FB Jun 2021 30.000 put

OPR - OPR Delayed Price. Currency in USD
0.0500
0.0000 (0.00%)
As of 2:26PM EDT. Market open.
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Previous Close0.0500
Open0.0500
Bid0.0000
Ask0.1700
Strike30.00
Expire Date2021-06-18
Day's Range0.0500 - 0.0500
Contract RangeN/A
Volume1
Open InterestN/A
  • Trump holds 'constructive' meeting with Facebook CEO Mark Zuckerberg
    Yahoo Finance Video

    Trump holds 'constructive' meeting with Facebook CEO Mark Zuckerberg

    Facebook CEO Mark Zuckerberg is set to speak with more lawmakers today, following a closed-door meeting with President Trump and a group of senators yesterday. 

  • Facebook bans plastic water bottles in new CA offices
    Yahoo Finance Video

    Facebook bans plastic water bottles in new CA offices

    Facebook will no longer be offering single-use water bottles in all of its offices. Instead, it will be installing water-filling stations for employees, making the tech giant one of the largest companies to issue a plastic ban. Yahoo Finance’s YFi AM sits down to discuss. 


  • Undeterred, Facebook to press on with Libra launch next year: executive
    Reuters

    Undeterred, Facebook to press on with Libra launch next year: executive

    Facebook still aims to launch its Libra digital currency next year, its executive overseeing the project told Swiss newspaper NZZ, as the company presses ahead despite authorities around the world pouring cold water on the plans. Since the U.S. tech company unveiled its plans in June, its proposed cryptocurrency has met with regulatory and political scepticism, with France and Germany pledging to block Libra from operating in Europe. "The goal is still to launch Libra next year," Facebook's David Marcus told NZZ in an interview published on Friday.

  • Europe’s Last Land Frontier Is Opening Up
    Bloomberg

    Europe’s Last Land Frontier Is Opening Up

    (Bloomberg Opinion) -- Ukraine has almost as much agricultural land as France and Germany combined and will finally start allowing it to be bought and sold next year. This is Europe’s last farmland frontier, and the fight over it is going to be messy.About 17% of Ukraine’s gross domestic product comes from agriculture, the one sector where Ukraine punches above its weight on the global stage. It’s the world’s sixth-biggest wheat exporter, a top-10 supplier of corn and barley, the global leader in sunflower oil exports, and No. 3 in honey, according to the United Nations Food and Agriculture Organization. It has more farmland than anywhere else in Europe apart from Russia, where much of the land is actually located in Asia, and Ukraine’s nutrient-rich “black earth” soil is of better quality than most of Russia’s. Ukrainians, however, haven’t been allowed to do much with that land. Out of the total 41.5 million hectares (105 billion acres), only 1.7 million hectares — mostly small plots like private gardens — can be bought and sold. The rest was distributed to former collective farmers after the Soviet Union fell apart, and a moratorium was established on its sale. Russia allowed a market in land in 2003, but Ukrainian legislators have been extending the freeze on sales every year against the persistent advice of international financial institutions. The World Bank estimated in 2017 that lifting the moratorium could boost Ukraine’s annual GDP by 1.5 percentage points, but residual post-Soviet fears that foreigners and oligarchs would buy up all the land made opening the market politically unpopular.Now, however, new President Volodymyr Zelenskiy is popular enough, and has consolidated enough power in parliament, to finally take the plunge and allow land sales. “Out of seven million Ukrainians who own land, almost one million citizens have already died” without being able to make much money from their property, Zelenskiy said in a speech touting his reform plan on Thursday. The government plans to open the land market on Oct. 1, 2020. Ukrainian citizens and Ukrainian-registered companies, regardless of the origin of their beneficial owners (apart from Russians), will be allowed to buy land; to prevent excessive concentration, there will be caps of 0.5% of the total area nationwide and 15% of the total area in a specific region. But starting official sales isn’t just a matter of snapping one’s fingers once the political will is there. The land sale moratorium spawned a deeply unfair, opaque gray market. The land shares that former collective farmers received in the 1990s often aren’t big enough to farm independently. Since they can’t be sold, banks are reluctant to accept them as collateral. All the nominal owners can do in many cases is lease their land to big agricultural conglomerates at prices about one-fifth as high as in France. Some of the leases are for 50 years or more, and obligations to sell the land after the moratorium is lifted are common. Five of Ukraine’s top-10 agricultural landholders have already exceeded the government’s planned 0.5% nationwide limit, according to the Leibniz Institute of Agricultural Development in Transition Economies. The top 10, led by Andriy Verevskiy’s Kernel and Oleg Bakhmatyuk’s UkrLandFarming, work a combined area of about 2.9 million hectares. Zelenskiy acknowledged the challenges ahead. “A large-scale shadow market has emerged” that “is beneficial not for a small farmer, a simple peasant, but for local so-called land princes,” he said in his speech. Once the law allows official sales, these “princes” will be the best-positioned to turn these holdings into property, and they won’t be easy for any new investors to dislodge. “We have only one task: to find the optimal model beneficial for ordinary Ukrainians,” Zelenskiy said.Realizing the nature of the opportunity, some foreign investors have already moved into the market despite its status as a legal gray area. The Public Investment Fund of Saudi Arabia and the Saudi Grain and Fodder Holding Co., both state entities, are among the biggest investors in Ukrainian land, having acquired large holdings since 2016, according to the Land Matrix, an independent land-monitoring project funded, among others, by the European Union. Some private Western companies, such as U.S.-based NCH Capital Inc., also have acquired sizable holdings. Cargill Inc., the U.S. agricultural giant and a big trader in Ukrainian grain, opted instead to buy a 5% stake in UkrLandFarming in 2014.New players will inevitably show up as the market’s opening approaches. Once it’s operational, investors will line up for the roughly 11 million hectares that are still state-owned. The government plans to auction them off. But whether the Ukrainian state has the resources to control the market — avoiding monopolization, corruption and turf wars — is uncertain at this point.“I call on the entire society to watch who will become landowners,” Timofey Milovanov, the recently appointed economy minister, wrote in a Facebook post. “That’s important: It’s not the law that protects, it’s society that protects.” Indeed, without a properly functioning legal system, Ukraine’s active civil society is perhaps the nation’s best hope when it comes to keeping the future land market civilized.Even if it’s something of a free-for-all, Ukraine can only benefit from allowing land sales. It will boost investment and likely increase agricultural production. It will make many of the current small landowners wealthier and provide considerable privatization revenue to the government. Creating a transparent market that doesn’t benefit oligarchs would be a bonus.To contact the author of this story: Leonid Bershidsky at lbershidsky@bloomberg.netTo contact the editor responsible for this story: Stephanie Baker at stebaker@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Financial Times

