Australians reportedly lost at least AUD 180 million (approximately $122 million) to cryptocurrency investment frauds over the past year.
Victims under 50 now make up around 60% of scam reports, overtaking older Australians, who are typically considered more vulnerable to such projects.
Crypto-Based Investment Scams in Australia
The data, gathered by the Australian Cyber Security Centre (ACSC) from police reports via cyber.gov.au, shows total losses of AUD 382 million (approximately $269 million) to investment scams in the 2023-24 financial year, with 47% of these losses attributed to cryptocurrency.
Moreover, around 60% of these reports came from Australians under 50. AFP Assistant Commissioner Richard Chin highlighted that this data challenges the misconception that only older individuals fall victim to fraud.
Chin emphasized that bad actors frequently employ high-pressure tactics and a variety of methods to deceive victims into making poor investment choices, with “pig butchering” schemes and deepfake technology being two widespread strategies.
He also advised the community to remain cautious and avoid feeling pressured to invest while encouraging individuals with doubts to cease communication, seek independent financial advice, and report any suspected investment scams to their financial institution or digital currency exchange, as well as to alert the authorities through cyber.gov.au.
Chin said that the AFP and its policing partners are closely collaborating with the banking industry and digital currency exchanges to assist victims of investment scams and attempt to recover funds lost to bad actors.
Chin also added,
“If an investment opportunity sounds too good to be true, then it probably is. Financial gain is what motivates most scammers however stolen funds could be used to bankroll future criminal ventures such as money laundering, trafficking illicit drugs, or human exploitation. We have seen instances where people are exploited and made to work in horrific conditions for organized crime groups to scam people.”
Investment Scams in Australia
Earlier this month, the Australian Securities and Investments Commission (ASIC) disclosed that it had closed down 615 cryptocurrency investment scams in the first year of its effort to address fraudulent investment websites.
The Australian government’s Fighting Scams initiative relies heavily on ASIC’s capability to take down investment scam websites, playing a critical role in thwarting fraud and protecting Australians.
Suspicious websites are referred to a dedicated cybercrime detection firm, and once evidence of malicious activity is confirmed, the takedown is carried out, usually with input from various government and industry partners. ASIC’s joint efforts with the National Anti-Scam Centre (NASC) have contributed to reducing such losses from $1.5 billion in 2022 to $1.3 billion in 2023.
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LA PLATA, Argentina (AP) — Agustin Creevy is set to end a 19-year international career after Argentina plays Australia in the Rugby Championship in his La Plata hometown this weekend.
Creevy informed the Pumas of his plans this week, and the 39-year-old hooker was included in the reserves for Saturday’s test.
Since his test debut in 2005 against Japan on the wing, Creevy has set Argentina records for the most tests (109), the most as captain (51) and the most appearances in the Rugby World Cup (22). He led the team to the 2015 World Cup semifinals.
“I am leaving after having given it my all,” he told ESPN. “I have played to the utmost, and it is time to step aside because it is best for the team, and, like I always say, the team comes first.
“I have many mixed feelings. Of sadness, of joy and, above all, of immense pride for having worn this shirt for a long time. All the decisions and actions I made, everything I went through was to wear the Los Pumas shirt that I love so much.”
The Wallabies later announced a starting lineup with yet another skipper. Harry Wilson will lead the side against Argentina — Australia’s eighth captain in 15 tests and the fourth under Joe Schmidt in five matches this season.
It allows Schmidt to start his most damaging props, Taniela Tupou and Angus Bell, with Ala’alatoa providing leadership from the bench.
No. 8 Wilson has played 15 tests and faces a difficult leadership assignment against a Pumas team that upset the All Blacks in Wellington in the first round of the tournament.
Argentina coach Felipe Contepomi said Creevy’s decision didn’t play any part in giving him a sendoff in his hometown.
“This is the national team, the best players play. What we consider to be the best 23 for each match,” Contepomi said. “It is a blessing for him to have been able to make the decision to retire and not to be retired by rugby. We support him in his decision. He will bear his emotions inside. This day was going to come at some point, it was not going to last forever.”
Creevy wasn’t expected to play test rugby again after his fourth World Cup last November in France, where the Pumas reached another semifinal. But an injury to Julian Montoya prompted Contepomi to recall Creevy for the tests in New Zealand. He came off the bench and scored the go-ahead try against the All Blacks in a stunning 38-30 win in Wellington three weeks ago.
Montoya, who succeeded Creevy as the starting hooker and captain, praised his former mentor.
“I debuted when he was captain. We have been together for 11 years, competing for a position,” Montoya said. “We have a very nice relationship and I thanked him for how he sponsored me in my beginnings. I couldn’t have chosen anyone better for that and I am grateful.”
The Pumas made three changes after losing the second match to the All Blacks 42-10 in Auckland two weeks ago.
Joel Sclavi replaced tighthead Lucio Sordoni, who has gone to France to complete his transfer to Racing 92, Franco Molina was back in the second row and bumped Marcos Kremer to his natural position on the flank, and Santiago Cordero was on the wing for the injured Matias Moroni.
On a bench split 6-2, forwards Guido Petti and Santiago Grondona could make their first test appearances this year.
___
Argentina: Juan Cruz Mallia, Santiago Cordero, Lucio Cinti, Santiago Chocobares, Mateo Carreras, Santiago Carreras, Gonzalo Bertranou; Juan Martin Gonzalez, Marcos Kremer, Pablo Matera, Pedro Rubiolo, Franco Molina, Joel Sclavi, Julian Montoya (captain), Thomas Gallo. Reserves: Agustin Creevy, Mayco Vivas, Eduardo Bello, Guido Petti, Tomas Lavanini, Santiago Grondona, Lautaro Bazan Velez, Tomas Albornoz.
Australia: Tom Wright, Andrew Kellaway, Len Ikitau, Hamish Stewart, Marika Koroibete, Noah Lolesio, Jake Gordon; Harry Wilson (captain), Carlo Tizzano, Rob Valetini, Lukhan Salakaia-Loto, Nick Frost, Taniela Tupou, Matt Faessler, Angus Bell. Reserves: Josh Nasser, Isaac Kailea, Allan Alaalatoa, Jeremy Williams, Langi Gleeson, Tate McDermott, Ben Donaldson, Max Jorgensen
This spring, BlueBet, the emerging Australian betting giant, announced a strategic deal with Betr, a recognizable gaming and betting operator. After the announcement of this strategic collaboration, the company confirmed its plans to review its operations in the United States.
Now, BlueBet confirmed its intention to exit the US market and focus on its growth in Australia, which represents its core market. Supporting its decision to exit the lucrative US market, the company confirmed that the gambling regulation was “slower than expected.” This development ultimately hindered the company’s growth plans.
Moreover, the slower-than-expected regulation impacted the interest in BlueBet’s business-to-business SaaS platform. This was rather disappointing, especially considering that the company relied on that asset for its market expansion.
