• Tax time: If you have ASX shares, here’s what you need to know about franking credits

    Chances are that if you own ASX shares, or have ever been involved with the world of the ASX share markets, you would have heard about the wonders of franking credits and a ‘fully-franked dividend‘.

    Whenever you hear someone discussing ASX dividend investing, it will only be a matter of time until franking comes up.

    Franking is a unique feature of Australia’s tax system. And understanding franking and how it relates to personal finances is vital, particularly around this time of year when our tax lodgings are coming up.

    So, let’s start at the beginning.

    What are franking credits?

    Franking credits were first introduced in the 1980s to correct what many saw as an unfair point of our tax system.

    When a company pays a dividend, it can only do so from a pool of profits that have already been taxed at the corporate level. Before franking was introduced, dividend payments to shareholders were treated as ordinary income subject to income tax. This effectively meant they were taxed twice.

    Recognising that this practice of taxing dividends twice was arguably unfair, the Federal Government introduced franking. Put simply, if a company today pays a dividend from a pool of cash that has already been taxed, that dividend comes with a receipt of sorts that confirms the tax already paid. That ‘receipt’ is officially known as a franking credit (sometimes called an imputation credit).

    Those investors who receive these franking credits in recognition of the taxes that have already been paid can use them as a tax deduction against other income. If someone receiving the franking credits has no taxable income (a retiree, for example), they can claim the franking credits back as a cash refund.

    Franking and tax time

    Most ASX shares that pay dividends are taxed in Australia. As such, fully franked dividends are common on the ASX.

    Telstra Group Ltd (ASX: TLS), Woolworths Group Ltd (ASX: WOW) and BHP Group Ltd (ASX: BHP) are some examples of shares that almost always fork out fully franked dividends. As are most of the ASX banks, including the Commonwealth Bank of Australia (ASX: CBA).

    However, some companies have operations outside Australia and thus pay their taxes in other jurisdictions. If this is the case, these companies might only pay partially franked dividends or even completely unfranked dividends.

    Franking credits are very valuable to almost every ASX investor. For example, let’s say an ASX share pays out a fully franked dividend worth a yield of 5%. In this scenario, the grossed-up yield with the value of the franking credits included would be approximately 7.14%. That extra return can make a big difference to an investor’s wealth over time.

    Now, you might understand why almost every ASX investor loves a fully-franked dividend.

    So, if you have ASX shares, double-check the franking credits you are entitled to receive and be sure to include them on your tax return.

    The post Tax time: If you have ASX shares, here’s what you need to know about franking credits appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

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    Motley Fool contributor Sebastian Bowen has positions in Telstra Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Jessica Chastain is selling her historic 4-bedroom apartment in New York City for $7.45 million. Take a look inside.

    Jessica Chastain
    Jessica Chastain.

    • Jessica Chastain has listed her New York City apartment built in 1885 for $7.45 million.
    • The home was once owned by Leonard Bernstein, who wrote the music of "West Side Story" there.
    • It features four bedrooms, five fireplaces, and Tiffany Studio stained-glass windows.

    A historic apartment with celebrity ties has been listed for sale in New York City.

    Jessica Chastain, the actor known for her roles in "Scenes From a Marriage" and "The Help," has listed her 3,200-square-foot property in midtown for $7.45 million.

    The four-bedroom space has five fireplaces, a kitchen with a rolling ladder, Tiffany Studio stained-glass windows, and more luxury amenities. Here's a look inside.

    The New York City apartment being sold by Jessica Chastain is in midtown.
    The entrance to The Osborne, the building that houses Jessica Chastain's apartment.
    The entrance to The Osborne, the building that houses Jessica Chastain's apartment.

    It's located in The Osborne, a Renaissance-style apartment building designed by architect James Edward Ware and constructed between 1883 and 1885.

    Today, the space has an opulent entryway with marble floors and seating, hand-tiled walls, and extravagantly engraved ceilings that transport you to another era of the city.

    Chastain's specific apartment measures nearly 3,200 square feet.
    A hallway in the apartment.
    A hallway in the apartment.

    Sotheby's International Realty describes the space as the "meticulously renovated crown jewel" of the complex.

    Previous residents included composer Adam Guettel, musician Bobby Short, and conductor Leonard Bernstein, who wrote the music of "West Side Story" in the apartment.

