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Facebook Says COO Sandberg Asked for Info on Critic Soros

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Facebook Says COO Sandberg Asked for Info on Critic Soros 12 Saturday, December 1, 2018 Economy & Business In challenge to tech Facebook says COO Sandberg giants, ECB rolls out real-time payments asked for info on critic Soros AFP to central bank funds, avoid- FRASCATI ing the need for sometimes time-consuming checks be- The admission comes THE European Central Bank tween commercial banks amid revelations that on Friday rolled out the first that even the “digital wallets” pan-eurozone instant pay- have to contend with. FB hired an opposi- ment service, hoping to be- “It means it’s equivalent tion research irm to come a dominant player in to cash and there is no credit a field crowded by US and risk for the recipient of the discredit its critics by Asian tech giants. payment,” Bayle de Jesse The so-called TIPS sys- told AFP. linking them to Soros tem will allow consumers - ‘Like cash’ -He added and businesses across the that he could see TIPS be- AFP 19-nation euro area to send come “the preferred method SAN FRANCISCO and receive money in mere of payment in places such as seconds, without the usual supermarkets or petrol sta- FACEBOOK has said that lags associated with online tions” and predicted that it chief operating officer Sheryl and real-world transactions. would quickly prove its merit Sandberg asked staff to look The service is a direct in daily life. into whether billionaire critic challenge to the “digital wal- George Soros had a financial lets” provided by the likes of interest in tarnishing the social Google, Apple, Amazon or network. China’s Alibaba and Tencent, The company was respond- which offer contactless, su- ing to a New York Times report per-fast online payments and citing sources that maintained have exploded in popularity. TIPS system the second most powerful ex- “Banks in the eurozone ecutive at Facebook was di- are under pressure” from The so-called TIPS system rectly involved in the social tech rivals, said Marc Bayle will allow consumers and network’s tactical response to de Jesse, head of market in- businesses across the the philanthropist’s criticism frastructure and payments at 19-nation euro area to of the social network. the ECB. send and receive money in “Mr. Soros is a prominent “TIPS is a way for them to mere seconds, without the investor and we looked into not give up the game to these usual lags associated with his investments and trading digital players.” activity related to Facebook,” Local banks across Eu- online and real-world a spokeswoman said, queried rope have already responded transactions. The service is by AFP. to demand by creating their a direct challenge to the “That research was already own instant payment servic- “digital wallets” provided by underway when Sheryl sent an es that do not however travel the likes of Google, Apple, email asking if Mr. Soros had Facebook’s Chief Operating Oficer Sheryl Sandberg speaks at the The American Enterprise Institute for Public Policy Research in Washington. across borders, leading to a Amazon or China’s Alibaba. shorted Facebook’s stock.” (MANDEL NGAN /AFP/FILE) patchwork of different sys- Investors who sell shares tems. short stand to profit if the price Schrage taking the hit for “But, as she said before, The ECB hopes to solve “Think about your child of the stock drops. the controversy was seen by Facebook denies wrongdoing she takes full responsibility for that by offering a single, bor- asking to instantly send him The outgoing head of Face- some as convenient, since he any activity that happened on derless solution available on 10 euros while queueing in book’s communications team had said he was leaving the ● Facebook says Sandberg asked whether George Soros gained her watch.” smartphones, PCs and at in- front of a cinema,” Bayle de last week took responsibility social network after working inancially from shorting Facebook’s stock. Investors who sell Schrage joined Zuckerberg store payment points. Jesse said. for the controversial hiring of there for more than a decade. shares short stand to proit if the price of the stock drops and Sandberg in stressing that “The way we pay and To take part and be able a conservative consulting firm - On her watch -Definers Definers was not hired to cre- want to pay in Europe is to offer the service to custom- accused of using “black ops” was hired in 2017 as part of an ● Facebook continues to deny that Sandberg was involved in ate or spread false stories to changing,” ECB board mem- ers, commercial banks have style techniques, acknowledg- effort to diversify its advisors hiring Deiners Public Affairs, the Republican opposition help Facebook. ber Yves Mersch said at the to open a dedicated TIPS ing that critics including inves- in Washington, in the face of research group the social media company hired to “explore Zuckerberg said Facebook launch