Microsoft Stock Upgraded as Stifel Sees Stronger Azure Growth 
H&M Q3 Profit Beats Estimates as Margins Improve 
Tencent Launches TenPayGo Payment App for Foreign Tourists in China 
China Reviews Broadcom Switch Use in State Data Centres 
JPMorgan Names Lavatelli Japan Chief in Leadership Shake-Up 
Jeff Bezos Invests $32 Billion in Blue Origin as Space Firm Targets Major Growth 
SoftBank Raises $11.1 Billion in Bond Sale to Fund OpenAI Investment 
BlackBerry Shares Rise as Q2 Earnings, Revenue Beat Estimates 
Novo Nordisk Weighs Direct NYSE Listing to Boost U.S. Profile 
Former OpenAI Data Center Chief Chris Malone Joins Nvidia 
Tesla Semi Rollout Begins at Nevada Factory 
McDonald’s Sees Flat Traffic, Sticky Inflation as New Normal 
Oracle Shares Fall as New Mexico AI Data Center Faces Power Delays 
Meta Unveils Muse Charm AI Device, Expands Smart Glasses Lineup 
US Backs Musk in Fight Against EU’s €120 Million X Fine 
Akamai Shares Surge on $11.6B Anthropic AI Cloud Deal 
China Vanke Shares Jump as Beijing Moves to Ease Debt Pressure 
Add as a preferred source on Google
Facebook was revealed to have made a $1 billion pledge in news investment for the next three years. Mark Zuckerberg’s company made the announcement just a day after its dispute with the Australian government over news payments has finally ended.
Facebook’s pledge to support journalism
Reuters reported that Facebook’s commitment to the media industry follows Google’s similar investment in 2020, around the time when tech firms have come under scrutiny over their business model and the spread of misinformation or fake news on their respective platforms.
Moreover, Facebook stated that since 2018, Facebook has already invested a total of $600 million in the news media industry. The social media company further shared that it is currently negotiating with Germany and France’s local news publishers to come up with a deal for content payment schemes.
In any case, Nick Clegg, Facebook’s global affairs head, said that the company is very willing to bankroll journalism as long as there will be no concerns with the mandated payment terms.
"Facebook is more than willing to partner with news publishers," Channel News Asia quoted as saying in a statement after the stand-off with Australia this week has been resolved. "We absolutely recognize quality journalism is at the heart of how open societies function - informing and empowering citizens and holding the powerful to account."
The dispute between FB and the Australian officials finally concluded on Tuesday after the Aussies amended its proposed media bargaining code. Facebook also lifted its ban and restored Australian news pages.
Australia passes new media law
It is now certain that Facebook, Google, and other digital platforms have to pay for news content after the new media code has been approved and passed today. The policy was signed after the officials made last-minute changes agreed on by Facebook.
The passing of the code was confirmed by Treasurer Josh Frydenberg via Twitter a few hours earlier. The bill is not officially called the News Media and Digital Platforms Mandatory Bargaining Code.
“The Morrison Government’s world-leading news media bargaining code has just passed the Parliament,” he tweeted. “This is a significant milestone.”