    Chastain purchased the property in 2015 for $5.1 million, according to Architectural Digest.

    There are five wood-burning fireplaces inside, including one in the apartment's library.
    The library.
    The library.

    The property listed by Cathy Taub and Ellen Kapit of Sotheby's Downtown Manhattan brokerage is in a prime spot.

    Carnegie Hall is across the street, Central Park is one block away, and the shops of Columbus Circle are also within walking distance.

    The kitchen is especially impressive.
    The eat-in kitchen.
    The eat-in kitchen.

    With ceilings that reach nearly 14 feet and chic white cabinets, the space looks like it was made to be featured in a magazine.

    The cooking area also has a blue island with seating, a rolling ladder, and a grand chandelier.

    But if you want to eat in a more formal setting, the apartment features an impressive dining room.
    The dining room.
    The dining room.

    Like other rooms in the apartment, the dining area has a chandelier and opulent furniture.

    But its most unique features include yet another fireplace and cushy window seating across the room.

    You'd never run out of closet space in the apartment's main bedroom.
    The main bedroom.
    The main bedroom.

    In addition to its massive bed, corner fireplace, and bright lighting, the bedroom also has multiple mirrored closets.

    It's the perfect space not only to store all of your clothes but also to try on outfits.

    The connected bathroom has a shower, two sinks, and a vanity.
    The primary bathroom.
    The primary bathroom.

    The all-white space also has tiled floors, a walk-in shower, and a private toilet.

    A major highlight of the apartment is the assortment of fun wallpapers.
    A bedroom in the apartment.
    A bedroom in the apartment.

    Many of the fabric wallpapers are the work of fashion and interior designer Ralph Lauren.

    One of the grandest spaces in the apartment is the living room.
    The living room.
    The living room.

    The area has massive windows lined with mahogany paneling that provide natural lighting, a carved doorway, and oak parquet floors.

    The stained-glass windows are the work of designer Louis Comfort Tiffany.
    Tiffany windows inside the apartment.
    Tiffany windows inside the apartment.

    Sotheby's International Realty says the windows featured in Chastain's apartment were the artist's first decorating job.

    Of course, he later became the lead designer of his family's business, Tiffany & Co.

    So, who will be the next owner of the luxurious apartment?
    The parlor room.
    The parlor room.

    If the apartment's history continues, maybe another wealthy member of the arts industry will purchase the space. Chastain's friend Taylor Swift, perhaps?

    However, according to AD, Chastain is leaving the property in favor of one with more space for her family.

    Read the original article on Business Insider
  • Ex-OpenAI employee speaks out about why he was fired

    OpenAI logo dark background
    Former OpenAI former employee Leopold Aschenbrenner spoke out about his firing.

    • Leopold Aschenbrenner spoke about his firing from OpenAI's superalignment team in a podcast. 
    • He said HR warned him after he shared a memo about OpenAI's security with two board members.
    • He said his firing was related to sharing a brainstorming doc with outside researchers. 

    A former OpenAI researcher opened up about how he "ruffled some feathers" by writing and sharing some documents related to safety at the company, and was eventually fired.

    Leopold Aschenbrenner, who graduated from Columbia University at 19, according to his LinkedIn, worked on OpenAI's superalignment team before he was reportedly "fired for leaking" in April. He spoke out about the experience in a recent interview with podcaster Dwarkesh Patel released Tuesday.

    Aschenbrenner said he wrote and shared a memo after a "major security incident" that he didn't specify in the interview, and shared it with a couple of OpenAI board members. In the memo, he wrote that the company's security was "egregiously insufficient" in protecting against the theft of "key algorithmic secrets from foreign actors," Aschenbrenner said. The AI researcher previously shared the memo with others at OpenAI, "who mostly said it was helpful," he added.

    HR later gave him a warning about the memo, Aschenbrenner said, telling him that it was "racist" and "unconstructive" to worry about China Communist Party espionage. An OpenAI lawyer later asked him about his views on AI and AGI and whether Aschenbrenner and the superalignment team were "loyal to the company," as the AI researcher put it.

    [youtube https://www.youtube.com/watch?v=zdbVtZIn9IM?si=KEHNq628i3Z0mjN6&start=9135&w=560&h=315]

    Aschenbrenner claimed the company then went through his OpenAI digital artifacts.

