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(Adds detail)OSLO, Sept 22 (Reuters) - Norway’s $1.4 trillion sovereign wealth fund, the world’s largest, said on Wednesday it will support FedEx CEO Fred Smith’s $54 million pay package at a meeting of the logistics company’s shareholders next week. Proxy advisers have given a split verdict here on Smith's pay, with Institutional Shareholder Services (ISS) giving "cautionary support" while Glass Lewis recommended that owners vote it down because of the reversal of the initial arrangement. The shareholder vote on Sept. 27 is advisory and not binding on FedEx. The Norwegian sovereign fund held a 0.73% stake in FedEx worth $505 million at the start of 2021, the fund’s last available record. (Reporting by Terje Solsvik, editing by Gwladys Fouche)
Persons: Fred Smith’s, Glass Lewis, Terje Solsvik, Gwladys Fouche Organizations: FedEx, Institutional, Services Locations: OSLO, Norwegian
The benchmark closed down 0.67% at 29,639.40, while the broader Topix slid 1.02% to end at 2,043.55, also the lowest since Sept. 6. “That is because investor focus is on the Fed meeting... how the interest rate projections will look like and whether the Fed will start tapering before the end of the year,” he said. The outcome of the Fed’s two-day meeting is scheduled at 1800 GMT with a news conference half an hour later. Itochu was the worst performer among the Topix’s 30 core names, losing 4.08%, while Mitsui & Co slid 2.86%. (Reporting by Junko Fujita; Additional reporting by Kevin Buckland; Editing by Subhranshu Sahu and Devika Syamnath)
Persons: allaying, Shigetoshi Kamada, , Itochu, Junko Fujita, Kevin Buckland, Subhranshu Sahu, Devika Organizations: Nikkei, U.S, Federal Reserve, China Evergrande’s, Group, Tachibana Securities, Mitsui, Co, Machinery, Daikin, Mizuho Financial, Mitsubishi, Financial, MUFG Union Bank, SoftBank Group, Nintendo Locations: TOKYO, China, U.S
Norway sovereign wealth fund backs FedEx CEO pay
  + stars: | 2021-09-22 | by ( Reuters Staff | ) www.reuters.com   time to read: 1 min
OSLO, Sept 22 (Reuters) - Norway’s $1.4 trillion sovereign wealth fund, the world’s largest, said on Wednesday it will support FedEx CEO Fred Smith’s $54 million pay package at a meeting of the logistics company’s shareholders next week. The pay of the billionaire chief executive has been challenged here by a labour union over the company's decision to cancel a bonus programme while giving him an option award instead, only to then re-instate the bonus. (Reporting by Terje Solsvik, editing by Gwladys Fouche)
Persons: Fred Smith’s, Terje Solsvik, Gwladys Fouche Organizations: FedEx Locations: OSLO
DUBAI, Sept 22 (Reuters) - Saudi Arabia’s sovereign wealth fund plans to announce soon its first green debt deal, with borrowing linked to sustainability, the Public Investment Fund’s governor told a virtual event. “We will be the first sovereign wealth fund in the world to announce this green issuance,” Governor Yasir al-Rumayyan told an event on Tuesday held alongside the United Nations General Assembly. This month, PIF hired banks to be members of its ESG panel for its medium-term capital-raising strategy, IFR News reported. PIF signed a $15 billion loan with a large group of banks in March, followed a $10 billion loan it took in 2019 that was repaid last year and an $11 billion facility in 2018. Saudi Arabia will announce its “Green Initiative” next month, followed by the “Middle East Initiative”, which includes planting 50 billion trees, Rumayyan said.
Persons: Yasir al, Rumayyan, PIF, ” Rumayyan, , Organizations: Public Investment, United Nations General Assembly, Reuters, BlackRock, Sea Development Company, Initiative ”, Initiative Locations: DUBAI, Saudi, Saudi Arabia, ESG
* China to stop building coal-fired power plants abroad* Xi’s announcement could impact 44 projects in Asia, Africa* China’s domestic coal power programme still expandingSHANGHAI/SINGAPORE, Sept 22 (Reuters) - China’s pledge to stop building coal-fired power plants overseas could cull $50 billion of investment as it slashes future carbon emissions, analysts said, although Beijing’s own domestic coal programme is still propping up the dirty fossil fuel. Beijing is the largest source of financing for coal power plants globally, and Xi’s announcement will have a far-reaching impact on coal power expansion plans in countries like Bangladesh, Indonesia, Vietnam and South Africa. China’s pledge followed similar moves by South Korea and Japan this year, turning off the taps of the last three major public financiers of overseas coal power plants. While Xi has promised to “strictly control” new domestic coal power capacity over the 2021-2025 period, the country will not begin to reduce coal consumption until 2026. “With the new direction set for overseas coal, China needs to work harder now on its domestic coal addiction,” said Li Shuo, senior climate advisor at Greenpeace.
