Facebook shuffles top management, eyes Blockchain: Report
San Francisco, May 9: Mired in a massive data breach controversy, Facebook has reportedly rolled out biggest-ever shuffle at the senior management level since its inception -- across platforms, including WhatsApp and Messenger.
According to tech news website Recode, Facebook has made long-time executive Chris Cox in-charge of Facebook, Instagram, WhatsApp and Messenger -- now called a "family of apps".
"Facebook is also building a new team dedicated to Blockchain technology. David Marcus, the executive in-charge of Facebook's standalone messaging app, Messenger, is leaving that post to run the Blockchain group," the report said late on Tuesday.
The Blockchain team would come under "New platforms and infra" run by Chief Technology Officer (CTO) Mike Schroepfer, who will also take care of Facebook's AR, VR and Artificial Intelligence initiatives.
Facebook executive Javier Olivan, Vice President of Growth, will oversee the third division titled "Central product services".
This vertical will include shared features that operate across multiple products or apps such as ads, security and growth.
"Adam Mosseri, the Facebook product executive who runs News Feed, is headed over to Instagram to become the company's new VP of product," the report claimed.
Meanwhile, Chief Operating Officer Sheryl Sandberg will keep her duties.
Facebook on Tuesday announced the appointment of Jeff Zients, CEO of Cranemere, to the company's board of directors and audit committee, effective May 31.
In a jolt to Facebook, WhatsApp co-founder and CEO Jan Koum in April decided to move on amid reports that he had a difference of opinion with parent company Facebook over data privacy, encryption and other issues.
After the Cambridge Analytica data scandal, Facebook has warned investors that more users' data scandals in the future may adversely affect the social networking giant's reputation and brand image.
In its quarterly report shared with the US Securities and Exchange Commission (SEC), without mentioning Cambridge Analytica, Facebook said that its ongoing investments in safety, security and content review will identify additional instances of misuse of user data.
"We may also be notified of such incidents or activity via the media or other third parties," Facebook said.
Appearing before the US Congress, Facebook CEO Mark Zuckerberg told the lawmakers that his own personal data was part of 87 million users' that was "improperly shared" with the British political consultancy firm Cambridge Analytica which has not shut down operations.
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Rupee falls 1 paisa to fresh all-time low of 84.32 against US dollar
Mumbai, Nov 7: The rupee slipped 1 paisa to close at a fresh lifetime low of 84.32 against the US dollar on Thursday, as weak domestic equities and sustained foreign fund outflows dented market sentiment.
Forex traders said investors were also cautious ahead of the US Fed meeting outcome. Moreover, overnight gains in crude oil prices also weighed on the local unit.
However, a correction in the dollar index against major currencies helped the rupee and restrained the slide, they added.
At the interbank foreign exchange, the rupee opened at 84.26 against the US dollar. During the session, the local currency touched a high of 84.26 and a low of 84.38. It finally settled at 84.32, a loss of just 1 paisa against its previous close.
On Wednesday, the rupee depreciated 22 paise to close at an all-time low of 84.31 against the US dollar.
The rupee touched fresh record lows again on the back of weak domestic equities and sustained FII outflows. However, the softening of the US Dollar index from Wednesday's highs cushioned the downside, forex traders said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.22 per cent lower at 104.86.
Brent crude, the global oil benchmark, fell 0.32 per cent to USD 74.68 per barrel in futures trade.
"We expect the rupee to trade with a negative bias on overall strength in the US Dollar on the back of Donald Trump’s victory in the US Presidential elections and FII outflows. However, softening of commodity prices amid easing geopolitical risk premium may support the rupee at lower levels," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
Any intervention by the RBI may also support the rupee at lower levels. Traders may take cues from weekly unemployment claims data from the US and FOMC meeting decisions. The Bank of England's monetary policy decision is also due.
"With Asian currencies down, US Dollar up, and yields up, the RBI does not have any option but to allow the rupee to fall to ensure that REER remains competitive for our exports.
"If the FOMC is a bit hawkish in its tone or does not cut rates today or says it will not cut in December, then we could see another fall in rupee to the extent of 84.50," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
BoE and FOMC are expected to cut interest rates by 25 bps. USD/INR spot price is expected to trade in a range of 84.15 to 84.60, Choudhary said.
In the domestic equity market, the 30-share BSE Sensex fell 836.34 points, or 1.04 per cent, to close at 79,541.79 points, while Nifty declined 284.70 points, or 1.16 per cent, to settle at 24,199.35 points.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 4,888.77 crore, according to exchange data.
"Importers need to be covered for any imports to be paid in November and for December should buy any dip near 84. Exporters are likely to book on every uptick of 25 paise after watching the markets," Bhansali said.
