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‘Radical reduction’ – Russia promises reduction of military around Kyiv

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The first round of peace talks between Russia and Ukraine in over two weeks have wrapped up as Moscow promises to scale back its assault on Kyiv

The steps discussed at the meeting was one of the first signs so far that progress is being made towards peace, but Western officials stress caution.

US Secretary of State Antony Blinken says there is a distinct difference between what Russia says it will do and what actually happens.

While in Britain, UK Prime Minister Boris Johnson says he will wait to see how Moscow moves forward before making any judgement.

Ukraine has also proposed adopting a neutral status during the talks, which took place in Turkey’s capital of Istanbul.

Russia’s deputy defence minister says the decision to reduce military activity in Kyiv was made “to increase mutual trust and create the necessary conditions for further negotiations” in the hope of signing a peace agreement.

Putin’s assault of Ukraine has been confronted by strong Ukrainian resistance, with Ukraine’s military recapturing territory… as many civilians remain trapped in besieged cities, like Mariupol.

This is vastly different to the scenes the world witnessed during Russia’s 2014 annexation of Crimea.

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OpenAI rejects Musk’s $97.4 billion takeover bid

OpenAI’s Sam Altman rejects Musk’s $97.4 billion bid, calling it competitive, as tensions rise with conflicting interests.

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OpenAI’s Sam Altman rejects Musk’s $97.4 billion bid, calling it competitive, as tensions rise with conflicting interests.

In Short

OpenAI has rejected Elon Musk’s $97.4 billion takeover bid, viewing it as a competitive strategy. The company’s CEO, Sam Altman, and its board members, including Bret Taylor, have ongoing rivalries with Musk amid broader industry dynamics.

OpenAI has officially rejected Elon Musk’s $97.4 billion takeover bid.

Sam Altman, CEO of OpenAI, described Musk’s offer as a competitive strategy rather than a genuine acquisition attempt.

The board of OpenAI, which manages both its nonprofit and for-profit sectors, has not received any formal communication regarding the bid from Musk.

Currently, OpenAI is in the process of raising a funding round that could elevate its valuation to $300 billion, nearly double its previous worth.

A notable point of contention arises from Bret Taylor, former chairman of Twitter, who now oversees OpenAI’s board and has previously had disagreements with Musk over the Twitter acquisition.

In response to the takeover bid, Altman light-heartedly remarked on social media: “No thank you, but we’ll buy Twitter for $9.74 billion if you want.”

This exchange highlights ongoing rivalries in the tech sector and the strategic manoeuvres of influential figures like Musk and Altman.

As the landscape continues to evolve, it remains to be seen how these developments will impact both OpenAI and Musk’s future endeavours.

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Rising Ticketmaster scams: how to protect yourself from fraud

Rising cyber scams target Ticketmaster users, exploiting emotional connections; experts advise on protective measures against fraud.

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Rising cyber scams target Ticketmaster users and exploiting emotional connections.

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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