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Facebook : chief backs stronger data privacy, data rules

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04/20/2019 | 05:16pm EDT

By Emeka Aginam

Facebook boss, Mark Zuckerberg has called for regulators and governments to take a deeper role in policing the internet and introduce stronger data rules, as intense scrutiny of the company’s activities continues.

Facebook founder: Mark Zukerberg

In an open letter published on its website, Zuckerberg said authorities needed to play a more active role, with global rules required in four areas: protecting against harmful content; election integrity; privacy; and data portability.

Despite the company’s well-documented controversies on use and protection of its own customer data, the executive praised the impact of GDPR regulation in Europe and promoted adoption of similar regulation elsewhere.

Facebook removes 200 accounts in Philippines for misleading behaviour

“People around the world have called for comprehensive privacy regulation in line with the European Union’s GDPR, and I agree. I believe it would be good for the internet if more countries adopted regulation such as GDPR as a common framework,” he said.

“New privacy regulation in the United States and around the world should build on the protections GDPR provides,” Zuckerberg noted, adding that , . “It should protect your right to choose how your information is used, while enabling companies to use information for safety purposes and to provide services.”

The rules should also “establish a way to hold companies such as Facebook accountable by imposing sanctions when we make mistakes”.

Although bullish about the need for tight data regulations, the executive has refused to meet UK regulators to discuss the well-publicised Cambridge Analytica scandal. When he appeared in front of European Parliament committees and US officials to discuss the issue he was accused of failing to answer direct questions.

Controversies

The comments comes a fortnight after news broke of its latest privacy scandal and two months after the company vowed to fight a fine on its use of customer data by Germany’s competition regulator. The two are the latest in a long line of accusations related to privacy, security and data issues levelled at the social media company.

Facebook also faces growing pressure for perceived failings in blocking and deleting controversial, offensive and politically biased content uploaded onto its platforms. The company said it has recently introduced a number of new policies to remove offensive content.

(c) 2019 Vanguard Media Limited, Nigeria Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (USD)
Sales 2019 70 258 M
EBIT 2019 23 947 M
Net income 2019 17 666 M
Finance 2019 51 849 M
Yield 2019 -
P/E ratio 2019 29,9x
P/E ratio 2020 19,4x
EV / Sales2019 6,72x
EV / Sales2020 5,34x
Capitalization 524 B
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Mean consensus BUY
Number of Analysts 50
Average target price 230,84  $
Last Close Price 183,55  $
Spread / Highest target 44,4%
Spread / Average Target 25,8%
Spread / Lowest Target -34,6%
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Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
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