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Sydney’s famous Bondi Beach and other beaches around the Australian city were shut on Thursday as authorities investigated mysterious tar balls that have washed ashore. The dark, sticky, golf-ball-sized blobs were first reported Tuesday on Coogee Beach, leading to a series of beach closures across the city’s shores. The City Council of Randwick, a Sydney suburb that is home to four of the beaches, said preliminary test results showed that the blobs were tar balls, formed when oil comes into contact with debris and water. “We don’t yet know what has happened to produce the debris washing up on our beaches,” Mayor Dylan Parker said in a statement Thursday. The regulator said it was investigating the origin of the debris and whether it posed any risks to the community and environment.

Persons: Bronte, Tamarama, Dylan Parker Organizations: City Council of, ”, Environment Protection Authority Locations: Bondi, Coogee Beach, Gordons, Clovelly, Maroubra Beach, City Council of Randwick, Sydney, New South Wales, Congong, Little Bay, Malabar

☆ China pledges more financial support for 'whitelist' real estate projects
▼ + stars: | 2024-10-17 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +4 min

China vowed more financial support for real estate projects that fall under its so-called whitelist and to speed up banks lending of 4 trillion yuan ($561.8 billion) for such projects, according to the nation's housing ministry. A total of 2.23 trillion yuan has been approved in loans to whitelisted developers, and that figure is expected to exceed 4 trillion yuan by the end of this year, according to a senior official from the financial regulator. Real estate was also the leading gainer in Mainland China's CSI 300, advancing by nearly 5%. Days later, officials in a top-level meeting, chaired by Chinese president Xi Jinping, pledged to "halt the real estate market decline and spur a stable recovery." More than 50 cities across China had introduced policies to boost the real estate market, according to Chinese state media citing the housing ministry.

Persons: Ni, HSMPI, Pan Gongsheng, Xi Jinping, Goldman Sachs, —, — CNBC's Evelyn Cheng Organizations: National Financial Regulatory Administration, Investors, China's Ministry of Finance, Mainland, China's CSI, People Bank of China, National Bureau, Statistics Locations: China, Beijing, China's, Guangzhou, Shanghai, Shenzhen

☆ UK regulator warns of big fines, service suspensions for tech giants ahead of new safety rules
▼ + stars: | 2024-10-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The Online Safety Act includes sweeping new rules that will force large tech firms to do more to combat illegal content online. Over the past six months, Ofcom has consulted on its codes and guidance for illegal harms, pornography age verification and children's safety. The regulator added that, while these are positive steps, more changes will be needed wen the Online Safety Act comes into force. From December this year, Ofcom will publish first edition illegal harms codes and guidance. Tech platforms will then have three months to complete an illegal harms risk assessment.

Persons: it's Organizations: — Technology, Ofcom Locations: British

☆ Overseas UK territories are the ‘biggest enablers of corporate tax abuse,’ tax advocacy group says
▼ + stars: | 2024-10-17 | by ( Dylan Butts | ) www.cnbc.com time to read: +4 min

Advocacy group Tax Justice Network has ranked the British Virgin Islands, followed by the Cayman Islands and Bermuda as "most complicit" in helping corporations underpay corporate income tax. Traffic_analyzer | Digitalvision Vectors | Getty ImagesBritish overseas territories are the world's top enablers of corporate tax abuse, according to a ranking by tax advocacy group Tax Justice Network. The British Virgin Islands is the territory "most complicit" in helping multinational corporations underpay corporate income tax, followed by the Cayman Islands and Bermuda, according to the latest update to TJN's Corporate Tax Haven Index earlier this month. TJN estimates that the UK and its British tax havens cost other countries an estimated $84 billion in corporate taxes annually. Defending themselves against the charges made by the advocacy group, spokespersons from some of the governments said they were in full compliance with international tax standards set by the Organisation for Economic Co-operation and Development.

