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Thursday April 12, 2018

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday April 12, 2018

Zuckerberg: regulation of social media firms is ‘inevitable’

Facebook CEO Mark Zuckerberg told a House oversight panel Wednesday that he believes it is “inevitable” there will be regulation of the social media industry and also disclosed to lawmakers that his own data was included in the personal information sold to malicious third parties.

March 27, 2018

“The internet is growing in importance around the world in people’s lives and I think that it is inevitable that there will need to be some regulation,” Zuckerberg said during testimony before the House Energy and Commerce Committee. “So my position is not that there should be no regulation but I also think that you have to be careful about regulation you put in place.”

Larger, more dominant companies like Facebook have the resources to comply with government regulation, he said, but “that might be more difficult for a smaller startup to comply with.”

Lawmakers in both parties have floated possible regulation of Facebook and other tech companies amid privacy scandals and Russian intervention on the platform. It’s not clear what that regulation would look like and Zuckerberg didn’t offer any specifics.

March 21, 2018

Zuckerberg was answering a question from Rep. Anna Eshoo, D-Calif., when he informed lawmakers about his personal data, a reference to the Cambridge Analytica scandal that has rocked his company over the past several weeks.

His remarks came as he opened the second day of a congressional inquisition in the wake of the worst privacy debacle in his company’s history. A day earlier Zuckerberg batted away often-aggressive questioning from senators who accused him of failing to protect the personal information of millions of Americans from Russians intent on upsetting the U.S. Election.

The stakes are high for both Zuckerberg and his company. Facebook has been reeling from its worst-ever privacy failure following revelations last month that the political data-mining firm Cambridge Analytica, which was affiliated with Trump’s 2016 campaign, improperly scooped up data on about 87 million users. Zuckerberg has been on an apology tour for most of the past two weeks, culminating in his congressional appearances this week.

But what comes next is unclear. (Source: Chicago Tribune) 

Published in the Hamilton Spectator

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Friday, October 18, 2013

Friday, October 18, 2013By Graeme MacKay, The Hamilton Spectator – Friday, October 18, 2013

World heaves sigh of relief as US barely averts debt default

Political leaders, investors and ordinary people Thursday welcomed the end of a U.S. government shutdown but already were looking ahead to the next round of a budget battle that brought the world’s biggest economy close to default and threatens Washington’s international standing.

From the MacKayCartoons BoutiqueThe deal approved late Wednesday by Congress, with hours to go before the government reached its $16.7 trillion debt limit, only permits the Treasury to borrow through Feb. 7 and fund government through Jan. 15. The International Monetary Fund appealed to Washington for more stable long-term management of the nation’s finances.
The standoff rattled global markets and threatened the image of U.S. Treasury debt as a risk-free place for governments and investors to store trillions of dollars in reserve.

Few expected a default but some investors sold Treasurys over concern about possible payment delays and put off buying stocks that might be exposed to an American economic downturn.

IMF managing director Christine Lagarde welcomed the deal but said the shaky American economy needs more stable long-term finances.

“It will be essential to reduce uncertainty surrounding the conduct of fiscal policy by raising the debt limit in a more durable manner,” Lagarde said in a statement.
The Tokyo stock market, Asia’s heavyweight, gained 0.8 percent Thursday. Markets in South Korea, Australia and Southeast Asia also rose.
Such relief might be only temporary without a long-term settlement, said Standard Chartered economist Samiran Chakraborty in Mumbai. (Source: Associated Press)