Australia Won't Change Planned Content Laws Despite Facebook Block

FILE PHOTO: A 3D printed Facebook logo is seen in front of displayed Australia's flag in this illustration photo taken February 18, 2021. REUTERS/Dado Ruvic/Illustration
FILE PHOTO: A 3D printed Facebook logo is seen in front of displayed Australia's flag in this illustration photo taken February 18, 2021. REUTERS/Dado Ruvic/Illustration
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Australia Won't Change Planned Content Laws Despite Facebook Block

FILE PHOTO: A 3D printed Facebook logo is seen in front of displayed Australia's flag in this illustration photo taken February 18, 2021. REUTERS/Dado Ruvic/Illustration
FILE PHOTO: A 3D printed Facebook logo is seen in front of displayed Australia's flag in this illustration photo taken February 18, 2021. REUTERS/Dado Ruvic/Illustration

Australia will not change proposed laws that would make Alphabet Inc’s Google and Facebook pay news outlets for content, a senior lawmaker said on Monday, despite vocal opposition from the Big Tech firms.

Facebook has strongly protested the laws and last week abruptly blocked all news content and several state government and emergency department accounts. The social media giant and Australian leaders continued discussing the changes over the weekend.

But with the bill scheduled for a debate in the Senate on Monday, Australia’s most senior lawmaker in the upper house said there would be no further amendments.

“The bill as it stands ... meets the right balance,” Simon Birmingham, Australia’s Minister for Finance, told Australian Broadcasting Corp Radio, Reuters reported.

The bill in its present form ensures “Australian-generated news content by Australian-generated news organizations can and should be paid for and done so in a fair and legitimate way”.

The laws would give the government the right to appoint an arbitrator to set content licencing fees if private negotiations fail.

While both Google and Facebook have campaigned against the laws, Google last week inked deals with top Australian outlets, including a global deal with Rupert Murdoch’s News Corp.

“There’s no reason Facebook can’t do and achieve what Google already has,” Birmingham added.

A Facebook representative declined to comment on Monday on the legislation which passed the lower house last week and has majority support in the Senate.

Lobby group DIGI, which represents Facebook, Google and other online platforms like Twitter Inc, meanwhile said on Monday that its members had agreed to adopt an industry-wide code of practice to reduce the spread of misinformation online.

Under the voluntary code, the companies commit to identifying and stopping unidentified accounts, or “bots”, disseminating content, informing users of the origins of content, and publishing an annual transparency report, among other measures.



EIB to Allot 70 Bln Euros for Tech Sector in 2025-2027

FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
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EIB to Allot 70 Bln Euros for Tech Sector in 2025-2027

FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo

The European Investment Bank is likely to announce on Friday plans to pump 70 billion euros into the development of European technology firms over the next three years, EU officials said.

The program, called Tech EU, is meant to help Europe compete with China and the United States in the race for innovative clean and digital technologies.

The EIB, the biggest multilateral lender in the world with a balance sheet total of 556 billion euros, expects its own 70 bln euros to mobilize a further 250 billion euros of private cash as investors crowd into projects supported by the EIB, Reuters quoted EU officials as saying.

The 70 billion is to be split into 20 billion euros for equity and quasi-equity, 40 billion euros for loans and 10 billion for guarantees in 2025-2027, the officials said.

The plan is to complement European Commission efforts to support higher risk ventures and innovative companies throughout their investment journey, from proof of concept to an initial public offering.

The EIB wants to focus on supercomputing, artificial intelligence, digital infrastructure, critical raw materials, green industries such as offshore wind, health, security and defense technologies, robotics and advanced materials, the officials said.