied.

New Singapore opposition party launched as polls loom

Companies that embed <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/australia-to-lift-veil-on-facebook-google-algorithms-to-protect-privacy-238610&amp;sa=U&amp;ved=2ahUKEwj_1rqzg9rjAhUWE4gKHUrPCC8QFjACegQIDxAC&amp;usg=AOvVaw34VfaQv_ls_AahMaLeR2np">Facebook's</a> "Like" button on their websites allowing users' personal data to be transferred to the US social network can be held liable for collecting the data, Europe's top court said on Monday.

Website plugins are a common feature of online retail as companies seek to promote their products on popular social networks, but critics fear the data transfer may breach privacy laws.

The ruling from the Luxembourg-based Court of Justice of the European Union (ECJ) came after a German consumer body sued German online fashion retailer Fashion ID for breaching personal data protection rules via its use of the button on its site.

A German court subsequently sought guidance. ECJ judges said websites and Facebook share joint responsibility.

Under EU data privacy rules, a data controller determines why personal data must be collected and processed, as well as how, while a data processor only processes personal data on behalf of the controller and is usually a third-party company.

"The operator of a website that features a Facebook 'Like' button can be a controller jointly with Facebook in respect of the collection and transmission to Facebook of the personal data of visitors to its website," the judges said.

The German retailer benefited from a commercial advantage as the 'Like' button made its products more visible on Facebook, the court said, though it noted the company is not liable for how Facebook subsequently processes the data.

Facebook said the ruling sheds clarity on the issue.

"We are carefully reviewing the court's decision and will work closely with our partners to ensure they can continue to benefit from our social plugins and other business tools in full compliance with the law," Jack Gilbert, Facebook's associate general counsel, said in a statement.

The ruling is in line with strict data privacy laws adopted by the 28-country bloc last year, said Nils Rauer, a partner at law firm Pinsent Masons.

"The court was right in assessing whether Fashion ID had an interest in collaborating with Facebook by way of embedding the 'Like' Button," Rauer said, adding plugins will continue to be popular notwithstanding the judgment.

"Personally, I do not think that companies will turn away from embedding 'Like' buttons due to the judgment. Presumably, they will pay more attention to the embedding process, by way of obtaining dedicated data privacy advice," Rauer said.

Companies that embed Facebook's "Like" button on their websites allowing users' personal data to be transferred to the US social network can be held liable for collecting the data, Europe's top court said on Monday.

Companies that embed Facebook's "Like" button on their websites allowing users' personal data to be transferred to the US social network can be held liable for collecting the data, Europe's top court said on Monday. Website plugins are a common feature of online retail as companies seek to promote their products on popular social networks, but critics fear the data transfer may breach privacy laws. The ruling from the Luxembourg-based Court of Justice of the European Union (ECJ) came after a German consumer body sued German online fashion retailer Fashion ID for breaching personal data protection rules via its use of the button on its site. A German court subsequently sought guidance. ECJ judges said websites and Facebook share joint responsibility. Under EU data privacy rules, a data controller determines why personal data must be collected and processed, as well as how, while a data processor only processes personal data on behalf of the controller and is usually a third-party company. "The operator of a website that features a Facebook 'Like' button can be a controller jointly with Facebook in respect of the collection and transmission to Facebook of the personal data of visitors to its website," the judges said. The German retailer benefited from a commercial advantage as the 'Like' button made its products more visible on Facebook, the court said, though it noted the company is not liable for how Facebook subsequently processes the data. Facebook said the ruling sheds clarity on the issue. "We are carefully reviewing the court's decision and will work closely with our partners to ensure they can continue to benefit from our social plugins and other business tools in full compliance with the law," Jack Gilbert, Facebook's associate general counsel, said in a statement. The ruling is in line with strict data privacy laws adopted by the 28-country bloc last year, said Nils Rauer, a partner at law firm Pinsent Masons. "The court was right in assessing whether Fashion ID had an interest in collaborating with Facebook by way of embedding the 'Like' Button," Rauer said, adding plugins will continue to be popular notwithstanding the judgment. "Personally, I do not think that companies will turn away from embedding 'Like' buttons due to the judgment. Presumably, they will pay more attention to the embedding process, by way of obtaining dedicated data privacy advice," Rauer said.

Companies using Facebook 'Like' button liable for data: European Union's top court

Alphabet Inc shares rose about 8 per cent&nbsp;after the company reported quarterly results that eased investors' concerns about growth challenges facing its <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/australia-to-lift-veil-on-facebook-google-algorithms-to-protect-privacy-238610&amp;sa=U&amp;ved=2ahUKEwi795iK0NLjAhVdnI8KHd4yA3EQFjADegQIEBAC&amp;usg=AOvVaw0DjuqZIq45MxG5qQMQLYOz">Google</a> advertising business.

Driven by ad sales, second-quarter revenue and earnings beat analysts' expectations. Also, the world's largest online search and ads firm, unlike No. 2 online ad player <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/facebook-to-create-privacy-panel-pay-5-billion-to-us-to-settle-data-breach-allegations-238141&amp;sa=U&amp;ved=2ahUKEwin3vee0NLjAhUJuY8KHX4XCmoQFjAJegQIABAC&amp;usg=AOvVaw3oWENcDFaT7j5nwu9RI2L3">Facebook Inc</a> a day earlier, offered no worrisome guidance about increasing regulatory scrutiny.

The results helped Alphabet dismiss as a rare blip a $1 billion revenue miss in the first quarter, which had prompted an outburst of investor questions and the biggest one-day sell-off in its shares in about seven years.

In after-hours trade on Thursday, the shares rose to $1,226.60, on track for their biggest single-day increase in four years though still down about 4% from their highs before the April slide.

Alphabet's shares have lagged peers on Wall Street this year, rising about 9 per cent through Thursday's close, compared to a roughly 20% gain for the S&amp;P 500 broadly.

Questions linger about whether privacy, content moderation and antitrust rules proposed or already passed in the United States and other high-revenue countries will slash ad prices. Google also faces an industrywide slowdown in ad sales in the United States and Europe, with revenue from emerging markets not yet picking up the slack.

Google Chief Executive Sundar Pichai told analysts on Thursday that advances in ad targeting and new services for consumers worldwide would spur growth. He said the company had survived calls for regulation before.

"We understand there will be scrutiny," and "we will engage constructively," he said.

WEAKENING CONCERNS

Alphabet, which generates about 85 per cent of its revenue from sales of ad space and ad technology, reported total second-quarter revenue of $38.9 billion. That was up 19% over last year and compared with 17% growth in the first quarter. Analysts on average estimated 16.8% growth and $38.2 billion in revenue, according to IBES data from Refinitiv.

The last time that Alphabet had two consecutive quarters of revenue growth below 20% was three years ago.

Executives said the latest results backed their contention that the performance recently has been affected by currency exchange rates and one-off fluctuations rather than advertiser flight or some deeper challenge to its business.

Alphabet's chief financial officer, Ruth Porat, appeared to dispel other analyst concerns, saying the company has seen "virtually no impact" to revenue from efforts to stop running ads on YouTube videos that some have characterized as extremist or hateful.

Alphabet authorized up to $25 billion in new stock buybacks, aiming to make use of its $121 billion in cash.

Pichai said quarterly revenue from licensing cloud computing services and workplace software jumped to about $2 billion, from its last disclosure of $1 billion at the end of 2017. He said the cloud unit would triple its sales staff over the next few years.

Atlantic Equities analyst James Cordwell told Reuters in an email that the buyback and cloud updates "suggests that management cares about stock performance, which will be a relief to shareholders!"

Net income for the second quarter rose to $9.95 billion, or $14.21 per share, compared with analysts' estimates of $8.02 billion, or $11.32 per share.

Alphabet’s quarterly costs at $29.76 billion were about flat with the same period a year ago. The operating margin was 24%, up from 18% in the first quarter.

Alphabet in its earnings release on Thursday did not mention any government investigations.

Facebook Inc, along with the release of its earnings on Wednesday, said the FTC had informed it last month that it was under antitrust investigation. The social media giant also acknowledged a broad US&nbsp;Department of Justice's antitrust review of large internet companies.

Reuters reported last month that the US&nbsp;Federal Trade Commission was gearing up to investigate Google over complaints of anti-competitive behaviour.

Accusations lodged against Google by rivals and other critics span its advertising, app store, search and other businesses.

On Thursday, the Texas attorney general's office announced that a bipartisan group of state attorneys general is weighing a range of antitrust actions against big tech companies.

Alphabet Inc shares rose about 8 per cent after the company reported quarterly results that eased investors' concerns about growth challenges facing its Google advertising business.

Alphabet Inc shares rose about 8 per cent after the company reported quarterly results that eased investors' concerns about growth challenges facing its Google advertising business. Driven by ad sales, second-quarter revenue and earnings beat analysts' expectations. Also, the world's largest online search and ads firm, unlike No. 2 online ad player Facebook Inc a day earlier, offered no worrisome guidance about increasing regulatory scrutiny. The results helped Alphabet dismiss as a rare blip a $1 billion revenue miss in the first quarter, which had prompted an outburst of investor questions and the biggest one-day sell-off in its shares in about seven years. In after-hours trade on Thursday, the shares rose to $1,226.60, on track for their biggest single-day increase in four years though still down about 4% from their highs before the April slide. Alphabet's shares have lagged peers on Wall Street this year, rising about 9 per cent through Thursday's close, compared to a roughly 20% gain for the S&P 500 broadly. Questions linger about whether privacy, content moderation and antitrust rules proposed or already passed in the United States and other high-revenue countries will slash ad prices. Google also faces an industrywide slowdown in ad sales in the United States and Europe, with revenue from emerging markets not yet picking up the slack. Google Chief Executive Sundar Pichai told analysts on Thursday that advances in ad targeting and new services for consumers worldwide would spur growth. He said the company had survived calls for regulation before. "We understand there will be scrutiny," and "we will engage constructively," he said. WEAKENING CONCERNS Alphabet, which generates about 85 per cent of its revenue from sales of ad space and ad technology, reported total second-quarter revenue of $38.9 billion. That was up 19% over last year and compared with 17% growth in the first quarter. Analysts on average estimated 16.8% growth and $38.2 billion in revenue, according to IBES data from Refinitiv. The last time that Alphabet had two consecutive quarters of revenue growth below 20% was three years ago. Executives said the latest results backed their contention that the performance recently has been affected by currency exchange rates and one-off fluctuations rather than advertiser flight or some deeper challenge to its business. Alphabet's chief financial officer, Ruth Porat, appeared to dispel other analyst concerns, saying the company has seen "virtually no impact" to revenue from efforts to stop running ads on YouTube videos that some have characterized as extremist or hateful. Alphabet authorized up to $25 billion in new stock buybacks, aiming to make use of its $121 billion in cash. Pichai said quarterly revenue from licensing cloud computing services and workplace software jumped to about $2 billion, from its last disclosure of $1 billion at the end of 2017. He said the cloud unit would triple its sales staff over the next few years. Atlantic Equities analyst James Cordwell told Reuters in an email that the buyback and cloud updates "suggests that management cares about stock performance, which will be a relief to shareholders!" Net income for the second quarter rose to $9.95 billion, or $14.21 per share, compared with analysts' estimates of $8.02 billion, or $11.32 per share. Alphabet’s quarterly costs at $29.76 billion were about flat with the same period a year ago. The operating margin was 24%, up from 18% in the first quarter. Alphabet in its earnings release on Thursday did not mention any government investigations. Facebook Inc, along with the release of its earnings on Wednesday, said the FTC had informed it last month that it was under antitrust investigation. The social media giant also acknowledged a broad US Department of Justice's antitrust review of large internet companies. Reuters reported last month that the US Federal Trade Commission was gearing up to investigate Google over complaints of anti-competitive behaviour. Accusations lodged against Google by rivals and other critics span its advertising, app store, search and other businesses. On Thursday, the Texas attorney general's office announced that a bipartisan group of state attorneys general is weighing a range of antitrust actions against big tech companies.

Alphabet's revenue rebounds easing doubts on growth

Australia said it would establish the world's first dedicated office to police <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/facebook-to-create-privacy-panel-pay-5-billion-to-us-to-settle-data-breach-allegations-238141&amp;sa=U&amp;ved=2ahUKEwj36anBpdLjAhXJrY8KHYA-CLwQFjAHegQIAxAC&amp;usg=AOvVaw1s3tXY3k3_9nycsyvVh1Tr">Facebook Inc</a> and <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/big-tech-faces-broad-us-justice-department-antitrust-probe-238042&amp;sa=U&amp;ved=2ahUKEwj36anBpdLjAhXJrY8KHYA-CLwQFjAGegQIBRAC&amp;usg=AOvVaw1uT8BUjqeLr30Z5u6gK1Kq">Google</a>&nbsp;as part of reforms designed to rein in the US technology giants, potentially setting a precedent for global lawmakers.

The move tightens the regulatory screws on the online platforms, which have governments from the United States to Europe scrambling to address concerns ranging from anti-trust issues to the spread of "fake news" and hate speech.

Australian Treasurer Josh Frydenberg said the $5 billion fine slapped on Facebook in the United States this month for privacy breaches showed regulators were now taking such issues extremely seriously.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-facebook-fined-but-does-it-make-a-dent-238501/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"These companies are among the most powerful and valuable in the world," Frydenberg told reporters in Sydney after the release of a much-anticipated report on future regulation of the dominant digital platforms.

"They need to be held to account and their activities need to be more transparent."

Canberra would form a special branch of the Australian Competition and Consumer Commission (ACCC), the antitrust watchdog, to scrutinise how the companies used algorithms to match advertisements with viewers, giving them a stronghold on the main income generator of media operators.

The new office was one of 23 recommendations in the ACCC's report, including strengthening privacy laws, protections for the news media and a code of conduct requiring regulatory approval to govern how internet giants profit from users' content.

Frydenberg said the government intended to "lift the veil" on the closely guarded algorithms the firms use to collect and monetise users' data, and accepted the ACCC's "overriding conclusion that there is a need for reform".

The proposals would be subject to a 12-week public consultation process before the government acts on the report, he added.

Google and Facebook have opposed tighter regulation while traditional media owners, including Rupert Murdoch's News Corp, have backed reform.

News Corp's local executive chairman, Michael Miller, welcomed the "strength of the language and the identification of the problems", and said the publisher would work with the government to ensure "real change".

Facebook and Google said they would engage with the government during the consultation process, but had no comment on the specific recommendations.

The firms have previously rejected the need for tighter regulation and said the ACCC had underestimated the level of competition for online advertising.

ACCC Chairman Rod Sims said the regulator had five investigations of the two companies underway, and "I believe more will follow".

He said he was shocked at the amount of personal data the firms collected, often without users' knowledge.

"There needs to be a lot more transparency and oversight of Google and Facebook and their operations and practices," he said.

Among other recommendations in the report, the ACCC said it wanted privacy law updated to give people the right to erase personal data stored online, aligning Australia with some elements of the European Union's General Data Protection Regulation.

"We cannot leave these issues to be dealt with by commercial entities with substantial reach and market power. It's really up to government and regulators to get up to date and stay up to date in relation to all these issues," Sims said.

While the regulator did not recommend breaking up the tech giants, Sims also did not rule it out.

"If it turns out that ... divestiture is a better approach, then that can always be recommended down the track," he said.

Australia said it would establish the world's first dedicated office to police Facebook Inc and Google as part of reforms designed to rein in the US technology giants, potentially setting a precedent for global lawmakers.

Australia said it would establish the world's first dedicated office to police Facebook Inc and Google as part of reforms designed to rein in the US technology giants, potentially setting a precedent for global lawmakers. The move tightens the regulatory screws on the online platforms, which have governments from the United States to Europe scrambling to address concerns ranging from anti-trust issues to the spread of "fake news" and hate speech. Australian Treasurer Josh Frydenberg said the $5 billion fine slapped on Facebook in the United States this month for privacy breaches showed regulators were now taking such issues extremely seriously. Watch Video: "These companies are among the most powerful and valuable in the world," Frydenberg told reporters in Sydney after the release of a much-anticipated report on future regulation of the dominant digital platforms. "They need to be held to account and their activities need to be more transparent." Canberra would form a special branch of the Australian Competition and Consumer Commission (ACCC), the antitrust watchdog, to scrutinise how the companies used algorithms to match advertisements with viewers, giving them a stronghold on the main income generator of media operators. The new office was one of 23 recommendations in the ACCC's report, including strengthening privacy laws, protections for the news media and a code of conduct requiring regulatory approval to govern how internet giants profit from users' content. Frydenberg said the government intended to "lift the veil" on the closely guarded algorithms the firms use to collect and monetise users' data, and accepted the ACCC's "overriding conclusion that there is a need for reform". The proposals would be subject to a 12-week public consultation process before the government acts on the report, he added. Google and Facebook have opposed tighter regulation while traditional media owners, including Rupert Murdoch's News Corp, have backed reform. News Corp's local executive chairman, Michael Miller, welcomed the "strength of the language and the identification of the problems", and said the publisher would work with the government to ensure "real change". Facebook and Google said they would engage with the government during the consultation process, but had no comment on the specific recommendations. The firms have previously rejected the need for tighter regulation and said the ACCC had underestimated the level of competition for online advertising. ACCC Chairman Rod Sims said the regulator had five investigations of the two companies underway, and "I believe more will follow". He said he was shocked at the amount of personal data the firms collected, often without users' knowledge. "There needs to be a lot more transparency and oversight of Google and Facebook and their operations and practices," he said. Among other recommendations in the report, the ACCC said it wanted privacy law updated to give people the right to erase personal data stored online, aligning Australia with some elements of the European Union's General Data Protection Regulation. "We cannot leave these issues to be dealt with by commercial entities with substantial reach and market power. It's really up to government and regulators to get up to date and stay up to date in relation to all these issues," Sims said. While the regulator did not recommend breaking up the tech giants, Sims also did not rule it out. "If it turns out that ... divestiture is a better approach, then that can always be recommended down the track," he said.

Now, Australia to 'lift veil' on Facebook, Google algorithms to protect privacy

The US Justice Department said on Tuesday it was opening a broad investigation of major digital technology firms into whether they engage in anti-competitive practices, the strongest sign the Trump administration is stepping up its scrutiny of Big Tech.

The review will look into "whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition, stifled innovation, or otherwise harmed consumers," the Justice Department said in a statement.

The Justice Department did not identify specific companies but said the review would consider concerns raised about "search, social media, and some retail services online" -- an apparent reference to Alphabet Inc, Amazon.com Inc and Facebook Inc, and potentially Apple Inc.

A Justice Department spokesman declined to provide a list of companies that would be scrutinized.

Google and Apple declined to comment, referring to prior statements by executives, while Facebook and Amazon did not immediately comment.

Facebook fell 1.7% in after-hours trading, while Alphabet fell 1%, Amazon was down 1.2% and Apple was 0.4% lower.

The announcement comes a day before the Federal Trade Commission is set to announce a $5 billion penalty to Facebook for failing to properly protect user privacy.

Senator Richard Blumenthal, a Democrat, said the Justice Department "must now be bold and fearless in stopping Big Tech’s misuse of its monopolistic power. Too long absent and apathetic, enforcers now must prevent privacy abuse, anti-competitive tactics, innovation roadblocks, and other hallmarks of excessive market power."

In June, Reuters reported the Trump administration was gearing up to investigate whether Amazon, Apple, Facebook and Alphabet's Google misuse their massive market power, setting up what could be an unprecedented, wide-ranging probe of some of the world’s largest companies.

A person briefed on the matter said the Justice review may also include some state attorneys general.

The Justice Department said the review "is to assess the competitive conditions in the online marketplace in an objective and fair-minded manner and to ensure Americans have access to free markets in which companies compete on the merits to provide services that users want."

Reuters reported on May 31 that the Justice Department was preparing an investigation of Google to determine whether the tech giant broke antitrust law.

Democrats and Republicans on Capitol Hill alike are expressing growing concerns about the size of the largest tech firms and their market power. Democratic presidential candidate Elizabeth Warren has called for breaking up companies like Amazon, Apple, Google and Facebook and unwinding prior acquisitions.

Last week, the House Judiciary Committee’s antitrust panel pressed executives from the four firms about their competitive practices and noted that Google, Facebook, Amazon had a rising share of key markets.

The US Justice Department said on Tuesday it was opening a broad investigation of major digital technology firms into whether they engage in anti-competitive practices, the strongest sign the Trump administration is stepping up its scrutiny of Big Tech.

