Facebook's Zuckerberg contrite ahead of grilling in Congress

Mark Zuckerberg will appear before US lawmakers on Tuesday and Wednesday after placing the blame for privacy and security lapses at Facebook on himself.

The social network's chief executive said he was too idealistic and failed to grasp how the platform — used by two billion people — could be abused and manipulated, according to remarks released by a congressional panel.

He will testify before senators on Capitol Hill amid a firestorm over the hijacking of data on millions of Facebook users by the British firm Cambridge Analytica, which worked with Donald Trump's campaign.

On Monday, Mr Zuckerberg — who is usually dressed in a casual T-shirt — was in a suit and tie as he made the rounds with his assistant Andrea Besmehn for private meetings with lawmakers ahead of the hearings — a key test for the Facebook founder.

"We didn't take a broad enough view of our responsibility, and that was a big mistake. It was my mistake, and I'm sorry," Mr Zuckerberg said in his written testimony released by the House commerce committee.

"I started Facebook, I run it, and I'm responsible for what happens here."

In his written remarks, Mr Zuckerberg called Facebook "an idealistic and optimistic company", adding: "We focused on all the good that connecting people can bring."

But he acknowledged that "it's clear now that we didn't do enough to prevent these tools from being used for harm as well. That goes for fake news, foreign interference in elections, and hate speech, as well as developers and data privacy."

Mr Zuckerberg said he has called for more investments in security that will "significantly impact our profitability going forward", adding: "I want to be clear about what our priority is: protecting our community is more important than maximising our profit."

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Facebook to verify identities for political ads

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Mr Zuckerberg recounted a list of steps announced by Facebook aimed at averting a repeat of the improper use of data by third parties like Cambridge Analytica, and noted that other applications were also being investigated to determine if they did anything wrong.

"We're in the process of investigating every app that had access to a large amount of information before we locked down our platform in 2014," said MR Zuckerberg.

"If we detect suspicious activity, we'll do a full forensic audit. And if we find that someone is improperly using data, we'll ban them and tell everyone affected."

After meeting with Mr Zuckerberg on Monday, Senator Bill Nelson told reporters that Mr Zuckerberg appears to be taking the matter seriously.

"I believe he understands that regulation could be right around the corner," Mr Nelson said.

Mr Nelson said lawmakers would be looking at other social media sites in determining any new regulations.

"It's not just Facebook," the Florida senator said.

Facebook "happens to be the point of the spear, but all these other app sites that get your personal data, that's another way of us losing our privacy," Mr Nelson said.

Facebook has taken a series of proactive steps to make up for massive lapses in protecting user data, as lawmakers signalled they intend to get tough on privacy.

Last week, the company announced new privacy tools to be in place in user news feeds on Monday, and said it would notify the 87 million users affected by the data hijacking scandal, amid probes underway on both sides of the Atlantic.

Over the weekend, it said it had suspended another data analysis firm, US-based Cubeyou, after reports that it had used private data harvested from psychological testing apps for commercial purposes. It also suspended the Canadian firm AggregateIQ over apparent collaboration with Cambridge Analytica.

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Facebook scans what is sent in Messenger

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On Friday, Facebook sought to quell some concerns over political manipulation of its platform by announcing support for the "Honest Ads Act" that requires election ad buyers to be identified, and to go further with verification of sponsors of ads on key public policy issues.

Mr Zuckerberg said the change will mean "we will hire thousands of more people" to get the new system in place ahead of US midterm elections in November.

"We're starting this in the US and expanding to the rest of the world in the coming months," Mr Zuckerberg said.

On Monday, Facebook agreed to supply proprietary data for a study on its role in elections and democracy.

"The focus will be entirely forward looking. And our goals are to understand Facebook's impact on upcoming elections — like Brazil, India, Mexico and the US midterms — and to inform our future product and policy decisions," Facebook said in a statement.

Facebook has said it has seen little impact on its business from the privacy scandal despite a #deleteFacebook movement and concerns from advertisers.

Marathon results

Men:

1. Titus Ekiru(KEN) 2:06:13

2. Alphonce Simbu(TAN) 2:07:50

3. Reuben Kipyego(KEN) 2:08:25

4. Abel Kirui(KEN) 2:08:46

5. Felix Kemutai(KEN) 2:10:48

Women:

1. Judith Korir(KEN) 2:22:30

2. Eunice Chumba(BHR) 2:26:01

3. Immaculate Chemutai(UGA) 2:28:30

4. Abebech Bekele(ETH) 2:29:43

5. Aleksandra Morozova(RUS) 2:33:01

THE%20SWIMMERS

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57%20Seconds

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Ms Yang's top tips for parents new to the UAE

Join parent networks
Look beyond school fees
Keep an open mind

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.”

Results

6.30pm: Al Maktoum Challenge Round-2 Group 1 (PA) US$75,000 (Dirt) 1,900m

Winner: Ziyadd, Richard Mullen (jockey), Jean de Roualle (trainer).

7.05pm: Al Rashidiya Group 2 (TB) $250,000 (Turf) 1,800m

Winner: Barney Roy, William Buick, Charlie Appleby.

7.40pm: Meydan Cup Listed Handicap (TB) $175,000 (T) 2,810m

Winner: Secret Advisor, Tadhg O’Shea, Charlie Appleby.

8.15pm: Handicap (TB) $175,000 (D) 1,600m

Winner: Plata O Plomo, Carlos Lopez, Susanne Berneklint.

8.50pm: Handicap (TB) $135,000 (T) 1,600m

Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.

9.25pm: Al Shindagha Sprint Group 3 (TB) $200,000 (D) 1,200m

Winner: Gladiator King, Mickael Barzalona, Satish Seemar.

The rules on fostering in the UAE

A foster couple or family must:

be Muslim, Emirati and be residing in the UAE
not be younger than 25 years old
not have been convicted of offences or crimes involving moral turpitude
be free of infectious diseases or psychological and mental disorders
have the ability to support its members and the foster child financially
undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially

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

Profile of MoneyFellows

Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

More from Aya Iskandarani

Why Hezbollah’s man in Iraq is now worth $10 million to the US

New bill introduced to Congress could take a toll on Lebanese army

How Tripoli became Lebanon's protest capital

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

COMPANY%20PROFILE

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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor

Paris%20Agreement

%3Cp%3EArticle%2014%3C%2Fp%3E%0A%3Cp%3E1.%20%5BThe%20Cop%5D%20shall%20periodically%20take%20stock%20of%20the%20implementation%20of%20this%20Agreement%20to%20assess%20the%20collective%20progress%20towards%20achieving%20the%20purpose%20of%20this%20Agreement%20and%20its%20long-term%20goals%20(referred%20to%20as%20the%20%22global%20stocktake%22)%3C%2Fp%3E%0A%3Cp%3E2.%20%5BThe%20Cop%5D%20shall%20undertake%20its%20first%20global%20stocktake%20in%202023%20and%20every%20five%20years%20thereafter%C2%A0%3C%2Fp%3E%0A

Final scores

18 under: Tyrrell Hatton (ENG)

- 14: Jason Scrivener (AUS)

-13: Rory McIlroy (NIR)

-12: Rafa Cabrera Bello (ESP)

-11: David Lipsky (USA), Marc Warren (SCO)

-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)

UAE currency: the story behind the money in your pockets

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD5

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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

Scoreline

Liverpool 3
Mane (7'), Salah (69'), Firmino (90')

Bournemouth 0

The Comeback: Elvis And The Story Of The 68 Special
Simon Goddard
Omnibus Press

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.