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New Delhi, Feb 11 () Adani Enterprises on Tuesday said its arm AAHL has incorporated three wholly-owned subsidiaries -- VSSL, GMSL and PISL.The company said the three entities incorporated by Adani Airport Holdings Limited, a WOS (wholly-owned subsidiary) of the company for operating and maintaining the airports and carrying out the commercial activities in and outside the airports, are yet to commence business operations."AAHL, a wholly-owned Subsidiary of the Company has incorporated WOS namely, 'Vijaynagara Smart Solutions Limited' (VSSL), 'Gomti Metropolis Solutions Limited' (GMSL), 'Periyar Infrastructure Services Limited' (PISL) on February 10, 2020," the company said in a regulatory filing.All four entities have an authorised share capital of Rs one lakh each, it said. NAM NAM BALBAL

Adani Enterprises arm incorporates three wholly-owned subsidiaries

Mumbai, Feb 11 () Investments by Indian firms in foreign countries in January 2020 rose by nearly 40 per cent to USD 2.10 billion on a yearly basis, according to data by the Reserve Bank.Indian companies had invested USD 1.47 billion in their overseas ventures in the same month a year ago.Compared monthly, January investments were higher than USD 1.99 billion in December 2019, showed the RBI data on 'Outward Foreign Direct Investment (OFDI)'.Of the total capital invested by the India Inc in January this year, USD 793.82 million was in the form of equity capital, USD 368.55 came in as debt capital, while the rest USD 890.75 million was through the issuance of guarantee.Among the major investors were Bharti Airtel Ltd which pumped in USD 247.5million in its wholly owned subsidiary (WoS) in Mauritius; Serum Institute of India USD 226.07 million in a WoS in the Netherlands and Allcargo Logistics USD 88.08 million in a wholly owned unit in Belgium. KPM MKJ

