World
Facebook, Twitter, Google failed to tackle terrorism: British panel
In the first-ever widespread criticism of US technology giants and social media platforms, the British Home Affairs select committee has slammed the internet behemoths of becoming a "recruiting platform for terrorism" and "passing the buck".
 
Led by Keith Vaz, the British parliament's longest-serving Indian-origin MP, the panel rapped Facebook, Twitter, Google and YouTube, saying the companies were deliberately failing to stop terrorists from using their platforms to promote their sinister agenda, The Telegraph reported on Thursday.
 
"Huge corporations like Google, Facebook and Twitter, with their billion-dollar incomes, are consciously failing to tackle this threat and passing the buck by hiding behind their supranational legal status, despite knowing that their sites are being used by the instigators of terror," Vaz was quoted as saying.
 
According to the committee report, "It is alarming that these companies have teams of only a few hundred employees to monitor networks of billions of accounts and that Twitter does not even proactively report extremist content to law enforcement agencies".
 
They specifically mentioned the case of hate preacher Anjem Choudary, stressing that Twitter and Youtube refused to remove his posts praising violent extremism despite repeated requests by the police.
 
Choudary, 49, was convicted of terror offences last week and faces up to 10 years in prison. He was set to be questioned by French and Belgian security services over his links to Islamic State (IS)-affiliated terrorists.
 
The British panel also warned that social media platforms are becoming the "vehicle of choice" for spreading terrorist propaganda.
 
"If they continue to fail to tackle this issue and allow their platforms to become the 'Wild West' of the internet, then it will erode their reputation as responsible operators," the report added.
 
Reacting to the report, Simon Milner, director of policy at Facebook UK, was quoted as saying: aceTerrorists and the support of terrorist activity are not allowed on Facebook and we deal swiftly and robustly with reports of terrorism-related content."
 
Last week, the micro-blogging website Twitter has announced it had suspended an additional 235,000 accounts for violating its policies related to promotion of terrorism in the last six months.
 
Twitter had announced the blocking of more than 125,000 accounts earlier this year which were primarily related to the IS terror group.
 
"This brings our overall number of suspensions to 360,000 since the middle of 2015. As noted by numerous third parties, our efforts continue to drive meaningful results, including a significant shift in this type of activity off of Twitter," the company had said in a blog post.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Bad loans of state-run banks double in 15 months
The gross non-performing assets (NPAs), or bad loans, of India's state-run banks, measured as a percentage of their advances, have ballooned from 5.4 per cent as on March 2015 to 11.3 per cent 15 months later, as per latest data available with the central bank.
 
In contrast, such bad loans of private banks and foreign entities in the industry, rose in a relatively less dramatic manner -- from 2.2 per cent to 2.8 per cent for the former and from 3.2 per cent to 3.7 per cent for the latter.
 
The data was available with Reserve Bank of India Deputy Governor S.S. Mundra at a conference on banking sector reforms here.
 
Taking into consideration the loans that have been restructured -- that is a recast of the modalities including repayment and interest -- the total stressed advances of state-run banks stood at a whopping 15.4 per cent of their gross advances as in June this year. 
 
As per the presentation by the Deputy Governor, the state-run banks also had dismal bottomlines. As against a net profit of Rs 30,869 crore in March 2015, they incured a net loss of Rs 20,006 crore a year later.
 
During this period, the net pofit of private banks registered a growth from Rs 35,832 crore to Rs 39,672 crore. While foreign banks also made a total net profit, it came down from Rs 12,764 crore to Rs 12,619 crore.
 
Mundra said that post initiation of the banking reforms in 1991, the banks' balance sheets were much stronger and NPAs had come drom from the peak of around 12 per cent to slightly over 2 per cent by the year 2008.
 
But after that two developments happened -- global financial crisis and introduction of the PPP (public-private partnership) model in infrastructure building, he said.
 
"Banks were enthusiastic, rather major partners, in the PPP model, supported by accommodative fiscal and easy monetary policies, but it got plagued," he added.
 
Weak governance, lax underwriting, high corproate leverage and policy logjams led to the current scene of stressed assets in the banking sector, Mundra said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

COMMENTS

Deepak Narain

9 months ago

If you want anything to fail, give it to govt, be they banks, Air India, MTNL/BSNL, Super Bazars, HMT, NTC, etc. If given to private sector, even railways could deliver better. Politicians and bureaucrats rob jointly and make such bodies die.

B. Yerram Raju

9 months ago

Mundra is very right. When there is deceleration in lending to MSMEs and farm sector it is the corporate lending that went for the spin. Here some banks made the medium enterprises defaulters. The PSB agreed for funding a project - after the EMD was paid out of the firm's account and when the bid was cleared and security deposit was also paid by debit to the firm's account, bank stopped lending for the project in the very second month. As long as the firm was concentrating on products it was on profit curve for 25 years. They got into projects with consortium of banks promising loans and they burnt their well-earned silver to turn into defaulters. They have sovereign dues, sundry debtors, OEM suppliers queing for payments, bundled up. The leader of the consortium after agreeing for multiple banking in writing, bolted the door. The leader did not allow the member also restructure. It also did not allow another willing lender to lend for another project as new member. Against a collateral security of around Rs.40 crore, outstanding loans are around Rs.450 crore. The Bank branded the firm as wilful defaulter. It would be wiser for the bank to restructure the loan and get back the entire sum in 4-5 years as the TEV study confirmed viability. But alas, Bank having termed the firm as wilful defaulter cannot grant the restructuring of debt. This is a typical case of fence eating the crop.

SEBI confirms interim ban order on entities connected with Dhyana Finstock
The Securities and Exchange Board of India (Sebi) on Wednesday confirmed its interim ban order on 10 persons and one corporate connected with Dhyana Finstock Ltd from dealing in the securities market for evading tax using the preferential allotment and stock market mechanism.
 
The markets regulator confirmed its interim order issued on June 1, 2016 restraining the 11 entitites from dealing in the securities market.
 
The Sebi confirmed its interim order after it considered whether its June 1, 2016 order issued against the 11 entities/notices need to be confirmed, vacated or modified during the pendency of the investigation in the matter.
 
According to it, the modus operandi employed by Dhyana, its directors/promoters, preferential allottees and Dhyana group was to make a facade of preferential allotment.
 
After the expiry of the lock-in period, it purchased shares from the preferential allottees at artificially increased prices.
 
"In the whole process, entities of the Dhyana Group provided a hugely profitable exit to the preferential allottees," Sebi said.
 
According to SEBI, the beneficiaries made a collective profit of Rs 107.43 crore on a collective investment of Rs 5.22 crore in a period of 20 months and claimed exemption from long term capital gains tax.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)