Tag: billion

Meta to pay $23 billion to settle teen social media addiction cases | A landmark US deal could ch…

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Meta to pay $23 billion to settle teen social media addiction cases

Mark Zuckerberg had been expected to provide evidence at the trial. (Reuters: Mike Blake)

Meta has settled a landmark court battle over teen social media addiction by agreeing to pay $23.6 billion and adding further child-safety measures to its Facebook and Instagram apps.

The agreement came ahead of Meta chief executive Mark Zuckerberg being expected to take the stand before a jury in federal court.

Meta is urging competitors like TikTok and YouTube to adopt similar measures.

Meta has agreed to pay $US17 billion ($23.6 billion) and add child-safety measures to its Facebook and Instagram platforms to end a landmark trial over teen social media addiction and settle claims filed by 47 US states, state attorneys-general have announced.

A landmark US deal could change social media forever

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Meta Platforms will pay up to US$18 billion ($25 billion) over the next decade and strictly limit how teenagers use Facebook and Instagram under an agreement with nearly all 50 US states that took it to trial to resolve claims it designed those social media platforms to addict children.

The settlements announced on Wednesday end a federal trial over allegations Meta's products harmed children, and the company misled the public about their safety. Four of the states — California, Colorado, Kentucky and New Jersey — were expected to seek close to US$200 billion ($279 billion) in civil penalties.

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August 27, 2026
Rinehart almost doubles US shares to $8 billion, led by backing Elon Musk’s SpaceX | Gina Rineh…

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Rinehart almost doubles US shares to $8 billion, led by backing Elon Musk’s SpaceX

Australia’s richest person, Gina Rinehart, has almost doubled her bet on the US stock market, with her portfolio of shares there now worth $US5.7 billion ($8 billion).

Filings to the US Securities Commission overnight reveal that Rinehart’s ownership of US shares increased from $US3.3 billion at the end of March to $US5.7 billion at the end of June.

The massive jump in the value of her portfolio was driven in part by the $US1.4 billion value of her investment in technology billionaire Elon Musk’s SpaceX.

Rinehart spent $US1 billion buying shares in the sought-after float on Nasdaq in June, equating to about 7.4 million SpaceX shares. The mining magnate’s friendship with Musk has evolved via their mutual support of Donald Trump during the 2024 US presidential election. Rinehart has described Musk as a “truly exceptional person”.

Gina Rinehart reveals $1.9b SpaceX bet as US market splurge tops $7.5b

Mining magnate Gina Rinehart has revealed the full extent of her bet on Elon Musk’s recent market debutant SpaceX, as Australia’s richest person continues to pile her fortune into the US market under President Donald Trump.

Hancock Prospecting, owned by Rinehart, disclosed 8 million SpaceX shares valued at the end of June at $US1.4 billion ($1.97 billion) in the company’s filings to the US Securities and Exchange Commission overnight on Friday (early Saturday AEST).

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August 16, 2026
TSMC Sits on $1 Billion of Apple Chips as It Waits for DRAM | Shortage of DRAM could limit iPhone…

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Shortage of DRAM could limit iPhone 18 Pro availability at launch – GSMArena.com news

Continuing the thread of yesterday's report that Apple is short on DRAM for its upcoming iPhones, there's more to the story. Apple could likely have limited iPhone 18 Pro and 18 Pro Max availability at launch.

Per Culpium, the iPhone 18 Pro models and the foldable iPhone Ultra will use the new A20 Pro SoC, based on TSMC's N2 node. TSMC has reportedly been able to progress well with volume and yields, but wafers are piling up waiting for DRAM to be packaged on the chips. Apple is scrambling to supply DRAM from Micron, SK Hynix, and Samsung, and is even exploring Chinese-sourced avenues like CMXT. Waiting for DRAM could cause delays when the new iPhone models arrive in a few weeks.

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Apple’s iPhone 18 Pro, iPhone 18 Pro Max, and foldable ‘iPhone Ultra’ likely to sell out fast due to memory shortages

Apple and its suppliers are scrambling to secure enough DRAM (mobile memory chips) ahead of the expected September 2026 launches of the iPhone 18 series and the foldable iPhone Ultra, according to semiconductor analyst Tim Culpan’s exclusive reporting for Culpium.

