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Straits Times
a day ago
- Business
- Straits Times
Media regulator calls on lawmakers to protect British public service TV in age of YouTube
Find out what's new on ST website and app. Britain's public broadcasters risk becoming an 'endangered species' in an age of video streaming websites such as YouTube, says the country's media regulator, Ofcom. LONDON – Britain's media regulator has called for fresh legislation to protect the nation's established public broadcasters such as the BBC from online video streaming services owned mainly by foreign companies. 'Public service media has a long and proud tradition in the UK. It delivers duly impartial and trusted news and original programmes which reflect British culture and bring the country together,' stated a July 21 report issued by Britain's media regulator, the Office of Communications, or Ofcom. But according to Ofcom, the country's public broadcasters risk becoming an 'endangered species' in an age of video streaming websites such as YouTube. The answer, the regulator claims, is to compel global streaming companies to give higher prominence to content produced by British public broadcasters, so that such material can be more easily accessible to British audiences. Ofcom's proposal for a set of new measures including fresh legislation has taken many media specialists in London by surprise, and it is far from certain that the measures will find favour with the British government. Still, the proposals are broadly in keeping with efforts undertaken by many countries, including Singapore, to ensure that their national public media providers can survive in a global information landscape increasingly dominated by a handful of often US-owned video streaming companies. YouTube is a subsidiary of Alphabet, which is also the parent company of Google. Public service broadcasters in the UK comprise the tax-funded BBC – the oldest global broadcaster, affectionately referred to by the British as 'Auntie' – as well as five other ad-funded networks that hold broadcasting licences. Top stories Swipe. Select. Stay informed. Singapore Judge asks prosecution for more information on Kpods in first case involving etomidate-laced vapes World In landmark opinion, World Court says countries must address climate change threat Singapore 5 teens arrested for threatening boy with knife, 2 charged with causing hurt Singapore Male victim of fatal Toa Payoh fire was known to keep many things, say residents Sport Bukayo Saka the difference as Arsenal beat AC Milan at National Stadium Singapore HDB launches 10,209 BTO and balance flats, as priority scheme for singles kicks in Singapore Over 1.15 million Singaporeans aged 21 to 59 have claimed SG60 vouchers Singapore Cyclist charged after allegedly hitting elderly pedestrian, killing him In 2024, the BBC's revenues totalled £5.9 billion (S$10.2 billion), primarily derived from the £174.50 compulsory licence fee it collects from all UK households, as well as the royalties earned from selling its content to other global broadcasters. ITV, the biggest of the ad-supported British public networks, netted revenues of £4.1 billion in 2024. These are large sums, but the obligations on British public broadcasters are equally significant. Their output must be accessible nationwide without additional payment. They are also required to commission a large quantity of British-related drama and documentary material, encourage the growth of local talent, promote national media industries, offer special programmes for children, the elderly, and various ethnic minorities, and provide a continuous and comprehensive news service. This last task is both hugely expensive and unattractive to advertisers and commercial sponsors. Yet, no such obligations apply to major global streaming companies, such as Netflix, Disney+, or Amazon's Prime Video, which can concentrate their resources on producing only content that is profitable or stands to increase their fee-paying audiences. In its latest report, Ofcom acknowledged that global streaming companies can also 'contribute substantially to British culture and public debate'. The regulator singled out Netflix's Adolescence, a 2025 hit drama series about crime in a small British town, which prompted a national debate about juvenile delinquency and the relationships between teenage boys and girls. Nonetheless, the Ofcom report pointed out that such media gems are rare. Most of the global streaming companies' material has little reference to the UK, is not explicitly produced for UK audiences and remains behind paywalls. All British public broadcasters have launched their streaming services, either through their own specifically designed platforms, such as the BBC's iPlayer, or in association with other streaming providers. However, these are increasingly marginalised by the sheer power of foreign-owned streaming platforms, which not only take away audiences but also eat into the advertising markets that sustained many public broadcasters. Ofcom has long followed these developments with growing concern. Initially, the regulator's attention focused on ensuring that new streaming devices entering the market do not exclude the streaming platforms of British public broadcasters. A new Media Act came into effect in 2024, designed to ensure that the apps of public broadcasters are automatically included in all the smart TV devices sold in Britain; these are TV sets with integrated web connections. However, this legislation does not extend to video-sharing platforms, a sector dominated by YouTube. And this omission is now considered critical by Ofcom. According to research conducted by the regulator, 43 per cent of children aged four to 17 watch YouTube weekly, far more than those turning to any British public broadcaster. And less than a fifth of the material available on YouTube is made in the UK, Ofcom claimed. The watchdog suggested British broadcasters should 'work urgently with YouTube' to make sure their content is 'prominent and easy to find' on the video sharer's website. It also wants YouTube to offer more news and children's programming from British public broadcasters. The regulator added there is 'a strong case' for the government to consider a law to make that happen. 'If children do not turn to public service media content as they get older, the future of (this media) is at risk,' Ofcom's report concluded. British media bosses welcomed the initiative. But the reaction of the British government was more muted. 'We welcome Ofcom's Public Service Media Review and we will now consider its recommendations,' a spokesperson for Britain's Department for Culture, Media and Sport said on July 22. One reason for this cautious response is that after the introduction of the 2024 Media Act, there has been little official appetite for further legislation. However, a more powerful consideration is the potential reaction of US President Donald Trump to any measure that imposes further obligations on American companies providing digital services. Mr Trump is already angered by plans of many European governments to tax the profits of US-owned digital platforms. And with 'The Donald' scheduled to arrive in the UK at the end of this week for a round of golf, the last thing anyone wants is a further row over the treatment of YouTube.
Business Insider
2 days ago
- Business
- Business Insider
U.S. firm with ex-military ties plots entry into Africa's top copper-producing nation
A consortium of American investors backed by ex-U.S. military veterans is in advanced talks to acquire Chemaf Resources Ltd., a major copper and cobalt producer based in the Democratic Republic of Congo. A consortium of American investors and former US military personnel is negotiating to acquire a major mineral producer in the DRC Orion Resource Partners and Virtus Minerals are key players in the deal, with Virtus proposing to manage operations and Orion providing financial backing. This acquisition aligns with a broader US strategy to reduce China's dominance in the global critical minerals market, particularly within Africa. The negotiations, involving Orion Resource Partners and Virtus Minerals, reflect a broader push by the United States under President Donald Trump to counter China's dominant position in the critical minerals market, especially in Africa. The US-owned firms have deep ties to the US military and intelligence community, with expertise in critical mineral supply chains. Orion, based in New York, manages around $8 billion in mining-related assets, while Virtus operates a Congolese subsidiary, ROK Metals. Virtus President Gregory Roberts previously served with the CIA and the House Intelligence Committee, and Managing Director Phil Braun is a Green Beret with two decades of military experience. Under the proposed deal, Orion would finance the acquisition and Virtus would oversee operations. Financial details remain undisclosed. However, Bloomberg reports that a source familiar with the negotiations says the parties have not yet entered into an exclusivity agreement, as several aspects of the deal remain unresolved. US's deep interest in Congo's minerals As the world's second-largest producer of copper and the leading source of cobalt, the central African nation has become a strategic focus in Washington's push to counter China's dominance over global critical mineral supply chains. The talks are unfolding amid efforts by President Donald Trump's administration to strengthen American involvement in the Democratic Republic of Congo's mining sector. They are also seen as part of a broader strategy to ease the long-standing tensions between the DRC and Rwanda, disputes that have been deeply rooted in the struggle over control of the region's vast mineral wealth. Chemaf, which operates significant mining assets across the DRC, is one of Congo's most prominent producers of cobalt, an essential metal for batteries and electric vehicles as well as copper, which structures everything from power grids to electronics. With Congo being the world's largest cobalt supplier and second-largest copper producer, control over Chemaf offers enormous geopolitical and economic leverage.
