Money

Australian billionaire launches criminal case against Facebook

Published

4 years ago

February 4, 2022

An Australian billionaire has launched a criminal case against Facebook, alleging the tech giant failed to prevent scam ads that used his image

Aussie billionaire Andrew Forrest argues Facebook breached Australian anti-money laundering laws over the spread of cryptocurrency cons.

The Australian mining magnate is pursuing criminal proceedings against Facebook alleging the social media giant breached anti-money laundering laws by failing to stop scam advertisements that had been using his image.

Those scam ads allegedly used Forrest’s picture, and also used the pictures of other celebrities, to promote cryptocurrency investment schemes. The scams have appeared on Facebook since March 2019.

Forrest, who is the chairman of Fortescue Metals Group, claims Facebook failed to have sufficient controls or systems in place to stop the site from being used to perpetuate the scams.

The lawsuit will be heard initially in the Western Australia Magistrates’ Court on March 28.

It’s understood to be the first time Facebook has faced criminal charges anywhere in the world.

A separate civil lawsuit in California has also been filed.

Money

US dollar strength hits NZ dollar amid FX market shifts

US dollar rises amid strong US growth; New Zealand faces pressure as traders navigate volatile FX and geopolitical impacts.

Published

3 hours ago

February 20, 2026

Harvey Vargas

US dollar rises amid strong US growth; New Zealand faces pressure as traders navigate volatile FX and geopolitical impacts.

The US dollar is surging as strong economic growth in the United States contrasts with softer conditions in New Zealand. Policy divergence and complex global FX factors are putting pressure on the New Zealand dollar, leaving traders navigating choppy waters.

Steve Gopalan from SkandaFX breaks down how US interest rates are influencing key currency pairs like USD/JPY, and explains why hedging flows are crucial in today’s volatile environment.

We also explore the ripple effects of geopolitical tensions on oil and broader markets, while examining the Australian labour market’s role in shaping the Reserve Bank of Australia’s monetary policy.

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Money

Oil hits seven-month high, and gold surpasses $5,000 amid US-Iran tensions

Oil prices hit seven-month high amid U.S.-Iran tensions; experts analyze impacts on global economy and energy markets.

Published

4 hours ago

February 20, 2026

Harvey Vargas

Oil prices hit seven-month high amid U.S.-Iran tensions; experts analyze impacts on global economy and energy markets.

Oil prices have surged to a seven-month high as escalating tensions between the U.S. and Iran spark fears of global supply disruptions. The Strait of Hormuz remains a flashpoint, with analysts closely monitoring potential military actions that could further strain energy markets.

Investors are reacting to geopolitical uncertainty, with oil markets pricing in heightened risk.

Kyle Rodda from Capital.com joins us to discuss what is driving these record-breaking price movements and the potential implications for the global economy.

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Money

Australian Dollar surges: What $0.70 means for markets

Australian dollar surges 5% to $0.70, impacting importers, exporters, and big miners amid rising interest rates.

Published

2 days ago

February 18, 2026

Harvey Vargas

Australian dollar surges 5% to $0.70, impacting importers, exporters, and big miners amid rising interest rates.

The Australian dollar has jumped more than 5 percent against the U.S. dollar this year, now trading around $0.70. This rapid rise has sparked mixed reactions for importers and exporters as Australia’s materials sector shows signs of bouncing back, despite concerns over rising interest rates.

Dale Gilham from Wealth Within breaks down the factors behind the AUD surge, the implications for commodities, and what it means for big miners like BHP. From profits to strategy, we explore how the market is reacting to this currency shift.

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