Insight and opinion from The National’s editorial leadership
August 11, 2022
In 2008, Facebook's slogan was “Facebook helps you connect and share with the people in your life”. This simplicity went to the heart of what the website was offering the world: a revolution in the way we communicate. Behind closed doors, there was another remarkable aspect of the mission – its profitability. In 2008, Facebook's worth was estimated at $15 billion. As of August 2022, the company's market value stood at more than $560bn.
It is true for other sites, too. YouTube now brings in annual revenue of almost $30bn, Instagram $24bn. In 2021, the net worth of Facebook's chief executive, Mark Zuckerberg, was $97bn, and $35bn for TikTok's Zhang Yiming.
With such power and money comes great responsibility. Websites such as Facebook and Twitter have been credited with seismic historic events, from enabling political uprisings to shaping elections. It is impossible to predict the effect of new domains such as the virtual-reality Metaverse, but they could well be epoch-defining.
Keeping pace with these developments on a governmental and personal level matters, because not all of social media's effects have been good. For no group is this more true than children. Companies are very often criticised for not doing enough to protect them.
There has been some progress. YouTube Kids says it "provides a more contained environment for kids to explore". Facebook is developing pop-up warnings to target users who search content "associated with child exploitation".
Snapchat, a video-sharing app that has roughly 350 million daily users, introduced particularly important controls on Tuesday that let parents see who their children are talking to on the platform. The new Family Centre feature will allow them to see accounts teenagers have been in conversation with over the past seven days, although they will not be able to see the content. It is a sensible balance between respecting the privacy of users, while protecting their well-being, too. It puts Snapchat at the forefront of platforms thinking about safety.
Meta has big ambitions in the field of virtual reality. Regulating them will be tough. AFP
It is crucial they and others continue to do so. In the very worst of cases, social media can enable terrible bullying on a mass scale, cause severe mental distress and make it easy for criminals to target children. What is worse, this often happens with little parental and legal oversight. Last year, the Wall Street Journal said it had seen internal research conducted by Facebook, Instagram's owner, that the latter platform had made body issues worse for one in three girls in the UK and US. There are cases where authorities and adults have been denied access to accounts of young people who have died.
It is right companies respect privacy rules, but more flexibility must be built in when it comes to extreme cases. It is unacceptable that, in many ways, the advertisers from whom companies make money know more about the activity of children on social media than their parents.
Thankfully, some companies are taking this imperative seriously. The issue must be a priority. It is a dangerous irony that the demographic most likely to use, understand and circumvent controls on social media, is also the one that has the most to lose in terms of safety and well-being. Parents have a crucial responsibility in protecting them in the virtual world as they do in person, and many have been ready to do so for years. Snapchat is right to do its bit to empower them. Hopefully more firms will follow suit.
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow? a) More than $102 b) Exactly $102 c) Less than $102 d) Do not know e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account? a) More than today b) Exactly the same as today c) Less than today d) Do not know e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.” a) True b) False d) Do not know e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers:Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
Most wanted allegations
Benjamin Macann, 32: involvement in cocaine smuggling gang.
Jack Mayle, 30: sold drugs from a phone line called the Flavour Quest.
Callum Halpin, 27: over the 2018 murder of a rival drug dealer.
Asim Naveed, 29: accused of being the leader of a gang that imported cocaine.
Calvin Parris, 32: accused of buying cocaine from Naveed and selling it on.
John James Jones, 31: allegedly stabbed two people causing serious injuries.
Callum Michael Allan, 23: alleged drug dealing and assaulting an emergency worker.
Dean Garforth, 29: part of a crime gang that sold drugs and guns.
Joshua Dillon Hendry, 30: accused of trafficking heroin and crack cocain.
Mark Francis Roberts, 28: grievous bodily harm after a bungled attempt to steal a £60,000 watch.
James ‘Jamie’ Stevenson, 56: for arson and over the seizure of a tonne of cocaine.
Nana Oppong, 41: shot a man eight times in a suspected gangland reprisal attack.
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at. Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti withCoastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.