Facebook shares posted their steepest drop since 2015 as US and European officials demanded answers to reports that a political advertising firm retained information on millions of the social network’s users without their consent.
Politicians on both sides of the Atlantic are calling on chief executive Mark Zuckerberg to appear before lawmakers to explain how UK-based Cambridge Analytica, the data-analysis firm that helped Donald Trump win the US presidency, was able to harvest the personal information.
Facebook has already testified about how its platform was used by Russian propagandists ahead of the 2016 election, but the company never put Mr Zuckerberg himself in the spotlight with government leaders. The pressure may also foreshadow tougher regulation for the social network.
US Senators Amy Klobuchar, a Democrat from Minnesota, and John Kennedy, a Republican from Louisiana, have called on the chairman of the Judiciary Committee to bring in technology company CEOs, including from Twitter and Alphabet’s Google, for public questioning.
In a letter Monday to Senator Chuck Grassley, a Republican from Iowa, Ms Klobuchar and Mr Kennedy said they have “serious concern regarding recent reports that data from millions of American was misused in order to influence voters”.
“The lack of oversight on how data is stored and how political advertisements are sold raises concerns about the integrity of American elections as well as privacy rights,” the senators wrote. A hearing with the CEOs would allow the committee to learn “what is being done to protect Americans’ data and limit abuse of the platforms, as well as to assess what measures should be taken before the next elections”.
Facebook on Friday said that a professor used Facebook's log-in tools to get people to sign up for what he claimed was a personality-analysis app he had designed for academic purposes. To take the quiz, 270,000 people gave the app permission to access data via Facebook on themselves and their friends, exposing a network of 50 million people, according to The New York Times. That kind of access was allowed per Facebook's rules at the time. Afterward, the professor violated Facebook's terms when he passed along that data to Cambridge Analytica.
Facebook fell as much as 8.1 per cent to $170.06 on Monday in New York, wiping out all of the year’s gains so far. That marked the biggest intraday drop since August 2015.
Facebook found out about the breach in 2015, shut down the professor’s access and asked Cambridge Analytica to certify that it had deleted the user data. Yet the social network on Friday suspended Cambridge from its system, explaining that it had learned the information wasn’t erased. Cambridge, originally funded by conservative political donor Robert Mercer, on Saturday denied that it still had access to the user data, and said it was working with Facebook on a solution. On Monday, Facebook said Cambridge has agreed to a forensic audit of its servers and systems to determine whether the data was retained.
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Read more:
Trump election data firm suspended over 50 million user breach
Cambridge Analytica CEO filmed boasting about entrapping politicians with bribes and sex workers
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A researcher who worked with the professor on the app is now currently an employee at Facebook, which is reviewing whether he knew about the data leak.
The denials and internal inquiries did little to ease the criticism. Damian Collins, a British policymaker, said Sunday that Mr Zuckerberg or another senior executive should appear in front of his committee because previous witnesses have avoided difficult questions, creating “a false reassurance that Facebook’s stated policies are always robust and effectively policed’’. He added on British radio Monday that Mr Zuckerberg should "stop hiding behind his Facebookpage and actually come out and answer questions about his company”.
The next few weeks represent a critical time for Facebook to reassure users and regulators about its content standards and platform security, to prevent rules that could impact its main advertising business, according to Daniel Ives, an analyst at GBH Insights.
“Changes to their business model around advertising and news feeds/content could be in store over the next 12 to 18 months,” Mr Ives wrote in a note to investors.
Facebook, meanwhile, has sought to explain that the mishandling of user data was out of its hands and doesn’t constitute a “breach” – a definition that would require the company to alert users about whether their information was taken, per US Federal Trade Commission rules.
California-based Facebook no longer allows app developers to ask for access to data on users’ friends. But the improper handling of the data raises systemic questions about how much companies can be trusted to protect personal information, said Nuala O’Connor, president and chef executive of the Centre for Democracy & Technology.
“While the misuse of data is not new, what we now see is how seemingly insignificant information about individuals can be used to decide what information they see and influence viewpoints in profound ways,” Ms O’Connor said. “Communications technologies have become an essential part of our daily lives, but if we are unable to have control of our data, these technologies control us. For our democracy to thrive, this cannot continue.”
2017 RESULTS: FRENCH VOTERS IN UK
First round
Emmanuel Macron: 51.1%
Francois Fillon: 24.2%
Jean-Luc Melenchon: 11.8%
Benoit Hamon: 7.0%
Marine Le Pen: 2.9%
Second round
Emmanuel Macron: 95.1%
Marine Le Pen: 4.9%
Neymar's bio
Total club appearances 411
Total goals scored 241
Appearances for Barca 186
Goals scored for Barca 105
COMPANY PROFILE
Company name: Mozn
Started: 2017
Founders: Mohammed Alhussein, Khaled Al Ghoneim, Abdullah Alsaeed and Malik Alyousef
Based: Riyadh, Saudi Arabia
Industry: FinTech
Funding: $10 million
Investors: Raed Ventures, Shorooq Partners, VentureSouq, Sukna Ventures and others
Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre+(Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
WHAT MACRO FACTORS ARE IMPACTING META TECH MARKETS?
• Looming global slowdown and recession in key economies
• Russia-Ukraine war
• Interest rate hikes and the rising cost of debt servicing
• Oil price volatility
• Persisting inflationary pressures
• Exchange rate fluctuations
• Shortage of labour/skills
• A resurgence of Covid?
The specs
Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km
The specs: 2018 Mercedes-Benz GLA
Price, base / as tested Dh150,900 / Dh173,600
Engine 2.0L inline four-cylinder
Transmission Seven-speed automatic
Power 211hp @ 5,500rpm
Torque 350Nm @ 1,200rpm
Fuel economy, combined 6.4L / 100km
Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
Bahrain GP
Friday qualifying: 7pm (8pm UAE)
Saturday race: 7pm (UAE)
TV: BeIN Sports
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
The years Ramadan fell in May
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure'
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
if you go
The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/
THE SCORES
Ireland 125 all out
(20 overs; Stirling 72, Mustafa 4-18)
UAE 125 for 5
(17 overs, Mustafa 39, D’Silva 29, Usman 29)
UAE won by five wickets
COMPANY PROFILE
Name: PlanRadar
Started: 2013
Co-founders: Ibrahim Imam, Sander van de Rijdt, Constantin Köck, Clemens Hammerl, Domagoj Dolinsek
Based: Vienna, Austria
Sector: Construction and real estate
Current number of staff: 400+
Investment stage: Series B
Investors: Headline, Berliner Volksbank Ventures, aws Gründerfonds, Cavalry Ventures, Proptech1, Russmedia, GR Capital
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a+“three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
STAR WARS JEDI: SURVIVOR
Developer: Respawn Entertainment
Publisher: Electronic Arts
Consoles: PC, Playstation 5, Xbox Series X and S
Rating: 4/5
UAE currency: the story behind the money in your pockets
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin