Australia widens teen social media ban to YouTube, scraps exemption
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US securities regulator allows for in-kind crypto ETF redemptions
The U.S. Securities and Exchange Commission will allow in-kind creations and redemptions for crypto exchange-traded products. Asset managers have sought the move since the regulator approved the first set of products tied to the spot price of bitcoin last year.
July 29 (Reuters) – The U.S. Securities and Exchange Commission will allow in-kind creations and redemptions for crypto exchange-traded products, a move that asset managers have sought since the regulator approved the first set of products tied to the spot price of bitcoin last year.
The SEC had approved bitcoin and ether exchange-traded funds on the condition they provide redemptions in cash, rather than in crypto. Issuers had argued commodity ETFs typically allow for creations and redemptions in the underlying commodity, and that the crypto products should be treated similarly.
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Reporting by Hannah Lang in New York; Editing by Chris Reese
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LG Energy Solution signs $4.3 billion battery supply contract
South Korean battery maker LG Energy Solution (LGES) (373220.KS) said on Wednesday it had signed a $4.3 billion contract to supply lithium iron phosphate (LFP) batteries over three years globally. The contract lasts from August 2027 to July 2030.
SEOUL, July 30 (Reuters) – South Korean battery maker LG Energy Solution (LGES) (373220.KS) , opens new tab said on Wednesday it had signed a $4.3 billion contract to supply lithium iron phosphate (LFP) batteries over three years globally, without identifying the customer.
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The contract lasts from August 2027 to July 2030.
LGES said the contract includes an option to extend the contract period by up to seven years, and increase supply volume depending on discussions with the unidentified customer.
Reporting by Jack Kim and Hyunjoo Jin; Editing by Ed Davies and Muralikumar Anantharaman
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Australia widens teen social media ban to YouTube, scraps exemption
Australia says it will add YouTube to its world-first ban on social media for teenagers. Decision reverses earlier decision to exempt the Alphabet-owned video-sharing site. YouTube says it is used by nearly three-quarters of Australians aged 13 to 15. Ban outlaws YouTube accounts for those younger than 16, allowing parents and teachers to show videos on it to minors.”Our position remains clear: YouTube is a video sharing platform with a library of free, high-quality content, increasingly viewed on TV screens. It’s not social media,” a YouTube spokesperson said by email. The reversal sets up a fresh dispute with Alphabet, which threatened to withdraw some Google services from Australia in 2021 to avoid a law forcing it to pay news outlets for content appearing in searches.
Summary
Companies PM tells parents: ‘We have your backs’
Ban set to take effect in December
Other sites objected to YouTube’s exemption
SYDNEY, July 30 (Reuters) – Australia said on Wednesday it will add YouTube to sites covered by its world-first ban on social media for teenagers, reversing an earlier decision to exempt the Alphabet-owned (GOOGL.O) , opens new tab video-sharing site and potentially setting up a legal challenge.
The decision came after the internet regulator urged the government last month to overturn the YouTube carve-out, citing a survey that found 37% of minors reported harmful content on the site, the worst showing for a social media platform.
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“I’m calling time on it,” Prime Minister Anthony Albanese said in a statement highlighting that Australian children were being negatively affected by online platforms, and reminding social media of their social responsibility.
“I want Australian parents to know that we have their backs.”
The decision broadens the ban set to take effect in December. YouTube says it is used by nearly three-quarters of Australians aged 13 to 15, and should not be classified as social media because its main activity is hosting videos.
“Our position remains clear: YouTube is a video sharing platform with a library of free, high-quality content, increasingly viewed on TV screens. It’s not social media,” a YouTube spokesperson said by email.
They say YouTube has key similarities to their products, including letting users interact and recommending content through an algorithm based on activity.
The ban outlaws YouTube accounts for those younger than 16, allowing parents and teachers to show videos on it to minors.
“Teachers are always curators of any resource for appropriateness (and) will be judicious,” said Angela Falkenberg, president of the Australian Primary Principals Association, which supports the ban.
