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'Gloom' over Trump economy hits worst levels 'since the Great Recession': report
Story by Alex Henderson

According to the U.S. Bureau of Labor Statistics (BLS), unemployment in the United States was at 4.2 percent in July — which is far from a recession. But the BLS also found that the U.S. is hurting in terms of job creation; the 4.2 percent figure largely reflects Americans who are holding on to jobs they already have rather than starting new jobs. And President Donald Trump was so angry over the BLS' job creation data that he fired ex-BLS Commissioner Erika McEntarfer and nominated a MAGA loyalist for the position: E.J. Antoni, known for his work with the Heritage Foundation.

In an article published on August 16, Axios' Courtenay Brown lays out some reasons why so many Americans are feeling "gloomy" about the economy.

"Americans haven't been this gloomy about the job market since the Great Recession," Brown reports. "Why it matters: Fears about joblessness have surged since President Trump unveiled plans to impose steep tariffs on foreign goods. The economy might have hit a soft patch, but it has so far dodged the bleak predictions from a few months ago."

Nonetheless, Brown notes that "consumers are still bracing for the worst to come."

"As of early August," Brown explains, "that pessimism was in step with that of the 2008 financial crisis. About 62 percent of consumers believe unemployment will worsen in the year ahead, according to the University of Michigan's latest monthly survey. That's bounced around a little in the last few months, but consistently hung around levels not seen since the Great Recession…. The concerns about higher unemployment are paired with worries about an inflation resurgence."

The University of Michigan's consumer report was released on August 15.

Joanne Hsu, the report's director, is quoted as saying, "Although CPI inflation has not surged, our data show that consumers are still bracing for an increase in inflation to come. Moreover, consumers are also concerned that labor markets will weaken."

Brown notes that The Great Recession was the United States' "worst economic downturn since the Great Depression."

When the stock market crashed in 1929, U.S. unemployment was only 3.2 percent, according to Investopedia. By 1932, it was up to 23 percent. Americans were so angry about the economy that year that Democratic presidential nominee Franklin Delano Roosevelt defeated incumbent GOP President Herbert Hoover by a landslide and picked up a whopping 472 electoral votes.

The Great Recession wasn't as severe as The Great Depression, but Brown recalls that in late 2008 and 2009, "The stock market was falling off a cliff, unemployment filings soared and the jobless rate would ultimately peak at 10 percent."

Brown continues, "Now: The economy is slowing, though fears are worse than the official data suggests so far. The unemployment rate is holding at a historically low 4.2 percent, as of July. Hiring has stalled, but so have layoffs. There are fewer unemployment filings now than in July 2021, when a record-low share of Americans (14 percent) said they anticipated higher unemployment in the year ahead."

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The Guardian
Mark Zuckerberg’s metaverse vision is over. Can Apple save it?

Story by Alex Hern • 22-5-2023

Such an expansive definition – simply setting up a Memoji on your iPhone or logging into Fortnite could count as “using the metaverse” – helps Meta dodge criticism that the dream the company promised looks no closer to fruition now than it did 18 months ago.

It also helps to make the prospect of actually building the damn thing look more appealing.

In a piece of research commissioned by Meta this month, the Deloitte consultancy said that the metaverse could contribute “between £40bn and £75bn in additional GDP [gross domestic product]” to the UK alone by 2035.

The 25-page report – one of nine commissioned for every large market Meta operates in, from “the metaverse and its potential for the United States” to “Enabling the metaverse in sub-Saharan Africa” – argues optimistically that “there is a large opportunity for the UK as a metaverse leader” and concludes that the benefits could reach as high as 2.4% of GDP. To reach those figures, Deloitte applied much the same vague definition as Clegg, but stretched the net even further, pulling in the entirety of the cryptocurrency space as a side benefit.

“The metaverse will also likely necessitate the use of new verification technologies based on ledgers of permanent entries – blockchains, broadly referred to as ‘Web3’ – to support its decentralised nature,” the report argued. Some challengers for Meta’s claim to the metaverse are more like blockchains with rudimentary 3D engines attached: virtual worlds such as Decentraland and the Sandbox trade “land” and “objects” for real-world money but attract few active users otherwise.

“Economic value will be created by new markets, business models, skills development and better ways of working in the UK,” said Deloitte. What new markets? Well, Liverpool football club launched an NFT (non-fungible token) collection in March 2022 “and generated revenue of £1.13m, even though 95% of the digital collection did not sell”. A few months later, Liverpool spent £85m on Benfica striker Darwin Núñez, so it is fair to guess that the NFT collection did not have a huge impact on the club’s bottom line for the year.

