• Hundreds of thousands of fish died in a single reservoir in Vietnam, another sign of how climate change is strangling the economy

    Vietnamese fisherman in the middle of a reservoir full of dead fish
    Hundreds of thousands of fish died last month in a southern Vietnamese reservoir.

    • A prolonged drought in southeast Asia contributed to massive fish deaths in southern Vietnam.
    • The climate crisis and human development threaten the Mekong Delta, a key global agricultural center.
    • Despite infrastructure measures, some farmers are still struggling to access water. 

    A weekslong drought across parts of southeast Asia has killed hundreds of thousands of fish in a reservoir in Vietnam and pushed a key metric for coffee prices to record levels — just two indicators of the kind of havoc the climate is wreaking on people and the economy.

    In Vietnam, the maze of wetlands that comprise the Mekong Delta is called the country's "rice bowl" because of the vast agriculture it supports. The climate crisis and human development threaten the water the region relies on, especially in El Niño years like this one.

    As Vietnam's freshwater levels drop, salt water intrudes, causing massive economic devastation. From 2020 to 2023, the Mekong Delta lost 70 trillion Vietnamese dong, or $2.96 billion, annually because of salt intrusion, the country's Ministry of Natural Resources and the Environment said in mid-March. Those figures are expected to climb in coming years, the ministry said.

    While Vietnam is no longer a heavily agricultural economy, the industry still accounted for about 12% of its GDP last year, according to the World Bank.

    It's too early to know exactly how this year's drought, exacerbated by El Niño, will affect harvests and exports. But early gauges indicate trouble for at least one key export. Vietnam's coffee association said in late March that exports of robusta coffee — the bean used in espresso and instant coffee — could decline as much as 20% in the 12 months ending in September, compared with the same period last year. Vietnam is the world's largest robusta producer, and futures prices for the bean hit a 16-year high last week.

    Meanwhile, in southern Vietnam, hundreds of thousands of fish died in a reservoir last month as temperatures peaked over 100 degrees Fahrenheit and no rain fell for weeks, the AFP reported. Residents blamed the weather and the reservoir's management.

    Business Insider could not locate the owner of the reservoir for comment.

    Vietnamese fisherman collects dead fish in a reservoir.
    Residents blamed the heat and the reservoir's management for the mass die-off.

    Irrigation measures, including those put in after a disastrous 2020 drought, have helped keep much of the Mekong Delta wet despite the widespread dryness, reported the Mekong Dam Monitor last week. The group, run by a US think tank, highlighted that two southern provinces still had "extreme dryness" — and those areas are harvesting crops this month, the group said.

    Water levels are below average in 13 of the country's 24 monitoring stations, largely in the far north and far south, according to the intergovernmental agency Mekong River Commission.

    While Vietnam has built significant infrastructure to combat increasingly brutal droughts, farmers told local media last month they're still struggling. Some of the reservoirs they need to tap are contaminated with chemicals like alum, while other irrigation options are costly. A farmer in a central province said two acres of his rice burned from the drought.

    "Every year we harvest about 18 bags of rice, each bag is 60 kilograms, but this year there is a lack of water, so maybe we'll only get a few bags," Ksor Phung told VnExpress.

    At least three provinces declared states of emergency last month, asking for government help to address water shortages and salinity problems.

    The drought in Vietnam underscores how the climate crisis is hitting agriculture worldwide. Lower and less predictable crop yields can translate to lower productivity, higher inflation, and worse nutrition, among other issues.

    Read the original article on Business Insider
  • Ukraine will have to wait till 2025 to mount a counteroffensive against Russia, US national security advisor says

    A Ukrainian soldier operating a drone during training.
    A Ukrainian soldier operating a drone during training.

    • A Ukrainian counteroffensive against Russia isn't on the cards until 2025, says Jake Sullivan.
    • Russia will make advances in the "coming period" even though US aid to Ukraine is coming, he said.
    • "You can't instantly flip the switch," Sullivan said.

