Australia’s online safety regulator is investigating Meta Platforms Inc. , Snap Inc. , TikTok and YouTube for potentially failing to comply with the country’s social media ban for under-16s, in the first formal assessment of Big Tech’s response to the world-first crackdown. In its first compliance report on Tuesday, eSafety said it has “significant concerns” about the platforms’ adherence to the l...
Australia’s online safety regulator is investigating Meta Platforms Inc. , Snap Inc. , TikTok and YouTube for potentially failing to comply with the country’s social media ban for under-16s, in the first formal assessment of Big Tech’s response to the world-first crackdown. In its first compliance report on Tuesday, eSafety said it has “significant concerns” about the platforms’ adherence to the law, and major gaps remain in their policing measures. There aren’t enough safeguards to stop under-16s creating new accounts, while some platforms are allowing underage kids to repeatedly attempt the same age-check methods until they’re successful, the regulator said. The law took effect Dec. 10, 2025. The assessment opens the door to fines of as much as A$49.5 million ($34 million), and eSafety said it has started gathering evidence for possible action. The report underlines concerns that children are finding ways to get around age checks, and that technology firms are reluctant to stop them. Read More: Australia’s Social Media Ban Meets a Wave of Teen Workarounds The report comes just days after Meta and Alphabet Inc.’s Google were found liable for a 20-year-old US woman’s mental health struggles, which she said were caused by her addiction to social media, and ordered to pay damages. The verdict has raised concerns social media companies are facing a ‘ Big Tobacco ’ moment — a potential crack in their shield from legal responsibility for what happens on their platforms. ESafety said it’s aiming to finalize at least some of its probes and decide on any enforcement action by the middle of the year. It’s investigating Facebook and Instagram — both owned by Meta — Snapchat, TikTok and Google-owned YouTube, it said. “These platforms have the capability to comply today and we certainly expect companies operating in Australia to comply with our safety laws,” eSafety Commissioner Julie Inman Grant said in a statement. “They can choose to do so or face escalating consequences, in...
Oil pushed higher after US President Donald Trump threatened an escalation of hostilities against Iran, raising fears the war is far from abating and global markets are poised for further chaos. West Texas Intermediate rose as much as 2.3% to $105.21 a barrel after closing at the highest level since 2022 on Monday. Trump said in a social media post that the US will blow up electricity plants, oil ...
Oil pushed higher after US President Donald Trump threatened an escalation of hostilities against Iran, raising fears the war is far from abating and global markets are poised for further chaos. West Texas Intermediate rose as much as 2.3% to $105.21 a barrel after closing at the highest level since 2022 on Monday. Trump said in a social media post that the US will blow up electricity plants, oil facilities and “possibly” desalination infrastructure if Iran doesn’t re-open the Strait of Hormuz. The war has effectively closed the crucial waterway to shipping, choking off supplies of crude, natural gas and products such as diesel from global markets and driving prices higher. Despite Trump regularly saying a deal with Iran is imminent, the US has sent more troops to the region as the conflict in the Middle East extends into its fifth week. “The tone remains one step forward, five steps back on any off-ramp,” said Rebecca Babin , a senior energy trader at CIBC Private Wealth Group. “With 10–12 million barrels per day still effectively missing from the market, buffers are fading and talking crude lower is becoming less effective.” Iran-backed Houthis in Yemen entered the war over the weekend by attacking Israel with missiles, and Tehran is pushing the militants to prepare for a renewed campaign against Red Sea shipping . That could threaten oil supplies from alternative routes outside Hormuz, such as Saudi Arabia’s Yanbu. To get Bloomberg’s Energy Daily newsletter in your inbox, click here . WTI for May delivery rose 1.9% to $104.88 a barrel at 6:13 a.m. in Singapore. Brent for May settlement closed 0.2% higher at $112.78 a barrel on Monday. The more-active June contact added 2% to $107.39
Good morning. Today, the economic and financial fallout from the Iran war intensifies as the conflict endures. Interest rates in Australia could reach the highest since 2008 , as the central bank continues to hike, according to the latest forecast from Westpac. The forecast shows how aggressively the RBA may have to act to stymie rising prices across the economy caused by higher energy costs as th...
