The decision by Facebook to remove all news content from its site in Australia will seem to many as a bold, even rash, move. On the face of it, the escalation of a simmering dispute with the government in Canberra, which has been attempting to extract payment for the country’s proud news media industry in exchange for the supply of content for the social media behemoth’s users, is sudden and crude.
It is hard to disagree with Scott Morrison, the pugilistic Australian prime minister, that Mark Zuckerberg’s company was “arrogant” in taking the decision to “unfriend Australia”. But what should he have expected? Wrestle with the American technology giants at your peril. The EU and Google have been bogged down in legal wrangles for years. One of the great lines of the newspaper era, used by and attributed to many, but most memorably HL Mencken, seems apt: “Never pick a quarrel with a man who buys ink by the barrel.” Well, today you should never pick a quarrel with a multinational with hundreds of millions of dollars in loose change and valuable access to the identities and internet behaviour patterns of much of the planet’s population. Or if you do, be prepared for pushback.
A particularly barbed response came from Jason Kint, chief executive of a trade body, Digital Content Next, who tweeted: “World’s greatest amplifier of disinfo and toxic sludge to your newsfeed is going to block the most trusted news brands in the world from reaching Australians. Why? Because its business model can’t handle anything other than surveillance capitalism. I hope its employees are proud.”
While he has a point, and was echoed by many others, such comments reflect an industry that is on thin ice when it takes shots like this against digital content distributors. I am obviously not courting popularity by saying this, but the control of their product that out-of-their-depth managements of news organisations ceded to technology companies over the last two decades was nothing less than negligence and a betrayal of their proprietors and the journalists they employed in what would soon become ever-depleted numbers.
The industry’s discombobulation is deserved. Those managers did not even flinch or pause to consider with any seriousness the consequences as they sought the warm embrace of an instantly accessible, global digital presence. They spent increasing sums on technology without understanding that they were signing over all of their intellectual property to people who saw it purely as a raw commodity, not as something that was the output of highly skilled professionals whose discourse was, at least to some extent, a public service.
The control that news organisations ceded to technology companies over the last two decades was nothing less than negligence
Egged on by the technology companies and enchanted by their glamour, their newness, their exotic West Coast geekiness, the blue-blooded media giants shot themselves in the foot only to complain about their hospital bill. I know this because I was present and probably as guilty as the rest who played a small part in that transitional era in news media – and I still don’t pretend to know the ideal solution.
I won't say the battle was lost back then, as there are some successful models still taking shape, where readers are happy to pay a modest subscription charge for quality journalism that cannot be hijacked by third parties such as Facebook. Just as the axe was falling in Australia, there was another glimmer of hope: Newscorp – the Wall Street Journal among its titles – signed a three-year licensing deal with Google. Both sides will benefit. It is a civilised arrangement on the face of it. It is another model that Facebook would do well to consider.
Trust in the media is at a low point, and the value placed on the old-fashioned skills of reporting and writing well, and entertaining readers, has diminished in the eyes of the public. People now invest in a television, in a phone and in a laptop, but take some convincing to then pay for the news when there is so much out there for free. But – as with almost everything in life – someone has to pay for it.
Joe Jenkins is an assistant editor-in-chief at The National
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
RESULTS
5pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner: Yas Xmnsor, Sean Kirrane (jockey), Khalifa Al Neyadi (trainer)
5.30pm: Falaj Hazza – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Arim W’Rsan, Dane O’Neill, Jaci Wickham
6pm: Al Basrah – Maiden (PA) Dh70,000 (D) 1,800m
Winner: Kalifano De Ghazal, Abdul Aziz Al Balushi, Helal Al Alawi
6.30pm: Oud Al Touba – Handicap (PA) Dh70,000 (D) 1,800m
Winner: Pharitz Oubai, Sean Kirrane, Ibrahim Al Hadhrami
7pm: Sieh bin Amaar – Conditions (PA) Dh80,000 (D) 1,800m
Winner: Oxord, Richard Mullen, Abdalla Al Hammadi
7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
Winner: AF Ramz, Sean Kirrane, Khalifa Al Neyadi
8pm: Al Saad – Handicap (TB) Dh70,000 (D) 2,000m
Winner: Sea Skimmer, Gabriele Malune, Kareem Ramadan
AUSTRALIA%20SQUAD
%3Cp%3EPat%20Cummins%20(capt)%2C%20Scott%20Boland%2C%20Alex%20Carey%2C%20Cameron%20Green%2C%20Marcus%20Harris%2C%20Josh%20Hazlewood%2C%20Travis%20Head%2C%20Josh%20Inglis%2C%20Usman%20Khawaja%2C%20Marnus%20Labuschagne%2C%20Nathan%20Lyon%2C%20Mitchell%20Marsh%2C%20Todd%20Murphy%2C%20Matthew%20Renshaw%2C%20Steve%20Smith%2C%20Mitchell%20Starc%2C%20David%20Warner%3C%2Fp%3E%0A
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
More on Quran memorisation:
HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
- Be wary of other embeds lengthy fact boxes could crash into
- That's about it