HANOI - A new decree took effect in Vietnam on Wednesday introducing fines for the dissemination of 'fake news' or rumors on social media, amid the rapid spread of comment online about the novel coronavirus in the Southeast Asian country.
The first COVID-19 cases were detected in Vietnam this January and the health ministry has reported 267 infections so far with no deaths, numbers well below those seen in some other Asian countries.
Local authorities have already fined hundreds of people for posting what they described as "fake news" about the virus, using the term popularised by US President Donald Trump, based on existing legal provisions. But the new decree, drafted in February, supersedes one from 2013 which does not specifically cover 'fake news', new guidelines say.
A fine of 10-20 million dong (P21,000 to P42,000), equivalent to around 3 to 6 months' basic salary in Vietnam, will be imposed on people who use social media to share false, untruthful, distorted, or slanderous information, according to the decree.
The new rules were not specifically drafted to deal with coronavirus social media comment and extend far beyond that topic, raising concern among human rights groups already heightened by a cybersecurity law that has been in effect since last year.
Penalties can now be imposed on anyone sharing publications that are banned from circulation in Vietnam, state secrets, or maps which fail to show Vietnam's claims in the South China Sea, according to the decree.
"This decree provides yet another potent weapon in the Vietnamese authorities' arsenal of online repression," said Tanya O'Carroll, Director of Tech at Amnesty International.
"It contains a raft of provisions that blatantly violate Vietnam's international human rights obligations".
As part of the crackdown on misinformation on the coronavirus, authorities have launched a public poster campaign bearing the slogan "Fake news, real consequences".
Hundreds of fines have already been handed out, while 3 celebrities were also forced by authorities to offer public apologies.
Last month, a woman in the northern-central province of Ha Tinh was fined for a Facebook post within which she incorrectly said the coronavirus had spread to her local community. The post had just a handful of 'likes' before police took action.
-reuters-
SAN FRANCISCO - Facebook on Wednesday reported that its profit in the recently ended quarter plummeted due to costs of a US privacy settlement in a quarterly update that was largely better than expected.
Profit in the second quarter fell 49 percent from a year ago to $2.6 billion while revenues increased 28 percent to $16.9 billion.
The lower profits were due in part to setting aside an extra $2 billion to cover the cost of a massive settlement with US regulators on privacy and data protection in addition to monies already placed in reserve.
The $5 billion settlement announced by the Federal Trade Commission calls to revamped federal oversight of the social network's privacy policies.
Facebook also will be required to conduct a privacy review of every new or modified product, service, or practice before it is implemented, including for its WhatsApp and Instagram services.
In the earnings report, the leading online social network beat market expectations regarding revenue and user growth, and shares rose slightly in after-hours trades that followed release of the earnings figures.
"We had a strong quarter and our business and community continue to grow," said Facebook chief executive Mark Zuckerberg.
The number of people using Facebook monthly grew eight percent to 2.41 billion in the quarter that ended June 30.
"This company has repeatedly shown that it can grow both its ad revenue and its user base, even in the face of enormous challenges," said eMarketer analyst Debra Aho Williamson.
"Today's earnings release demonstrates that it still has that power."
Williamson said that for the moment, advertisers "remain dedicated to Facebook despite its problems. However, they are also paying more attention than ever to those problems."
The number of monthly users topped 2.7 billion people when taking into account Instagram, WhatsApp and Messenger along with the main social network, according to Facebook.
Ranks of Facebook employees had grown 31 percent to 39,651 by the end of the quarter. The Silicon Valley-based company has been hiring aggressively, particularly workers focused on security, privacy and eliminating content deemed unacceptable.
Also factored into the quarterly results was a tax expense of $1.1 billion stemming from a court decision on treatment of stock-based compensation.
Facebook shares gained 1.1 percent during Wednesday's trading session and swung slightly higher in after-hours exchanges following the earnings release.
source: news.abs-cbn.com
SYDNEY - Commonwealth Bank of Australia (CBA) agreed to a record penalty of A$700 million ($529.3 million) to settle explosive money laundering charges brought by Australia's financial intelligence agency.
The fine is almost double the amount CBA had set aside to finalize the matter and represents a record penalty for money-laundering and terror finance breaches, the Australian government said on Monday.
Australia's biggest bank breached the relevant laws on 53,750 occasions, according to an agreed statement of facts tendered in court by both parties, where suspicious transactions were repeatedly not reported, and monitoring processes failed.
"The money laundered through the CBA accounts included the proceeds of drug and firearms importation and distribution syndicates – predominantly involving methamphetamine," the court document said.
"Criminal syndicates rely upon money laundering syndicates to import and distribute their drugs."
The proposed settlement will now be presented to Australia's Federal Court for approval, 10 months after the charges were laid.
CBA shares were up 2 percent in early morning trade, in a slightly positive market. Many of the breaches carried maximum penalties of up to A$21 million per contravention, which had left CBA susceptible to being hit by fines running into the billions of dollars.
"While not deliberate, we fully appreciate the seriousness of the mistakes we made," CBA Chief Executive Matt Comyn said in a statement.
"Our agreement today is a clear acknowledgement of our failures and is an important step towards moving the bank forward."
The breaches, many of which CBA blamed on a computer error, triggered a selldown in its share price and a board shake-up, with then-CEO Ian Narev announcing his retirement two weeks later amid a public outcry.
Australia's biggest bank is struggling to rebuild its reputation after a series of scandals revealed flaws in its leadership culture, exposing it to closer regulatory scrutiny, higher compliance costs and potential fines.
Its standing as one of Australia's most venerable companies has been tarnished further by malpractice revealed at an ongoing independent inquiry into the country's financial sector.
CBA had previously booked an A$375 million expense to pay civil penalties and legal fees related to charges in its half year accounts.
The bank said on Monday it would book a A$700 million provision in its fiscal 2018 results, to be released in August.
It has also been ordered to carry an additional $1 billion in reserve capital until it satisfies regulators that it has improved oversight to avoid similar breaches in future.
In a scathing report into how the lender allowed money laundering to flourish, the Australian Prudential Regulatory Authority (APRA) said the lender had a "widespread sense of complacency" and was reactive in dealing with risk.
The bank's "continued financial success dulled the senses of the institution" and exposed it to non-financial risks, said the report released in May.
source: news.abs-cbn.com
