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NAS:FB, Sep 22, 11:26 UTC

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Friday, September 20


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House intel chief says Facebook working on election threats

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The head of the House Intelligence Committee said Friday he has been assured by the CEO of Facebook that the company is working on ways to prevent foreign actors from disrupting next year's elections. Schiff told reporters Facebook is "in the process of developing what I hope will be very strong policies on this. That cooperation would cover "a whole range of things," Cicilline said, including providing the requested documents. As he did when making the rounds on Capitol Hill Thursday, Zuckerberg left the meetings without answering reporters' shouted questions. Rep. Doug Collins of Georgia, the senior Republican on the House Judiciary Committee, said Friday that Zuckerberg and lawmakers discussed data privacy in another meeting and that Facebook "is engaging to find solutions."

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Facebook suspends tens of thousands of apps in response to Cambridge Analytica row

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Facebook suspends tens of thousands of apps in response to Cambridge Analytica row. (Reuters) - Facebook Inc said on Friday it has suspended tens of thousands of apps on the social networking platform, as part of the company's ongoing app developer investigation it began in March 2018 in response to the Cambridge Analytica row. The suspended apps are associated with about 400 developers, Facebook said, adding that it is not necessarily an indication that these apps were posing a threat to users. The FTC privacy probe was triggered last year by allegations that Facebook violated a 2012 consent decree and inappropriately shared information of 87 million users with British political consulting firm Cambridge Analytica.

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UPDATE 1-U.S. dollar to be main currency underpinning Facebook's Libra - Spiegel

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UPDATE 1-U.S. dollar to be main currency underpinning Facebook's Libra - Spiegel. BERLIN, Sept 20 (Reuters) - The U.S. dollar will make up 50% of the basket of currencies backing Facebook's planned digital coin Libra, with the euro, yen, sterling and Singapore dollar comprising the rest, Der Spiegel reported, referring to a letter from Facebook. In a letter responding to a question from German legislator Fabio De Masi, Facebook said the dollar would make up 50% of the basket, followed by the euro with 18%, the yen with 14%, the British pound with 11% and the Singapore dollar with 7%, according to German news magazine Der Spiegel. The Swiss-based Libra Association, the non-profit organisation comprising Facebook and 27 other members that plans to launch and oversee the currency, declined to comment on the specific breakdown of the "Libra Reserve". But it said the reserve was expected to be a pool of cash and very short-term government securities denominated in U.S. dollars, euros, yen, sterling and Singapore dollars.

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UPDATE 1-Facebook's Zuckerberg pledges cooperation with U.S. antitrust probe -congressman

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UPDATE 1-Facebook's Zuckerberg pledges cooperation with U.S. antitrust probe -congressman. WASHINGTON, Sept 20 (Reuters) - Congressman David Cicilline, chair of the U.S. House Judiciary Committee's antitrust panel, said on Friday that Facebook Chief Executive Mark Zuckerberg pledged cooperation with the panel's probe into online markets during a meeting on Capitol Hill. The House of Representatives Judiciary Committee opened an investigation into competition in digital markets early in June, one of a series of investigations facing big tech companies like Amazon.com Inc, Apple Inc, Facebook and Alphabet Inc's Google. "Mr. Zuckerberg made a commitment to cooperate with the investigation and I look forward to his cooperation and I think we’ll produce a good report at the end of the investigation," Democratic Representative Cicilline from Rhode Island said after the half-hour meeting with Zuckerberg that was also attended by Judiciary Committee Chairman Jerry Nadler.

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No Chinese yuan in basket underpinning Facebook's Libra - Spiegel

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No Chinese yuan in basket underpinning Facebook's Libra - Spiegel. BERLIN, Sept 20 (Reuters) - Facebook's planned cryptocurrency Libra will be backed by a basket of currencies including the U.S. dollar, euro, yen, sterling and Singapore dollar, but excluding China's yuan, Der Spiegel reported, referring to a letter from Facebook. The exclusion of China's currency could help smooth the planned digital currency's path in the United States, where officials have raised concerns about the yuan's growing stature as a reserve currency at a time when trade relations between the two economic powers are tense. In a letter responding to a question from German legislator Fabio De Masi, Facebook said the dollar would make up 50% of the basket, followed by the euro with 18%, the yen with 14%, the British pound with 11% and the Singapore dollar with 7%, according to German news magazine Der Spiegel.

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Will Facebook Redefine Augmented Reality With Stella and Orion?

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The first one is codenamed Stella and could launch between 2023 and 2025, and the second is a more advanced AR device codenamed Orion. Facebook is teaming up with EssilorLuxottica's (OTC: ESLOF) Luxottica, the maker of high-end eyewear brands like Ray-Ban and Oakley, as well as licensed eyewear for fashion houses like Burberry and Armani, to design Stella. Stella will reportedly be similar to Snap's (NYSE: SNAP) Spectacles, with onboard cameras for photos and videos, but Stella could include a new AI-powered voice assistant. As for Orion, CNBC claims that it could be an all-in-one replacement for smartphones with a heads-up display for taking calls, live streaming videos, and running apps, and that it could be controlled by a ring device codenamed Agios. Back in 2017, Facebook CEO Mark Zuckerberg stated that Facebook wanted to develop AR glasses, but didn't have the "science or technology" to build the ideal device yet.

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Undeterred, Facebook to press on with Libra launch next year - exec

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ZURICH (Reuters) - 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. Libra will be backed by a reserve of real-world assets, including bank deposits and short-term government securities, and overseen by a 28-member organisation. Marcus said it was unlikely Libra coins would become a means of payment for regular real-world transactions in countries like Switzerland, Germany or France, but would rather be used for cross-border payments or for settling very small sums. Facebook's Calibra digital wallet, which will allow consumers and vendors to hold and transact the digital currency, would be made available everywhere that it is able to meet regulatory requirements, Marcus said.

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

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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.

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