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China’s Xiaomi unveils first electric car

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Chinese smartphone maker Xiaomi (1810.HK) took the wraps off its first electric vehicle on Thursday and promptly announced it was aiming to become one of the world's top five automakers.

The sedan, dubbed the SU7 with the SU short for Speed Ultra, is a highly anticipated model that Chief Executive Lei Jun touted as having "super electric motor" technology capable of delivering acceleration speeds faster than Tesla (TSLA.O) cars and Porsche's EVs, Reuters reported.

But the car - likely to go on sale in several months - is making its debut at a time when China's auto market - the world's largest - is wrestling with a capacity glut and slowing demand that have stoked a bruising price war.

That didn't stop Xiaomi Chief Executive Lei Jun from outlining big ambitions.

"By working hard over the next 15 to 20 years, we will become one of the world's top 5 automakers, striving to lift China's overall automobile industry," he said at the unveiling.

Those plans include building "a dream car comparable to Porsche and Tesla," he added.

The SU7 is also expected to appeal to customers due to its shared operating system with Xiaomi's popular phones and other electronic devices. Its drivers will have seamless access to the company's existing portfolio of mobile apps.

"Xiaomi is a well-established consumer electronics brand with hundreds of millions of 'Mi Fans', or members of its smart device ecosystem," said Bill Russo, CEO of Shanghai-based advisory firm Automobility.

The SU7 will come in two versions - one with a driving range of up to 668 km (415 miles) on a single charge and another with a range of up to 800 km. By comparison, Tesla's Model S has a range of up to 650 km.

China's fifth-largest smartphone maker has been seeking to diversify beyond its core business to EVs amid stagnating demand for smartphones - a plan it first flagged in 2021. Other Chinese tech companies that have partnered with automakers to develop EVs include telecoms giant Huawei (HWT.UL) and search engine firm Baidu (9888.HK).

Xiaomi has pledged to invest $10 billion in autos over a decade and is one of the few new players in China's EV market to gain approval from authorities who have been reluctant to add to the supply glut.

Its cars will be produced by a unit of state-owned automaker BAIC Group (1958.HK) in a Beijing factory with an annual capacity of 200,000 vehicles.

In an extremely crowded Chinese EV market, its biggest competition will likely come from BYD (002594.SZ) which commands a one-third share while Tesla has 9%, according to third-quarter figures from Zheshang Securities.

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Australia’s under-16 social media ban sparks anger and relief

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Australians reacted on Friday with a mixture of anger and relief to a social media ban on children under 16 that the government says is world-leading, but which tech giants like TikTok argue could push young people to "darker corners of the internet".

Australia approved the social media ban for children late on Thursday after an emotive debate that has gripped the nation, setting a benchmark for jurisdictions around the world with one of the toughest regulations targeting Big Tech, Reuters reported.

The law forces tech giants from Instagram and Facebook owner Meta Platforms to TikTok to stop minors from logging in or face fines of up to A$49.5 million ($32 million). A trial of enforcement methods will start in January, with the ban to take effect in a year.

"Platforms now have a social responsibility to ensure the safety of our kids is a priority for them," Australian Prime Minister Anthony Albanese said on Friday

"We're making sure that mums and dads can have that different conversation today and in future days."

Announcing the details of the ban earlier this month, Albanese cited the risks to physical and mental health of children from excessive social media use, in particular the risks to girls from harmful depictions of body image, and misogynist content aimed at boys.

In Sydney on Friday, reaction to the ban was mixed.

"I think that's a great idea, because I found that the social media for kids (is) not really appropriate, sometimes they can look at something they shouldn't," said Sydney resident Francesca Sambas.

Others were more scathing.

"I'm feeling very angry, I feel that this government has taken democracy and thrown it out the window," said 58-year-old Shon Klose.

"How could they possibly make up these rules and these laws and push it upon the people?"

Children, meanwhile, said they would try to find a way around the ban.

"I feel like I still will use it, just secretly get in," said 11-year-old Emma Wakefield.

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Countries including France and some U.S. states have passed laws to restrict access for minors without a parent's permission, but the Australian ban is absolute. A full under-14s ban in Florida is being challenged in court on free speech grounds.