Good morning. Today, the economic and financial fallout from the Iran war intensifies as the conflict endures. Interest rates in Australia could reach the highest since 2008 , as the central bank continues to hike, according to the latest forecast from Westpac. The forecast shows how aggressively the RBA may have to act to stymie rising prices across the economy caused by higher energy costs as the Iran war grinds on. Still, fuel prices should come down from tomorrow, as the government temporarily cuts its tax on petrol. Meanwhile, Colonial First State is trying to get ahead of rising inflation by focusing on floating-rate debt, including private credit, which can partly insulate the portfolio from higher interest rates. — Richard Henderson, cross-asset reporter What’s happening now Canberra is halving its tax on fuel to relieve the pressure of higher energy prices on consumers. The levy on gasoline and diesel will be cut by about 26 Australian cents ($0.18) per liter from Wednesday, Prime Minister Anthony Albanese said. The Reserve Bank of Australia will likely raise interest rates three more times this year to deal with rising inflation, according to the latest forecast from Westpac. Such a scenario would bring the RBA’s benchmark rate to 4.85% — the highest since 2008 — and underscores the challenge to tame rising prices for the central bank. E-cigarettes are likely to cause cancer . That’s among the findings of a sweeping review of scientific evidence published on Monday that challenges their positioning as a safer alternative to smoking. “Considering all the findings — from clinical monitoring, animal studies and mechanistic data — e-cigarettes are likely to cause lung cancer and oral cancer,” said Bernard Stewart, a cancer researcher at Sydney’s University of New South Wales, who led the study. Colonial First State is looking to floating-rate debt to fortify its A$179 billion portfolio from the prospect of slowing growth and rising inflation caused by higher e...
John M. Chase RTX BBN Technologies, a Raytheon ( RTX ) unit, secured a $125M contract to provide simulation and optimization tools for joint deployment and distribution analysis. The performance period runs from April 1, 2026, to March 31, 2031. Working capital funds for FY2026 will be used for individual task orders, with the U.S. Transportation Command as the contracting activity. More on RTX Co...
John M. Chase RTX BBN Technologies, a Raytheon ( RTX ) unit, secured a $125M contract to provide simulation and optimization tools for joint deployment and distribution analysis. The performance period runs from April 1, 2026, to March 31, 2031. Working capital funds for FY2026 will be used for individual task orders, with the U.S. Transportation Command as the contracting activity. More on RTX Corporation RTX Corporation (RTX) Stock Analysis: 36 Years Of Dividends Vs. Quant "Hold" | 2-Minute Analysis RTX Corp.: America's Missiles Shortage Changes Everything For The Stock RTX Corporation: Quadrupling Missile Production Could Drive Further Upside RTX wins $3.81B U.S. Navy F-135 engine production contract modification Startups race to build cheaper missiles as drone warfare changes economics of war
Iren (NASDAQ:IREN) , data center and Bitcoin miner, closed Monday at $31.62, down 9.89%. The stock fell during the regular session as traders reacted to heightened volatility, weaker Bitcoin (CRYPTO:BTC) prices, and rising concerns about short interest, potential dilution, and the company’s aggressive AI GPU expansion strategy, which investors are watching for clearer profitability and funding vis...