With under six weeks to the anticipated debut, assemblers are rushing shipments of DRAM. Apple primarily sources from Micron, with additional supply from SK Hynix and Samsung. Severe shortages due to RAMageddon have left processor wafers sitting idle, awaiting packaging—creating pressure to avoid launch shortages.

The issue stems from Apple’s A20 Pro chips (built on TSMC’s 2nm process), which use Wafer-Level Multi-Chip Module (WMCM) packaging that integrates the processor and DRAM at the wafer level. This means DRAM must be available for packaging; unfinished dies cannot simply be stockpiled and completed later. Reports indicate TSMC is holding roughly $1 billion worth of unpackaged Apple processors delayed by the missing memory.

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August 8, 2026
NRL on the verge of signing historic $5 billion broadcast deal | Nine, Foxtel win NRL rights in m…

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NRL on the verge of signing historic $5 billion broadcast deal

The NRL is one the verge of securing a history making broadcast deal that will deliver a record $5 billion bonanza to the game, as the ARL Commission prepares to discuss – and potentially ratify – the new deal.

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Nine, Foxtel win NRL rights in massive Australian sport media deal

Nine and Foxtel are on the cusp of a multibillion-dollar agreement to keep airing the NRL in what could be the most expensive rights deal for an Australian sporting code in history.

The pending deal, which is set to run until 2034, could make the sport more valuable than the AFL, a longstanding goal of the Australian Rugby League Commission chairman Peter V’landys.

Sources familiar with the matter said the seven-year $5 billion deal included $150 million annually from Nine for the free-to-air TV rights, and Foxtel paying $520 million annually for the pay TV component.

While the deal is yet to be signed and it is unclear how much of the headline figure will be made up of free advertising, the pact stands to amount to about $700 million a year, including the rights to broadcast the game in New Zealand.

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'Record' TV deal: Sky in box seat as part of massive new NRL, Warriors rights agreement

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Warriors Charnze Nicoll-Klokstad and Dallin Watene-Zelezniak celebrate one of the side's many tries so far this NRL season; Sky TV chief executive Sophie Moloney with NRL chief executive Andrew Abdo (left) and chair Peter V'landys (right). Photos / Photosport, Sky TV

A massive $A5 billion NRL TV rights deal is about to be confirmed in Australia – just what does that mean for New Zealand viewers?

Sky TV appears to be in the box seat – as it happens, literally – to retain NRL and Warriors broadcast rights for the next
seven years, as part of a massive new deal.

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June 26, 2026
$3.6 billion childcare pay deal staves off pay cuts, fee hikes and a strike | Government to exten…

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$3.6 billion childcare pay deal staves off pay cuts, fee hikes and a strike

Tens of thousands of childcare workers will avoid pay cuts after the Albanese government agreed to double its $3.6 billion election pledge to prop up early educator salaries, due to expire this year.

Funding for the two-year deal to give early educators a 15 per cent pay rise, announced ahead of the 2025 election, was to expire in December. Sixty-thousand workers were facing pay cuts of 5 to 6 per cent, according to the United Workers Union, which was threatening to strike next month if the subsidy wasn’t extended.

A cap on how much providers could hike fees was also due to end in August, leading to calls from advocates for a new deal to prevent further price rises for families.

Government to extend pay subsidy to avoid childcare worker walk-off

The federal government has agreed to extend its subsidy for childcare worker wages by 18 months. (Pixabay)

Childcare workers will no longer walk off the job in July because the federal government has agreed to fund a 15 per cent pay rise for an additional 18 months.

The scheme, which affects the wages of 200,000 early educators, would have ran out in November.

A Fair Work Commission decision on gender-based undervaluation means childcare workers will get a permanent pay rise funded by employers in 2029.

Childcare workers have scrapped a plan to walk off the job in July after the federal government agreed to fund a 15 per cent pay rise for another 18 months at a cost of $3.6 billion.

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Taxpayers to foot bill for another $3.6b childcare wage subsidy

Taxpayers will fund another $3.6 billion in childcare wage subsidies over the next 18 months, after a supposedly one-off injection of the same amount over the past two years backfired, leaving workers exposed to a pay cut unless it was renewed.

