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Twitter is a “bin fire”: Australia’s eSafety commission

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The online platform faces fines of up to AU$700K per day if it does not adequately address hate speech

There has been a marked rise of hate speech on Twitter since billionaire Elon Musk bought the platform in October 2022.

This had led to advertisers fleeing the platform, and Australia’s eSafety commission to threaten the site with AU$700,000 in fines per day if it does not clean up its content.

The commission went so far as to call Twitter a “bin fire”, as it received more complaints about online hate on Twitter in the past 12 months than any other platform.

Reports escalated since Elon Musk’s takeover of the company.

A self-described “free-speech absolutist”, Musk vowed to put an end to what he saw as cancel culture that was rampant on the platform.

As part of this, he reinstated many accounts that had been banned by previous management for violating the platform’s terms of use.

Most famously that of former U.S. President Donald Trump, who was banned from Twitter for his involvement in the January 6 riots in Washington DC.

Musk also slashed jobs as part of a cost cutting plan that saw many staff in content moderation, among other departments, made redundant.

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Dollar surge post-Trump win boosts spending, hurts exports

**Stronger Dollar: Boosts Consumer Purchasing Power, Lowers Inflation, But Hurts Exports and Investments Post-Trump’s Election Win.**

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The US dollar has increased significantly since Trump’s election, impacting consumers and investments.

The dollar index has risen up to 5% since the election and 8% since early October, reaching a two-year high.

This rise is linked to expectations that Trump’s policies may lead to inflation, prompting the Federal Reserve to maintain elevated interest rates.

Higher rates attract foreign investors, increasing demand for dollars, while also limiting borrowing.

This stronger dollar enhances purchasing power abroad, benefiting travelers dealing with foreign exchange rates.

Upgraded experiences

Tourists can expect more value when converting dollars into other currencies, allowing for potentially upgraded experiences on vacation.

Consumers can also benefit domestically by purchasing foreign goods at lower costs due to the dollar’s strength.

Experts suggest that this strength may help reduce inflation in the short term, as it decreases demand for dollar-priced commodities.

Prices for many commodities have declined since the dollar’s surge, potentially leading to lower consumer costs.

However, a strong dollar may harm investment returns, especially for domestic companies earning revenue overseas.

Sustained dollar strength

Multinational firms face profit reductions when converting foreign earnings back to dollars, potentially impacting stock prices.

Approximately 40% of S&P 500 company revenues come from overseas, which could result in lower overall profits.

In the long term, sustained dollar strength may lead to economic slowdowns and job risks in overseas-focused companies.

While the dollar has risen, it remains below its 2022 and 2001 peaks.

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Russia’s economy falters as ruble plummets after sanctions

### Russia’s Economy Faces Strain as Ruble Plummets Amid Sanctions; Putin Claims Situation is Under Control.

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The Russian economy is facing new challenges, showing signs of strain after more than two years of war and sanctions.

The Biden administration’s recent decision to impose stricter sanctions on Gazprombank and over 50 other financial institutions has triggered this downturn. Gazprombank was previously excluded from sanctions to facilitate energy payments, crucial for Russia’s export revenue.

This week, the ruble fell to its lowest value in 32 months, trading at approximately 108 rubles to the dollar. The Russian central bank intervened to stabilize the currency by halting foreign currency purchases, a move aimed at addressing the shortage of hard currency in the market.

President Putin assured the public that the economic situation was under control, although Economy Minister Maxim Reshetnikov acknowledged the need to adapt to the new sanctions.

Concerns about trade disruptions have arisen, and analysts note that Russia may face increasing difficulties as the conflict continues. The new sanctions are expected to impact trade routes further.

Inflation in Russia is high, running at over 9%, with consumer prices increasing significantly. The central bank’s response has included raising interest rates to combat inflation, which is anticipated to rise further next year.

Despite these challenges, experts believe Russia is not facing an immediate crisis. However, the prolonged war will likely strain economic resources, leading to critical trade-offs in government spending and social services. Public sentiment remains anxious as citizens closely monitor currency fluctuations.

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World markets react to Trump’s election impact

November markets react sharply to Trump’s election, boosting U.S. stocks and dollar, while euro and European banks decline.

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November 2024 saw significant shifts in global markets following Donald Trump’s U.S. election victory on November 5.

Wall Street experienced a rally, and the dollar gained against major currencies due to Trump’s tariff policies, which affected European exporters and boosted U.S. stocks.

However, concerns loom for December, as market complacency may lead to volatility amid potential inflation and supply chain disruptions.

The euro faced its most substantial monthly decline since early 2022, primarily due to U.S. tariff risks and economic concerns in Europe. Analysts predict continued fluctuation in currency markets.

Crypto surge

In cryptocurrency, bitcoin surged by 37%, reaching near $100,000, driven by expectations of favorable regulations under Trump, despite concerns about potential speculative excess.

The Nasdaq 100 performed well, bolstered by strong performances from Tesla and Nvidia. Nonetheless, fears about supply chain disruptions from tariffs are growing, prompting cautious investment.

U.S. bank stocks rose significantly, with expectations of deregulation under Trump’s administration, contrasting with European banks’ struggles amid economic weakness.

Bond markets diverged, with U.S. yields trending higher due to inflation and fiscal policy outlooks, while German yields decreased, reflecting a weakening economy in Europe.

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