Advertisement
Singapore markets close in 4 hours 36 minutes

  • Straits Times Index

    3,412.41
    +44.51 (+1.32%)
     

  • Nikkei

    40,443.98
    +369.29 (+0.92%)
     

  • Hang Seng

    17,978.52
    +209.38 (+1.18%)
     

  • FTSE 100

    8,121.20
    -45.56 (-0.56%)
     

  • Bitcoin USD

    60,848.46
    -2,253.64 (-3.57%)
     

  • CMC Crypto 200

    1,311.00
    -33.51 (-2.49%)
     

  • S&P 500

    5,509.01
    +33.92 (+0.62%)
     

  • Dow

    39,331.85
    +162.33 (+0.41%)
     

  • Nasdaq

    18,028.76
    +149.46 (+0.84%)
     

  • Gold

    2,341.70
    +8.30 (+0.36%)
     

  • Crude Oil

    83.19
    +0.38 (+0.46%)
     

  • 10-Yr Bond

    4.4360
    -0.0430 (-0.96%)
     

  • FTSE Bursa Malaysia

    1,606.84
    +8.88 (+0.56%)
     

  • Jakarta Composite Index

    7,144.04
    +18.90 (+0.27%)
     

  • PSE Index

    6,409.42
    +50.46 (+0.79%)
     

Canada's Quebecor to pull its ads from Facebook, Instagram

Reuters
Updated ·1-min read
FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of Instagram logo in this picture illustration

(Reuters) -Quebecor said on Wednesday it will pull its ads from Facebook and Instagram, following Meta Platforms' decision to stop access to news on the platforms in Canada over a law requiring payments to local news publishers.

The "Online News Act", or House of Commons bill C-18, introduced in April last year laid out rules to force companies such as Meta and Alphabet-owned Google to negotiate commercial deals and pay news publishers for their content.

Google and Meta previously said they would block access to news articles in Canada if the legislation is passed.

Quebecor, the telecoms operator which also owns media outlets and newspapers, did not immediately respond to a request for comment on how much it spends on advertisements on Facebook and Instagram.

ADVERTISEMENT

Meta did not immediately respond to a request for comment.

Cogeco, which owns and operates radio stations across Quebec, also said on Wednesday that it has decided to withdraw its advertising investments from Meta.

Canada's media industry has called for tighter regulation of internet giants to allow news businesses to recoup financial losses suffered in the years that Facebook and Google gained a greater share of the online advertising market.

(Reporting by Tiyashi Datta and Samrhitha Arunasalam in Bengaluru; Editing by Shounak Dasgupta and Shailesh Kuber)