Tag: facebook

Mukesh Ambani, Chairman, Reliance Industries Limited (RIL) has said that the partnership between Jio and Facebook is great for India, Indians and small Indian businesses. Even Facebook CEO Mark Zuckerberg on Tuesday said at the first Facebook Fuel for India 2020 event that its partnership with Jio Platforms will help support millions of small businesses in India." At Facebook, we are in the business of serving small businesses. And nowhere is this more true than in India," the Facebook CEO said. He also said that supporting small businesses has become more important in view of the Covid-19 induced impact on the economy.“With more than 60 million small businesses and millions of people around the country relying on them for jobs - these small businesses form a big part of what our partnership with Jio can serve here. This is especially important because small businesses in India will be a key part of the global economic recovery going forward. And we're focused on making sure we build. Read more

The US government and 48 states have filed parallel lawsuits against Facebook, accusing the social media giant of anti-competitive conduct by abusing its market power to create a monopoly and crushing smaller competitors. Soon after the Federal Trade Commission (FTC) and 48 state attorney generals sued the company yesterday(9th December 2020), Facebook's shares dropped significantly at the stock exchanges. The bipartisan coalition led by New York attorney general Letitia James alleged that Facebook has engaged in a systematic strategy to eliminate threats to its monopoly. This includes its 2012 acquisition of up-and-coming rival Instagram, its 2014 acquisition of the mobile messaging app WhatsApp and the imposition of anti-competitive conditions on software developers. Read more

A joint committee of Parliament today(23rd October 2020) issued summons to Facebook in order to seek its "oral evidence" on the issues of data protection and privacy. Twitter too is said to have been directed for an appearance next week. The joint committee led by BJP MP Meenakshi Lekhi has 20 members from the Lok Sabha and 10 from the Rajya Sabha. The agenda of Friday's meeting read: "Oral evidence by the representatives of Facebook India Online Services Pvt Ltd on the Personal Data Protection Bill, 2019." However, the summon to Facebook and Twitter is strictly pertaining to the issue of citizen's personal data protection. The summons to Twitter assumes significance as these come close to the Centre's letter to the microblogging site's chief Jack Dorsey. Read more

Shares of Saregama India were locked in upper circuit for the second straight day, up 20 per cent at Rs 401 on the BSE on Thursday after the company announced that Facebook has entered into a global deal with Saregama, one of India’s oldest and largest music labels, to license its music for video and other social experiences across its eponymous service and Instagram. Saregama India shares have surged over 45 per cent since Monday’s close of Rs 275.25 per share. “This partnership will allow users to choose from a wide variety of music to add to their social experiences such as videos, stories via music stickers and other creative content. People will also be able to add songs to their Facebook Profile,” Saregama said in a press release. Formerly known as 'The Gramophone Company of India Ltd', Saregama owns the largest music archives in India, one of the biggest in the world. With today’s rally in the stock, the market capitalisation of Saregama India stands at Rs 698.26 crore. Read more

Facebook Today (22nd April 2020) announced an investment of Rs 43,574 crore to pick a 9.9 percent stake in Reliance Industries Limited's wholly-owned subsidiary, Jio Platforms, the largest foreign direct investment for a minority stake in India. Concurrent with the investment, Jio Platforms, Reliance Retail Limited and WhatsApp have also entered into a commercial partnership agreement to further accelerate Reliance Retail’s New Commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp.

Equity markets in India today (22nd April 2020)fluctuated in early trade as the gains in Reliance Industries were offset by selling in banks and metal stocks amid weak global cues. Shares of Reliance Industries (RIL) gained 7 percent at Rs 1,326 on the BSE after the company announced that Facebook would invest Rs 43,547 crore ($5.7 billion) in the company’s wholly-owned subsidiary Jio Platforms to expand its presence in India. Among headline indices, the S&P BSE Sensex was up 27 points at 30,660 levels and the Nifty50 was hovering around the 9,000 mark. ONGC, down over 7 percent, was the top laggard in the Sensex pack. The Nifty sectoral indices were mixed, with the Nifty Metal index, down 2 percent, leading the list of losers.

Facebook Chief Executive Mark Zuckerberg accepts that social networking company may have to pay more taxes in different countries. Cross-border tax rules are set to be rewritten after 137 states sought last month to avoid a new trade war over the global multiplication of taxes on digital services. "I understand that there's frustration about how tech companies are taxed in Europe. We also want tax reform and I'm glad the OECD is looking at this." Government officials agreed to negotiate new rules for where tax should be paid and what share of profit should be taxed when big digital and other consumer-facing businesses do not have a physical presence in the market, the Organisation for Economic Co-operation and Development (OECD) said last month.