The Journal
7 days ago
- Business
- The Journal
Irish sovereign wealth fund stops investing in two more companies linked to Israeli settlements
IRELAND'S SOVEREIGN WEALTH fund has quietly divested shareholdings worth over €1 million from two accommodation companies linked to activities in occupied Palestinian territory. However, the fund has also seen the value of its direct shareholdings in four other companies linked to illegal Israeli settlements – Airbnb, Alstom, Booking Holdings and Motorola Solutions – increase from €2.1 million in 2023 to €5.3 million last year. The latest annual report from the National Treasury Management Agency shows that the Irish Strategic Investment Fund (ISIF) no longer invested in Expedia Group and Tripadvisor in 2024, as it did the previous year. The two companies are listed on a United Nations database that names businesses and parent companies that enable the continued existence of illegal Israeli settlements on Palestinian land. Both are US-owned accommodation booking platforms which The Journal Investigates found had featured dozens of listings based in settlements in the West Bank, parts of occupied East Jerusalem, and the Golan Heights. The NTMA's 2023 report showed that the ISIF's direct shareholdings in the two companies were worth over €1.3 million. Finance Minister Paschal Donohoe revealed in a Parliamentary Question response in April that the State also indirectly invested around €985,000 in Expedia Group the same year. The 2024 NTMA report shows the fund no longer directly invests in either Expedia Group or Tripadvisor, though it is not yet clear whether indirect investments in either company are held. Advertisement Last year, the government publicly announced that it had divested €2.95 million worth of shares from six other Israeli companies, whose names likewise do not feature in the 2024 NTMA report. They include five Israeli banks – Bank Hapoalim BM; Bank Leumi-le Israel BM; Israel Discount Bank; Mizrahi Tefahot Bank Ltd; First International Bank – and an Israeli chain store, Rami Levi CN Stores. The NTMA report also showed that the State continued to directly invest in four companies that are named on the UN watchlist in 2024, increasing the value of its shares in each of them compared to 2023. They include accommodation platform Airbnb, whose listings also include properties that are based in settlements in the West Bank, occupied East Jerusalem and the Golan Heights. Last year, the value of the ISIF's direct shares in the company were worth €440,000, up from €310,000 in 2023. Airbnb has previously said it donates all profits from listings in the occupied West Bank to 'non-profit organisations dedicated to humanitarian aid that serve people in different parts of the world'. The ISIF also continued to invest in French rail multinational Alstom, whose subsidiary Bombardier Transportation supplied vehicles on the Tel Aviv to Jerusalem train line, which passes through parts of the occupied West Bank . Direct holdings in the company rose to €1.53 million in 2024, an increase on the €210,000 shareholding it held in 2023. A spokesperson for Alstom told previously The Journal that the company does not have any activity within or related to occupied Palestinian territories, and that the company has requested removal from the UN database when it is next updated. Meanwhile, the ISIF retained shares in another accommodation company, Booking Holdings, in 2024. Related Reads Irish sovereign wealth fund pumped millions into companies contracted by Israel Defence Forces Who are the 8 companies that Ireland invests in that have links to illegal Israeli settlements? The company is named on the UN list because lists hundreds of rooms for hotels and guesthouses in settlements in the West Bank, the Golan Heights and East Jerusalem. The ISIF's direct shares in the company were worth €1.04 million last year, up from €920,000 in 2023. And direct shareholdings in Motorola Solutions Inc, whose Israeli subsidiary has been criticised by the United Nations and human rights groups for its treatment of Palestinians in illegal settlements, also rose last year. The ISIF's direct holding in the company rose to €2.35 million in 2024, an increase on the €700,000 worth of direct investments it held in the company 2023. The nature of the fund's investments previously made headlines this week when it emerged that the ISIF also held €3.6 million in Israeli state bonds. Social Democrats deputy leader Cian O'Callaghan claimed it was 'utterly outrageous' that the fund held the bonds and it was claimed the investment was being used to help Israel's 'genocidal campaign' in Gaza. Paschal Donohoe subsequently confirmed that the ISIF had since divested itself of all Israeli bonds in the last number of weeks. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
USA Today
11-07-2025
- Business
- USA Today
US-owned company seized to feed Russia planning to supply China, North Korea instead
LONDON, July 10 (Reuters) - A U.S.-owned canned food company seized by Russia to safeguard domestic food supplies is planning to boost dwindling sales with exports to China and North Korea, according to documents reviewed by Reuters and people familiar with the matter. Washington has said the treatment of Glavprodukt, the only U.S. company Moscow has seized, will influence a planned reset of U.S.