Persons: FCDO, Broad, TJN, pushback Organizations: Tax, Network, Getty Images, Tax Justice Network, Corporate, TJN, CNBC, Switzerland, Organisation for Economic Co, Development, British, Foreign, Commonwealth, Development Office, OECD, CRS, Crown Dependencies, Overseas, BVI Finance, British Virgin Islands, UK Government, United Nations, UN Locations: British Virgin Islands, Cayman Islands, Bermuda, British, Singapore , Hong Kong, Netherlands, United Kingdom, Jersey, Overseas Territories, British Virgin, U.S, Australia, Canada, Israel, Japan, New Zealand, South Korea

☆ SpaceX sues California regulator, claiming launches blocked due to Elon Musk’s politics
▼ + stars: | 2024-10-16 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

New York CNN —Elon Musk’s SpaceX has accused a California regulator of political discrimination after it voted to block the rocket company from conducting more launches on the state’s central coast. SpaceX also conducts commercial launches from the base to deliver its Starlink satellites into orbit. But the California Coastal Commission opposed the plan. At the meeting, commissioners “raised other concerns wholly unrelated to coastal effects,” SpaceX alleged in the complaint, filed in California Central District Court. Joshua Smith, public information officer for the California Coastal Commission, told CNN the agency declined to comment on the lawsuit.

Persons: New York CNN — Elon, “, Mike, Wilson, ‘, Musk, ’, Gretchen Newsom, Newsom, Gavin Newsom, Donald Trump, Hurricane Helene, Joe Biden, Kamala Harris, Biden, Kamala, ”, Joshua Smith Organizations: New, New York CNN, SpaceX, California Coastal, US Air Force, US Space Force, NASA, Vandenberg Space Force Base, California Coastal Commission, Court, US Justice Department, “, FEMA, ”, California Gov, CNN Locations: New York, California, Santa Barbara , California

☆ Intel is a security risk for China, says influential industry group
▼ + stars: | 2024-10-16 | by ( ) edition.cnn.com time to read: +3 min

Beijing Reuters —Intel products sold in China should be subject to a security review, the Cybersecurity Association of China (CSAC) said on Wednesday, alleging the US chipmaker has “constantly harmed” the country’s national security and interests. “It is recommended that a network security review is initiated on the products Intel sells in China, so as to effectively safeguard China’s national security and the legitimate rights and interests of Chinese consumers,” CSAC said. Last year, CAC barred domestic operators of key infrastructure from buying products made by US memory chipmaker Micron Technology Inc (MU) after deeming the company’s products as having failed its network security review. A similar security review on Intel products could negatively impact the company’s revenues, over a quarter of which came from China last year. “This poses a great security threat to the critical information infrastructures of countries all over the world, including China … the use of Intel products poses a serious risk to national security,” CSAC said.

Persons: ” CSAC, ”, Dan Coatsworth, AJ Bell Organizations: Beijing Reuters, Intel, Cybersecurity Association of China, Cyberspace Administration of China, CAC, Micron Technology Inc, Washington, US National Security Agency, NSA, Nvidia Locations: Beijing, China

☆ A quant research leader from Two Sigma's vaunted 'techniques' squad is leaving for Cubist
▼ + stars: | 2024-10-16 | by ( Alex Morrell | ) www.businessinsider.com time to read: +4 min

A senior Two Sigma quant researcher is leaving for Cubist. Kan Huang co-led a key machine-learning unit known as techniques forecasting. Jin Choi, Huang's interim cohead, has been named sole head of the long-running techniques group. AdvertisementA senior leader in one of Two Sigma's key research units is leaving the firm for quant rival Cubist Systematic Strategies, according to people familiar with the matter. Huang is a leader of a Two Sigma unit that develops machine-learning models and other advanced strategies from various data sources and trading signals.

Persons: Kan Huang, Jin Choi, —, Steve Cohen's, Huang, Ken Baron, Choi, John Overdeck, David Siegel, Scott Hoffman, Carter Lyons, Ali, Milan Nekmouche, Jian Wu Organizations: Sigma, Service, Bloomberg, Sigma Investments, Securities and Exchange Commission, Wall Street

Germany’s flagship airline has been fined $4 million by the U.S. Department of Transportation over allegations it discriminated against a group of Jewish passengers. The regulator said Tuesday that Lufthansa had prohibited 128 people wearing traditional Orthodox Jewish clothing from boarding for a connecting flight in Germany as they made their way from New York City to Budapest, Hungary, in May 2022. “Based on the alleged misconduct of some passengers,” DOT said, Lufthansa staff “treated them all as if they were a single group and denied them boarding,” despite many of the passengers not knowing each other nor traveling together. The penalty is the largest ever issued by the DOT against an airline for a civil rights violation. But the terrible, awful irony of it coming from the German national airline was outrageous.”