“You see a lot of poorly reported or badly written articles referring to the metaverse as ‘3D worlds such as the Sandbox, Decentraland and Roblox’. The frustrating thing is, two of those are terrible website experiences that serve hundreds of people and one of them is a video game platform that serves 66 million active users per day,” said James Whatley, the chief strategy officer at creative agency Diva.

He added: “Beware of the consultant that promises you metaverse numbers but then delivers a Web3 website experience. If you’re a serious player in this space, you want to speak to hundreds of millions of people – and those people play video games. Not crap 3D websites.”

Education could also be booted, Deloitte insisted. “The metaverse could help transform classroom settings while allowing students to avoid the costs of moving to and living in the UK. This could be a boon for the approximately 600,000 international students currently attending UK universities.” So could healthcare, industry, live entertainment – and even just plain old office jobs.

Meta’s chief executive, Mark Zuckerberg, denied that his company had shifted its focus away from the metaverse towards AI. Photograph: David Ramos/Getty Images
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ABC Business
Australia commits $160m to build more Bushmasters after donating 90 to Ukraine in war against Russia

17-5-2023

Bushmasters to Ukraine

Thales Australia is well-known globally for its Bushmaster, and now Hawkei, protected military vehicles as Ukraine uses the former in its war against Russia.

Australia has provided Ukraine with 90 Bushmasters to help in its efforts and now it wants the light protected mobility vehicle, the Hawkei.

Mr Conroy would not be drawn on whether Australia would send more Hawkei vehicles to Ukraine as publicly requested by its ambassador to Australia Vasyl Myroshnychenko in April.

"We're focused on delivering what we've already committed to the government and people of Ukraine, Mr Conroy said.

"We're proud to be one of the biggest non-NATO contributors of military aid to Ukraine in their valiant efforts to stop the unprovoked aggression from Vladimir Putin.

"We're always talking to our allies and partners about how we can support Ukraine best."

This month, a new Defence Strategy outlined a new direction for Australia's military, which involved moving away from land capability and focusing on long-range missiles, leaving the future of the Bushmaster, manufacturing jobs in Bendigo, and Thales Australia's future in the regional city in doubt.

In August last year, the Australian Army unveiled an electric prototype of the Bushmaster it said could be a part of the future of Army capability in Australia or on the battleground.

The French defence manufacturer Thales has not had a contract for the Bushmaster since New Zealand placed an order in 2020 for 43 Bushmaster vehicles.

The contract was worth $75 million and required Thales Australia to deliver five variants of the armoured vehicle by 2022.

In August last year, 29 jobs were axed from the North Bendigo facility after the run of 1,100 Hawkei vehicles ordered by Australia was completed.

Earlier this month, Thales Australia pleaded guilty in the Magistrates' Court of Victoria over the death of a painter at its North Bendigo facility in 2020 and will be sentenced next month. Under occupational health and safety laws, it faces a maximum fine of $1.5 million.

Last month, Ukraine called on Australia to send its Hawkei protected mobility vehicles to the battlefield.

A Bushmaster bound for Ukraine waits to be loaded onto a C-17A Globemaster at RAAF Base Amberley. (Supplied: Department of Defence, LACW Emma Schwenke)
© Provided by ABC Business

Australia prepares for space race with a hybrid rocket

Story by Jennifer Dudley-Nicholson • 17-5-2023

Houston, we have a new contender.

Australia is just months away from joining the satellite-launching space race after Prime Minister Anthony Albanese on Wednesday unveiled the country's first homegrown rocket designed to enter orbit.

The launch vehicle, created by Gold Coast firm Gilmour Space Technologies, will lift off from a north Queensland base later this year and be used to deliver payloads of up to 4000kg into low-Earth orbit.

Gilmour Space Technologies chief executive and founder Adam Gilmour said a successful flight could make Australia one of only a few nations able to build and launch rockets into orbit.

"What you're looking at is the first orbital vehicle that's ever been designed and built in Australia," he said.

"It's critical technology – only 11 nations on the planet have orbital vehicles. When we go to space, we will be the 12th."

The locally built rocket, dubbed Eris, will also be one of the first orbital vehicles to rely on hybrid technology that combines solid and liquid propellants and is thought to be cheaper and safer conventional propulsion.

Visiting its Helensvale factory, Mr Albanese unveiled the rocket and signed the inside of its shell, congratulating the team on its future "lift-off".

He said the rocket's creation showed Australian businesses were capable of manufacturing world-class innovations.

