Apple co-founder Steve Wozniak is shutting down his Facebook account as the social media giant struggles to cope with the worst privacy crisis in its history. In an email to USA Today, Wozniak says Facebook makes a lot of advertising money from personal details provided by users. He says the “profits are all based on the user’s info, but the users get none of the profits back.” Wozniak says he’d rather pay for Facebook. He says “Apple makes money off of good products, not off of you.”
New Deutsche Bank boss says tough decisions lie ahead
Deutsche Bank’s new CEO is telling employees that Germany’s biggest lender faces “tough decisions” as it works to return to profit. Christian Sewing, who has worked for Deutsche Bank for all but two years since 1989, was appointed on Sunday night to replace John Cryan after three years of losses. Sewing acknowledged in a message to employees released yesterday that Cryan “led us through an extremely difficult period” and many “greatly appreciate” him. Sewing said that “we want to and have to become profitable again.” He added that there may sometimes have been good reasons for missing cost and revenue targets but it was damaging to the bank. He wrote: “The new leadership team will not accept this anymore. We’ll have to take tough decisions and execute them.”
ECB weighs emergency cash injections
The European Central Bank is considering a new policy tool that would allow it to inject cash into banks that are being rescued from the threat of insolvency, tackling a gap in rules for dealing with troubled lenders. The proposal would allow the ECB to fund viable parts of a lender as they are spun out of a failing financial institution, according to a confidential document obtained by Bloomberg News and based on a March 21 presentation to the ECB’s Governing Council. The suggested framework for Eurosystem Resolution Liquidity (ERL) lays out conditions including a far-reaching public guarantee to safeguard against central-bank losses.
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