Persons: Pete Buttigieg, Deborah Lipstadt, Biden, ‘, ”, Lipstadt Organizations: U.S . Department of Transportation, Lufthansa, JFK, ”, Transportation, NBC News, American Jewish Committee, German Locations: Germany, New York City, Budapest, Hungary, ” U.S

☆ SpaceX catches Starship rocket booster in dramatic landing during fifth flight test
▼ + stars: | 2024-10-13 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +4 min

SpaceX launched its fifth test flight of its Starship rocket on Sunday and made a dramatic first catch of the rocket's more than 20-story tall booster. The Super Heavy booster lands on the company's launch tower during the fifth Starship flight on Oct. 13, 2024. There are not any people on board the fifth Starship flight. The SpaceX Starship sits on a launch pad at Starbase near Boca Chica, Texas, on October 12, 2024, ahead of the Starship Flight 5 test. Chandan Khanna | AFP | Getty ImagesWith the booster catch, SpaceX has surpassed the fourth test flight's milestones.

Persons: Elon, Dan Huot, Huot, Sergio Flores, we've, Chandan Khanna Organizations: SpaceX, Elon Musk's, Super, Federal Aviation Administration, Afp, Getty, FAA, U.S . Fish, Wildlife Service, Commerce, National Marine Fisheries Service, AFP Locations: Brownsville , Texas, Gulf of Mexico, Boca Chica , Texas, U.S, Texas, Starbase

☆ China’s censorship is among the toughest in the world. So why did it let Kanye West play?
▼ + stars: | 2024-10-12 | by ( Chris Lau | ) edition.cnn.com time to read: +9 min

Hong Kong CNN —It seemed like an unlikely stage for Kanye West to unveil his new music. Music fans cheer during Kanye West's Vultures Listening Experience at Wuyuan River Stadium on September 15, 2024. One of the fastest-growing in the world, China’s music market became the fifth-largest market globally in 2022, according to IFPI, a trade body for the recorded music industry. China’s recorded music revenues grew 28.4% in 2022 from the year prior, compared with the global market rise of 9%, IFPI said. Bieber “engaged in a series of bad behaviors, both in his social life and during a previous performance in China,” China’s Ministry of Culture announced in 2015, without going into details.

Persons: –, Ye –, Ye, ”, Luo Yunfei, Xi Jinping, China “, Chen Dan, Mariah Carey, John Legend, Charlie Puth, Chen, Kanye, ” Chen, “, Ye’s, China’s, Hung Ho, fung, Bon, Jovi’s, Lama, Justin Bieber, Jay, Lady Gaga, Bieber “, Culture “, Ho, Johns Hopkins, it’s Organizations: Hong Kong CNN, Kanye, Communist Party, German, Adidas, Sports, Chinese Communist Party, China News Service, University of, Travelers, Xinhua, Kanye West, Visual China, Johns Hopkins University ., Oasis, China’s Ministry of Culture, Ministry, Culture, China, Nanjing University, China Daily, University of Richmond Locations: Hong Kong, China, Hainan, Hainan’s, Haikou, Beijing, Shanghai, “, Tokyo, British, Asia, Nanjing, Johns

☆ Why Roblox investors are shrugging off a blistering short-seller report
▼ + stars: | 2024-10-12 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Roblox stock closed at $41.60 on Friday, slightly above where it was earlier in the week when Hindenberg published its research. Related storiesIn the wake of the report, Wall Street and investors seemed to largely stick by the company. AdvertisementRoblox, which primarily makes its money from sales of online currency and items, has been working to grow its advertising business. The report could hinder Roblox's ad businessDespite Roblox's nearly immediate stock recovery and support from Wall Street, the report and related issues could have implications for Roblox's advertising business. Its ad business is barely a rounding error today, but Roblox is still not profitable, so it's trying hard to change that.

