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Elon Musk’s Net Worth Plunges by $30B, Tops Forbes Billionaire Rankings, US

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According to the latest rankings published by Forbes magazine, Elon Musk’s net worth has experienced a significant decrease of nearly $30 billion this year, surpassing that of any other billionaire in the world.

Despite being the wealthiest individual globally, the net worth of the Tesla and SpaceX founder dropped from $251.3 billion at the start of the year to $221.4 billion by June 28, marking the end of the second quarter of 2024.

According to Forbes, this was seen as a rare loss during a period of overall success for the super wealthy, as the stock market experienced significant growth and the combined net worth of the top ten richest individuals reached $1.66 trillion.

Musk faced a setback when a Delaware judge ruled in January that his Tesla compensation package was invalid, following a challenge from an activist investor.

The bonus was worth a staggering $51 billion when it was awarded. Forbes has reduced the estimated value of those stock options by 50% in the event that Musk is able to obtain them, due to the potential for legal disputes.

Tesla has relocated from Delaware to Texas and has once again approved Musk’s compensation package. The value of Musk’s stake in Tesla has taken a hit of around $20 billion, as the company’s shares have slipped due to declining car deliveries and profits.

Musk maintains a significant stake in the generative artificial intelligence startup xAI, as well as a substantial investment in X (formerly Twitter), which he acquired in 2022. Additionally, he holds a considerable stake in his private aerospace company SpaceX, along with other ventures.

As per Forbes, there has been a significant decline in Musk’s wealth since November 2021. His portfolio, which was valued at around $320 billion, has reportedly decreased by an estimated $99 billion.

In March, Musk experienced a temporary setback in his position as the wealthiest individual globally when Amazon founder Jeff Bezos briefly surpassed him. However, Bezos has now fallen back to the second spot with a net worth of just over $214 billion.

A significant portion of the surge in billionaires in 2024 can be attributed to the rapid growth of artificial intelligence. One individual who has experienced significant success this year is Jensen Huang, the CEO of NVIDIA. With a gain of $64.1 billion, Huang has climbed from 27th place to 14th in the Forbes rankings.

Several CEOs have seen significant gains in their wealth due to the stock market. Mark Zuckerberg, the CEO of Meta, has seen his wealth increase by $61.5 billion. Michael Dell, the CEO of Dell, has also experienced a substantial increase of $35.8 billion.

Larry Ellison, the chairman of Oracle, has become $37.7 billion richer. Additionally, Larry Page, the co-founder of Google, has seen his wealth grow by $33.1 billion.

Several individuals experienced significant decreases in their wealth, including Mexican telecom mogul Carlos Slim Helu, Nike co-founder Phil Knight, and Mackenzie Scott, the former spouse of Bezos, who directed a substantial portion of her funds towards various liberal political causes.

Canada Invests $120M in Semiconductor Industry Boost

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The federal government is investing $120-million in an initiative to boost Canada’s semi-conductor industry, which is facing intense competition in light of new critical technologies and major spending by global economies.

The investment from Industry Canada through its Strategic Innovation Fund was announced by Industry Minister François-Philippe Champagne in Montreal Thursday morning. It will support Fabrication of Integrated Components for the Internet’s Edge (FABrIC), a five-year program to boost chip businesses and train students.

It’s the latest element of Canada’s strategy to grow its chip value chain, as developments in artificial intelligence, cleantech and electric vehicles heighten the need for advanced chips, and amid escalating geopolitical tensions involving Taiwan, the world’s leading chip manufacturer.

Meanwhile, CMC Microsystems, the Canadian not-for-profit behind the initiative, has expanded into the U.S. in order to sell its services to private companies, and says it would move to a for-profit model in Canada as well should its government funding stop in the future.

Founded in 1984, CMC helps the Canadian semi-conductor industry by buying expensive tools and manufacturing runs, and splitting the costs between startups and academics who could not afford them alone. It also provides engineering expertise and skills training.

Semi-conductors are physical components that control the flow of electric current in microchips, which are essential to almost every electronic device, from LED light bulbs and blenders to EVs and rocket ships.

Of the $120-million from Ottawa, $63-million will go to subsidies for Canadian companies working with CMC, allocated through a third-party governance committee; $37-million will be spent at Canada’s existing manufacturing facilities to develop new fab processes; and $20-million will go toward tools and training for universities.

