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Tesla hits speed bump with huge vehicle recall

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Tesla forced to recall more than a quarter of a million electric vehicles in China over safety concerns.

Tesla is recalling more than a quarter of a million Model 3 and Model Y sedans built in China over safety concerns around the ‘cruise control’ feature.

The huge recall amounts to the majority of Tesla vehicles cars produced and sold in the country. Most of the affected Model 3 and Model Y vehicles were from Tesla’s Shanghai plant.

Cruise control safety concerns

China’s market regulator says the vehicles’ cruise control systems could be accidentally activated, causing them to speed up unexpectedly.

However, the recall doesn’t necessarily mean any of the affected vehicles will actually need to physically go to a service centre for repairs.

Rather, owners can upgrade their vehicles’ cruise control systems software remotely, similar to a phone update.

https://twitter.com/kimpaquette/status/1408775734777335811?s=20

Tesla’s market in China

Tesla posted an apology to its page on Weibo, a popular social media platform in China.

CEO Elon Musk also posted Weibo on Saturday, “Safety is our primary goal in designing Tesla.”

China is the largest new car market in the world and the largest market for all-electric vehicles. Ives has called the country the “linchpin” of Tesla’s growth story. He calculates that China will account for 40% of Tesla deliveries by next year.

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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.

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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


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1 in 8 households don’t have the money to buy enough food

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Katherine Kent, University of Wollongong

Around one in eight (1.3 million) Australian households experienced food insecurity in 2023. This means they didn’t always have enough money to buy the amount or quality of food they needed for an active and healthy life.

The data, released on Friday by the Australian Bureau of Statistics (ABS), show food insecurity is now a mainstream public health and equity challenge.

When funds are tight, food budgets suffer

The main driver of food insecurity in Australia is financial pressure.

Housing costs and energy bills expenses consume much of household income, leaving food as the most flexible part of the budget.

When money runs short, families cut back on groceries, buy cheaper but less nutritious food, skip meals, or rely on food charities.

These strategies come at the expense of nutrition, health and wellbeing.

Inflation has added further pressure. The cost of food has risen substantially over the past two years, with groceries for a family of four costing around $1,000 per fortnight.

Who is most affected?

Not all households are affected equally. Single parents face the highest rates of food insecurity, with one in three (34%) struggling to afford enough food.

Families with children are more vulnerable (16%) than those without (8%).

Group households, often made up of students or young workers, are also heavily affected at 28%.

Rates are even higher for Aboriginal and Torres Strait Islander households, where 41% report food insecurity.

Income remains a defining factor. Nearly one in four (23.2% of) households in the lowest income bracket experience food insecurity, compared with just 3.6% in the highest.

These headline numbers are only part of the story. Past research shows higher risks of food insecurity for some other groups:

While the ABS survey can not provide local breakdowns, it will also be important to know which states and territories have higher rates of food insecurity, to better inform state-level responses.

What are the impacts?

Food insecurity is both a symptom and a cause of poor health.

It leads to poorer quality diets, as households cut back on fruit, vegetables and protein-rich foods that spoil quickly. Instead, they may rely on processed items that are cheaper, more filling and keep for longer.

The ongoing stress of worrying about not having enough food takes a toll on mental health and increases social isolation.

Together these pressures increase the risk of chronic diseases including diabetes, heart disease and some cancers.

For children, not having enough food affects concentration, learning and long-term development.

Breaking this cycle means recognising that improving health depends on improving food security. Left unaddressed, food insecurity deepens existing inequalities across generations.

What can we do about it?

We already know the solutions to food insecurity and they are evidence-based.

Strengthening income support by increasing the amount of JobSeeker and other government payments is crucial. This would ensure households have enough money to cover food alongside other essentials.

Investment in universal school meals, such as free lunch programs, can guarantee children at least one nutritious meal a day.

Policies that make healthy food more affordable and available in disadvantaged areas are also important, whether through subsidies, price regulation, or support for local retailers.

Community-based approaches, such as food co-operatives where members share bulk-buying power and social supermarkets that sell donated or surplus food at low cost can help people buy cheaper food. However, they cannot be a substitute for systemic reform.

Finally, ongoing monitoring of food insecurity must be embedded in national health and social policy frameworks so we can track progress over time. The last ABS data on food insecurity was collected ten years ago, and we cannot wait another decade to understand how Australians are faring.

The National Food Security Strategy is being developed by the Department of Agriculture, Fisheries and Forestry with guidance from a new National Food Council. It provides an opportunity to align these actions, set measurable targets and ensure food security is addressed at a national scale.

Food insecurity is widespread and shaped by disadvantage, with serious health consequences. The question is no longer whether food insecurity exists, but whether Australia will act on the solutions.The Conversation

Katherine Kent, Senior Lecturer in Nutrition and Dietetics, University of Wollongong

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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Inflation data impacts markets as stocks reach highs

Inflation data and tariff uncertainty loom as U.S. stocks near record highs ahead of potential Federal Reserve rate cuts

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Inflation data and tariff uncertainty loom as U.S. stocks near record highs ahead of potential Federal Reserve rate cuts

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In Short:
– U.S. stock investors face crucial inflation data amidst concerns over tariffs and bond yields.
– The Federal Reserve is expected to lower interest rates following weaker job growth and trade uncertainties.
U.S. stock investors are facing a week filled with critical inflation data.
Uncertainty over tariffs and government bond yields complicates the market landscape. Despite a record high for the S&P 500 index, the recent monthly employment report revealed weaker job growth in August, prompting concerns.Banner

Investor focus turns to the upcoming U.S. consumer price index data, with implications for potential interest rate cuts.

The Federal Reserve is widely expected to reduce rates at its upcoming meeting.

Market Risks

Concerns linger around tariffs, especially after a court ruling deemed many of President Trump’s tariffs illegal.

This has muddied the decision-making for corporations and investors. Higher long-dated U.S. government debt yields, which reached 5% for the first time in over a month, have also contributed to stock market challenges.

Despite a substantial 10% rise in the S&P 500 this year, traders remain cautious as economic releases could disrupt elevated stock valuations amidst ongoing trade uncertainties.


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