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Facebook glitch exposes private photos of 6.8 million users

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London: An Irish regulator said it was investigating Facebook Inc following the company’s disclosure that a bug may have exposed private photos of up to 6.8 million users, the latest in a series of Facebook privacy glitches.

The Irish Data Protection Commissioner (DPC), the lead regulator of Facebook in the European Union, said it was investigating to determine whether the company had complied with strict new EU privacy rules in its response to a number of breaches, including the one that exposed photos.

Facebook said in a statement that it was in close contact with the Irish regulator and happy to answer any questions.

 

The investigation is the second opened by the DPC into Facebook since the new regulations took effect in May.

Facebook disclosed the photo glitch earlier on Friday, saying it allowed some 1,500 software apps to access private photos for 12 days ending Sept. 25.

“We’re sorry this happened,” Facebook said in a blog.

The European data law requires companies to report data breaches to authorities within 72 hours, giving regulators authority to impose fines of up to 4 percent of annual global revenue for infractions.

Facebook said it would alert users whose photos may have been exposed.

The glitch could undermine Facebook’s efforts to assure users and regulators that it was making progress in bolstering security and privacy after a series of embarrassments, internet analysts said.

They include the Cambridge Analytica scandal in which the British political consulting firm harvested data of at least 87 million Facebook users and sold it for political use and a security breach for nearly 30 million users.

“We already have a lot of evidence to reinforce the idea that Facebook is sloppy, prioritizing growth at the expense of other considerations,” Brian Wieser, an analyst with Pivotal Research, said in an email.

New reports of bugs and breaches raise the likelihood that governments will add regulations on Facebook, said George Salmon, an analyst with Hargreaves Lansdown.

“Facebook is sensibly trying hard to regain the trust of its user base, but all that effort will be to no avail if stories like this keep emerging,” Salmon said.

The bug affected users who give third-party applications permission to access their photos.

Facebook typically only grants such apps access to photos shared on a user’s timeline, but the bug potentially gave developers access to other photos, including ones that were uploaded but not posted, and ones shared on Marketplace and Facebook Stories, the company said.


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MPC to meet six times during 2019-20: RBI

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Mumbai: The Monetary Policy Committee (MPC), which decides on key interest rates, will meet six times during the next financial year, the Reserve Bank of India (RBI) said.

The first meeting of the six-member MPC to decide on the first bi-monthly monetary policy statement for 2019-20 will be held from April 2 to 4.

The policy will be announced on April 4. Headed by RBI Governor Shaktikanta Das, the committee also includes two representatives from the central bank and three external members.

 

The external members are Indian Statistical Institute professor Chetan Ghate, Delhi School of Economics Director Pami Dua and Indian Institute of Management-Ahmedabad professor Ravindra H Dholakia.

According to the schedule provided by the RBI, the second meeting of the MPC in the next fiscal will be held on June 3, 4 and 6; third meeting (August 5-7); fourth meeting (October 1, 3 and 4); fifth meeting (December 3-5) and sixth meeting (February 4-6, 2020).

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SBI raises Rs 1,251 crore by issuing Basel III-compliant bonds

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New Delhi: The country’s largest lender State Bank of India (SBI) said it has raised Rs 1,251.30 crore by issuing Basel III-compliant bonds.

“The Committee of Directors for Capital Raising at its meeting held today on 22 March 2019 deliberated and accorded approval to allot 12,513 non-convertible, taxable, perpetual, subordinated, unsecured Basel lll-compliant additional tier-I bonds, for inclusion in additional tier-I capital of the bank…aggregating to Rs 1,251.30 crore,” SBI said in a regulatory filing.

The bonds with a face value of Rs 10 lakh each bears a coupon rate of 9.45 per cent per anum payable annually with call option after 5 years or any anniversary date thereafter, it said. The bonds were subscribed on Friday, it added.

 

State Bank of India (SBI) also said the central board of the bank at its meeting held has accorded its approval for extension of validity period for raising equity capital of up to Rs 20,000 crore from market by way of follow-on public offer, qualified institutional placement, preferential allotment, rights issue or any other mode or a combination of these till March 31, 2020.

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Sebi fines 4 entities Rs 27 lakh for fraudulent trading in BSE stock options

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New Delhi: Markets regulator Sebi imposed a total penalty of Rs 27 lakh on four entities for indulging in fraudulent trade in illiquid stock options segment of BSE.

Umapati Oil Mill and Ginning Factory, Yudhbir Chhibbar, Kasturbhai Mayabhai Pvt Ltd and Vimladevi Shyamsunder Khetan are the four entities, according to Sebi’s separate orders.

fter observing a large-scale reversal of trades in the BSE’s illiquid stock options segment, Sebi conducted a probe from April 2014 to September 2015.

 

Following the probe, the regulator found that the trades executed by the entities were not genuine as they were reversed within few seconds with same counter parties with significant difference in price, resulting in profit to the entities.

Securities and Exchange Board of India (Sebi) said it was a deliberate attempt to deal in such a fashion and not a mere coincidence.

The trades executed by the entities were not genuine and created an appearance of artificial trading volumes, thereby violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations, Sebi noted.

Accordingly, a fine of Rs 8.7 lakh and Rs 8.4 lakh were imposed on Yudhbir Chhibbar and Vimladevi, respectively while a penalty of Rs 5 lakh each was levied on Umapati Oil Mill and Kasturbhai Mayabhai Pvt Ltd, totalling Rs 27.1 lakh.

In a separate order, Sebi imposed a total fine of Rs 6 lakh on four promoters of Artech Power Products for delayed disclosures to exchanges regarding their change in the shareholding in the company.

Ranjith Vijayan, I V Vijayan, Repsy Vijayan and Resmi Vijayan are the four promoters, according to Sebi’s order.

The promoters have deprived the vital information to the public by non-disclosure /delayed disclosure as mandated by the Takeover Regulations, Sebi noted.

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