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Kamala and Walz take centre stage at rally event

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Kamala Harris picks Minnesota Governor Tim Walz as her running mate.

In Short

Cyber scams targeting Ticketmaster users are on the rise, exploiting emotions and rushing fans into poor decisions. To avoid falling victim, individuals should verify offers, access official websites, and enhance security with measures like two-factor authentication.

Cyber scams targeting Ticketmaster users are increasing, causing significant vulnerability to fraud.

The rise of these scams is linked to three vulnerabilities: emotional connections to performances, reliance on digital platforms, and ease of access to scams.

Scammers exploit the fear of missing out (FOMO), particularly during high-demand events like Taylor Swift’s concerts.

Fans often rush into purchasing tickets without verifying the legitimacy of the offers, leading to poor decision-making.

If someone falls victim to a scam, their recourse is limited, often relying on Ticketmaster or other platforms for support.

Many fraudulent websites mimic legitimate ticket sellers, tricking users into entering personal information.

To avoid falling for scams, individuals should take their time, scrutinise offers, and ensure they access official websites directly.

Steve Tcherchian, Chief Product Officer and Chief Information Security Officer at XYPRO joins to discuss how to counter these cyber attacks.

Implementing two-factor authentication on ticketing platforms provides an additional layer of security.

While there are no guarantees to stop scams, ticket platforms must enhance their security measures.

Issues with customer service and support during scams can exacerbate the situation for victims.

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Man of Steel? What do the new Trump steel tariffs mean for Australia and the world?

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On his return to the White House, candidate Donald Trump campaigned on a 60 per cent tariff on all Chinese goods, and also flagged an across the board rise of 10 per cent for every other country.

Now reality has set in with President Trump imposing tariffs by executive order. Tariffs are, as British economist Joan Robinson once said, “Like putting rocks in your own harbour” but Trump believes they are politically popular, especially in blue-collar working-class areas that voted for him in record numbers, eschewing the Democrats.

But there have been surprises. President Trump almost as soon as he came to office for a second time, imposed a 25 per cent on US allies, trading partners and neighbours Canada and Mexico, but only 10 per cent for Trump’s usual target, China. Trump linked the tariff rises to illegal immigration and fentanyl (a drug thought to be smuggled from China and India to Canada and Mexico and then across the border into the United States). But after conversations with Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau, the tariffs were ‘paused’ after both Mexico and Canada agreed to increase resources to help stem the flow of illegal immigrants and drugs from their side of the border.

Similarly, in the case of Colombia, illegal Colombian immigrants were flown back to Bogota from the USA, and the tariffs on Colombian coffee were also rescinded.

Steel tariffs

Now, steel and aluminium have been flagged by President Trump, as he flew on Air Force One to the Superbowl after a round of golf with Tiger Woods. Trump announced 25 per cent on steel, and aluminium across the board to attempt to return the US steel industry to its glory days. With steel country, in states like Pennsylvania being crucial to Trump’s electoral revival no wonder steel is a focus for the Trump 2.0 administration.

This caused shockwaves around the world, including Australia that exports steel and aluminium to the USA. However, it shouldn’t be much of a surprise given Trump clearly campaigned on tariffs for key manufacturing sectors and US industries like steel that he wanted to ‘make great again’.

Whilst most of Australia exports go to China and the rest of Asia now, the USA still an important economic partner, in investment at least as much as trade. And of course, we Australia has a strong alliance with the USA, AUKUS and the Australia USA free trade agreement (AUSFTA) which was meant to be ‘celebrating’ its 20th anniversary this year.

Australian exemption

But will Australia receive an exemption? In the last Trump administration, they were granted an exemption on 25 per cent steel tariffs and 10 per cent on aluminium. We got an exemption last time this happened, can we get an exemption again?

One reason for the exemption is that Australian steel giant BlueScope actually has much of its production in the USA. In fact, it’s share price rose on the back of the Trump announcement. Other players like Rio Tinto also has a North American presence. But regardless, the impact on iron ore exporters selling to China would be badly impacted by a global tariff on steel. Similarly, aluminium exporters like Alcoa, would have to divert its exports between Australia and North America depending on when and where the tariffs are imposed.

Last time the Australian Ambassador was Joe Hockey, this time it’s Kevin Rudd. Rudd’s knowledge of China is certainly useful around Washington, but will he be able facilitate concessions from an emboldened and confident Trump administration? Or can Prime Minister Albanese do so in direct discussions? Let’s hope so for the sake of the American and Australian worker, consumer, and manufacturing sectors.

 *Tim Harcourt is Industry Professor and Chief Economist at IPPG, at the University of Technology Sydney (UTS) and host of The Airport Economist channel on Ticker News:

 https://tickernews.co/shows/airporteconomist/

Tim is also a former Chief Economist of the Australian Trade Commission (Austrade).

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Musk’s $97.4 billion bid complicates OpenAI’s future plans

Elon Musk’s group bids $97.4 billion for OpenAI, complicating Sam Altman’s plans to transition it to a for-profit entity.

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Elon Musk’s group bids $97.4 billion for OpenAI, complicating Sam Altman’s plans to transition it to a for-profit entity.

In Short

Elon Musk has made a $97.4 billion unsolicited bid for the nonprofit controlling OpenAI, complicating CEO Sam Altman’s plans to turn it into a for-profit entity. This bid intensifies the conflict between Musk and Altman over OpenAI’s future direction, with Musk advocating for a return to its open-source mission.

This offer intensifies the ongoing dispute between Musk and Altman regarding the future direction of OpenAI, the organisation behind ChatGPT. Musk advocates for a return to OpenAI’s initial open-source mission, while Altman aims to invest heavily in AI infrastructure through a project named Stargate.

Musk’s offer raises concerns over the valuation of the nonprofit during its transformation, potentially granting Musk significant influence over the new for-profit structure. Support for Musk’s bid comes from his AI company xAI and various investment firms.

Musk has also filed legal complaints, claiming OpenAI has strayed from its charitable roots by creating a for-profit subsidiary and collaborating with Microsoft. In response, OpenAI rejected Musk’s criticisms, asserting that the nonprofit will be fairly compensated.

Musk’s legal team is pushing for an appraisal of the charity’s assets as the shift to a for-profit model progresses, while OpenAI has plans to finalise this transition by late 2026, following substantial funding rounds.

Despite Musk’s influence and resources, challenges remain, including opposition from rival Meta Platforms and ongoing negotiations with Microsoft and others regarding equity in the new venture. Meanwhile, OpenAI is seeking further investments amid the uncertainty created by Musk’s bid.

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