Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

TECHNOLOGY TOP STORIES

Facebook constructs AI that can identify offensive memes

The ‘Rosetta’ AI, developed in order to identify objectionable memes acts as another regulative measure by the social media giant, which has been under intense scrutiny in recent times

The AI will go along way in tracking images and texts on the platform – which even the company’s moderators can’t possibly look through on their own.

Facebook elaborated on ‘Rosetta’ on a blog post today. It’s a system that uses machine learning to identify text in images and videos and then transcribe it into something that’s machine readable. This tool makes it easy to identify memes – which are often as much a topic of scrutiny and controversy, as they are popular in general use.

Text transcription tools are nothing new, but Facebook faces different challenges because of the size of its platform and the variety of the images it sees. Rosetta is said to be live now, extracting text from 1 billion images and video frames per day across both Facebook and Instagram.

It isn’t immediately clear what Facebook is doing with the data. While it’s useful for features like photo search and screen readers, as the post points out – it also seems like Facebook will use it for bigger goals like putting interesting stuff in users’ news feeds, and more importantly—differentiating between goofy and offensive memes and comments.

Facebook states that text extraction and machine learning are being put to use to “automatically identify content that violates our hate-speech policy” and that it’s doing so in multiple languages.

Given the software giant’s infamous and publicly scrutinised moderation issues, a well-functioning system that can automatically flag potentially problematic images can be a real boon.

-GBO Correspondent.

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