    He was fired shortly after, he said, with the company alleging he had leaked confidential information, wasn't forthcoming in its investigation, and referenced his prior warning from HR after sharing the memo with the board members.

    Aschenbrenner said the leak in question referred to a "brainstorming document on preparedness, on safety, and security measures" needed for artificial general intelligence, or AGI, that he shared with three external researchers for feedback. He said he had reviewed the document before sharing it for any sensitive information and that it was "totally normal" at the company to share this kind of information for feedback.

    Aschenbrenner said OpenAI deemed a line about "planning for AGI by 2027-2028 and not setting timelines for preparedness" as confidential. He said he wrote the document a couple of months after the superalignment team was announced, which referenced a four-year planning horizon.

    In its announcement of the superalignment team posted in July 2023, OpenAI said its goal was to "solve the core technical challenges of superintelligence alignment in four years."

    "I didn't think that planning horizon was sensitive," Aschenbrenner said in the interview. "You know it's the sort of thing Sam says publicly all the time," he said, referring to CEO Sam Altman.

    An OpenAI spokesperson told Business Insider that the concerns Aschenbrenner raised internally and to its Board of Directors "did not lead to his separation."

    "While we share his commitment to building safe AGI, we disagree with many of the claims he has since made about our work," the OpenAI spokesperson said.

    Aschenbrenner is one of several former employees who have recently spoken out about safety concerns at OpenAI. Most recently, a group of nine current and former OpenAI employees signed a letter calling for more transparency in AI companies and protection for those who express concern about the technology.

    Read the original article on Business Insider
  • Elon Musk may build a multibillion-dollar supercomputer in Memphis, Tennessee

    Elon Musk on red carpet
    Elon Musk may build the Gigafactory of Compute in Memphis.

    • Elon Musk's xAI may build the world's largest supercomputer in Memphis, pending approval.
    • The multi-billion dollar project, called Gigafactory of Compute, could create hundreds of jobs.
    • Musk previously said the supercomputer will be online by fall 2025.

    Elon Musk may have found a home for xAI's supercomputer.

    The Musk-founded AI business is working with Memphis to make the Tennessee city the lead location of the world's largest supercomputer, referred to as the Gigafactory of Compute, according to a statement from the Greater Memphis Chamber on Wednesday.

    The multibillion-dollar supercomputer would reportedly be powered by Nvidia's H100 GPUs, some of the most sought-after chips that power AI. The project could create hundreds of jobs, according to a report from the Memphis Business Journal.

    "We had an ideal site, ripe for investment," Memphis Mayor Paul Young said in the statement. "And we had the power of our people who created new and innovative processes to keep up with the pace required to land this transformational project."

    However, the partnership isn't fully official yet, with the project pending approval by the Memphis Shelby County Economic Development Growth Engine, Tennessee Valley Authority, and governing authorities.

    Still, if approved, the project will represent the largest investment in the city's history.

    Ted Townsend, President & CEO of the Greater Memphis Chamber, told Business Insider there isn't a specific timeline yet, but xAI is moving at a "very aggressive" pace to reach their deadlines. Musk previously told xAI investors that he wants the supercomputer online by fall 2025.

    "The focus is, and it will remain, to get this thing operating," Townsend said to BI.

    Greater Memphis Chamber became involved with the process about 90 days ago, which Townsend said was recent, considering when xAI started looking.

    The plan is for the company to occupy a former manufacturing facility, which may be the Electrolux Memphis facility, according to a report from the Memphis Business Journal. Townsend said he could not confirm the location for security reasons.

    Details emerged just after news broke about Musk sending Nvidia chips meant for Tesla to X instead. The billionaire — who owns X and founded and runs Tesla — responded by saying Tesla had no place to send the pricey semiconductors, so they would have sat unused in a warehouse. Delaying the GPUs could set back Tesla's own supercomputer development.

    Meanwhile, xAI announced just over a week ago that it raised $6 billion in its Series B funding round. The funding included $750 million which Musk personally invested and $250 million worth of computing power from X, according to The Wall Street Journal.

    xAI did not respond to a request for comment from BI.

    Read the original article on Business Insider
  • 3 ASX shares set for dividend increases this year

    Man holding out Australian dollar notes, symbolising dividends.