The new funding, which will take to $7.2 billion the gross amount spent on childcare wage subsidies in less than four years, will be unveiled by the Albanese government on Wednesday, along with a signature announcement on Medicare, at the same time the ascendant Pauline Hanson makes her first keynote address to the National Press Club.

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June 17, 2026
$28 billion and counting: Europe tallies the cost of another energy crisis | EU plans to cut elec…

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$28 billion and counting: Europe tallies the cost of another energy crisis

The European Union has unveiled a raft of planned emergency measures to cushion its economy from soaring energy costs.

The proposals, announced Wednesday, underscore the economic damage the Iran war is inflicting on Europe, which only recently emerged from the energy crunch precipitated by Russiaâs 2022 invasion of Ukraine. Some industries are already fighting for survival.

âFor the second time in less than five years, Europeans are paying the price of Europeâs dependency on imported fossil fuels,â the European Commission, the EUâs executive arm, said in a statement detailing the measures.

The bloc has spent an additional â¬24 billion ($28 billion) on energy imports since the start of the war due to higher prices â or more than $587 million a day â âwithout receiving a single extra molecule of energy,â it added.

EU plans to cut electricity taxes to shield households from Iran war energy crisis

Brussels will relax state aid rules to allow member countries to offer ‘targeted and temporary’ support

The EU will cut electricity taxes and provide consumers with fresh incentives to ditch fuel-burning cars and boilers, the European Commission has announced, as the energy crisis from the Iran war speeds a shift to a clean economy.

The plan, which foresees tweaking rules so that electricity is taxed less than oil and gas, aims to bring down bills while encouraging the move away from polluting devices that prolong reliance on foreign fuels.

The commission said it would adopt temporary state aid rules to allow member countries to directly shield consumers and businesses from high energy prices, but it warned that any support must be “targeted, timely and temporary”.

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How to read the European Commission’s Iran crisis energy emergency plan

EU countries should coordinate measures to offset rising energy prices from the Iran conflict, while using the crisis to drive longer-term change

A plan published on 22 April by the European Commission to deal with the energy shock triggered by the war in Iran and related blockade of the Strait of Hormuz seeks to turn the crisis into a catalyst for long-term change. The plan, known as AccelerateEU, pushes the European Union to go further in reducing its high dependence on volatile fossil-fuel imports, while transitioning to an energy system based on clean, homegrown sources.

In particular, AccelerateEU shows that the European Commission wants to use the Iran crisis to foster electrification in the context of the share of electricity in final EU energy consumption being stuck at around 20% for a decade. Importantly, the Commission’s analysis of the risks of the EU’s dependence on fossil fuels is ultimately correct. This contrasts with statements since the start of the Iran crisis from some national governments – including Germany – which seem to advocate continued use of fossil fuels and a slowdown in the transition.

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April 24, 2026
Australians lost $2 billion to scams – and are still waiting for new anti-scam measures to take…

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Australians lost $2 billion to scams – and are still waiting for new anti-scam measures to take effect

Mohiuddin Ahmed does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

Adelaide University provides funding as a member of The Conversation AU.

Australians lost more than A$2 billion to scams in 2025, new figures from the Australian Competition and Consumer Commission (ACCC) show.

This was a 7.8% increase compared to 2024. And it’s in spite of the fact the federal government passed legislation in February 2025 enforcing strict anti-scam obligations on banks, telcos and social media platforms.

Those obligations, however, aren’t yet in force. So what explains the delay? And what can Australians do to protect themselves from scams in the meantime?

'I feel betrayed': New scam figures show Australians lost more than $2 billion

The ACCC has revealed the top five scams and how much they've cost Australians. (ABC News)

Bevan Lisle was enjoying an overseas holiday when he found out he had been scammed out of $50,000.

The Sydney retiree was in disbelief when he was told a junior worker had sold his entire share portfolio and deposited the proceeds into a bank account that wasn't his.

"They got an email purporting to be from me, and they changed my bank account details without any further verification," Mr Lisle said.

Australians lost $2.18 billion to scams in 2025, according to the Australian Competition and Consumer Commission (ACCC).