"Australia can compete with the rest of the world. What we need to do is to back our businesses that are doing it," he said.

"What the Gilmours have done here is take a risk with their investment that they made in a start-up that's now attracting capital and attracting support. It's an example of Australian innovation."

Mr Albanese said the government would seek to support further innovation in sectors such as space, defence and critical minerals as part of its forthcoming $15 billion National Reconstruction Fund.

Australia's space industry is estimated to employ 10,000 people and generates up to $4b revenue each year.

The Australian Space Agency, established in 2018, aims to triple its contribution to $12b and create 20,000 additional jobs in the industry by 2030.

Mr Gilmour said business and government backing would be vital to support the country's growing space innovations.

"Australia must have its own sovereign launch and satellite technologies if we are serious about growing our capabilities in defence, communications and advanced manufacturing," he said.

The Gold Coast company is expected to test its Eris rocket later this year from the Bowen Orbital Spaceport, which is in the final stages of construction.

Prime Minister Anthony Albanese visits Gilmour Space Technologies on the Gold Coast.
© Darren England/AAP PHOTOS

The Daily Digest
Trump found guilty of abuse: how will it affect his plans to regain the White House?

Story by Zeleb.es • 15-5-2023

Liable for sexual battery and defamation

A Manhattan jury has found former president Donald Trump liable in the E. Jean Carroll lawsuit accusing him of sexual battery and defamation, several media outlets reported.

Abuse in the 90’s

As reported in Newsweek, the nine-person jury determined that Trump likely abused then-Elle magazine columnist Carroll in a Manhattan department store nearly three decades ago.

Defamation ruling

Moreover, the jury also found Trump had defamed Carroll by calling her claims a “hoax” and a “con job” in an October 2022

$5 million in damages

According to The Hill, the jury decided Trump will have to pay Carroll $5 million in damages for her battery and defamation

The verdict might damage his chances of presidency

While the verdict may not affect Trump’s base of supporters, who view the US legal system with scepticism and have stood by him through worse, it may lower his chances to regain the White House in 2024, according to several Republican
Senators.claims.Truth Social post.

“I Don’t think he could win the presidency”

“The fact is, I do not think he could win the presidency,” Sen. John Cornyn of Texas told reporters at a press conference on Capitol Hill. "Regardless of what you think about him as an individual, to me, electability is the sole criterion."

Unlikely to support someone liable for abuse

In the same way, asked whether he could support someone who has been found liable for sexual misconduct as a candidate for president, Sen. Mike Rounds of South Dakota told reporters, “I would have a difficult time doing so.”

Republicans concerned

The Washington Post reported on the feelings of several senators regarding the matter: “He’s been found to be civilly liable. How could it do anything else but create concern?” Sen. Bill Cassidy of Louisiana said.

An ongoing drumbeat

Sen. John Thune of South Dakota suggested that the verdict would most likely be part of “an ongoing drumbeat” throughout Trump’s candidacy.

Drama surrounding Trump

Thune added that while many voters appear to have adopted the view that prosecutors “are out to get” Trump, “people are gonna have to decide whether they want to deal with all the drama that’s going to surround him.”

“I have absolutely no idea who this woman is”

Trump himself has continued to deny Carroll’s claims. "I HAVE ABSOLUTELY NO IDEA WHO THIS WOMAN IS. THIS VERDICT IS A DISGRACE — A CONTINUATION OF THE GREATEST WITCH HUNT OF ALL TIME!" he wrote on Truth Social.

Trump successfully bashing De Santis

Up until now, Trump has been building up grass-roots support in key primary states across the US, with a disciplined campaign, political analysts have said, and has managed to methodically undercut his main rival Ron DeSantis.

An avenue for his opponents to attack

However, the abuse and defamation ruling could now give his Republican opponents an avenue for attack as well.

Another historic first for Trump

Furthermore, the ruling is another historic first for a former president who already faces one criminal indictment and, possibly,
has others to come.

ABC News Aus
Anthony Albanese visits AUKUS submarine facility while in the UK for King Charles’s coronation

Story by By Jacqueline Howard in London • 3h ago - 4-5-2023

Prime Minister Anthony Albanese toured the UK facility developing nuclear-powered submarines under the AUKUS deal during his second day in the country.

Speaking from the facility in the port-town of Barrow-in-Furness north of Manchester, Mr Albanese praised the economic benefits of the deal, likening it to the post-war boom of the car industry in its potential creation of jobs and benefits for communities and other industries.