India Inc's foreign investment jumps 40% to USD 2.10 bn in January

If there’s one industry that is becoming the embodiment of the Atmanirbhar Bharat movement, it is banking and finance. Well, not intentionally, though. <div type="image" title="Major foreign banks are leaving India" msid="90714707" hostid="261" caption="&amp;lt;p&amp;gt;Major foreign banks are leaving India&amp;lt;/p&amp;gt;"></div> Earlier last week, Axis Bank announced that it has acquired American giant Citibank’s credit card business, wealth franchise and a set of affluent customers for $1.6 billion. Interestingly, the announcement came on the same day last year when it recorded its <a href="https://www.businessinsider.in/stock-market/news/citi-posted-record-profit-in-the-1st-quarter-as-spac-activity-led-a-surge-in-underwriting-fees-and-stock-trading-exploded/articleshow/82086332.cms">highest quarterly profits</a> yet. Even in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>, it closed its balance sheet in FY20 to the tune of ₹7,227 crore. So, profitability doesn’t seem to be the reason behind Citi’s partial exit. According to <keyword id="44473" type="General" weightage="50" keywordseo="citigroup" source="Orion">Citigroup</keyword>’s global Chief Executive Officer (CEO) <a href="https://qz.com/india/1997523/citibanks-india-exit-wont-hurt-bank-accounts-and-credit-cards/">Jane </a>Fraser, the bank didn’t have the scale it needed to compete in India. <div type="image" title="Major foreign banks going back home like" msid="90714826" hostid="261" caption="&amp;lt;p&amp;gt;Major foreign banks going back home like&amp;lt;/p&amp;gt;"></div> Meanwhile, companies left behind are trying to put on a brave face by pulling out of retail business and steering clear of expansion plans. <div type="image" title="Major foreign banks that have left the country" msid="90714853" hostid="261" caption="&amp;lt;p&amp;gt;Major foreign banks that have left the country&amp;lt;/p&amp;gt;"></div> These subsequent exits underscore the frustrating battle that <keyword id="679237" type="General" weightage="20" keywordseo="international-banks" source="Orion">international banks</keyword> face to get a small pie of the Indian market. While the reasons behind their exits are multifaceted, tough competition, high capital requirements, lack of scalable profits, COVID-19, infrastructural and social barriers have led to a total retreat. As per a survey conducted by <a href="https://bit.ly/3nD94g5">Stocktwits</a>, a social media platform for market buffs, consumers are most bullish on Indian <keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">banks</keyword> such HDFC, ICICI, Kotak and the State Bank of India. <div type="image" title="Which bank are you most bullish on?" msid="90714876" hostid="261" caption="&amp;lt;p&amp;gt;Which bank are you most bullish on?&amp;lt;/p&amp;gt;"></div> The share of <a href="https://www.business-standard.com/article/finance/why-citigroup-and-other-foreign-banks-missed-the-india-growth-story-121042200842_1.html">advances </a>of <keyword id="44864" type="General" weightage="20" keywordseo="foreign-banks" source="Orion">foreign banks</keyword> had slipped from 6.55% in 2005 to 4.15% in 2020, according to <a href="https://rbi.org.in/Scripts/PublicationsView.aspx?id=20270">Reserve Bank of India figures</a>. As a result, many foreign banks have been forced to shut shop or scale down business in the Indian market. Apart from that, one major roadblock emerged in <a href="https://rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2313">2011 </a>after the global recession: International banks were allowed to either operate through the <keyword id="1919922" type="General" weightage="50" keywordseo="wholly-owned-subsidiaries" source="Orion">Wholly Owned Subsidiaries</keyword> (WOS) model or branch presence. Unlike branches, locally incorporated subsidiaries are separate legal entities. They have their own capital base and board of directors. As they operate on an independent model from their parent country, they are less likely to be affected by global changes. In the case of branches, parent banks are, in principle, responsible for their liabilities. Of the 45 foreign lenders, just <keyword id="978143" type="General" weightage="50" keywordseo="development-bank-of-singapore" source="Orion">Development Bank of Singapore</keyword> (DBS) and State Bank of Mauritius operate as subsidiaries and these two foreign banks have been successfully expanding their presence in the country. Another challenge imposed on foreign banks was related to priority sector lending. As per RBI 2011 rules, international banks were required to allocate at least <a href="https://rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2313">40</a>% of the overall loans to the economically weaker sections. However, international banks set up their branches in metro and Tier I cities, so it was hard for them to follow this ruling. And, on average, the <a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=1424&amp;Mode=0">RBI </a>only issues about 14 branch permits to all foreign banks every year. So, apart from DBS, which was able to set up its local subsidiary in 2017 and expand after its acquisition of Lakshmi Vilas Bank, other foreign retail banks continue to struggle in India. Last but not the least, the global pandemic also worsened the bad loan crisis at Indian banks, especially during 2020-2021. Financial institutions were forced to set aside 'provisions' as many borrowers couldn't repay banks during the second wave, which ate into their profits. In July last year, <a href="https://www.fitchratings.com/research/banks/fitch-affirms-bank-of-india-at-bbb-outlook-negative-22-11-2021#:~:text=Fitch%20Ratings%20%2D%20Singapore%20%2D%2022%20Nov,VR)%20at%20'b%2B'.">Fitch </a>Ratings said that India's struggling banks would need between $15 billion to $58 billion in infusion of fresh funds by 2022. So, unless and until these foreign banks get some money to make more money, a lot of key executives may be packing their bags to fly out. Let's look at this short video <div type="image" title="Why are major foreign banks leaving India?" msid="90714926" hostid="261" caption="&amp;lt;p&amp;gt;Why are major foreign banks leaving India?&amp;lt;/p&amp;gt;"></div>

Simply Put: Why are foreign banks quitting India?