    Ukraine may have gotten their long-awaited US aid last month, but a counteroffensive against Russia won't be on the cards until 2025, says US national security advisor Jake Sullivan.

    Sullivan was speaking at The Financial Times Weekend Festival in Washington on Saturday when he offered his assessment of the Ukraine war.

    Ukraine, Sullivan said, will still be able to "hold the line" and withstand Russian attacks through 2024 with the aid that's coming from the US. But Sullivan said he still expects "Russian advances in the coming period" as it will take some time for US aid to reach Ukraine.

    "You can't instantly flip the switch," Sullivan told festival attendees.

    A counteroffensive, where Ukraine can "move forward to recapture the territory that the Russians have taken from them," will only take place in 2025, Sullivan said.

    Ukraine's defense ministry didn't immediately respond to a request for comment from BI sent outside regular business hours.

    Sullivan's remarks on the war come at a precarious time for Ukraine. Besides dealing with repeated calls from the GOP to halt US aid, the country is also fending off an invigorated Russian army.

    "The army is actually now larger — by 15 percent — than it was when it invaded Ukraine," US Army Gen. Christopher Cavoli said in a House Armed Services Committee hearing on April 10.

    "The severity of this moment cannot be overstated: If we do not continue to support Ukraine, Ukraine could lose," said Cavoli, who is also NATO's Supreme Allied Commander in Europe.  

    Last month, the House of Representatives finally approved more than $60 billion in aid to Ukraine. The bill was delayed for months due to staunch GOP opposition. In fact, when the bill was passed on April 20, 112 Republicans voted against it.

    According to the Institute for the Study of War, the incoming aid will provide little immediate relief for the Ukrainians.

    This, the ISW said, is because the Russians are still able to "take advantage of the limited window before the arrival of new US aid" to ramp up their attacks.

    "The frontline situation will therefore likely continue to deteriorate in that time," the US think tank wrote.

    Read the original article on Business Insider
  • Here are the top 10 ASX 200 shares today

    The silhouettes of ten people holding hands with their arms raised against the sky, as the sun rises or sets in the background.

    It was a great start to the trading week for the S&P/ASX 200 Index (ASX: XJO) this Monday, adding to the optimism ASX investors were feeling at the conclusion of last week’s trading.

    By the close of trade today, the ASX 200 had risen by a happy 0.7%, pushing the index up to 7,682.4 points.

    This strong start to the week follows a bullish finish to last week’s trading for American investors.

    Friday night (our time) saw the Dow Jones Industrial Average Index (DJX: .DJI) climb by a confident 1.18%.

    The Nasdaq Composite Index (NASDAQ: .IXIC) performed even better, shooting up 1.99%.

    But time to return to this week and our local market, with a look at how the various ASX sectors handled their return to the markets.

    Winners and losers

    This Monday turned out to be an almost universally positive one, with only a few ASX sectors going backwards.

    The worst of those were industrial stocks. The S&P/ASX 200 Industrials Index (ASX: XNJ) was left out in the cold today and sank by 0.18%.

    Consumer staples shares were unlucky too. The S&P/ASX 200 Consumer Staples Index (ASX: XSJ) recorded a drop of 0.12%.

    Healthcare stocks were the other sector left adrift by investors, as you can see from the S&P/ASX 200 Healthcare Index (ASX: XHJ)’s loss of 0.06%.

    But that’s it for the losers.

    The ASX’s winners today were spearheaded by real estate investment trusts (REITs). The S&P/ASX 200 A-REIT Index (ASX: XPJ) was on fire, surging by 1.78%.

    Utilities shares were also in the market’s good graces. The S&P/ASX 200 Utilities Index (ASX: XUJ) soared by a confident 1.24%.

    We can say the same for financial shares. The S&P/ASX 200 Financials Index (ASX: XFJ) lifted a happy 1.03%.

    Tech stocks weren’t left out of the party, evidenced by the S&P/ASX 200 Information Technology Index (ASX: XIJ)’s rise of 0.95%.

    Nor were miners, with the S&P/ASX 200 Materials Index (ASX: XMJ) banking 0.9%.