Persons: Hindenburg, —, Roblox, It's, Hindenberg, Piper Sandler, Ron Kerbs, Roblox's, Roblox isn't, Jeremy Goldman Organizations: SEC, Wall, Service, Hindenburg, Securities, Exchange, Wall Street, Wedbush Securities, WPP, New, Bloomberg Businessweek, Walmart, Warner Bros . Pictures, Facebook, YouTube Locations: Roblox

☆ A United Boeing 787 with 176 people on board had to divert after the pilot's screens went blank over remote northern Canada
▼ + stars: | 2024-10-10 | by ( Pete Syme | Nathan Rennolds | ) www.businessinsider.com time to read: +2 min

A United Airlines flight diverted to Chicago after cockpit screens went blank. AdvertisementA United Airlines plane diverted and made an unplanned landing after cockpit screens went blank while it was flying over Canada's far north. The incident occurred on a Boeing 787 Dreamliner operating Flight 231 from Los Angeles to London on September 26. AdvertisementIn a statement shared with Business Insider, a United Airlines spokesperson confirmed that the plane diverted "to address a potential technology issue." Last week, United Airlines was cleared by the Federal Aviation Administration after a six-month safety review.

Persons: — Organizations: United Airlines, Boeing, Pilots, Service, Airlines, Business, Transportation Safety Board, Canada, Chicago O'Hare, Federal Aviation Administration Locations: Chicago, Hudson Bay, Los Angeles, London

☆ The Contests, Clubs and Big Promises of Trump’s Fund-Raising Emails
▼ + stars: | 2024-10-10 | by ( Karen Yourish | Lazaro Gamio | ) www.nytimes.com time to read: +26 min

It has offered adherents myriad “exclusive” opportunities to join clubs to give counsel to Mr. Trump, and it has repeatedly claimed that Mr. Trump is personally reviewing lists of small donors. The New York Times looked at some 7,400 emails sent by the Trump campaign since Mr. Trump entered the presidential race. Ms. Harris, and before her Mr. Biden, have far outpaced Mr. Trump in fund-raising this cycle, including from small-dollar donors. But both in sheer number (about 75 emails per week, on average, throughout this campaign cycle) and in syntax, the former president’s campaign emails stand out. Similar questions have arisen about contests Mr. Trump’s campaign and political action committee have run in years past.

Persons: Donald J, Trump, Trump Tour “, MAGA, Vance, Melania, Blue, ”, Santa, ” MAGA, Red Trump, MAGA ”, Brandon, “ Trump, “, Biden, Joe, Patrick’s, White, Pink, Red MAGA, Black MAGA, Trump “ I’m, Gray, Kamala Harris, Harris, Mr, Biden’s, ’, Trump’s, missive, BIDEN, you’ll, President Trump, Email, William McGuffin, McGuffin, ” Kyle, Beth Hilfer, ” Email, ” “, Trump “, Trump ”, Harris’s, Biden ”, Joe ”, Let’s, Brandon ”, Brian Hughes, YOU Organizations: New York Times, Trump, Trump Tour, Trump Tour “ Trump Force, Bedminster, Florida, Trump International, Republican National Convention, Miami Grand Prix, Houston Meet Trump, Trump Jr, Trump Meet Trump, Trump Force, Trump American, Trump Patriot, Trump Georgia, Trump Campaign, Trump Defense Task Force, Trump Free, Trump Official Trump, President’s, Melania Trump, Board, Trump Life, Trump Gold Club, Trump Diamond Club, Club, Trump VIP, Trump VP, Blue Trump, Trump Trump, MAGA, Trump MAGA, Santa Trump, Red Trump MAGA, White Trump MAGA, MAGA ” Trump, Beijing Biden, TRUMP, TNN, ” Trump, Black, “ Trump, Trump “, Trump “ Trump, Democratic, Mr, Biden, Data & Society, CLUB, WIN, The Times, Times, Formula One’s Miami, Prix, Federal, Patriots, “ Trump Force, American Express, “, TOP, Stockings Locations: Nashville Trip, Lexington, Ky, Beverly Hills, Costa Mesa, Calif, Dallas, Houston, Hallandale Beach, Fla, Trip, Vegas, London, New Orleans, N.J, Trump, Park City, Utah, Red, Delaware, Las Vegas, New York, America

☆ Kalshi expands Trump, Harris election bet options, adds Senate races, CFTC complains
▼ + stars: | 2024-10-09 | by ( Dan Mangan | ) www.cnbc.com time to read: +5 min

Kalshi wagers on the presidential race outcomes were split 50-50, roughly reflecting national polling on the contest. The new contracts were added to Kalshi's platform within days of a favorable federal appeals court ruling for the company on Oct 2. Even more political races could soon become available for betting with Kalshi contracts, the CFTC said, citing contract terms published on the exchange's web site. But the commission argues that Kalshi's contracts might cast doubt on the integrity of elections. The appeals court initially blocked that judge's ruling from taking effect, which meant Kalshi could not offer any political contracts.