<ul><li style="list-style-type: none;"><ul class="summary-list"><li>About a third of Americans own a single-serve coffee machine, but this popularity in single-cup coffee is posing an environmental burden. There are enough coffee pods buried to circle the earth more than a couple dozen times.</li><li>In addition to needing to be recycled in a very specific way, some coffee pods contain Plastic #7, which is difficult to break down and could even contain toxins. </li><li>Nespresso is one of the two leading single-serve coffee manufacturers in the world. The company developed a recycling facility for its coffee pods to combat the problem.</li></ul></li></ul>Following is a transcript of the video.Nespresso is the first single-serve coffee company to develop a facility dedicated to recycling their own coffee pods. Why?Because we have a coffee pod recycling problem.Single-serve coffee machines are really popular. About a third of all American coffee drinkers own one, while more than half of Americans say that they drink single-cup coffee pods in 2017.Single-cup coffee sales increased to almost 4.5 billion in 2017. But those pods are not easy to recycle. They are packed with coffee grounds and cannot be reprocessed using conventional methods. They have to be recycled in a very specific way.Because of that, there are enough pods buried on the planet to circle the earth more than a couple dozen times. We took a look inside Nespresso's facility to see how they're trying to change that.Because Nespresso capsules are made of aluminum, they need to break them down in a very specific way, so they partnered with <a href="https://www.ag-choice.com/">Ag Choice.</a> From there, the grounds are separated from the aluminum containers. The emptied capsules are baled and melted, the grounds are baked. "You don't need to open them, you don't need to rinse them. Use them, stick them in the approved Nespresso bag and send them to us," explained Ag Choice's founder and president, Jay Fischer. Having the facility isn't enough, since the company depends on customers to ship their pods back.Though Nespresso is taking action, they wouldn't share with us exactly how many capsules are actually recycled.Nespresso and Keurig are two of the leading single-serve coffee manufacturers in the world.In 2014, a video titled "Kill the K Cup" came out and caused an uproar against Keurig. The company received backlash because their pods contained Plastic #7, which is difficult to recycle and could contain toxins. Plastic #7 is the catch-all of plastics, making it really difficult to breakdown.Keurig's co-inventor John Sylvan even said he regretted inventing the K-cup, knowing how terrible the pods were for the environment.Nespresso's recycling program is in 37 other countries, including Canada, Brazil and New Zealand.Both Keurig and Nespresso, have goals to build a more comprehensive and sustainable pod recycling program by 2020. But just having facilities may not be enough, as both companies will still depend on their consumers to send the pods back. And for Nespresso, they say the core of their focus is all about the long run."The reason we benefit by providing a recycling program is because we're encouraging conscious consumption, so you enjoy a really great cup of coffee with the right amount of coffee the right amount of water and capsule goes on to be recycled and it becomes another product down the line," said Katarina Wos, PR and Corporate Communications for Nespresso USA.

Nespresso is recycling its single-serve coffee pods to fight the problem it helped create

