Under-16 social media ban proposed in New Zealand
"As a mother of four children I feel very strongly that families and parents should be better supported when it comes to overseeing their children's online exposure," the Hawke's Bay-based MP said.
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West Australian
12 hours ago
- West Australian
World Gold Council working to lure artisanal miners across globe away from ‘illicit actors'
The World Gold Council estimates up to 20 per cent of the world's supply of the precious metal is produced by 'artisanal' miners whose activities are vulnerable to exploitation from 'illicit actors' such as terrorists and mercenary organisations like the notorious Wagner Group. During his visit to Kalgoorlie-Boulder this week, the council's chief strategy officer Terry Heymann said the London-headquartered organisation wanted to bring these small-scale miners into the formal gold supply chain and make them less likely to work with 'informal and illicit markets'. Artisanal and small-scale mining involves individuals usually working by themselves and mainly by hand or with some mechanical or industrial tools. 'This is very different from the large-scale professional mines . . . (it's) not really happening in Australia, it's much more of an issue in other parts of the world, but it's an issue that we care about deeply and we're doing a lot of work in how to support responsible artisanal and small-scale gold mining,' Mr Heymann said. 'A number of my colleagues this week are in Ghana, where the Ashanti King is actually convening a conference to address this issue, which is how do we support access to the formal markets for small-scale and artisanal gold mining? 'Why is that important? 'Because if they don't have access to the formal markets, they go to the informal and illicit markets. 'And that's a real challenge for the gold industry, one that we're actively involved in and doing a lot of work on.' Mr Heymann said a report it held in partnership with former British deputy prime minister Dominic Raab highlighted the dangerous nature of these 'illicit actors'. '(Mr Raab's) findings, unfortunately, are really stark . . . without access to the formal market, these illicit, informal and sometimes illegal miners are forced to work with illicit actors, and that then gets into supplying gold funding for terrorist groups, mercenaries, with the Wagner Group as an example.' The Wagner Group is a Russian-based private military company which has been involved in conflicts across the globe, including the current war in Ukraine. Notoriously, in June 2023 the group's then-leader Yevgeny Prigozhin launched an 'armed mutiny' against the Russian military — but it ended before the Wagner Group's planned march on Moscow. Mr Prigozhin died in a plane crash in Russia in August 2023. Mr Heymann said the issue was extremely important for the whole gold sector. 'It's a different part of the gold sector to where most of the people investing in gold are going to be getting their gold from,' he said. '(And) it's not something the industry can do by itself, and this is why we are calling on governments around the world, particularly those involved in the G20, who can really group together and make a difference on this to take action, to be part of this coalition of the willing to actually drive change. 'My boss, the CEO of the World Gold Council, was meeting with the secretary-general of the Organisation for Economic Co-operation and Development last week, who is Australian — Mattias Cormann — and he pledged OECD support to us. 'The OECD has been hugely involved in this, and I think it's that level of support we need — of the OECD, of national governments in Australia, in the US and Canada, big mining nations using their ability and their leverage to bring together different groups of people who can really address this issue.'
