News in Numbers: Facebook employees to be beefed up to 20,000 to filter out fake news
In other news, BJP spent Rs606.74 crore on election propaganda in 2016-17 while Congress spent Rs149.65 crore for the same period
What is it? The number of Facebook employees who would be reviewing content posted in the social media website by end of this year, as compared to 10,000 employed last year to review content and security.
Why is it important? This move is after it was found Russia-based Internet Research Agency (IRA) influenced the 2016 US elections. Previously, Facebook had hands off approach to filter content that is false or malicious, but now it plans to actively patrol the content so as not to influence elections through fake news.
Tell me more: Mark Zuckerberg, founder of Facebook, told the US Senate’s Commerce and Judiciary committees that IRA ran 470 Facebook accounts to run ads and false information to scuttle Hillary Clinton’s chance to win 2016 elections. The content was seen by 157 million Americans.
What is it? The amount BJP spent on election propaganda in 2016-17. In comparison, the Congress spent Rs149.65 crore for the same in this period.
Why is it important? In this period, BJP won five state elections out of 10—Assam, Goa, Uttarakhand, Uttar Pradesh and Manipur—with an average election propaganda spend of Rs60.67 crore. On the other hand, Congress’ average spend on election propaganda was nearly Rs15 crore and it won two state elections—Puducherry and Punjab in 2016-17.
Tell me more: BJP and Congress spent Rs69.78 crore and Rs115.65 crore on administrative expenses in 2016-17 respectively.
What is it? The exchange rate of Iran’s rial against the US dollar announced by the Iranian government.
Why is it important? At present, there are two exchange rates—one set by the government (37,000 rials to a dollar) and another used by traders (60,000 rials to a dollar). With Tuesday’s announcement, Iranian government has made it illegal to trade at any rate other than official rate.
Tell me more: Iran earns $50 billion from oil exports. Iran attempted with a single exchange rate in January 2012 and the experiment lasted only for a few months. Fearing collapse of nuclear deal, rial has lost 20% against the US dollar in the last two weeks.
What is it? The penalty imposed by the Competition Commission of India (CCI) on Google for “search bias” and abuse of its dominant position in February.
Why is it important? The online search giant has filed an appeal against the ruling and has sought a stay on it. The core unit of Alphabet is already involved in such anti-trust cases around the world: the European Commission imposed a record $2.7 billion fine on Google last year, besides facing anti-trust probes in Brazil and the possibility of investigations in South Korea.
Tell me more: Indian matchmaking firm Matrimony.com, which had filed the case against Google, has reportedly filed an appeal against the ruling as it feels the fine is too small and that CCI’s ruling that Google’s specialised search design or its advertising service, AdWords, were not breaking competition rules.
What is it? The number of shares a shareholder would receive in the to-be merged entity, Manipal Hospitals, for every 100 shares held in Fortis Healthcare. compared to the previous ratio of 10.83 shares for every 100 shares held.
Why is it important? Manipal Health Enterprises has revised its offer to buy Fortis Healthcare’s hospital business after institutional and minority shareholders expressed dissatisfaction with the previous offer. They had alleged that the hospital business of Fortis Healthcare had been valued at around Rs95 per share as against the consensus analysts’ estimate of Rs125-130 per share. The new terms would value Fortis at Rs155 per share.
Tell me more: Besides the better swap ratio, the capital infusion of Rs3,900 crore in the merged entity has been scrapped and instead, Manipal Health will undertake a rights issue of up to Rs4,000 crore.
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