The company further explained that the industry “dynamics in the US B2C market are such that scale players are currently dominant with smaller operators unable to achieve the necessary unit economics – driving a recent wave of consolidation and exits, which is likely to continue into FY25.”
“BlueBet Holdings Limited today announces its decision to exit the US market to focus its capital and operational efforts on its core Australian market,“
reads a statement released by BlueBet
Despite its intention to exit the US market, BlueBet will retain the ownership of its highly scalable international sportsbook technology. Leveraging this asset, the company will continue to pursue monetization options across the US and around the world. “BlueBet will collaborate with relevant partners and regulators to wind down the US operations and ensure the return of customer funds and anticipates incurring one-off separation costs related to the closure of its US operations,” added the company.
The Betting Giant Aims at 10%+ Market Share in Australia
In light of BlueBet’s “capital-lite” US strategy that effectively reduced its investment for market entry, as noted, the company plans to focus on growing its footprint in Australia. The halt of BlueBet’s US operations is expected to bring between $6 million and $8 million per year.
These vital funds will be used to propel the company’s operations in the Land Down Under. There, BlueBet anticipates capturing more than 10% market share rather quickly.
Ultimately, the gaming company expects to achieve this expansion through a “combination of organic and inorganic growth.” Unlike the US market, BlueBet remains confident in its ability to grow in Australia, leveraging its assets and benefitting from the strategic collaboration with Betr.
MOBILE, Ala. (AP) — Executives with military shipbuilder Austal said settling an accounting fraud investigation, which included an agreement to pay a $24 million penalty, is the best outcome for the company and that new controls are in place.
Austal USA, a subsidiary of Australia-based Austal Limited, pleaded guilty to one count of securities fraud and one count of obstruction of a federal audit to settle an accounting fraud case. Austal USA agreed to pay a penalty of $24 million, according to the U.S. Justice Department.
Restitution will also be paid to Austal shareholders. However, the restitution will be paid from the penalty, so the company will pay a total of $24 million.
“Settling this action is the best outcome for Austal. Upon learning of this issue, Austal conducted its own independent investigation. The responsible individuals are no longer with the Company, and we have made numerous governance changes to prevent similar issues from occurring again,” John Rothwell, the former chairman of Austal Limited who now serves as non-executive director of the board, said in a statement issued by the company.
Austal builds littoral combat ships that are designed to operate in shallow coastal waters.
“The investigations focused on conduct that occurred over 8 years ago, and with a large order book of work ahead of us, we need to concentrate on the future — not the past,” Rothwell added.
The Justice Department said that from 2013 through July 2016, Austal USA misled shareholders and investors about the company’s financial condition. The Justice Department said Austal USA artificially lowered cost estimates, despite rising shipbuilding costs, to meet its revenue budget and projections. That had the impact of falsely overstating Austal USA’s profitability on the ships and Austal Limited’s earnings reported in its public financial statements.
The U.S. Securities and Exchange Commission will handle the distribution of funds to harmed investors, the Justice Department said.
Austal USA has also agreed to retain an independent compliance monitor for three years and implement a compliance and ethics program.
Three former Austal USA executives were indicted last year on accounting fraud charges. They are awaiting trial.
A NINE-MONTH-OLD baby has been left with 60 per cent burns after a stranger doused him with scalding hot coffee in an unprovoked attack.
The innocent baby was at a picnic with his mum and friends in Brisbane, Australia when an unknown man approached the group.
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A baby has been left with 60 per cent burns after stranger doused him with scalding hot coffeeCredit: Seven
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The baby boy pictured moments before disasterCredit: Seven
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The alleged attacker was caught on CCTV fleeing the sceneCredit: QLD Police
The sick stranger poured a thermos of scalding hot coffee over the innocent baby before fleeing the scene – and remains on the run.
An image taken of the baby shows him sitting on a blanket playing with a toy car happily before disaster.
But then other pictures show him after the horrific incident – wrapped in bandages and in tears following the evil attack.
An off-duty nurse reportedly ran to the baby’s aid after she heard screams for her apartment nearby.
She heroically took the boy back to her home and kept him under a cold shower until paramedics arrived.
The nine-month-old was then rushed to Queensland Children’s Hospital where he tragically underwent emergency surgery.
The baby has suffered serious but non-life-threatening burns to horrifically 60 per cent of his body – including his face, upper body and arms.
Footage released by cops on Wednesday shows the alleged attacker running from the park.
He is described as age 30 to 40, proportionate build and tanned skin.
He’s caught on CCTV wearing a black hat, glasses, a shirt and shorts.
Massive police probe after horrified parent finds daughter, 10, dead with ‘throat slashed’ at home in Australia
The baby’s mum has been left in complete shock and horror after the incident.
She told 9News: “It’s torture and I’m supposed to be his protector and I couldn’t protect him.
“I’m just having flashbacks all the time about what happened and I wish that he had poured the coffee over me.
“I don’t know who would think it is okay to harm a little, innocent baby.”
Detective Inspector Paul Dalton confirmed that the injured baby was in a stable condition.
He called the attack “callous and cowardly” and “completely unprovoked.”
The detective said: “In 35 years of being a police officer, I’ve never come across a job where a child this young, in these circumstances, has been attacked. It shouldn’t happen.
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The nine-month-old was rushed to Queensland Children’s Hospital where he tragically underwent emergency surgeryCredit: Nine
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He has suffered serious but non-life-threatening burnsCredit: Nine
“This sort of behaviour will not be tolerated and we’ve thrown all our resources that we can possibly to it at this stage to hold this person accountable.”
Family friend Zara Mazza was at the picnic when the attack occurred and has set up a GoFundMe to help pay for the baby’s medical bills.
The page read: “This was a callous, random attack on my friends baby. He does not deserve this pain and suffering.
“[He] is currently in hospital and is suspected to stay for a while, whilst he is treated for severe burns.
“He has a long recovery ahead of him which will include further doctors, specialists, hospital appointments.”
Inspector Dalton confirmed that cops are working “around the clock” to find the perpetrator.
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The baby’s mum says she gets “flashbacks” to the horrendous incidentCredit: Nine
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A stranger poured a thermos of hot coffee over the babyCredit: Seven
(Bloomberg) — Asian stocks advanced for a third session and the yen strengthened to a three-week high as the prospect of Federal Reserve interest rate cuts on the horizon stoked sentiment.
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Shares in Australia and Hong Kong climbed on Monday, benefiting from Chair Jerome Powell’s Jackson Hole speech, when he said the “time has come” to pivot to monetary easing. The Fed’s dovish tilt also lifted the yen against the dollar, as Asian-domiciled funds added to existing short positions on the greenback. Japanese stocks declined due to the stronger currency, while contracts for US equities were steady.
The positioning for lower US borrowing costs is rippling through financial markets, with global equities trading just shy of an all-time high, while the greenback is falling and investors are piling into sovereign debt. The yield on 10-year US Treasuries slipped two basis points to 3.78% on Monday.
Haven buying in response to rising tensions in the Middle East was an additional driver for currencies. Oil advanced 0.7% as the region braced for escalating conflict after an Israeli strike on Hezbollah targets in southern Lebanon.
