WEBVTT - Meta losing big money as legal bills stack up

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<v Speaker 1>Today's biggest news from The Australian. I'm Christinamio with the

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<v Speaker 1>Front's afternoon headlines. The parent company of Facebook and Instagram

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<v Speaker 1>has lost billions of dollars in profits as bills from

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<v Speaker 1>multiple lawsuits stack up. Metas operating income fell to eighteen

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<v Speaker 1>point eight billion US dollars in the last quarter, a

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<v Speaker 1>figure the tech giant's chief financial officer, Susan Lee said

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<v Speaker 1>would have been much higher if not for the three

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<v Speaker 1>point four billion Australian dollars its racked up while defending

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<v Speaker 1>multiple lawsuits. The company also spent about half that amount

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<v Speaker 1>laying off eight thousand staff. In May. Australian mining billionaire

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<v Speaker 1>Andrew Twiggy Forest is suing Meta over scam advertisements that

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<v Speaker 1>used his likeness to allegedly fleece Australian Facebook users of

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<v Speaker 1>their life savings. Plus, an American court recently found Meta,

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<v Speaker 1>along with YouTube, which is owned by Google, liable for

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<v Speaker 1>social media addiction. Meta has indicated it will appeal that decision.

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<v Speaker 1>The government will wind back the so called widow's tax

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<v Speaker 1>announced by Jim Chalmers in this year's federal budget. The

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<v Speaker 1>Treasurer announced on budget night people who inherit property from

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<v Speaker 1>a spouse wouldn't have access to negative gearing, which has

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<v Speaker 1>been scrapped for new investments, but draft legislation released on

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<v Speaker 1>Tuesday says widowers, divorces, and victims of domestic violence will

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<v Speaker 1>be able to negatively gear properties they previously owned with

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<v Speaker 1>a partner or spouse. That means they can use property

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<v Speaker 1>expenses to reduce their taxable income. The draft legislation will

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<v Speaker 1>now be subject to a two week consultation period. The US, Iran,

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<v Speaker 1>and Oman are reportedly close to an interim agreement that

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<v Speaker 1>would reopen the Strait of Hormuz. That's the vital shipping

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<v Speaker 1>route through which twenty percent of the world's crude oil

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<v Speaker 1>flowed prior to the eruption of hostilities between the US

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<v Speaker 1>and Iran in February. American outlets report the White House

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<v Speaker 1>is aiming to announce the agreement in the next day

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<v Speaker 1>or so. Passengers flying with Jetstar will have to cough

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<v Speaker 1>up as much as fifty two dollars if they want

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<v Speaker 1>to put their carry on luggage in the plane's overhead lockers.

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<v Speaker 1>The Quantus partner airline will start charging the new fee

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<v Speaker 1>from February, a move it says puts it on a

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<v Speaker 1>level playing field with other low cost carriers around the globe.

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<v Speaker 1>Overhead storage will cost twenty five dollars on domestic one

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<v Speaker 1>way flights and up to fifty two dollars for international flights.

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<v Speaker 1>Passengers who pay will be given priority boarding and a

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<v Speaker 1>weight limit of ten kilos. Travelers who don't pay for

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<v Speaker 1>the privilege of storing their bags in overhead lockers can

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<v Speaker 1>bring one underseat item like a handbag, backpack or laptop

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<v Speaker 1>for free. Check out those stories live right now at

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<v Speaker 1>the Australian dot com dot au and come back to

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<v Speaker 1>the front first thing in the morning for our look

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<v Speaker 1>at the bombshell report sending shockwaves through Victorian politics. That's

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<v Speaker 1>right here Thursday morning.