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- ☕️ Online Accountability
☕️ Online Accountability
Zuckerberg cops a hiding over online safety for children.
Just hours before a who’s-who of tech CEOs appeared before the US Senate to testify on protecting children from online harm, Congress released documents showing that Meta’s Mark Zuckerberg rejected requests from top leadership to expand teams overseeing child safety and well-being. Emails from then vice president of global affairs, Nick Clegg, in 2021, read that politicians are “expressing concerns about the impact of our products on young people’s mental health.” During the hearing, Zuckerberg apologised to parents of children who have died or suffered emotional damage as a result of social media.
Meta is expected to deliver robust Q4 2023 earnings later tonight, with all eyes focused on whether its AI efforts will deliver where other tech stocks have failed.
ASX as at market close. Commodities and crypto in USD.
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Weebit Nano shares plunged almost 10% during trading on Wednesday, sliding to $3.48, after posting disappointing revenue numbers in its Q2 FY24 quarterly report. The semiconductor company generated its first IP licensing revenues for its ReRAM product during the quarter, but is also facing delays around signing its first customer agreements. Management remains positive and is continuing to invest in building out operations, spending $10.5 million on R&D during the quarter.
The quick sync
US Federal Reserve holds interest rates at 23-year high, confirms it will not cut rates until officials are more confident on trajectory of inflation. (Financial Times)
Albanese’s battle over the Stage 3 tax cuts reversal will be won and lost in the suburbs ahead of the next election (Capital Brief)
Novo Nordisk eclipses US$500b market value on the back of blockbuster Wegovy demand. (Bloomberg)
Investors penalise tech giants as AI returns fail to meet high expectations. (Reuters)
Canva is not in a hurry to IPO after its $2.3b share sale. (The Australian)
Bank of America cuts lithium price forecasts for 2024-2025, signalling further pain for the embattled metals sector. (AFR)
Despite reining-in inflation, Australia’s interest rate cuts are still on the distant horizon. (Capital Brief)
The Federal Treasury is increasing scrutiny on family trust vehicles which deliver income of almost $60b to 1.7m Australians. (AFR)
How former MaqBank exec Ivan Power plans to revive manufacturing through the $15b National Reconstruction Fund. (AFR)
IFM Investors conducts due diligence for ISPT acquisition. (The Australian)
Geoff Wilson's WAM Leaders eyes acquisition of QV Equities to push market cap toward $2b. (BNA)
Kardashian-backed Dose & Co seeks global buyers to expand ingestibles beauty market presence. (AFR)
Centennial, Parkstone acquire Hinkler Central shopping centre for $107m. (BNA)
Quadrant nears sale of Superior Food Group with Metcash in lead. (AFR)
Litchfield Minerals’ team is meeting with fund managers in preparation for its IPO led by Alpine Capital. (AFR)
Bubs Australia boosts production in response to surge in US demand. (BNA)
Tom Waterhouse is prowling for potential backers to top up his fund, Waterhouse VC. (AFR)
Bombora Investment Management freezes redemptions amid market challenges. (AFR)
Sources claim Godfreys, reportedly losing about $20m per quarter before it entered administration, owes no money to third-party lenders. (The Australian)
AirTree Ventures adds Silicon Valley experience with new partner Kell Reilly, formerly of General Atlantic. (AFR)
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