Category: Business & Markets

Third-Party Report on TikTok Security Omits Key Details: Cyber Expert

A report commissioned by Chinese social media giant TikTok supposed to dampen its security issues has been criticised by cybersecurity firm Internet 2.0. Robert Potter, head of the firm, said the third-party report, compiled by Prof. Nigel Phair missed vital details. “Certain data access points, such as clipboard access, advertisement ID, and biometric data, have been…


General Mills Issues Flour Recall After Salmonella Discovery

MINNEAPOLIS, Minn.—General Mills has issued a nationwide recall of its bleached and unbleached flour after discovering salmonella during a sampling of a 5-pound (2.3-kilogram) bag. The company is recalling 2-, 5-, and 10-pound (0.9-, 2.3-, and 4.5-kilogram) bags of its Gold Medal Unbleached and Bleached All Purpose Flour with a “better if used by” date…


Threats to Fuel Supply Could Cripple Australia: Australian Defence Minister

Economic coercion from China could cut off Australia’s fuel supplies, crippling the vast country’s food and transport sectors, according to Deputy Prime Minister Richard Marles. Marles, who is also Australia’s defence minister, said that Australia’s exposure to economic coercion is even greater than the risk of invasion, and the potential of such coercion going forward is…


US Government Scrambling to Find Solution to Rescue First Republic Bank

U.S. regulators asked large banks to submit their takeover bids for First Republic Bank (NYSE: FRC) over the weekend, in an effort to rescue the troubled bank. The Federal Deposit Insurance Corp. (FDIC) reportedly held an auction, asking multiple banks to solicit bids for FRC before an afternoon deadline on April 30. As of press time, no…


Long-Term Investment for Industry Flagged for Budget

The federal government will prioritise long-term investment in the upcoming budget, with hints the bottom line will come in better than expected. Industry Minister Ed Husic said the investment would flow to sectors where it was needed. It includes science and technology, with $60 million (US$39 million)to go towards Canberra’s iconic Questacon. Husic said interest…


China Factory Activity Shrinks in April, Signaling Recovery Concerns

BEIJING—China’s manufacturing activity shrank in April, official data showed on Sunday, raising pressure on policymakers seeking to boost an economy struggling for a post-COVID lift-off amid subdued global demand and persistent property weakness. The official manufacturing purchasing managers’ index (PMI) declined to 49.2 from 51.9 in March, according to data from the National Bureau of…


Influencer Posts Found to Be 81 Percent Misleading, Australian Regulator Says

A new report by the competition regulator reveals that many Australian social media influencers’ posts have been found to be potentially misleading. The Australian Competition and Consumer Commission (ACCC) noted in its March 2023 Digital Platforms Services Inquiry report (pdf), released on April 28, that a range of potentially harmful practices occurred to consumers and…


California, New York, Illinois Biggest Losers Amid Exodus to Low-Tax States: IRS

The latest tax migration data from the Internal Revenue Service (IRS) shows that the exodus of taxpayers from high-tax states continued from 2020 to 2021, with California, New York, and Illinois again suffering some of the nation’s biggest losses of people and money. California’s tax base shrank by nearly $29.1 billion as the Golden State…


Toyota-Affiliate Daihatsu Rigged Safety Test for 88,000 Cars

TOKYO—Toyota Motor Corp. affiliate Daihatsu rigged part of the door in side-collision safety tests carried out for some 88,000 small cars, most of which were sold under the Toyota brand, the companies said on Friday. They said the door trim on the affected vehicles had been modified with a “notch” to minimize the risk in…


Media Publishers Could Charge Users Based on Article Click Soon: Elon Musk

Media publishers could charge users based on article click as soon as next month, Twitter Inc. CEO Elon Musk announced on Saturday. “Rolling out next month, this platform will allow media publishers to charge users on a per article basis with one click,” the billionaire stated in a Twitter post. The purpose of the new…