    The Australian share market is filled to the brim with dividend-paying shares.

    However, not all of these ASX shares will be paying dividends that are larger than what they paid last year.

    But three shares that analysts believe are destined to increase their dividends this year (and next) are listed below.

    Here’s what they are forecasting for these ASX shares:

    Deterra Royalties Ltd (ASX: DRR)

    Deterra Royalties has been tipped to pay some big (and growing) dividends to investors. It is a mining royalties company, pocketing money from mining operations such as Mining Area C, operated by BHP Group Ltd (ASX: BHP), without lifting a shovel.

    In FY 2023, the company rewarded its shareholders with a fully franked 28.9 cents per share dividend.

    According to a recent note out of Morgan Stanley, its analysts are forecasting Deterra Royalties to increase its dividend to 32.7 cents in FY 2024 and then 39 cents in FY 2025. Based on the current Deterra Royalties share price of $4.58, this will mean dividend yields of 7.1% and 8.5%, respectively.

    Morgan Stanley also sees plenty of upside for this ASX share. It currently has an overweight rating and $5.60 price target.

    Suncorp Group Ltd (ASX: SUN)

    Another ASX share that could be destined to grow its dividends is Suncorp. It is one of Australia’s largest insurance companies, operating brands including AAMI, Apia, Bingle, GIO, Shannons, and Vero.

    In FY 2023, the insurance giant paid shareholders a fully franked 60 cents per share dividend.

    Analysts at Goldman Sachs believe that a big increase is coming in FY 2024, with another more modest increase the year after. It is forecasting fully franked dividends per share of 78 cents in FY 2024 and then 83 cents in FY 2025. Based on the current Suncorp share price of $16.19, this will mean dividend yields of 4.8% and 5.1%, respectively.

    Goldman has a buy rating and $17.54 price target on its shares.

    Telstra Corporation Ltd (ASX: TLS)

    Finally, a third ASX share that looks set to increase its dividend this year and next is telco giant Telstra.

    In FY 2023, the company’s return to growth allowed the Telstra board to increase its dividend to a fully franked 17.5 cents per share.

    Goldman Sachs believes this trend can continue thanks to the strength of its mobile business. As a result, it is forecasting fully franked dividends of 18 cents per share in FY 2024 and then 18.5 cents per share in FY 2025. Based on the current Telstra share price of $3.53, this equates to yields of 5.1% and 5.25%, respectively.

    The broker has a buy rating and $4.25 price target on its shares.

    The post 3 ASX shares set for dividend increases this year appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Deterra Royalties Limited right now?

    Before you buy Deterra Royalties Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Deterra Royalties Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 5 May 2024

    More reading

    Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Are Woolworths shares a no-brainer buy?

    A woman scratches her head, is this a no-brainer?

    Every so often, the share market throws up some amazing investment opportunities.

    Could Woolworths Group Ltd (ASX: WOW) shares be one of these right now?

    With its shares down 21% from their highs, let’s see what analysts are saying about the supermarket giant.

    Are Woolworths shares a no-brainer buy?

    The team at Goldman Sachs thinks that investors should be fighting to get hold of Woolworths shares while they are down in the dumps.

    A recent note out of the investment bank reveals that the broker has a conviction buy rating and $39.40 price target on the retailer’s shares.

    Based on the current Woolworths share price of $31.99, this implies potential upside of 23% for investors over the next 12 months.

    Let’s put that into context. If you were to invest $10,000 into the company’s shares, this would turn into $12,300 if Goldman Sachs’ is on the money with its recommendation and valuation.

    But the returns won’t stop there. Your $10,000 investment would also generate income from dividends.

    Goldman is forecasting fully franked dividends of $1.08 per share in FY 2024, $1.14 per share in FY 2025, and then $1.23 per share in FY 2026. This represents dividend yields of 3.4%, 3.55%, and 3.85%, respectively.

    And in respect to dividend income, this would yield approximately $340, $355, and $385 of dividends for those financial years.

    Why Woolies?

    Goldman believes that recent weakness means that Woolworths shares are trading at an attractive level for a value entry point. Particularly given the company’s quality and its defensive earnings.