    Mark Zuckerberg holds ‘constructive’ meeting with Donald Trump

    The meeting — one of several held by the company’s founder in his first visit to Capitol Hill since he faced Congress in tense hearings about the Cambridge Analytica scandal last year — was “constructive”, according to a Facebook spokesperson. It came at the end of a hectic day of meetings with senior politicians on Capitol Hill, where Mr Zuckerberg was asked by at least one senator — the Republican Josh Hawley — if he would consider selling WhatsApp, the messaging platform, and photo-sharing app Instagram to meet the concerns of some who believe the company has grown too large and powerful. Mr Zuckerberg reportedly resisted the request.

  • Facebook Portal Targets Several Markets Worth $300 Billion
    Market Realist

    Facebook Portal Targets Several Markets Worth $300 Billion

    On Wednesday, Facebook (FB) unveiled new models of its Portal hardware products. Facebook’s Portal business targets markets worth nearly $300 billion.

  • Financial Times

    A selection of the FT’s biggest stories and best reads every Friday

    Millions of people around the world are marching today in what’s expected to be the largest climate protest to date, ahead of the UN climate summit this weekend. The global wake-up call is one of several ...

  • Financial Times

    Book reviews of the week

    Memoir and biography seem to be a dominant theme this week. There are of course David Cameron’s carefully calibrated regrets over the Brexit referendum — and then far spicier vignettes from the life of ...

  • TheStreet.com

    Apple, Facebook, Trade Talks, Climate Change Protests - 5 Things You Must Know

    U.S. stock futures are higher as investors debate the Federal Reserve's next policy move and look for progress from the current round of U.S.-China trade talks; Facebook CEO Mark Zuckerberg meets with Donald Trump at the White House; Apple's iPhone 11 goes on sale across the world; global climate change demonstrations kick off in Australia.

