BIZ

Insta, FB users able to pay for blue tick

Published

1 year ago

February 21, 2023

editor

Instagram and Facebook users will now be able to pay for a blue tick verification, parent company Meta has announced.

Meta Verified will cost $11.99 (£9.96) a month on web, or $14.99 for iPhone users.

It will be available in Australia and New Zealand this week.

Mark Zuckerberg, Meta chief executive, said the move will improve security and authenticity on the social media apps.

The move comes after Elon Musk, owner of Twitter, implemented the premium Twitter Blue subscription in November 2022.

Meta’s paid subscription service is not yet available for businesses, but any individual can pay for verification.

Badges – or “blue ticks”- have been used as verification tools for high-profile accounts to signify their authenticity.

The subscription would give paying users a blue badge, increased visibility of their posts, protection from impersonators and easier access to customer service, Meta said in a post on their website.

The company told the BBC the change would not affect previously verified accounts, but noted there would be an increase in visibility for some smaller users who become verified thanks to the paid feature.

Allowing paying users access to a blue tick has previously caused trouble for other social media platforms.

Twitter’s pay-for verification feature was paused last November when people started impersonating big brands and celebrities by paying for the badge.

Meta said Instagram and Facebook usernames will have to match a government supplied ID document to be granted verification, and users will have to have a profile picture that includes their face.

Other websites like Reddit, YouTube and Discord similarly use subscription-based models.

Meta has not yet specified when the feature will be rolled out to other countries, although Mr Zuckerberg said in a post it would be “soon”.

In November, the company announced 11,000 job losses as a result of over-investment during the Covid-19 pandemic.

At the time, Mr Zuckerberg said he had predicted an increase in Meta’s growth based on the rise it had over the pandemic, but that ultimately did not happen.

“Many people predicted this would be a permanent acceleration,” he wrote, “I did too, so I made the decision to significantly increase our investments.”

Instead he said “macroeconomic downturn” and “increased competition” caused revenue to be much lower than expected.

“I got this wrong, and I take responsibility for that,” he said at the time.

(BBC News)

BIZ

CPC slashes fuel prices

Published

2 days ago

April 30, 2024

editor

The Ceylon Petroleum Corporation has reduced fuel prices with effect from midnight today (April 30).

Accordingly,

– Petrol (92) has been reduced by Rs.3/- to Rs. 368/– Petrol (95) has been reduced by Rs. 20/- to Rs. 420/-
– Lanka Auto Diesel has been reduced by Rs. 30/- to Rs. 333/-
– Lanka Super Diesel 4 Star Euro 4 has been reduced by Rs. 9/- to Rs. 377/-

– Lanka Kerosene has been reduced by Rs. 30/- to Rs. 215/-

BIZ

Supreme Global Holdings enters bidding to acquire SriLankan shares

Published

3 days ago

April 29, 2024

editor

Supreme Global Holdings, a conglomerate owned by R.M. Manivannan, has entered the bidding process to acquire shares of the national carrier – SriLankan Airlines.

According to a media release by the company issued in this regard, the Expression of Interest (EOI) process, which concluded last week (Apr 27), saw the participation of Supreme Global, under Sherisha Technologies Private Limited.

Sherisha Technologies Private Limited, formerly known as SunEdison Energy India Private Limited.

Last week it was reported that six (06) Request for Qualification (RfQ) were received from potential investors for the acquisition of shares in SriLankan Airlines Limited.

Sherisha Technologies Private Limited was among the six entities.

Supreme Global Holdings is also known for having formed a robust consortium including MBS Investments, the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani of Qatar.

Apart from its recent bidding for SriLankan Airlines, Supreme Global Holdings previously assisted Sri Lanka during the energy crisis faced in 2022, by extending over USD 1.5 billion in credit to Sri Lanka, along with innovative payment solutions such as accepting Sri Lankan rupees for oil payments.

BIZ

Oriflame exiting Sri Lanka due to economic challenges

Published

4 days ago

April 28, 2024

editor

Oriflame, a global beauty company, has announced its decision to withdraw from the Sri Lankan market effective 15 May 2024, citing a range of economic challenges that have made its operations unsustainable.

In a statement released, Oriflame expressed deep regret over its departure from Sri Lanka, a market it has been a part of since 1997. Despite years of dedication and resilience in the face of various challenges, the company cited a confluence of factors that have rendered its operations untenable.

“Unfortunately, despite our efforts, the macroeconomic environment, characterised by a series of financial crises, the global impact of COVID-19, stringent import restrictions, fluctuating exchange rates, increased operational costs and regulatory changes has significantly hindered our operations. These factors have made it unsustainable for us to continue our business in the foreseeable future,” it added.

Oriflame expressed gratitude to its brand partners, leaders, staff and stakeholders for their unwavering support, dedication and contributions over the years. Special acknowledgment was given to top leaders who have played integral roles in the company’s growth and success, being part of the top 15 council over the years.

This decision was not reached lightly. We have always been committed to nurturing the Oriflame dreams in Sri Lanka. However, the combination of these economic and operational challenges means that the outlook for our business in Sri Lanka does not align with our expectations for long-term profitability and growth,” the statement read.

The company concluded by expressing gratitude for the partnership with its stakeholders and extended best wishes for their future endeavours.

(www.ft.lk)
(Except for the headline, this story, originally published by www.ft.lk has not been edited by SLM staff)