Albanese's Labor party won crucial support from the opposition conservatives for the bill that was fast-tracked through the country's parliament as part of 31 bills pushed through in a chaotic final day of parliament for the year.

The government has said enough notice was given as it first flagged the ban after a parliamentary inquiry earlier this year that heard testimony from parents of children who had self-harmed due to cyber bullying.

But it was criticised by social media firms and some lawmakers who say the bill has lacked proper scrutiny.

A spokesperson for TikTok, which is hugely popular with teen users, said on Friday the process had been rushed and risked putting children into greater danger.

"We're disappointed the Australian government has ignored the advice of the many mental health, online safety, and youth advocacy experts who have strongly opposed the ban," the spokesperson said.

Albanese said on Friday passing the bill before the age verification trial has been completed was the correct approach.

"We've got your back is our message to Australian parents," Albanese said.

"We don't argue that its implementation will be perfect, just like the alcohol ban for under 18s doesn't mean that someone under 18 never has access, but we know that it's the right thing to do."

The ban could strain Australia's relationship with key ally the United States, where X owner Elon Musk, a central figure in the administration of president-elect Donald Trump, said in a post this month it seemed a "backdoor way to control access to the Internet by all Australians".

It also builds on an existing mood of antagonism between Australia and mostly US-domiciled tech giants. Australia was the first country to make social media platforms pay media outlets royalties for sharing their content and now plans to threaten them with fines for failing to stamp out scams.

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South Korea authorities launch probe after three die in Hyundai car test

The Ulsan plant is Hyundai’s biggest manufacturing facility, with its own port and an annual production capacity of 1.4 million vehicles

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South Korean authorities launched an investigation on Tuesday after three people died during a car test at a Hyundai Motor plant in the city of Ulsan, police told Reuters.

The two Hyundai researchers and one Hyundai contractor were found unconscious in a car at around 3:00 p.m. while they were testing it in a "chamber," according to Hyundai's labour union.

South Korean media reports said the three had suffocated.

A police officer in Ulsan said the police and the labour ministry were investigating the incident, including its cause.

A fire department official told Reuters that it first received a report at 3:17 pm that the accident happened at Hyundai's No.4 factory.

"Hyundai Motor Company is deeply saddened by the incident that occurred at our plant in Ulsan, South Korea," Hyundai said in a statement, saying it would "cooperate fully with all relevant authorities to determine the cause of this incident."

The Ulsan plant is Hyundai's biggest manufacturing facility, with its own port and an annual production capacity of 1.4 million vehicles, including exports of 1.1 million units.

In November last year, Hyundai Motor broke ground on a 2 trillion won ($1.44 billion) plant in Ulsan dedicated to making electric vehicles in South Korea, as the automaker accelerated a shift away from petrol-powered cars.

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Russia fines Google more than the world’s total GDP over YouTube bans

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Russia has fined Google $2.5 decillion after the US tech giant took action against pro-Kremlin TV channels on YouTube following Moscow’s invasion of Ukraine.

Russia imposed a daily fine four years ago - a fine that has since swelled to an unprecedented level - ($20,000,000,000,000,000,000,000,000,000,000,000 - a 33-digit figure).

To put this into perspective, global GDP reaches an estimated $110 thousand billion (12-digit figure), according to the IMF.

Speaking to Russia’s TASS news agency, one expert, Roman Yankovsky from the HSE Institute of Education, said Google “clearly will not pay this penalty, and the Russian Federation will not be able to recover this money from the company."

Euronews reported that a short calculation shows that he is right.

Google's holding company, Alphabet, has a market capitalisation of slightly more than $2 trillion. Even with earnings of $80.54 billion from the last quarter, the tech giant doesn’t seem to be able to afford to pay the fine.

Google first barred pro-Moscow channel Tsargrad TV, which is owned by oligarch Konstantin Malofeev, four years ago.

At the time, Google was fined a daily penalty of 100,000 roubles and warned that amount would double every 24 hours if it went unpaid.

The original fine has been compounded by further penalties after Google eventually blocked a total of 17 Russian TV channels as a result of international sanctions, The Telegraph reported.

The tech giant now owes a staggering $2.5 decillion.

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