Tech firms react to netizens’ digital privacy concerns

Co-founder of Own Your Data Foundation and former business development director for Cambridge Analytica Brittany Kaiser (L) and Founder and CEO of the privacy protecting transaction platform Elixxir David Chaum (R) hold a conference on the impact of tech on our privacy, during the Web Summit in Lisbon. (AFP)
Updated 08 November 2019
Follow

Tech firms react to netizens’ digital privacy concerns

  • Tech entrepreneurs are bidding to turn growing consciousness of privacy into a money-making industry
  • Brittany Kaiser: “I believe there is an entire new industry around digital identity, data ownership, data management and data monetisation for yourself”

LISBON: Whistleblowers and digital pioneers have long been sounding the alarm about abuses of our privacy online.

Now, a slew of tech entrepreneurs are bidding to turn growing consciousness about the problem into a money-making industry and many showcased their skills at this week’s Web Summit in Lisbon.

“Undeniably, with the new tensions that exist, obviously there is a movement among people to regain their right to privacy,” organiser Paddy Cosgrave told AFP.

“Providing personalised encryption at the level of the device, so that any key stroke on your device is unreadable by a third party ... is booming. There are many companies trying to make progress in this space,” Cosgrave said.

“I believe there is an entire new industry around digital identity, data ownership, data management and data monetisation for yourself,” said American Brittany Kaiser who helped lift the lid on data abuses at Cambridge Analytica which last year found itself embroiled in a scandal involving the misuse of Facebook data.

Kaiser’s work at Cambridge Analytica is also a subject of a Netflix documentary, “The Great Hack”.

Kaiser co-created a foundation “Own your data” in order to “blow the whistle on the whole industry” and denounce abuses of companies harvesting data without web users’ explicit knowledge.

She warned that “it’s going to be hard to get to the point of mass adoption” of products and services designed to allay privacy fears but sees a “wave of momentum” after a year-and-a-half of campaigning.

Brendan Eich, founder of the Brave browser, as well as Mozilla and Firefox and the man behind JavaScript, observed “small minorities can move markets, and that’s happening”.

The way ahead is “privacy by default,” said Eich, touting data protection and adblock capabilities as key Brave attributes.

Eich hopes Brave will have 10 million users by year’s end, although he said that would have to double or even triple before it could generate revenues from opt-in online ads.

US “godfather of crypto” currencies, David Chaum, meanwhile said he believed the digital world has reached a key juncture.

“This is like a kind of a historic moment. I think if you look at smartphones, the killer app is clearly messaging integrated with payments.

Chaum is behind Elixxir, which seeks to offer digital privacy by deploying a mobile messaging app partnered with a virtual payment vehicle along the lines of Chinese behemoth Tencent’s We Chat platform, securing communications through blockchain protection.

Briton David Chance also wants to take digital privacy to another level having left Google to launch a startup, yourself.online, offering retrieval of data which has remained in the public sphere without user consent.

“The most shocking thing is the scale of the problem,” says Chance. “We find personal data for about 80 percent of the people that sign up for our service. That could be a phone number, an email address or a date of birth.

“Companies are gathering up information that we kind of left as our online footprints and are using this to determine whether somebody gets a job, credit or a mortgage.”

Following criticism for not doing enough to secure user data, Facebook recently promised to bring end-to-end encryption to its Messenger platform, as is already the case with WhatsApp.

Jay Sullivan, whom Facebook recruited earlier this year as Messenger’s director of product management and privacy and integrity issues, says data protection is now a basic reqirement, a decade after Facebook founder Mark Zuckerberg suggested privacy was no longer a “social norm” or indeed to be expected.

Eich said consent is key.

“People don’t like (being tracked). They think, ‘I feel like some creeper is stalking me. I feel abused’,” he said.


Mitsui to join with ADNOC and others in LNG project in UAE, Nikkei reports 

Updated 11 sec ago
Follow

Mitsui to join with ADNOC and others in LNG project in UAE, Nikkei reports 

TOKYO: Japan’s Mitsui & Co plans to participate in a $7 billion liquefied natural gas project in the UAE, teaming up with Abu Dhabi National Oil Co. and others, the Nikkei reported on Tuesday. 

ADNOC will participate with a stake of around 60 percent and Mitsui with 10 percent of the project, the Nikkei said, adding Mitsui’s investment is estimated to be several tens of billions of yen. 

Other oil majors Shell, BP and Total Energies are also expected to invest, the report said. 

The companies aim to produce about 10 million metric tons of LNG per year, the report said. 


Pakistan eyes new IMF loan by early July, finance minister says

Updated 15 min 47 sec ago
Follow

Pakistan eyes new IMF loan by early July, finance minister says

ISLAMABAD: Pakistan could secure a staff-level agreement on a new long-term larger loan with the International Monetary Fund by early July, its finance minister said on Tuesday, according to Reuters. 

The country’s current $3 billion arrangement with the fund — which it secured last summer to avert a sovereign default — runs out in late April.

The $350 billion South Asian economy faces a chronic balance of payment crisis. The government is seeking a larger, long-term loan to help stabilize economic activity and financial markets so it can execute long-due, painful structural reforms.

If secured, it would be the 24th IMF bailout for Pakistan.

“We are still hoping that we get a staff-level agreement by June or early July,” Finance Minister Muhammad Aurangzeb told a conference in Islamabad.

He returned from Washington last week after leading a team to attend the IMF and World Bank’s spring meetings.