Gordon Harling, CMC’s president and chief executive officer, first proposed the FABrIC initiative in 2021. The U.S. introduced its CHIPS Act in 2022, and while it has spent the majority of its $53-billion funding on building chip fabrication plants, FABrIC will instead be focusing its investments in building skills in specialized areas such as photonics, quantum technologies and micro-electromechanical systems (MEMS).

We’ve chosen areas that have long life, high growth and are very unique. I think we can dominate globally in these areas, Mr. Harling said.

The funding is conditional on CMC raising $40-million from the provinces to put toward increasing company subsidies. Mr. Harling said he has already been in discussions with Ontario, Quebec, Alberta, British Columbia, and Nova Scotia to secure support.

CMC also operates in 16 other countries and recently started offering its services in the U.S. to join proposals there and take advantage of CHIP Act funding. U.S. companies pay five to 10 times as much as Canadian companies do, as CMC’s services here are subsidized by the government.

Already, CMC has attracted attention from American startups, and a potential project to support hundreds of research groups through a University of Purdue-led project, Mr. Harling said.

Despite the possibility for big money, Mr. Harling said CMC will continue to operate as a not-for-profit in Canada as long as the government is willing to subsidize it. But if that support ended, the organization would have to consider a for-profit model to support itself. The organization got a glimpse of that possibility last year when CMC was passed over for funding by another body, the Canada Foundation for Innovation.

We get paid for our work, and we’ll use that to cover our expenses outside of FABrIC. The money will flow to the benefit of Canada, Mr. Harling said. We’ll do that in the background so that the next time our funding all drops away, we’ll be able to survive and keep our people.

He says all funding from Canadian governments is tracked separately from CMC’s international business to ensure Canadian taxpayer dollars are being used on domestic startups only.

Among those Canadian companies supported in their early days by CMC is Ranovus, which makes advanced silicon chips. Hamid Arabzadeh, the company’s chief executive officer, called the non-profit the glue of Canada’s chip ecosystem, and said the funding will help train employees which will benefit later-stage chip companies in Canada as well.

Church of England faces backlash over £1bn slavery reparations fund, UK

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The Church of England leaders were compelled to take action amidst concerns that backlash regarding their £100million slavery reparations fund would impact donations from parishioners. They collaborated with the Church’s giving advisers to create a guide debunking myths surrounding the controversial fund. While the Church initially announced the establishment of a £100million fund for reparations linked to its historical involvement in the slave trade, plans for a larger target of £1billion were later unveiled, with a focus on seeking contributions from external sources. Notably, Bishop of Salisbury Stephen Lake emphasized that no parish funds would be used for reparations, reassuring that all funding would be sourced from the Church Commissioners’ Endowment Fund. The Church’s move has stirred significant debate, with critics raising concerns, while advocates like Professor David Olusoga hailed the fund as an opportunity for restorative justice. The funds are set to be invested in black-owned businesses and communities impacted by the legacies of slavery and are part of the Church’s broader effort to address its historical connections to the African chattel enslavement.

Labour Set for Historic Landslide Victory in UK General Election, Starmer Poised for Prime Minister

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Labour set for crushing election win, exit poll predicts, as polls close in Britain

London: Sir Keir Starmer’s Labour Party is poised to be swept to power in Britain in the most compelling fashion, crushing the 14-year-old Conservative government to claim one of the biggest parliamentary majorities in modern history.

A fierce voter backlash across the UK will reduce the number of Tory MPs to near-record lows, with millions seeking fresh leadership after a tumultuous period that included Britain’s departure from the European Union, political infighting, and scandal that saw four prime ministers in five years, the pandemic, war in Ukraine and a cost-of-living crisis.

An exit poll coinciding with the end of voting at 10pm local time forecasts Labour will win 410 of the 650 seats in the House of Commons, which would fall just short of Tony Blair’s 179 majority in 1997 — and giving Labour its first general election victory since 2005.

Starmer, 61, will become the 58th person to lead Britain after his landslide victory on Friday morning (UK time), when he is formally invited to form government by the King at Buckingham Palace. He will be just the seventh Labour prime minister in history and the fourth man to lead them from opposition into Downing Street.

Housing as a Human Right: Groundbreaking Bill Proposes Ten-Year Plan, Australia

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There’s a new bill before federal parliament calling for housing to be considered a fundamental human right.

The bill, introduced last week by independent federal parliamentarians Kylea Tink and David Pocock, would require the government to create a ten year National Housing and Homelessness Plan.

One part of the bill states housing should be considered a fundamental human right for all Australians. Here’s how this would work.

