FT News Briefing Facebook bans content sharing in Australia, Texas battles cold, China’s digital currency
Feb 18, 2021
Facebook has sparked controversy by banning content sharing in Australia amidst new legislation requiring payment for news. The oil and gas industry in Texas is struggling under extreme Arctic weather conditions, pushing crude prices higher. Meanwhile, North Korean hackers face charges for their cyber activities. Additionally, concerns arise over China's digital currency, which not only aims to enhance payment systems but also raises alarms about surveillance capabilities.
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Big Tech's Divergent Responses to Australian Legislation
- Facebook banned news sharing in Australia in response to proposed legislation requiring tech companies to pay publishers.
- Google, conversely, struck a deal with News Corp, showcasing differing Big Tech approaches.
Texas Oil Industry Crippled by Cold
- Texas, the biggest U.S. oil producer, faced unusual freezing temperatures, impacting the energy market.
- Unlike producers in colder climates, many Texas producers lacked proper weatherproofing, leading to outages and frozen pipelines.
China's Digital Currency: A Double-Edged Sword
- China is developing a digital currency, offering potential freedom from U.S. dollar dependence.
- This digital renminbi also functions as a surveillance tool, allowing real-time transaction monitoring.