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Liz Truss forced to admit wrongdoing

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Liz Truss forced

Liz Truss forced to admit wrongdoing as UK economy tanks

Liz Truss forced to admit wrongdoing for her government’s so-called “mini budget”.

On Friday, the UK prime minister announced taxes will be cut by 45 billion pounds, in a bid to get the nation’s economy moving again.

The package will see the highest rate of income tax for top earners slashed from 45 per cent to 40 per cent.

It will also see a big increase in government borrowing to lower energy prices for millions of struggling residents and businesses.

The announcement saw the cost of government borrowing jump and mortgage rates spike in the UK, with the pound also tumbling to historic lows.

Truss concedes her government “should have laid the ground better”, before setting out its plan to cut taxes.

“I’ve learned from that, and I’ll make sure I’ll do a better job of laying the ground in the future,” Truss said.

Speaking to the BBC, Truss wanted to tell people that she “understands their worries about what happened this week”, adding “I stand by the package we announced and I stand by the fact we announced it quickly.”

“We’re not living in a perfect world, we are living in a very difficult world, where governments around the world are taking tough decisions,” Truss said.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

Business

Billionaire boss pays for staff holiday to Disney

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The happiest place on earth became home to the happiest staff on earth after a boss paid for a company break

Ken Griffin is the billionaire boss who booked out an entire Disney World for his staff to cap off a successful year.

Mr Griffin is the Chief Executive at Citadel LLC—a multinational hedge fund and financial services company.

He paid for his staff to visit Walt Disney World in Florida for an all-inclusive weekend away.

“We have built the most extraordinary team not only in our history, but also in the history of finance,” he said.

Around 10,000 people attended the three-day celebrations, including families of Griffin’s staff.

He paid for airfares, hotels, parking tickets, meals and entry into the happiest place on earth.

According to The New York Post, the mega-rich boss said the company has lot to look forward to.

“We have an incredible future ahead of us—and I look forward to the chapters yet to be written.”

A range of musical acts also performed, including Coldplay, Carly Rae Jepsen and DJ Diplo, as part of the weekend of celebrations.

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How did Musk lose his title as the world’s richest person?

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Elon Musk has briefly lost his title as the world’s richest person

This is all following a steep drop in the value of his stake in Tesla and his $44 billion purchase of Twitter.

Bernard Arnault, the CEO of LVMH, which includes luxury brands such as Louis Vuitton, briefly took over the title, with a personal wealth of $185 billion.

Musk has held the top position since late 2021, but has seen his wealth drop, as Tesla investors are worried that he is focused more on Twitter than the electric vehicle company.

Tesla has lost nearly half of its market value and Musk’s value has fallen approximately $70 billion since he made a bid for Twitter back in April.

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Europe plans to bar Meta from using your personal data 

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Europe plans

Europe plans to bar Meta from using your personal data in major ruling

Meta will require permission from its users to serve advertisements based on their personal data, if a confidential EU privacy body has its way.

The European Data Protection Board (EDPB) has issued the agency that overseas Meta one month to issue the ruling.

This is yet another blow for Meta. The company makes around 98% of its revenue from advertising, equating to $27.16 billion in the third quarter of 2022 alone.

Meta attracts advertisers due to its ability to specifically target users based on their geographical location, age, and interests. But the company has been forced to reduce a number of its targeting options recently.

This is to avoid advertisers from targeting users based on sexual orientation, health, religion, and a number of other personal characteristics.

But this recent move from the EDPB is just another blow for the social media giant. The company also having to weather Apple’s iOS 14 update that allowed users to opt out of off app tracking, further reducing the ability for advertisers to specifically target individuals with ads.

Providing users with further control over their personal data is another evolution in the data rights discussion. The issues has been raised in various articles and documentaries, including The Great Hack

If passed, Meta users will once again be faced with the million-dollar question. Would they prefer tailored ads or ads that may not be relevant?

While regulations around data privacy will continue to evolve, advertising will never cease. This is particularly true for Meta, which relies on advertising revenue for its existence.

By Dr Karen Sutherland, University of the Sunshine Coast and Dharana Digital 

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