The Advertiser
20 hours ago
- The Advertiser
Judge blocks Trump's Harvard international students ban
A federal judge has temporarily blocked President Donald Trump from barring US entry of foreign nationals seeking to study or participate in exchange programs at Harvard University. Under a two-page temporary restraining order granted to Harvard, US District Judge Allison Burroughs on Thirsday enjoined Trump's proclamation from taking effect pending further litigation of the matter amid an escalating dispute between the Ivy League school and Republican president. The judge ruled Trump's directive prohibiting foreign nationals from entering the United States to study at Harvard for the next six months would cause "immediate and irreparable injury" before the courts have a chance to review the case. Burroughs in May had blocked Trump from implementing a separate order prohibiting Harvard from enrolling international students, who make up more than a quarter of its student body. Harvard on Thursday amended its lawsuit to challenge the new directive, claiming Trump is violating Burroughs' decision. "The Proclamation denies thousands of Harvard's students the right to come to this country to pursue their education and follow their dreams, and it denies Harvard the right to teach them. Without its international students, Harvard is not Harvard," the school said in the filing. Burroughs' order on Thursday also continued a separate temporary restraining order she issued on May 23 against the administration's restriction on international student enrolment at Harvard. Earlier on Thursday, White House spokesperson Abigail Jackson called Harvard "a hotbed of anti-American, anti-Semitic, pro-terrorist agitators," claims that the school has previously denied. "Harvard's behaviour has jeopardised the integrity of the entire US student and exchange visitor visa system and risks compromising national security. Now it must face the consequences of its actions," Jackson said in a statement. Trump cited national security concerns as justification for barring international students from entering the US to pursue studies at the Cambridge, Massachusetts-based university. Under Trump's proclamation, the suspension would initially be for six months but could be extended. Trump's order also directed the US State Department to consider revoking academic or exchange visas of any current Harvard students who meet his proclamation's criteria. In Thursday's court filing, Harvard said Trump had violated federal law by failing to back up his claims about national security. "The Proclamation does not deem the entry of an alien or class of aliens to be detrimental to the interests of the United States, because non-citizens who are impacted by the Proclamation can enter the United States — just so long as they go somewhere other than Harvard," the school said. The Trump administration has launched a multi-front attack on the nation's oldest and wealthiest university, freezing billions of dollars in grants and other funding and proposing to end its tax-exempt status, prompting a series of legal challenges. Harvard argues the administration is retaliating against it for refusing to accede to demands to control the school's governance, curriculum and the ideology of its faculty and students. A federal judge has temporarily blocked President Donald Trump from barring US entry of foreign nationals seeking to study or participate in exchange programs at Harvard University. Under a two-page temporary restraining order granted to Harvard, US District Judge Allison Burroughs on Thirsday enjoined Trump's proclamation from taking effect pending further litigation of the matter amid an escalating dispute between the Ivy League school and Republican president. The judge ruled Trump's directive prohibiting foreign nationals from entering the United States to study at Harvard for the next six months would cause "immediate and irreparable injury" before the courts have a chance to review the case. Burroughs in May had blocked Trump from implementing a separate order prohibiting Harvard from enrolling international students, who make up more than a quarter of its student body. Harvard on Thursday amended its lawsuit to challenge the new directive, claiming Trump is violating Burroughs' decision. "The Proclamation denies thousands of Harvard's students the right to come to this country to pursue their education and follow their dreams, and it denies Harvard the right to teach them. Without its international students, Harvard is not Harvard," the school said in the filing. Burroughs' order on Thursday also continued a separate temporary restraining order she issued on May 23 against the administration's restriction on international student enrolment at Harvard. Earlier on Thursday, White House spokesperson Abigail Jackson called Harvard "a hotbed of anti-American, anti-Semitic, pro-terrorist agitators," claims that the school has previously denied. "Harvard's behaviour has jeopardised the integrity of the entire US student and exchange visitor visa system and risks compromising national security. Now it must face the consequences of its actions," Jackson said in a statement. Trump cited national security concerns as justification for barring international students from entering the US to pursue studies at the Cambridge, Massachusetts-based university. Under Trump's proclamation, the suspension would initially be for six months but could be extended. Trump's order also directed the US State Department to consider revoking academic or exchange visas of any current Harvard students who meet his proclamation's criteria. In Thursday's court filing, Harvard said Trump had violated federal law by failing to back up his claims about national security. "The Proclamation does not deem the entry of an alien or class of aliens to be detrimental to the interests of the United States, because non-citizens who are impacted by the Proclamation can enter the United States — just so long as they go somewhere other than Harvard," the school said. The Trump administration has launched a multi-front attack on the nation's oldest and wealthiest university, freezing billions of dollars in grants and other funding and proposing to end its tax-exempt status, prompting a series of legal challenges. Harvard argues the administration is retaliating against it for refusing to accede to demands to control the school's governance, curriculum