-Russia relations which appear to have stalled. Glavprodukt, the largest canned food producer in Russia, was founded by Los Angeles-based Leonid Smirnov and seized by the Kremlin in October 2024. Moscow argued that the company is of strategic importance to Russia's food supply. Sales have dropped sharply, documents showed. Production has remained at similar levels, so the oversupply has left the company trying to find new markets and increase its warehouse capacity, according to strategy documents and two people familiar with the matter. "They claimed they took my company to secure food for Russia. But they are not living up to this purpose, this justification," Smirnov told Reuters. Smirnov is fighting in court to regain his company. The next hearing is scheduled for July 11 at the Moscow Court of Arbitration. More: Moscow plans to use seized US-owned company to feed Russian army, document shows In June, Glavprodukt's new state-appointed management team proposed exporting to new markets, including North Korea and the Middle East, the documents seen by Reuters showed. They also sought to increase sales to China, a market that made up about one percent of Glavprodukt's sales last year. Glavprodukt's new management did not respond to multiple emailed requests for comment. The strategy shift shows how Russia's trade has changed since invading Ukraine. Trade with North Korea, China and other countries that have not imposed sanctions against Russia can take place outside Western influence. Glavprodukt's pivot appears inconsistent with Vladimir Putin's position on June 27 in Minsk that he wants to welcome American companies back to Russia. Negotiations between the U.S. and Russia over the war in Ukraine have stalled with President Donald Trump expressing disappointment after a July 3 phone call with Putin. Separately, relations between the U.S. and China have deteriorated since Trump targeted China with trade tariffs, leading to retaliation from Beijing. The two countries agreed to a trade framework last month but the U.S. had said it may restore tariffs on Chinese goods in August. The Kremlin's plans for Glavprodukt reflect Russia's approach to managing foreign-owned assets under state control. In April, Reuters reported that Glavprodukt would be used to supply food to the Russian army. Reuters could not determine whether supplies to the army had started. STRATEGIC ASSET Moscow has placed around a dozen foreign companies under temporary management since invading Ukraine in February 2022. Danish brewer Carlsberg and French yoghurt maker Danone saw their assets eventually sold off to Kremlin-friendly buyers at knock-down prices. Among other companies with assets still in Russia are U.S. multinationals Procter and Gamble PG.N and PepsiCo PEP.O. Russia has regularly justified asset seizures by labelling companies as strategic. Russia's Prosecutor General used similar reasoning when arguing that the preliminary court hearing for Glavprodukt should be closed to the public, according to sources familiar. The Prosecutor General's office did not immediately respond to a request for comment. Glavprodukt's financial results have rapidly deteriorated, according to filings seen by Reuters, sliding from modest profitability to a regular monthly net loss. Last month, the Ministry of Agriculture asked the company to explain why sales were substantially down, according to two sources. Companies which are seized and handed to management teams are under pressure to maintain employment and growth, they said. The Agriculture Ministry did not immediately respond to a request for comment. The strategy documents seen by Reuters reveal that Glavprodukt is looking to develop its e-commerce sales channels and come up with plans to increase exports to China, as well as highlighting markets in Africa and South Asia where demand for Glavprodukt's canned fish could be high. Employees have sought to register the company's trademark in China, the documents showed. A pre-paid shipment to China of goods like canned fish and condensed milk has not arrived on time, the documents showed, highlighting the potential pitfalls of expanding exports. ($1 = 78.1500 roubles) (Reporting by Anna Hirtenstein and Alexander Marrow; Editing by Elaine Hardcastle)
Indian Express
05-07-2025
- Business
- Indian Express
Trump to begin talks with China over TikTok deal, says it's ‘good for China'
US President Donald Trump said on Friday that he plans to begin talks with China early next week about a potential deal involving the video app TikTok, the social media app with 170 million users in the US. 'I think we're gonna start Monday or Tuesday… talking to China, perhaps President Xi or one of his representatives, but we pretty much have a deal,' Trump told reporters aboard Air Force One. The president said the US will likely need China's approval for the deal. Asked how confident he was that Beijing would agree to a deal, 'I'm not confident, but I think so,' he said. 'President Xi and I have a great relationship, and I think it's good for them. I think the deal is good for China and it's good for us.' Trump also said he might visit Xi Jinping in China or the Chinese leader may visit the US. This comes after the two leaders last month invited each other to visit their respective countries. Last month, Trump extended a deadline to September 17 for TikTok's China-based parent company, ByteDance, to divest its US assets. A deal to spin off TikTok's US operations into a separate, majority US-owned company had been in progress earlier this year. But the plan was stalled after China signaled disapproval following Trump's announcement of new tariffs on Chinese goods. Trump's extension in June marked the third time he has delayed the ban or forced sale of TikTok, granting ByteDance another 90 days to find a US buyer or face a ban. Trump first intervened on his first day back in office, issuing an executive order just three days after the Supreme Court upheld the TikTok ban. A second order followed in April, setting a deadline of June 19. With the latest extension, TikTok now has until September to reach a deal. In a statement released the same day, TikTok expressed appreciation for the administration's approach. 'We are grateful for President Trump's leadership,' the company said, adding that it would 'continue to work with Vice President Vance's office' to reach an agreement. (With Inputs from Reuters)