“It should be risk-on,” said Chamath De Silva, head of fixed income at Betashares Holdings in Sydney. “Powell has confirmed that we’ll shortly be entering an easing cycle and that the fight against inflation is done, so I expect a bit of an everything rally, stocks and bonds both performing well.”
The Bloomberg Asia Dollar Index kicked off the week by advancing to its highest since January. The Korean won climbed, while Singapore’s dollar advanced to its strongest in almost a decade as traders weighed the difference between the local monetary authority’s relatively hawkish policy outlook compared with that of the Fed.
Powell’s keenly awaited Jackson Hole speech constitutes a turning point in the Fed’s two-year battle to slow inflation, and means officials are likely to cut the benchmark interest rate from its highest in more than two decades. While the world’s largest economy is showing signs of cooling — warranting a pivot — there’s no sign yet of an outright contraction.
“My view is that the US is heading toward a soft landing” and Asian exports are doing well, said Khoon Goh, head of Asia research at ANZ Group Holdings Ltd. “I think we’re set to see a strong rally, rebound in Asian currencies during this Fed easing cycle.”
China MLF
The People’s Bank of China left the rate on its one-year policy loans, or the medium-term lending facility, at 2.3%, after a slashing the rate by 20 basis points in July. The PBOC has signaled that it’s de-emphasizing the medium-term lending facility’s role as a policy tool, while elevating the seven-day reverse repurchase rate to greater prominence.
The decision underscores Beijing’s cautious approach in supporting the economy, even as China reported a rare contraction in bank loans amid weak demand. The PBOC has been walking a fine line of stimulating growth and cooling a government-bond buying spree to limit financial risks in recent months.
Reflecting the lackluster performance of the economy, the CSI 300 Index of stocks slipped 0.4% on Monday.
Authorities in China have also initiated stress tests with financial institutions on their bond investments, to make sure they can handle any market volatility should a record-breaking rally reverse, according to state-run media.
Elsewhere, gold steadied near a record high after Powell affirmed expectations of cuts. The precious metal has surged more than 20% this year in a blistering rally driven by Fed hopes, haven demand due to geopolitical risks, as well as buying from central banks and Asian consumers.
Key events this week:
Singapore industrial production, Monday
US durable goods, Monday
China industrial profits, Tuesday
Germany GDP, Tuesday
Hong Kong trade, Tuesday
Australia CPI, Wednesday,
Nvidia Corp. earnings, Wednesday
US GDP, Initial Jobless Claims Thursday
US personal income, spending, PCE price data, Friday
Some of the main moves in markets:
Stocks
S&P 500 futures were little changed as of 11:25 a.m. Tokyo time
Nikkei 225 futures (OSE) fell 1.3%
Japan’s Topix fell 1.2%
Australia’s S&P/ASX 200 rose 0.5%
Hong Kong’s Hang Seng rose 0.8%
The Shanghai Composite fell 0.3%
Euro Stoxx 50 futures fell 0.2%
Currencies
The Bloomberg Dollar Spot Index was little changed
The euro was little changed at $1.1191
The Japanese yen rose 0.5% to 143.71 per dollar
The offshore yuan was little changed at 7.1167 per dollar
The Australian dollar was little changed at $0.6789
Cryptocurrencies
Bitcoin fell 0.4% to $63,960.98
Ether fell 1.3% to $2,734.43
Bonds
The yield on 10-year Treasuries declined one basis point to 3.79%
Japan’s 10-year yield declined 2.5 basis points to 0.875%
Australia’s 10-year yield declined four basis points to 3.88%
Commodities
This story was produced with the assistance of Bloomberg Automation.
Gambling operator PointsBet is optimistic about its business in Australia despite the country’s mulled gambling ad restrictions. The company is certain that its business is in a position where it would be more or less unaffected by such a change.
For context, the country is considering proposals to ban or at least significantly limit gambling ads. One of the latest proposals outlines a cap of no more than two ads per hour until 10 pm.
In the meantime, activists continue to promote a complete blanket ban on gambling ads, arguing that this would be the only way to shield younger Australians from the dangers of the gambling industry.
Some have argued that a ban would hurt the free-to-air TV sector but others claim that a cap would satisfy no one as it would still hurt the gaming market without fulfilling anti-gambling activists’ objectives.
PointsBet Is in a Good Position, CEO Swanell Says
In an analyst call following the recent publication of the company’s Q4 results, CEO Sam Swanell believes that PointsBet could shake off any ad-related setback thanks to its significant presence in Australia.
Swanell was firm that PointsBet’s FY 2025 results will not be impacted by any change to gambling advertising. However, he added that this is based on the assumption that his company continues to spend as usual.
Speaking of spending, Swanell noted that ad restrictions could even help his company save up on costs.
PointsBet Published Its FY 2024 Report
As mentioned, PointsBet just published its report for the fiscal year, highlighting a 17% increase in group net revenue to AUD 245.5 million. In addition, the company reported a normalized EBITDA of AUD 47.2 million, marking a significant improvement from the EBITDA loss of AUD 49 million recorded the previous year.
The company’s marketing expenses for FY 2024 stood at AUD 71 million, marking a year-on-year decrease of 21%. Operating expenses, on the other hand, were down to AUD 10.3 million.
The period saw PointsBet sell its US assets to Fanatics, allowing it to focus on its core business in Australia. In addition to that, the company completed an AUD 442.4 million capital return to shareholders.
MELBOURNE, Australia (AP) — A passenger has been arrested at an Australian airport after he left a stationary airliner through an emergency exit, walked along a wing and then climbed down a jet engine to the tarmac.
Officials say the Jetstar flight had arrived at Melbourne Airport from Sydney and had parked at a terminal gate when the man left the plane by the right-side exit on Thursday.
Opening the exit automatically deployed a slide from the back of the wing at the fuselage to the ground, but the man chose to walk along the wing and climb down one of the Airbus A320’s two engines.
Australian Federal Police say officers arrested the man for “alleged aggressive behavior and breaching aircraft safety protocols.”
Speaking to the Guardian Australia, Sarah Hanson-Young, a communications spokesperson for the Greens, said on Wednesday that free-to-air television does not need gambling to thrive.
Rather, this was an idea spread by ill-meaning politicians Hanson-Young said. She further pointed out that the industry is profiting from what has been described as the “misery and addiction of gambling,” which is not the answer to a sustainable business model.
Offsetting Financial Harm with a New Tax
Rather, some alternatives can help prop up free-to-air TV, such as a newly-floated “tech tax” on global companies such as Meta, TikTok and Alphabet. The argument goes, says Hanson-Young, that these companies should be paying for the journalism they use to monetize.
This suggestion sounds appealing but it’s a double-edged sword. Australia and Canada both forced Meta to pay media news outlets whose content the company was showing on its social media platform, Facebook. However, after a more aggressive stance from Canada, Meta decided that it would no longer display news and has stopped – dodging the tax altogether.