Persons: Xi Jinping, , , Christine Shearer, “ We’ll, Joe Biden, Yan Qin, Xi, Li Shuo Organizations: United Nations General Assembly, United Nations, Global Energy Monitor, GEM, Reuters, Bank of, COP26, United, United Arab Emirates, Boston University Global Development, , Greenpeace Locations: China, Asia, Africa, SHANGHAI, SINGAPORE, Beijing, Bangladesh, Indonesia, Vietnam, South Africa, U.S, Bank of China, South Korea, Japan, Nations, Pakistan, Zimbabwe, Serbia, United Arab
Nordic Entertainment Group (NENT) sign is seen at their headquarters in Stockholm, Sweden October 1, 2018. The Swedish media group said ahead of a presentation to investors and media that it expects 2020-2025 compound annual organic sales growth at the upper end of its target ranges - 18%-20% for the group and 13%-15% for its Nordic operations. It also set a new target of 23%-25% compound annual organic sales growth for its Viaplay streaming service in the Nordic markets. NENT said it would launch Viaplay in Britain, Canada, Germany, Austria and Switzerland, taking the number of markets to 16 by the end of 2023, and announced a new target of 12 million Viaplay subscribers by the end of 2025. Reporting by Anna Ringstrom; Editing by Christopher Cushing and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
Persons: Olof Swahnberg, NENT, Anna Ringstrom, Christopher Cushing, Sherry Jacob, Phillips Organizations: Nordic Entertainment, REUTERS, Netflix, Nordic, Thomson Locations: Stockholm, Sweden, STOCKHOLM, Swedish, Britain, Canada, Germany, Austria, Switzerland
JGBs trade flat ahead of FOMC, shrug off BOJ decision
  + stars: | 2021-09-22 | by ( Reuters Staff | ) www.reuters.com   time to read: +1 min
TOKYO, Sept 22 (Reuters) - Japanese government bond yields were flat on Wednesday, with Treasuries also stable as investors awaited clues about the path of U.S. monetary policy. The 10-year JGB yield was unchanged at 0.035% at the close, while benchmark 10-year JGB futures rose 0.03 point to 151.86, with a trading volume of 14,350 lots. The 20-year yield was flat at 0.425%, as was the 30-year yield at 0.650%. The five-year yield was steady at minus 0.105%. The benchmark 10-year Treasury yield was little changed at 1.3277%.
Persons: Treasuries, China Evergrande, it’s, , JGBs Organizations: Market, China, Bank of Locations: TOKYO
METALS-London copper rebounds as Evergrande worries fade
  + stars: | 2021-09-22 | by ( Mai Nguyen | ) www.reuters.com   time to read: +2 min
(Updates prices, adds comments)Sept 22 (Reuters) - London copper prices advanced on Wednesday, driven by easing default fears around property giant China Evergrande after its main unit said it would to pay some bond interest due later this week. It’s possible that PBOC has some (more) liquidity injections planned that the market is expecting,” said a Singapore-based metals trader. The rout had also hit the demand outlook for construction metals including copper. FUNDAMENTALS* LME nickel rose 2% to $19,200 a tonne, zinc advanced 2.3% to $3,047.50 a tonne and tin increased 2% to $34,500 a tonne. * ShFE aluminium rose 1.9% to 23,055 yuan a tonne, lead fell 3% to 1422yuan a tonne while tin climbed 3.9% to 269,960 yuan a tonne.
