Facebook is bringing on board 3,000 new recruits to combat fake news. AP
Facebook is bringing on board 3,000 new recruits to combat fake news. AP

Editorial

The scourge of fake news and online radicalisation demand urgent answers

The challenge is colossal, but there appears to be a welcome new resolve on the part of social media behemoths such as Facebook to address it

National Editorial

October 28, 2017

Facebook and other social media are emerging as the principal sources of news for people across the world. Sixty-three per cent of Arab nationals, for instance, say that they get their news from social media. But the downside of absorbing information from social media is that they are often not vetted for accuracy. In the US alone, some 31 per cent of all social media users between the ages of 10 and 18 say that they have shared a news item online only to find out later that it was misleading. But the damage cannot always be undone; corrections rarely are as effective as intentionally inaccurate news.

Fake news, however, is one side of the coin. Radicalisation is the other. As British prime minister Theresa May told the UN in September, "too many innocent people [have been] murdered" by individuals radicalised online. If the deluge of fake news and the scourge of radicalisation aren't dealt with, the consequences may become impossible to control. In a recent interview with The National, Jonathan Labin, Facebook's managing director for Middle East and North Africa, acknowledged the scale of the problem, reiterated his company's stance and elaborated on the steps that are being taken to combat it. The US-based social behemoth is hiring 3,000 new recruits to review content. Using a combination of sophisticated algorithms and artificial intelligence, these cyber sleuths will weed out content that spreads hate, incites violence or disseminates lies.

_________________

Read more

_________________

There appears to be a welcome new resolve on the part of social media companies to address the problem. Recently, Twitter suspended advertising by RT and Sputnik, the Russian broadcasting services, amid fears that they might be interfering in US politics by pumping out misinformation. Social media platforms can counter the spread of fake news by entering into alliances with credible and trusted sources of news. A programme to enhance media literacy among users, highlighting the distinctions between a genuine news item and a fake one, may also help. Fake news affects us all, and all of us should play a part in clamping down on it.

Follow The National's Opinion section on Twitter

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.”

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Where to buy

Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com

UAE currency
Blue%20Beetle
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Angel%20Manuel%20Soto%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EXolo%20Mariduena%2C%20Adriana%20Barraza%2C%20Damian%20Alcazar%2C%20Raoul%20Max%20Trujillo%2C%20Susan%20Sarandon%2C%20George%20Lopez%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%C2%A0%3C%2Fp%3E%0A