Australia’s attempt to strong-arm global tech giants into complying with a rather arbitrary tax could have a blowback effect that is hard to predict. For one, tech companies may discontinue the services that the tax would arguably levy, which means that free-to-air TV will be put in a tight spot if this is indeed the only relief measure the sector would rely on.
Yet, the idea for a new tax, at least from the point of view of politicians, seems to hold water. The government of Anthony Albanese has similarly suggested that it may seek to stop companies from “riding free” on the back of traditional media.
As the debate surrounding tax rages on, it’s yet unclear what would change in the way gambling ads are regulated. In the meantime, there has been a serious call from popular personalities and politicians in Australia calling for a blanket ban on gambling advertising.
Free-to-air TV is not leaving matters as are, either. Representatives of free-to-air TV and radio have now been asking the government to abolish the $50m commercial broadcasting tax on transmitter licenses, giving them more leeway and making it possible to cushion the impact of the potential reduction or disappearance of gambling partnerships.
Free-to-air TV Seeks to Reduce Tax Burden
According to Free TV Australia CEO Bridget Fair, a ban on gambling will have a serious impact on the industry, and as such, it’s important to seek an alternative such as reducing other tax burdens that the sector currently faces.
Tim Costello from the Alliance for Gambling Reform has called media companies to be completely out of touch with the realities of gambling ads and the harm they cause. Australians lose $25 billion a year, he noted.
The outcome of the debates remains unclear as of now, but it may be not ideal to rely on propping up free-to-air TV with some yet-to-be-passed tax that may not garner enough legislative support or even then – fall short of its original intent.
WELLINGTON, New Zealand (AP) — The government of Australia’s most populous state ordered all public employees to work from their offices by default beginning Tuesday and urged stricter limits on remote work, after news outlets provoked a fraught debate about work-from-home habits established during the pandemic.
Chris Minns, the New South Wales premier, said in a notice to agencies Monday that jobs could be made flexible by means other than remote working, such as part-time positions and role sharing, and that “building and replenishing public institutions” required “being physically present.” His remarks were welcomed by business and real estate groups in the state’s largest city, Sydney, who have decried falling office occupancy rates since 2020, but denounced by unions, who pledged to challenge the initiative if it was invoked unnecessarily.
The instruction made the state’s government, Australia’s largest employer with more than 400,000 staff, the latest among a growing number of firms and institutions worldwide to attempt a reversal of remote working arrangements introduced as the coronavirus spread. But it defied an embrace of remote work by the governments of some other Australian states, said some analysts, who suggested lobbying by a major newspaper prompted the change.
“It seems that the Rupert Murdoch-owned Daily Telegraph in Sydney has been trying to get the New South Wales government to mandate essentially that workers go back to the office,” said Chris F. Wright, an associate professor in the discipline of work at the University of Sydney. The newspaper cited prospective economic boons for struggling businesses.
The newspaper wrote Tuesday that the premier’s decision “ending the work from home era” followed its urging, although Minns did not name it as a factor.
But the union representing public servants said there was scant evidence for the change and warned the state government could struggle to fill positions.
“Throughout the New South Wales public sector, they’re trying to retain people,” said Stewart Little, the General Secretary of the Public Service Association. “In some critical agencies like child protection we’re looking at 20% vacancy rates, you’re talking about hundreds of jobs.”
Little added that government offices have shrunk since 2020 and agencies would be unable to physically accommodate every employee on site. Minns said the state would lease more space, according to the Daily Telegraph.
The change is a “game-changer” for languishing central city businesses, said Katie Stevenson, Executive Director of the Australian Property Council’s NSW branch. “More workers mean more life, more investment, and more business for our cities.”
Individual agencies could devise their own policies, the order added, but should ensure employees “spread attendance across all days of the working week.” Requests to work from home on some occasions should be formally approved for a limited period only and reasons for the request should be supplied, the directive said.
Minns said workplace culture and opportunities for mentorship would improve, in remarks echoing other business leaders worldwide who have questioned the productivity of remote workers. Most public workers, such as teachers and nurses, could not work from home anyway, he added.
The order set New South Wales apart from other Australian states, one of which sought to capitalize on the move Tuesday. A spokesperson for Jacinta Allan, the premier of neighboring Victoria, told reporters the state’s remote work allowances would remain undisturbed and disgruntled NSW public servants should consider moving there.
Wright said the change not only overturned increased flexibility during the pandemic but also erased a decade of moves by Australia’s federal government encouraging remote working to reduce barriers to workforce participation, lower carbon emissions and reduce traffic jams.
Prime Minister Anthony Albanese has been broadly supportive of remote working. His government will enact a “right to disconnect” law later this month that will allow employees to refuse work communications outside their agreed hours.
(Bloomberg) — Asian equities pared early losses Thursday, continuing a bout of volatile trading as investors digest signals from central banks on the path ahead for interest rates.
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Benchmarks in Australia, South Korea, Taiwan and China dropped, with tech giants among the hardest hit. A region-wide gauge of the tech sector fell by around 2%, with the likes of SK Hynix Inc. down as much as 4.8% and Taiwan Semiconductor Manufacturing Co. falling as much as 2.8%. That followed a 1.2% drop for the tech-heavy Nasdaq 100 Index on Wednesday.
Japan’s Topix Index rebounded from a loss of as much as 1.8%, and the yen eraased an advance of up to 0.9%. A Thursday summary of opinions from last week’s Bank of Japan meeting, when it raised rates, showed one member identify the neutral rate at 1%, while another called for timely rate increases to avoid rapid hikes.
Global markets have been rocked in the past week as investors prepare for the US and Japanese central banks to move in opposite directions, in turn undermining the yen’s role as a cheap source of funding for financial assets.
The unspooling of the carry trade has further room to run but the declining velocity of the shift allows investors to breathe “a sigh of relief,” according to Quincy Krosby at LPL Financial. “A softer dollar, driven by the markets perception that the Fed will soon initiate an easing cycle, should help support a stronger yen — a negative for the trade.”
Three-quarters of the carry trade has been unwound as the recent slump wiped out all positive year-to-date returns, according to strategists at JPMorgan Chase & Co.
The dollar was slightly weaker Thursday, partly reversing moves from the prior session. Lackluster demand for a 10-year Treasury auction and $31.8 billion in debt offerings from blue-chip companies were headwinds.
The Treasury auction result is “consistent with our view that we’re due for a continued correction higher in yield in the near-term,” said Zachary Griffiths, head of US investment grade and macro strategy at CreditSights. “The repricing following what was really just a moderately weak payrolls report seems way overdone.”
US Markets
The S&P 500 closed 0.8% lower as Nvidia Corp. led losses in megacaps. Super Micro Computer Inc. tumbled 20% on disappointing earnings. In late trading, Warner Bros. Discovery Inc., the parent of CNN and TNT, plunged after posting a charge of $9.1 billion as it wrote down the value of its traditional TV networks.
Shares in Sony rallied Thursday after the Japanese consumer electronics company boosted its operating income guidance for the full year.
