Canada's government to stop advertising on Facebook and Instagram after Meta says it will block news
Ottawa (AP): Canada's government has announced it would stop advertising on Facebook and Instagram, in response to Meta's decision to block access to news content on their social platforms as part of a temporary test.
Heritage Minister Pablo Rodriguez announced Prime Minister Justin Trudeau's government's decision at a news conference on Wednesday.
Canada's move is the latest episode in a spat that started after Trudeau's administration proposed a bill that would require technology companies to pay publishers for linking to or otherwise repurposing their content online.
Meta promised at the time to block Canadian news content on its Facebook and Instagram platforms to address Canada's recently passed Online News Act.
Rodriguez said the decision from Meta is "unreasonable" and "irresponsible", and as a result Canada would stop advertising on their platforms.
Reacting to the latest Canadian announcement, a Meta spokesperson said Wednesday that the Online News Act is a "flawed legislation that ignores the realities of how our platforms work", and that the company does not collect links to news content to show on their social platforms. He said publishers are the ones deciding to post them on Facebook or Instagram.
"Unfortunately, the regulatory process is not equipped to make changes to the fundamental features of the legislation that have always been problematic, and so we plan to comply by ending news availability in Canada in the coming weeks," said the spokesperson on a statement sent to The Associated Press.
The annual report on government spending shows the federal government spent just over 11.4 million Canadian dollars (around USD 8.6 million) advertising on Facebook and Instagram in 2021-2022.
Google has also promised to start blocking Canadian news when the bill takes effect in six months.
Rodriguez said the government is in talks with the company and believes their concerns will be managed by the regulations that will come to implement the bill.
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Rupee falls 9 paise to all-time low of 90.58 against US dollar in early trade
Mumbai (PTI): Rupee depreciated 9 paise to an all-time low of 90.58 against US dollar in early trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-US trade deal front.
At the interbank foreign exchange market, the rupee opened at 90.53 against the US dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.
On Friday, the rupee had slipped 17 paise to close at an all-time low of 90.49 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.35.
Brent crude, the global oil benchmark, was trading higher by 0.52 per cent at USD 61.44 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the Nifty was down 121.40 points at 25,925.55.
Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, according to exchange data.
"FPIs continue to be in selling mode in equity and debt while RBI has been selling dollars to fund their long positions," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
