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On May 19th, Harumi Taguchi, an economist at S&P Global Market Intelligence, stated that the Bank of Japan (BOJ) may raise its policy rate from the current 0.75% to 1.0% in July, with further rate hikes in December and 2027, bringing the policy rate to 1.5%. Taguchi noted that if rising oil prices and a weaker yen exacerbate concerns about the second-round effects of inflation, the BOJ may raise rates further. Taguchi added that given the continued high oil prices driving up demand for the dollar, rising market expectations for a Federal Reserve rate hike, and concerns about Japans fiscal expansion, the yen is unlikely to appreciate in the short term.On May 19th, according to Iranian sources, Iranian President Pezechzian, during a meeting with officials from the Ministry of Cooperation, Labor and Social Welfare, stated that economic and social problems should be addressed at their root through structural and sustainable planning. Pezechzian stated that those who lost their jobs during the war should not rely solely on unemployment insurance, but rather on creating sustainable employment opportunities. He also emphasized the need for targeted support programs to maintain existing jobs. Pezechzian further stated that controlling consumption and avoiding waste are "necessary measures at the national level" under the current circumstances, and that government agencies should play a leading role in related areas. Regarding electronic consumption vouchers, Pezechzian stated that priority should be given to low-income and vulnerable groups, and related support policies should aim to increase household purchasing power and alleviate the living pressures on low-income groups.Futures News, May 19th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 205,945 tons, down 1,930 tons from the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,560 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 47,160 tons. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 31,220 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 1,540 tons, a decrease of 500 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.UK medium- and long-term government bond yields fell in early trading, by about 3-5 basis points.On May 19, according to reports from IRNA and Reuters, Iranian Deputy Foreign Minister Gharibabadi briefed a national conference on the current progress of negotiations with the United States and Irans response to the draft agreement proposed by the US. Gharibabadi stated that Irans recent proposals explicitly emphasized its right to the peaceful use of nuclear energy, demanded an end to the war on all fronts, including Lebanon, the lifting of the US naval blockade against Iran, the return and unfreezing of frozen Iranian assets, compensation from the US for losses incurred in the war and for reconstruction efforts, the termination of all unilateral sanctions, and the withdrawal of US troops from the region surrounding Iran.

If Congress Passes A Media Bill, Meta May Remove News on Facebook

Skylar Williams

Dec 06, 2022 11:41

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Facebook's parent firm, Meta Platforms Inc (NASDAQ:META), has threatened to delete content from its platform if the U.S. Congress approves a plan that would make it easier for news organizations to negotiate collectively with corporations like Alphabet Inc's Google and Facebook.


Legislators are allegedly considering attaching the Journalism Competition and Preservation Act to a must-pass annual military measure in an effort to save the struggling local journalism industry. In a tweet, Andy Stone, a representative for Meta, stated that if the bill was passed, the company would be forced to consider eliminating news "rather than submit to government-mandated discussions that negate any value we bring to news sites through increased traffic and subscriptions."


The idea fails to recognize that publishers and broadcasters place content on the platform because "it improves their bottom line - not the other way around."


The News Media Alliance, an association of newspaper publishers, says that the bill should be included in the defense bill "Local newspapers cannot afford to endure Big Tech's exploitation and abuse for several more years, and the time to take action is quickly running out. We run the possibility of social media becoming the de facto local newspaper in America if Congress does not act immediately."


More than two dozen organizations, including the American Civil Liberties Union, Public Knowledge, and the Computer & Communications Industry Association, urged Congress on Monday not to approve the local news bill, arguing that it would "create an ill-advised antitrust exemption for publishers and broadcasters" and that it does not mandate that "funds gained through negotiation or arbitration will even be paid to journalists."


According to a government study, a similar Australian regulation that went into effect in March 2021 following discussions with major digital companies that resulted in a brief shutdown of Facebook news feeds in the country has been generally effective.


According to the article, since the News Media Bargaining Code went into effect, several technological giants, including Meta and Alphabet, have reached more than 30 agreements with media sites, compensating them for content that generated clicks and advertising revenue.

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