Markets have been in a tailspin since weak economic data last week fueled worries that the Federal Reserve’s decision to hold rates at a two-decade high is risking a deeper economic slowdown.
JPMorgan economists now see a 35% chance that the US economy tips into a recession by the end of this year, up from 25% as of the start of last month.
“Stocks remain vulnerable,” said Fawad Razaqzada at City Index and Forex.com. “More evidence of a bottom is needed to excite the bulls again. Overall, sentiment remained cagey. Not many people were confident to buy this latest dip, especially with US CPI looming next week.”
Oil climbed as investors remained on edge over the possibility of a retaliatory strike from Iran on Israel. Gold rose for the first time in six sessions.
Key events this week:
Germany industrial production, Thursday
US initial jobless claims, Thursday
Fed’s Thomas Barkin speaks, Thursday
China PPI, CPI, Friday
Some of the main moves in markets:
Stocks
S&P 500 futures were little changed as of 11:29 a.m. Tokyo time
Japan’s Topix rose 0.2%
Australia’s S&P/ASX 200 fell 0.3%
Hong Kong’s Hang Seng fell 0.3%
The Shanghai Composite fell 0.4%
Euro Stoxx 50 futures fell 0.9%
Nasdaq 100 futures rose 0.3%
Currencies
The Bloomberg Dollar Spot Index was little changed
The euro was little changed at $1.0930
The Japanese yen was little changed at 146.65 per dollar
The offshore yuan was little changed at 7.1812 per dollar
The Australian dollar rose 0.3% to $0.6540
Cryptocurrencies
Bitcoin rose 4.5% to $57,637.55
Ether rose 4.8% to $2,463.01
Bonds
The yield on 10-year Treasuries declined two basis points to 3.92%
Japan’s 10-year yield advanced two basis points to 0.895%
Australia’s 10-year yield advanced two basis points to 4.09%
Commodities
West Texas Intermediate crude rose 0.5% to $75.57 a barrel
Spot gold rose 0.2% to $2,388.37 an ounce
This story was produced with the assistance of Bloomberg Automation.
Simon (left) disappeared from Bangkok just days after an Australian
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This is Kieran James Cramer, an Australian who also vanished in the busy city
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Kieran’s dad flew in and found him, but why he went missing is still unknown
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In the same month, Australian Kieran James Cramer disappeared in the busy southeast Asian city on July 1.
The student nurse, 28, was nowhere to be seen or heard for more than two weeks.
His dad Darren jetted in from Australia to launch his own search, filing reports with local cops, the embassy and Interpol.
Eventually he found his son in Bangkok – but how he went missing remained a mystery.
Darren told Daily Mail Australia: “We found him in Bangkok … (But) he won’t talk to us.
“We are very worried about his safety at the moment.”
Simon travelled to Thailand for a solo trip originally supposed to be July 22-August 3.
But for an unknown reason he cut it short, telling his girlfriend he’d fly home July 26.
He never showed up.
Distraught family members believed he vanished in Bangkok, before a man claiming to be a Thai immigration officer told them he boarded a plane to Finland.
Missing David Maynard shared tragic final posts days before his entire family vanished at sea after boat capsized
Both are cases of men in their 20s going missing from trips in Thailand and bewildering their worried families.
Simon’s sister Sarah Dale Robinson’s latest social media update said: “We have received confirmation that Simon did board the flight on the 26th July.
“A massive thank you to everyone that has shared and the kind people that have found this information out as the authorities at both sides haven’t done anything.
“I am waiting for a call back from the police and embassy in Helsinki.”
It’s believed he took a Finnair flight from Bangkok-Helsinki, but never hopped on a connecting jet into the UK.
Friend Demi Guttesen also wrote on Facebook: “Please share. Simon’s whereabouts are still unknown and he is still very much missing but now the focus is on Helsinki, Finland where his connecting flight would have landed at the time he was last active on his social media.
“If anyone has any connections in Helsinki or Finland please let me know. Thank you.”
The Foreign Office didn’t comment on Simon specifically, simply saying it stood ready to help any Brit abroad.
Timeline of missing Brit Simon Robinson
July 22: Simon flies to Thailand for a solo trip
July 26: He phones his girlfriend, letting her know he’ll return to the UK early
August 2: He still hasn’t been seen and family start posting on social media to raise public awareness. They fear he never left Bangkok
August 5: Family now believe Simon did in fact board a plane, but to Helsinki, Finland
August 6: It’s revealed he was last active on social media the same time a flight to Finland was due to land
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Both men went missing after spending time in the busy Bangkok streetsCredit: Instagram @thailandluxe
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Simon is now thought to be here in Helsinki, 5,000 miles from BangkokCredit: Getty – Contributor
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Family will be hoping Simon’s case ends like Kieran’s – foundCredit: Asia Pacific Press via ViralPress
LONDON (AP) — King Charles III is preparing to visit Australia and Samoa in October, an itinerary that will span 12 time zones and test the monarch’s stamina as he recovers from cancer treatment.
The trip, announced on Sunday by Buckingham Palace, marks a watershed moment for the 75-year-old king, who has been slowly returning to public duties after taking a break following his cancer diagnosis in early February. The decision to undertake such a long journey will be seen as a sign of Charles’ recovery, even though the program in Australia will be “limited.”
The visit to Australia will be a critical moment for the king as he tries to shore up support for the monarchy at home and abroad. The trip will mark the first time since he ascended the throne that Charles will visit one of the 14 countries outside the United Kingdom where the British monarch remains head of state, a link that is a source of pride for some but an unwelcome reminder of Britain’s colonial dominance for others.
While he will undoubtedly be welcomed by fans waving the flag and singing “God Save the King,” Charles is also likely to hear anti-monarchy voices in a country where 45% of voters in a 1999 referendum supported creating an Australian republic. Prime Minister Anthony Albanese’s Labor Party supports ditching the monarchy, but the government says it isn’t a priority and there is no timeline for another referendum.
“It’s clear that there’s a real reevaluation going on there as to whether the Commonwealth, and certainly the realms, want to retain their connection to the British monarchy or not,” Ed Owens, a historian and author of “After Elizabeth: Can the Monarchy Save Itself?” told The Associated Press in an interview before the trip was announced. “So, you know, there are troubled waters ahead.”
Albanese said he and Governor-General Sam Mostyn, the monarch’s representative in Australia, would welcome Charles and Queen Camilla. Albanese noted Charles had already made 15 official visits to Australia, the most recent in 2018. The monarch had also spent several months in an Australian bordering school as a teen in 1966.
“The King has a deep regard for our great nation, and has always spoken warmly of the time he has spent here and the astounding beauty of our extraordinary continent,” Albanese said in a statement.
The palace provided few details of the tour. Charles and Camilla will visit the Australian Capital Territory and New South Wales as well as making a more formal state visit to Samoa, where the king will appear at the Commonwealth Heads of Government Meeting, the palace said.
The capital territory is home to Canberra, Australia’s national capital. Sydney, Australia’s largest city, is in New South Wales.