Persons: Kamala Harris, Donald Trump, Kalshi, KalshiEx, It's, there's, Tarek Mansour, Mansour, Patricia Millett Organizations: White, Electoral, Commodity Futures Trading Commission, U.S ., Appeals, District of Columbia Circuit, CNBC Locations: Washington ,

☆ Russia cut off its troops from Discord, the video gaming comms tool they use to coordinate attacks in Ukraine
▼ + stars: | 2024-10-09 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

Russian troops have been using Discord to coordinate drone attacks, but it was banned on Tuesday. Federal regulators said they blocked the gaming messaging platform because it could be used for crime. Discord allows users to join a closed group voice call and livestream to other users from their screens or cameras. One pundit channel, Military Informant, blasted Roskomnadzor's decision as "madness," while another sarcastically thanked the regulator for giving Russian troops another challenge to "bypass the consequences of another wise decision." Discord, Roskomnadzor, and the Russian defense ministry did not immediately respond to comment requests sent outside regular business hours by Business Insider.

Persons: —, Roskomnadzor, Anton Gorelkin, Vladislav Davankov, Davankov, Ekaterina Mizulina, Mizulina, Roman Alekhine, Roskomnadzor's, Alekhine Organizations: Service, TASS, Russian State, State Duma, Safe Internet League, Military, Russian, YouTube, VK, Russia's, Business Locations: Moscow, US, Ukraine, Russian, Russia, Bakhmut

☆ Meet the executive tasked with Citi's hardest challenge: getting the bank's house in order
▼ + stars: | 2024-10-09 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +18 min

For Selva, leading the Transformation is unlike any test he has faced in his three-decade career at Citi. To do so, he has to solve for Citi's decades of underinvestment in its infrastructure, which affects every business line of the bank. Under Selva, Citi was the No. Related stories"The challenge with the Transformation role is you are accountable yet not responsible," the managing director in the Transformation said. Courtesy of CitiBringing in Ryan, the bank's head of technology and business enablement, to help the bank catch up makes sense.

Persons: Jane Fraser, Anand Selva, Selva, Sen, Elizabeth Warren, We've, Fraser, Gonzalo Luchetti, Luchetti, Kathleen Martin, Martin, Mike Mayo, Tim Ryan, Mayo, Vernon Yuen, Adora Tidalgo, Anand, Jim O'Donnell, Win McNamee, Andy Sieg, Tidalgo, Phil Waxelbaum, Jeffrey Warren, Ryan, Warren, Ashutosh Nawani, Japan Mehta, Mehta, Nawani, Tom Williams, Timothy Coffey, Janney Montgomery Scott, they've, Stephen Biggar Organizations: Citigroup, Citi, Federal Reserve, Currency, OCC, Business, underperformance, BI, Citi ., Coimbatore Institute of Technology, Madurai Kamaraj University, Asia Pacific, divesting, Employees, Merrill Wealth Management, PricewaterhouseCoopers, Russell Reynolds Associates, Securities, Exchange Commission, Bloomberg, Getty, Argus Research Locations: Selva, Chennai, India, Asia, who's, Wells, Madurai, Coimbatore, China, Singapore, New York, Fraser, Europe, Ryan

☆ Elon Musk’s X cleared to resume service in Brazil after it obeys court orders
▼ + stars: | 2024-10-09 | by ( Story Reuters | ) edition.cnn.com time to read: +4 min

Brazil’s Supreme Court cleared X to resume service in the country Tuesday, after the social media platform reversed course and started complying with court rulings that billionaire owner Elon Musk had previously vowed to resist. Supreme Court Justice Alexandre de Moraes, who had been locked in a months-long feud with Musk, gave X the green light to resume operations in Latin America’s largest country effective immediately. In the decision, Moraes said X had met all the necessary requirements to start operating again in the country. Moraes, in his Tuesday decision, ruled that Brazil’s telecommunications regulator Anatel must work to allow X to come back online within 24 hours. A new X representative, lawyer Rachel de Oliveira Conceicao, was tapped in late September, when X also said it had started to block accounts ordered by the court.

