ADNOC and Apollo-led consortium close $5.5 billion real estate investment partnership

ADNOC retains a 51 percent majority stake in its $5.5 billion real estate investment partnership. (AFP file photo)
Updated 29 September 2020
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ADNOC and Apollo-led consortium close $5.5 billion real estate investment partnership

  • Closing takes the combined investment in select ADNOC real estate assets by the investor consortium to $2.7 billion

DUBAI: The Abu Dhabi National Oil Company (ADNOC) said on Tuesday it closed its $5.5 billion real estate investment partnership with entities owned and/or advised by Apollo Global Management Inc. subsidiaries and a group of institutional investors.
The closing takes the combined investment in select ADNOC real estate assets by the investor consortium to $2.7 billion, the company said in a statement.
The Apollo-led consortium collectively holds a 49 percent stake in Abu Dhabi Properly Leasing Holding Company RSC Limited. ADNOC retains a 51 percent majority stake, according to the statement.


Social media companies, UNICEF slam Australia’s under-16 ban

Updated 10 min 26 sec ago
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Social media companies, UNICEF slam Australia’s under-16 ban

  • Tech companies say the measure is littered with “many unanswered questions” ut they are willing to engage with the government on shaping its implementation
  • UNICEF Australia also warned that the law was no “silver bullet” against online harm and could push kids into “covert and unregulated” spaces online

MELBOURNE: Social media giants on Friday hit out at a landmark Australian law banning them from signing up under-16s, describing it as a rush job littered with “many unanswered questions.”
The UN children’s charity UNICEF Australia joined the fray, warning the law was no “silver bullet” against online harm and could push kids into “covert and unregulated” spaces online.
Prime Minister Anthony Albanese said the legislation may not be implemented perfectly — much like existing age restrictions on alcohol — but it was “the right thing to do.”
The crackdown on sites like Facebook, Instagram and X, approved by parliament late Thursday, will lead to “better outcomes and less harm for young Australians,” he told reporters.
Platforms have a “social responsibility” to make children’s safety a priority, the prime minister said.
“We’ve got your back, is our message to Australian parents.”
Social media firms that fail to comply with the law face fines of up to Aus$50 million ($32.5 million).
TikTok said Friday it was “disappointed” in the law, accusing the government of ignoring mental health, online safety and youth experts who had opposed the ban.
“It’s entirely likely the ban could see young people pushed to darker corners of the Internet where no community guidelines, safety tools, or protections exist,” a TikTok spokesperson said.

Tech companies said that despite the law’s perceived shortcomings, they would engage with the government on shaping how it could be implemented in the next 12 months.
The legislation offers almost no details on how the rules will be enforced — prompting concern among experts that it will simply be a symbolic, unenforceable piece of legislation.
Meta — owner of Facebook and Instagram — called for consultation on the rules to ensure a “technically feasible outcome that does not place an onerous burden on parents and teens.”
But the company added it was concerned “about the process, which rushed the legislation through while failing to properly consider the evidence, what industry already does to ensure age-appropriate experiences, and the voices of young people.”
A Snapchat spokesperson said the company had raised “serious concerns” about the law and that “many unanswered questions” remained about how it would work.
But the company said it would engage closely with government to develop an approach balancing “privacy, safety and practicality.”
“As always, Snap will comply with any applicable laws and regulations in Australia,” it said.
UNICEF Australia policy chief Katie Maskiell said young people need to be protected online but also need to be included in the digital world.
“This ban risks pushing children into increasingly covert and unregulated online spaces as well as preventing them from accessing aspects of the online world essential to their wellbeing,” she said.

One of the biggest issues will be privacy — what age-verification information is used, how it is collected and by whom.
Social media companies remain adamant that age-verification should be the job of app stores, but the government believes tech platforms should be responsible.
Exemptions will likely be granted to some companies, such as WhatsApp and YouTube, which teenagers may need to use for recreation, school work or other reasons.
The legislation will be closely monitored by other countries, with many weighing whether to implement similar bans.
Lawmakers from Spain to Florida have proposed social media bans for young teens, although none of the measures have been implemented yet.
China has restricted access for minors since 2021, with under-14s not allowed to spend more than 40 minutes a day on Douyin, the Chinese version of TikTok.
Online gaming time for children is also limited in China.


