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Australia passes legislation to force Facebook, Google pay media companies for news

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(Asian News Hub) – In a major development, the Australian parliament on Thursday passed a news media and digital platforms mandatory bargaining code that will make it compulsory for Alphabet Inc’s Google and Facebook Inc to pay media companies for content.

The code will be reviewed within one year of its commencement, Treasurer Josh Frydenberg and Communications Minister Paul Fletcher said in a joint statement.

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“The code will ensure that news media businesses are fairly remunerated for the content they generate, helping to sustain public-interest journalism in Australia,” they said.

The passage of the code, developed after extensive analysis from Australia’s anti-trust regulator and almost three years of public consultation, may offer encouragement to countries such as Britain and Canada which are planning similar laws.

Other countries have introduced legislation forcing major technology companies to negotiate with media companies for licensing fees for links that draw traffic, and advertising revenue, to their platforms.

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The new code makes Australia the first country where a government arbitrator will set the rates tech giants have to pay if negotiations with media companies fail.

Frydenberg and Fletcher said the government was pleased to see “progress by both Google and more recently Facebook” in reaching commercial arrangements with Australian news media.

Facebook had cut off news in Australia last week amid tense negotiations with the government.

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Apple unveils iPhone 15 Pro and iPhone 15 Pro Max

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Apple unveils iPhone 15 Pro and iPhone 15 Pro Max, featuring a strong and lightweight titanium design with new contoured edges, a new Action button, powerful camera upgrades, and A17 Pro for next-level performance and mobile gaming.

Also Read: Chaiwalas’ affection for ailing mother makes him role model for young generation

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Apple on Tuesday evening debuted iPhone 15 Pro and iPhone 15 Pro Max, designed with aerospace-grade titanium that’s strong yet lightweight to deliver Apple’s lightest Pro models ever.

The new design also features contoured edges and a customisable Action button, allowing users to personalise their iPhone experience. Powerful camera upgrades enable the equivalent of seven pro lenses with incredible image quality, including a more advanced 48MP Main camera system that now supports the new super-high-resolution 24MP default, the next generation of portraits with Focus and Depth Control, improvements to Night mode and Smart HDR, and an all-new 5x Telephoto camera exclusively on iPhone 15 Pro Max.

A17 Pro unlocks next-level gaming experiences and pro performance. The new USB‑C connector is supercharged with USB 3 speeds — up to 20x faster than USB 2 — and together with new video formats, enables powerful pro workflows that were not possible before.

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iPhone 15 Pro and iPhone 15 Pro Max will be available in four stunning new finishes, including black titanium, white titanium, blue titanium, and natural titanium. Pre-orders begin Friday, September 15, with availability beginning Friday, September 22.

“This is the most pro lineup Apple have ever created, with a state-of-the-art titanium design, the best iPhone camera system yet that enables game-changing new workflows, and the A17 Pro chip, which ushers in a new chapter of performance and games never before seen on iPhone,” said Greg Joswiak, Apple’s senior vice president of Worldwide Marketing.

“iPhone 15 Pro and iPhone 15 Pro Max represent the best of Apple design and industry-first innovations to help enrich the everyday experiences of our users, while enabling them to unleash their creativity.”

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Cathie Wood’s ARK invest files for first spot Ether ETF

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An exchange-traded fund (ETF) application was submitted to the U.S. Securities and Exchange Commission (SEC) on Wednesday by asset managers ARK Invest and 21Shares. The ETF would directly hold ether (ETH), coin telegraph reported.

Also Read: Bitcoin treads water below $26K

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The Ark 21Shares Ethereum ETF is the first attempt to list such a fund in the U.S. that directly invests in ETH, the second largest cryptocurrency by market capitalization.

The fund would custody the assets with Coinbase (COIN) Custody Trust Company.

The news initially sent ether and bitcoin higher, but the rally proved short-lived and both cryptos have returned to prices seen ahead of the filing.
The filing follows a slew of applications for a much-coveted spot bitcoin ETF, including a joint attempt from Ark and 21Shares. The SEC last week delayed decision on all of those applications.
The filing also comes ahead of what’s expected to be SEC approval of the first futures-based ether ETF. A decision from the SEC is expected on or before mid-October.

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The industry will likely push for more crypto ETFs, emboldened by trust issuer Grayscale’s recent court victory against the SEC, broker Bernstein said in a report last month. A spot ETH ETF will be a top contender, the report said, given its similar market structure to BTC with actively traded futures and spot markets on the Chicago Mercantile Exchange (CME), a key regulated marketplace for institutional investors.

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Bitcoin treads water below $26K

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Bitcoin continued its subdued start to the week, having traded below $26,000 for the past 24 hours. BTC held between $25,500 and $25,750 during the Asian trading session today.

Also Read: J&K bank launches Mpay delight +

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The enthusiasm following last week’s ruling that the SEC must review its rejection of Grayscale Investments’ application to turn its bitcoin trust into an ETF has subsided, with other applications still kept waiting by the U.S. regulator. The broader crypto market remains in a similarly sideways trend, with the CoinDesk Market Index (CMI) down 0.42% in 24 hours.

Crypto derivatives platform Deribit saw trading volume increase 17% to $42 billion in August even as global activity declined by 12% to around $1.6 trillion.

The driving force behind the increase was Deribit’s options segment, with ETH options recording their highest volumes since March, Chief Commercial Officer Luuk Strijers told CoinDesk.

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Bitcoin experienced significant price swings between $25,000 and $30,000, triggering massive liquidations in futures and options on the platform and boosting hedging demand for options contracts. Deribit controls nearly 90% of global crypto options activity.

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