    In addition, the broker is positive about Woolworths’ growth outlook due largely to its customer loyalty. It believes this is among the stickiest that you will find in Australia, which bodes well for the future. Goldman summarises:

    WOW is the largest supermarket chain in Australia with an additional presence in NZ, as well as selling general merchandise retail via Big W. We are Buy rated on the stock as we believe the business has among the highest consumer stickiness and loyalty among peers, and hence has strong ability to drive market share gains via its omni-channel advantage, as well as its ability to pass through any cost inflation to protect its margins, beyond market expectations. The stock is trading below its historical average (since 2018), and we see this as a value entry level for a high-quality and defensive stock.

    The post Are Woolworths shares a no-brainer buy? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Woolworths Group Limited right now?

    Before you buy Woolworths Group Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Woolworths Group Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 5 May 2024

    More reading

    Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Up 34% in a year, is it too late to buy Wesfarmers shares?

    a fashionable older woman walks side by side with a stylish younger woman in a street setting as they both smile at something they are talking about.

    The Wesfarmers Ltd (ASX: WES) share price has surged 34% over the past 12 months to close at $65.40 on Wednesday.

    Shares in the retail conglomerate have soared despite challenging economic times as sticky inflation and high interest rates continue to take a toll on consumer spending.

    Wesfarmers has outperformed other retailers over the same period, including Woolworths Group Ltd (ASX: WOW) and Coles Group Ltd (ASX: COL), which dropped by 16% and 7%, respectively.

    So, is it too late to buy Wesfarmers shares?

    Strong retail business

    Wesfarmers owns a diversified portfolio of retail businesses, including Officeworks, Bunnings, and Kmart, which helps the company perform defensively through various economic cycles.

    In the company’s half-year FY2024 results announcement, Wesfarmers managing director Rob Scott highlighted:

    Wesfarmers’ retail divisions executed strongly during the half, responding effectively to changing customer needs as households increasingly sought out value.

    In this environment, the retail divisions’ core offer of everyday products with market-leading value credentials supported growth in sales and customer transaction numbers.

    Weak lithium prices add pressure

    While its retail business is going strong, its lithium project is affected by weak global commodity prices.

    Wesfarmers is investing in a lithium mining project at Mt Holland, which is in the ramp-up stage. The project’s profitability largely depends on fluctuations in global commodity prices and foreign exchange rates.

    Unfortunately, the lithium price plummeted last year, falling 67% from US$45,000 per tonne of lithium carbonate to approximately US$14,500 per tonne today. As my colleague Bronwyn noted here, the outlook remains uncertain as the global lithium price is closely tied to the demand for electric vehicles.

    Wesfarmers acknowledged these challenges. In the half-year results briefing, Scott added:

    Strong operating performance continued in WesCEF, with good plant availability and production rates during the period. As previously indicated, earnings for the half were impacted by lower global commodity prices relative to the elevated pricing environment over recent years.

    The Mt Holland concentrator was successfully commissioned during the half, and operations recently entered the ramp-up phase. Good progress continued on the construction of the Kwinana lithium hydroxide refinery.

    How cheap are Wesfarmers shares now?

    Wesfarmers shares are trading at 27 times FY24’s estimated earnings, which is at the high end of its historical trading range of 15 to 30 times. The company offers a fully-franked dividend yield of 3%.

    Comparing Wesfarmers to its peers, based on earnings estimates provided by S&P Capital IQ:

    • Woolworths shares are valued at 22x FY24’s estimated earnings.
    • Coles shares are valued at 26x FY24’s estimated earnings.

    The outperformance of Wesfarmers compared to its peers prompted Goldman Sachs to downgrade the consumer discretionary stock in favour of staples recently. In this downgrade report summarised by my colleague Bronwyn, Goldman Sachs analysts Lisa Deng and James Leigh highlighted:

    … our Buy thesis of resilient retail (Bunning and Kmart) businesses generating ~A$2.0-A$2.5 billion free cashflow to invest behind growth opportunities (Digital and Health) is now fully factored in.

    Foolish takeaway

    Wesfarmers owns several high-quality retailers with strong customer loyalty. It also invests in diverse industries, including healthcare, chemicals, and industrial businesses.

    However, its current valuation isn’t cheap relative to its history, making this a tricky investment decision.

    While the Wesfarmers share price may not be a bargain, the company has been an excellent dividend payer over the years. At the current price, Wesfarmers offers a fully franked dividend yield of 3%.

    I think it might still be worth considering for long-term dividend investors.