Gaza journalists win video award for ‘powerful’ war coverage

Updated 35 min 32 sec ago
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Gaza journalists win video award for ‘powerful’ war coverage

  • Belal Alsabbagh and Youssef assouna were presented the “News” award for their work on the devastating conflict set off by last year’s Oct. 7 attack on Israel
  • The prize has been awarded since 1995 in memory of video journalist Rory Peck, who was killed in Moscow in 1993, to highlight the work of freelance video journalists

LONDON: Gaza video correspondents Belal Alsabbagh and Youssef Hassouna on Thursday won a Rory Peck award for their “powerful” coverage of the brutal war in the Palestinian territory for Agence France-Presse.
The prize has been awarded since 1995 in memory of video journalist Rory Peck, who was killed in Moscow in 1993, to highlight the work of freelance video journalists.
Alsabbagh, 33, and Hassouna, 47, were presented the “News” award for their work on the devastating conflict set off by last year’s October 7 attack on Israel.
“Belal and Youssef’s work is remarkable for its range of emotions, we understood the dreadful scale of destruction in their drone shots and in the relentless attack,” the jury said in a tribute.
“This is visual reporting of the highest order. It’s not just a checklist of breaking news events, but powerful storytelling with empathy, courage and talent,” it added.
Among the heart-wrenching images entered in the contest were sequences of a man desperately searching for a relative in the debris after a strike, a woman howling in grief over a body in a hospital and Gaza residents queuing for food.
Alsabbagh, who left Gaza in April with his wife and daughter, was in London for the ceremony. In September, he was also awarded a prestigious Bayeux-Calvados prize for war correspondents.

This October 12, 2024 photo shows videographer Belal AlSabbagh (2nd left) and four other Palestinian media practitioners during the award ceremony as part of the 2024 edition of the “Prix Bayeux Calvados-Normandie of the war correspondents” in Bayeux,  France. (AFP)

“Despite my overflowing joy tonight, I have a heavy heart because members of my family and friends are still in Gaza, facing hunger, fear and still facing bombs,” said Alsabbagh, who has worked for AFP since 2017.
Hassouna, who has contributed to AFP since 2014 and is still in Gaza, has had to move home 10 times since the start of the war.
He has been one of the key independent video journalists working for AFP during the conflict.
“Everybody at AFP is tremendously proud of Belal and the work of his colleagues in Gaza. This award is a deserved recompense for his excellent journalism under seemingly impossible conditions,” said AFP global news director Phil Chetwynd.
“This prize rewards the courage of Belal and Youssef whose images for AFP showed television stations around the world the reality of the conflict in Gaza and the consequences for its civilian population,” said Guillaume Meyer, deputy news director for video and audio.
“I am very happy that their commitment and the quality of their work in incredibly difficult conditions has been recognized,” Meyer added.
“The Rory Peck award gives a precious support to freelance journalists without whom we could not work in numerous countries,” he said.
This is the sixth time since 2014 that an AFP correspondent has won a Rory Peck prize.
Among this year’s three finalists was Luckenson Jean, a freelancer for AFP covering the crisis in Haiti, where armed gangs have run amok.


 


Canada sues Google over alleged anticompetitive practices in online ads

Updated 29 November 2024
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Canada sues Google over alleged anticompetitive practices in online ads

  • The Competition Bureau is asking a tribunal to order Google to sell its ad tech tools, which it uses "unlawfully" to maintain its dominant market position
  • Google maintains the online advertising market is a highly competitive sector and that it intends to defend itself against the allegation

TORONTO: Canada’s antitrust watchdog said Thursday it is suing Google over alleged anticompetitive conduct in the tech giant’s online advertising business and wants the company to sell off two of its ad tech services and pay a penalty.
The Competition Bureau said that such action is necessary because an investigation into Google found that the company “unlawfully” tied together its ad tech tools to maintain its dominant market position.
The matter is now headed for the Competition Tribunal, a quasi-judicial body that hears cases brought forward by the competition commissioner about non-compliance with the Competition Act.
The bureau is asking the tribunal to order Google to sell its publisher ad server, DoubleClick for Publishers, and its ad exchange, AdX. It estimates Google holds a market share of 90 percent in publisher ad servers, 70 percent in advertiser networks, 60 percent in demand-side platforms and 50 percent in ad exchanges.
This dominance, the bureau said, has discouraged competition from rivals, inhibited innovation, inflated advertising costs and reduced publisher revenues.
“Google has abused its dominant position in online advertising in Canada by engaging in conduct that locks market participants into using its own ad tech tools, excluding competitors, and distorting the competitive process,” Matthew Boswell, Commissioner of Competition, said in a statement.
Google, however, maintains the online advertising market is a highly competitive sector.
Dan Taylor, Google’s vice president of global ads, said in a statement that the bureau’s complaint “ignores the intense competition where ad buyers and sellers have plenty of choice.”
The statement added that Google intends to defend itself against the allegation.
US regulators want a federal judge to break up Google to prevent the company from continuing to squash competition through its dominant search engine after a court found it had maintained an abusive monopoly over the past decade.
The proposed breakup, floated in a 23-page document filed this month by the US Department of Justice, calls for sweeping punishments that would include a sale of Google’s industry-leading Chrome web browser and impose restrictions to prevent Android from favoring its own search engine.