Persons: , Lehman, Mai Nguyen, Devika Syamnath Organizations: London Metal Exchange, People’s Bank of, Shanghai Futures Exchange, Estate Group, Manufacturing Co Locations: London, China, People’s Bank of China, Singapore, China’s Henan, Hanoi
(Adds details, background)PARIS, Sept 22 (Reuters) - French telecoms firm Iliad SA said on Wednesday it had struck a deal with U.S. cable operator Liberty Global Plc to buy Polish fixed internet operator UPC for an enterprise value of 7 billion zlotys ($1.78 billion). Iliad, which bought Polish mobile operator Play last year, said in July that it had made an indicative offer for the whole of UPC Poland. “After the purchase of Play end 2020, the acquisition of UPC Poland represents a new step for Iliad in the Polish telecoms market,” Iliad said in a statement. In a separate statement, Liberty Global said the deal is expected to close in the first half of 2022 and generate about $600 million of net cash proceeds after debt repayment. In July, French tycoon Xavier Niel, the founder and controlling shareholder of Iliad, said he was making a 3.1 billion euro offer to buy the remaining shares in the company and take it private.
Persons: Xavier Niel Organizations: Iliad, U.S, Liberty Global Plc, UPC, UPC Poland, , Liberty Global Locations: PARIS, Polish
ADNOC boosts size of drilling unit IPO to $1.1 billion
  + stars: | 2021-09-22 | by ( Reuters Staff | ) www.reuters.com   time to read: +1 min
DUBAI (Reuters) - State oil giant Abu Dhabi National Oil Co (ADNOC) has increased to 11% of share capital the size of the initial public offering (IPO) of its drilling unit, ADNOC Drilling, because of oversubscription, the firm said on Wednesday. FILE PHOTO: A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. REUTERS/Christopher Pike/File PhotoADNOC had previously targeted a minimum stake of 7.5% in the IPO of ADNOC Drilling, at 2.3 dirhams ($0.6262) per share. In a statement it said the price had not changed but the number of ordinary shares offered was raised to 1.76 billion from 1.2 billion, which would correspond to a $1.1 billion transaction, according to Reuters calculations. “The new offering size was determined by ADNOC, as the selling shareholder, based on significant investor demand and the considerable oversubscription across all tranches,” it said.
Persons: Christopher Pike, ADNOC, ” ADNOC, Baker Hughes Organizations: Reuters, Abu Dhabi National Oil Co, United, United Arab Emirates, REUTERS, ADNOC, United Arab Locations: DUBAI, Abu Dhabi, United Arab, United Arab Emirates, UAE
FILE PHOTO: A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia February 6, 2018. REUTERS/Faisal Al Nasser/File PhotoDUBAI (Reuters) -Saudi Telecom Company has completed the retail and institutional subscription to the initial public offering of Arabian Internet and Communications Services Co, raising 3.624 billion Saudi riyals ($966.35 million), STC said on Wednesday. The telecoms company last week priced the IPO at the top of an indicative range for its technology business, also known as Solutions by STC. HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital Company acted as joint financial advisers. The IPO is among a string of deals on Saudi Arabia’s Tadawul exchange this year, such as ACWA Power’s deal for more than $1 billion and Saudi Tadawul Group’s IPO, which is likely in the fourth quarter.
Persons: Faisal Al Nasser, Morgan Stanley Organizations: Saudi Telecom STC, REUTERS, DUBAI, Reuters, Saudi Telecom Company, Arabian Internet, Communications Services Co, Saudi, STC, HSBC, SNB Capital, Saudi Tadawul Locations: Riyadh, Saudi Arabia, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia
Taiwanese shares sank almost 2%, while Chinese stocks fell to a near three-week low. Markets had already begun to stabilise on Tuesday as analysts downplayed the potential fallout from the property developer's debt crisis and saw that relief seep into Wednesday. In a week flush with central bank meetings, a report from Philippines' Bangko Sentral ng Pilipinas (BSP) is due on Thursday. ** The top gainer on the Jakarta stock index was Andalan Sakti Primaindo, up 34.6%. ** The top loser on the Singapore benchmark was Yangzijiang Shipbuilding, down 2.8%.
Persons: Shashwat Awasthi, China Evergrande's, ines, Simon Cameron, Moore Organizations: Bank Indonesia, Fed, DBS, Malaysian, ng Pilipinas, Yangzijiang Shipbuilding, JK Locations: Philippines, Taiwan, China, Singapore, Manila, Jakarta, Asia, Japan, India
Barry Callebaut makes new appointments to exec committee
  + stars: | 2021-09-22 | by ( ) www.reuters.com   time to read: 1 min
Employees of chocolate and cocoa product maker Barry Callebaut prepare chocolates after the company's annual news conference in Zurich, Switzerland November 7, 2018. REUTERS/Arnd WiegmannZURICH, Sept 22 (Reuters) - Barry Callebaut (BARN.S) has made two changes to its executive committee, appointing Masha Vis-Mertens as its new Chief Human Resources Officer and Massimo Selmo as Chief Procurement Officer. Both changes will be effective from October 1, 2021, the Swiss chocolate maker said on Wednesday. Reporting by John Revill; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.
