Facebook caused news blackout in Australia

Facebook caused news blackout in Australia

Australia continues its legal efforts to force Facebook to pay news outlets

The situation between Facebook and Australia continues to escalate. While Google agreed to pay media outlets for the content posted, Seven West Media became the largest Australian outlet to close such a deal. Facebook is going the other way, stripping the pages of content and blocking users from sharing any content on the platform.

The Australian Prime Minister Scott Morrison announced on Friday that he would continue his efforts to force Facebook to pay media outlets for content. “There is a lot of world interest in what Australia is doing,” said Morrison, citing support from the leaders of Canada, India, France, and Britain. The Canadian Heritage Minister also stated that he would put together legislation in the following months.

The federal lower house already approved the legislation and is to be passed by the Senate within a week.

Traffic to the Australian news sites accessible from Facebook both from the country and external sources fell from 21% and 30% to 2% and 4%, respectively.

At the moment of writing, the Facebook stock price is trading 0.23% higher.

Read more about the deal between Google and Seven West Media here!

Sources: reuters.com, finance.yahoo.com

This information prepared by za.capex.com is not an offer or a solicitation for the purpose of purchase or sale of any financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products.

This information is prepared for general circulation. It does not regard to the specific investment objectives, financial situation or the particular needs of any recipient.

You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.

This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent. Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of za.capex.com

JME Financial Services (Pty) Ltd trading as ZA.CAPEX.COM acts as intermediary between the investor and Magnasale Trading Ltd, the counterparty to the contract for difference purchased by the Investor via ZA.CAPEX.COM, authorised & regulated by the Cyprus Securities and Exchange Commission with license number 264/15. Magnasale Trading Ltd is the principal to the CFD purchased by investors.