Money

Australian billionaire launches criminal case against Facebook

Published

4 years ago

February 4, 2022

ticker NEWS

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

France receives lowest credit rating due to crisis

France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability

Published

2 days ago

September 13, 2025

Ahron Young

France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability

In Short:
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.

Fitch Ratings has downgraded France’s credit rating from AA- to A+, the lowest ever recorded, amid ongoing political and fiscal challenges.

The decision comes shortly after Prime Minister François Bayrou was removed in a vote of no confidence regarding his €44 billion austerity plan.

President Emmanuel Macron has appointed Sébastien Lecornu as the new prime minister, marking the fifth leadership change in under two years.

Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.

The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.

Political Instability

The new prime minister faces a divided parliament and must secure budget approval by October 7.

The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.

Money

Trump moves to fast-track removal of Fed governor Lisa Cook

Published

3 days ago

September 12, 2025

ticker NEWS

The White House is set to fast-track a ruling on firing Federal Reserve Governor Lisa Cook, just days before the crucial FOMC meeting.

The move comes as markets reel from surging inflation, weak jobless data, and global currency shifts, raising questions about the Fed’s independence and the stability of policy decisions.

Money

ANZ job cuts spark banking clash

ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.

Published

5 days ago

September 10, 2025

ticker NEWS

ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.

ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.

The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.

#ANZ #Banking #Jobs #Unions #Australia #Economy #TickerNews