“We had very good discussions in Washington,” he said.

He said he did not know at this stage the volume and tenure of the longer program, although he has previously said that he was looking for at least a three-year bailout plan.

Both sides have said they were already in discussions for the new loan. A formal request, however, will be made once the current facility expires, with the IMF board likely to meet late this month to approve the second and last tranche of the current support scheme.

The economy is expected to grow by 2.6 percent in the fiscal year 2024, the finance minister said, adding that the inflation was projected at 24 percent, down from 29.2 percent in fiscal 2023. It touched a record high of 38 percent last May.

Aurangzeb said structural reforms would include increasing the government’s tax revenue-to-GDP ratio to 13 percent to 14 percent in next two or three years from the current level of around 9 percent, reducing losses of state-owned enterprises through their privatization, and better management of the debt-laden energy sector.


 


Oil Updates – prices stabilize, Middle East tensions remain in focus

Updated 23 April 2024
Follow

Oil Updates – prices stabilize, Middle East tensions remain in focus

NEW DELHI: Oil prices edged higher on Tuesday, after falling in the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East, according to Reuters.

Global benchmark Brent crude oil futures traded 18 cents higher at $87.18 a barrel by 9:34 a.m. Saudi time, and US West Texas Intermediate crude futures also gained 16 cents to $82.06 a barrel.

Both benchmarks fell 29 cents in the previous session on signs that a recent escalation of tensions between Israel and Iran had little near-term impact on oil supplies from the region.

“The unwinding of geo-political risk premium has dented crude oil prices recently as supply was not disrupted meaningfully,” said Sugandha Sachdeva, founder of Delhi-based research firm SS WealthStreet.

But the evolving geopolitical landscape remains critical in steering crude oil prices, she said.

“While there are no indications of an imminent full-scale war between the countries involved, any escalation in tensions could quickly reverse the current trend,” Sachdeva added.

ANZ analysts echoed the sentiment and highlighted US approval of new sanctions on Iran’s oil sector that broaden current sanctions to include foreign ports, vessels and refineries that knowingly process or ship Iranian crude.

Also, EU foreign ministers agreed in principle on Monday to expand sanctions on Iran after Tehran’s missile and drone attack on Israel, the bloc’s foreign policy chief Josep Borrell said.

“The geopolitical backdrop is still very fraught with so many risks at the moment, so clearly we’re going to see a lot of volatility until there’s a lot more clarity around it,” the ANZ analysts said in a podcast.

Israeli troops fought their way back into an eastern section of Khan Younis in a surprise raid, residents said on Monday, sending people who had returned to abandoned homes in the ruins of the southern Gaza Strip’s main city fleeing once more.

Investors are waiting for the release of the US gross domestic product figures and the March personal consumption expenditure data — the Fed’s preferred inflation gauge — later this week to assess the trajectory of monetary policy.

US crude oil inventories are expected to have increased last week while refined product stockpiles likely fell, according to a preliminary Reuters poll of analysts.

“Sticky US inflation figures, hawkish statements from key Fed officials, and rising US inventories are all acting as constraints on crude oil price growth,” Sachdeva said. 


Pakistan hopes to get new IMF loan by early July, says finance minister

Updated 23 April 2024
Follow

Pakistan hopes to get new IMF loan by early July, says finance minister

  • Pakistan’s current $3 billion financial arrangement with IMF expires in late April
  • Islamabad is seeking “bigger,” long-term loan to ensure macroeconomic stability

Pakistan is hoping to reach a staff-level agreement with the International Monetary Fund by June or early July, its finance minister said on Tuesday.

The country’s current $3 billion arrangement with the fund runs out in late-April, which it secured last summer to avert a sovereign default.

Islamabad is seeking a long-term bigger loan to help bring permanence to macroeconomic stability as well as an umbrella under which the country can execute structural reforms.

“We are still hoping that we get a staff-level agreement by June or early July,” Finance Minister Muhammad Aurangzeb told a conference in Islamabad.

He returned from Washington last week after leading a team to attend the IMF and World Bank’s spring meetings. “We had very good discussions in Washington,” he said.

He said he did not know at this stage the volume and tenure of the longer program.


Riyadh prepares to host special meeting of World Economic Forum

Updated 22 April 2024
Follow

Riyadh prepares to host special meeting of World Economic Forum

  • The aim of the gathering is to find solutions to global challenges relating to humanitarian issues, the climate and the economy

RIYADH: Final preparations are taking place this week in the Saudi capital, Riyadh, for a special meeting of the World Economic Forum in the city on April 28 and 29.

Heads of state and senior executives from the public and private sectors are expected to be among the participants, who will discuss a range of global economic issues and developments under the theme “Global Collaboration, Growth and Energy for Development.”

The aim of the meeting is to find solutions to a host of global challenges relating to humanitarian issues, the climate and the economy. On the sidelines of the main event, the Kingdom will host exhibitions and other events to highlight the latest developments and trends in areas such as sustainability, innovation and culture.

The selection of Riyadh as host of the special meeting reflects the extensive partnership between Saudi Arabia and the WEF, officials said.

It builds upon the Kingdom’s active participation and contributions to the WEF’s Annual Meetings in Davos.

The agenda is designed to rekindle the spirit of cooperation and collaboration with various panel discussions, workshops, and networking opportunities. It represents a significant gathering of global leaders and experts dedicated to forging a path toward a more resilient, sustainable, and equitable world.