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Saudi Arabia's Energy Minister Khalid al-Falih (L) speaks to journalists as he attends the 175th OPEC Conference of Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria on December 06, 2018.

JOE KLAMAR | AFP | Getty Images

Saudi Arabia’s Energy Minister Khalid al-Falih (L) speaks to journalists as he attends the 175th OPEC Conference of Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria on December 06, 2018.

OPEC and its allies are poised to debate the terms of price-boosting supply cuts on Friday, after the influential oil cartel failed to reach a consensus over production policy for the first time in almost five years.

The 15-member organization will hold talks with allied oil-producing nations at its headquarters in Vienna, Austria on Friday. It comes after deep divisions in the energy alliance were laid bare at a closely-watched meeting on Thursday, with the group unable to agree on the terms of crude output cuts.

International benchmark Brent crude slipped below $60 a barrel Friday morning, as a lack of guidance from the Middle East-dominated group rattled energy markets.

The cartel has agreed how many barrels it would aim to remove from the market in principle, two unnamed sources told Reuters Thursday. But, de facto OPEC leader Saudi Arabia was forced to delay making a final decision on how deeply it would cut production until after it meets with non-OPEC heavyweight Russia.

The meeting between OPEC and non-OPEC members comes at a time when the oil market is near the bottom of its worst price plunge since the 2008 financial crisis.

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Facebook emails show EU must regulate social media monopoly: Lawmaker

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Global activists of Avaaz, set up cardboard cutouts of Facebook chief Mark Zuckerberg, on which is written 'Fix Fakebook', in front of the European Union headquarters in Brussels, on May 22, 2018.

John Thys | AFP | Getty Images

Global activists of Avaaz, set up cardboard cutouts of Facebook chief Mark Zuckerberg, on which is written ‘Fix Fakebook’, in front of the European Union headquarters in Brussels, on May 22, 2018.

A European lawmaker has called for updated regulation on Facebook and other social networks after a trove of revelatory emails was released by the British Parliament.

Internal documents made public Wednesday by Britain’s digital, culture, media and sport committee showed senior executives at Facebook — including CEO Mark Zuckerberg — discussing the prospect of charging developers for access to user data and shutting off competitor Vine’s access to the data.

Claude Moraes, a member of the European Parliament representing the U.K.’s Labour party, said in response to the news that the European Commission, the executive arm of the European Union, should revamp its competition rules to probe the “possible monopoly” of social media giants and to “audit the advertising industry on social media.”

“In the European Parliament, we have repeatedly raised concerns about the manipulation of online data and have made clear that competition law is crucial to make sure that the dominant players are accountable and that democracy is protected from excessive market power,” Moraes told CNBC in an emailed statement Thursday.

He added: “Facebook is now on notice that we cannot continue to undermine the trust citizens place, not only in our online platforms, but our democracy itself. Action must be taken to protect our elections and citizens’ right to private life, and if Facebook doesn’t like it then they should know that we don’t like interference and disruption of our elections either.”

Pressure has mounted on the tech giant over the way it handles people’s data and how it tackles foreign interference in elections. Scandals surrounding the sharing of 87 million Facebook profiles with political consultancy Cambridge Analytica and Facebook’s dealings with public relations firm Definers have tainted the company’s image of late.

Moraes was one of the various EU parliamentarians who grilled Facebook boss Zuckerberg over the platform’s handling of user data and market share. The idea that Facebook is a “monopoly” that should potentially be broken up was raised at the May hearing.

In one of the emails released by Parliament, Zuckerberg is seen giving an executive the go-ahead to disable now-defunct video sharing app Vine’s access to its API, or application program interface, that would let users find their Facebook friends through Vine.

Rus Yusupov, Vine’s co-founder, made his feelings clear following the release of the internal Facebook documents.

“Competition sucks, right?” he said on Twitter. “No. It allows for products to improve, become available to more people, at lower costs. Strive to build new things that people want and influence other creators for the cycle to continue.”

The emails published by British Parliament had been under seal in a California court as they were obtained by Ted Kramer, founder of Six4Three, an app maker suing Facebook, as part of the legal discovery process. Six4Three, which shut down its app in 2015 after Facebook changed its policies around the sharing of users’ data, alleges the social network drove developers away through anti-competitive measures.



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May’s Brexit vote could plunge the UK into fresh political chaos

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Assuming the deal is voted down, the margin of defeat is important.

Should May lose by around 30, 40 or perhaps even 50 votes then it’s expected she could stand up in Parliament and say she will return to Brussels and attempt to tweak the deal.

If slight concessions were agreed with the EU, that could be enough to persuade some U.K. lawmakers to side with May in a second parliamentary vote.

One caveat to that scenario is that the rest of the EU have shown little appetite to reopen talks. European Commission President Jean-Claude Juncker has warned the U.K. that May’s Brexit deal “is the only deal possible.”

Should May lose heavily, then chaos is once again likely to descend upon British politics.

The range of outcomes runs from a leadership challenge, a May resignation, a general election in the U.K., a second referendum on EU membership, a temporary stop on Britain’s withdrawal, or some sort of combination of all the above.

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China’s Huawei appoints chairman as acting CFO 

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A profile of Huawei's chief financial officer Meng Wanzhou is displayed on a Huawei computer at a Huawei store in Beijing, China, Thursday, Dec. 6, 2018. 

Ng Han Guan | AP

A profile of Huawei’s chief financial officer Meng Wanzhou is displayed on a Huawei computer at a Huawei store in Beijing, China, Thursday, Dec. 6, 2018. 

China’s Huawei Technologies has appointed Chairman Liang Hua as acting chief financial officer (CFO) following the arrest in Canada of its CFO, who faces extradition to the United States, a source close to the matter told CNBC.

CFO Meng Wanzhou, who is also the daughter of Huawei founder Ren Zhengfei, was detained in Canada on Saturday. Canada’s Department of Justice said on Wednesday the country arrested Meng Wanzhou in Vancouver, where she is facing extradition to the U.S. The arrest is related to violations of U.S. sanctions, a person familiar with the matter told Reuters.

U.S. authorities have been probing Huawei, one of the world’s largest makers of telecommunications network equipment, since at least 2016 for allegedly shipping U.S.-origin products to Iran and other countries in violation of U.S. export and sanctions laws, sources told Reuters in April.

—Reuters and CNBC’s Huileng Tan contributed to this report.

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