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Reports US

US stock market daily report (June 12, 2014, Thursday)

June 13, 2014, Friday, 05:49 GMT | 00:49 EST | 09:19 IST | 11:49 SGT
Contributed by Millennium Traders


In an attempt to put an end to privacy concerns of its users, Facebook, Inc. (FB-Nasdaq) - the worlds #1 social network - will now give users the ability to review and edit their internal advertising profiles. Facebook users can view all their interests on their profile, can remove unwanted categories and can add desired categories, if they so desire. Facebook remains under pressure for the manner in which they treat privacy of their users. In a blog post from Facebook on Thursday, users enhanced profiles will allow advertisers on their network to deliver more relevant ads. If a Facebook user searches information on televisions from an external website or from a mobile app, their FB profile could indicate an interest in televisions and electronics, making it easier for advertisers pitching electronic devices to reach that specific user on Facebook. Much of this user information is already integrated in features throughout Facebook. Performance of ads on FB are measured using tools and plug-ins integrated on third-party websites.

Facebook said it will provide a link to an industry website that will allow their users to opt-out of having their activities on websites tracked. Users will also have access to a link to the appropriate controls within their smartphones to eliminate mobile app tracking.

Facebook users internal profiles have been maintained by the social media network based on comments they made as well as posts they decided to 'like'. Internal user profiles will be expanded to include activities that did not occur within the boundaries of Facebook - including personal information based on activities users are involved in - for targeted advertising throughout the social media network. User information to be shared for advertising will include some from external websites and mobile apps used.

Facebook and other online companies face intense scrutiny and enforcement from privacy regulators as consumers entrust websites with ever-increasing amounts of personal information.

The U.S. Federal Trade Commission charged Facebook with deceiving consumers when they violated their privacy in 2012 and forced consumers to share more personal information than they desired. Facebook settled the FTC charges and agreed to obtain consent from users for certain changes to its privacy settings plus, the social media giant remains subject to 20 years of independent audits.