and the ideology of its faculty and students. A federal judge has temporarily blocked President Donald Trump from barring US entry of foreign nationals seeking to study or participate in exchange programs at Harvard University. Under a two-page temporary restraining order granted to Harvard, US District Judge Allison Burroughs on Thirsday enjoined Trump's proclamation from taking effect pending further litigation of the matter amid an escalating dispute between the Ivy League school and Republican president. The judge ruled Trump's directive prohibiting foreign nationals from entering the United States to study at Harvard for the next six months would cause "immediate and irreparable injury" before the courts have a chance to review the case. Burroughs in May had blocked Trump from implementing a separate order prohibiting Harvard from enrolling international students, who make up more than a quarter of its student body. Harvard on Thursday amended its lawsuit to challenge the new directive, claiming Trump is violating Burroughs' decision. "The Proclamation denies thousands of Harvard's students the right to come to this country to pursue their education and follow their dreams, and it denies Harvard the right to teach them. Without its international students, Harvard is not Harvard," the school said in the filing. Burroughs' order on Thursday also continued a separate temporary restraining order she issued on May 23 against the administration's restriction on international student enrolment at Harvard. Earlier on Thursday, White House spokesperson Abigail Jackson called Harvard "a hotbed of anti-American, anti-Semitic, pro-terrorist agitators," claims that the school has previously denied. "Harvard's behaviour has jeopardised the integrity of the entire US student and exchange visitor visa system and risks compromising national security. Now it must face the consequences of its actions," Jackson said in a statement. Trump cited national security concerns as justification for barring international students from entering the US to pursue studies at the Cambridge, Massachusetts-based university. Under Trump's proclamation, the suspension would initially be for six months but could be extended. Trump's order also directed the US State Department to consider revoking academic or exchange visas of any current Harvard students who meet his proclamation's criteria. In Thursday's court filing, Harvard said Trump had violated federal law by failing to back up his claims about national security. "The Proclamation does not deem the entry of an alien or class of aliens to be detrimental to the interests of the United States, because non-citizens who are impacted by the Proclamation can enter the United States — just so long as they go somewhere other than Harvard," the school said. The Trump administration has launched a multi-front attack on the nation's oldest and wealthiest university, freezing billions of dollars in grants and other funding and proposing to end its tax-exempt status, prompting a series of legal challenges. Harvard argues the administration is retaliating against it for refusing to accede to demands to control the school's governance, curriculum and the ideology of its faculty and students. A federal judge has temporarily blocked President Donald Trump from barring US entry of foreign nationals seeking to study or participate in exchange programs at Harvard University. Under a two-page temporary restraining order granted to Harvard, US District Judge Allison Burroughs on Thirsday enjoined Trump's proclamation from taking effect pending further litigation of the matter amid an escalating dispute between the Ivy League school and Republican president. The judge ruled Trump's directive prohibiting foreign nationals from entering the United States to study at Harvard for the next six months would cause "immediate and irreparable injury" before the courts have a chance to review the case. Burroughs in May had blocked Trump from implementing a separate order prohibiting Harvard from enrolling international students, who make up more than a quarter of its student body. Harvard on Thursday amended its lawsuit to challenge the new directive, claiming Trump is violating Burroughs' decision. "The Proclamation denies thousands of Harvard's students the right to come to this country to pursue their education and follow their dreams, and it denies Harvard the right to teach them. Without its international students, Harvard is not Harvard," the school said in the filing. Burroughs' order on Thursday also continued a separate temporary restraining order she issued on May 23 against the administration's restriction on international student enrolment at Harvard. Earlier on Thursday, White House spokesperson Abigail Jackson called Harvard "a hotbed of anti-American, anti-Semitic, pro-terrorist agitators," claims that the school has previously denied. "Harvard's behaviour has jeopardised the integrity of the entire US student and exchange visitor visa system and risks compromising national security. Now it must face the consequences of its actions," Jackson said in a statement. Trump cited national security concerns as justification for barring international students from entering the US to pursue studies at the Cambridge, Massachusetts-based university. Under Trump's proclamation, the suspension would initially be for six months but could be extended. Trump's order also directed the US State Department to consider revoking academic or exchange visas of any current Harvard students who meet his proclamation's criteria. In Thursday's court filing, Harvard said Trump had violated federal law by failing to back up his claims about national security. "The Proclamation does not deem the entry of an alien or class of aliens to be detrimental to the interests of the United States, because non-citizens who are impacted by the Proclamation can enter the United States — just so long as they go somewhere other than Harvard," the school said. The Trump administration has launched a multi-front attack on the nation's oldest and wealthiest university, freezing billions of dollars in grants and other funding and proposing to end its tax-exempt status, prompting a series of legal challenges. Harvard argues the administration is retaliating against it for refusing to accede to demands to control the school's governance, curriculum and the ideology of its faculty and students.