    Gold stocks followed their broader mining cousins higher, with the All Ordinaries Gold Index (ASX: XGD) gaining 0.56%.

    ASX consumer discretionary shares were another bright spot, with the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) getting a 0.42% upgrade from investors.

    Communications stocks had a decent day too, illustrated by the S&P/ASX 200 Communication Services Index (ASX: XTJ)’s 0.2% bounce.

    Energy shares were the final winner for this Monday. The S&P/ASX 200 Energy Index (ASX: XEJ) managed to inch 0.19% higher by the closing bell.

    Top 10 ASX 200 shares countdown

    Coming in on top of the index today was healthcare stock Healius Ltd (ASX: HLS). Helaius shares rocketed a decisive 6.52% higher up to $1.225 each.

    That was despite no fresh news or announcements out of the company recently.

    Here’s how the rest of today’s ASX winners travelled:

    ASX-listed company Share price Price change
    Healius Ltd (ASX: HLS) $1.225 6.52%
    Goodman Group (ASX: GMG) $33.98 4.14%
    Nickel Industries Ltd (ASX: NIC) $0.985 3.68%
    NEXTDC Ltd (ASX: NXT) $17.04 3.09%
    Sandfire Resources Ltd (ASX: SFR) $9.67 2.87%
    AMP Ltd (ASX: AMP) $1.095 2.82%
    Westpac Banking Corp (ASX: WBC) $27.12 2.65%
    Megaport Ltd (ASX: MP1) $13.90 2.58%
    Fortescue Ltd (ASX: FMG) $26.32 2.57%
    Mineral Resources Ltd (ASX: MIN) $77.00 2.57%

    Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

    The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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  • Apple made more money from iPhones in China — but outside data showed sales dropped. The confusion comes down to prices, said an analyst.

    Apple CEO Tim Cook
    Tim Cook holding up an iPhone at an Apple store.

    • Tim Cook said iPhone sales grew in China, despite external research showing a decline.
    • The discrepancy may be due to different methods of calculating revenue used by Apple and analysts.
    • China accounted for 18% of Apple's sales, making it a critical market for the tech giant.

    Apple told investors that iPhone sales grew in China on Friday, a surprise to analysts who had dissected industry reports in recent months that appeared to show the opposite.

    The difference may stem from how Apple and external analysts calculate revenue.

    "We still saw growth on iPhone in some markets, including mainland China," CEO Tim Cook said on Apple's Friday earnings call.

    The company's revenue for greater China, which includes Hong Kong and Taiwan, declined 8% in the quarter year-over-year, to $16.4 billion.

    Cook, citing data company Kantar, said the two best-selling smartphones in urban China during the quarter were the iPhone 15 and iPhone 15 Pro Max.

    However, over the last quarter, independent analysts have reported a slump in overall iPhone sales in China. For the quarter that ended on March 31, Counterpoint Research reported a 19% year-on-year decline in iPhone sales in China, and the International Data Corporation found that iPhone shipments fell nearly 10% for the region during the same period.

    iPhone sales in China are a closely watched metric because greater China accounted for 18% of Apple's sales across products in the first quarter, according to the earnings results. Across regions, sales of the smartphone made up over half of the tech giant's net sales, dwarfing contributions from the Mac, iPad, and wearables.

    Cook's limited remarks on China's iPhone sales raised questions on Friday's call from analysts who compared Apple's data with independent reports.

    "The simple question is, when we look at the data points that have been repeatedly reported throughout the course of this quarter, I'm curious, Tim, you know, what are we missing?" asked Wells Fargo analyst Aaron Rakers.

    Cook declined to comment on third-party data points on the call.

    Analysts at the research firms said the difference comes from how analysts and Apple calculate revenue.

    In the first quarter, "we tracked a year-on-year decline in total value generated by iPhones in China," IDC analyst Will Wong told Bloomberg after Apple's results.

    The average selling price plays a key role in explaining the difference. IDC counted the prices customers paid, while Apple likely uses another price level, such as factory price, in its financial reporting, Wong said.