  • Bloomberg

    Free Money for Everyone Won’t Solve Our Problems

    (Bloomberg Opinion) -- The world economy is turning toward a depressingly familiar cycle of lower rates, renewed quantitative easing and more fiscal stimulus. The return to a persistent semi-slump in advanced economies is likely to increase interest in universal basic income, or UBI – an idea supported by Democratic presidential contender Andrew Yang and business figures from Facebook Inc.’s Mark Zuckerberg to Tesla Inc.’s Elon Musk. If adopted, this radical prescription is unlikely to prove a magic bullet.Advocates argue that guaranteeing every individual a flat-rate payment irrespective of circumstances will help to address the poverty traps inherent in traditional welfare systems, the declining share of income going to labor, and increasing threats to employment from automation. Yang, a tech entrepreneur and an outsider for the Democratic nomination, proposes giving $1,000 a month in cash to every American and has made the plan a key talking point in candidate debates.The concept isn’t new. It was first suggested by Sir Thomas More in his 16th century work “Utopia,” and was championed by free-market economists such as Friedrich Hayek and Milton Friedman in the 20th century. In a national referendum in 2016, Switzerland rejected a proposal to establish a universal basic income.The case for UBI is that it can increase the efficiency of welfare systems by minimizing bureaucracy, the administrative costs of delivery, and drainage of resources through political exploitation or benefit fraud. Trials in Finland, Canada and India have been inconclusive, showing psychological improvements among recipients but limited success in achieving economic or social objectives. Critics point to the financial constraints of funding such programs. In the U.S., $1,000 per month per person would equate to a total cost of around $4 trillion per year, approximately the size of the 2018 federal budget. The Organization for Economic Co-operation and Development found that income tax would have to increase by almost 30% to fund a modest UBI.The key to the proposal’s renewed political appeal is how it could neutralize rising criticism of QE, which has disproportionately benefited the wealthy by driving up the prices of financial assets. UBI funded by new rounds of central bank purchases of government bonds – branded as “QE for the people” – may be a more palatable way to return to monetary stimulus.UBI would allow for the introduction by stealth of “helicopter money,” a controversial proposal for central banks to print money and distribute it to consumers to boost growth and inflation. The idea covers a wide range of policies including the permanent monetization of budget deficits and direct transfers to households financed with base money. Friedman outlined the concept in his 1969 parable of dropping money from a helicopter. If everyone is convinced that this is a unique, non-repeatable event, then it is assumed they will spend the money, increasing economic activity. The concept generated revived interest in recent years as a means of preventing deflation. There’s a telling link between universal basic income and modern monetary theory, an unconventional economic approach that’s been gaining ground with politicians. MMT, loosely, argues that a state cannot go bankrupt where it can print its currency – a version of the argument that deficits don’t matter. Under MMT, governments should borrow and spend when demand is inadequate to move the economy to full employment. It provides theoretical cover for governments to issue debt to central banks in greater amounts than hitherto contemplated. This can then finance spending programs – such as a universal basic income – to maintain economic activity.Whether a guaranteed minimum income can produce economic recovery is questionable, though. It’s a repackaging of existing approaches that have had limited effectiveness. There’s little new in central banks financing governments via QE or fiscal stimulus, including welfare spending. It doesn’t address key structural issues such as excessive debt, imbalances, wage levels and demographics. Adoption of such an approach would also mean the economy becomes dependent on government intervention to sustain activity. A universal basic income financed by helicopter money may perversely increase uncertainty. Ordinary people may react to unlimited money printing by shutting their wallets and hoarding. Australia’s recent “cash back” program, which provided up to A$1,080 ($740) to taxpayers earning less than A$126,000, doesn’t appear to have offset pessimism about the outlook.That’s unlikely to deter more countries from embracing such solutions. The reality is that existing policy is increasingly constrained. Significant debt restructuring and writedowns as well as acceptance of lower growth and stagnant or diminishing living standards is unacceptable. Policymakers will be desperate to show that there are more tools to stave off loss of confidence in their powers.Friedman believed that policies should be judged by results, not intentions. Unfortunately, the continued lure of a painless and easy solution to economic problems dictates that universal basic income will remain on the political agenda.   To contact the author of this story: Satyajit Das at sdassydney@gmail.comTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Satyajit Das is a former banker and the author, most recently, of "A Banquet of Consequences."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Mark Zuckerberg meets with Trump, gets grilled by Senate critic
    MarketWatch

    Mark Zuckerberg meets with Trump, gets grilled by Senate critic

    The Senate’s most vocal critic of the tech industry offered a challenge Thursday to Facebook CEO Mark Zuckerberg: Sell your WhatsApp and Instagram properties to prove you’re serious about protecting data privacy.