Since its election in 2022, the Albanese government has had to fight political battles to pass its housing policies.

This includes the Housing Australia Future Fund: a $10 billion fund to provide an annual $500 million for social and affordable rental housing. It passed the parliament last year.

There’s also the Help to Buy shared equity scheme. Under this scheme, 10,000 households a year would be eligible for a government equity contribution of up to 40% of the purchase price of a new home. It’s yet to pass the parliament.

But many in the community continue to struggle with unaffordable rents, barriers to home ownership and rising rates of homelessness.

Housing and homelessness problems are complex because they crossover different areas of policy and different levels of government. There are many agencies that do housing policy.

But so far, the government has not had a clear plan. Its election promise to develop a National Housing and Homelessness Plan is still under development. And at the moment, it does not appear to be addressing important policy areas like tax and finance.

We need a plan that coordinates all government activities, to really address housing as a system.

Last year, colleagues and I published research for the Australian Housing and Urban Research Institute on how to make an effective national housing plan.

We recommended the plan should include a law that requires the government of the day to have a plan, and report on progress, according to some overarching objectives.

Since then, more than 100 other housing researchers, industry experts, civil society leaders and politicians of different political persuasions have supported our idea for a legal basis for a housing plan.

Tink and Pocock have also taken up our research and turned it into the National Housing and Homelessness Plan Bill.

The bill would require the housing minister of the day to develop and implement a ten year National Housing and Homelessness Plan. This would mean taking a view of housing policy beyond three-year election cycles.

The legislation would also set some basic directions for the government’s plan, including ensuring that everyone in Australia has adequate housing, and preventing and ending homelessness. This reflects the legislation’s human rights-based approach.

The legislation would also require the housing minister to be collaborative and establish some new sources of information and advice for government. This includes a consumer council, including people with experience of homelessness. This would operate alongside the existing National Housing Supply and Affordability Council: an independent group providing the government with expert advice. The consumer council would be able to escalate matters directly to the minister to ensure it’s heard.

The existing government agency Housing Australia would be nominated as the lead agency assisting the minister with the plan. A new government officer, the National Housing and Homelessness Advocate, would independently investigate housing policy issues and monitor the progress against the plan. The housing minister would also be required to periodically report to parliament on progress.

At the end of the ten years, the minister would be required to review and develop a new plan.

Importantly, it would still be for the government of the day to decide what’s in the plan. The legislation sets objectives and directions, but not policy details. The legislation does not say, for example, thou shalt repeal negative gearing! One government might devise a more market-orientated plan, while another might plan for greater non-market housing provision.

The bill formally recognises housing as a human right for two reasons.

First, it serves as the constitutional basis for the legislation. The right to adequate housing is a human right under the International Covenant on Economic, Social and Cultural Rights, which Australia ratified almost 50 years ago.

This brings it within the parliament’s external affairs power. The parliament relied on this power and the human right to housing when it passed the original legislation establishing the National Housing Finance and Investment Corporation (now Housing Australia). Basically, it gives the government the legal authority to make a such a plan.

Secondly, an effective plan that’s going to work across different policy areas and bring in the range of institutions needs a place to start. Human rights provides a way to organize the policy across all the different branches of government that need to be involved.

The bill wouldn’t create the right for individual people to sue the government for inadequate housing. Instead, it would enshrine the right to housing as an objective that guides housing policy-making for Australians generally.

UK General Elections 2024: Rishi Sunak vs Keir Starmer – Prime Minister Battle Unfolds

The UK General Elections Results 2024 Live: The future of Rishi Sunak, Britain’s first Prime Minister of Indian origin, and leader of the Conservative Party, hangs in the balance as millions of voters cast their ballots in a historic general election on Thursday. Opinion polls suggest the incumbent Conservative Party might win between 53 and 150 seats, with Labour projected to achieve a landslide victory. This would see Labour leader Keir Starmer become Prime Minister, the first Labour leader to enter 10 Downing Street since Gordon Brown in 2010. Counting will commence immediately, with the first results expected just before midnight local time. Candidates have been fielded for 650 constituencies across England, Scotland, Wales, and Northern Ireland, with 326 seats required for a majority in the first-past-the-post system. Sunak and Starmer, who seeks to unseat him, were among the early voters from an estimated 46 million registered voters. Around 40,000 polling booths opened across the country at 7 am local time.

Thyroid Cancer Study Reveals Precision Treatment Insights, Canada

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Researchers from Sinai Health and the University of Toronto have gleaned new insights into how thyroid cancer could be more effectively treated.