The US Justice Department said on Tuesday it was opening a broad investigation of major digital technology firms into whether they engage in anti-competitive practices, the strongest sign the Trump administration is stepping up its scrutiny of Big Tech. The review will look into "whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition, stifled innovation, or otherwise harmed consumers," the Justice Department said in a statement. The Justice Department did not identify specific companies but said the review would consider concerns raised about "search, social media, and some retail services online" -- an apparent reference to Alphabet Inc, Amazon.com Inc and Facebook Inc, and potentially Apple Inc. A Justice Department spokesman declined to provide a list of companies that would be scrutinized. Google and Apple declined to comment, referring to prior statements by executives, while Facebook and Amazon did not immediately comment. Facebook fell 1.7% in after-hours trading, while Alphabet fell 1%, Amazon was down 1.2% and Apple was 0.4% lower. The announcement comes a day before the Federal Trade Commission is set to announce a $5 billion penalty to Facebook for failing to properly protect user privacy. Senator Richard Blumenthal, a Democrat, said the Justice Department "must now be bold and fearless in stopping Big Tech’s misuse of its monopolistic power. Too long absent and apathetic, enforcers now must prevent privacy abuse, anti-competitive tactics, innovation roadblocks, and other hallmarks of excessive market power." In June, Reuters reported the Trump administration was gearing up to investigate whether Amazon, Apple, Facebook and Alphabet's Google misuse their massive market power, setting up what could be an unprecedented, wide-ranging probe of some of the world’s largest companies. A person briefed on the matter said the Justice review may also include some state attorneys general. The Justice Department said the review "is to assess the competitive conditions in the online marketplace in an objective and fair-minded manner and to ensure Americans have access to free markets in which companies compete on the merits to provide services that users want." Reuters reported on May 31 that the Justice Department was preparing an investigation of Google to determine whether the tech giant broke antitrust law. Democrats and Republicans on Capitol Hill alike are expressing growing concerns about the size of the largest tech firms and their market power. Democratic presidential candidate Elizabeth Warren has called for breaking up companies like Amazon, Apple, Google and Facebook and unwinding prior acquisitions. Last week, the House Judiciary Committee’s antitrust panel pressed executives from the four firms about their competitive practices and noted that Google, Facebook, Amazon had a rising share of key markets.

Big Tech faces broad US Justice Department antitrust probe

The US government today imposed $5 billion fine on <a href="https://www.wionews.com/world/facebook-should-not-be-trusted-with-crazy-cryptocurrency-plan-us-senators-236538">Facebook </a>as part of its privacy probe.

Despite repeated promises to its billions of users worldwide that they could control how their personal information is shared, Facebook undermined consumers' choices," FTC chairman Joe Simons said in a statement.

The Federal Trade Commission said the penalty was the largest ever imposed on any company for violating consumers' privacy and one of the largest penalties ever assessed by the US government for any violation.

The FTC asked the social network company to&nbsp;"submit to new restrictions and a modified corporate structure."

The FTC voted 3-2 along party lines to adopt the settlement, which requires court approval.

The probe focused on whether <a href="https://www.wionews.com/world/in-a-world-first-facebook-to-give-data-on-hate-speech-suspects-to-french-courts-230477">Facebook's data-sharing </a>violated a 2011 consent agreement between Facebook and the regulator which then widened to include other privacy allegations.

Facebook faces further scrutiny including anti-trust probes.&nbsp;

The FTC said Zuckerberg or others filing a false certification could face civil and criminal penalties.

Facebook&nbsp;also is barred from asking for email passwords to other services when consumers sign up.

Facebook&nbsp;is barred from using telephone numbers obtained in a security feature, like two-factor authentication, for advertising and must get user consent if it plans to use data from facial recognition technology.

Facebook is set to report earnings on Wednesday with experts keen to watch its share prices today.

The US government today imposed $5 billion fine on Facebook as part of its privacy probe. Despite repeated promises to its billions of users worldwide that they could control how their personal information is shared, Facebook undermined consumers' choices," FTC chairman Joe Simons said in a statement.

The US government today imposed $5 billion fine on Facebook as part of its privacy probe. Despite repeated promises to its billions of users worldwide that they could control how their personal information is shared, Facebook undermined consumers' choices," FTC chairman Joe Simons said in a statement. The Federal Trade Commission said the penalty was the largest ever imposed on any company for violating consumers' privacy and one of the largest penalties ever assessed by the US government for any violation. The FTC asked the social network company to "submit to new restrictions and a modified corporate structure." The FTC voted 3-2 along party lines to adopt the settlement, which requires court approval. The probe focused on whether Facebook's data-sharing violated a 2011 consent agreement between Facebook and the regulator which then widened to include other privacy allegations. Facebook faces further scrutiny including anti-trust probes. The FTC said Zuckerberg or others filing a false certification could face civil and criminal penalties. Facebook also is barred from asking for email passwords to other services when consumers sign up. Facebook is barred from using telephone numbers obtained in a security feature, like two-factor authentication, for advertising and must get user consent if it plans to use data from facial recognition technology. Facebook is set to report earnings on Wednesday with experts keen to watch its share prices today.

US regulator imposes $5 billion fine on Facebook over privacy probe

Fraudsters are out to cash in on interest in <a href="https://www.wionews.com/world/us-lamakers-propose-barring-big-tech-companies-from-offering-financial-services-digital-currencies-236125">Facebook-backed digital currency Libra</a>, hawking bogus buying opportunities at online venues including the social network itself.

Libra is to launch next year, overseen by an association based in Europe, but as with other hot topics it has been seized on by nefarious characters intent on tricking people with false accounts, pages, and information.

Fake Libra opportunities or offerings have popped up on Facebook's main social network and its image-centric online community Instagram, &nbsp;according to a report Monday in the Washington Post.

Several Libra-themed deceptive accounts were removed from the Facebook platform after the California-based company was alerted by the Post, according to the publication.

Some of the fake accounts used the official Facebook logo and photos of <a href="https://www.wionews.com/world/if-facebooks-libra-wants-to-become-a-bank-it-must-must-seek-new-banking-charter-trump-235162">chief executive Mark Zuckerberg</a>.&nbsp;

"<a href="https://www.wionews.com/world/facebook-needs-very-high-standard-for-libra-coin-us-treasury-steven-mnuchin-236268">Facebook</a> removes ads and Pages that violate our policies when we become aware of them, and we are constantly working to improve detection of scams on our platforms," the internet titan said in response to an AFP inquiry.

The Libra Association was reported to be working with Facebook to get deceptive pages about the currency deleted.

Criminals routinely seize on hot topics to try to dupe people online, from natural disasters and major tragedies to celebrity news.

A buylibracoins.com website accessible Monday offered a fake chance to buy the digital currency, encouraging potential victims to share contact details of friends in a referral program.

Fraudsters were said to be set also hunting for victims at other online venues such as Twitter and YouTube.

Financial upheaval

The rise of fake Libra offerings comes as Facebook tries to dispel worries and build trust in what it hopes will be a global currency that gives life-changing financial tools to people around the world.

G7 finance ministers and central bankers last week dealt a blow to Facebook's planned new cryptocurrency Libra, issuing a barrage of warnings about its dangers for the global economy at a two-day meeting outside Paris.

Facebook in June unveiled its plans for Libra in an announcement greeted with concern by governments and critics of the social network behemoth, whose reputation has already been tarnished by its role in spreading fake information and extremist videos.

Ministers from the Group of Seven (G7) major global economies "agreed that projects such as Libra may affect monetary sovereignty and the functioning of the international monetary system," France, the current G7 chair, said in a statement.

It said projects like Libra with a "global and potentially systemic footprint... raise serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented."

US Treasury Secretary Steven Mnuchin said his concerns about Libra and other cryptocurrencies which he had made clear in White House news conference this month were shared by G7 counterparts.

Libra is widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies.

Fraudsters are out to cash in on interest in Facebook-backed digital currency Libra, hawking bogus buying opportunities at online venues including the social network itself.

Fraudsters are out to cash in on interest in Facebook-backed digital currency Libra, hawking bogus buying opportunities at online venues including the social network itself. Libra is to launch next year, overseen by an association based in Europe, but as with other hot topics it has been seized on by nefarious characters intent on tricking people with false accounts, pages, and information. Fake Libra opportunities or offerings have popped up on Facebook's main social network and its image-centric online community Instagram, according to a report Monday in the Washington Post. Several Libra-themed deceptive accounts were removed from the Facebook platform after the California-based company was alerted by the Post, according to the publication. Some of the fake accounts used the official Facebook logo and photos of chief executive Mark Zuckerberg. "Facebook removes ads and Pages that violate our policies when we become aware of them, and we are constantly working to improve detection of scams on our platforms," the internet titan said in response to an AFP inquiry. The Libra Association was reported to be working with Facebook to get deceptive pages about the currency deleted. Criminals routinely seize on hot topics to try to dupe people online, from natural disasters and major tragedies to celebrity news. A buylibracoins.com website accessible Monday offered a fake chance to buy the digital currency, encouraging potential victims to share contact details of friends in a referral program. Fraudsters were said to be set also hunting for victims at other online venues such as Twitter and YouTube. Financial upheaval The rise of fake Libra offerings comes as Facebook tries to dispel worries and build trust in what it hopes will be a global currency that gives life-changing financial tools to people around the world. G7 finance ministers and central bankers last week dealt a blow to Facebook's planned new cryptocurrency Libra, issuing a barrage of warnings about its dangers for the global economy at a two-day meeting outside Paris. Facebook in June unveiled its plans for Libra in an announcement greeted with concern by governments and critics of the social network behemoth, whose reputation has already been tarnished by its role in spreading fake information and extremist videos. Ministers from the Group of Seven (G7) major global economies "agreed that projects such as Libra may affect monetary sovereignty and the functioning of the international monetary system," France, the current G7 chair, said in a statement. It said projects like Libra with a "global and potentially systemic footprint... raise serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented." US Treasury Secretary Steven Mnuchin said his concerns about Libra and other cryptocurrencies which he had made clear in White House news conference this month were shared by G7 counterparts. Libra is widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies.

Fraudsters exploit interest in Libra digital currency

The G7 group of the world's most developed economies are worried about Facebook's planned <a href="https://www.wionews.com/world/us-lawmakers-question-facebook-over-plans-on-libra-cryptocurrency-236514">Libra cryptocurrency</a> and have a shared consensus about the need to act quickly, a French official said Wednesday.

Facebook last month unveiled <a href="https://www.wionews.com/world/facebook-needs-very-high-standard-for-libra-coin-us-treasury-steven-mnuchin-236268">its plans for Libra</a> in an announcement greeted with concern by governments and critics of the social network behemoth around the world.

The issue was at the forefront of the minds of ministers and central bankers from the G7 group of most developed economies as they kicked off a two-day meeting in Chantilly outside Paris on Wednesday.

"On Libra, we had a very constructive and detailed discussion with a very large and shared consensus on the need for action," said the official, who asked not to be named.

"Concerns (were) expressed by all the participants about the current situation and the need to act quickly."

The finance ministers of France and Germany had earlier expressed serious reservations about Facebook's plans because of Libra's possible impact on global financial stability.

"The G7 finance ministers and central bankers who are here have serious concerns," said German Finance Minister Olaf Scholz.

"They want to be sure that all existing regulations are adhered to, and if they should be changed in the future, so that we can guarantee the stability of the international financial system," he added.

"We are talking about currency stability, security, data protection and democratic control," he added.