Persons: Barry, Barry Callebaut, Masha Vis, Mertens, Massimo Selmo, John Revill, Muralikumar Organizations: REUTERS, Wiegmann, Human, Thomson Locations: Zurich, Switzerland, Wiegmann ZURICH, Swiss
Sept 22 (Reuters) - Liberty Global said it has a reached a deal to sell 100% of its operations in Poland to French telecoms firm Iliad’s Polish mobile subsidiary Play for a total enterprise value of $1.8 billion. The deal is expected to close in the first half of 2022 and generate about $600 million of net cash proceeds to Liberty Global after debt repayment, Liberty Global said in a statement.
Organizations: Liberty Global Locations: Poland
Kavak Chief Executive Carlos Garcia poses for a photo at used autos platform Kavak in Mexico City, Mexico, August 25, 2020. Founded nearly five years ago in Mexico, Kavak expanded to Argentina in 2020, before landing in Brazil this year, which it described as its largest market. The company will most likely focus next on expanding to emerging markets beyond Latin America, CEO Garcia told Reuters, noting that announcements could come within six months. Kavak says it now has 5,000 employees across Latin America. Chinese consumer habits closely resemble those in Latin America, Garcia said.
Persons: Carlos Garcia, Edgard Garrido, Kavak, Catalyst, Peter Thiel's, Japan's SoftBank, Garcia, Cassandra Garrison, Matthew Lewis Organizations: REUTERS, Reuters, U.S, SoftBank Group Corp, Fund, Sea Ltd, Tiger, Ribbit, Kavak, Global Inc, Thomson Locations: Mexico City, Mexico, MEXICO, America, Singapore, House, Argentina, Brazil, Latin America, United States, U.S
German auto giants place their bets on hydrogen cars
  + stars: | 2021-09-22 | by ( Nick Carey | ) www.reuters.com   time to read: +8 min
Jürgen Guldner, the BMW vice president who heads up the hydrogen fuel-cell car programme, told Reuters the carmaker would build a test fleet of close to 100 cars in 2022. The Greens do, however, back the use of hydrogen fuel for ships and planes and want to invest heavily in “green” hydrogen produced solely from renewable sources. Some carmakers view hydrogen technology as an insurance policy as the EU targets an effective ban on fossil-fuel cars from 2035. LMC estimates in 2030 hydrogen fuel-cell models will make up just 0.1% of sales in Europe, and sales will only take off after 2035. “The hydrogen car has proven NOT to be the solution to climate change,” he said in a tweet this year.
Persons: Wolfgang Rattay, Germany’s, Jürgen Guldner, , We’re, we’re, we’ll, Stefan Gelbhaar, Daimler, Jörg Burzer, Joshua Cobb, It’s, BMW’s, Guldner, , ’ Cobb, Sam Adham, Herbert Diess, ” Stephan Herbst, Herbst Organizations: BMW, REUTERS, Audi, Global, Greens, Reuters, Volkswagen, Daimler AG, Daimler, Volvo Trucks, Hyundai, Germany’s Greens, Mercedes, Benz GLC, European Commission, Green, Toyota, Nissan, Honda, EU, Fitch, Hydrogen Locations: MUNICH, Munich, Germany, Europe, China, South
But forecasters and outside analysts expect the Fed to hedge on exactly when the “taper” might begin, and tie it to a rebound in job growth following the disconcertingly tepid report in August, when only 235,000 jobs were created. While August job growth was disappointing, U.S. nonfarm payrolls swelled by just over 1 million in July and have increased an average 716,000 since May. Fed officials, however, may decide they need more time to assess the risk from a handful of evolving issues before deciding to push ahead with the reduction in the bond-buying program. Leaning in the other direction: The surge of COVID-19 infections driven by the Delta variant of the coronavirus. Some measures of service activity have dipped, prompting forecasters to mark down their outlooks for economic growth this year.
