Actionable insights straight to your inbox

logo_equities.svg

Microsoft Says Bing Search Engine Can Fill Gap If Google Exits Australia

Australia has introduced laws that would force internet giant Google and social media heavyweight Facebook Inc to negotiate payments to domestic media outlets whose content links drive traffic to their platforms.

Image: Screenshot, Feb. 1, 2021. Source: bing.com

SYDNEY (Reuters) – Software giant Microsoft Corp is confident its search product Bing can fill the gap in Australia if Google pulls its search over required payments to media outlets, Prime Minister Scott Morrison said on Monday.

Australia has introduced laws that would force internet giant Google and social media heavyweight Facebook Inc to negotiate payments to domestic media outlets whose content links drive traffic to their platforms.

However, the Big Tech firms have called the laws unworkable and said last month they would withdraw key services from Australia if the regulations went ahead. Those services include Google’s search engine, which has 94% of the country’s search market, according to industry data.

Microsoft CEO Satya Nadella has since spoken with Morrison about the new rules, the tech company told Reuters, and on Monday, Morrison said the software company was ready to grow the presence of its search tool Bing, the distant No. 2 player.

“I can tell you, Microsoft’s pretty confident, when I spoke to Satya,” Morrison told reporters in Canberra, without giving further detail of the conversation.

“We just want the rules in the digital world to be the same that exist in the real world, in the physical world,” Morrison added.

A Microsoft spokeswoman confirmed the discussion took place but declined to comment, because the company was not directly involved in the laws.

“We recognize the importance of a vibrant media sector and public interest journalism in a democracy, and we recognize the challenges the media sector has faced over many years through changing business models and consumer preferences,” the spokeswoman said.

A Google representative was not immediately available for comment.

A day earlier, Australian treasurer Josh Frydenberg said Facebook CEO Mark Zuckerberg had requested a meeting over the law, and that they had talked, but that he would not back down on the change.

Reporting by Byron Kaye. Editing by Gerry Doyle.

_____

Source: Reuters

The implications of the dollar potentially losing its status as the global reserve are numerous. Obviously, there may be currency risks, and decreased demand for U.S. Treasuries could lead to rising interest rates. I would also expect to see massive commodity price swings.
Many of us economy-watchers have been expecting recession, though with significant differences on odds and timing. Regardless, recent banking developments just made recession more likely and may have accelerated its onset.
Many people think of position size in terms of how many shares they own of a particular stock. But it’s much smarter to think of it in terms of what percentage of your total capital is in a particular stock.