Summary List PlacementFacebook made huge waves on Wednesday by blocking all news content for its Australian users and all content from Australian news publishers for users worldwide. Facebook said it made the move to avoid having to comply with Australia’s recently proposed News Media and Digital Platforms Mandatory Bargaining Code, which if passed would require…
Summary List PlacementFacebook made huge waves on Wednesday by blocking all news content for its Australian users and all content from Australian news publishers for users worldwide.
Facebook said it made the move to avoid having to comply with Australia’s recently proposed News Media and Digital Platforms Mandatory Bargaining Code, which if passed would require companies like Facebook and Google to pay media publishers for the right to include their news content on social media platforms and search engines.
Google, however, decided that its best option would be to preemptively negotiate deals with publishers, including Rupert Murdoch’s News Corp and major Australian media conglomerates Nine Entertainment and Seven West Media.
Australian lawmakers have portrayed the proposed law as an effort to curb the tech giants’ power over digital advertising (a major cause of news publishers’ declining revenues over the past two decades). Facebook argued that the law misunderstands its relationship with publishers.
But the situation is more complicated than an attempt to level the digital media playing field — and it could have consequences around the world.
Here’s what you need to know about the battle between Australia, Facebook, and Google over who pays for news online.
How did we get here?
News publishers have long had a bone to pick with companies like Facebook and Google, blaming them for eating away at ad revenues (and as a result, journalism jobs), while also exercising massive control over publishers through algorithms and benefitting from showing their users news content without paying its creators.
The companies have responded in recent years with various initiatives to fund journalism and boost news content on their platforms, such as Facebook’s Journalism Project and News tab, and Google’s News Initiative and News Showcase, but the impact has been modest and the industry continues to struggle.
Increasingly, regulators have sought to force Facebook and Google to pay publishers to use their content, and Australia has been at the forefront, along with the EU and countries including France, Germany, and Spain.
The Australian Competition and Consumer Commission, the country’s top antitrust regulator, has been working toward the law at the center of this week’s controversy for around three years amid Australia’s broader push to crack down on big tech.
What would Australia’s proposed law do?
The law as currently proposed would require companies like Facebook and Google to pay Australian publishers directly for news content that’s displayed or linked to on their sites, as well as give publishers 28 days’ notice before changing their algorithms.
Specifically, it would require them to individually negotiate content prices with publishers within three months, or be forced into an arbitration process where a government-appointed panel will pick between the publisher and tech giants’ proposals.
Is it likely to pass?
Yes. The lower chamber of Australia’s parliament approved the proposed legislation this week, and it’s now headed to the Senate, where it’s expected to pass into law, though discussions between the companies and the government are still ongoing.
Who would be the likely winners and losers?
As the Syndey Morning Herald reported, smaller publishers are not eligible for payments under the proposed law, so large publishers like News Corp may end up benefitting the most. (News Corp has urged the Australian government to pass the law).
Reporter Casey Newton also pointed out that the law also doesn’t require publishers to spend any new revenue on reporters or newsgathering efforts, meaning it could go to executives or investors.
Facebook’s and Google’s competitors could also gain an edge if their market share is diminished — Microsoft President Brad Smith endorsed the law last week.
As a result, the law could inadvertently further entrench Facebook’s and Google’s dominance, though it’s unclear what the ultimate impact would be on news publishers or the broader media ecosystem.
What was Facebook’s response?
Facebook said in a blog post that the law “fundamentally misunderstands” its relationship with publishers — which it argued benefits publishers more. Facebook said news content is “less than 4% of the content people see” and that it brought in around $315 million for Australian publishers in 2020.
With less to lose, in its view, Facebook pulled the plug.
On Wednesday (Thursday in Australia), Facebook blocked Australian publishers from sharing or posting content from their pages, blocked Australian users from viewing any news content at all (even from international publishers), and blocked all users worldwide from viewing content from Australian publishers.
Some non-news pages also got caught up in Facebook’s dragnet by mistake.
What was Google’s response?
Alphabet subsidiary Google, which arguably has a more even exchange of value with news publishers, has fought aggressively against the proposed law. In January, the company came under fire for hiding some Australian news sites from its search results.