French Finance Minister Bruno Le Maire, who has warned about Libra repeatedly since the launch announcement, said "the conditions are not yet in place today for Libra to be introduced."

He said he hoped the G7 would consider the necessity of a "framework or a regulation" and also "what would be the conditions that would make such an instrument feasible."

"Today, we cannot accept that an exchange instrument comes into being when it does not respect any of the precautionary rules that all sovereign currencies are required to abide by."

Their comments echoed warnings issued on Monday by US Treasury Secretary Steven Mnuchin, who was also present at the meeting.

Mnuchin said Facebook must meet "a very high standard" before it moves ahead with Libra, adding that US regulators have already expressed concerns to the company.

He said that these kinds of virtual currencies have in the past been associated with money laundering and illicit activities.

"Whether they're banks or non-banks, they're under the same regulatory environment," Mnuchin told reporters at the White House.

Libra is widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies. 
&nbsp;

The G7 group of the world's most developed economies are worried about Facebook's planned Libra cryptocurrency and have a shared consensus about the need to act quickly, a French official said Wednesday.

The G7 group of the world's most developed economies are worried about Facebook's planned Libra cryptocurrency and have a shared consensus about the need to act quickly, a French official said Wednesday. Facebook last month unveiled its plans for Libra in an announcement greeted with concern by governments and critics of the social network behemoth around the world. The issue was at the forefront of the minds of ministers and central bankers from the G7 group of most developed economies as they kicked off a two-day meeting in Chantilly outside Paris on Wednesday. "On Libra, we had a very constructive and detailed discussion with a very large and shared consensus on the need for action," said the official, who asked not to be named. "Concerns (were) expressed by all the participants about the current situation and the need to act quickly." The finance ministers of France and Germany had earlier expressed serious reservations about Facebook's plans because of Libra's possible impact on global financial stability. "The G7 finance ministers and central bankers who are here have serious concerns," said German Finance Minister Olaf Scholz. "They want to be sure that all existing regulations are adhered to, and if they should be changed in the future, so that we can guarantee the stability of the international financial system," he added. "We are talking about currency stability, security, data protection and democratic control," he added. French Finance Minister Bruno Le Maire, who has warned about Libra repeatedly since the launch announcement, said "the conditions are not yet in place today for Libra to be introduced." He said he hoped the G7 would consider the necessity of a "framework or a regulation" and also "what would be the conditions that would make such an instrument feasible." "Today, we cannot accept that an exchange instrument comes into being when it does not respect any of the precautionary rules that all sovereign currencies are required to abide by." Their comments echoed warnings issued on Monday by US Treasury Secretary Steven Mnuchin, who was also present at the meeting. Mnuchin said Facebook must meet "a very high standard" before it moves ahead with Libra, adding that US regulators have already expressed concerns to the company. He said that these kinds of virtual currencies have in the past been associated with money laundering and illicit activities. "Whether they're banks or non-banks, they're under the same regulatory environment," Mnuchin told reporters at the White House. Libra is widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies.

G7 worried over Facebook's Libra cryptocurrency: French official

Democratic and Republican lawmakers said on Tuesday that Facebook Inc's track record of what they described as untrustworthiness should stand in the way of it launching a digital currency, labelling the plan "delusional" and "crazy" at a Senate hearing.

Facebook is fighting to get Washington onside after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch a cryptocurrency called Libra in 2020.

Since then the social media company has faced criticism from policymakers and financial watchdogs at home and abroad who fear widespread adoption of the digital currency by Facebook's 2.38 billion users could upend the financial system.

"Facebook has demonstrated through scandal after scandal that it doesn't deserve our trust," Democratic senator Sherrod Brown, the ranking member of the Senate Banking Committee, said in his opening remarks. "We'd be crazy to give them a chance to let them experiment with people's bank accounts."

Brown added during questioning that he thought it was "delusional" to think individuals would trust the social media company with their "hard-earned" money.

Before announcing its Libra plans, Facebook was already facing a backlash over mishandling user data and not doing enough to prevent Russian interference in the 2016 U.S. presidential election.

David Marcus, the company's top executive overseeing the project, testified on issues ranging from how Libra could affect global monetary policy to how customer data will be handled.

He received a frosty welcome from Democratic lawmakers and several Republicans, who shared many of the same concerns.

"I don't trust you guys," said Republican Senator Martha McSally. "Instead of cleaning up your house you are launching into a new business model."

Marcus, who was president of PayPal from 2012 to 2014, tried to assuage concerns by promising that Facebook will not begin offering Libra until regulatory issues are addressed. "We know we need to take the time to get this right," Marcus, who is also due to testify before the House Financial Services Committee on Wednesday, told lawmakers.

Lawmakers raised a range of concerns, including about how the company plans to prevent money laundering, how consumers' data and funds will be protected and how the Geneva-based association created to run the system will be regulated.

"I know we have to earn people's trust for a very long period of time," Marcus said when asked whether consumers could trust Facebook not to share their payment information.

The social media company has pledged that its payments subsidiary called Calibra will only share customer data with Facebook and external third parties if it has consent, or in "limited cases," where it is necessary.

Under wraps

Critics have expressed anger that the company would advance such a potentially groundbreaking project so far without extensive input from policymakers, especially when the company was already in the spotlight over privacy issues.

Facebook allocated a small fraction of its vast workforce to work on the project, Kevin Weil, who runs product for the Libra initiative, told Reuters on June 18.

One former employee told Reuters the company tried to keep the project under wraps even internally. Staff who were not involved knew little about it, not even that it was operating under the name Libra.

In the weeks leading up to the announcement, the company began reaching out formally to key regulators including the Federal Reserve, the Treasury and the Commodity Futures Trading Commission. But two people with knowledge of the discussions said the conversations remained vague, with key details of the project discussed only on a theoretical level.

On Tuesday, US Securities and Exchange Commission chair Jay Clayton told Reuters on the sidelines of a Washington event that he had not discussed the Libra project with Facebook since its announcement but would welcome more information.

Some lawmakers have been frustrated by the lack of clarity from Facebook before and since June 18, three congressional sources said. One Democratic aide described the company's contacts with lawmakers as "inept and entitled." Facebook has said that it announced the project in its early stages to get feedback from stakeholders, a point Marcus reiterated at the hearing on Tuesday.

Democratic and Republican lawmakers said on Tuesday that Facebook Inc's track record of what they described as untrustworthiness should stand in the way of it launching a digital currency, labelling the plan "delusional" and "crazy" at a Senate hearing.

Democratic and Republican lawmakers said on Tuesday that Facebook Inc's track record of what they described as untrustworthiness should stand in the way of it launching a digital currency, labelling the plan "delusional" and "crazy" at a Senate hearing. Facebook is fighting to get Washington onside after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch a cryptocurrency called Libra in 2020. Since then the social media company has faced criticism from policymakers and financial watchdogs at home and abroad who fear widespread adoption of the digital currency by Facebook's 2.38 billion users could upend the financial system. "Facebook has demonstrated through scandal after scandal that it doesn't deserve our trust," Democratic senator Sherrod Brown, the ranking member of the Senate Banking Committee, said in his opening remarks. "We'd be crazy to give them a chance to let them experiment with people's bank accounts." Brown added during questioning that he thought it was "delusional" to think individuals would trust the social media company with their "hard-earned" money. Before announcing its Libra plans, Facebook was already facing a backlash over mishandling user data and not doing enough to prevent Russian interference in the 2016 U.S. presidential election. David Marcus, the company's top executive overseeing the project, testified on issues ranging from how Libra could affect global monetary policy to how customer data will be handled. He received a frosty welcome from Democratic lawmakers and several Republicans, who shared many of the same concerns. "I don't trust you guys," said Republican Senator Martha McSally. "Instead of cleaning up your house you are launching into a new business model." Marcus, who was president of PayPal from 2012 to 2014, tried to assuage concerns by promising that Facebook will not begin offering Libra until regulatory issues are addressed. "We know we need to take the time to get this right," Marcus, who is also due to testify before the House Financial Services Committee on Wednesday, told lawmakers. Lawmakers raised a range of concerns, including about how the company plans to prevent money laundering, how consumers' data and funds will be protected and how the Geneva-based association created to run the system will be regulated. "I know we have to earn people's trust for a very long period of time," Marcus said when asked whether consumers could trust Facebook not to share their payment information. The social media company has pledged that its payments subsidiary called Calibra will only share customer data with Facebook and external third parties if it has consent, or in "limited cases," where it is necessary. Under wraps Critics have expressed anger that the company would advance such a potentially groundbreaking project so far without extensive input from policymakers, especially when the company was already in the spotlight over privacy issues. Facebook allocated a small fraction of its vast workforce to work on the project, Kevin Weil, who runs product for the Libra initiative, told Reuters on June 18. One former employee told Reuters the company tried to keep the project under wraps even internally. Staff who were not involved knew little about it, not even that it was operating under the name Libra. In the weeks leading up to the announcement, the company began reaching out formally to key regulators including the Federal Reserve, the Treasury and the Commodity Futures Trading Commission. But two people with knowledge of the discussions said the conversations remained vague, with key details of the project discussed only on a theoretical level. On Tuesday, US Securities and Exchange Commission chair Jay Clayton told Reuters on the sidelines of a Washington event that he had not discussed the Libra project with Facebook since its announcement but would welcome more information. Some lawmakers have been frustrated by the lack of clarity from Facebook before and since June 18, three congressional sources said. One Democratic aide described the company's contacts with lawmakers as "inept and entitled." Facebook has said that it announced the project in its early stages to get feedback from stakeholders, a point Marcus reiterated at the hearing on Tuesday.

Facebook should not be trusted with 'crazy' cryptocurrency plan: US senators

Facebook Inc is "delusional" to believe people will trust it with their money, a US Senator said on Tuesday as lawmakers from both sides of the aisle questioned the social media company on its <a href="https://www.wionews.com/world/facebook-needs-very-high-standard-for-libra-coin-us-treasury-steven-mnuchin-236268">plans for a digital currency</a> at a hearing on Tuesday.

Facebook is fighting to get Washington onside after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch a new digital<a href="https://www.wionews.com/world/if-facebooks-libra-wants-to-become-a-bank-it-must-must-seek-new-banking-charter-trump-235162"> coin called Libra in 2020</a>.

Since then it has faced criticism from policymakers and financial watchdogs at home and abroad who fear widespread adoption of the digital currency by the social media giant's 2.38 billion users could upend the financial system.

"Facebook has demonstrated through scandal after scandal that it doesn't deserve our trust," Democratic senator Sherrod Brown, the ranking member of the Senate Banking Committee, said in his opening remarks. "We'd be crazy to give them a chance to let them experiment with people's bank accounts."

Brown added during questioning that he thought it was "delusional" to think individuals would trust the social media company with their "hard-earned" money.

