Facebook’s Zuckerberg accused of setting dangerous precedent over Trump
Civil rights chiefs say they are “disappointed and stunned by Mark’s incomprehensible explanations”.
Mark Zuckerberg is setting a “dangerous precedent” by allowing a post by Donald Trump to remain on Facebook, a group of civil rights leaders has warned.
Their statement followed a video call with the social media giant’s founder.
The US president’s post, about the widespread protests following the death of George Floyd, was hidden by Twitter last week for “glorifying violence”.
Facebook staff also voiced their anger at their employer, with some staging a “virtual walkout”.
In the post, the president wrote he would “send in the National Guard”, and warned that “when the looting starts, the shooting starts”.
Mr Trump shared the same message on Twitter, where it was hidden behind a warning label, prompting an escalating row between Twitter and the White House.
Mr Zuckerberg had previously defended his decision to leave the same post up on Facebook, saying he disagreed with Mr Trump’s words but that people “should be able to see this for themselves”.
After meeting Mr Zuckerberg, three civil rights leaders responded that he was wrong.
“We are disappointed and stunned by Mark’s incomprehensible explanations for allowing the Trump posts to remain up,” they said in a joint statement.
“He did not demonstrate understanding of historic or modern-day voter suppression and he refuses to acknowledge how Facebook is facilitating Trump’s call for violence against protesters.
“Mark is setting a very dangerous precedent for other voices who would say similar harmful things on Facebook.”
Mr Zuckerberg defended his judgement to Facebook staff in a virtual question-and-answer session on Tuesday, according to the New York Times.
It reported the chief executive had said he had made a “tough decision” but the social network’s free speech principles meant that “the right action” was to leave President Trump’s post up.
The newspaper added, however, that some employees had claimed he was acting out of fear of what Republicans might do if Facebook acted otherwise.
The joint statement, released on Monday night, was signed by Vanita Gupta, president of the Leadership Conference on Civil and Human Rights; Sherrilyn Ifill, director-counsel of the NAACP Legal Defense and Educational Fund; and Rashad Robinson, president of Color of Change. It has been published online by Axios.
A Facebook spokesman said: “We’re grateful that leaders in the civil rights community took the time to share candid, honest feedback with Mark and Sheryl [Sandberg, Facebook’s COO].
“It is an important moment to listen, and we look forward to continuing these conversations.”
Online therapy firm TalkSpace has pulled out of talks about a partnership deal with the social media giant over its decision to leave the post up.
“We will not support a platform that incites violence, racism, and lies,” chief executive Oren Frank tweeted.
The deal would have been worth “hundreds of thousands of dollars” to TalkSpace, Mr Frank told CNBC.
Former Facebook executive Barry Schnitt wrote an open letter to current staff saying he believed he had been wrong to defend the firm’s approach to freedom of speech in the past.
“Promoting free speech shouldn’t be used as a get-out-of-tough-choices card,” said Mr Schnitt, who was director of corporate communications and public policy for four years.
In leaked audio, Mr Zuckerberg said his initial reaction to the Trump post was “disgust”, reports The Verge.
“This is not how I think we want our leaders to show up during this time,” he is heard to say. BBC
Vietnam among world’s earliest in banking digital transformation: forum
Speaking at the Financial Services – Retail Banking Forum in Ho Chi Minh City last week, Vu Viet Ngoan, former chairman of the National Financial Supervisory Commission, said the habit of using digital products had become more prevalent than ever in Vietnam.
More than 30% of the population uses banking apps, second globally only after China (41%), according to Ngoan.
Vietnam’s banking and financial sectors would continue to play a key role in establishing a “fully digitised, human-centred system”.
He also pointed out that the digital transformation in the country would be an important process of how banks and financial institutions analyse, interact and satisfy their customers.
The government has set a target of increasing financial inclusion to cover more than 80% of the adult population by 2025.
Phan Thanh Duc, dean of the management information system faculty at the State Bank of Vietnam’s (SBV) Banking Academy, said Vietnam had recorded a surge in digital payment everywhere from online marketplaces to small convenience stores and even vegetable and fruit vendors.
Le Duc Anh, director of the Ministry of Industry and Trade’s Centre for Information and Digital Technology, pointed out that technologies such as blockchain, AI, cloud computing, machine learning, and customer data collection, management and analysis were being adopted.
The banking sector had invested over 15 trillion VND (639.22 million USD) in digital transformation as of the end of last year, according to a report by the SBV.
