The world this weekBusinessIn an unexpected move, Facebook blocked news content on its sites in Australia,and also stopped people outside the country from viewing Australian news publications on its platforms.The social-media giant took the action after the lower house of parliament passed a bill that would force it to pay for news content that has been shared by users;it says the law is unclear about what constitutes “news”.Facebook’s defiant tone was a stark contrast to Google’s global agreement to pay News Corporation for content from its publications,which include the Wall Street Journal and the Sun in Britain.Google was also under threat from the proposed law in Australia and had warned that it would shut its search engine there.Bernard Arnault, the chairman of LVMH, a French luxury-goods group, is joining the growing list of business leaders who have set up a special-purpose acquisition company.A SPAC is a shell company that lists on a stock exchange with the intent of merging with an existing company,enabling the firm to raise capital without the slog of an IPO.They became popular in America in 2020, but are now taking off in Europe, too.