The Senate Banking Committee is questioning David Marcus, the company's top executive overseeing the project, on issues ranging from how Libra could affect global monetary policy to how customer data will be handled.

Marcus, who was president of PayPal from 2012 to 2014, tried to assuage concerns in his opening remarks by promising that Facebook will not begin offering Libra until regulatory issues are addressed.&nbsp;

"We know we need to take the time to get this right," Marcus, who is also due to testify before the House Financial Services Committee on Wednesday, said. Marcus received a frosty welcome from Democratic lawmakers who already believe the company is too large and careless with consumer data.

Concerns raised through questions included how the company plans to prevent money laundering through the new payment system, how consumers' data and funds will be protected and how the Geneva-based association created to run the system will be regulated.

Republicans shared some of these worries, but appeared less hostile, even after US President Donald Trump and Treasury Secretary Steven Mnuchin voiced concerns over the past few days.

"They're going to have to convince us of very high standards before they have access to the US financial system," Mnuchin said on Monday.

Critics have expressed anger that the company would have got so far in its plans for such a potentially groundbreaking project without extensive input from policymakers, especially when it is already in the spotlight over privacy issues.

For example, the top Republican and Democrat on the Senate Banking Committee sent Facebook a letter on May 9 seeking information, including how the company would protect consumers' financial information. But Facebook did not write back until July 8, the committee said.

One Democratic aide described the company's contacts with lawmakers as "inept and entitled."

In its defence, Facebook has said that it announced the project in its early stages to get feedback from stakeholders. Marcus reiterated this at the hearing on Tuesday.

Facebook Inc is "delusional" to believe people will trust it with their money, a US Senator said on Tuesday as lawmakers from both sides of the aisle questioned the social media company on its plans for a digital currency at a hearing on Tuesday.

Facebook Inc is "delusional" to believe people will trust it with their money, a US Senator said on Tuesday as lawmakers from both sides of the aisle questioned the social media company on its plans for a digital currency at a hearing on Tuesday. Facebook is fighting to get Washington onside after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch a new digital coin called Libra in 2020. Since then it has faced criticism from policymakers and financial watchdogs at home and abroad who fear widespread adoption of the digital currency by the social media giant's 2.38 billion users could upend the financial system. "Facebook has demonstrated through scandal after scandal that it doesn't deserve our trust," Democratic senator Sherrod Brown, the ranking member of the Senate Banking Committee, said in his opening remarks. "We'd be crazy to give them a chance to let them experiment with people's bank accounts." Brown added during questioning that he thought it was "delusional" to think individuals would trust the social media company with their "hard-earned" money. The Senate Banking Committee is questioning David Marcus, the company's top executive overseeing the project, on issues ranging from how Libra could affect global monetary policy to how customer data will be handled. Marcus, who was president of PayPal from 2012 to 2014, tried to assuage concerns in his opening remarks by promising that Facebook will not begin offering Libra until regulatory issues are addressed. "We know we need to take the time to get this right," Marcus, who is also due to testify before the House Financial Services Committee on Wednesday, said. Marcus received a frosty welcome from Democratic lawmakers who already believe the company is too large and careless with consumer data. Concerns raised through questions included how the company plans to prevent money laundering through the new payment system, how consumers' data and funds will be protected and how the Geneva-based association created to run the system will be regulated. Republicans shared some of these worries, but appeared less hostile, even after US President Donald Trump and Treasury Secretary Steven Mnuchin voiced concerns over the past few days. "They're going to have to convince us of very high standards before they have access to the US financial system," Mnuchin said on Monday. Critics have expressed anger that the company would have got so far in its plans for such a potentially groundbreaking project without extensive input from policymakers, especially when it is already in the spotlight over privacy issues. For example, the top Republican and Democrat on the Senate Banking Committee sent Facebook a letter on May 9 seeking information, including how the company would protect consumers' financial information. But Facebook did not write back until July 8, the committee said. One Democratic aide described the company's contacts with lawmakers as "inept and entitled." In its defence, Facebook has said that it announced the project in its early stages to get feedback from stakeholders. Marcus reiterated this at the hearing on Tuesday.

US lawmakers question Facebook over plans on Libra cryptocurrency

A proposal to prevent big technology companies from functioning as financial institutions or <a href="https://www.wionews.com/world/facebooks-libra-currency-under-fire-235697">issuing digital currencies </a>has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation.

In a sign of widening scrutiny after<a href="https://www.wionews.com/world/if-facebooks-libra-wants-to-become-a-bank-it-must-must-seek-new-banking-charter-trump-235162"> Facebook Inc's proposed Libra digital </a>coin aroused widespread objection, the bill proposes a fine of $1 million per day for violation of such rules.

Such a sweeping proposal would likely spark opposition from Republican members of the house who are keen on innovation, and would likely struggle to gather enough votes to pass the lower chamber.

Even if it were to pass the full house, it would still have to pass the Senate which would also likely be an uphill struggle.

Nevertheless, the draft proposal sends a strong message to large tech firms increasingly eyeing the financial services space.

The draft legislation, "Keep Big Tech Out Of Finance Act", describes a large technology firm as a company mainly offering an online platform service with at least $25 billion in annual revenue.

"A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System," it proposes.

Facebook, which would qualify to be such an entity, said last month it would launch its global cryptocurrency in 2020.

Facebook and 28 partners, including Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc, would form the Libra Association to govern the new coin. No banks are currently part of the group.

Last week, US President Trump criticised Libra and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank."

His comments came after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability.

A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation.

A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation. In a sign of widening scrutiny after Facebook Inc's proposed Libra digital coin aroused widespread objection, the bill proposes a fine of $1 million per day for violation of such rules. Such a sweeping proposal would likely spark opposition from Republican members of the house who are keen on innovation, and would likely struggle to gather enough votes to pass the lower chamber. Even if it were to pass the full house, it would still have to pass the Senate which would also likely be an uphill struggle. Nevertheless, the draft proposal sends a strong message to large tech firms increasingly eyeing the financial services space. The draft legislation, "Keep Big Tech Out Of Finance Act", describes a large technology firm as a company mainly offering an online platform service with at least $25 billion in annual revenue. "A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System," it proposes. Facebook, which would qualify to be such an entity, said last month it would launch its global cryptocurrency in 2020. Facebook and 28 partners, including Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc, would form the Libra Association to govern the new coin. No banks are currently part of the group. Last week, US President Trump criticised Libra and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank." His comments came after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability.

US lawmakers propose barring big tech companies from offering financial services, digital currencies

US President Donald Trump on Thursday criticised <a href="https://www.wionews.com/india-news/india-us-trade-talks-to-restart-friday-amid-few-signs-of-compromise-234949">Bitcoin, Facebook's proposed</a> Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank."

"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," Trump wrote on Twitter.

<div class="ui-state-default" contenteditable="false">
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I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1149472282584072192?ref_src=twsrc%5Etfw">July 12, 2019</a></blockquote>
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"If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International," he added.

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....Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National...
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1149472284702208000?ref_src=twsrc%5Etfw">July 12, 2019</a></blockquote>
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Trump's comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra cannot move forward unless it addresses concerns over privacy, money laundering, consumer protection and financial stability.

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...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1149472285905940480?ref_src=twsrc%5Etfw">July 12, 2019</a></blockquote>
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Powell said the Fed has established a working group to follow the project and is coordinating with other government's central banks. The US Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is also expected to make a review.

Hours earlier on Thursday, Trump criticised large technology companies at an event at the White House, who he said treated conservative voices unfairly.

The Internet Association, a trade group representing major tech firms like Facebook, Twitter and Google, said, "Internet companies are not biased against any political ideology, and conservative voices in particular have used social media to great effect." 
&nbsp;

US President Donald Trump on Thursday criticised Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank.

US President Donald Trump on Thursday criticised Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank." "I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," Trump wrote on Twitter. I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.... — Donald J. Trump (@realDonaldTrump) July 12, 2019 × "If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International," he added. ....Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National... — Donald J. Trump (@realDonaldTrump) July 12, 2019 × Trump's comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra cannot move forward unless it addresses concerns over privacy, money laundering, consumer protection and financial stability. ...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar! — Donald J. Trump (@realDonaldTrump) July 12, 2019 × Powell said the Fed has established a working group to follow the project and is coordinating with other government's central banks. The US Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is also expected to make a review. Hours earlier on Thursday, Trump criticised large technology companies at an event at the White House, who he said treated conservative voices unfairly. The Internet Association, a trade group representing major tech firms like Facebook, Twitter and Google, said, "Internet companies are not biased against any political ideology, and conservative voices in particular have used social media to great effect."

If Facebook's Libra wants to become a bank, it must seek new banking charter: Trump

The French parliament on Thursday passed a law taxing internet giants including Apple and Google in&nbsp;defiance of a probe ordered by President Donald Trump that could trigger reprisal tariffs.&nbsp;

The move has reportedly&nbsp;angered the United States and prompted Washington to open an investigation, reported news agency AFP.

The legislation -- dubbed the GAFA tax -- an acronym for Google, Apple, Facebook and Amazon -- was passed by a simple show of hands in the Senate after previously being passed by the National Assembly lower chamber, the report added.

But the French move drew an angry response from Trump even before the legislation was passed, with the president ordering an investigation that the French economy minister said was unprecedented in the history of French-US relations.&nbsp;

The law will levy a 3.0 per cent tax on total annual revenues of the largest tech firms providing services to French consumers.

"The United States is very concerned that the digital services tax which is expected to pass the French Senate tomorrow unfairly targets American companies," US Trade Representative Robert Lighthizer said in a statement.

But French Economy Minister Bruno Le Maire France rejected the US reaction on Thursday, saying "threats" were not the way to resolve such disputes.

France says the US was unfairly targeting its companies.&nbsp;

(With AFP inputs)

The French parliament on Thursday passed a law taxing internet giants including Apple and Google in defiance of a probe ordered by President Donald Trump that could trigger reprisal tariffs.

The French parliament on Thursday passed a law taxing internet giants including Apple and Google in defiance of a probe ordered by President Donald Trump that could trigger reprisal tariffs. The move has reportedly angered the United States and prompted Washington to open an investigation, reported news agency AFP. The legislation -- dubbed the GAFA tax -- an acronym for Google, Apple, Facebook and Amazon -- was passed by a simple show of hands in the Senate after previously being passed by the National Assembly lower chamber, the report added. But the French move drew an angry response from Trump even before the legislation was passed, with the president ordering an investigation that the French economy minister said was unprecedented in the history of French-US relations. The law will levy a 3.0 per cent tax on total annual revenues of the largest tech firms providing services to French consumers. "The United States is very concerned that the digital services tax which is expected to pass the French Senate tomorrow unfairly targets American companies," US Trade Representative Robert Lighthizer said in a statement. But French Economy Minister Bruno Le Maire France rejected the US reaction on Thursday, saying "threats" were not the way to resolve such disputes. France says the US was unfairly targeting its companies. (With AFP inputs)

French law taxing US digital giants draws angry response from US President Trump

A prominent <a href="https://www.wionews.com/south-asia/united-nations-investigator-reports-possible-fresh-war-crimes-in-myanmar-232671">Myanmar</a> journalist accused of defaming a hardline nationalist monk dubbed the "Buddhist Bin Laden" has had the case against him dropped, his lawyer said.