Google this week has been working on massive deals with top Australian media companies Seven West, Nine Entertainment, and even News Corp, which the company has repeatedly sparred with, and has been expanding its News Showcase in the region.Join the conversation about this story » NOW WATCH: Why Pikes Peak is the most dangerous racetrack in America Read More
EnlargeDrew Angerer | Getty Images reader comments 33 with 27 posters participating Share this story Share on Facebook Share on Twitter Share on Reddit Just because a vulnerability is old doesn’t mean it’s not useful. Whether it’s Adobe Flash hacking or the EternalBlue exploit for Windows, some methods are just too good for attackers to…
Just because a vulnerability is old doesn’t mean it’s not useful. Whether it’s Adobe Flash hacking or the EternalBlue exploit for Windows, some methods are just too good for attackers to abandon, even if they’re years past their prime. But a critical 12-year-old bug in Microsoft’s ubiquitous Windows Defender antivirus was seemingly overlooked by attackers and defenders alike until recently. Now that Microsoft has finally patched it, the key is to make sure hackers don’t try to make up for lost time.
The flaw, discovered by researchers at the security firm SentinelOne, showed up in a driver that Windows Defender—renamed Microsoft Defender last year—uses to delete the invasive files and infrastructure that malware can create. When the driver removes a malicious file, it replaces it with a new, benign one as a sort of placeholder during remediation. But the researchers discovered that the system doesn’t specifically verify that new file. As a result, an attacker could insert strategic system links that direct the driver to overwrite the wrong file or even run malicious code.
Windows Defender would be endlessly useful to attackers for such a manipulation, because it ships with Windows by default and is therefore present in hundreds of millions of computers and servers around the world. The antivirus program is also highly trusted within the operating sy
Summary List Placement CEOs are still chattering about GameStop and meme-stock mania. Some have joked about it, while others fear the frenzy is evidence of a bubble. Here are the best comments on earnings calls so far. Visit Business Insider’s homepage for more stories. The GameStop saga is still sparking conversations across corporate America. Executives…
Summary List Placement
CEOs are still chattering about GameStop and meme-stock mania.
Some have joked about it, while others fear the frenzy is evidence of a bubble.
Here are the best comments on earnings calls so far.
Visit Business Insider’s homepage for more stories.
The GameStop saga is still sparking conversations across corporate America.
Executives continue to marvel at the surge in the video-game retailer’s market capitalization to over $30 billion at one point. They’re questioning whether mass speculation among amateur investors is a bubble about to burst. At least one is ready to cash in if the meme-stock frenzy has a second act.
Here are the best comments from CEOs to date, drawn from earnings-call transcripts on Sentieo, a financial-research website. The quotes have been lightly edited and condensed for clarity:
1. “We can just change our name to GameStop.” — Mark Costa, CEO of Eastman Chemical, when asked if he would consider a SPAC spinoff to boost his company’s valuation.
2. “You have to pause and wonder, when GameStop is the most valuable company in the Russell 2000, that the world has certainly changed.” — Frank Gasior, CEO of BankFinancial.
3. “On GameStop and bitcoin, there are definitely bubbles out there.” — Scott Hartz, CIO of Manulife Financial Corporation.
Read More: These 3 cannabis stocks are ‘poised to be market leaders’ and have the infrastructure to grab up industry share when federal legalization happens in the US, according to an analyst for the top-performing ETF in the world this year
4. “GameStop required a very unique set of circumstances where the asset had been oversold. It’s not so much a GameStop movement. It’s a unique series of events that allow for a short squeeze.” — Muhamad Umar Swift, CEO of Bursa Malaysia Berhad.
5. “When you start looking at some of the alternative-energy stocks, you start looking at some of the small speculative stocks, what’s happened in the last several days with GameStop – there is an area that I think is overheated.” — Mark Stoeckle, CEO of Adams Diversified Equity Fund, highlighting bubbles in the market.