  • Trump, Facebook CEO Zuckerberg had 'good, constructive' meeting -Facebook
    Reuters

    Trump, Facebook CEO Zuckerberg had 'good, constructive' meeting -Facebook

    U.S. President Donald Trump and Facebook Chief Executive Mark Zuckerberg had a "good, constructive" meeting at the White House on Thursday, the social media company said in a statement. The White House did not immediately respond to a request for comment. "Mark is in Washington, D.C., meeting with policymakers to hear their concerns and talk about future internet regulation.

  • IBD's Investing Podcast: How To Make More Money In The Stock Market With Stock Charts
    Investor's Business Daily

    IBD's Investing Podcast: How To Make More Money In The Stock Market With Stock Charts

    Investing with IBD is a weekly podcast focused on helping investors learn how to make more money in the stock market by using stock charts to find top stocks.

  • Buy Microsoft (MSFT) Stock at Highs for More than Dividend and Buybacks
    Zacks

    Buy Microsoft (MSFT) Stock at Highs for More than Dividend and Buybacks

    Microsoft (MSFT) stock appears to be one of safest mega-cap tech buys out there at the moment, even at its new all-time highs. And it just raised its dividend and announced a new share buyback program.

  • Bloomberg

    Facebook Worker Dies After Jumping From Headquarters Building

    (Bloomberg) -- A Facebook Inc. employee has died after jumping from the fourth floor of one of the company’s buildings at its Menlo Park, California, headquarters.A Facebook spokesperson confirmed the incident, and said the company plans to contact the worker’s family. A press release from the City of Menlo Park said there was “no foul play involved involved in this apparent suicide.” The employee was pronounced dead at the scene, according to the city’s police department.“We were saddened to learn that one of our employees passed away at our Menlo Park headquarters earlier today,” a company spokeswoman said in a statement. “We’re cooperating with police in their investigation and providing support to employees. While the family is being notified, we have no information to share. We hope to provide an update when we learn additional information from law enforcement.”The worker was a full-time software engineer at Facebook, according to a person familiar with the situation. (Updates with description of employee in final paragraph)To contact the reporters on this story: Kurt Wagner in San Francisco at kwagner71@bloomberg.net;Sarah Frier in San Francisco at sfrier1@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Facebook’s Zuckerberg Clashes With Republican on Company’s Clout
    Bloomberg