Persons: Elon Musk, Alexandre de Moraes, Musk, Moraes, X, ”, ” Juscelino Filho, Luiz Inacio Lula da Silva, “, Rachel de Oliveira Conceicao Organizations: Twitter, Global Affairs, Supreme, Meta Locations: Brazil’s, Brazil, Australia, United Kingdom

☆ SpaceX may receive FAA license for next Starship launch in time for Sunday attempt
▼ + stars: | 2024-10-08 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

The Federal Aviation Administration may issue SpaceX its next Starship license in time for a Sunday launch attempt, CNBC has learned. SpaceX and its CEO Elon Musk have been vocally critical of the FAA in recent weeks, urging the federal regulator to speed up its license review for Starship's fifth test flight. As recently as last week, the FAA said it did not expect to issue the license before "late November." Despite the ongoing review, SpaceX issued a statement Monday saying that the fifth Starship spaceflight "could launch as soon as October 13, pending regulatory approval." The FAA will make a licensing determination once SpaceX has met all licensing requirements," the FAA said.

Persons: SpaceX's, Elon Musk, it's Organizations: Boca Chica, Federal Aviation Administration, SpaceX, CNBC, FAA, U.S . Fish, Wildlife Service, and Wildlife Service Locations: Brownsville , Texas, U.S

☆ Tensions rise between banks and tech companies over online fraud liability in the UK
▼ + stars: | 2024-10-07 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Meta is facing calls from U.K. banks and payment firms like Revolut to financially compensate people who fall for scams on their services. Proposals to make tech firms liableTensions have been running high between banks and tech companies for some time. A key ask has been for the tech firms to share more detailed intelligence on how criminals are abusing their platforms. Social media firms not doing enough to combat and remove attempts to defraud internet users was another complaint from regulatory authorities at the event. Jones added that it was tough to "break the inertia" at tech companies to "really get them to get after it."

Persons: Jaap Arriens, it's, Meta, Woody Malouf, Matt Akroyd, Kate Fitzgerald, Rob Jones, Jones Organizations: Nurphoto, Getty, Systems, PSR, Payments Association, Facebook, NatWest, Metro Bank, Financial Times, Labour Party, CNBC, Stewarts, Social, Economic Crime, U.K, National Crime Agency, Tech, Meta, Intelligence Locations: London

☆ Crypto relationship scams pose 'catastrophic harm,' SEC official says. Here's how to avoid them
▼ + stars: | 2024-10-07 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

krisanapong detraphiphat | Moment | Getty ImagesInvestors are at a heightened risk of cryptocurrency scams tied to fake relationships established over social media, dating apps and networking sites, federal officials warn. Last month, the SEC brought its first-ever enforcement actions tied to crypto relationship frauds. Crypto scam losses 'can be huge'Crypto, examples of which includes bitcoin and ethereum, is a digital currency. watch nowThere are "many variations" of crypto investment fraud, but the most prominent last year was the relationship scam, the FBI said. Jules, a victim of a crypto relationship scam, detailed her experience with the crime on a new FINRA podcast.

Persons: krisanapong, Fraudsters, Grewal, CoinW6, Kim Casci, Palangio, Micah Hauptman, Hauptman, Jules, —, Crispin La Valiente Organizations: Finance, FBI, Securities, Exchange Commission's, SEC, LinkedIn, Federal Bureau of Investigation, Consumers, Support, Financial Industry Regulatory Authority, Consumer Federation of America Locations: Seattle

☆ Australian court upholds order for Musk’s X to pay fine over anti-child abuse inquiry
▼ + stars: | 2024-10-04 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +2 min

SYDNEY, Australia — A court in Australia upheld an order on Friday for Elon Musk’s X to pay a fine of 610,500 Australian dollars ($418,000) for failing to cooperate with a regulator’s request for information about anti-child-abuse practices. X did not immediately respond to a request for comment on Friday. This is not the first conflict between Musk and the Australian internet safety regulator. The eSafety Commissioner earlier this year ordered X to remove posts showing a bishop in Australia being stabbed during a sermon. X challenged the order in court on the grounds that a regulator in one country should not decide what internet users viewed around the world, and ultimately kept the posts up after the Australian regulator withdrew its case.