Artificial intelligence has supercharged the spread of misinformation on social media platforms such as YouTube, said Adam Marre, chief information security officer at cyber security firm Arctic Wolf.
“The Australian government’s move to regulate YouTube is an important step in pushing back against the unchecked power of big tech and protecting kids,” he added in an email.
The reversal sets up a fresh dispute with Alphabet, which threatened to withdraw some Google services from Australia in 2021 to avoid a law forcing it to pay news outlets for content appearing in searches.
Last week, YouTube told Reuters it had urged the government “to uphold the integrity of the legislative process”. Australian media said YouTube threatened a court challenge, but YouTube did not confirm that.
The law passed in November only requires “reasonable steps” by social media platforms to keep out Australians younger than 16, or face a fine of up to A$49.5 million.
The government, which is due to receive a report this month on tests of age-checking products, has said those results will influence enforcement of the ban.
($1=1.5363 Australian dollars)
Reporting by Renju Jose and Byron Kaye in Sydney; Editing by Cynthia Osterman and Clarence Fernandez
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Mexico pulls in $12 billion to prop up indebted oil producer Pemex
Mexico placed $12 billion in a debt offering to support indebted state oil producer Petroleos Mexicanos (Pemex) The offering came in the form of pre-capitalized securities, or P-Caps. The funds will go toward covering financial obligations and debt payments due in 2025 and 2026. At the end of the second quarter, Pemex held a financial debt of $98.8 billion.
Companies Petroleos Mexicanos Follow
MEXICO CITY, July 29 (Reuters) – Mexico placed $12 billion in a debt offering to support indebted state oil producer Petroleos Mexicanos (Pemex), the nation’s finance ministry said on Tuesday.
The offering came in the form of pre-capitalized securities, or P-Caps, the ministry said in a statement. The funds will go toward covering financial obligations and debt payments due in 2025 and 2026, it added.
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Total demand for the dollar-denominated securities reached $23.4 billion, allowing Mexico to place more than the $10 billion originally planned, the ministry said.
President Claudia Sheinbaum’s administration has sought to shore up Pemex’s finances, as the oil firm – the world’s most indebted energy company – owes billions to suppliers and creditors.
At the end of the second quarter , Pemex held a financial debt of $98.8 billion and owed providers $22.79 billion.
Sheinbaum has pledged to boost production to 1.8 million barrels per day, but firm executives acknowledged on Monday Pemex will need so-called mixed contracts with private companies and continued government support to reach that target.
Reporting by Kylie Madry; Editing by Natalia Siniawski
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Building materials maker CRH to acquire Eco Material for $2.1 billion
Building materials maker CRH (CRH.N) said on Tuesday it has agreed to acquire Eco Material Technologies, a supplier of supplementary cementitious materials. Traditional cement production is responsible for around 8% of global CO2 emissions. CRH operates through two regional divisions Americas and International, of which the Americas business brings in 65% of revenues as per its latest annual filing.
July 29 (Reuters) – Building materials maker CRH (CRH.N) , opens new tab said on Tuesday it has agreed to acquire Eco Material Technologies, a supplier of supplementary cementitious materials, for $2.1 billion to expand its presence in North America.
Dublin, Ireland-based CRH operates through two regional divisions Americas and International, of which the Americas business brings in 65% of revenues as per its latest annual filing, and includes the production of aggregates, cement, ready-mixed concrete and asphalt used in construction.
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As traditional cement production is responsible for around 8% of global CO2 emissions, the industry has been making the switch to low-carbon alternatives, through investments, joint ventures and mergers.
With the takeover of the Utah-based near-zero carbon cement producer Eco Material, CRH also acquires its national network of fresh and harvested fly ash, pozzolans, synthetic gypsum and green cement operations.
“This transaction secures the long-term supply of critical materials for future growth and puts CRH at the forefront of the transition to next generation cement and concrete,” CRH chief executive Jim Mintern said.
CRH, which has its presence across 28 countries, said it plans to fund the deal, expected to close in 2025, with cash on hand.
The business will operate as Eco Material Technologies, a CRH Company.
Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Shailesh Kuber
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