Bitcoin falls to lowest level since June amid Libra concerns October 23, 2019 Bitcoin has tumbled eight per cent as concerns mount over cryptocurrencies ahead of Facebook boss Mark Zuckerberg’s appearance before Congress this afternoon. Zuckerberg is set to be questioned on Libra, Facebook’s proposed digital currency, from 3pm UK time. Regulators and lawmakers from around the world have raised concerns about the possibility of Libra being used [...]
Banks could drop Facebook over Libra, ING head warns October 22, 2019 Banks could have to cut ties with Facebook if it launches Libra without first addressing regulators’ concerns over the possibility of the digital currency being used for money laundering, the head of ING was warned. Chief executive Ralph Hamers said banks such as ING act as “gatekeeper to the financial system”, and told the Financial [...]
MPs challenge Sir Nick Clegg over Facebook’s political ads rule change October 22, 2019 A top MP has written to Facebook vice president Sir Nick Clegg urging him to explain why the social media platform has overhauled its rules on political advertising. Damian Collins, chair of the Digital, Culture, Media and Sport (DCMS) Select Committee, warned the changes would “place a heavy constraint on [Facebook’s] ability to combat disinformation [...]
Facebook co-founder launches anti-monopoly trust October 17, 2019 One of Facebook’s co-founders has launched a $10m (£7.8m) anti-monopoly trust in an attempt to place extra scrutiny on big tech firms. Chris Hughes will launch the fund to support academic and policy research into market power. Read more: Facebook suffers a drop in brand value as consumer trust slides It will be a part [...]
Facebook suffers drop in brand value as consumer trust slides October 17, 2019 Facebook has suffered a second successive annual decline in its brand value as the social media firm faces a backlash over data use and its faltering move into digital currency. The Silicon Valley giant has dropped out of the top 10 rankings of the world’s most valuable brands, suffering a decline of almost 12 per [...]
DEBATE: Is the G7 warning the end for Facebook’s libra? October 16, 2019 Now that the G7 has issued a warning against the cryptocurrency, is this it for Facebook’s libra? YES, says Ana Bencic, president of Nexthash. Facebook’s libra is the most high-profile example of a centralised cryptocurrency and is a living example of how it will be perhaps the last one to exist. The G7’s warning to [...]
Booking.com owner becomes latest to abandon Facebook Libra October 14, 2019 Booking Holdings, the company behind websites including Booking.com, has become the latest firm to quit Facebook Libra, the social media giant’s embattled cryptocurrency project. Libra confirmed that Booking – which also operates sites including Opentable and Kayak – is withdrawing from the Libra Association, the stablecoin’s Swiss-based independent governing body. Read more: Facebook cryptocurrency Libra [...]
Facebook cryptocurrency Libra dealt fresh regulatory blow by G7 October 14, 2019 Facebook’s Libra digital currency project must not go ahead until the social media giant demonstrates it is safe and secure, according to a G7 report. The world’s largest economies warned that cryptocurrencies such as Libra pose a threat to the global financial system and backers must ensure the coins are not used to launder money [...]
Mastercard and Visa join Paypal and others in abandoning Facebook’s Libra cryptocurrency project October 12, 2019 Mastercard, Visa, eBay and Stripe have all pulled out of Facebook’s cryptocurrency project, Libra. It comes a week Paypal announced they were withdrawing from Libra and is a huge blow to the social network’s plans to launch what it envisioned as a global currency. Read more: Paypal become first firm to drop out of Facebook’s [...]
Facebook pays just £28m in UK corporation tax in 2018 after sales worth almost £800m October 11, 2019 Facebook paid just £28m in UK corporation tax in 2018 according to its latest filing at Companies House. This is despite it having recognised sales worth £797m with a gross profit of £763.4m for the year. Read more: OECD targets tech giants as it shakes up global tax rules It is the latest example of [...]