    The post Up 34% in a year, is it too late to buy Wesfarmers shares? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Wesfarmers Limited right now?

    Before you buy Wesfarmers Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Wesfarmers Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 5 May 2024

    More reading

    Motley Fool contributor Kate Lee has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Wesfarmers. The Motley Fool Australia has positions in and has recommended Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • An ex-Meta employee says he tried to stop Instagram from stifling pro-Palestinian posts and was fired for it

    A phone with the Instagram app open.
    A former Meta employee has filed suit against the company.

    • An ex-Meta employee filed a wrongful-termination lawsuit.
    • Ferras Hamad said he was fired after reporting bugs that stifled pro-Palestinian Instagram posts.
    • Meta claimed he was let go for breaching data policies.

    A former Meta employee has filed a wrongful-termination lawsuit against the company, claiming he was fired for trying to resolve bugs that stifled pro-Palestinian posts on Instagram.

    Ferras Hamad, a Palestinian American, accused Meta of discrimination, harassment, retaliation, and wrongful termination, among other claims, according to the complaint he filed in California court on Tuesday.

    Meta fired Hamas in February from his software engineering role on Meta's machine learning team, where he had worked since 2022 and received "glowing performance reviews," according to the lawsuit, which also accuses Meta of "callus, chronic, and consistent anti-Palestinian bias."

    In October, shortly after Hamas attacked Israel, Meta "directly tasked" Hamad to investigate Instagram's filters on content coming out of Gaza, Israel, and Ukraine, according to the lawsuit.

    Hamad raised concerns about content from "Palestinian Instagram creators and activists, whose posts had been curbed or censored, artificially limiting their reach," according to the complaint. At least one other Meta employee reported that a Palestinian creator was "not appearing in searches, while his content was concurrently mysteriously disappearing," the lawsuit says.

    While investigating the "irregularities," Hamad says in the lawsuit that multiple employees outside his team told him to stop investigating the issue. In January, Meta notified him that he was the subject of an investigation. Days later, he was terminated, according to the lawsuit.

    "The employee was dismissed for violating Meta's data access policies, which we make clear to employees will result in immediate termination," a Meta spokesperson said in a statement to Business Insider. The spokesperson did not respond to other claims made in the lawsuit.

    The war in Gaza has become a subject of international tension. Following the Hamas attack, which killed 1,200 Israelis, Israel's military (equipped with US weaponry) has bombarded Gaza, killing over 35,000 people.

    Gracy Kay contributed to this reporting.

    Read the original article on Business Insider
  • How Israel is using AI to try to get Americans on its side

    Israeli soldiers are seen near the Gaza Strip border in southern Israel on March 4, 2024.
    Israeli soldiers are seen near the Gaza Strip border in southern Israel on March 4, 2024.

    • Israel ran a secret influence campaign to gain US support for its war in Gaza.
    • Israel's Ministry of Diaspora Affairs commissioned the $2 million scheme, The New York Times reported.
    • The campaign used hundreds of phony social media accounts to target US lawmakers and the general public.

    Israel tried to drum up American support for its war in Gaza with a secret influence campaign targeting US lawmakers and civilians, according to The New York Times.

    Israel's Ministry of Diaspora Affairs commissioned the scheme and funded it to the tune of $2 million, hiring a political marketing firm called Stoic to carry out the operation on social media, Israeli officials told the Times.

    With the help of AI, the campaign created hundreds of phony accounts pretending to be pro-Israel Americans on Facebook, as well as on X, Instagram, and YouTube, Meta announced in a report published last week.

    Some of the accounts targeted over a dozen members of Congress — particularly Democrats like New York Representative Hakeem Jeffries, Georgia Senator Raphael Warnock, and New York Representative Ritchie Torres — pressuring them to fund Israel's war in Gaza, the Times reported.

    Meta said in its report that it had identified the disinformation campaign, which it linked to Stoic, and removed the accounts.

    OpenAI also published a report last week announcing its own takedown of malicious actors connected to Stoic, which the company said was using ChatGPT to generate and disseminate content about the war in Gaza.

    Israeli officials told the New York Times that the covert campaign began in October, shortly after Hamas' October 7 terror attack, in which militants took hostages and killed hundreds of people in a cross-border assault.