The study, which looked at thyroid tumour tissues and thyroid nodule biopsies from 620 patients at Mount Sinai Hospital from 2016 to 2022, examined whether differences in patients’ RAS genomic variants were reflected in the status of their tumours. It also investigated the presence of the variant BRAF V600E and TERT promoter variants in the patient’s samples.

Researchers ultimately concluded that differences in RAS in combination with BRAF V600E and TERT promoter variants could be used to arrive at more accurate cancer diagnoses in patients with indeterminate thyroid nodules.

The findings help promote understanding of the interpatient differences in genomic variation among patients who carry the same genetic mutation, thereby facilitating individualized treatment based on the extent of the mutation present in the patient, says Guodong (David) Fu, a researcher at the Lunenfeld-Tanenbaum Research Institute and the Alex and Simona Shnaider Research Laboratory in Molecular Oncology at Mount Sinai Hospital.

Fu adds that researchers developed novel molecular assays for the study using digital polymerase chain reaction, a technique that means they could sensitively quantify the genetic mutation level of the patient materials.

The results were published recently in JAMA Network. Other researchers involved in the study included: Ronald Chazen, also of the Lunenfeld-Tanenbaum Research Institute and the Alex and Simona Shnaider Research Laboratory in Molecular Oncology, and Christina MacMillan, a pathologist at Sinai Health and an assistant professor in the Temerty Faculty of Medicine’s department of laboratory medicine and pathobiology, and Ian Witterick, surgeon-in-chief at Sinai Health and a professor in Temerty Medicine’s department of otolaryngology – head and neck surgery.

The paper notes that there has been a sharp increase in papillary thyroid cancer since the 1980s, and that in 30 per cent of cases where a fine-needle aspiration biopsy of a suspected nodule takes place, there is an indeterminate diagnosis that may lead to a diagnostic surgery.

Fu says research that assists with precision thyroid cancer detection is important for many reasons, including that some patients who seek treatment for thyroid tumours end up finding out their tumours are benign after diagnostic surgery. The findings could help medical practitioners differentiate low-risk tumours from high-risk ones, he says, and help avoid unneeded surgical procedures.

(This finding) enhances the preoperative diagnostic accuracy for patients, in order to avoid unnecessary surgery for benign thyroid nodules, says Fu.

Witterick, who is also otolaryngologist-in-chief at Mount Sinai Hospital, says the research is important because identifying differences in genomic variants between patients can enhance precision in cancer detection, especially diagnosing malignancies before surgery and distinguishing low-risk cancers from more aggressive ones.

Morocco and EU Sign Higher Education Partnership in Rabat, Investing in International Exchanges

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Morocco and the European Union have cemented their relationship by signing a new partnership agreement that focuses on higher education, scientific research, innovation, and mobility. This significant collaboration aims to promote international exchanges in higher education and strengthen academic ties between the two entities. The recent signing ceremony in Rabat commemorated the 27 Moroccan recipients of Erasmus Mundus scholarships, showcasing the EU’s commitment to educational outreach. The agreement, signed by EU Ambassador Patricia Llombart Cussac and Moroccan Minister for Higher Education Abdellatif Miraoui, aligns with Morocco’s ambitious plans to transform its higher education, scientific research, and innovation ecosystem by 2030. This partnership, backed by an estimated investment of 490 million dirhams, seeks to support Moroccan universities, facilitate student mobility, enhance scientific cooperation, and address systemic challenges in the higher education sector. While both parties have expressed optimism about the positive impact of this collaboration, the successful implementation of these initiatives remains crucial for achieving tangible outcomes and driving meaningful reforms in the educational landscape.

Man Arrested with $600K Stolen Bitcoin Mining Computers in LA, US

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LOS ANGELES – One person is behind bars after authorities recovered nearly $600,000 worth of stolen bitcoin mining computers in his possession, according to the Los Angeles Police Department.

Officials arrested 27-year-old Bryan Thola of Canyon Country on June 27 after an investigation revealed he was in possession of the stolen computers. They were recovered from Thola’s cargo van as well as a public storage unit, authorities said.

Thola was booked at the LAPD’s Van Nuys Jail where he faces charges for receiving stolen property.

Anyone with information is asked to call Commercial Crimes Division at 213-486-5920 between 6:00 AM and 4:00 PM. During non-business hours or weekends, calls should be directed to 1-877-LAPD-24-7 (877-527-3247). Anyone wishing to remain anonymous should call Crime Stoppers at 1-800-222-TIPS (800-222-8477).

