Facebook leaves European users exposed to dangerous conspiracy theories about the pandemic and Covid-19 vaccines with an "America First" policy that fails to clamp down on misinformation in Europe, according to a report by US campaign group Avaaz.
The report says that most of the false content posted in French and Italian was not acted on by Facebook moderators and that the social media platform is typically nearly a week slower to flag misleading content posted in languages other than English.
Spurious posts include claims about Bill Gates and supposed side effects of coronavirus vaccines.
Responding to the report, a Facebook representative told The National that it did not reflect the company's "aggressive steps to fight harmful Covid-19 misinformation in dozens of languages".
Action taken by Facebook included adding warning labels to some misleading posts, and removing others altogether, it said.
But the Avaaz report said 69 per cent of false posts in Italian and 58 per cent of those in French lacked any kind of visible red flag from Facebook.
The same was true of 50 per cent of Portuguese content and 33 per cent of that in Spanish, according to the study.
By contrast, only 29 per cent of English language posts were similarly unmarked, the report said.
“This leaves all users in Europe at a greater risk of seeing and interacting with Covid-19-related misinformation without any fact-checking measures,” it said.
Avaaz said it took Facebook an average of 30 days to label false content in non-English languages, compared with 24 days for English posts.
In addition to bogus claims about Bill Gates, the debunked content included posts which falsely claimed that masks were dangerous or useless.
Posts in Spanish claiming that using masks could lead to cancer or other diseases were seen by more than 100,000 users, the report said.
There were also false posts purporting to contain statements by official health authorities such as the World Health Organisation.
Such posts were dangerous because they could erode trust in official institutions, Avaaz said.
Facebook defends its efforts to curb conspiracy theories
Facebook said the Avaaz report was “based on a small sample of data and does not reflect the work we’ve done to provide authoritative information to people”.
“We’ve removed millions of pieces of content that violate our policies,” a company representative said.
“We’ve also added warning labels to more than 167 million pieces of additional Covid-19 content thanks to our global network of fact-checking partners, which we’ve expanded since the start of the pandemic.
“This unmatched network of over 80 fact-checking partners now covers 60 languages including Spanish, Italian, French and Portuguese.”
Avaaz called for more regulation at an EU level to rein in the spread of misinformation.
Under one proposal, any user who interacted with a false post would later receive a retroactive notification telling them that the information was wrong.
This would “reduce the algorithmic acceleration of misinformation content”, Avaaz said.
Facebook said last month that posts about vaccines would be furnished with links to credible information from the WHO.
WHO director general Tedros Adhanom Ghebreyesus said last year that the world was battling not just the virus but also “the trolls and conspiracy theorists that push misinformation and undermine the outbreak response”.
Facebook chief executive Mark Zuckerberg was already under pressure before the pandemic over misinformation relating to politics and elections.
In 2018, he apologised at a US Senate hearing for not taking a “broad enough view of our responsibility” with regard to fake news and hate speech.
In January, Facebook suspended Donald Trump's account after violence at the US Capitol carried out in his name by his supporters.
More on Covid-19
How India's second wave risks global scramble for vaccines
Only 32 vaccinated people in UK hospitals with Covid-19
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am
Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
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