Myanmar Now editor Swe Win had been on trial for two years after posting an article on Facebook criticising the preacher abbot Wirathu.

The monk is notorious for spewing Islamophobic vitriol, in particular against the <a href="https://www.wionews.com/south-east-asia/southeast-asian-leaders-meet-expected-to-discuss-rohingyas-south-china-sea-229680">Rohingya minority</a>, and is now himself on-the-run from the law.

His supporters in 2017 pressed charges against the journalist under the country's telecommunications law, often used against reporters and activists.

But the court dismissed the case Tuesday, Swe Win's lawyer Ywut Nu Aung told AFP.

"All charges were completely dropped," she said, explaining that four prosecution witnesses had contravened court orders to turn up more than 20 times.

The article posted by Swe Win quoted an abbot calling for Wirathu to be expelled from monkhood for publicly praising the killers of a respected Muslim lawyer.

Ko Ni, a close confidant of civilian leader Aung San Suu Kyi, was shot dead in January 2017 while cradling his grandson.

Swe Win told AFP Wednesday he was relieved his ordeal was over but said the court should never have accepted the case.

"Criticising someone for praising a murder is not a crime," he said.&nbsp;

Describing the emotional and financial burden on him and his family, Swe Win said he made the 16-hour return trip from Yangon to the Mandalay court 71 times in two years.

Wirathu's supporters have vowed to continue the legal fight against the reporter.

The abbot himself is currently facing charges for sedition but remains at large.

He recently gave several provocative speeches at nationalist rallies, making obscene remarks about <a href="https://www.wionews.com/south-asia/myanmar-army-rejects-international-criminal-court-bid-for-full-rohingya-probe-230916">Suu Kyi</a> and urging people to worship soldiers like "Buddha".

Facebook blacklisted him last year for his incendiary posts against the Rohingya.

Rights groups say the posts helped whip up animosity, laying foundations for a military crackdown in 2017 that forced some 740,000 to flee to Bangladesh.

The dismissal of the case against Swe Win was likely because of the government's "new, highly negative view" of Wirathu rather than any commitment to freedom of expression, Phil Robertson from Human Rights Watch said.

Myanmar is currently ranked 138th in the world for press freedom with the number of defamation cases dramatically rising since Suu Kyi's government came to power in 2016.

A prominent Myanmar journalist accused of defaming a hardline nationalist monk dubbed the "Buddhist Bin Laden" has had the case against him dropped, his lawyer said.

A prominent Myanmar journalist accused of defaming a hardline nationalist monk dubbed the "Buddhist Bin Laden" has had the case against him dropped, his lawyer said. Myanmar Now editor Swe Win had been on trial for two years after posting an article on Facebook criticising the preacher abbot Wirathu. The monk is notorious for spewing Islamophobic vitriol, in particular against the Rohingya minority, and is now himself on-the-run from the law. His supporters in 2017 pressed charges against the journalist under the country's telecommunications law, often used against reporters and activists. But the court dismissed the case Tuesday, Swe Win's lawyer Ywut Nu Aung told AFP. "All charges were completely dropped," she said, explaining that four prosecution witnesses had contravened court orders to turn up more than 20 times. The article posted by Swe Win quoted an abbot calling for Wirathu to be expelled from monkhood for publicly praising the killers of a respected Muslim lawyer. Ko Ni, a close confidant of civilian leader Aung San Suu Kyi, was shot dead in January 2017 while cradling his grandson. Swe Win told AFP Wednesday he was relieved his ordeal was over but said the court should never have accepted the case. "Criticising someone for praising a murder is not a crime," he said. Describing the emotional and financial burden on him and his family, Swe Win said he made the 16-hour return trip from Yangon to the Mandalay court 71 times in two years. Wirathu's supporters have vowed to continue the legal fight against the reporter. The abbot himself is currently facing charges for sedition but remains at large. He recently gave several provocative speeches at nationalist rallies, making obscene remarks about Suu Kyi and urging people to worship soldiers like "Buddha". Facebook blacklisted him last year for his incendiary posts against the Rohingya. Rights groups say the posts helped whip up animosity, laying foundations for a military crackdown in 2017 that forced some 740,000 to flee to Bangladesh. The dismissal of the case against Swe Win was likely because of the government's "new, highly negative view" of Wirathu rather than any commitment to freedom of expression, Phil Robertson from Human Rights Watch said. Myanmar is currently ranked 138th in the world for press freedom with the number of defamation cases dramatically rising since Suu Kyi's government came to power in 2016.

Myanmar court drops case against journalist

<a href="https://www.wionews.com/world/facebook-says-some-users-facing-outage-on-its-platforms-232843">Facebook</a> said it was "back at 100 per cent" Wednesday evening after an outage on all of its services affected users in various parts of the world.

Online monitoring service DownDetector reported earlier the outage began around 1200 GMT and affected Facebook as well as its Instagram and WhatsApp services.

"The issue has since been resolved and we should be back at 100% for everyone," the company tweeted at 0006 GMT Thursday, adding they were sorry for "any inconvenience."

A Facebook spokesperson, also speaking on behalf of Instagram and WhatsApp, explained that a "routine maintenance operation" accidentally triggered a bug that made it difficult for users to upload or send photos and videos, US media reported.

<a href="https://www.wionews.com/world/facebook-inc-chief-executive-mark-zuckerberg-says-delay-in-flagging-fake-pelosi-video-was-execution-mistake-230784">#Facebookdown and #instagramdown</a> were trending on Twitter as users around the world reported these apps were not functioning.

According to DownDetector, thousands of users around the world were reporting outages, with Europe and North America most impacted. Both individual users, as well as businesses and organizations, were affected.

"Yes, we are affected by #instagramdown, too," the CIA tweeted during the outage.

"No, we didn't cause it. No, we can't fix yours. Did you try turning it off and back on again?"

Earlier this year, an outage lasting as long as 24 hours that hit Facebook services was blamed on a "server configuration change."

The March 13 outage was believed to be the worst ever for the internet giant, which reaches an estimated 2.7 billion people with its core social network, Instagram and messaging applications.

The company did not immediately respond to an AFP query on Wednesday's outage. 
&nbsp;

Facebook said it was "back at 100 per cent" Wednesday evening after an outage on all of its services affected users in various parts of the world. Online monitoring service DownDetector reported earlier the outage began around 1200 GMT and affected Facebook as well as its Instagram and WhatsApp services.

Facebook said it was "back at 100 per cent" Wednesday evening after an outage on all of its services affected users in various parts of the world. Online monitoring service DownDetector reported earlier the outage began around 1200 GMT and affected Facebook as well as its Instagram and WhatsApp services. "The issue has since been resolved and we should be back at 100% for everyone," the company tweeted at 0006 GMT Thursday, adding they were sorry for "any inconvenience." A Facebook spokesperson, also speaking on behalf of Instagram and WhatsApp, explained that a "routine maintenance operation" accidentally triggered a bug that made it difficult for users to upload or send photos and videos, US media reported. #Facebookdown and #instagramdown were trending on Twitter as users around the world reported these apps were not functioning. According to DownDetector, thousands of users around the world were reporting outages, with Europe and North America most impacted. Both individual users, as well as businesses and organizations, were affected. "Yes, we are affected by #instagramdown, too," the CIA tweeted during the outage. "No, we didn't cause it. No, we can't fix yours. Did you try turning it off and back on again?" Earlier this year, an outage lasting as long as 24 hours that hit Facebook services was blamed on a "server configuration change." The March 13 outage was believed to be the worst ever for the internet giant, which reaches an estimated 2.7 billion people with its core social network, Instagram and messaging applications. The company did not immediately respond to an AFP query on Wednesday's outage.

Facebook services back online after worldwide outage

Facebook Inc said on Wednesday it is working to resolve issues faced by some users while sending media files on its social media platforms including WhatsApp and Instagram.

More than 14,000 users reported issues with Instagram, while more than 7,500 and 1,600 users reported issues with Facebook and WhatsApp, according to outage tracking website Downdetector.com.

The website's live outage map showed that the issues mainly cropped up in parts of Europe and the United States.

Facebook had experienced one of its longest outages in March, when some users around the globe faced trouble accessing Facebook, Instagram and WhatsApp for over 24 hours.

Facebook Inc said on Wednesday it is working to resolve issues faced by some users while sending media files on its social media platforms including WhatsApp and Instagram.

Facebook Inc said on Wednesday it is working to resolve issues faced by some users while sending media files on its social media platforms including WhatsApp and Instagram. More than 14,000 users reported issues with Instagram, while more than 7,500 and 1,600 users reported issues with Facebook and WhatsApp, according to outage tracking website Downdetector.com. The website's live outage map showed that the issues mainly cropped up in parts of Europe and the United States. Facebook had experienced one of its longest outages in March, when some users around the globe faced trouble accessing Facebook, Instagram and WhatsApp for over 24 hours.

Facebook says some users facing outage on its platforms

The Facebook page of an Australian man missing in <a href="https://www.wionews.com/americas/north-koreas-missile-tests-not-breach-of-trust-us-president-donald-trump-217629">North Korea</a> reappeared then disappeared again on Saturday hours before Prime Minister Scott Morrison said Australia is still trying to find out what has happened to him.

<a href="https://www.wionews.com/world/australian-student-feared-detained-in-north-korea-230713">Alek Sigley</a>, one of only a handful of Western students in the secretive country, has been missing for several days.

His family had taken down his social media accounts to prevent unnecessary speculation online.

Sigley's Facebook page reappeared overnight, but it is not known who reinstated it, or why.

It had disappeared again on Saturday by 2 p.m. Sydney time (0400 GMT) and remained down on Sunday morning.

Sigley's Twitter account has remained online and members of the public have posted messages of support there.

The missing man's last posts on his Twitter and Facebook profiles are from Monday, June 24, and his family has not heard from him since Tuesday.

Speaking from the G20 Summit in Osaka, Japan, Prime Minister Morrison said he had spoken to Sigley's family and said Australia was still trying to find out what happened to him.

"I will just be measured in what I say because that is all about using the best opportunities we have right now too, to inform ourselves about where Alek is and what his safety is and where he is being held, in what conditions," he told reporters on Saturday evening.

Morrison said numerous world leaders had offered help to find Sigley and bring him home.

When asked if US President Donald Trump's visit to the Korean demilitarized zone (DMZ) presented an opportunity for the Americans to make representations, Mr Morrison said he would not allow the issue to be taken up with other agendas.

"We're going to work with everybody to secure Alek's safety and the best way we can do that is doing it quietly, effectively, working with our partners," he said.

"This is, not allowing this to be taken up into other agendas, it’s not about that, it’s simple for me, about Alek's safety. Sorry."

The 29-year-old Australian moved to North Korea to study for a master's degree in Korean literature at Kim Il-sung University in Pyongyang, and also ran a small tour company specialising in educational trips to North Korea.

Sigley has been an unusually active social media user for someone living in North Korea, updating his social media accounts with photos and blog posts about benign subjects such as food and fashion.

The treatment of foreign citizens by the secretive North has long been a contentious issue.

American student Otto Warmbier died in 2017 after being detained in North Korea for stealing a propaganda poster from his hotel room.

The Facebook page of an Australian man missing in North Korea reappeared then disappeared again on Saturday hours before Prime Minister Scott Morrison said Australia is still trying to find out what has happened to him.

The Facebook page of an Australian man missing in North Korea reappeared then disappeared again on Saturday hours before Prime Minister Scott Morrison said Australia is still trying to find out what has happened to him. Alek Sigley, one of only a handful of Western students in the secretive country, has been missing for several days. His family had taken down his social media accounts to prevent unnecessary speculation online. Sigley's Facebook page reappeared overnight, but it is not known who reinstated it, or why. It had disappeared again on Saturday by 2 p.m. Sydney time (0400 GMT) and remained down on Sunday morning. Sigley's Twitter account has remained online and members of the public have posted messages of support there. The missing man's last posts on his Twitter and Facebook profiles are from Monday, June 24, and his family has not heard from him since Tuesday. Speaking from the G20 Summit in Osaka, Japan, Prime Minister Morrison said he had spoken to Sigley's family and said Australia was still trying to find out what happened to him. "I will just be measured in what I say because that is all about using the best opportunities we have right now too, to inform ourselves about where Alek is and what his safety is and where he is being held, in what conditions," he told reporters on Saturday evening. Morrison said numerous world leaders had offered help to find Sigley and bring him home. When asked if US President Donald Trump's visit to the Korean demilitarized zone (DMZ) presented an opportunity for the Americans to make representations, Mr Morrison said he would not allow the issue to be taken up with other agendas. "We're going to work with everybody to secure Alek's safety and the best way we can do that is doing it quietly, effectively, working with our partners," he said. "This is, not allowing this to be taken up into other agendas, it’s not about that, it’s simple for me, about Alek's safety. Sorry." The 29-year-old Australian moved to North Korea to study for a master's degree in Korean literature at Kim Il-sung University in Pyongyang, and also ran a small tour company specialising in educational trips to North Korea. Sigley has been an unusually active social media user for someone living in North Korea, updating his social media accounts with photos and blog posts about benign subjects such as food and fashion. The treatment of foreign citizens by the secretive North has long been a contentious issue. American student Otto Warmbier died in 2017 after being detained in North Korea for stealing a propaganda poster from his hotel room.

Facebook page of Australian missing in North Korea mysteriously reappears

Central banks grappling with fast-changing financial technology and companies like <a href="https://www.wionews.com/world/facebook-inc-chief-executive-mark-zuckerberg-says-delay-in-flagging-fake-pelosi-video-was-execution-mistake-230784">Facebook</a> moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements.

The BIS said the intention of the hub, which will be based in Basel, Hong Kong and Singapore, is to improve the functioning of the global financial system and it will identify and develop insights into trends in technology affecting central banking.

Facebook`s plan to expand into payments and launch its own Libra cryptocurrency was not mentioned in the BIS statement, but the social media giant`s move has helped crystallise opinion among central bankers on the urgency of coordinating regulatory responses to financial technology trends.

"The IT revolution knows no borders and therefore has repercussions in multiple locations simultaneously," BIS Chairman Jens Weidmann said in a statement following the decision to create the hub at a BIS board meeting.&nbsp;

The hub will focus on helping central banks to "identify relevant trends in technology, supporting these developments where this is consistent with their mandate, and keeping abreast of regulatory requirements with the objective of safeguarding financial stability," he added.

Basel-based BIS, a central bank umbrella group, has already called on politicians to closely scrutinise Big Tech`s incursion into finance, a move that raises questions about data privacy, competition, markets and banking.

Details about the hub were limited, and the BIS said it was not able to provide details on investment or staffing levels.

The <a href="https://www.wionews.com/india-news/money-in-swiss-banks-india-slips-to-74th-place-uk-remains-on-top-231751">Swiss National Bank</a> (SNB), the Hong Kong Monetary Authority and the Monetary Authority of Singapore have all signed up to support the initiative.

SNB Chairman Thomas Jordan said the central bank would step up its efforts in scrutinizing new financial technology.

"The SNB is already keeping very close track of technological innovations in the financial area, and works actively within the central banking community in identifying and assessing relevant developments at an early stage," Jordan said.

Central banks grappling with fast-changing financial technology and companies like Facebook moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements.

Central banks grappling with fast-changing financial technology and companies like Facebook moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements. The BIS said the intention of the hub, which will be based in Basel, Hong Kong and Singapore, is to improve the functioning of the global financial system and it will identify and develop insights into trends in technology affecting central banking. Facebook`s plan to expand into payments and launch its own Libra cryptocurrency was not mentioned in the BIS statement, but the social media giant`s move has helped crystallise opinion among central bankers on the urgency of coordinating regulatory responses to financial technology trends. "The IT revolution knows no borders and therefore has repercussions in multiple locations simultaneously," BIS Chairman Jens Weidmann said in a statement following the decision to create the hub at a BIS board meeting. The hub will focus on helping central banks to "identify relevant trends in technology, supporting these developments where this is consistent with their mandate, and keeping abreast of regulatory requirements with the objective of safeguarding financial stability," he added. Basel-based BIS, a central bank umbrella group, has already called on politicians to closely scrutinise Big Tech`s incursion into finance, a move that raises questions about data privacy, competition, markets and banking. Details about the hub were limited, and the BIS said it was not able to provide details on investment or staffing levels. The Swiss National Bank (SNB), the Hong Kong Monetary Authority and the Monetary Authority of Singapore have all signed up to support the initiative. SNB Chairman Thomas Jordan said the central bank would step up its efforts in scrutinizing new financial technology. "The SNB is already keeping very close track of technological innovations in the financial area, and works actively within the central banking community in identifying and assessing relevant developments at an early stage," Jordan said.

World's central banks tackle technology with innovation hub

<a href="https://www.wionews.com/world/mark-zuckerbergs-deepfake-video-posted-on-instagram-226388">Facebook Inc Chief Executive Mark Zuckerberg </a>on Wednesday said his social media company took too long to flag as false an altered video of US House Speaker Nancy Pelosi that appeared to show the Democratic Representative slurring and tripping through a speech.

Zuckerberg, speaking at a conference in Aspen Colorado, said the slow response was "an execution mistake on our side."

The video, a type of realistic alteration known as a "deep fake," was slowed to make Pelosi's speech seem slurred and edited to make it appear that she repeatedly stumbled over her words. After the video surfaced last month, it was widely shared on Facebook, Twitter and Alphabet Inc's YouTube.

YouTube took down the video, citing policy violations, but <a href="https://www.wionews.com/world/facebook-spends-226-million-to-keep-mark-zuckerberg-safe-209975">Facebook</a> did not remove the clip, only limiting its distribution and telling users trying to share it that it might be misleading.

"It took a while for our system to flag the video and for our fact checkers to rate it as false... and during that time it got more distribution than our policies should have allowed," Zuckerberg said.

Pelosi criticized Facebook's refusal to remove the video and said the incident had convinced her the company knowingly enabled Russian election interference.

Misinformation through altered videos is a rising concern in the run-up to the 2020 US presidential election, especially as artificial intelligence (AI) is now being used to produce clips that look genuine and realistically appear to show people saying words they have not spoken. The term "deep fake" is a combination of "deep learning" and "fake."

After the Pelosi video, Zuckerberg himself was portrayed in a spoof deep fake video on Instagram in which he appears to say "whoever controls the data, controls the future." Facebook, which owns Instagram, did not to take down the video.

Zuckerberg said Facebook is considering developing a specific policy on deep fakes.

"This is a little bit of sausage making here because we are going through the policy process of thinking through what the deep fake policy should be," he said. "This is certainly an important area as the AI technology gets better."

Facebook Inc Chief Executive Mark Zuckerberg on Wednesday said his social media company took too long to flag as false an altered video of US House Speaker Nancy Pelosi that appeared to show the Democratic Representative slurring and tripping through a speech.

Facebook Inc Chief Executive Mark Zuckerberg on Wednesday said his social media company took too long to flag as false an altered video of US House Speaker Nancy Pelosi that appeared to show the Democratic Representative slurring and tripping through a speech. Zuckerberg, speaking at a conference in Aspen Colorado, said the slow response was "an execution mistake on our side." The video, a type of realistic alteration known as a "deep fake," was slowed to make Pelosi's speech seem slurred and edited to make it appear that she repeatedly stumbled over her words. After the video surfaced last month, it was widely shared on Facebook, Twitter and Alphabet Inc's YouTube. YouTube took down the video, citing policy violations, but Facebook did not remove the clip, only limiting its distribution and telling users trying to share it that it might be misleading. "It took a while for our system to flag the video and for our fact checkers to rate it as false... and during that time it got more distribution than our policies should have allowed," Zuckerberg said. Pelosi criticized Facebook's refusal to remove the video and said the incident had convinced her the company knowingly enabled Russian election interference. Misinformation through altered videos is a rising concern in the run-up to the 2020 US presidential election, especially as artificial intelligence (AI) is now being used to produce clips that look genuine and realistically appear to show people saying words they have not spoken. The term "deep fake" is a combination of "deep learning" and "fake." After the Pelosi video, Zuckerberg himself was portrayed in a spoof deep fake video on Instagram in which he appears to say "whoever controls the data, controls the future." Facebook, which owns Instagram, did not to take down the video. Zuckerberg said Facebook is considering developing a specific policy on deep fakes. "This is a little bit of sausage making here because we are going through the policy process of thinking through what the deep fake policy should be," he said. "This is certainly an important area as the AI technology gets better."

Facebook Chief Mark Zuckerberg says delay in flagging fake Pelosi video was 'execution mistake'

Facebook is leaping into the world of <a href="https://www.wionews.com/world/facebooks-cryptocurrency-based-payments-system-gets-big-backers-reports-227004">cryptocurrency with its own digital money</a>, designed to let people save, send or spend money as easily as firing off text messages.