Charles holds the symbolic title of head of the Commonwealth, a voluntary association of 56 independent nations, most of which have historic ties to Britain. The annual heads of government meeting will be held Oct. 21-25.
However, the trip will not include a stop in New Zealand.
“The King’s doctors have advised that a further extension to Their Majesties’ trip should be avoided at this time, to prioritize His Majesty’s continued recovery,” the palace said in a statement.
Albanese said planning for the visit was still underway and more information would be made public in due course.
Isaac Jeffrey, national director and CEO of the Australian Republic Movement, the peak body advocating for an Australian republic with an Australian head of state, called for a meeting with Charles and questioned why Australia should pay for the royal visit.
“This visit is a great opportunity for all Australians to ask themselves whether the British Royals really represent a modern Aussie democracy,” Jeffrey said in a statement.
The trip comes at a time when the health problems of Charles and Kate, the Princess of Wales, have highlighted the challenges faced by a slimmed-down royal family as the king pledges to cut costs.
With fewer working royals available to carry out the endless round of ribbon cuttings, awards ceremonies and state events that make up the life of a modern royal, the remaining family members have been forced to take on more events.
Charles’ cancer diagnosis occurred at the same time that the Princess of Wales — one of the most popular royals — underwent abdominal surgery and later announced she, too, had cancer. Prince William took time off to support his wife and their young family.
That left Camilla, the king’s sister, Princess Anne, and his youngest brother, Prince Edward, to shoulder the load. Princess Anne was briefly hospitalized last month after an accident thought to involve a horse left her with a concussion.
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Associated Press writer Rod McGuirk in Melbourne, Australia, contributed to this report.
As The Associated Press’ music writer, Maria Sherman has seen more than 40 concerts during the first half of 2024. Here are some picks for the best shows … so far, excluding any one-off performances that cannot be repeated, and where you too can catch these artists.
Bad Bunny, “The Most Wanted Tour”
March 14, Los Angeles’ Crypto.com Arena
Bad Bunny’s show begins with a symphony, transitioning into the unmistakable strings of his monster hit, “Monaco.” “The Most Wanted Tour” highlights El Conejo Malo’s fifth solo album “Nadie Sabe Lo Que Va a Pasar Mañana” (“Nobody Knows What Will Happen Tomorrow”) and his past reggaetón hits, too.
HIGHLIGHT: There is one moment that can only be described as equine.
OPENER: When you’re one of the biggest artists on the planet, do you really need an opener? Bad Bunny didn’t.
SEE IT YOURSELF: This particular run of shows has come to an end, but here’s a reminder to catch him next time he’s in town.
Bad Bunny performs during “The Most Wanted Tour” at State Farm Arena in Atlanta on May 15, 2024. (Photo by Paul R. Giunta/Invision/AP, File)
Olivia Rodrigo, “GUTS World Tour”
April 5, New York’s Madison Square Garden
Rodrigo’s spirited punky-pop warms an arena, as does her irreverent charms and Disney-informed dancing. If women performing their rage has fallen out of vogue, Rodrigo has brought it back, full force.
HIGHLIGHT: For the fans of her big-hearted ballads — in one moment, she’s lifted into the air and circles the arena in a purple crescent moon to slow things down.
OPENER: The Breeders — fronted by the Pixies’ Kim Deal — legends of ’90s college radio and indie rock. There’s something completist about hearing an arena discover “Cannonball” for the first time, a song that no doubt inspired Rodrigo’s music.
SEE IT YOURSELF: Rodrigo heads back to the U.S. this month with a new opener, the U.K. hyperpop producer PinkPantheress, before the Breeders return for two final nights in Los Angeles.
Brutalismus 3000, “AMERIKATRÄUME”
April 11, New York’s Knockdown Center
Every generation gets the Crystal Castles it deserves. Or in less niche language: This Berlin duo brings humor to their music, which veers from hyperactive techno to German Neue Deutsche Welle in their acquired-taste electronica. The shows are sweaty, and no matter your age, you will be the oldest person in attendance.
HIGHLIGHT: The duo samples Dido’s soft-pop hit “White Flag,” while waving a white flag. It works.
OPENER: The techno-punk LustSickPuppy, whose abrasive rave music is presented as a kind of nightmarish clown show.
SEE IT YOURSELF: Brutalismus will be hitting a few festivals in Europe this summer and fall.
Nicki Minaj, “Pink Friday 2 World Tour”
May 1, New York’s Barclays Center
She will run on club time, and she will not disappoint. Nicki Minaj’s “Pink Friday 2” is almost a retrospective of her chart-toppers, shifting alter-egos with incredible ease.
HIGHLIGHT: At this particular show, Minaj brought out Cyndi Lauper to duet “Girls Just Wanna Have Fun” after 1 a.m.
OPENER: Monica has joined Minaj for this tour, and in Brooklyn, Pepa of Salt-N-Pepa opened the show.
SEE IT YOURSELF: Minaj is hitting the European festival circuit this summer, then heading back to the U.S. in September.
Nicki Minaj performs during the MTV Video Music Awards on Tuesday, Sept. 12, 2023, at the Prudential Center in Newark, N.J. (Photo by Charles Sykes/Invision/AP, File)
Sum 41, “Tour of the Setting Sum”
May 6, New York’s Brooklyn Paramount
Canadian pop-punk band Sum 41 has called it quits — and they’re going out in a blaze of glory, a farewell tour that has the immediacy of their youth.
HIGHLIGHT: Sum 41 does not want to exit quietly — they prove their endurance with an explosive set, fireworks and mosh pits and all. There’s also a giant, blow-up skull.
OPENER: The Interrupters, a ska-punk band that revitalized the genre, are worth arriving early for. At future dates, Sum 41 will be joined by Gob, Pup, Neck Deep and the Bronx.
SEE IT YOURSELF: Sum 41 is zigzagging across Europe and North America through early 2025.
Deryck Whibley of Sum 41 performs during Sonic Temple Art and Music Festival on Friday, May 17, 2024, at Historic Crew Stadium in Columbus, Ohio. (Photo by Amy Harris/Invision/AP, File)
Megan Thee Stallion, “Hot Girl Summer Tour”
May 21, Madison Square Garden
Not every artist can sell out Madison Square Garden on her first tour, but Megan Thee Stallion is not every artist. On her stage, Megan is an athlete and a dancer who delivers her fierce bars with an incredible crispness.
HIGHLIGHT: “WAP” is a can’t miss moment, of course — particularly if Cardi B makes a surprise appearance, like she did at MSG.
OPENER: Tennessee rapper GloRilla, who was most recently featured on the great, braggy “Accent” from the headliner’s third album, “Megan.”
SEE IT YOURSELF: Europe will get to catch her in July, before she heads back home for a few festivals.
Megan Thee Stallion performs during the Bonnaroo Music & Arts Festival on Sunday, June 16, 2024, in Manchester, Tenn. (Photo by Amy Harris/Invision/AP)
The Rolling Stones, “Stones Tour ’24 Hackney Diamonds”
May 23, East Rutherford, New Jersey’s MetLife Stadium
The Rolling Stones ran through 60 years of hits across two hours, including cuts from their first album of new material in nearly two decades, “Hackney Diamonds.”
