Facebook has agreed to return Australian news to its platform “in the coming days” following an agreement with the government to amend a law that will force Big Tech to pay for the news.
The world’s largest social media company said on Tuesday that it was pleased that the “series of changes and guarantees” it had agreed with Canberra had resolved concerns about the law.
The proposed law is being debated in parliament and could become a model for other governments’ efforts to reshape the relationship between dominant technology platforms and the media. Facebook claimed that the law “fundamentally misunderstood” its interaction with publishers and punished the company “for content it did not take or requested.”
He abruptly blocked news exchanges in the country last week, sparking a public backlash after he cut off access to critical emergency services and health sites. (FT)
When Covid-19 rocked the world last year, CureVac seemed in a position to produce a “best in class” vaccine. Now the company’s product is six months behind. Here’s how he tries to get back on track. (FT)
Follow the latest news about Covid-19 with our live blog i vaccine tracker.
In the news
The Fed chair does not signal an early tightening of monetary policy Jay Powell, chairman of the Federal Reserve, told Congress that there was “hope for a return to more normal conditions” this year, but signaled that the central bank intends to maintain its strong support for the economy. Treasury Secretary Janet Yellen dropped hints of her priorities in a recent interview. (FT, NYT)
U.S. stocks pulled losses to end the wild trade day more after Powell made it known that there were no immediate plans to change monetary policy. Meanwhile, the jump in commodity prices raises fears of “overruns”. (FT)
HSBC is shifting the “heart of business” to Asia Europe’s largest bank has pledged $ 6 billion to expand in Hong Kong, China and Singapore and has confirmed it will sell its US retail subsidiary as it reported a 50 percent drop in fourth-quarter profits – albeit with continued dividends. The bank’s pivot towards China is a recognition of the country’s separation from the west, our editorial board writes. (FT)
Imprisoned Indian environmental activist released on bail Disha Ravi, a 22-year-old linked to Swede Greta Thunberg, is due to be released on bail 10 days after she was arrested and charged with rebellion over efforts to support farmers ’protest against new agricultural laws. (FT)
The US considers hacking Russian sanctions because of SolarWinds The Biden administration is planning a package of measures, including sanctions, to punish Russia for the SolarWinds spy campaign that hit the heart of the U.S. government. Actions will also include measures to protect commercial networks and improve third party services. (FT)
Former Capitol officers say they did not see the FBI warning before the riot Former security officials cited a failure to share intelligence between law enforcement agencies during testimony at the first public hearing on the pro-Trump mob attack on the Capitol, in which five people died and resulted in numerous criminal charges. (FT)
Dumped WeWork co-founder went into the winnings before making a deal with Spaco Adam Neumann could collect nearly $ 500 million in cash from his stake in WeWork and come out with a stake in the public company, less than 18 months after the high profile of failure in the first public offering cost him his CEO job. (FT)
South African bank challenger Tyme is running in Asia Banking start-up Tyme has raised $ 110 million from investors to expand and launch a digital bank in the Philippines, in one of the largest fintech investments stretching from Africa and Asia. Sign up for our #fintech newsletter for the latest industry updates delivered to your inbox every Monday. (FT)
Mitsubishi Motors is ready to withdraw from Europe The decision for Renault to produce Mitsubishi cars in its French factories, if finalized, would force the Japanese company to justify the turn – and face the accusations it made in Renault’s campaign to protect French jobs. (FT)
Japanese companies stick to Myanmar Brewer Kirin withdrew from the contract on beer related to the army, but for other Japanese corporations this is common – to the extent possible while tens of thousands of civil servants, transport workers, medical staff and others are protesting against the army. (FT)
The Chinese vaccine Covid-19 has arrived in Thailand Thai FDA Secretary General Paisarn Dunkum approved the Chinese sting of Sinovac on Monday, ahead of the arrival of 2 million doses of the vaccine planned for Wednesday. (Bloomberg)
Hong Kong budget When the territory announces its budget on Wednesday, it will include an unprecedented program that will allow unemployed Hong Kongers to offer low-interest bank loans. (SCMP)
Andrew Bailey addresses the Treasury Committee Bank of England Governor Andrew Bailey will appear Wednesday before the UK Treasury Committee, which could also make some comments moving in the market. (FT)
What else are we reading
Apple’s dilemma for the Japanese automotive industry While the iPhone maker is looking for a partner for its secret project to build autonomous electric vehicles, Apple’s courtship is a double-edged sword for Japanese carmakers as it considers switching from parts suppliers to assemblers like Foxconn writes Kana Inagaki. (FT)
Singapore Data Debacle When it was revealed that the Singapore police used the information about the search for Covid-19 contacts for a criminal investigation, an internet reaction broke out. Debacle stressed that city-state efforts to develop and implement state-of-the-art technology to build a smart city may not be as direct as expected. (FT)
Is McKinsey losing his mystique? The consulting firm’s reputation has allowed it to select smart business school graduates and charge a premium for its work, but the “McKinsey mystique” quickly disappears after the firm became involved in lawsuits against drug manufacturers at the center of the U.S. opioid crisis. (FT)
Don’t let companies with the economy rewrite the law Companies with a concern economy, like Uber, tormented by repeated legal defeats, prefer to change the law rather than their business model. If they succeed, then a few companies that mostly make losses will profoundly change the world of work, writes Sarah O’Connor. (FT)
‘Seven minutes of terror’ – half the time Last week, NASA released a short video of its rover Perseverance landing on the surface of Mars, along with the first sound recordings from the surface of the red planet. (Nasa)
Instagram fashion dogs Pets like Tike Iggy have proven to be more than just memes worthwhile, they encourage the growth of pet clothing. John Lewis reports that sales of dog coats increased by 420 percent year-on-year and sales of dog jumpers by 2,200 percent. (FT)
Podcast of the day
Claer Barrett Money Clinic: Financial advice for the self-employed Have you ever dreamed of starting your own business? It may sound more fulfilling – but being an employee has some benefits you might miss. Claer talks to Rhiannon, who opened her first business three years ago, offering virtual PA services. Although she earns money, Rhiannon struggles to find a mortgage lender to help her buy the property. Listen to more information in this week’s episode of Money Clinic.