Cambridge Analytica CEO Alexander Nix has found himself at the centre of a media storm over accusations that his company used the personal data of 50 million Facebook members to influence the US presidential election in 2016. Antonio Cotrim / EPA
Cambridge Analytica CEO Alexander Nix has found himself at the centre of a media storm over accusations that his company used the personal data of 50 million Facebook members to influence the US presiShow more

Facebook users are demanding answers. But it may be too late



For too long, internet goliaths have shown little regard for their billions of users who surrender their personal data, burying privacy policies among endless terms and conditions. With little transparency, smaller entities have proliferated, exploiting data harvesting for advertising, analysis or, more recently, to aid political campaigns. One such company, UK-based Cambridge Analytica, is this week in the eye of a media storm amid accusations it used the data of 50 million Facebook users to assist Donald Trump's presidential campaign. As the Facebook takes pains to reassure users, British and American lawmakers have approached chief executive Mark Zuckerberg for answers. But while outrage has focused on Cambridge Analytica and Facebook, the problem runs deeper. With users rightly seeking answers, it appears we are approaching a crossroads. But after years of reckless data collection, the notion that we should control the data underpinning our digital identities looks increasingly archaic.

According to a Cambridge Analytica whistle-blower, a professor named Aleksandr Kogan used Facebook in 2014 to disseminate a personality quiz designed, he claimed, for academic research. Using now-closed loopholes, he was able to collect the data of 50 million people from a pool of 270,000 quiz participants, by amassing data on their friends. Until he sold it to Cambridge Analytica – which used the data to create psychological profiles and selectively deliver pro-Trump material – Prof Kogan's conduct aligned with Facebook's policies. Though the platform told Cambridge Analytica to destroy the data in 2015, it did not ban the company until last week. These problems are not new and will likely worsen. For users it is an unsettling reminder of how much information and control we have surrendered to internet giants like Facebook, YouTube, Google and Twitter, which subsist on personal data. It is a transaction we largely accept in order to connect with distant family and friends. But where should we draw the line?

Certainly when social media starts to influence the democratic process. Facebook's senior cadre has already faced questions from US lawmakers regarding its use by Russian outfits in the 2016 election. In Britain there are valid questions about its role in the Brexit vote. Social media can be a force for good, democratising information and making our lives easier. But it can also spread lies, which rattle around in political echo-chambers. As The National reported, Facebook has garnered criticism for failing to address vile hate speech that exacerbated recent anti-Muslim violence in Myanmar and Sri Lanka. Revelations about Cambridge Analytica have torn open an ongoing privacy debate. Users should educate themselves about data protection, while regulators should insist on understandable privacy policies. But with social media increasingly ubiquitous, clawing back the privacy many of us surrendered long ago will be an arduous task. Ultimately, the stock market may be the firmest arbiter of what happens next and how strong the appetite is for change. Facebook shares slid by 8 per cent earlier in the week. Such declines in stock price are rarely sustainable in the longer term.

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

UAE currency: the story behind the money in your pockets
How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

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Transmission: 7-speed automatic with 8-speed sports option 

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

UAE players with central contracts

Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.

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Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

ACL Elite (West) - fixtures

Monday, Sept 30

Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)

Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)