HIGHLIGHT: When it comes to The Rolling Stones, the entire show is the highlight — but for this audience, it was likely the rollicking rendition of “Wild Horses.”
OPENER: The soulful Jon Batiste, an award-show staple for a reason.
SEE IT YOURSELF: The Stones’ North American tour continues through July.
Ronnie Wood, from left, Mick Jagger, Steve Jordan, and Keith Richards of The Rolling Stones perform during the “Hackney Diamonds” tour at Soldier Field on Thursday, June 27, 2024, in Chicago. (Photo by Rob Grabowski/Invision/AP, File)
George Strait
June 8, MetLife Stadium
They call him the King of Country for a reason. Live, George Strait can transform his one-off stadium shows into a honky-tonk; he performs with a big band and a lot of heart.
HIGHLIGHT: The closest a person can get to levitation is singing along to “Amarillo by Morning” in a stadium of tens of thousands.
OPENER: Chris Stapleton and Little Big Town, with Stapleton joining Strait for a new song called “Honky Tonk Hall of Fame.”
SEE IT YOURSELF: Strait has a two more stadium dates in July — in Detroit and Chicago — and another in December, in Las Vegas.
George Strait performs at the iHeartCountry Festival on Saturday, Oct. 30, 2021, at the Frank Erwin Center in Austin, Texas. (Photo by Jack Plunkett/Invision/AP)
SEE IT YOURSELF: Many of these artists will be hitting festivals in North American and Europe this summer. In fact, if you want to catch SZA, Sexyy Red and Chappell Roan in one go, consider Lollapalooza in August. Pluma is currently on his “Éxodo Tour” across North America, running through October.
Chappell Roan performs during the Bonnaroo Music & Arts Festival on Sunday, June 16, 2024, in Manchester, Tenn. (Photo by Amy Harris/Invision/AP)
Sexyy Red performs during the Governors Ball Music Festival on Saturday, June 8, 2024, at Flushing Meadows Corona Park in New York. (Photo by Andy Kropa/Invision/AP)
CLAMM
Feb. 18, Melbourne, Australia’s Northcote Social Club
In the search for thrilling, cathartic underground music — particularly of the indie variety — look no further than the rich scene of Melbourne, Australia. CLAMM, the punk trio, brings a controlled aggression to their live show. It is ferocious noise punk that hits like inhaling hand sanitizer — stinging alert their audience with clever agitation.
HIGHLIGHT: Later this month, CLAMM will release a new record, “Disembodiment.” Live, they’ve begun performing the chant-along opening cut, “Change Enough.”
OPENER: At this particular show, the Aussie indie band Scott and Charlene’s Wedding and the rapper Mulalo. A genre-diverse club show is a life-affirming club show.
SEE IT YOURSELF: CLAMM are headed to Europe for a series of dates this July, and back to Australia in August.
A search for a missing 12-year-old who witnesses say was attacked by a crocodile in a remote Australian community has entered a “recovery phase,” according to the BBC.
The unidentified child was swimming in a creek in Nganmarriyanga, a small town in Australia’s Northern Territory, at dusk, according to a social media post from the region’s emergency services agency. The remote community is home to just over 360 people and is about a seven-hour drive from the city of Darwin, the BBC reported.
Initial reports said the child had been attacked by a crocodile, the agency said.
The Northern Territory’s Police, Fire and Emergency Services said area police and community members immediately began searching for the child. A search and rescue team has also been deployed and is continuing to search the area. The emergency services agency did not immediately respond to a request for comment from CBS News.
A crocodile in shallow water.
Tom Wozniak/500px
On Wednesday morning, Northern Territory police minister Brent Potter told media, including the BBC, that the operation had entered a “recovery phase.”
“It’s a tragic incident for any parent or family member to lose a young child, and especially in the circumstances like that, taken by a crocodile,” he told reporters.
Potter said that wildlife officers have been authorized to “remove” the crocodile if they find it.
Crocodile attacks are rare, according to the BBC, but the region is home to about 100,000 saltwater crocodiles, more than anywhere else in the world. In the region, there have been two attacks in the past year — one in January 2024 and one in October 2023 — but neither were fatal. The last fatal attack in the Northern Territory was in 2018, the BBC said. Potter said the incident serves as a reminder to stay safe while in a crocodile’s habitat.
“We live in a place where crocodiles occupy our water places … it’s just a reminder to stay out of the water as best we can,” Potter said.
Kerry Breen is a news editor at CBSNews.com. A graduate of New York University’s Arthur L. Carter School of Journalism, she previously worked at NBC News’ TODAY Digital. She covers current events, breaking news and issues including substance use.
Thylacines — marsupials known as Tasmanian tigers — were declared extinct decades ago, but efforts to find one in the wild are thriving. Scientists are also working to bring back the species.
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Arena Racing Company (ARC), Racecourse Media Group (RMG), Tabcorp, and 1/ST CONTENT have announced a groundbreaking strategic alliance that unites four leading content providers focused on the horse and greyhound racing industry. This partnership aims to create a global network of rights holders to distribute racing content across multiple international markets.
All Four Members Boast Substantial Expertise
The new collaboration aims to enhance global and local operators’ ability to offer a comprehensive range of bespoke 24/7 racing video, data, and wagering solutions, including tote and managed trading services. The partnership should simplify access to additional content and services for wagering customers, helping foster an engaged customer base.
This partnership relies on the combined expertise of each of its members. ARC, the most prominent racing group in the UK, operates 16 racecourses and five greyhound stadia across the nation and has fostered a respectable fanbase. It provides quality content popular with companies like UK-based media rights management firm RMG.
1/ST CONTENT, a division of 1/ST, the premier racing company in the Americas, also specializes in distributing racing content and will be instrumental in ensuring ARC’s content reaches new audiences. Similarly, Australia’s largest gambling company, Tabcorp, will provide multichannel wagering, media, and gaming services, catering to the competitive itch of racing fans.
Racing Content Will Enjoy Unprecedented Reach
Brendan Parnell, ARC managing director of media and international, emphasized the benefits of the alliance. He noted that creating a complete service hub would empower the racing group’s betting and media partners, helping them deliver a leading product and enhance customer acquisition and retention via consistent, quality racing content.
24/7 broadcast and video streaming rights should ensure that ARC’s international partners can fully leverage its industry-leading data and wagering technology. Martin Stevenson, CEO of RMG, agreed with these statements, hoping the alliance would drive sustained growth for the horse and greyhound racing sector via continued innovation.
This is an excellent illustration of different racing jurisdictions innovating together to create new products and services to grow access and interest in horse racing around the world.
Martin Stevenson, RMG CEO
This strategic alliance is poised to shake up the horse and greyhound racing industry. The partnership heralds a more integrated and dynamic approach to racing content distribution. It aims to set new standards in the industry, fostering innovation and expanding the reach of horse and greyhound racing worldwide, promising a brighter and more interconnected future for the sport.