6. “The GameStop fever – we did see Japanese retail customers trading those shares a lot as well. It used to be when we talk about Japanese retail customers buying a US equity, it’s Amazon, Apple, Microsoft, something like that. But now they play around with the smaller stocks as well. Before the global financial crisis and before the internet bubble burst, we saw similar kinds of phenomena.” — Oki Matsumoto, CEO of Monex.
7. “The other problem is the GameStop thing that’s going on out there. We have a better feel for what’s going on right now, and I don’t see a dot-com bust.” — David Farr, CEO of Emerson Electric, comparing his current level of concern to his fears during the internet bubble and after the 9/11 terrorist attacks.
Read More: Bank of America shares 9 stocks to buy as the pandemic prompts consumers to shift their spending habits towards ‘solitary leisure’ activities like golf and biking
8. “The craziness in the market has very little impact on us, because we just don’t have any exposure to any of these kinds of companies. The high-flying growth stocks, the items that have caused the market to have these giant dislocations where you stare in amazement, we’re not in those. I wish I could tell you that we owned some in advance, and we benefited from them.” — Richard Pzena, CEO of Pzena Investment Management, asked about Tesla, GameStop, and bitcoin.
9. “We did that deal right at a time, where GameStop and AMC were destroying some hedge funds who got into a jam. It wouldn’t surprise me if some of them were in our stock and had to raise capital and just sold our stock.” — Ted Karkus, CEO of ProPhase Labs, discussing the downward pressure on his company’s stock after it raised $37.5 million in a public stock offering.
10. “I don’t think we anticipated the spike related to GameStop. It got us thinking and we said, ‘Hey, it’s a good tool. We might as well have it back on the shelf.’ And so that’s why we renewed it.” — Thomas Hern, CEO of Macerich, explaining the shopping-mall owner renewed its at-the-market stock offering after watching its share price surge during the meme-stock frenzy.Join the conversation about this story » NOW WATCH: How waste is dealt with on the world’s largest cruise ship Read More
Share Share on Facebook Share on TwitterShare on LinkedIn Share on PinterestShare on RedditShare on Flipboard Share via Email Comments Gaming Xbox Microsoft ConsolesGamers looking to get their hands on the Xbox Series X and Xbox Series S received some much-needed good news on Tuesday, when GameStop and Newegg released their latest restock.The console went…
Share on FacebookShare on TwitterShare on LinkedInShare on PinterestShare on RedditShare on FlipboardShare via EmailComments
Gamers looking to get their hands on the Xbox Series X and Xbox Series S received some much-needed good news on Tuesday, when GameStop and Newegg released their latest restock.
The console went on sale as part of different bundles at both retailers, but availability is expected to be very limited as Microsoft’s next-gen console has proved incredibly popular since launching in November.
Here’s a breakdown of the latest restock information from Target, Newegg, Walmart, Antonline, Amazon and other retailers.
Amazon Xbox Series X Restock
The Xbox Series X and Series S are now sold out on Amazon after being available in limited numbers from selected sellers last week.
Both versions of the console are marked as “currently unavailable” on the Amazon website and the retailer said it still doesn’t know when or if the Xbox Series X and Series S will be back in stock.
Check Xbox Series X restock at Amazon.
Antonline Xbox Series X Restock
Xbox Series X and Series S remain unavailable at Antonline, as they have been since the restock that dropped at the end of January swiftly sold out.
The retailer has previously said on its Twitter account that it will make a limited number of next-gen consoles available every week, so gamers should monitor Antonline’s social media channels.
Check Xbox Series X restock at Antonline.
Best Buy Xbox Series X Restock
The Xbox Series X and Xbox Series S consoles remain sold out at Best Buy and the retailer hasn’t yet indicated when the next restock may be.
As with other retailers, gamers wanting to keep track of restocks should follow Twitter users such as @Wario64 and @GYXdeals.
Check Xbox Series X Restock at Best Buy.
GameStop Xbox Series X Restock
GameStop released its latest restock on Tuesday, making the Xbox Series S available in two different bundles.
The one priced at $424 included the console, an extra controller, three months of Xbox GamePass Ultimate, and a $20 GameStop gift card,