You What? The Use Of Cash Is Up!!

An average of more than 50 UK bank branches have closed each month since 2015 and campaigners fear some retailers could stop accepting cash if it becomes too burdensome to process. That said, under government rules, free withdrawals and deposits will need to be available within one mile for people living in urban areas. In rural areas, where there are concerns over “cash deserts”, where the maximum distance is three miles.

This is important because cash remains a necessity for millions of people, research has found, with the elderly and those with disabilities among those likely to struggle. Branches have been more likely to close in disadvantaged areas.

Of course, Banks have pointed to the large reduction in branch use – a trend accelerated by the Covid pandemic – and the popularity of managing money via smartphones, as good reason for diluting their branch network.

But a recent survey by Age UK suggested that, among those who were uncomfortable about digital banking, the key concerns were fraud and scams, a lack of trust in online banking services, and a lack of computer skills.

And now, The British Retail Consortium says cash use has grown for the first time in 10 years as shoppers keep a close eye on their budgets while prices rise, retailers have said. They said 19% of purchases were made with notes and coins last year, echoing a report by banks showing a slight rebound. That’s up from 15% the previous year. Until 2015, notes and coins were used in more than half of transactions and, while card use now dominated, cash still had its benefits. Consumers made smaller but more frequent payments, the survey found.

The consortium said consumers were budgeting carefully to try to cope with cost of living pressures, and there was also a “natural return” for cash after it slumped during the pandemic.

It is essential use of cash is protected, you cannot leave it to the market, where banks are making a killing from extra fees on card transaction costs as a result of removing access to cash.

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
You What? The Use Of Cash Is Up!!
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ACCC Versus The Future – With Salvatore Babones

The ACCC’s stance on media platforms like Google versus local media companies has unintended consequences. Salvatore Babones from the University of Sydney and I discuss.

https://salvatorebabones.com/

Salvatore Babones is Australia’s globalization expert. He is an associate professor at the University of Sydney, an adjunct scholar at the Centre for Independent Studies, a columnist for Foreign Policy and Quadrant, and a regular contributor to The National Interest. A proud American by birth and by habit, he has lived in Sydney since 2008.

ACCC Versus The Future [Podcast]

Salvadore Babones from the University of Sydney and I discuss proposed changes to the commercial relationships between the large media platforms like Google and Facebook, and local media content publishers from the ACCC review.

There are unintended consequences.

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
ACCC Versus The Future [Podcast]
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From Hardware To Software To Netware – The Basis Of American Power In The C21 [Podcast]

Associate Professor Salvatore Babones and I discuss the rise of the network giants and consider how they are shaping American power in the current century.

http://salvatorebabones.com/

https://www.sydney.edu.au/arts/about/our-people/academic-staff/salvatore-babones.html

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
From Hardware To Software To Netware - The Basis Of American Power In The C21 [Podcast]
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Social media and defamation law pose threats to free speech, and it’s time for reform

From The Conversation.

Recent discussion about freedom of speech in Australia has focused almost exclusively on Section 18C of the Racial Discrimination Act. For some politicians and commentators, 18C is the greatest challenge to freedom of speech in Australia and the reform or repeal of this section will reinstate freedom of speech.

social-media-pic

There are many challenges to freedom of speech in Australia beyond 18C, for example defamation law. Defamation law applies to all speech, whereas 18C applies only to speech relating to race, colour or national or ethnic origin.

The pervasive application of defamation law to all communication creates real risks of liability for publishers. Large media companies are used to managing those risks. But defamation law applies to all publishers, large and small. Now, through social media, private individuals can become publishers on a large scale.

A significant reason that defamation law poses a risk to free speech is that it is relatively easy to sue for defamation and relatively difficult to defend such a claim. All a plaintiff will need to demonstrate is that the defendant published material that identified the plaintiff, directly or indirectly, and that it was disparaging of their reputation.