    The discrepancy may also come from newer and more expensive models making up a bigger portion of purchases, which could drive up revenue, even if total unit sales declined.

    Cook, who visited China in March, remained optimistic about the region, a key center for Apple's manufacturing, in addition to its sizable customer base.

    "I maintain a great view of China in the long-term. I don't know how each and every quarter goes and each and every week," Cook said on Friday's call. "But over the long haul, I have a very positive viewpoint."

    Read the original article on Business Insider
  • Kristi Noem, who told a bizarre story about shooting her pet dog Cricket, suggests Biden’s bitey dog Commander should have met a similar fate

    South Dakota Gov. Kristi Noem and President Joe Biden.
    South Dakota Gov. Kristi Noem and President Joe Biden.

    • Joe Biden should've done something about his bite-prone dog, Commander, says Kristi Noem.
    • Noem came under fire recently for saying she shot her 14-month-old family dog, Cricket.
    • "Commander, say hello to Cricket for me," Noem wrote in her memoir.

    Gov. Kristi Noem of South Dakota was hit with a deluge of criticism for saying she shot her family dog.

    But the GOP politician said on Sunday that President Joe Biden should take a leaf out of her playbook when it comes to pet care.

    "Joe Biden's dog has attacked 24 Secret Service people. So, how many people is enough people to be attacked and dangerously hurt before you make a decision on a dog and what to do with it?" Noem said of Biden's family dog, Commander, in an appearance on CBS's "Face the Nation" on Sunday.

    Commander bit US Secret Service agents on at least 24 occasions, CNN reported in February, citing documents it had obtained from the USSS. The German shepherd, a gift from Biden's brother and sister-in-law, was removed from the White House in October.

    Noem, however, was evasive when host Margaret Brennan asked if she was suggesting that Commander be shot too.

    "That's what the president should be accountable to," Noem told Brennan. "What is the number?"

    https://platform.twitter.com/widgets.js

    Representatives for Noem and Biden didn't immediately respond to requests for comment from BI sent outside regular business hours.

    Noem was widely criticized after she revealed in her forthcoming memoir, "No Going Back," that she shot and killed her 14-month-old dog, Cricket for being "untrainable" and "dangerous," per an excerpt obtained by The New York Times.

    "I hated that dog," Noem wrote in her book, which is set to be published on Tuesday.

    In her book, Noem also referenced Commander, and suggested that the Bidens' dog meet the same fate Cricket did. The South Dakota Republican wrote that the first thing she would do if elected president would be to make sure that Commander is "nowhere on the grounds."

    "Commander, say hello to Cricket for me," Noem wrote in her memoir, per an excerpt obtained by CNN.

    The strange tale of Noem's dead dog comes at a crucial moment for GOP vice-president hopefuls and in the middle of an intense fundraising season. Former President Donald Trump's campaign said it raised more than $76 million in April, Politico reported on Saturday, citing a person familiar with the matter.

    And even though Trump is facing multiple lawsuits, several GOP politicians have been eagerly positioning themselves as his potential running mate.

    Noem, who was reelected governor in 2022, is one of many contenders on Trump's list, which includes names like Gov. Ron DeSantis of Florida, Sen. Tim Scott of South Carolina, and Ohio's Sen. JD Vance.

    "I will do everything I can to help him win and save this country," Noem said of Trump when she endorsed him in September.

    Read the original article on Business Insider
  • China’s hype video for its lunar base showed what looked like a NASA Space Shuttle lifting off, which it then realized and tried to fix

    What appears to be a NASA Space Shuttle seen in CNSA's video of the lunar base.
    What appears to be a NASA Space Shuttle seen in CNSA's video of the lunar base.

    • China's new teaser for its lunar base appeared to show a NASA Space Shuttle taking off.
    • It's a peculiar detail in the clip, because China and the US don't work with each other in space.
    • The Space Shuttle was later blurred out in a state media version of the CGI video.