<div class="KonaFilter image-container display-table"><div><div class="image on-image">The Athletic via Twitter</div></div></div><ul class="summary-list"><li>The Athletic, a subscription-based digital sports <keyword id="6354777" type="COMPANY" weightage="60" keywordseo="Media">media</keyword> company, is launching over 20 exclusive, ad-free podcasts behind the company's subscription paywall today.</li><li>The programming strategy is to leverage The Athletic's 300+ sports reporters around the country and in Canada to create local and national podcasts, varying in topics and cadence.</li><li>Most podcasts will range from 15-40 minutes long.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit BusinessInsider.com for more stories.</a></li></ul>The Athletic, a subscription-based digital sports media company, is launching a multi-million dollar podcasting business. Over 20 exclusive, ad-free podcasts will debut behind the company's subscription paywall on its app and website on Tuesday. The podcasts will be produced in-house by a team of 12 new hires.Why it matters: The sports podcasting space has become more crowded over the past few years, with digital upstarts like Barstool Sports, The Ringer and SB Nation, in addition to TV sports giants like Fox Sports and ESPN, all launching new podcasts. The Athletic is hoping to differentiate itself by focusing on quality, hyper-localized podcasts that live only behind a paywall.Details: The Athletic is building a podcasting business from the ground up, launching both a front-end operation - with talent and producers to record the podcasts - as well as a back-end operation of engineers and audio specialists to manage the podcasts from the company's new podcast studio at its San Francisco headquarters.<ul><li>The programming strategy is to leverage The Athletic's 300+ sports reporters around the country and in Canada to create local and national podcasts, varying in topics and cadence. Most podcasts will range from 15-40 minutes long.</li><li>Some podcasts will focus on individual teams or cities, while others will focus on big topics, like sports and media, or the coverage of certain sports leagues.</li><li>The company has created several new podcasts, and has taken over the personal podcasts of some of its biggest stars. It's also begun acquiring podcasts, like "The Daily Ding" and "Birds All Day," and hopes to add more podcasts in the coming months.</li><li>A full list of debut programming is listed below.</li></ul>The catch: The podcasts will only be available on The Athletic's owned and operated channels, and will not be accessible anywhere outside of its paywall, like on Spotify or Apple Music. The hope is that by keeping the podcasts behind a paywall, the company will be able to attract new segments of sports fans who engage with sports differently.Yes, but: It's not a totally novel idea. SB Nation <a href="https://www.axios.com/sb-nation-local-nfl-podcasts-vox-media-cc677dae-8cbd-4960-aa60-2fd5450bd1a2.html">launched</a> 32 NFL team-focused podcasts in November as a part of a bigger local podcasting push. David Locke, a radio host in Utah covering the Jazz, launched the <a href="https://lockedonpodcasts.com/">Locked On</a> network in 2016, which publishes hundreds of local sports podcasts weekly.<ul><li>The Athletic is hoping that its hundreds of full-time reporters in nearly 50 local markets will set it apart.</li><li>"The Athletic is uniquely positioned to bring professional polish to local podcasts given our subscriber base and business model," says Alex Mather, CEO and founder of The Athletic. "<keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">Advertising</keyword> dollars and local podcasts haven't gone hand-in-hand, given local's naturally smaller audiences. "</li></ul>The big picture: The Athletic launched in 2016 as a direct-to-consumer subscription business, meaning all of its content is distributed directly to paying subscribers. It's since expanded its editorial team to include hundreds of top local and national sports reporters - talent it thinks it can leverage further via audio.<ul><li>The <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">news</keyword> comes on the heels of the company's expansion into more local markets. In October, The Athletic <a href="https://www.axios.com/the-athletic-40-million-series-c-round-9585ff32-c007-4212-ae31-913df625aa9a.html">raised $40 million</a> as a part of its Series C fundraising round, which valued the company at roughly $200 million. The company says it has well over 100,000 paid subscribers.</li><li>"With our launch of podcasts, we have become so much more than a written-word product and we can now leverage our hundreds of local reporters to bring their unique storytelling and analysis to our subscribers in a whole new way," says Mather.</li></ul>Featured shows at launch will include:<ul><li>The Daily Ding with Dave Dufour, Big Wos, Travonne Edwards, and Zach Harper (NBA)</li><li>The Opener with Jonah Keri (MLB)</li><li>The Breakout with Julie Stewart-Binks, Billy Jaffe, Craig Custance (NHL)</li><li>Birds All Day with Andrew Stoeten, Drew Fairservice (MLB)</li><li>Rates and Barrels with Eno Sarris, Derek Van Riper (Fantasy)</li><li>Warriors Plus-Minus with Marcus Thompson, Tim Kawakami (NBA)</li><li>Starkville with Jayson Stark and Doug Glanville (MLB)</li><li>Plus 15 more local podcasts in the Bay Area and Toronto (with more to come in additional markets)</li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/starbucks-spend-more-money-coffee-chain-rewards-2019-4">5 sneaky ways Starbucks gets you to spend more money</a></h3> <div> </div> </div>

The Athletic has launched more than 20 podcasts, but you won't be able to listen to them just anywhere

<keyword id="2402322" type="UNKNOWN" weightage="100" keywordseo="British-lender">British lender</keyword> <keyword id="6358584" type="CITY" weightage="100" keywordseo="HSBC">HSBC</keyword> today announced a consolidation exercise under which it will almost halve its branches in the country to 26 as customers shift to digital alternatives for their banking transactions. 
 
The exercise will also lead to over 300 jobs being affected, which is less than one per cent of its total workforce of over 33,000 people in the country, and "redeployment opportunities will be accorded to the affected employees", the bank said. 
 
"A key priority is the fair treatment of our staff and we will do everything we can to assist affected employees during this business transition. Redeployment opportunities will be accorded to the affected employees," it said in a statement. 
 
