Meta has received a Shonky award for failing to protect Australians from scams, with losses reaching $95 million in 2023. Queensland retiree Gary lost $110,000 to an investment scam featuring images of prominent figures, highlighting the platform's inadequate response to reported fraudulent ads. The government is now enforcing legislation that could impose fines of up to $50 million on social media companies that do not take sufficient measures against scams.
The ASX 200 is down 21 points (-0.26%) at 8159, on track to finish October approximately 1.3% lower after a record high of 8384. Retail sales rose only 0.1% in September, indicating cautious consumer behavior, while Woolworths shares fell 2.3% following a profit warning amid cost-of-living pressures. In contrast, Coles reported stable sales growth and avoided a profit warning, though its shares slipped 1.02%.
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