    A new concept video showcasing China's planned lunar base appeared to feature a NASA Space Shuttle lifting off from the facility — a detail that was then omitted in a later broadcast of the clip.

    Released by the China National Space Administration on April 26, the video contained a CGI rendering of Beijing's vision for its International Lunar Research Station in 2045.

    The rendering shows an astronaut waving a Chinese flag over a research campus on the moon, while a spacecraft shaped like a Space Shuttle takes off in the background with a signature orange rocket booster.

    American rocket boosters were orange because of a foam used uniquely by NASA to insulate fuel tanks during the Space Shuttle era of 1981 to 2011, during which the administration ran 135 missions.

    Stacked Space Shuttle For Mission 51-J With Orbiter Atlantis, August 1985.
    Stacked Space Shuttle For Mission 51-J With Orbiter Atlantis, August 1985.

    The apparent Space Shuttle's appearance in China's video is peculiar. The US prohibits NASA from working with China in space, and Beijing has long touted its new space station and ambitions for a lunar base as independent and China-led.

    Meanwhile, the US and NASA have been signaling an urgent need to establish their own base on the moon before China, marking a race between both nations to put their astronauts on the lunar surface.

    It's unclear if showing a Space Shuttle was intended by China's space administration, but the spacecraft using a Chinese base in 2045 would be nearly impossible.

    That's because the Space Shuttle was retired in 2011, with NASA now focusing on its new Orion Spacecraft with a heavy-lift rocket system for its trips to the moon. The administration typically relies on Elon Musk's SpaceX to transport astronauts to the International Space Station.

    The apparent video gaffe was noticed on China's side. In the same video posted by state broadcaster CGTN the day after, the Space Shuttle was blurred out — a censorship tool often deployed in China on short deadlines.

    China's State Council Information Office did not immediately respond to a request for comment sent by Business Insider.

    Beijing says it plans for its international lunar base to be built jointly by other countries as a collaborative effort. In the lead-up to that endeavor, CNSA launched a robotic probe to the moon on Friday in the world's first attempt to retrieve samples from the moon's far side.

    However, the US has warned amid tense Sino-American relations that Beijing's track record with controlling resources on Earth means NASA shouldn't allow it to establish a base on the moon first.

    NASA's spending on its Artemis project, its effort to put US astronauts on the moon a second time, is expected to reach around $93 billion by 2025.

    It's asked the US government for $7.6 billion for the Artemis campaign budget in 2025, or just over a quarter of its total administration budget request of $25.3 billion.

    The first Artemis crewed mission is expected to land on the moon in late 2025, though this deadline was originally meant to be November 2024.

    Read the original article on Business Insider
  • Leading brokers name 3 ASX shares to buy today

    A male investor sits at his desk looking at his laptop screen holding his hand to his chin pondering whether to buy Macquarie shares

    With so many shares to choose from on the Australian share market, it can be difficult to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

    Three top ASX shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

    Macquarie Technology Group Ltd (ASX: MAQ)

    According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $100.00 price target on this technology company’s shares. The broker is particularly bullish on Macquarie Technology due to its fast-growing data centre business. And following a review of the data centre industry, it believes the market is undervaluing these assets. Especially given how they could be a great way for investors to gain exposure to structural tailwinds from the artificial intelligence (AI) boom. In addition, the broker feels the rest of the business is well positioned for the future. The Macquarie Technology share price is trading at $83.80 this afternoon.

    Nickel Industries Ltd (ASX: NIC)

    A note out of Bell Potter reveals that its analysts have retained their buy rating on this nickel producer’s shares with an improved price target of $1.54. This follows the release of a quarterly update that was a touch short of expectations for production and costs but largely in line for earnings. Overall, the broker remains positive on Nickel Industries and believes its shares are cheap at current levels. Bell Potter highlights that it continues to trade on undemanding valuation multiples, offers a supportive dividend, and has demonstrated its ability to make money through the nickel price cycle. The Nickel Industries share price is fetching 98 cents on Monday afternoon.