The total number of branches will be coming down to 26 in 14 cities from 50 in 29 cities earlier, with a bulk of the impact in smaller centres. 
 
It added that the impacted branches account for only 10 per cent of the customer base of the customer base in the country. 
 
The reduction in branches is due to customers' adoption of digital solutions , it said. 
 
"This change reflects changes in customer behaviour, who are increasingly using digital channels for their banking," the bank said. 
 
"India is a priority market for HSBC and we will continue to invest to achieve sustainable growth by supporting the needs of our customers," HSBC India's chief executive Stuart Milne said. 
 
The consolidation exercise is the result of a strategic review of retail and wealth management vertical and will be carried out in the coming months in a phased manner, said HSBC, which has been present in India since 1853. 
 
The priority is to ensure "changes are implemented in a manner which will minimise disruption to its customers and its staff", the statement said. 
 
The bank said India was the fourth biggest contributor to the group with a pre-tax profit of USD 606 million in 2015 and the retail business is "core" to its India franchise. 
 
Even as the physical locations are reduced, the bank will continue to invest in the retail operations, it said, adding that soon it will be coming out with an "expanded proposition" for top-tier clients. 
 
A list of the impacted branches shared by the bank illustrated that it is withdrawing from smaller cities and towns but will continue to keep its presence in the metros and big cities. 
 .. It is closing branches in Guwahati, Indore, Jodhpur, Lucknow, Ludhiana, Thane, Mysore, Nagpur, Nashik, Patna, <keyword id="45327" type="CITY" weightage="100" keywordseo="Raipur">Raipur</keyword>, Surat, Trivandrum, Vadodara and Visakapatnam, while bigger cities like <keyword id="6354925" type="COMPANY" weightage="100" keywordseo="Kolkata">Kolkata</keyword> (5 branches), Chennai (1), Delhi (2) and Pune (1) will also be impacted. 
 The bank will continue to have its presence in Ahmedabad, <keyword id="6354321" type="CITY" weightage="100" keywordseo="Bengaluru">Bengaluru</keyword> (2 branches), Chennai, Coimbatore, Gurgaon, Hyderabad, Jaipur, Kochi, Kolkata, Mumbai (9), New Delhi (3), Noida and Pune, it said. 
 
The announcement comes at a time when the Reserve Bank has asked foreign lenders to turn into wholly-owned subsidiaries (WOS) rather than operate as branches of foreign entities. 
 