Digital payments have been growing at 40% for the last four years, one of the world’s fastest digital transformation rates.
According to the report, more than 95% of Vietnamese banks have a digital transformation strategy.
Around 90% of banking transactions are handled through digital channels with 74.6% of adults having a bank account.
As of March around 3.71 million mobile money (or mobile payment) accounts had been opened, over 70% in rural, remote and disadvantaged regions across the country.
Non-cash payments have also seen significant growth, with 82 credit institutions offering internet-based payment services and 51 offering mobile payment services as of the end of last year.
There are 48 licensed intermediary payment organisations.
Digital transformation has helped banks bring down the cost-to-income ratio to 30%, on par with regional and international standards.
But experts say the legal framework for digital financial services is inadequate.
It is vital to improve institutional frameworks and upgrading infrastructure, they say.
The lack of human resources with up-to-date skills is another major challenge to digital transformation, they warn.
Organised along with the forum was a fair introducing the advancements needed for the financial industry’s digital transformation.
The event was hosted by the Vietnam Association of Securities Business, the Vietnam Digital Communications Association, and the International Data Group.
Source: Nhân Dân
Vietnam’s first unicorn VNG reports VND1,500 bln after-tax loss in 2022
The fact that the unicorn recorded more expenditures connected to taxes, intangible fixed assets, and allowance for financial investment activities led to the greater loss after taxes that the company experienced.
VNG aimed for a revenue of VND 10,178 billion in 2022 and anticipated a loss of VND993 billion after accounting for taxes. Therefore, the management unit of Zalo has merely met about 77% of the revenue plan, and the loss after taxes surpasses the projections.
The company recorded a loss of more than VND90 billion after taxes for the first quarter of 2023, with a net loss of more than VND40 billion during the same time period. The increase in net revenue to 1,852 billion Vietnamese Dong was 11% more than the same time the previous year.
The majority of the reason for VNG’s loss in the first quarter of 2023 stems from the fact that the firm is still under pressure from huge operational expenditures. The selling expenses for the company totaled VND544 billion, and the administrative expenses totaled VND337 billion. On the other hand, as of the end of March 2023, the total amount of the company’s undistributed profit after taxes amounted to VND 5,052 billion.
VNZ shares have been subject to trading restrictions since May 25 on the Hanoi Stock Exchange. This is because the company was late in filing its audited financial accounts for 2022 by more than 45 days, which is in violation of the laws. The trading of shares will take place solely on Fridays.
With a price of VND 771,900 per share as of the market’s close on May 29, VNZ continues to be the most expensive stock on the stock exchange.
India car rental app Zoomcar leaves Vietnam after 1.5 years
For customers, the app stops service from May 24, and will serve any bookings dated before May 24. Zoomcar will fulfill its obligations of payments to car owners normally until June 30.
In Vietnam, Zoomcar initially operated in Ho Chi Minh City and had plans to expand to Hanoi and Danang in 2023, as part of its target to become the biggest car rental service in Vietnam, said Zoomcar Vietnam CEO Kiet Pham. Vietnam’s car rental market, with a compound annual growth rate (CAGR) of 14%, can reach $884 million in 2027, he added.
The business attributed the decision to the market dynamics and projected complicated developments.
The car rental market in Vietnam has recently witnessed many new players, leading to fierce competition.
In March, Pham Nhat Vuong, chairman of Vietnam’s largest private conglomerate Vingroup, set up a new company, named GSM (Green-Smart-Mobility) JSC, offering electric car and motorbike rental and taxi services. It is the first green and integrated transport service model deployed in the world to popularize an electrified mobility experience, according to the company.
In December 2021, MoMo, a top e-wallet app in Vietnam, launched its car rental service. The move was in cooperation with Mioto, a HCMC-based car rental business. MoMo said its service would deliver cars to users’ homes and is available across major cities and provinces of Vietnam.
Foreign businesses also participate in the market. In 2017, MP Executives and Enterprise Holdings Inc. formed a partnership to launch Enterprise Rent-A-Car in Asia Pacific, starting with Vietnam. Enterprise Rent-A-Car is among the largest transportation solutions providers in the U.S.
In 2019, U.S. car rental business Hertz returned to Vietnam with initial operation in HCMC, after first-time operation in 2012. The Vietnamese franchisee, named New City Rent A Car, aims to serve foreigners in Vietnam and businesses with long-term demand to hire cars for staff.
Source: The Investor
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