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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Alphabet Inc.    GOOGL

ALPHABET INC.

(GOOGL)
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Delayed Quote. Delayed Nasdaq - 10/21 04:00:00 pm
1585.99 USD   +2.25%
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'It's their call': Australia regulator dares Facebook to block news content

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09/17/2020 | 01:05am EDT
FILE PHOTO: A 3D-printed Facebook logo is seen placed on a keyboard in this illustration

Facebook Inc will be "weakened" if it stops Australians from sharing news so the company can avoid paying for content under proposed laws, Australia's top antitrust regulator said on Thursday.

Australia has proposed forcing Facebook and internet search giant Google to pay local media outlets for content, drawing strong opposition from the U.S. companies in a dispute that is being watched by regulators and news organisations around the world.

Facebook said this month it would stop Australians from sharing local and international news on its website if the proposal becomes law. The company and the Australian Competition and Consumer Commission (ACCC) are still negotiating before the regulator makes a formal recommendation to the government.

"It would be a shame for Australian democracy (and) it would be a shame for Facebook users if they took that course of action," ACCC Chair Rod Sims said in a speech delivered via Zoom.

"It would also weaken Facebook, so it's their call," he added. "If people can't get their news from Facebook then they'll go elsewhere to get their news."

As traditional media outlets lose advertising revenue to internet giants, some countries have tried to find ways to make such companies pay for the traffic sent to their websites. But Sims said no model had been effective.

The proposal in Australia involves an arbitrator setting the payment terms if an internet company can't strike a deal with a local media outlet, a provision Facebook has said could force it to pay unlimited royalties.

A Facebook representative was not immediately available to comment on Thursday. Google has said that it has struck content deals with some Australian publishers, but has issued public warnings that the law may hurt its search service.

Sims said Australia's plan was not a tax on Big Tech or a subsidy for other companies, saying it was "a question of addressing a market power imbalance and one that matters to the future of our society".

"If you had a competitive market you wouldn't need this," he said.

If Facebook quit news sharing in Australia to avoid the law, the company "may get something worse" elsewhere, Sims added.

(Reporting by Byron Kaye. Editing by Gerry Doyle)

By Byron Kaye


Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 2.25% 1585.99 Delayed Quote.18.41%
FACEBOOK INC 4.17% 278.73 Delayed Quote.35.80%
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Financials (USD)
Sales 2020 173 B - -
Net income 2020 30 896 M - -
Net cash 2020 120 B - -
P/E ratio 2020 35,2x
Yield 2020 -
Capitalization 1 081 B 1 081 B -
EV / Sales 2020 5,55x
EV / Sales 2021 4,53x
Nbr of Employees 127 498
Free-Float 90,2%
Chart ALPHABET INC.
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Alphabet Inc. Technical Analysis Chart | GOOGL | US02079K3059 | MarketScreener
Technical analysis trends ALPHABET INC.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 45
Average target price 1 749,46 $
Last Close Price 1 585,99 $
Spread / Highest target 27,4%
Spread / Average Target 10,3%
Spread / Lowest Target -22,0%
EPS Revisions
Managers
NameTitle
Sundar Pichai Chief Executive Officer & Director
John LeRoy Hennessy Chairman
Ruth M. Porat Chief Financial Officer & Senior Vice President
Lawrence E. Page Director
Sergey Mikhaylovich Brin Director
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