    Qube Holdings Ltd (ASX: QUB)

    Analysts at Goldman Sachs have retained their buy rating on this logistics solutions company’s shares with an improved price target of $3.95. The broker attended Qube’s investor day event and was pleased with what it heard. Goldman believes that the company’s Patrick operation is unmatched and has an advantage at Port Botany via automation, its 1,400m quay line, and efficiencies. Another positive is that trading conditions are improving and execution risks at Moorebank are reducing. All in all, this led to the broker boosting its earnings estimates for the coming years and its valuation accordingly. The Qube share price is trading at $3.53 this afternoon.

    The post Leading brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

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  • Jon Stewart says Biden is so old he ‘shouldn’t be president’

    Jon Stewart.
    Jon Stewart.

    • Jon Stewart says Joe Biden, 81, is just too old to be president.
    • "When you watch him on television, you're nervous, aren't ya?" Stewart said on Friday.
    • If Biden wins in November, he will be 82 on Inauguration Day and 86 by the time he leaves office.

    A second Trump term may be frightening, but President Joe Biden is just too old to be reelected, says comedian Jon Stewart.

    "I know liberals say, 'Don't say Joe Biden is old' — don't say what people see with their own eyes," Stewart said of the 81-year-old president. "I know you know how fucking old he is, and I know you don't want to say it because Trump is so scary, but he's so fucking old."

    "When you watch him on television, you're nervous, aren't ya?" Stewart continued.

    "The Daily Show" host offered his assessment on Biden and his rival, former President Donald Trump, 77, on Friday while performing at this year's Netflix Is a Joke Festival, per The Hollywood Reporter.

    "I'm not saying that Biden can't contribute to society, he just shouldn't be president," Stewart told his audience.

    Putting both Biden and Trump on the ballot, Stewart said, was a mistake.

    "Why are we allowing this? And now we're going to have a president that's the two oldest people that have ever run for the office of the presidency," Stewart said earlier in his segment.

    This isn't the first time Stewart has commented on the upcoming presidential election. When Stewart made his return to "The Daily Show" in February, the late-night host questioned Biden's and Trump's fitness for the Oval Office.

    "These two candidates. They are both similarly challenged," Stewart said on February 12. "And it is not crazy to think that the oldest people in the history of the country to ever run for president might have some of these challenges."

    Both Biden and Trump will make history no matter who prevails in this year's presidential election.

    If Biden wins, he would be 82 years old on Inauguration Day and 86 by the time he leaves office. Likewise for Trump, who will become oldest person ever to be inaugurated if he beats Biden. Trump will turn 78 on June 14.

    But criticisms about Biden's age hasn't dulled the octogenarian's confidence in his campaign. In fact, Biden says his age is actually an asset for his candidacy.

    "I have acquired a hell of a lot of wisdom and know more than the vast majority of people. And I'm more experienced than anybody that's ever run for the office," Biden told MSNBC in May.

    Representatives for Stewart, Biden, and Trump didn't immediately respond to requests for comment from BI sent outside regular business hours.

    Stewart's remarks about Biden and Trump come months before the November polls, with the two presumptive nominees now locked in an intense fundraising battle.

    Biden's campaign revealed last month that it raised more than $90 million in March. The campaign accumulated over $187 million in donations in the first quarter of this year.

    And on Saturday, Trump's team told donors they raised more than $76 million in April, Politico reported, citing a person familiar with the matter.

    Read the original article on Business Insider

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  • Qantas will pay up to about $79 million to resolve claims it sold tickets for canceled flights

    A Qantas Airways Airbus A380 takes off from Dresden Airport.
    Qantas Airways.

    • Qantas was accused in 2023 of advertising tickets to flights that were already canceled.
    • Regulators announced Sunday that the airline agreed to pay $13.2 million to impacted customers.
    • Qantas will pay $149 to domestic ticket holders and $298 to international ticketholders.

    Regulators said on Sunday that Qantas Airways has agreed to pay about 20 million Australian dollars to more than 86,000 customers to settle allegations that the airline misled them by selling them tickets for canceled flights.