In many cases, proving publication and identification is straightforward, so the only real issue is whether what has been published is disparaging of the person’s reputation. Once this has been established, the law presumes the plaintiff’s reputation has been damaged and that what has been published is false.

It is then for the publisher to establish a defence. The publisher may prove that what has been published is substantially accurate, or may claim that it is fair comment or honest opinion (but the comment or opinion must be based on accurately stated facts), or may be privileged. Truth, comment and privilege are the major defences to defamation.

One of the main criticisms of 18C is that it inhibits people from speaking freely about issues touching on race. In essence, this criticism is that 18C “chills” speech.

The ability of the law to inhibit or “chill” speech is not unique to 18C. The “chilling effect” of defamation law is well-known. Precisely because it is easier to sue, than to be sued, for defamation, the “chilling effect” of defamation law is significant.

Defamation claims based on social media publications by private individuals are increasingly being litigated in Australia. In 2013, a man was ordered to pay A$105,000 damages to a music teacher at his former school over a series of defamatory tweets and Facebook posts. In 2014, four men were ordered to pay combined damages of $340,000 to a fellow poker player, arising out of allegations of theft made in Facebook posts. In the former case, judge Elkaim emphasised that:

… when defamatory publications are made on social media it is common knowledge that they spread. They are spread easily by the simple manipulation of mobile phones and computers. Their evil lies in the grapevine effect that stems from the use of this type of communication.

More defamation cases arising out of social media can be anticipated. Indeed, the cases that make it to court represent only a fraction of the concerns about defamatory publications on social media. Many cases settle before they reach court and still more are resolved by correspondence before any claim is even commenced in court.

There are several ways in which defamation law might be reformed in Australia that could promote freedom of speech, particularly for everyday communication.

Currently, plaintiffs suing for defamation in Australia do not have to demonstrate that they suffered a minimum level of harm at the outset of their claims. Publication to one other person is sufficient for a claim in defamation, and damage to reputation is presumed. Defamation law is arguably engaged at too low a level in Australia.

English courts have developed two doctrines to deal with low-level defamation claims. It is worth considering whether these should be adopted in Australia.

The first is the principle of proportionality. This allows a defamation claim to be stayed where the cost of the matter making its way through the court would be grossly disproportionate to clearing the plaintiff’s reputation. A court would view such a claim as an abuse of process.

There has been some judicial support for this principle in Australia, most notably Justice McCallum in Bleyer v Google Inc, but there has also been judicial criticism and resistance.

The other English development is the requirement that a plaintiff prove a level of serious or substantial harm to reputation before being allowed to litigate.

Australian law does have a defence of triviality, but it is difficult to establish because of the terms of the legislation. It also only applies after the plaintiff has established the defendant’s liability. By contrast, the threshold requirement of serious or substantial harm can stop trivial defamation claims before they start.

Another way in which the balance between the protection of reputation and freedom of speech online could be effectively recalibrated is by developing alternative remedies for defamation.

Notwithstanding previous attempts at defamation law reform, it remains the case that an award of damages is still the principal remedy for defamation. Yet people who have had their reputations damaged would probably prefer a swift correction or retraction, or to have the material taken down, or have a right of reply, than commencing a claim for damages.

Currently, people can negotiate these remedies by threatening to sue, or suing, and hoping they can secure these remedies as part of a settlement. Australian law has no effective small claims dispute resolution system for defamation in the way that it does for other small claims, such as debts. More effective and more accessible remedies are another aspect of defamation law reform worth exploring.

The discussion about freedom of speech in Australia recently has been unduly narrow. Every Australian has an interest in freedom of speech, not only about issues of race. Every Australian also has an interest in the protection of their reputation.

It is time to widen the focus of the treatment of free speech under Australian law. Defamation law is an obvious area in need of reform on this front.

Author: David Rolph, Associate Professor of Media Law, University of Sydney

Why has Microsoft paid US$26 billion for business networking platform LinkedIn?

From The Conversation.