Iren (NASDAQ:IREN) , data center and Bitcoin miner, closed Monday at $31.62, down 9.89%. The stock fell during the regular session as traders reacted to heightened volatility, weaker Bitcoin (CRYPTO:BTC) prices, and rising concerns about short interest, potential dilution, and the company’s aggressive AI GPU expansion strategy, which investors are watching for clearer profitability and funding visibility. The company’s trading volume reached 41.3 million shares, coming in nearly 7.8% above compared with its three-month average of 38.3 million shares. Iren went public in 2021 and has grown 29% since its IPO. The S&P 500 (SNPINDEX:^GSPC) slipped 0.39% to 6,343.72, while the Nasdaq Composite (NASDAQINDEX:^IXIC) declined 0.73% to finish at 20,794.64. Among data center and bitcoin mining peers, Riot Platforms (NASDAQ:RIOT) closed at $11.83 (-7.58%) and Mara Holdings (NASDAQ:MARA) ended at $7.80 (-2.81%), reflecting broader pressure on the group. Continue reading
Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are Glenmede’s Jason Pride, CIBC Private Wealth’s Rebecca Babin, Niles Investment Management Founder Dan Niles, Wealth Enhancement’s Ayako Yoshioka, Schwab Center for Financial Research’s Collin Martin, Former Kansas City Fed Pres...
Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are Glenmede’s Jason Pride, CIBC Private Wealth’s Rebecca Babin, Niles Investment Management Founder Dan Niles, Wealth Enhancement’s Ayako Yoshioka, Schwab Center for Financial Research’s Collin Martin, Former Kansas City Fed President Esther George, Teneo’s Kevin Kajiwara, & Former Senior Iran Advisor to President Obama Puneet Talwar. (Source: Bloomberg)
Alones Creative/iStock via Getty Images Elevator Pitch I think Exxon Mobil Corporation ( XOM ) is seeing some powerful growth catalysts: Upstream O&G is the major driver of Exxon Mobil's earnings. Escalating Iran war tensions provide a favorable backdrop for oil prices. Production volumes can grow rapidly from low-cost upstream assets. XOM stock is valued richly vs. peers. Don't fight the clear an...
Alones Creative/iStock via Getty Images Elevator Pitch I think Exxon Mobil Corporation ( XOM ) is seeing some powerful growth catalysts: Upstream O&G is the major driver of Exxon Mobil's earnings. Escalating Iran war tensions provide a favorable backdrop for oil prices. Production volumes can grow rapidly from low-cost upstream assets. XOM stock is valued richly vs. peers. Don't fight the clear and powerful uptrend. Upstream O&G Is the Major Driver of Exxon Mobil's Earnings Exxon Mobil operates in 4 key segments: Upstream: Exploration, production, and sale of oil, natural gas, and LNG . Energy Products: Refining crude oil derivatives and selling fuels such as gasoline, diesel, and jet fuel. Chemical Products: Using hydrocarbons to make and sell petrochemicals such as plastics. Specialty Products: Similar to chemical products but making more specialized materials such as industrial lubricants and greases. My thesis is focused on the upstream segment. I want to highlight that this is the most important piece for Exxon Mobil's earnings, as it makes up on average around 65% of GAAP segmental earnings: Upstream worldwide mix of segmental earnings (GAAP) (Company Filings, HA Analysis) Escalating Iran War Tensions Provide a Favorable Backdrop for Oil Prices The Iran war is escalating as the U.S. is getting closer to deploying troops on the ground to potentially safeguard the Strait of Hormuz (a key blockaded chokepoint through which 20% of global oil supply passes), seize Kharg Island (a key Iranian military site and export terminal), or conduct operations against Iran's uranium site in Isfahan to reduce the country's nuclear threat. Already, 3,500 U.S. troops have arrived in the Middle East, and Iranian Parliamentary Speaker Mohammad Bagher Ghalibaf's rhetoric is... aggressive, to put it mildly. For the global oil markets, the Strait of Hormuz blockade is the most critical element. Here's some perspective on the scale of the supply shortage this is creating: A simple back...
Sun Life Financial Inc. paid more than C$2 billion ($1.4 billion) to complete its stakes in two investment managers as the Canadian life insurer makes a bigger push into the asset management space. Sun Life said on Monday it bought the 49% it didn’t own of alternative credit investment firm Crescent Capital Group for C$829 million, and paid C$1.6 billion for the remaining 44% interest in BGO, a re...
