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5 hours ago
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Australia to ban under-16s from YouTube
Australia to ban under-16s from YouTube Australian Prime Minister Anthony Albanese says the under-16 ban may not be implemented perfectly, but it was still the right thing to do. File photo: Reuters Australia will use landmark social media laws to ban children under 16 from video-sharing platform YouTube, a top minister said on Wednesday, stressing the need to shield them from "predatory algorithms". Communications Minister Anika Wells said four-in-ten Australian children had reported viewing harmful content on YouTube, one of the most visited websites in the world. "We want kids to know who they are before platforms assume who they are," Wells said in a statement. "There's a place for social media, but there's not a place for predatory algorithms targeting children." Australia announced last year it was drafting laws that will ban children from social media sites such as Facebook, TikTok and Instagram until they turn 16. The government had previously indicated YouTube would be exempt, given its widespread use in classrooms. "Young people under the age of 16 will not be able to have accounts on YouTube," Australian Prime Minister Anthony Albanese told reporters on Wednesday. "They will also not be able to have accounts on Facebook, Instagram, Snapchat, TikTok, and X among other platforms. "We want Australian parents and families to know that we have got their back." Albanese said the age limit may not be implemented perfectly – much like existing restrictions on alcohol – but it was still the right thing to do. A spokesman for YouTube said Wednesday's announcement was a jarring U-turn from the government. "Our position remains clear: YouTube is a video sharing platform with a library of free, high-quality content, increasingly viewed on TV screens," the company said in a statement. "It's not social media." On paper, the ban is one of the strictest in the world. But the current legislation offers almost no details on how the rules will be enforced –prompting concern among experts that it will simply be a symbolic piece of unenforceable legislation. It is due to come into effect on December 10. Social media giants – which face fines of up to Aus$49.5 million for failing to comply – have described the laws as "vague", "problematic" and "rushed". TikTok has accused the government of ignoring mental health, online safety and youth experts who had opposed the ban. Meta – owner of Facebook and Instagram – has warned that the ban could place "an onerous burden on parents and teens". (AFP)
RTHK
6 hours ago
- RTHK
US stocks retreat ahead of Fed decision
US stocks retreat ahead of Fed decision The Dow closed down 0.5 percent at 44,632, the S&P 500 shed 0.3 percent to 6,370, while the Nasdaq declined 0.4 percent to 21,098. File photo: Reuters Wall Street stocks retreated on Tuesday as markets digested major merger announcements and monitored US-China trade talks ahead of big tech earnings later in the week. Representatives from Beijing and Washington signaled further talks were likely following a round of negotiations in Stockholm. But a top US trade official stressed that President Donald Trump would make any "final call." Meanwhile investors digested several significant earnings reports, as well as merger announcements in the rail and energy sectors ahead of major economic news catalysts later in the week. "After reaching all time highs, markets are going to take a wait and see attitude," said Art Hogan of B Riley Wealth Management. The Dow Jones Industrial Average finished down 0.5 percent at 44,632. The broad-based S&P 500 shed 0.3 percent to 6,370, while the tech-rich Nasdaq Composite Index declined 0.4 percent to 21,098. Both the S&P 500 and Nasdaq had finished at records on Monday. Steve Sosnick of Interactive Brokers described Tuesday's activity as a "little bit of position squaring ahead of a potentially very volatile few days." Besides earnings from Apple, Facebook parent Meta and other tech giants, markets will absorb a Federal Reserve interest rate decision. The central bank is expected to keep rates unchanged, but could hint that an interest rate cut will be more likely in September. Trump has lambasted Fed Chair Jerome Powell for not cutting interest rates. The market will also receive key economic reports on the labor market, inflation and US growth. Among companies reporting earnings on Tuesday, Boeing dropped 4.3 percent, UnitedHealth Group sank 7.4 percent and Whirlpool dived 13.4 percent Union Pacific announced it will be acquiring Norfolk Southern for US$85 billion, creating a transcontinental railroad intended to boost freight rail efficiency. (AFP)
RTHK
6 hours ago
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China, US to seek tariffs truce extension after talks
China, US to seek tariffs truce extension after talks Vice Premier He Lifeng called on the two sides to deepen dialogue and reduce misunderstandings. Photo: Reuters Chinese and US officials have agreed to seek an extension of their 90-day tariff truce, after the latest two-day round of talks to reach a trade deal ahead of an August 12 deadline. China's international trade representative Li Chenggang said the talks in Stockholm were "candid, in-depth, constructive", according to the Xinhua News Agency. The two countries exchanged views on major trade and economic concerns, Li said, and are due to maintain close communications. Xinhua also quoted Vice Premier He Lifeng as saying that the United States should work with China to continue to enhance consensus, reduce misunderstandings, strengthen cooperation, further deepen dialogue and consultations, and strive for more win-win outcomes. A stable, healthy and sustainable China-US economic and trade relationship serves not only the two countries' respective development goals but also contributes to global economic growth and stability, He said. US officials, meanwhile, said it was up to President Donald Trump to decide whether to extend a trade truce that expires on August 12 or potentially let tariffs shoot back up to triple-digit figures. But US Treasury Secretary Scott Bessent tamped down any expectation of Trump rejecting the extension. "The meetings were very constructive," Bessent told reporters after the meetings wrapped up. "It's just that we haven't given the signoff." As Trump returned to Washington after visiting Scotland, where he inked a trade deal with the European Union, he said Bessent had just briefed him on the China talks. "He felt very good about the meeting, better than he felt yesterday," Trump told reporters aboard Air Force One. Bessent said there would likely be another meeting between the two sides in about 90 days, and the agreements on the flow of Chinese rare earths were becoming more refined after previous talks in Geneva and London. "There was good personal interaction being built up, good, mutual respect. I think we understand their agenda much better," he said. The truce between China and the United States, the world's two largest economies, has temporarily set US duties on Chinese goods at 30 percent, and Chinese levies on US ones at 10 percent. That accord, reached in Geneva in May, brought down the tariffs each side had levelled at the other after Trump embarked on his trade war. (Agencies)