Many people will have heard of LinkedIn: the social networking site aimed at professionals looking for a platform for business networking. Many more will have found it irritating – jokes abound on the subject of how hard it is to get the site to stop sending you emails. To these people particularly, but not exclusively, it will seem incredible that Microsoft is buying LinkedIn for an eye-watering US$26 billion.

LinkedIn has found it hard to evolve and grow its profitability beyond its core activity of business-oriented social networking. Its membership base peaked at the beginning of 2013 and has been falling ever since. Even though revenues have grown 35% in recent years, the company’s lacklustre share price is indicative of one struggling to define a market beyond its social media roots. While Facebook has grown its advertising revenue strongly, LinkedIn has been stuck in its domain of job seekers and career planning.

Risky business

This problem has been long in the making, with stock analysts raising alarm bells over LinkedIn’s inability to develop its own new growth strategies which has seen the company’s revenues dwindling year-on-year. LinkedIn earns two-thirds of its income from its recruiting and job market platform services, with the remainder made up of marketing solutions and premium subscriptions.

Certainly LinkedIn can boast a substantial user base, with 106m active users from 433m registered accounts. But compared to 310m active users on Twitter, or the colossal 1.65 billion active users at Facebook, LinkedIn has never managed to grow its commercial services in what could have been an enormous enterprise market. Yet the company, founded in 2002, was one of the early starters in the social media revolution, long before Facebook (2004) and Twitter (2006) and grew its business social network niche market over several years before going public in 2011.

The world’s largest professional network. dolphfyn / Shutterstock.com

Against this backdrop – particularly the earnings outlook published in February that saw LinkedIn’s share price fall by more than 40% – stock analysts feel Microsoft overpaid at US$196 a share, but for cash-rich Microsoft it makes sense to connect what LinkedIn offers with Microsoft’s substantial enterprise cloud services, for example its Microsoft 360 online office package and Azure cloud storage. This makes LinkedIn a good acquisition for Microsoft to boost its online offerings beyond Windows and challenge others in the field, such as Salesforce.

What next?

The question is what Microsoft will do next. Will the software giant integrate LinkedIn into its Office products, or extend or integrate Yammer, the small business social network platform it bought in 2012? Will it integrate the internet video and voice call capability of Skype into the platform for a seamless contact experience? More likely is that LinkedIn’s social network will be integrated into Microsoft Dynamics CRM, bringing together social networking and customer relationship management into a single tool that runs on Windows and in the cloud. This is the approach that Salesforce has used to its advantage to extend its business enterprise reach.

We are now in an era of the “digital workforce”. The growing use of social media and digital tools are increasingly empowering human productivity – defined by always-connected employees and subcontractors with company and on-the-go services on mobile apps. The role of “talent management” is becoming increasingly critical to enterprises, and human resources platforms that can bridge the commercial world of work activities and the knowledge sharing and collaboration that defines modern digital economy will be key.

Author: Mark Skilton, Professor of Practice, University of Warwick

Two-thirds of Australians Use Social Media

Research conducted by Tumblr into the ‘Status of Social in 2015’ shows that of the 19m Australian internet users, 67% use a mix of Tumblr, Facebook, LinkedIn, Instagram, YouTube, Pinterest, Twitter, Vimeo and other social media channels.

Around 93% of these use social media more than once a week, while 72% use it daily. Key times of access are wake up (45%) and evening and bed (40/41%). 32% of users accessed social media whilst at work.

The main reason to visit is to find interesting content. 61% of Australians surveyed said they will only engage with content they love or are truly passionate about.

Whilst access methods vary, 70% use a mobile phone, 52% use desktop or laptop and 34% use a table (more than one answer is included).

Max Sebela from Tumblr said

“Our new Social Norms report shows just how much our behaviours are changing online. Australians have moved away from using social media as a way to connect with their loved ones, and are increasingly using these channels as an identity construct. The value placed on individual online personas is higher than it has ever been before, proving that the influential power of social media is only on the rise.

… It’s not just about creating but curating beautiful content that speaks to your personal identity.”