ceremony that took account with their national tor Soros were targeted. growing pressure by competi- the inancial connections” between Soros and organizations stopped using Definers the day place at the Bank of Italy on central bank. The announcement by El- tors and media companies for agitating against it the NYT story was published. the outskirts of Rome. Participating banks will liot Schrage, who said in June Facebook to be regulated by Zuckerberg has defended “Many consumers are forgo the benefits of hav- he was stepping down, came the government, Schrage said Sandberg, saying she “is a real- moving to e-commerce ing the liquidity from an in- after Sandberg has pledged a in a message to co-workers Definers was mentioned in “We had not heard such ly important part of this com- and ever more e-retail pay- progress money transfer on review of its use of Definers to posted online. some material and in a “small criticism from him before and pany and is leading a lot of the ments are made from mobile their books, as well as losing deflect criticism from the so- But its role grew to include number” of emails she re- wanted to determine if he had efforts for a lot of the biggest phones. Consumers expect out on sometimes hefty cus- cial networking giant. looking into Facebook com- ceived. any financial motivation,” issues we have.” pan-European services that tomer fees depending on the She and Facebook chief petitors and doing research on “As Elliot said last week, Schrage said. Facebook has stumbled are safe, efficient and easy to type of transaction. executive Mark Zuckerberg Soros-funded campaigns. we researched potential moti- When a “Freedom from Fa- from one mess to another this use.” But the ECB said the maintained they were sur- “Responsibility for these vations behind George Soros’s cebook” campaign later began year as it grapples with contin- The ECB said TIPS will convenience of TIPS and the prised by an NYT story earlier decisions rests with leadership criticism of Facebook in Janu- portrayed as a grassroots coali- uing fallout from Russia’s use initially be open to any per- expected high demand will this month that said the social of the Communications team,” ary 2018,” the spokesperson tion, Definers determined that of the platform to interfere in son, bank or business in the convince banks to sign up. network was using Definers to Schrage said. “That’s me.” told AFP. Soros was funding some coali- the 2016 US presidential elec- eurozone but could in future The system went live at link social network critics to Sandberg, who had pre- Definers began looking tion members and shared what tion, the Cambridge Analytica be expanded to other coun- the launch event, with Span- liberal financier Soros. viously stated that she had into Soros after the philanthro- they learned with the press, ac- scandal in which user data was tries and currencies. ish lender CaixaBank making The Hungarian-born US no recollection of working pist labeled Facebook a “men- cording to Schrage. harnessed in a bid to help can- TIPS’ speedy delivery is the first payment to France’s billionaire is a favorite target of with Definers, revealed at the ace to society” in a speech at “Sheryl never directed re- didate Donald Trump, and a down to being directly linked Natixis. nationalists and anti-Semitic time that a check of what had Davos early this year, accord- search on Freedom from Face- huge security breach involving conspiracy theorists. crossed her desk showed that ing to Schrage. book,” the spokeswoman said. millions of accounts. Pakistan rupee plunges to record low, no news on IMF lifeline AFP The State Bank of Paki- austerity drive since being percent this year. been searching for ways to ral- KARACHI stan has indirectly devalued sworn in, including auctioning Pakistan secured $6 billion ly its struggling economy. the state-managed unit sev- off government-owned luxury in funding from Saudi Arabia Islamabad has received PAKISTAN’S rupee plunged eral times already as it tries to vehicles and buffaloes, in ad- and struck a 12-month deal for billions of dollars in Chinese almost five percent to a re- narrow a huge balance of pay- dition to seeking loans from a cash lifeline during Khan’s loans to finance ambitious in- cord low Friday after what ap- ments deficit. “friendly countries” and mak- visit to the kingdom in Octo- frastructure projects, but the peared to be a sixth devalua- But traders are growing ing overtures to the IMF. ber. US -- one of the IMF’s biggest tion by the central bank in the concerned that neither Khan “The market was disap- Despite the pledges, the donors -- has raised fears that past year as the country strug- nor his Finance Minister Asad pointed to see that there was ministry of finance said Paki- Pakistan could use any bailout gles with an acute balance of Umar laid out a comprehen- no clear cut direction of the stan would still seek broader money to repay its debts to payment crisis.
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