Persons: Jerome Powell, Graeme Jennings, Aneta Markowska, Thomas Simons, nonfarm payrolls, Powell, Joe Biden Organizations: WASHINGTON, Federal, House, Capitol, Jefferies, Fed, Financial, China Evergrande Group, Kansas City Fed Locations: Washington , U.S, U.S
Coffee is largely produced in the Coffee Belt, located between the Tropic of Cancer and the Tropic of Capricorn, where countries such as Brazil, Colombia, Ethiopia and Vietnam have provided the best climate for coffee trees, which need constant heat to survive. Armstrong recently joined a group of farmers taking part in the largest-ever coffee growing endeavor in the United States. "It seems more logical to invest in new coffee varieties that could be grown in the same current geographies," he said. Rowland said researchers are planting coffee trees close to citrus, an intercropping technique used in other parts of the world as larger trees help hold winds and provide shade to coffee trees. That, in turn, could help in the selection of optimal coffee varieties for the region in the future.
Persons: Farmer David Armstrong, Armstrong, Jay Ruskey, Ruskey, Frinj, Smith Hobson, Giacomo Celi, Diane Rowland, Rowland, Alina Zare, Marcelo Teixeira, David Gaffen, Matthew Lewis Organizations: Reuters, FRINJ, REUTERS NEW, Central America, Tropic, Cancer, Frinj, Coffee, Starbucks Reserve, U.S ., United Nations Food, Agriculture Organization, Mercon Coffee, University of Florida, UF's College of Engineering, National Oceanic, Atmospheric Administration, New, Thomson Locations: Hobson, U.S, Ventura , California, Central, Los Angeles, Brazil, Colombia, Ethiopia, Vietnam, California, Florida, United States, Hawaii, CALIFORNIA, FLORIDA, Minas Gerais, New York
But forecasters and outside analysts expect the Fed to hedge on exactly when the “taper” might begin, and tie it to a rebound in job growth following the disconcertingly tepid report in August, when only 235,000 jobs were created. The Fed is due to release its latest policy statement and economic projections at 2 p.m. EDT (1800 GMT), with Fed Chair Jerome Powell holding a news conference half an hour later to discuss the outcome. While August job growth was disappointing, U.S. nonfarm payrolls swelled by just over 1 million in July and have increased an average 716,000 since May. Leaning in the other direction: The surge of COVID-19 infections driven by the Delta variant of the coronavirus. Some measures of service activity have dipped, prompting forecasters to mark down their outlooks for economic growth this year.
Persons: Fed’s Powell, Jerome Powell, Aneta Markowska, Thomas Simons, nonfarm payrolls, Powell, Joe Biden Organizations: WASHINGTON, Federal, Jefferies, Fed, Financial, China Evergrande Group, Kansas City Fed Locations: U.S
Founded nearly five years ago in Mexico, Kavak expanded to Argentina in 2020, before landing in Brazil this year, which it described as its largest market. The company will most likely focus next on expanding to emerging markets beyond Latin America, CEO Garcia told Reuters, noting that announcements could come within six months. Kavak says it now has 5,000 employees across Latin America. We’re starting to see this early trend in Latin America, we think it’s going to be a huge driver for Kavak in the next few months,” Garcia said. Chinese consumer habits closely resemble those in Latin America, Garcia said.
Persons: Carlos Garcia, Kavak, Catalyst, Peter Thiel’s, Japan's SoftBank, Garcia, , , ” Kavak, ” Garcia, Cassandra Garrison, Matthew Lewis Organizations: MEXICO CITY, Reuters, U.S, SoftBank Group Corp, Fund, Sea Ltd, Tiger, Ribbit, Kavak, Inc Locations: MEXICO, America, Mexico, Singapore, House, Argentina, Brazil, Latin America, United States, U.S
COLUMN-Dollar smiling from ear to ear - Mike Dolan
  + stars: | 2021-09-22 | by ( Mike Dolan | ) www.reuters.com   time to read: +5 min
The other big event of the week, the Federal Reserve’s latest policymaking meeting, provides alternative fuel for the currency. On the left side of the smile, they see growing angst that world growth has peaked, policy support is being withdrawn, global stocks are overstretched and there are “mounting global tail risks” from China and related geopolitical fears. This real rate view makes sense to those who see inflation expectations and growth potential dominating a currency’s fortunes. Morgan Stanley’s Matthew Hornbach and team also see the dollar lifted further by the rising real rate view. “The September FOMC may be a key catalyst driving U.S. (real) yields higher, which we expect to boost the dollar broadly,” they wrote this week.