Image credit: Indiatimes

HSBC to halve branches in India, slash 300 jobs

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Alex Wong/Getty Images; Jenny Cheng/Business Insider</div></div></div><ul><li>Facebook Groups is awash with easy-to-find pirated copies of Hollywood movies.</li><li>Business Insider found numerous groups openly <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">advertising</keyword> illegal copies of the latest blockbuster films.</li><li>Facebook's automated software, which is supposed to detect copyright infringement, failed to detect the bootleg videos, and its human moderators are doing nothing.</li><li>The social network says it's not its responsibility to take down the videos or Groups unless the rights-holders get in touch, even if the content is clearly stolen.</li></ul> Facebook Groups has a piracy problem - and the company says there's nothing it can do about it.The social network is awash with numerous groups devoted to freely sharing pirated Hollywood movies with hundreds of thousands of users, Business Insider has found. With names like "Full HD English Movie" and "Free full movies 2018," these <a href="http://markets.businessinsider.com/stocks/fb-stock">Facebook</a> groups make no attempt to hide what they are or to conceal catalogs brimming with the latest blockbusters like "Ant Man and the Wasp" and "A Quiet Place." Business Insider found them by simply searching for "free movies" on Facebook.These groups, some of which are years old, have been left untouched by Facebook's army of human content moderators and by the automated software that's supposed to detect copyright-infringing content, raising questions about the <a href="http://www.businessinsider.com/facebook-launches-rights-manager-to-combat-freebooting-2016-4">effectiveness of Facebook's content police systems</a>. Reached for comment, a Facebook spokesperson said it isn't its responsibility to take down this content unless reached out to by the rights-holders themselves, even if the videos seem clearly stolen - because otherwise Facebook can't be completely sure that it is being illegally shared.The strange result is a sort of "safe zone" for pirated videos on the 2-billion member social network which has long insisted that it is a neutral distribution platform and not a <keyword id="6354777" type="COMPANY" weightage="60" keywordseo="Media">media</keyword> company. That position may be increasingly difficult to argue as Facebook <a href="http://www.businessinsider.com/facebooks-watch-service-for-original-shows-coming-to-most-us-users-2017-8">moves ahead with efforts to develop its own video offerings</a> however. And just as Facebook was pressured to clamp down on <a href="https://www.adweek.com/digital/facebook-related-articles-test-news-feed-update/?utm_source=Triggermail&amp;utm_medium=email&amp;utm_campaign=Post%20Blast%20%28bii-digital-media%29:%20Facebook%20gives%20articles%20context%20to%20fight%20fake%20news%20%E2%80%94%20Amazon%27s%20content%20push%20faces%20bumps%20in%20the%20road%20%E2%80%94%20Google%20improves%20the%20ad%20serving%20process&amp;utm_term=BII%20List%20DMedia%20ALL">misleading and false news articles</a> shared on its network, the pirated video groups could provide another test of the limits of Facebook's power. <div class="KonaFilter image-container display-table"><div><div class="image on-image">BIA selection of Hollywood movies being uploaded to Facebook, including "50 Shades Freed," "A Quiet Place," and "Ant Man and the Wasp." (Users' names have been redacted.)</div></div></div><h2>The piracy groups often have hundreds of thousands of members</h2>Sometimes the movies are hosted directly on Facebook's servers, while other times the groups link to illicit versions on other websites."Full HD English Movie," for example, has more than 134,000 members, and hosted pirated copies on Facebook of movies including "The Greatest Showman," "Transformers: The last Knight," and "A Quiet Place." It has been around since at least 2016."Free full movies 2018," also from 2016 or earlier, has 171,000 members and its films included "50 Shades Freed" and "Every Day." It also linked to a version of 'Transformers: The Last Knight" hosted elsewhere on Facebook that had more than 360,000 views, and a copy of a "Pirates of the Caribbean" film with 51,000.<div class="KonaFilter image-container display-table"><div><div class="image on-image">BIA small sample of the groups that appear when you search Facebook for "free movies." Many have tens or hundreds of thousands of users.</div></div></div>Some have dubious legal disclaimers trying to absolve the group admins of any responsibilities, like the 7,000-strong "Latest Movie Download," which warns would-be members: "All of the free movies found on this group are hosted on third-party servers ... Any legal issues regarding the latest movie download group should be taken up with the actual file hosts themselves, as we're not affiliated with them."From "(W.O.S) It's Free why you Complaining 'Main Movie Group'" (76,000 members) to Watch Free Full Movies HD" (41,000 members) and "Share link watch full HD movie online 2018" (7,000 members), there are numerous more groups just like these.