Seoul, Oct 29 | The South Korean state watchdog on personal information protection on Friday recommended the operator of Facebook to pay 300,000 won ($256.70) in compensation to each of 181 users demanding damages for the provision of their personal information to third parties without consent.
The recommendation to Meta Platforms was made by the Personal Information Protection Commission (PIPC)’s dispute mediation panel in charge of settling a dispute between the operator and Korean users of Facebook over the platform’s breach of users’ personal data.
The state watchdog in November concluded that Facebook passed personal data of at least 3.3 million of its total 18 million Korean users to third parties without the users’ consent between May 2012 and June 2018.
The leaked data included the lists of the users’ Facebook friends.
The global platform giant was fined 6.7 billion won for the privacy law violations at that time, reports Yonhap news agency.
In response, a group of local Facebook users collectively filed for a damage relief process with the PIPC in April, seeking financial compensation and the disclosure of information on which personal data were leaked and to whom, from the operator of Facebook.
Proposing an arbitration deal, PIPC recommended Meta pay the 300,000 won in financial compensation to each of the 181 users who joined the collection action and give them access to the information they requested.
The dispute mediation panel said that over 10,000 third-party app developers gained access to personal information of local Facebook users, with the users not being informed or having given consent.
The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.
Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.
In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.
Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.
Source: Choice India