Sun Life Financial Inc. paid more than C$2 billion ($1.4 billion) to complete its stakes in two investment managers as the Canadian life insurer makes a bigger push into the asset management space. Sun Life said on Monday it bought the 49% it didn’t own of alternative credit investment firm Crescent Capital Group for C$829 million, and paid C$1.6 billion for the remaining 44% interest in BGO, a real estate investment adviser. These transactions were funded with debt raised in 2025, Sun Life said in its statement. The deals resolve outstanding liabilities on Sun Life’s financial statements totaling C$2.24 billion at the end of last year, according to its annual report. The insurer formed BGO in July 2019 after merging Bentall Kennedy with real estate investor GreenOak. BGO and Crescent generated a combined C$4.2 billion in fee-related revenue for Sun Life between 2021 and 2025. The transactions add to Sun Life’s asset management business, SLC Management, which currently oversees C$260 billion in third-party assets. In a separate deal, Sun Life said it will acquire Bell Partners, a US multifamily real estate investment firm for $350 million — at least three-quarters of which will be payable in Sun Life shares.
Fermi (NASDAQ:FRMI), developer of energy infrastructure for AI data centers, closed Monday at $5.36, down 13.27%. The stock moved lower after wider-than-expected inaugural losses, a lack of tenant progress for its flagship AI project, and continued focus on when it might secure l
Fermi (NASDAQ:FRMI), developer of energy infrastructure for AI data centers, closed Monday at $5.36, down 13.27%. The stock moved lower after wider-than-expected inaugural losses, a lack of tenant progress for its flagship AI project, and continued focus on when it might secure l
The Assisted Suicide Of Lofty State And Local Taxes Authored by Rob Arnott via RealClearPolitics , We get the government we choose to elect, hence the government we deserve . Voting for ever-higher punitive taxes on the rich is arguably a form of civic suicide. Consider that a wealthy New Yorker can get a raise of almost 40% just by moving . That’s right. If moving eliminates a 14.8% top state and...
The Assisted Suicide Of Lofty State And Local Taxes Authored by Rob Arnott via RealClearPolitics , We get the government we choose to elect, hence the government we deserve . Voting for ever-higher punitive taxes on the rich is arguably a form of civic suicide. Consider that a wealthy New Yorker can get a raise of almost 40% just by moving . That’s right. If moving eliminates a 14.8% top state and local tax rate, our top-tier taxpayer gets a 36% raise, not a 14.8% raise, by leaving. It’s doubtful if any of our city and state leaders have done this math, but it’s shocking. Mamdani wants to take the top rate up another 2%, if not by the state then by the city, which would mean that our rich neighbor can get a 42% raise. Here’s how the math works . A rich New Yorker pays a maximum state and city income tax of 14.8%, on top of a maximum federal tax of 37%. But there are hidden taxes. Uncapped Medicare and Medicaid taxes push the marginal federal tax to 39.4%. If the income is earned on investments, the Net Investment Income Tax (NIIT, another gift from Obamacare) adds another 3.8%, pushing the top federal tax above 43%. So, top-tier New York taxpayers may soon pay a marginal tax of 43% to the IRS and 17% to the city and state of New York . The combined 60% marginal tax rates mean they have the privilege of keeping 40 cents of each new dollar they earn. A move to one of the nine states with no income tax allows our taxpayer to keep 57% of every additional dollar of income, instead of 40%. Do the math. That’s a 42% raise. Forget the argument about “paying their fair share.” “Fair” is an entirely subjective term. Your fair share of someone else’s money might be seen as a ripoff by them, especially if the money is spent less wisely than we might spend our own money. If you are rich and believe you’ve earned your money, will you consider leaving a state for a permanent 40% raise? Of course. This is hardly a phenomenon unique to New York. California’s headline top rate of 13....