    The Australian Competition & Consumer Commission (ACCC) said in a Sunday press release that the Australian airline company will pay 225 Australian dollars to domestic ticketholders and 450 Australian dollars — about $149 and $298 in US currency — to international ticketholders.

    A spokesperson for Qantas did not immediately respond to a request for comment.

    In August 2023, the ACCC accused Qantas of misleading customers by advertising tickets for over 8,000 flights that had already been canceled.

    The regulators alleged that the airline kept the tickets up for sale online for an average of two weeks after the flights were canceled.

    "We allege that Qantas' conduct in continuing to sell tickets to canceled flights, and not updating ticketholders about canceled flights, left customers with less time to make alternative arrangements and may have led to them paying higher prices to fly at a particular time not knowing that flight had already been canceled," the ACCC said in 2023.

    Qantas responded that it did not "delay communicating with our passengers for commercial gain" or cancel flights to "protect slots."

    The airline is now agreeing to pay up to $13.2 million to settle the case brought by the ACCC. According to the ACCC, the payments to impacted customers will be in addition to any refunds or alternative flights that the airline may have already paid.

    In addition to paying customers, the airline agreed to pay a civil penalty of 100 million Australian dollars or $66.1 million.

    Read the original article on Business Insider

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  • Former Twitter CEO Jack Dorsey is spilling tea all over the platform FKA Twitter and here’s a possible reason

    Jack Dorsey likes to meditate every morning.
    Jack Dorsey likes to meditate every morning — and this weekend, he also posted a lot on X

    • Jack Dorsey was very active on X this weekend.
    • During a posting frenzy, he announced that he has left the Bluesky board.
    • Dorsey backed the decentralized social network for years, but it's unclear why he left.

    Jack Dorsey has been X-ing up a storm.

    He's delved into the tumultuous rap beef between Kendrick Lamar and Drake (briefly; he's Team Kenny), preached about X being "freedom technology," and unfollowed over 2000 accounts — leaving only Julian Assange's wife, Stella Assange, Edward Snowden, and Elon Musk.

    However, for a man who has had a lot to say this weekend on X, Dorsey's announcement that he left Bluesky — the Twitter offshoot he helped get off the ground — was briefer than his comments on Lamar's and Drake's monthlong back-and-forth.

    Dorsey, who led a team at Twitter to begin building Bluesky in 2019, replied to a comment on X Saturday asking if he was still on the Bluesky board.

    He simply replied, "no."

    The company later confirmed Dorsey's departure, thanking him for "funding and initiating the Bluesky project."

    "Today, Bluesky is thriving as an open-source social network running on atproto, the decentralized protocol we have built," a statement from the official Bluesky account read. "With Jack's departure, we are searching for a new board member for the Bluesky public benefit company who shares our commitment to building a social network that puts people in control of their experience."

    Neither Dorsey nor Bluesky clarified when Dorsey decided to drop out of the project, and neither immediately respond to a request for comment from Business Insider. However, Dorsey deleted his account on the social network he backed last September, TechCrunch noted, citing social media posts at the time.

    Dorsey initially created the Bluesky initiative while working at Twitter, and the social network became a separate entity in 2022.

    At the time, the company announced it had received $13 million in funding from Twitter to get off the ground and that Dorsey was on the board of directors.

    It formed as a Public Benefit LLC, Vox reported, meaning its mission to design its decentralized protocol supersedes its priority to make a profit.

    CNBC reported that Dorsey also helped financially support Nostr, an open app protocol, by donating 14 bitcoins, or $245,000, to the company in December 2022.

    Dorsey hasn't posted about Nostr or Bluesky on X since the summer of 2023.

    Meanwhile, Bluesky has gone from an invite-only app to a social network with 3 million users, Business Insider previously reported.

    When Musk took over Twitter and turned it into X, Dorsey advertised the alternative social network, which provides a "decentralized" experience by allowing users to create their own communities and moderation rules.

    It is still unclear why he left the social network. Maybe he'll reveal it in his own diss track.

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