West Australian
20 hours ago
- West Australian
Superannuation wealth tax ‘a threat' to funding of new unicorns as Escalante moves to mop up VGW
The Federal Government's proposed wealth tax on superannuation has been described as a threat to the emergence of unicorns such as Laurence Escalante's WA-based gaming group Virtual Gaming Worlds. With many investors funding plays such as VGW from their self-managed super funds, the earnings hit on super balances over $3 million is seen potentially depriving start-ups of a key source of development capital. Mr Escalante used millions of dollars raised from hundreds of small and high-net worth backers to build VGW into one of Australia's fastest-growing and most profitable private companies. On Monday, the former financial planner announced a $960m bid to take full ownership of VGW by buying out the 30 per cent of the public, unlisted company he does not own at $5.05 a share from some 700 minority shareholders. One of his early supporters, an investor who is sitting on tens of millions of dollars of profit on VGW shares bought for less than 10 cents apiece, said the Government was 'off the mark' with its proposed move on wealthy superannuants. He and other big minority investors in VGW are mainly invested in the group via their self-managed super funds. 'This Government wants to tax quite heavily the people in the super funds, and that's where these small companies get started,' said the investor, who asked not to be identified. 'There won't be as much money available for start-ups.' Mr Escalante's proposed buyout, launched through his Lance East family office, comes as VGW confronts a major threat to its lucrative operating model from a US regulatory crackdown that is reining in its runaway profits. The group has raked in billions of dollars by using loopholes in US laws banning internet gambling to deliver online 'social' casinos and poker machine games such as Chumba Casino, LuckyLand slots and Global Poker. Under its sweepstakes model, customers buy virtual gold coins that allow them to play VGW's games but have no outside value. However, buyers of most gold coin packages also get bonus 'sweeps coins', which as well as being used to play the games are redeemable for cash in most of the US and Canada. US States are now moving against the group, claiming the games are illegal because they are generating cash winnings for players. Since December, VGW has quit Nevada and Delaware, and flagged its withdrawal from New York, in the face of the pushback. The regulatory crackdown is already hurting earnings, with VGW warning of a 15 per cent hit to its second-half profit. Mr Escalante's opulent lifestyle — he has translated his wealth into a private jet, super cars, luxury boats and swanky properties — and showy and sometimes angry social media posts had already raised doubts about whether he could win over the big institutional shareholders needed to support a stock market listing in the US or Australia. But it is the threat to what has been an enormously successful operating model that has most likely finished off lingering hopes of a float for investors who have been limited to selling stock via an illiquid over-the-counter trading platform. 'It's the model ... the likelihood of regulatory action, which are we starting to see,' a prominent Perth businessman said. While Mr Escalante's 'behaviour and lifestyle doesn't help', despite global stock markets being awash with such 'characters', a listing would have more chance with a 'safer and less vulnerable business model', the businessman said. There is no doubt that Mr Escalante, who founded VGW as a 28-year-old in 2010, has delivered in spades for his investors. The company paid its first dividend — a modest $2.8 million — in early 2019 off the back of a $19.8m profit and $179m of revenue for the December half-year in 2018. COVID-19 lit a fire under the business as uptake of its games in the US soared during lockdowns. Over the past four years, VGW has returned more than $1.3b to its shareholders, with Mr Escalante pocketing the lion's share due to his majority ownership. He will receive a further $200m from the $286m of interim and special dividends set to be paid for the 2025 financial year. VGW's two independent directors have determined that the offer price, which will be reduced by the dividends, recognises the company's value 'after taking into account its medium and longer-term potential and the ongoing risks relating to VGW's business and operating environment'. Mr Escalante's offer was endorsed after an earlier pitch of $3.50 of $4 a share was rejected as too low. However, it still may not be enough to get the buyout across the line, with some long-standing shareholders still reckoning VGW is worth more and disputing the inclusion of the proposed dividends in the offer price. 'A few of the shareholders who have got pretty good holdings feel as if it's an unreasonable offer, they feel as if it should be more,' the VGW shareholder said. The buyout documents are expected to be sent to shareholders by early July, with a vote to be called in August. Mr Escalante was not available for comment this week. Disclosing the buyout offer on Monday, he said it represented 'an efficient opportunity to allow those shareholders looking to monetise their investment for cash to do so'.