Protesters clash with police in Georgia over government’s EU application delay

Updated 29 November 2024
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Protesters clash with police in Georgia over government’s EU application delay

  • Government suspends EU accession talks until 2028
  • Georgian Dream has deepened ties with Russia amid EU tensions

TBILISI: Police clashed with protesters in the Georgian capital Tbilisi early on Friday, after the country’s ruling party said the government would suspend talks on European Union accession and refuse budgetary grants until 2028.
The country’s interior ministry said three police officers were injured.
Police ordered protesters to disperse, fired water cannon and deployed pepper spray and tear gas as masked young people tried to smash their way into the parliament. Some protesters tossed fireworks at police while shouting “Russians” and “Slaves!“
Georgia’s relations with the EU have deteriorated sharply in recent months as Brussels has alleged that the government had resorted to authoritarian measures and adopted pro-Russian stands.
Thousands of pro-EU protesters had blocked streets in the capital before the altercations began. The country’s figurehead president accused the government of declaring “war” on its own people and confronted riot police, asking whether they served Georgia or Russia.
The Georgian Dream governing bloc accused the EU of “a cascade of insults,” saying in a statement it was using the prospect of accession talks to “blackmail” the country, and to “organize a revolution in the country.”
As a result, it said: “We have decided not to put the issue of opening negotiations with the European Union on the agenda until the end of 2028. Also, we refuse any budgetary grant from the European Union until the end of 2028.”
The South Caucasus country of 3.7 million has the aim of EU accession written into its constitution and has long been among the most pro-Western of the Soviet Union’s successor states.
With months of downturn in relations between Tbilisi and Brussels, the EU had already said that Georgia’s application for membership was frozen.
Georgian Dream says it is not pro-Russian, and that it is committed to democracy and integration with the West.
It says it still wants to join the EU eventually, but has repeatedly engaged in diplomatic feuds with Brussels in recent years, whilst deepening ties with neighboring Russia.
There was no immediate formal comment from the EU on Georgian Dream’s statement. But an EU official said the impact of Thursday’s move was huge, adding the government was doing what the EU had feared and had hoped it would not.
Opinion polls show that around 80 percent of Georgians support EU membership, and the bloc’s flag flies alongside the national flag outside virtually all government buildings in the country.
The pro-Western opposition reacted to Georgian Dream’s announcement with fury as protesters massed. Local media reported that protests that erupted in provincial cities.

’WAR’ AGAINST PEOPLE
Giorgi Vashadze, a prominent opposition leader, wrote on Facebook: “the self-proclaimed, illegitimate government has already legally signed the betrayal of Georgia and the Georgian people.”
President Salome Zourabichvili, a pro-EU critic of Georgian Dream whose powers are mostly ceremonial, said the ruling party had “declared not peace, but war against its own people, its past and future.”
Zourabichvili’s term ends in December, and Georgian Dream has nominated a former lawmaker with hard-line anti-Western views to replace her.
The opposition says that an October election, in which official results gave the Georgian Dream bloc almost 54 percent of the vote, was fraudulent and have refused to take their seats. Western countries demand a probe into irregularities.
Both Georgian Dream and the country’s election commission say the election was free and fair.
Earlier on Thursday, Georgian Prime Minister Irakli Kobakhidze told journalists that EU membership might harm Georgia’s economy, as it would require Tbilisi to cancel visa-free agreements and trade deals with other countries.
The EU gave Georgia candidate status in December 2023, but has said that a raft of laws passed since by Georgian Dream, including curbs on “foreign agents” and LGBT rights, are authoritarian, Russian-inspired, and obstacles to EU membership.
Foreign and domestic critics of Georgian Dream say the party, which is seen as dominated by its billionaire founder, ex-prime minister Bidzina Ivanishvili, is steering Georgia back toward Moscow, from which it gained independence in 1991.
Russia and Georgia have had no formal diplomatic relations since Moscow won a brief 2008 war, but have had a limited rapprochement recently.
Opinion polls show most Georgians dislike Russia, which continues to back two breakaway Georgian regions.
Russian President Vladimir Putin, speaking during a visit to Kazakhstan, praised the “courage and character” he said Georgian authorities had shown in passing the law on foreign agents, which domestic critics have likened to Russian legislation. (Reporting by Felix Light Additional reporting by Lili Bayer in Brussels Editing by Mark Trevelyan, Andrew Osborn, William Maclean, Frances Kerry and Ron Popeski)


Russian air defenses destroy, down 30 Ukrainian drones in Rostov region

Updated 29 November 2024
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Russian air defenses destroy, down 30 Ukrainian drones in Rostov region

Russian air defenses destroyed or downed 30 Ukrainian drones in southern Rostov region early on Friday, Regional Governor Yuri Slyusar said.
Slyusar, writing on the Telegram messaging app, said some private homes in two villages had sustained some damage, but there were no casualties.