Australian Prime Minister Scott Morrison on Friday promised to press ahead with laws to force Facebook to pay news outlets for content, saying he had received support from world leaders after the social media platform blacked out all media.
Facebook on Thursday stripped the pages of domestic and foreign news outlets for Australians and blocked users of its platform from sharing any news content, saying it had been left with no choice ahead of the new content laws.
The move, which also erased several state government and emergency department accounts, as well as nonprofit charity sites, caused widespread outrage.
Mr Morrison, who blasted Facebook on its own platform for "unfriending" Australia, said on Friday the leaders of Britain, Canada, France and India had shown support.
"There is a lot of world interest in what Australia is doing," Mr Morrison said in Sydney.
"That is why I invite ... Facebook to constructively engage because they know that what Australia will do here is likely to be followed by many other western jurisdictions."
Canadian Heritage Minister Steven Guilbeault said late on Thursday his country would adopt the Australian approach as it crafts its own legislation in coming months.
The Australian law, which will force Facebook and Google to reach commercial deals with Australian publishers or face compulsory arbitration, has already been cleared by the federal lower house and is expected to be passed by the Senate within the next week.
Australian Treasurer Josh Frydenberg said he had spoken to Facebook chief executive Mark Zuckerberg for a second time after the news blackout.
"We talked through their remaining issues and agreed our respective teams would work through them immediately. We'll talk again over the weekend," Mr Frydenberg said in a tweet.
Announcing the move in Australia, Facebook said the Australian law misunderstood its value to publishers. Mr Frydenberg earlier told the Australian Broadcasting Corp that "there is something much bigger here at stake than just one or two commercial deals. This is about Australia's sovereignty".
Facebook and Google campaigned together against the laws, with both threatening to withdraw key services from Australia if the laws took effect.
Google, however, announced a host of pre-emptive licencing deals in the past week, including a global agreement with News Corp.
Facebook restored some government pages later on Thursday, but several charity, nonprofit and even neighbourhood groups stayed dark.
Web Traffic Slumps
Facebook's move had an immediate impact on traffic to Australian news sites, according to early data from New York-based analytics firm Chartbeat.
Total traffic to the Australian news sites from various platforms fell from the day before the ban by about 13 per cent within the country and by about 30 per cent outside the country, the Chartbeat data showed.
Similarly, traffic to the Australian news sites from Facebook alone plummeted from about 21 per cent to about 2 per cent within Australia, and from about 30 per cent to about 4 per cent outside the country.
News Corp Australasia executive chairman Michael Miller, testifying at an unrelated parliamentary hearing, confirmed the impact but said the number of Australians visiting the company's websites directly had risen.
"Definitely referral traffic was nonexistent ... while at the same time direct traffic to our websites was up in double digits," he told the inquiry.
Mr Miller also suggested that the antitrust regulator, Australian Competition and Consumer Commission, should scrutinise Facebook's move.
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Killing of Qassem Suleimani
LEAGUE CUP QUARTER-FINAL DRAW
Stoke City v Tottenham
Brentford v Newcastle United
Arsenal v Manchester City
Everton v Manchester United
All ties are to be played the week commencing December 21.
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Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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.”
MATCH INFO
Uefa Champions League quarter-final (first-leg score):
Juventus (1) v Ajax (1), Tuesday, 11pm UAE
Match will be shown on BeIN Sports
Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
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Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
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