"Libra" -- described as "a new global currency" -- was unveiled Tuesday in a new initiative in payments for the world's biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream.

Facebook and some two dozen partners released a prototype of Libra as an open source code to be used by developers interested in weaving it into apps, services or businesses ahead of a rollout as global digital money next year.

An eponymous non-profit association based in Geneva will oversee the blockchain-based Libra, maintaining a real-world asset reserve to keep its value stable.

The initiative has the potential to allow more than a billion "unbanked" people around the world access to online commerce and financial services, said Libra Association head of policy and communications Dante Disparte.

"We believe if you give people access to money and opportunity at the lowest cost, the way the internet itself did in the past with information, you can create a lot more stability than we have had up until now," Disparte said.

Libra Association debuted with 28 members including Mastercard, Visa, Stripe, Kiva, PayPal, Lyft, Uber and Women's World Banking.

"Sending money to your friend shouldn't be harder than getting them an Uber ride home," said Uber head of payments and risk Peter Hazlehurst.

"Libra has the potential to bridge the gap between traditional financial networks and new digital currency technology, while reducing the costs for everyone."

Facebook will be just one voice among many in the association, but is separately building a digital wallet called Calibra.

"We view this as a complement to Facebook's mission to connect people wherever they are; that includes allowing them to exchange value," Calibra vice president of operations Tomer Barel told AFP.

"Many people who use Facebook are in countries where there are barriers to banking or credit."

Calibra is being built into Facebook's Messenger and WhatsApp with a goal of letting users send Libra as easily as they might fire off a text message.

Libra learned from the many other cryptocurrencies that have preceded it such as bitcoin and is designed to avoid the roller-coaster valuations that have attracted speculation and caused ruin.

Real-world currency used to buy Libra will go into a reserve backing the digital money, the value of which will mirror stable currencies such as the US dollar and the euro, according to its creators.

"It is backed by a reserve of assets that ensures utility and low volatility," Tomer said.

For the digital currency to operate on a global scale, Libra is relying on a platform of blockchain technology that uses about 100 trusted computer "nodes" to validate and register transactions.

The Libra Association will be the only entity able to "mint or burn" the digital currency, maintaining supply in tune with demand and assets in reserve, according to Barel.

"It is not about trusting Facebook, it is effectively trust in the association's founding organizations that this is independent and democratic," Disparte said.

The launch comes with Facebook seeking to move past a series of lapses on privacy and data protection which have tarnished its image and spark scrutiny from regulators around the world.

Chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments.

The new Calibra digital wallet promises to eventually give Facebook opportunities to build financial services into its offerings, offer expand its own commerce and let more small businesses buy ads at the social network.

"We certainly see long-term value for Facebook," Barel said.

Financial information at Calibra will be kept strictly separate from social data at Facebook and won't be used to target ads, Calibra vice president of product Kevin Weil told AFP.

Libra will be a regulated currency, subject to local laws in markets regarding fraud, guarding against money laundering and more, according to Weil.

Facebook is leaping into the world of cryptocurrency with its own digital money, designed to let people save, send or spend money as easily as firing off text messages.

Facebook is leaping into the world of cryptocurrency with its own digital money, designed to let people save, send or spend money as easily as firing off text messages. "Libra" -- described as "a new global currency" -- was unveiled Tuesday in a new initiative in payments for the world's biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream. Facebook and some two dozen partners released a prototype of Libra as an open source code to be used by developers interested in weaving it into apps, services or businesses ahead of a rollout as global digital money next year. An eponymous non-profit association based in Geneva will oversee the blockchain-based Libra, maintaining a real-world asset reserve to keep its value stable. The initiative has the potential to allow more than a billion "unbanked" people around the world access to online commerce and financial services, said Libra Association head of policy and communications Dante Disparte. "We believe if you give people access to money and opportunity at the lowest cost, the way the internet itself did in the past with information, you can create a lot more stability than we have had up until now," Disparte said. Libra Association debuted with 28 members including Mastercard, Visa, Stripe, Kiva, PayPal, Lyft, Uber and Women's World Banking. "Sending money to your friend shouldn't be harder than getting them an Uber ride home," said Uber head of payments and risk Peter Hazlehurst. "Libra has the potential to bridge the gap between traditional financial networks and new digital currency technology, while reducing the costs for everyone." Facebook will be just one voice among many in the association, but is separately building a digital wallet called Calibra. "We view this as a complement to Facebook's mission to connect people wherever they are; that includes allowing them to exchange value," Calibra vice president of operations Tomer Barel told AFP. "Many people who use Facebook are in countries where there are barriers to banking or credit." Calibra is being built into Facebook's Messenger and WhatsApp with a goal of letting users send Libra as easily as they might fire off a text message. Libra learned from the many other cryptocurrencies that have preceded it such as bitcoin and is designed to avoid the roller-coaster valuations that have attracted speculation and caused ruin. Real-world currency used to buy Libra will go into a reserve backing the digital money, the value of which will mirror stable currencies such as the US dollar and the euro, according to its creators. "It is backed by a reserve of assets that ensures utility and low volatility," Tomer said. For the digital currency to operate on a global scale, Libra is relying on a platform of blockchain technology that uses about 100 trusted computer "nodes" to validate and register transactions. The Libra Association will be the only entity able to "mint or burn" the digital currency, maintaining supply in tune with demand and assets in reserve, according to Barel. "It is not about trusting Facebook, it is effectively trust in the association's founding organizations that this is independent and democratic," Disparte said. The launch comes with Facebook seeking to move past a series of lapses on privacy and data protection which have tarnished its image and spark scrutiny from regulators around the world. Chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments. The new Calibra digital wallet promises to eventually give Facebook opportunities to build financial services into its offerings, offer expand its own commerce and let more small businesses buy ads at the social network. "We certainly see long-term value for Facebook," Barel said. Financial information at Calibra will be kept strictly separate from social data at Facebook and won't be used to target ads, Calibra vice president of product Kevin Weil told AFP. Libra will be a regulated currency, subject to local laws in markets regarding fraud, guarding against money laundering and more, according to Weil.

Libra: Facebook unveils cryptocurrency meant to be new 'global currency'

'Fake A Vacation': Supplies Doctored Travel Photos

The Nasdaq plunged Monday as tech giants <a href="https://www.wionews.com/world/us-preparing-antitrust-probe-of-google-report-223296">Alphabet/Google, Facebook and Amazon</a> suffered bruising losses on reports that US antitrust officials are stepping up oversight of Big Tech.

The Nasdaq Composite Index slumped 1.6 percent to 24,819.78, more than 10 percent below an all-time high just a month ago, a decline known as a "correction" in Wall Street parlance.

The Dow Jones Industrial Average eked out a gain of less than 0.1 per cent to finish at 24,819.78, while the broad-based S&amp;P 500 shed 0.3 per cent to settle at 2,744.45.

The Wall Street Journal, citing unnamed sources, reported that the Justice Department and Federal Trade Commission had agreed to coordinate antitrust enforcement over the biggest tech companies, with Justice taking the lead on Google and the FTC handling Facebook and some aspects of Amazon.

The report follows myriad controversies involving the companies and comes as some presidential candidates call for the giants to broken up.

Shares of Facebook plunged 7.5 per cent, Alphabet dropped 6.1 per cent and Amazon 4.6 per cent.&nbsp;

Other large technology companies also fell significantly, including Apple, Netflix, Salesforce and Microsoft.

The latest probes "could be the start of a new anti-monopoly push in the industry," said Gorilla Trades strategist Ken Berman.

The tech rout comes on the heels of a May equity sell-off as the US and China drifted further apart on trade and after US President Donald Trump announced new tariffs on all imports from Mexican starting June 10.

US manufacturing industry activity slowed further in May in the wake of the latest exchange of US and Chinese tariffs, according to a survey by the Institute for Supply Management. The organization warned that the US tariffs on Mexico could significantly dent activity.

That, along with the retreat in US construction spending in March and April, were the latest in a series of worrisome signs about the health of the US expansion.

James Bullard, a voting member of the Federal Reserve's interest rate-setting committee, said in a speech on Monday that a rate cut "may be warranted soon" given uncertainty about trade conflicts and inflation well below the Fed's two per cent target.

Most Fed officials so far have repeated the central bank's mantra that they can remain patient before deciding on the next move.

The week's calendar also includes release of the much-anticipated US jobs report for May on Friday.

The Nasdaq plunged Monday as tech giants Alphabet/Google, Facebook and Amazon suffered bruising losses on reports that US antitrust officials are stepping up oversight of Big Tech.

The Nasdaq plunged Monday as tech giants Alphabet/Google, Facebook and Amazon suffered bruising losses on reports that US antitrust officials are stepping up oversight of Big Tech. The Nasdaq Composite Index slumped 1.6 percent to 24,819.78, more than 10 percent below an all-time high just a month ago, a decline known as a "correction" in Wall Street parlance. The Dow Jones Industrial Average eked out a gain of less than 0.1 per cent to finish at 24,819.78, while the broad-based S&P 500 shed 0.3 per cent to settle at 2,744.45. The Wall Street Journal, citing unnamed sources, reported that the Justice Department and Federal Trade Commission had agreed to coordinate antitrust enforcement over the biggest tech companies, with Justice taking the lead on Google and the FTC handling Facebook and some aspects of Amazon. The report follows myriad controversies involving the companies and comes as some presidential candidates call for the giants to broken up. Shares of Facebook plunged 7.5 per cent, Alphabet dropped 6.1 per cent and Amazon 4.6 per cent. Other large technology companies also fell significantly, including Apple, Netflix, Salesforce and Microsoft. The latest probes "could be the start of a new anti-monopoly push in the industry," said Gorilla Trades strategist Ken Berman. The tech rout comes on the heels of a May equity sell-off as the US and China drifted further apart on trade and after US President Donald Trump announced new tariffs on all imports from Mexican starting June 10. US manufacturing industry activity slowed further in May in the wake of the latest exchange of US and Chinese tariffs, according to a survey by the Institute for Supply Management. The organization warned that the US tariffs on Mexico could significantly dent activity. That, along with the retreat in US construction spending in March and April, were the latest in a series of worrisome signs about the health of the US expansion. James Bullard, a voting member of the Federal Reserve's interest rate-setting committee, said in a speech on Monday that a rate cut "may be warranted soon" given uncertainty about trade conflicts and inflation well below the Fed's two per cent target. Most Fed officials so far have repeated the central bank's mantra that they can remain patient before deciding on the next move. The week's calendar also includes release of the much-anticipated US jobs report for May on Friday.

Alphabet, Facebook stocks dive over reports of US antitrust move against tech giants

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