Business

Facebook and Instagram start blocking news in Canada

Published

1 year ago

August 1, 2023

a:hover]:text-gray-63 [&>a:hover]:shadow-underline-black dark:[&>a:hover]:text-gray-bd dark:[&>a:hover]:shadow-underline-gray [&>a]:shadow-underline-gray-63 dark:[&>a]:text-gray-bd dark:[&>a]:shadow-underline-gray”>Image: Nick Barclay / The Verge

Meta has begun blocking all news content on Facebook and Instagram in Canada, a change it expects all users in the country to see within “the next few weeks.” That’s in response to the country’s Online News Act, which would require tech companies like Meta and Google to negotiate with and pay publishers for their news content.

The blocks don’t just apply to news publishers with accounts on the two platforms but also to links shared by users. If a Canadian person is friends with someone who lives in Kansas and that Kansan shares a link on Facebook to, say, this Verge article, their northerly friend won’t be able to view it.

On Twitter, which is currently rebranding as X, journalists for local Canadian publications IndigiNews and The Sarnia Journal spoke out against Meta’s change:

Meta calls this a “business decision,” saying it chooses to block news in order to comply with the Online News Act. The company says the Canadian government based its new legislation “on the incorrect premise that Meta benefits unfairly from news content shared on our platforms,” insisting that news organizations actually benefit from the sharing of their information on its platforms and people don’t come to Facebook or Instagram for news.

The company announced it would make good on threats to take the extraordinary step when the bill received royal assent in June, after a short time testing the change. Google is planning similar action for local news, which it will block starting when the law takes effect “no later than 180 days” after the bill’s June 22nd passage.

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Business

TD Bank announces new co-heads of U.S. commercial banking business

Published

13 hours ago

September 26, 2024

Anne Joseph

Toronto-Dominion Bank has named new co-heads of its U.S. commercial banking business.

TD says Andy Bregenzer and Jill Gateman will jointly lead the operations.

The bank says the appointments follow the announcement earlier this year of Chris Giamo’s retirement.

Bregenzer will focus on leading all aspects of the regional commercial bank, including small business.

Gateman will lead TD’s national commercial banking effort in the U.S., including middle market, sponsor-backed finance and TD’s other specialty lending lines of business.

TD, which is working to resolve investigations into failures in its anti-money laundering program in the U.S., announced last week that chief executive Bharat Masrani would retire next year and be replaced by Raymond Chun.

This report by The Canadian Press was first published Sept. 26, 2024.

Companies in this story: (TSX:TD)

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Business

Payments tech company Lightspeed Commerce conducting strategic review of business

Published

14 hours ago

September 26, 2024

Anne Joseph

MONTREAL – Lightspeed Commerce Inc. says it is conducting a review of its business and operations including talks relating to a range of potential strategic alternatives.

The Montreal-based payments technology company made the comments after reports concerning a potential transaction involving the company.

Lightspeed says it periodically undertakes a review of its business and operations with a view of realizing its full potential.

A strategic review is often seen by investors as a prelude to a sale by a company.

Lightspeed says its board of directors is committed to acting in the best interests of the company and its stakeholders.

Company founder Dax Dasilva returned to the role of chief executive officer earlier this year and has been working to return the company to profitability.

This report by The Canadian Press was first published Sept. 26, 2024.

Companies in this story: (TSX:LSPD)

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Business

National Bank receives Competition Bureau clearance for deal to buy CWB

Published

14 hours ago

September 26, 2024

Anne Joseph

MONTREAL – National Bank of Canada says it has cleared a key regulatory hurdle in its proposed acquisition of Canadian Western Bank.

The Montreal-based bank says it has received the Competition Bureau’s clearance for the deal.

The transaction still requires approval by the Office of the Superintendent of Financial Institutions and the minister of finance.

Canadian Western shareholders voted to approve the deal earlier this month.

National Bank announced an all-stock deal to buy Canadian Western earlier this year in a proposal that valued the Edmonton-based bank at about $5 billion.

It has said its acquisition of Canadian Western will significantly expand its western footprint and create a stronger national competitor.

This report by The Canadian Press was first published Sept. 26, 2024.

Companies in this story: (TSX:NA, TSX:CWB)

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