Persons: Elon Musk’s, X, Musk, “, ”, Julie Inman Grant, eSafety Organizations: Federal, Twitter, X Corp, World Locations: SYDNEY, Australia

☆ Google Search's new AI makeover is the latest change the rest of the internet needs to navigate
▼ + stars: | 2024-10-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, Google Search is going to look a whole lot different thanks to generative AI . According to Rhiannon Bell, the vice president of user experience for Google Search, it's a "pretty dramatic shift from where we were before." AdvertisementAnd yes, in case you were wondering if it was coming, Google is going to start putting ads in its AI Search results — but only when Google deems them relevant. Google's new AI-organized search results GoogleSearch's revamp addresses a big concern for the rest of the internet. One survey conducted earlier this year found 60% of people who used Google's AI search found it more effective than non-AI powered Search.

Persons: —, Morgan Stanley, Tyler Le, Hugh Langley, Tech's, Hugh, Rhiannon Bell, Gen, Jenny Chang, Rodriguez, Ned Davis, Kalshi, Andy Jassy F, Carter Smith, Chelsea Jia Feng, Andy Jassy, Marc Andreessen, he's, Alyssa Powell, dockworkers, hasn't, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Business, Service, Costco, Tech, Google, Getty, Ned, Ned Davis Research, CFTC, Bloomberg, Getty Images, Amazon, LinkedIn, YouTube, EU . US Department of Labor Locations: China, San Francisco, EU, New York, London

☆ Online retailer Shein to hold roadshows soon ahead of London IPO, Reuters reports
▼ + stars: | 2024-10-04 | by ( ) www.cnbc.com time to read: +2 min

The logo of fast fashion e-commerce company Shein outside its office in Guangzhou in southern China's Guangdong province. Shein is set to hold informal investor meetings in the coming weeks for its planned London initial public offering, three sources with knowledge of the matter said, pushing ahead with preparations as it awaits U.K. regulatory approval. The China-founded online retailer plans to hold informal roadshows mainly across Europe, one of the sources said, during which an IPO-bound company fields large investors' questions and tests their investment appetite. Shein confidentially filed papers with Britain's markets regulator in early June, kicking off the process for a potential London listing by the company later in the year, Reuters reported in June, citing sources. Shein's preparations for a potential London listing marks a shift from its long-running U.S. IPO plan, which has run into obstacles at home and abroad, Reuters has reported.

Persons: Shein confidentially Organizations: Reuters, Financial, Authority Locations: Guangzhou, China's Guangdong province, Shein, China, Europe, Singapore, York

☆ Digital bank Revolut slams Meta over approach to scams, says tech giant should compensate victims
▼ + stars: | 2024-10-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

British financial technology firm Revolut on Thursday criticized Facebook parent company Meta over its approach to tackling fraud, saying the U.S. tech giant should directly compensate people who fall victim to scams via its social media platforms. In a statement, Woody Malouf, Revolut's head of financial crime, said that Meta's plans to tackle financial fraud on its platforms amount to "baby steps, when what the industry really needs is giant leaps forward." "These platforms share no responsibility in reimbursing victims, and so they have no incentive to do anything about it. Britain's Payments System Regulator had previously recommended a £415,000 maximum compensation amount for fraud victims, but backed down following backlash from banks and payment firms. The fintech firm published a report Thursday alleging that 62% of user-reported fraud on its online banking platform originated from Meta, down from 64% last year.

Persons: Revolut, Woody Malouf, Malouf, Meta, Revolut's Malouf, WhatsApp Organizations: Facebook, Meta, NatWest, Metro Bank, CNBC, Regulator, Consumer Security Locations: U.S, Meta

☆ Goldman-backed Starling Bank hit with $38.5 million fine for financial crime prevention failures
▼ + stars: | 2024-10-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

U.K. financial regulators hit British digital lender Starling Bank with a £29 million ($38.5 million) fine over failings related to its financial crime prevention systems. In a statement on Wednesday, London's Financial Conduct Authority said it had fined Starling "for financial crime failings related to its financial sanctions screening." Starling also repeatedly breached a requirement not to open accounts for high-risk customers, the FCA said. Since then, Starling has reported multiple potential breaches of financial sanctions to relevant authorities, according to the British regulator. The FCA said that Starling has already established programs to remediate the breaches it identified and to enhance its wider financial crime control framework.

Persons: Starling, David Sproul Organizations: Starling, Authority, FCA, Starling Bank Locations: British

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