"We regard the development of an advanced, highly sophisticated manufacturing capability in Australia as having implications not just for our defence but for other industries as well, and I see this as being very similar to what the car industry provided for Australia in the post-war period," Mr Albanese said during a press conference alongside the UK's Defence Secretary Ben Wallace.

"Here in Barrow is a great example of people who live very close to these facilities who are in secure, well-paid jobs for their lifetime.

"And I want those opportunities to be held in Australia."

The AUKUS submarine pact was announced in March this year at a media conference in San Diego featuring Mr Albanese, UK Prime Minister Rishi Sunak and US President Joe Biden, marking Australia's first steps into a nuclear submarine program.

The Australian government is investing in a brand new submarine known as the SSN-AUKUS, the design and development of which is taking place at the centre in Barrow-in-Furness.

The submarine is set to feature American combat systems and be operated by both the UK and Australia.

Once finalised, one submarine will be built every two years from the early 2040s through to the late 2050s.

The plan is for five SSN-AUKUS boats to be delivered to the Royal Australian Navy by the middle of the 2050s, and eventually, the fleet would include eight Australian submarines built in Adelaide into the 2060s.

In the meantime, the federal government will buy at least three American-manufactured nuclear submarines and contribute "significant additional resources" to US shipyards.

Almost $123 billion has been set aside as 'contingency' for the AUKUS program, according to an analysis by the Parliamentary Budget Office.

Mr Albanese said the contingency was justified for two reasons – the sheer scale of the project, and the benefit for communities.

"We were very transparent in the cost. We didn't try and gild the lily about what the cost would be when we made the announcements which were $268 billion to $368 billion. Those are costs," Mr Albanese said.

"Until you actually go and have a look first-hand, I think it is easy to underestimate the scale of what's happened here. The other thing that is clear about coming here is the impact that this has on this local community.

"We believe that this is a substantial investment in jobs, investment in our economy and an investment in our capability.

"And it is certainly one that is worthwhile and is good that it enjoys bipartisan support in our national parliament. And that's important for a project that will last for a long period of time."

During his tour of the facility, Mr Albanese met with young trainees working at the facility.

Popular Science
Australia wants a laser weapon powerful enough to stop a tank

Story by Kelsey D. Atherton • 6h ago - 3-5-2023

The latter part of the statement is a fairly universal claim across energy weapons development. While laser weapons are power-intensive, they do not need individual missiles, bullets, or shells, the same as what a chemical explosive or kinetic weapon might. Using stored and generated energy, instead of specifically manufactured ammunition pieces, could enable long-term operation on even field-renewable sources, if available. This could also get the shot per weapon use down below the cost of a bullet, though it will take many shots for that to equal the whole cost of developing a laser system.

But getting a laser to punch through the armor of a tank is a distinct and challenging task. A drone susceptible to melting by laser might have a plastic casing a couple millimeters thick. Tank armor, even for older versions of modern tanks, can be at least 600 mm thick steel or composite, and is often thicker. This armor can be enhanced by a range of add-ons, including reactive plating that detonates outward in response to impact by explosive projectiles.

Defeating tank armor with lasers means finding a way to not just hold a beam of light against the tank, but to ensure that the beam is powerful and long-lasting enough to get the job done.

“One problem faced by laser weapons is the huge amount of power required to destroy useful targets such as missiles. To destroy something of this size requires lasers with hundreds of kilowatts or even megawatts of power. And these devices are only around 20% efficient, so we would require five times as much power to run the device itself,” wrote Sean O'Byrne, an engineering professor at UNSW Canberra and UNSW Sydney, in a piece explaining the promise and peril of anti-tank lasers.

O’Byrne continued: “We are well into megawatt territory here — that's the kind of power consumed by a small town. For this reason, even portable directed energy devices are very large. (It's only recently that the US has been able to make a relatively small 50kW laser compact enough to fit on an armoured vehicle, although devices operating at powers up to 300kW have been developed.)”

April’s announcement of a modest sum to develop a domestic laser weapon capability in Australia is a starting point for eventually getting to the scale of lasers powerful enough to melt tanks. Should the feat be accomplished, Australia will find itself with an energy-hunger tool, but one that can defeat hostile armor for as long as it is charged to do so.

Articles may contain affiliate links which enable us to share in the revenue of any purchases made.

An armored vehicle in Australia in 2016.
© Mandaline Hatch / US Marine Corps.

Reuters
E. Jean Carroll resumes testimony in Trump rape trial, as mistrial denied

Story by Reuters • 5h ago - 2-5-2023

By Jonathan Stempel and Jack Queen

NEW YORK (Reuters) -E. Jean Carroll returned to the witness stand on Monday where a lawyer for Donald Trump sought to disprove her claim the former U.S. president raped her, after the judge denied a defense request for a mistrial.