<h2>Facebook has a history of moderation headaches</h2>Facebook has been repeatedly criticised over how it moderates the content that appears on its network, from its censorship of Pulitzer Prize-winning photography to the spread of fake news and misinformation.On multiple occassions, <a href="https://www.theguardian.com/technology/2017/dec/05/youtube-offensive-videos-journalists-moderators?CMP=Share_AndroidApp_Tweet">it has taken public pressure from media reports before Facebook</a> (and other social networks) took action over objectionable content. After journalists called out the spread of hoaxes on social media following the Parkland shooting, <a href="https://www.buzzfeed.com/charliewarzel/why-can-everyone-spot-fake-news-but-the-tech-companies?utm_term=.psXG4qgd2#.gs4LYAjOQ">BuzzFeed's Charlie Warzel asked</a>: "All of this raises a mind-bendingly simple question that YouTube, Google, Twitter, and Facebook have not yet answered: How is it that the average untrained human can do something that multibillion-dollar technology companies that pride themselves on innovation cannot?"<div class="KonaFilter image-container display-table"><div><div class="image on-image">BIUsers also share links to off-site versions of pirated movies in some of the groups. (Users' names and links have been redacted.</div></div></div>The illicit spread of copyrighted video has been a particular headache for Facebook. Back when the social network began pushing hard into video, <a href="http://www.businessinsider.com/facebook-copyright-infringement-facebook-content-id-celebrities-2015-5?r=UK&amp;IR=T">content creators widely complained about "freebooting"</a> - people stealing their viral videos and uploading them to their own pages for publicity. <a href="https://variety.com/2016/digital/news/facebook-freebooting-video-1201752905/">The company has since introduced Rights Manager software</a> intended to detect unauthorized video uploads, and in July 2017 it acquired Source3, <a href="https://variety.com/2017/digital/news/facebook-acquires-source3-piracy-1202505740/">a company that builds software that sniffs out unauthorised video uploads</a>. However, this software seems to have failed to detect the plethora of examples of clear piracy floating around in Facebook Groups.Facebook also doesn't allow users to report copyright infringement unless they own the rights to the material being shared illicitly - meaning there's no way for ordinary users to alert the company to groups or pages that share pirated material.<h2>The company argues it's not its job to police this stuff</h2>Facebook's response to this problem is that because it can't know for sure that these videos are pirated, it will leave them up - no matter how implausible the alternative.It seems absurd to think that Marvel would be okay with Facebook users uploading blurry, cam-recorded copies of "Ant Man and the Wasp," a film currently only available in cinemas. But because it's not definitely proven that that's not the case, Facebook is washing its hands of the matter."Facebook is not in a position to determine what content a rights holder believes infringes their rights. If a rights holder identifies content on Facebook they believe violates their IP rights, they can report it to us at any time using our online reporting channels," a Facebook spokesperson said."We have a global team that processes these reports across time zones, and we will disable accounts that repeatedly violate IP rights. In addition to manual reporting processes, we have devoted significant resources to copyright tools such as Rights Manager that help rights holders manage their IP on the platform."Business Insider also provided Facebook with a list of groups clearly dedicated to sharing pirated movies. It took no action against them.<div class="KonaFilter image-container display-table"><div><div class="image on-image">BIA group on Facebook with 40,000 members advertising free Hollywood movies. Facebook's "Suggested Groups" feature also suggests other piracy-related groups to join. (Links and personal information redacted.)</div></div></div><h2>Facebook doesn't have a legal responsibility to act - but that doesn't satisfy rights holders</h2>Under the Digital Millenium Copyright Act (DMCA), Facebook isn't liable for copyrighted material being shared on its platform, so long as it takes swift action when contact by the rights holders. But the ease of access to pirated movies on Facebook raises the question of whether Facebook has a civic responsibility to do more, and rights holders and advocacy groups have criticized the company over its inaction on pirate Groups."All platforms - including Facebook - have a responsibility to take proactive steps to ensure that they are not facilitating the theft of content, which harms creatives and consumers alike," Ruth Vitale, CEO of non-profit creative industry group CreativeFuture told Business Insider in a statement. "All rights holders are prepared to work collaboratively with FB to help them build and improve their tools for protecting copyright. And remember Mark Zuckerberg's statement at the House and Senate hearings (paraphrased here): 'Facebook needs to be responsible for the content on its platform.' We ask that he honor that statement," Vitale said. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/hands-on-new-blackberry-key2-demo-review-2018-6">I tried the newest BlackBerry phone for a week</a></h3> <div> </div> </div>

You Searched For "wos" and got 7 results

Adani Enterprises arm incorporates three wholly-owned subsidiaries

PTI

India Inc's foreign investment jumps 40% to USD 2.10 bn in January

PTI

Simply Put: Why are foreign banks quitting India?

Nespresso is recycling its single-serve coffee pods to fight the problem it helped create

Nisha Stickles,Marisa Palmer

The Athletic has launched more than 20 podcasts, but you won't be able to listen to them just anywhere

Sara Fischer, Axios

HSBC to halve branches in India, slash 300 jobs

BI India Bureau

Facebook is overflowing with groups offering pirated films - and it says it won't do anything about it

Rob Price

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