Although it is identified as a public health issue, gambling is widely spread across Australia. Seeing this problem on a local and national level, lawmakers in the country engaged in an overhaul of the market. Efforts from state to state differ but their primary objective is unified, namely, reducing gambling harm and problem gambling.
On Tuesday, the New South Wales (NSW) government announced that the state’s Responsible Gambling Fund will benefit from additional funding. An extra AU$10 million ($6.6 million) will boost the Fund in a move that reaffirms NSW’s efforts toward combatting gambling harm and reducing problem gambling.
Thanks to the 2024-25 NSW Budget investment, people affected by gambling harm across the state will benefit from receiving information, support and treatment services. Per the NSW government’s announcement, the aforementioned services will be available regardless if the people affected by gambling harm reside in NSW or not.
Per the initiative, the Fund will collaborate with GambleAware providers in nearly a dozen different regions across the state. The latest effort will help support GambleAware’s Gambling Help Online and Helpline. The two resources played a key role in helping more than 25,000 people between 2022 and 2023.
“The 2024-25 Budget continues the drive to reduce gambling harm and to encourage people to seek support when they need it,“
reads a statement released by the NSW government
The latest announcement comes at a time when the NSW government reportedly exploring the option for a betting tax increase. Per media reports, the lawmakers in the state anticipate increasing the tax rate by 5% from 15% to 20%.
The Overhaul of NSW’s Gambling Sector Seeks to Reduce Gambling Harm
The additional AU$10 million ($6.6 million) in funding complements the ongoing efforts of the local government in reducing gambling harm. It is a part of the broader efforts against the issue which include the ban of political donations by pubs and clubs that offer gambling, as well as the prohibition of advertising via external signs.
Further efforts against gambling harm require venues that offer more than 20 gambling devices to have dedicated Responsible Gambling Officers. The aforementioned change is mandatory starting from July 1.
Part of the government’s changes to the sector in an effort to reduce gambling harm include limits to the cash input applicable for all new gambling devices. While previously, the limit was AU$5,000 ($3,300), it was decreased to AU$500 ($330).
The local government’s efforts include a comprehensive trial on cashless gambling across the state. Based on the results of the trial which will be overseen by an Independent Panel on Gaming Reform, a plan needs to be created that will propose additional changes to the gambling sector.
A landmark ruling by the Federal Court of Australia ordered SkyCity Adelaide to pay an AU$67 million ($44.1 million) fine for substantial breaches of anti-money laundering (AML) and counter-terrorism financing (CTF) laws, which occurred at its North Terrace casino. The venue reportedly failed to comply with legislative requirements and lacked crucial customer due diligence safeguards.
SkyCity Faces Substantial Challenges
AUSTRAC, the country’s federal financial crimes regulator, proposed the penalty after SkyCity Adelaide admitted it did not fully adhere to the provisions of the AML/CTF Act. The casino operator acknowledged that these failings could enable bad actors to conduct criminal activities, endangering the Australian public and potentially undermining the country’s financial system.
Peter Soros, AUSTRAC’s acting CEO, emphasized that the gambling sector could not safely function without stringent anti-money laundering measures. He noted that weak AML enforcement could enable criminal exploitation, which in turn facilitates further illegal enterprises, including organized crime like drug and human trafficking, which could extend beyond the country’s borders.
“Criminals will always seek to take advantage of the gambling sector to clean their dirty money.”
Peter Soros, AUSTRAC acting CEO
According to SkyCity’s admissions, the company had failed to conduct mandatory checks on 121 customers. Furthermore, the company’s senior management lacked adequate preparation to oversee its AML/CTF programs. These deficiencies are similar to those of competing operators Crown Resorts and Star Entertainment, which still face significant regulatory scrutiny due to their past failings.
There Is Hope on the Horizon
This newest ruling could have more than just financial implications for SkyCity Adelaide. The operator currently faces a state-level investigation to determine its suitability to hold a casino license. Failure to meet the state’s criteria could have disastrous repercussions for the company, potentially shutting down its businesses until it can regain compliance.
SkyCity’s troubles extend beyond Australia. February saw the company fall under the scrutiny of the New Zealand Department of Internal Affairs. The authority prepared to launch civil proceedings against the operator, citing alleged AML and CTF violations. If found guilty, SkyCity casinos in Auckland, Hamilton, and Queensland could face further monetary sanctions.
The ongoing compliance issues with high-profile Australian casinos highlight the country’s ongoing difficulties enforcing compliance within its gambling sector. Despite SkyCity’s deficiencies, the beleaguered operator can still follow in the footsteps of its rival Crown Resorts. Despite its much more substantial failings, Crown managed to rebuild and earn back the trust of regulators, giving hope to SkyCity.
One particularly lucky Sydney, Australia lottery player has experienced a very satisfying feeling of déjà vu after scoring his second major win two and a half decades after winning a similarly generous cash prize.
The fortunate Australian gambler scooped up over $200,000 in the Lucky Lotteries Mega Jackpot draw held on Thursday after guessing all 10 consecutive numbers that he purchased at Newsagency in Mascot.
“Something Good Was Coming”
The Illawong man felt “something good was coming,” as he explained it, after buying tickets for the weekly draw even though he never actually believed “it was possible to win twice in a lifetime.”
“I honestly thought my mind must be playing tricks on me,” was the player’s reaction after finding out he had won $202,014 in total.
The player, who said he plans to spend more quality time with his family and “kick back a bit more” now that he has the funds to do it, said he was “still reeling in disbelief that this has actually happened again.”
Newsagency’s manager, Alan Tran, expressed their thrill for being able to share the milestone with their customer.
Last year, a total of 117 Jackpot and Lucky Lotteries 1st Prize winners across the country scored over $20.6 million.
Lucky Lotteries Super Jackpot and Lucky Lotteries Mega Jackpot are raffle-style games with a unique number of tickets in each draw that does not allow prize sharing.
Each game features two draws, one to establish the jackpot number and one for the winning numbers.
In case the jackpot number matches one of the winning numbers, the Jackpot Prize is won. If not, the Jackpot Prize will go up for the next draw.
Other Lucky Australian Lotto Players
At the end of May, three lucky Oz Lotto players won an AU$13,333,333.34 ($8.6 million) prize each after guessing all winning numbers from the game’s draw (10, 15, 29, 31, 42, 5, and 13), along with the supplementary numbers 17, 40 and 39.
Originally, one of the men believed he had won AU$13 ($8.60), but soon found out his entire life was about to change.
Earlier in the same month, the New South Wales Lottery urged the mystery winner of the AU$2.58 million ($1.43 million) jackpot to claim his prize.
The ticket was purchased at the Nambucca Heads Newsagency located in an area known as a popular tourist destination, which means the winner might have been passing by.
May was also a very fortunate month for an Australian who made history by winning the AU$150 million ($99 million) Powerball Jackpot, the largest prize to date in the country.
