Australia makes a stand

ONUE

Read time: 2 min 56 sec

Australia bans social media for under-16s, Just Eat delists from the London Stock Exchange, Subway’s CEO steps down, and new inflation data shows economic stability with lingering challenges. Markets remain steady, and key developments in business, tech, and politics are unfolding. Here’s a quick look at what’s shaping the world.

Let’s dive in.

Top Story

Australia bans social media for under 16s

What's Happening: Australia has passed legislation banning children under 16 from using social media, one of the world’s strictest regulations to protect young users. The law imposes hefty fines on social media companies like Meta (Instagram & Facebook), TikTok, and others if they fail to prevent minors from accessing their services. The ban will be enforced after a one-year grace period for platforms to implement age verification technologies.

Meaning: The ban marks a major shift in regulating minors' digital access, potentially setting a precedent for other countries. While many applaud the focus on child safety, it has sparked debate over privacy, freedom of expression, and enforcement. Critics warn it may push children to unsafe parts of the internet or isolate them from valuable online communities. The law also raises privacy concerns, as age verification could involve collecting sensitive data.

Business Insights 

Just Eat Delisting: Just Eat has decided to delist from the London Stock Exchange following its merger with Takeaway.com, forming Just Eat Takeaway.com. This delisting aims to simplify operations and reduce costs associated with public trading. Shareholders will need to adapt as the company focuses on market consolidation and improving its competitive stance in the food delivery sector.

Subway CEO Departure: Subway's CEO John Chidsey is stepping down, marking a significant leadership change as the chain aims to revamp its image and operations. The focus has been on modernization, digital transformation, and international growth. The incoming CEO Carrie Walsh will have the task of continuing these efforts while tackling competition and ensuring the brand's global expansion remains on track.

Walmart Moving Away from DEI: Walmart has announced a shift in its approach, moving away from some of its Diversity, Equity, and Inclusion (DEI) policies. This change comes under pressure from conservative groups and reflects a broader corporate trend towards reassessing DEI initiatives. Walmart's decision might influence how other large corporations approach DEI, signaling a potential pivot towards what some describe as a focus on merit over diversity quotas.

Economic Edge

Inflation data shows stability, but progress lags

Thanksgiving Eve saw Wall Street take a step back, breaking its recent winning streak as mega-cap tech stocks faced renewed pressure. Inflation data provided no major surprises, coming in line with expectations and signaling a steadying economy. The Federal Reserve's preferred metric, the PCE Price Index, increased by 0.2% month-over-month, while core prices (excluding food and energy) rose 0.3%.

The annual core rate held firm at 2.8%, hinting that inflation remains sticky but manageable. Treasury yields dipped to a one-month low, with the 10-year yield falling to 4.24%. This drop boosted the probability of a December Fed rate cut to 66%, sparking optimism for lower borrowing costs.

Other Headlines

🤖 ‘New moves’: Tesla shared a new video on X showcasing the Optimus robot smoothly and impressively catching a ball.

🎮 ‘Make games great again’: As if Elon Musk wasn’t busy enough, the gaming addict is now starting an AI games studio to ‘Make games great again’

👀 Tech founders vs Banks: Tech founders are experiencing bank account closures without warning, which some attribute to a revival of operation choke point aimed at slowing innovation in tech and crypto sectors.

🛒 Trumps trade war: President-elect Donald Trump has vowed to impose significant tariffs on imports from China, Canada, and Mexico to address trade imbalances, potentially sparking a trade war with these major trading partners.

📉 PC stock drop: Shares of Dell and HP plummeted 12% after both companies issued forecasts suggesting a slower than anticipated recovery in the PC market, despite the hype around AI-enabled PCs.

🤝 Zuck and Trump meet: Mark Zuckerberg, once threatened with jail by Donald Trump, dined with him at Mar-a-Lago to discuss future American innovation and potentially mend past tensions.

🍷 Taking the L: A video of Kamala Harris addressing supporters post-election, where she appeared disheveled and possibly inebriated, circulated widely, stirring speculation and criticism.

🥊 Round 2?: Speculation about Hillary Clinton's potential 2028 presidential run arose after she announced a speaking event, despite her age and past statements against running again.

🗡️ So its Treason: Elon Musk controversially accused Alexander Vindman, a key figure in Trump's first impeachment, of treason and hinted at severe penalties, reflecting his deep involvement in political discourse.

Thanks for reading.

Until next time!

Thomas & the ONUE team 🚀