The Global Economic News

There will be no exemptions for children who have parental consent, or who already have accounts.   Australia's government has pledged to introduce what it described as "world-leading" legislation to ban children under the age of 16 from social media. "Social media is doing harm to our kids and I'm calling time on it," Australian Prime Minister Anthony Albanese said. "I've spoken to thousands of parents, grandparents, aunties and uncles. They, like me, are worried sick about the safety of our kids online." The legislation will be introduced in the country's parliament during its final two weeks in session this year, beginning on 18 November. Mr Albanese said the age limit would take effect a year after the law is passed - with platforms including  Facebook ,  Instagram ,  Elon Musk 's X and Bytedance's  TikTok  using those 12 months to work on how to exclude Australian children under 16. Alphabet's  YouTube  would ...

The Commission and national consumer authorities have found that Temu engages in illegal practices like fake discounts and misleading reviews. Already under DSA investigation, Temu has one month to respond to these accusations. The European Commission has warned Chinese retail giant Temu to fix deceptive commercial practices or face potential fines in a report following a probe by the Consumer Protection Cooperation Network, led by Belgium, Germany, and Ireland.  The report finds that Temu engages in hard selling by offering bogus discounts and hyped reviews. The company issues misleading information, including exaggerating the availability of items and fostering sales urgency with deadlines, it found. Authorities stressed that Temu fails to properly inform users of their right to return products and does not provide clear contact details for complaints.  Additionally, consumer authorities criticised Temu’s use of a “spin the fortune wheel” game, where no clear informati...

  Aerospace and engineering group Rolls-Royce has shut down plans for an electric flying taxi business almost three years after the Spirit of Innovation broke the electric air speed record by recording a 345.4mph flight. The news was announced in a trading update on Thursday, with a comment saying: "In September, we made the decision to close Rolls-Royce Electrical's Advanced Air Mobility activities." That was in contrast to Rolls-Royce's enthusiastic launch of the project when it declared: "The Electrical power and propulsion systems will lead the way for Advanced Air Mobility (AAM), enabling silent short and vertical take-off and landing capabilities while lowering emissions and reducing fuel consumption."

Nissan has said it will lay off thousands of workers as it slashes global production to tackle a drop in sales in China and the US . The Japanese car making giant says it will cut 9,000 jobs around the world in a cost saving effort that will see its global production reduced by a fifth. Nissan did not immediately respond to a request from BBC News for details on where the job cuts will be made. The company employs more than 6,000 people at its manufacturing plant in Sunderland, North East England. The company also cut its operating profit forecasts for 2024 by 70%. It was the second time this year that the firm has lowered its outlook. “These turnaround measures do not imply that the company is shrinking," said Nissan's chief executive Makoto Uchida. "Nissan will restructure its business to become leaner and more resilient." The company said Mr Uchida's monthly salary is being cut by half and that other senior executives will also take pay cuts. Nissan's shar...

China has unveiled new measures aimed at boosting its flagging economy, as it braces for a second Donald Trump presidency. The country plans to tackle tens of billions of dollars of local government debt to prevent it being a drag on growth. Trump won the US election on a platform that promised steep import taxes, including tariffs as high as 60% on Chinese-made goods. His victory is now likely to hinder Xi Jinping’s plans to transform the country into a technology powerhouse – and further strain relations between the world’s two biggest economies. A property slump, rising government debt and unemployment, and low consumption have slowed down Chinese growth since the pandemic. So the stakes are higher than ever for the latest announcement from the Standing Committee of the National People’s Congress (NPC), the executive body of China's legislature. During his first term in office Trump hit Chinese goods with tariffs of as much as 25%. China analyst Bill Bishop says Trump should be ...

This giant solar heating system will help keep the Magna Carta at the perfect temperature. Home to the Magna Carta and a collection of handwritten Beatles lyrics, the British Library is a treasure trove of historic artefacts - but that doesn’t mean it’s stuck in the past. The UK institution recently installed the country’s largest solar heat installation in a bid to keep bookworms cosy while slashing carbon emissions. Spanning more than 712 square metres, the installation is made up of 950 solar collectors tucked away on the library’s roof. It is expected to reduce the London building’s CO2 emissions by 55 tonnes a year. Simultaneously, it will generate 216 MWh of energy annually - enough to power and heat a community centre or swimming pool for a year.

  Vertical solar panels are proving to be a new solution for northern regions, yielding 20 per cent more energy than traditional panels. Norway’s national football stadium carries a lesser-known star attraction: 1,242 solar panels stretching across the roof. These are not traditional flat roof panels. The mini, square-shaped solar panels have two key features that distinguish them from those typically seen on buildings: they are bifacial, meaning they have two active sides, and they are installed vertically. In June 2024, Ullevaal Stadium in Oslo became home to the world’s largest vertical solar panel installation on a roof, placing the stadium at the forefront of renewable energy innovation. At first glance, the panels look fragile, and one might worry about stepping on them. But during a visit to the stadium, we quickly learn that they are incredibly efficient in generating solar power.  Ullevaal Stadium has an ambitious goal of generating at least 250,000 kilowatt-hour...

Chinese online marketplace Temu will have until 21 October to answer European Commission questions on illegal products under the Digital Services Act (DSA). Chinese online marketplace Temu was asked on Friday to provide more information on the measures it has taken against traders selling illegal products on its platform under the EU’s online platform rules, the European Commission announced today. The company will also need to give additional data and information on the measures it has adopted to mitigate the risk of the spread of illegal products, as well as risks related to consumer protection, public health and users’ wellbeing, the statement said. Temu, which was founded by PDD Holdings in 2022, will also have to provide information on recommender systems and the risk to the protection of users’ personal data.  In May, the Commission designated Temu as a Very Large Online Platform under the Digital Services Act (DSA), as it exceeds the threshold of 45 million monthly average u...

  Vegan diets can contain more UPFs on average – but this might not be a problem.   For most people living in industrialised societies, it's difficult to avoid ultra-processed foods altogether. My cereal is ultra-processed. So is the whiskey in my cabinet, the hot sauce in my fridge and the crisps in my backpack.   The term "ultra-processed" is poorly understood and inconsistently used, even sometimes by scientists. While in some circles it has become a catch-all term for foods with little nutritional benefit, a wide variety of foods fall under this umbrella.   Ultra-processed foods are popular with consumers for their convenience (frozen pizza), taste (wrapped cookies), and durability (sandwich bread). These elements, plus the relatively low cost of ingredients, make them profitable for manufacturers.   But recently another motivation for ultra-processed foods has emerged: to replace meat or dairy among those attempting to eat a more plant-based diet. With this...

  A day after the   death   of India's most globally-recognised tycoon Ratan Tata, his half-brother Noel Tata has been named as the new chairperson of Tata Trusts, the group has announced. Tata Trusts is the company’s philanthropic arm which holds a majority stake of 66% in Tata Sons - one of India's largest business groups, with annual revenues in excess of $100bn (£76.5bn). Noel Tata, 67, is the son of Naval Tata, who was also Ratan’s father, and Simone Tata. He is on the boards of many Tata companies, including Tata Trusts, and will now step up to lead its charities. He is the chairman of Tata International Limited, Voltas and Tata Investment Corporation and the vice-chairman at Tata Steel and Titan Company Limited. He also heads Tata’s massive apparel retail company, Trent Limited, which has seen tremendous growth since he took its leadership in 2014. The company operates hugely successful fashion and lifestyle retail formats such as Westside, Zudio and Utsa. From 201...