Trump's lawyer Joe Tacopina resumed cross-examination of Carroll about five hours after requesting a mistrial in her rape and defamation civil case, saying the judge made several "unfair and prejudicial" rulings.

In an 18-page letter filed early on Monday in Manhattan federal court, Tacopina accused U.S. District Judge Lewis Kaplan of bias against the former U.S. president, including in the jury's presence.

He said the effect of Kaplan's rulings "manifests a deeper leaning towards one party over another," including in comments where the judge "openly expresses favoritism."

The judge denied the motion for a mistrial before testimony resumed.

Requests for mistrials are often long shots, including when they are based on the judge's own statements. Such requests also often form a basis for eventual appeals.

Trump is leading the Republican field in the 2024 presidential race. Kaplan was appointed to the bench by Democratic President Bill Clinton.

A businessman-turned-politician, Trump has not been attending Carroll's trial, and on Monday was in Scotland for a short trip to visit his golf courses there, and eventually in Ireland.

Carroll, 79, has accused Trump, 76, of raping her in a Bergdorf Goodman department store dressing room in late 1995 or early 1996, and then undermining her credibility and career by lying about it online.

The former Elle magazine advice columnist's defamation claim concerns an October 2022 post on Trump's Truth Social platform, where Trump called Carroll's case a "complete con job" and "a Hoax and a lie."

Trump has consistently denied that the rape happened.

Because the case is civil, Carroll must establish her claims by a preponderance of the evidence, meaning more likely than not, and need not meet the tougher criminal standard of proof beyond a reasonable doubt.

Tacopina said Kaplan should have let him question Carroll about why she did not seek security camera footage of the alleged rape, and why she did not tell police.

He also challenged Kaplan's handling outside jurors' presence of a Twitter post by Trump's son Eric discussing how LinkedIn co-founder Reid Hoffman was helping fund her case.

Tacopina called Eric Trump's tweet protected speech, and objected to Kaplan saying the tweet might leave Donald Trump "sailing in harm's way" and that "some relevant United States statutes" might be implicated.

Others who may testify for Carroll include two friends with whom she spoke shortly after the alleged rape, and two other women who have said Trump assaulted them.

Several women have accused Trump of sexual misconduct. He has denied their allegations.

(Reporting by Jack Queen and Jonathan Stempel in New York, Editing by Louise Heavens and Nick Zieminski)

Reuters
China's job market tough, especially for college graduates, says vice minister

Story by Reuters • Yesterday 1:29 pm - 27-4-2023

EIJING (Reuters) - China's job market remains tough, and it is becoming especially hard for college graduates to find jobs, vice Human Resources minister Yu Jiadong said on Thursday.

China's cabinet on Wednesday unveiled plans to boost employment, including supporting financial institutions to offer loans to small firms and issuing subsidies to firms that hire college graduates or unemployed young people.

"Employment is steady, but under pressure and the employment pressure for college graduates remains very big," Yu told a news conference.

The government will strive to achieve its job creation target this year, Yu said, while noting the uncertainty hanging over the global economic outlook.

The government aims to create around 12 million urban jobs in 2023, up from last year's target of at least 11 million.

A record 11.58 million college graduates will hit the job market this year, with the economy still feeling the impact from COVID-19 curbs that were removed in late 2022 and a crackdown on tech and education sectors.

China's survey-based jobless rate was 5.3% in March, but for 16-24 years old it was 19.6%, near a record high, official data showed.

Queues stretching hundreds of metres around temples have become a common sight in Chinese cities at weekends, as despondent young worshippers pray to find jobs.

(Reporting by Beijing newsroom and Kevin Yao; Editing by Simon Cameron-Moore)

Sky News Australia
‘Jobs for mates’: Robert F. Kennedy Jr acknowledges ‘personal relationship’ with Biden

Story by Sky News Australia • Yesterday 8:40 pm - 20-4-2023

Robert F. Kennedy Jr acknowledged his “long personal relationship” with US President Joe Biden as he announced his run for the presidency.

“Seems like it's nepotism, doesn’t it? Jobs for mates,” 6PR host Oliver Peterson told Sky News host Chris Kenny.

“The Kennedy name on the one hand holds massive sway in the US but as you say, it will give that ‘drain the swamp’ idea and really start to ignite the Trump campaign.”

‘Jobs for mates’: Robert F. Kennedy Jr acknowledges ‘personal relationship’ with Biden
© Provided by Sky News Australia