    Facebook’s Zuckerberg Clashes With Republican on Company’s Clout

    (Bloomberg) -- Facebook Inc. Chief Executive Officer Mark Zuckerberg clashed with Republican Senator Josh Hawley over his company’s record on privacy and safeguarding user data as the social media platform comes under unprecedented scrutiny in Washington.“I said to him, ‘prove that you are serious about data, sell WhatsApp, and sell Instagram.’ That’s what they should do,” Hawley said to reporters after meeting with Zuckerberg in Washington Thursday. “I think it’s safe to say he was not receptive to those suggestions.”Zuckerberg is in the nation’s capital defending his company’s practices to some of his harshest critics over their concerns that he isn’t taking strong enough action to prevent voter manipulation on the platform ahead of the 2020 presidential election, along with criticisms over the company’s handling of user data and curbing online violence.Hawley said he had a “very frank discussion” with Zuckerberg on the company’s record on privacy and political bias and said he thinks Facebook should be subject to independent audits of its content reviews. Hawley said he also pressed Zuckerberg for “a wall” between Facebook and its other platforms and Zuckerberg said no.Facebook is creating an oversight board to review what content should be policed and just released a charter outlining more details about the group earlier this week.Zuckerberg’s visit to the capital also included dinner Wednesday with Senator Mark Warner, the ranking Democrat on the Intelligence Committee and Senator Richard Blumenthal, a Connecticut Democrat, along with other lawmakers.“Mr. Zuckerberg acknowledged that self-regulation is not going to cut it,” Warner, a Virginia Democrat, said to Bloomberg Television. “I think he realizes that the status quo and the days of the wild, wild West are over.”Warner helped organize the dinner with lawmakers at Facebook’s request, according to Rachel Cohen, a Warner spokeswoman. They discussed a wide range of issues “including the role and responsibility of social media platforms in protecting our democracy, and what steps Congress should take to defend our elections, protect consumer data, and encourage competition in the social media space,” Cohen said in a statement.Facebook is battling criticism from lawmakers over its handling of users’ personal information, the proliferation of violent content and election interference by foreign operatives. In response to the growing scrutiny, Zuckerberg has called for the passage of baseline regulations governing harmful content online.Democratic lawmakers have attacked Facebook’s handling of political content, including the way foreign operators have used the platform to sow discord in American public life. A report by Special Counsel Robert Mueller described how a Russian entity “carried out a social media campaign that favored presidential candidate Donald J. Trump and disparaged presidential candidate Hillary Clinton.”Republicans accuse it of anti-conservative bias. Hawley said that Zuckerberg acknowledged that the company has been struggling with bias for years, and said the censorship of anti-abortion group Live Action was a mistake.“He said that they made a mistake, that there was clearly bias,” Hawley said.Facebook spokesman Andy Stone clarified that Zuckerberg told Hawley there was bias in the fact-checking process, which includes third-party partners, not at Facebook itself. Zuckerberg also told Hawley that for years Silicon Valley has struggled with perceptions of bias and that the industry needs to be aware of the issue, Stone added.The company has found no evidence of systemic anti-conservative bias on Facebook, where many of the top publishers are conservative.Blumenthal said in a statement that he also had a “serious conversation” with Zuckerberg at the dinner, which took place at Ris, an upscale American bistro, about the “challenges of privacy” facing Facebook, which has been ensnared in controversy over the way it has shared users’ information with third parties.“It’s no secret that I’ve been a tough critic of Facebook, so I was glad for the opportunity to discuss my concerns directly with Mr. Zuckerberg,” he said.Zuckerberg also met with Senators Maria Cantwell, a Democrat from Washington state, Utah Republican Mike Lee and Arkansas Republican Tom Cotton. Friday the CEO is slated to meet House Intelligence Chairman Adam Schiff of California.“One of the most pressing issues for me is the threat posed by deepfake technology and it’s potential misuse during the presidential campaign,” Schiff said in an interview with Bloomberg Government.Zuckerberg isn’t meeting with House Speaker Nancy Pelosi, according to a person familiar with the matter. Democrats castigated the company earlier this year after it failed to remove a doctored video of Pelosi. She has snubbed at least two meetings with him, Bloomberg has reported. He also isn’t meeting several high-profile Republicans who are working on a federal privacy bill, including Senator Roger Wicker. Marsha Blackburn said he’d reached out to her but her travel schedule didn’t allow a meeting.Zuckerberg doesn’t appear to be meeting with government officials conducting inquiries. The Federal Trade Commission has opened an antitrust probe of the company, and New York is leading a coalition of states in a wide-ranging investigation of the social media giant. In July, Facebook agreed to pay $5 billion to settle FTC allegations it violated users’ privacy.The House Judiciary antitrust subcommittee is also investigating competition issues in the technology industry. Last week, the panel sent a letter to Facebook seeking information about its acquisitions as well as communications from Zuckerberg, Chief Operating Officer Sheryl Sandberg, former general counsel Colin Stretch and policy chief Kevin Martin.\--With assistance from Billy House, Joe Light, Ben Brody and Kurt Wagner.To contact the reporters on this story: Naomi Nix in Washington at nnix1@bloomberg.net;Rebecca Kern in Arlington at rkern21@bloomberg.net;Steven T. Dennis in Washington at sdennis17@bloomberg.netTo contact the editors responsible for this story: Sara Forden at sforden@bloomberg.net, Steve GeimannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Which Silicon Valley companies force workers to give up their right to sue over sexual harassment?
    American City Business Journals

    Which Silicon Valley companies force workers to give up their right to sue over sexual harassment?

    Bay Area activist Shannon Coulter announced the campaign, Force the Issue, on Tuesday in order to pressure 900 large, publicly traded companies to stop requiring their employees to sign off on arbitration clauses agreeing not to sue.

  • Here’s why kids won’t see ads for detox teas and lip injections on Instagram and Facebook anymore
    MarketWatch

    Here’s why kids won’t see ads for detox teas and lip injections on Instagram and Facebook anymore

    Instagram is cracking down on what influences its youngest users. The Facebook-owned (FB)site’s advertising policies have never officially allowed for sponsored posts to push certain weight loss products and cosmetic procedures — but that hasn’t stopped A-listers like the Jenners and the Kardashians from sharing #ad posts of diet teas and appetite-suppressing lollipops. “If a post promotes the use of certain weight loss products or cosmetic procedures, and has an incentive to buy or includes a price, we will restrict people we know to be under 18 from seeing that post,” according to the Instagram (and Facebook) policy shared with MarketWatch.

