Australia may summon Zuckerberg over Huawei data deal
Canberra, June 7: An Australian intelligence committee said on Thursday that it was considering summoning Facebook founder and CEO Mark Zuckerberg for a public hearing following revelations his company made a data-sharing deal with Huawei and other Chinese tech companies.
Labor MP Anthony Byrne, deputy chair of the Parliamentary Joint Committee on Intelligence and Security (PJCIS), said Zuckerberg owes an explanation to Australian Facebook users, reports Efe news.
"It is vital that Facebook explains its data sharing partnership with firms such as Huawei. We need to protect the data of over 15 million Facebook users in Australia," Byrne posted on his Facebook page on Thursday.
"If need be, Mr Zuckerberg will be invited to appear before the PJCIS in a public hearing to explain himself to our committee and the Australian people."
It was revealed on Wednesday that Facebook had admitted giving Huawei and three other Chinese companies - Lenovo, OPPO and TCL - specialised access to user data.
In recent years, US senators and national security officials have warned of the possibility of the Chinese government having access to Huawei servers.
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Rupee falls 5 paise to close at 89.94 against US dollar after RBI cuts repo rate
Mumbai (PTI): The rupee on Friday gave up its initial gains and settled for the day lower by 5 paise at 89.94 (provisional) against US dollar, after the Reserve Bank cut key benchmark interest rate for the first time in six months.
Forex traders said the Reserve Bank of India's (RBI) rate cut will weigh on the rupee, but RBI's decision to purchase government bonds worth up to Rs 1 lakh crore through open market operations (OMO), combined with a USD 5 billion buy-sell swap, will support the local currency.
At the interbank foreign exchange market, the rupee opened at 89.85 against the US dollar and gained ground, touching 89.69 in morning deals, registering a 20-paise gain from its previous close.
After the RBI's monetary policy announcement, the rupee lost ground and fell to 90.06 against the American currency, a 16-paise decline from its previous close of 89.89. The currency is down almost 5 per cent against the dollar this year, the worst performer in Asia.
The local unit finally settled for the day lower by 5 paise at 89.94 (provisional) against the American currency.
"Beyond the rate cut, RBI's decision to purchase government bonds worth up to Rs 1 lakh crore through OMO, combined with a USD 5 billion buy-sell swap, marks a decisive effort to restore durable liquidity and stabilize currency markets after the rupee's sharp depreciation," said Sachin Bajaj, Executive Vice President & Chief Investment Officer, Axis Max Life Insurance.
The RBI on Friday cut the key benchmark interest rate for the first time in six months and took steps to boost liquidity to support a "goldilocks" economy amid high US tariffs.
Reserve Bank Governor Sanjay Malhotra said the central bank does not target any band for the rupee in the forex market, and allows the domestic currency to find its own correct level.
"We don't target any price levels or any bands. We allow the markets to determine the prices. We believe that markets, especially in the long run, are very efficient. It's a very deep market," he said while replying to a question on rupee depreciation at a post-monetary policy press meet.
Malhotra said fluctuations in the market keep occurring, and the RBI's effort is always to reduce any abnormal or excessive volatility. "And that is what we will continue to endeavour," he added.
In its bi-monthly monetary policy, the RBI announced three-year USD/INR Buy Sell swaps of USD 5 billion this month. When asked if this is aimed at checking rupee depreciation, Malhotra said, "It is a liquidity measure. It is not to support the rupee".
The governor further said the country has sufficient foreign exchange reserves and that the current account is manageable, and that, given the strong fundamentals of the economy, the country should witness strong capital flows going forward.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent lower at 98.96.
Brent crude, the global oil benchmark, rose 0.02 per cent to USD 63.27 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 447.05 points to settle at 85,712.37, while the Nifty climbed 152.70 points to 26,186.45.
Foreign institutional investors sold equities worth Rs 1,944.19 crore on a net basis on Thursday, according to exchange data.