Labour Poised for Historic Victory, Tories Face Defeat in UK Election

Britain votes in election that may end 14 years of Conservative rule
LONDON — This is a turn-the-page, night-and-day kind of election for Britain. After 14 years, the Conservative Party may be on the way out, replaced by an energized Labour Party led by former lefty lawyer turned ruthless centrist Keir Starmer.

Campaigning for this surprise snap election lasted just a merciful six weeks. Prime Minister Rishi Sunak’s campaign has been dogged by gaffes and micro-scandals. Voters appear impatient with Tory promises of a sunlit tomorrow. They are ready for Labour.

The big questions are on whether this will indeed be a historic win for Labour, a historic defeat for the Conservatives, and whether Nigel Farage’s Reform UK party shakes things up.

The flurry of results is expected to shift into the formalities of a government transition on Friday, with King Charles III’s blessing.

Voters in this election say the issues they care most about are the economy and health care. Labour is seen as stronger on both counts. Keir Starmer wants to shore up the British economy and address people’s sense that everyday costs have become unmanageable. He wants to cut soaring electricity costs – with a new state-run green utility company. He wants to cut wait times for medical and dental appointments.

Britain’s foreign policy hardly ever changes under a new government. Tony Travers, a politics expert at the London School of Economics, said foreign policy would remain amazingly unaltered by a shift from Conservative to Labour rule. Starmer has said Britain will remain a strong member of NATO, will back Ukraine in its war against Russia, and will support Israel’s right to defend itself against Hamas while calling for a cease-fire. Although Brexit is seen as a flop, and there is no enthusiasm for another referendum, Britain under Starmer will probably seek a closer relationship with the European Union.

YouGov predicted in its final poll, conducted between June 19 and July 2, that Keir Starmer’s Labour Party will win 431 seats, Rishi Sunak’s Conservatives 102 seats and Ed Davey’s Liberal Democrats 72 seats. Nigel Farage’s right-wing Reform UK party is predicted to win three seats.

If these numbers are accurate, the election would give Labour its largest majority in modern history – bigger even than Tony Blair’s 1997 landslide victory.

While all the polls suggest Labour is set to trounce the Conservatives, there is variation in the polls. Different pollsters use different methodologies and a sizable number of people tell pollsters they don’t know how they will vote.

This could be a historically big win for Labour. The final poll from YouGov, which was conducted between June 19 and July 2, projected Labour will win 431 seats, the Conservatives 102 and the Liberal Democrats 72. Tony Blair’s party won 418 seats in what was considered a landslide in 1997.

Conservatives have tried to rev up their voters by warning of a Labour supermajority, but that isn’t a term that has real meaning in Britain’s parliamentary system. Legislation passes as long as just over 50% of lawmakers vote for it. And as long as Labour wins a simple majority of seats, it can form a government and expect to pass much of its program. Governing parties seek to maintain strict discipline in the House of Commons by sending written instructions to lawmakers indicating how they should vote. On important bills, rebel lawmakers can be kicked out of the party as punishment or lose the whip.

On Wednesday, the last day of campaigning, reporters asked Prime Minister Rishi Sunak if he would take full responsibility for the election result. He replied, Yes.

Sunak pushed back against the claim by one of his cabinet ministers that things were hopeless for the Conservative Party. Work and Pensions Secretary Mel Stride had told Sky News that Labour was heading toward the largest majority this country has ever seen. Sunak asked voters to separate the frustrations which they understandably have about me, the party and the past from what a Labour government would mean for their families specifically.

The big moment to watch is the 10 p.m. exit poll (5 p.m. Eastern time), which should strongly indicate where things will end up. The exit poll is based on a model developed by John Curtice, Britain’s election polling guru, and a team of others, who gather data from 130 carefully selected polling stations nationwide. In 2019, the model predicted that Boris Johnson’s Conservatives would win an 86-seat majority – they ended up winning an 80-seat majority.

After the exit poll is out, hardcore politicos will start caffeinating. Results from individual constituencies will trickle in overnight, with a flurry of results landing between 3 a.m. and 5 a.m. local time (10 p.m. and midnight Eastern). We’ll find out whether the far-right, anti-immigrant Farage will finally, after seven failed attempts, become a member of Parliament. Sunak, who is facing challenges from candidates including the satirical Count Boniface,will hear if he has retained his seat.

The final results are declared Friday morning, possibly around 7 a.m. local time (2 a.m. Eastern).