On today's ExchangeWire news digest: PwC Australia shared confidential tax information with Google; Canada's Quebecor confirmed it will stop advertising on Facebook and Instagram; and the US prepares tighter restrictions on China.
Google tied to PwC tax leak
An exclusive report from Reuters has revealed that PwC Australia divulged confidential information about the start date of a new tax law in the country to Google. The firm has been under fire in recent weeks after it was revealed that its former international tax chief, Peter Collins, shared information from government contracts with multinational companies for PwC's commercial gain.
Quebecor to remove ads from Meta's platforms
Canadian telecom and media company Quebecor has confirmed it will pull ads from Facebook and Instagram. The move follows Meta’s decision to block access to news sites on both platforms due to the “Online News Act", a Canadian law requiring companies such as Meta and Google to pay news publishers for their content.
US prepares tighter restrictions on China
The US is reportedly preparing to impose new restrictions on Chinese companies, limiting their access to US cloud-computing services. If implemented, the restrictions would obligate American companies to gain the government’s permission to provide cloud-computing services to China. The move could exacerbate tensions between the two nations, which have been in conflict over supply-chain access to advanced technology over a series of months.
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Fact of the Day
8 – the number of executives removed from PwC Australia following the tax leak scandal.