Persons: it’s, JPMorgan’s Paul Meggyesi, , Morgan Stanley’s Matthew Hornbach, Organizations: Reuters, U.S ., Deutsche Bank, Bitcoin, Swiss, JPMorgan, , Treasury, U.S, Fed Locations: China, MSCI’s, it’s, “ U.S, Germany, Europe, Japan
SHANGHAI, Sept 22 (Reuters) - Chinese stocks fell on Wednesday, led by by banking and consumer staples, while real estate shares jumped after developer China Evergrande assured to make bond interest payment. ** The banking sub-index slumped 3.44%, while the real estate index jumped 5% after opening down nearly 2%. ** Over the holiday, property and banking stocks slumped in the Hong Kong market due to growing risks of defaults at Chinese property developers and concerns that Beijing’s “common prosperity” agenda would also include Hong Kong real estate names. They added overseas investors took up more than 40% of the investors in the Hong Kong market. ** Chinese A-share market opened after the Mid-Autumn Festival holiday, while the Hong Kong market was shut on Wednesday for a public holiday.
Persons: Xi Jinping Organizations: China, China Merchants Securities, Beijing’s, Beijing Stock Exchange, Beijing bourse Locations: SHANGHAI, Shanghai, Hong Kong, COVID, China, Beijing
In the spot market, onshore yuan opened at 6.4725 per dollar and fell to a low of 6.4737, the weakest level since Aug. 27. By midday, the global dollar index rose to 93.27 from the previous close of 93.222, while the offshore yuan was trading at 6.475 per dollar. Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2% from official midpoint rate it sets each morning. OFFSHORE CNH MARKET Instrument Current Difference from onshore Offshore spot yuan 6.475 -0.06% * Offshore 6.6521 -2.75% non-deliverable forwards ** *Premium for offshore spot over onshore **Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled against the midpoint.
Persons: Li Liuyang, Jerome Powell's, Li, Julian Evans, Pritchard, Winni Zhou, Andrew Galbraith, Sam Holmes Organizations: People's Bank of China, Traders, China Merchants Bank, Capital Economics, Thomson Locations: SHANGHAI, China
U.S. Trade Representative Katherine Tai testifies before the Senate Finance Committee on Capitol Hill in Washington, U.S., May 12, 2021. Susan Walsh/Pool via REUTERS/File PhotoSept 22 (Reuters) - U.S. Trade Representative Katherine Tai will have an online meeting on Wednesday with Ngozi Okonjo-Iweala, the director-general of the World Trade Organization, Tai's media office said, weeks before it holds an import ministerial conference. Tai spoke by telephone earlier this month with the head of the WTO and acknowledged the "difficult logistical challenges" facing the upcoming WTO conference. read moreThe global trade watchdog is due to hold a ministerial conference of its 164 members in November and December, which is set to be a critical test of Okonjo-Iweala's leadership. WTO members are set to negotiate a range of topics at the meeting, including trade, the COVID-19 pandemic as well as agriculture and fisheries.
Persons: Katherine Tai, Susan Walsh, Ngozi, Tai, Kanishka Singh, Clarence Fernandez, Robert Birsel Organizations: Trade, Senate, Capitol, . Trade, World Trade Organization, WTO, Thomson Locations: Washington , U.S, Bengaluru
FILE PHOTO: Facebook logo and Australian flag are displayed in this illustration taken, February 18, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoWhile Facebook has announced deals with most of the country’s largest news outlets, some media companies including TV broadcaster SBS have been left out in the cold, raising questions about the scope and effectiveness of the law. The U.S. social media giant has inked deals with a range of Australian big media companies including News Corp to the Australian Broadcasting Corp and has a collective bargaining arrangement with rural publishers. As previously reported by Reuters, Facebook declined to negotiate a deal with the Conversation, which publishes public affairs commentary by academics, prompting a rebuke from the regulator which drafted the law. The Australian Communications and Media Authority, which will help enforce the law, declined to comment on the grounds that no technology firm had been designated so the law did not technically apply.
Persons: Dado Ruvic, , Andrew Hunter, Hunter, Hunter didn’t, we’ve, newsfeeds Organizations: SYDNEY, Facebook Inc, Reuters, REUTERS, Facebook, SBS, Special Broadcasting Service, Google, News Corp, Australian Broadcasting Corp, Australian Competition, Consumer Commission, Australian Communications, Media Authority Locations: U.S
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