Facebook considering its own bitcoin for payments

Bitcoin and similar cryptocurrencies have been susceptible to wild fluctuations in value. (File/AFP)
Updated 03 May 2019
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Facebook considering its own bitcoin for payments

SAN FRANCISCO: The Wall Street Journal reports that Facebook plans a cryptocurrency-based payment system that it could launch for billions of users worldwide.
The system would use a digital coin similar to bitcoin, but different in that Facebook would aim to keep the coin’s value stable. Bitcoin and similar cryptocurrencies have been susceptible to wild fluctuations in value.
It could reportedly undermine credit cards by sidestepping the processing fees that generate much of their revenue.
The Journal report cited unidentified people familiar with the matter. It said Facebook is recruiting dozens of financial firms and online merchants to launch the network. Facebook’s plans may include ways to financially reward users who interact with ads or other features.
Facebook says only that it is exploring many different applications for cryptocurrency technology.


Bong d’Or: Korean director wins Cannes’ top prize

Updated 1 min 49 sec ago
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Bong d’Or: Korean director wins Cannes’ top prize

CANNES, France: South Korean director Bong Joon-ho’s social satire “Parasite,” about a poor family of hustlers who find jobs with a wealthy family, won the Cannes Film Festival’s top award, the Palme d’Or, on Saturday.
The win for “Parasite” marks the first Korean film to ever win the Palme. In the festival’s closing ceremony, jury president Alejandro Inarritu said the choice had been “unanimous” for the nine-person jury.
The genre-mixing film had been celebrated as arguably the most critically acclaimed film at Cannes this year and the best yet from the 49-year-old director of “Snowpiercer” and “Okja.”
It was the second straight Palme victory for an Asian director. Last year, the award went to Japanese filmmaker Hirokazu Kore-eda’s “Shoplifters.”
Two years ago, Bong was in Cannes’ competition with “Okja,” a movie distributed in North America by Netflix. After it and Noah Baumbach’s “The Meyerowitz Stories” — another Netflix release — premiered in Cannes, the festival ruled that all films in competition needed French theatrical distribution. Netflix has since withdrawn from the festival on the French Riveira.
The festival’s second place award, the Grand Prize, went to French-Senegalese director Mati Diop’s “Atlantics.” Diop was the first black female director in competition at Cannes.
Belgian brothers Jean-Pierre and Luc Dardenne shared the best director for “Young Ahmed.”
Best actor went to Antonio Banderas for Pedro Almodovar’s “Pain and Glory,” while best actress was won by British actress Emily Beecham for “Little Joe.”
Although few quibbled with the choice of Bong, some had expected Cannes to make history by giving the Palme to a female filmmaker for just the second time.
Celine Sciamma’s period romance “Portrait of a Lady on Fire” was the Palme pick for many critics this year, but it ended up with best screenplay.
In the festival’s 72-year history, only Jane Champion has won the prize in 1993, and she tied with Chen Kaige’s “Farewell My Concubine.”