The video-sharing application and Snapchat competitor that was first reported by Financial Times last month appears to be ready to “Slingshot” itself onto the iTunes App Store, as TechCrunch, The Verge, and sister blog Inside Facebook all caught glimpses of a listing for the new Slingshot app before Facebook began to remove it from the App Store, and AllFacebook spotted it on the App Store page for Malaysia (still live at the time of this post, with a release date of June 10).
If you can’t buy it, build something to compete with it: According to a report by Financial Times, Facebook has been working on a video-sharing application, referred to within the company as Slingshot, for several months, potentially as a competitor to Snapchat, which spurned the social network’s $3 billion-plus acquisition offer last November.
Facebook announced version 1.1 of its Paper iPhone application, with new features including notifications for birthdays and events; photo comments; group updates; and new article covers for select publishers.
Is Facebook getting into the electronic money business? According to a report by Financial Times, the social network is “weeks away” from Ireland granting it regulatory approval to launch a service that would allow users to store, pay with, and exchange money with other users.
Facebook Ireland turned a gross profit of €1.79 billion ($2.45 billion) in 2012, but it reported a pre-tax loss of €626,000 ($857,243). This may sound sketchy, but the company was fully compliant with the law. Financial Times explained how this happened.
The tax man cometh and, in the case of Facebook in the U.K., he leaveth empty-handed, as The Guardian reported that the social network paid no taxes in the U.K. in 2012, despite seeing its income there rise by 70 percent, and despite accounting for nearly one-half of the £6 billion ($9.66 billion) that eMarketer projects for 2013 digital ad spending in the U.K.
Facebook has compiled myriad data about what users are doing on the site. What about when they go to another corner of the Web? The company has partnered with Datalogix in an effort to see if people who see ads on the social network end up actually buying the products. There’s already a movement for the Federal Trade Commission to investigate the deal.
In an effort to gain more advertising money, Facebook has been testing ways to place more ads on pages. But the company also is doing what it can to keep its biggest clients happy, especially as Facebook’s finances come into light with Thursday’s earnings call.
Rogue UBS trade Kweku Adoboli used Facebook to talk about his alleged crimes with the market rise and falls.