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April 1, 2026
Why Commonwealth Bank’s $1 billion suspected loan fraud should change how we bank and do busine…

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Why Commonwealth Bank’s $1 billion suspected loan fraud should change how we bank and do business

Toby Walsh receives funding from the Australian Research Council and Google.org, the philanthropic arm of Google.

UNSW Sydney provides funding as a member of The Conversation AU.

The Commonwealth Bank reportedly suspects around A$1 billion in home loans were obtained fraudulently, including through AI-generated documents. The Australian Financial Review says the bank has reported itself to police and the corporate watchdog to investigate.

According to sources quoted in the newspaper, Australia’s largest bank discovered the suspected fraud last year, partly thanks to two whistleblowers. After rival bank NAB was allegedly defrauded of around $150 million, the Commonwealth Bank also reportedly began investigating its own loans. Its Australian home loans alone are worth around $634 billion.

Big four banks find themselves embroiled in loan fraud probe

Police suspect that just one criminal network has defrauded all four of the country’s major banks by at least $300 million amid growing concerns that the washing of illicit funds through real estate is a systemic problem.

Westpac and ANZ have reported suspected fraud in their loan books to NSW Police, joining National Australia Bank and Commonwealth Bank, which have been working to assess the scale of the potential wrongdoing.

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February 28, 2026
Why Commonwealth Bank’s $1 billion suspected loan fraud should change how we bank and do busine…

Explore the latest developments concerning Why Commonwealth Bank’s.

Why Commonwealth Bank’s $1 billion suspected loan fraud should change how we bank and do business

Toby Walsh receives funding from the Australian Research Council and Google.org, the philanthropic arm of Google.

UNSW Sydney provides funding as a member of The Conversation AU.

The Commonwealth Bank reportedly suspects around A$1 billion in home loans were obtained fraudulently, including through AI-generated documents. The Australian Financial Review says the bank has reported itself to police and the corporate watchdog to investigate.

According to sources quoted in the newspaper, Australia’s largest bank discovered the suspected fraud last year, partly thanks to two whistleblowers. After rival bank NAB was allegedly defrauded of around $150 million, the Commonwealth Bank also reportedly began investigating its own loans. Its Australian home loans alone are worth around $634 billion.

Big four banks find themselves embroiled in loan fraud probe

Police suspect that just one criminal network has defrauded all four of the country’s major banks by at least $300 million amid growing concerns that the washing of illicit funds through real estate is a systemic problem.

Westpac and ANZ have reported suspected fraud in their loan books to NSW Police, joining National Australia Bank and Commonwealth Bank, which have been working to assess the scale of the potential wrongdoing.

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February 27, 2026
Details of new $4 billion plan revealed for some kids with autism | Man charged over allegedly gi…

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Details of new $4 billion plan revealed for some kids with autism

New details around how Thriving Kids will work have been released. (ABC News: Evan Young)

The federal government has released the model for its Thriving Kids program, aimed at setting up services and supports run by states and territories outside the NDIS.

The model centres on key areas including identifying children with developmental delay or autism, connecting them with information and supports, and building the skills of parents.

Thriving Kids will start in October this year, before ramping up to full implementation by January 2028.

After months of uncertainty and speculation, the federal government has revealed how its National Disability Insurance Scheme (NDIS) alternative for some children under nine will work.

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The government has released the Thriving Kids Advisory Group report, which has proposed a model of care for the program which will aim to move children with low to moderate support needs across from the ballooning NDIS.

After agreement at national cabinet, the government has promised to commit $2bn with the states and territories to also commit $2bn. The program will be aimed at children under the age of nine with developmental delay and/or autism, with low to moderate support needs.

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Children won’t need an autism diagnosis to use Thriving Kids scheme

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Parents will no longer have to spend thousands of dollars and dozens of hours chasing autism diagnoses for their struggling children to qualify for government disability support under the new Thriving Kids program, which will help children with lower support needs outside the NDIS.

After federal and state governments last week signed a long-awaited health and disability funding deal, Health and Disability Minister Mark Butler on Tuesday unveiled the model for Thriving Kids and revealed it would mainly be run through states and territories.

The Albanese government rebuffed a suggestion from its advisory group that children access therapies through new Medicare plans, and will instead give states money to run the scheme their own way. “We won’t be funding services directly. We’ll be providing that money to states,” Butler said.

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February 3, 2026