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Zuckerberg Says He’ll Take Steps to Solve Facebook Fake News

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Mark Zuckerberg - Investors King
  • Zuckerberg Says He’ll Take Steps to Solve Facebook Fake News

Facebook Inc. is taking steps to address its role in spreading fake news, such as enlisting the help of third-party fact checkers and posting warnings on dubious stories.

Chief Executive Officer Mark Zuckerberg on Friday responded to criticism that Facebook’s news feed rewarded false stories in the run-up to the U.S. presidential election, including a post that said Donald Trump was endorsed by the Pope.

“Normally we wouldn’t share specifics about our work in progress, but given the importance of these issues and the amount of interest in this topic, I want to outline some of the projects we already have underway,” Zuckerberg said on Facebook. “We need to be careful not to discourage sharing of opinions or mistakenly restricting accurate content. We do not want to be arbiters of truth ourselves, but instead rely on our community and trusted third parties.”

Facebook is exploring labeling stories that have been reported as false by third parties or the community so people are warned before they read or share them, Zuckerberg said. The company also is working to make it easier for people to report fake news, and improve technical systems to better detect such articles.

Facebook is also turning outside its own organization for help. It will meet with journalists to understand how they verify information, and is exploring partnerships with third-party fact-checking organizations.

Big Business

Zuckerberg also noted that fake news was becoming a big business, and said Facebook is looking for ways to disrupt the economics of it.

His remarks come just a few days after he said it was “crazy” to think that fake news on Facebook influenced the outcome of the election. He’s also said that more than 99 percent of the stories on Facebook are accurate. But the criticism of his handling of the issue mounted, and by the end of the week, even President Barack Obama was speaking about the negative effect of fake stories on social media.

“Some of these ideas will work well, and some will not,” Zuckerberg wrote. “But I want you to know that we have always taken this seriously, we understand how important the issue is for our community and we are committed to getting this right.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Brent Crude Hits $88.42, WTI Climbs to $83.36 on Dollar Index Dip

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Brent crude oil - Investors King

Oil prices surged as Brent crude oil appreciated to $88.42 a barrel while U.S. West Texas Intermediate (WTI) crude climbed to $83.36 a barrel.

The uptick in prices comes as the U.S. dollar index dipped to its lowest level in over a week, prompting investors to shift their focus from geopolitical tensions to global economic conditions.

The weakening of the U.S. dollar, a key factor influencing oil prices, provided a boost to dollar-denominated commodities like oil. As the dollar index fell, demand for oil from investors holding other currencies increased, leading to the rise in prices.

Investors also found support in euro zone data indicating a robust expansion in business activity, with April witnessing the fastest pace of growth in nearly a year.

Andrew Lipow, president of Lipow Oil Associates, noted that the market had been under pressure due to sluggish growth in the euro zone, making any signs of improvement supportive for oil prices.

Market participants are increasingly looking beyond geopolitical tensions and focusing on economic indicators and supply-and-demand dynamics.

Despite initial concerns regarding tensions between Israel and Iran and uncertainties surrounding China’s economic performance, the market sentiment remained optimistic, buoyed by expectations of steady oil demand.

Analysts anticipate the release of key economic data later in the week, including U.S. first-quarter gross domestic product (GDP) figures and March’s personal consumption expenditures, which serve as the Federal Reserve’s preferred inflation gauge.

These data points are expected to provide further insights into the health of the economy and potentially impact oil prices.

Also, anticipation builds around the release of U.S. crude oil inventory data by the Energy Information Administration, scheduled for Wednesday.

Preliminary reports suggest an increase in crude oil inventories alongside a decrease in refined product stockpiles, reflecting ongoing dynamics in the oil market.

As oil prices continue their upward trajectory, investors remain vigilant, monitoring economic indicators and geopolitical developments for further cues on the future direction of the market.

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Crude Oil

NNPC and Newcross Set to Boost Awoba Unit Field Production to 12,000 bpd

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NNPC - Investors King

NNPC and Newcross Exploration and Production Ltd are working together to increase production at the Awoba Unit Field to 12,000 barrels per day (bpd) within the next 30 days.

This initiative, aimed at optimizing hydrocarbon asset production, follows the recent restart of operations at the Awoba field, which commenced this month after a hiatus.

The field, located in the mangrove swamp south of Port Harcourt, Rivers State, ceased production in 2021 due to logistical challenges and crude oil theft.

The joint venture between NNPC and Newcross is poised to bolster national revenue and meet OPEC production quotas, contributing significantly to Nigeria’s energy sector.

Mele Kyari, NNPC’s Group Chief Executive Officer, attributes this achievement to a conducive operating environment fostered by the administration of President Bola Ahmed Tinubu.

The endeavor underscores a collective effort involving stakeholders from various sectors, including staff, operators, host communities, and security agencies, aimed at revitalizing Nigeria’s oil and gas sector.

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Gold

Gold Prices Slide Below $2,300 as Investors Digest Fed’s Rate Outlook

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gold bars - Investors King

Amidst a backdrop of global economic shifts and geopolitical recalibration, gold prices dipped below the $2,300 price level.

The decline comes as investors carefully analyse signals from the Federal Reserve regarding its future interest rate policies.

After reaching record highs earlier this month, gold suffered its most daily decline in nearly two years, shedding 2.7% on Monday.

The recent retreat reflects a multifaceted landscape where concerns over escalating tensions in the Middle East have eased, coupled with indications that the Federal Reserve may maintain higher interest rates for a prolonged period.

Richard Grace, a senior currency analyst and international economist at ITC Markets, noted that tactical short-selling likely contributed to the decline, especially given the rapid surge in gold prices witnessed recently.

Despite this setback, bullion remains up approximately 15% since mid-February, supported by ongoing geopolitical uncertainties, central bank purchases, and robust demand from Chinese consumers.

The shift in focus among investors now turns toward forthcoming US economic data, including key inflation metrics favored by the Federal Reserve.

These data points are anticipated to provide further insights into the central bank’s monetary policy trajectory.

Over recent weeks, policymakers have adopted a more hawkish tone in response to consistently strong inflation reports, leading market participants to adjust their expectations regarding the timing of future interest rate adjustments.

As markets recalibrate their expectations for monetary policy, the prospect of a higher-for-longer interest rate environment poses challenges for gold, which traditionally does not offer interest-bearing returns.

Spot gold prices dropped by 1.2% to $2,298.67 an ounce, with the Bloomberg Dollar Spot Index remaining relatively stable. Silver, palladium, and platinum also experienced declines following gold’s retreat.

The ongoing interplay between economic indicators, geopolitical developments, and central bank policies continues to shape the trajectory of precious metal markets.

While gold faces near-term headwinds, its status as a safe-haven asset and store of value ensures that it remains a focal point for investors navigating uncertain global dynamics.

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