Canada Government Says Google Reach Deal To Keep News In Search Results; Google Will Contribute C$100M To Support News Businesses Across Canada
Portfolio Pulse from Benzinga Newsdesk
The Canadian government has reached an agreement with Google to ensure that news remains available in Google's search results. Google has committed to contributing C$100 million to support news businesses across Canada.
November 29, 2023 | 6:35 pm
News sentiment analysis
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POSITIVE IMPACT
Google's agreement with the Canadian government to keep news in search results and contribute C$100M to support local news businesses may foster goodwill and potentially avert regulatory issues.
Google's investment in Canadian news businesses is a strategic move that can improve its public image and relations with the government, which may lead to a more favorable regulatory environment. This positive development is likely to be viewed favorably by investors in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Google's parent company, Alphabet Inc., through its subsidiary, will contribute C$100M to Canadian news businesses, which may enhance its reputation and mitigate regulatory risks.
The commitment by Alphabet's subsidiary Google to support the Canadian news industry with C$100M is likely to have a positive impact on Alphabet's stock as it demonstrates corporate responsibility and may ease potential regulatory challenges.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The deal between Google and the Canadian government may indirectly benefit the iShares MSCI Canada ETF (EWC) by supporting the Canadian news industry and potentially fostering a better business environment.
While the deal is primarily between Google and the Canadian government, the broader support for the Canadian news industry could have a positive, albeit indirect, effect on the Canadian economy and businesses, which may reflect in the performance of the EWC ETF.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 30