    In its beginning, the operation sought out tech-savvy Israelis to become "warriors for Israel" and run "digital campaigns" to support the war in Gaza, the Times reported, citing messages it viewed from Israeli officials and recordings of meetings that were held.

    But, Israel's plan hasn't had much success on social media. Both OpenAI and Meta said in their reports that the influence campaign hasn't generated meaningful engagement from real users.

    It also doesn't appear to be changing the minds of average Americans. According to a Gallup poll conducted in March, 55% of Americans disapprove of Israel's war in Gaza — and just 36% approve, down from 50% in November.

    Israel has, however, found some success in securing US funding for its war, with President Joe Biden pledging to deliver $1 billion in military aid.

    Hamas-run Palestinian health authorities say Israel's attacks have killed more than 35,000 people, mostly civilians, since the war began, according to Reuters.

    And Israel has said it isn't slowing down any time soon, despite a push by the Biden administration to reach a cease-fire. Hamas, meanwhile, also has yet to agree to terms on a deal to halt the fighting.

    Israel's Ministry of Diaspora Affairs did not immediately respond to a request for comment from Business Insider.

    Read the original article on Business Insider
  • ‘Chopped’-winning celeb chef who didn’t pay rent for over 4 years gets evicted

    image of Madison Cowan speaking into microphone
    Madison Cowan attends the 2022 Alzheimer's Association Imagine Benefit in 2022.

    • Celebrity chef Madison Cowan has been evicted after avoiding rent for over four years.
    • Cowan used a pandemic moratorium and legal appeals to delay eviction from his Brooklyn apartment.
    • Landlord Gus Sheha told the New York Post that Cowan's $145,000 debt has impacted him financially.

    A celebrity chef who skirted rent payments for four and a half years has officially been evicted from his Brooklyn apartment, according to media reports.

    Madison Cowan, who won the Food Network's "Chopped" in 2010 and "Iron Chef" in 2012, had already vacated his Boerum Hill, Brooklyn apartment before the landlord and a city marshal arrived Tuesday morning to evict him under a court order, the New York Post reported.

    Cowan first moved into the 1-bedroom $2,700/month apartment in October 2019, but he hasn't paid any rent since January 2020, the Post reported.

    In his first few years of rent-free living, Cowan took advantage of a pandemic-era eviction moratorium, and when that expired, he avoided five eviction orders by repeatedly filing appeals, according to the outlet.

    Cowan chose not to appeal the judge's sixth eviction order delivered two weeks ago, the Post reported.

    Cowan — who has catered to celebs like Scarlett Johansson, Mos Def, and Halle Berry, according to his website — told the judge in May that he was "seriously impacted by the pandemic," WABC reported.

    "I couldn't get a job," he said, according to WABC. "It all went away."

    But the more than $145,000 he owes is seriously impacting his landlord, Gus Sheha.

    "We're just happy that he is out," Sheha told The Post. "I would hope others see this and understand what type of tenant he was and are not left in the same position I was."

    "Unfortunately, it is small landlords who get hurt the most here and could potentially go bankrupt when you have tenants not paying the rent for four and a half years," Sheha added.

    Sheha told the Post that he doesn't expect to ever see any of the money Cowan owes him, adding that hiring another lawyer would be too expensive.

    Issues between landlords and tenants have made national headlines this year.

    In Queens, New York, a couple is in a legal battle with a man refusing to leave their recently purchased $2 million home.

    According to the squatter, he had permission from the previous owner to remain in the home.

    Unfortunately for the couple, New York City law grants those who live at a residence for more than 30 days temporary rights, as they are seen as tenants.

    The couple has struggled to remove the squatter and have been countersued for harassment.

    In Texas, a man bought a home for $175,000 only to find the previous occupant still living there. And she wasn't alone. Her pet goat was alongside her.

    "I tried approaching the door, and it was a pretty big goat," he told Fox News. "It wasn't friendly either. I couldn't get past the damn goat."

    And between October 2023 and February 2024, a group of squatters stayed in a 5,875-square-foot mansion in Beverly Hills and were even making money by hosting parties and charging entrance fees that went up to $1,500. They also posted rooms for rent on Booking.com, charging $150 to $300 a night.

    The four-bedroom home had a pool, a spa, and a cabana — a lush dwelling while not paying rent.

    Read the original article on Business Insider