  • India Is Planning a Huge China-Style Facial Recognition Program
    Bloomberg

    India Is Planning a Huge China-Style Facial Recognition Program

    (Bloomberg) -- India is planning to set up one of the world’s largest facial recognition systems, potentially a lucrative opportunity for surveillance companies and a nightmare for privacy advocates who fear it will lead to a Chinese-style Orwellian state.Prime Minister Narendra Modi’s government will open bids next month to build a system to centralize facial recognition data captured through surveillance cameras across India. It would link up with databases containing records for everything from passports to fingerprints to help India’s depleted police force identify criminals, missing persons and dead bodies.The government says the move is designed to help one of the world’s most understaffed police forces, which has one officer for every 724 citizens -- well below global norms. It also could be a boon for companies: TechSci Research estimates India’s facial recognition market will grow sixfold by 2024 to $4.3 billion, nearly on par with China.But the project is also ringing alarm bells in a nation with no data privacy laws and a government that just shut down the internet for the last seven weeks in the key state of Kashmir to prevent unrest. While India is still far from implementing a system that matches China’s ability to use technology to control the population, the lack of proper safeguards opens the door for abuses.“We’re the only functional democracy which will set up such as system without any data protection or privacy laws,” said Apar Gupta, a Delhi-based lawyer and executive director of the Internet Freedom Foundation, a non-profit group whose members successfully lobbied the government in 2015 to ensure net neutrality and reject platforms like Facebook Inc.’s Free Basics. “It’s like a gold rush for companies seeking large unprotected databases.”Black MarketA draft data protection bill presented to the government last year still hasn’t been approved by the cabinet or introduced into parliament. The country has already had problems implementing Aadhaar, one of the world’s biggest biometric databases linking everything from bank accounts to income tax filings, which been plagued by reports of data leaks and the growth of a black market for personal information.So far, not much is known about which companies might bid on the facial-recognition system. Minutes of a meeting with potential bidders, obtained by the Internet Freedom Foundation through a right to information request, showed unidentified companies sought clarifications on integrating facial recognition data with state databases and whether it should be able to identify people with plastic surgery.Vasudha Gupta, a spokeswoman for the Home Ministry, didn’t respond to an email seeking comments about the system.For some in the police force, the system will be an essential tool to fight crime if implemented properly. India has seen more than 100 terrorist attacks in the last three decades, including one on luxury hotels and a train station in Mumbai that killed 166 people in 2008.‘Powerful Tool’Nilabh Kishore, who headed a unit fighting organized crime in the state of Punjab until last year, had success against gangsters after he set up a system linking data from police stations across the state.“A system that can identify criminals is invaluable -- facial recognition is a powerful tool,” said Kishore, who is now deputy inspector general of the Indo-Tibetan Border Police. “But human intentions are also very important. You can make the best of technology, but if human intentions are wrong it can be a tool for misuse.”That’s particularly a worry for vulnerable minority groups that have long faced discrimination in India. Lower castes and tribals account for about a quarter of the population but constitute 34% of India’s prisoners, according to the National Dalit Movement for Justice.In January, the Delhi High Court said it was “unacceptable“ that facial recognition had not helped trace any of the 5,000 children missing from the city in three years. Earlier this month, photos and phone numbers from a Madurai city police facial recognition database in the southern state of Tamil Nadu were leaked online.Surveillance ThreatThe threat of foreign spying is also persistent. Last month a federal government think tank criticized the local administration in Delhi for hiring the Indian arm of Chinese firm Hikvision to set up 150,000 CCTVs, saying the move could spur illegal hacking and data leaks to the Chinese government.Foreign surveillance companies operating in India include CP Plus, Dahua, Panasonic Corp., Bosch Security Systems, Honeywell International Inc., and D-Link India Ltd. Many Indian companies won’t be able to bid on the facial-recognition system because the current tender requires them to meet standards established by the U.S. National Institute of Science and Technology, according to Atul Rai, chief executive officer of Staqu Technologies, an Indian startup.Rai, whose company has developed facial recognition for eight local police forces, said India doesn’t have the same quality cameras as China -- making it harder to meet the goal of being able to identify any person with an integrated system. He also said it would be more difficult to implement a national network in India because state governments are responsible for law and order under its constitution.“But if this one happens in line with the government’s plan, it should be a China-like system,” Rai said. “Any powerful country wants to be like China when it comes to using technology to monitor people -- even western countries.”\--With assistance from Santosh Kumar.To contact the reporter on this story: Archana Chaudhary in New Delhi at achaudhary2@bloomberg.netTo contact the editor responsible for this story: Ruth Pollard at rpollard2@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Where Does Your Fear Come From?
    Zacks

    Where Does Your Fear Come From?

    Neuroscientists are proving the human sense of fear is very different than animals and why it matters.