Economic

$MELANIA coin faces court claims over price manipulation

Executives behind the $MELANIA cryptocurrency, launched by Melania Trump in January, are accused in court filings of orchestrating a pump-and-dump scheme. The coin surged from a few cents to $13.73 before falling to 10 cents, while $TRUMP dropped from $45.47 to $5.79.

Investors allege the creators planned the price surge and collapse to profit from rapid trading. Court papers allege Meteora executives used accomplices to buy and sell $MELANIA quickly, securing large profits while ordinary investors lost money.

Melania Trump herself is not named in the lawsuit, which describes her as unaware of the alleged scheme.

The $MELANIA allegations are now part of broader legal proceedings involving multiple cryptocurrencies that began earlier this year. Meteora has not commented, while the Trump family reportedly earned over $1bn from crypto ventures in the past year.

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Meta seeks delay in complying with Dutch court order on Facebook and Instagram timelines

Meta has yet to adjust Facebook and Instagram’s timelines despite an Amsterdam court ruling that found its current design violates European law. The company says it needs more time to make the required changes and has asked the court to extend its deadline until 31 January 2026.

The dispute stems from Meta’s use of algorithmic recommendation systems that determine what posts appear on users’ feeds and in what order. Both Instagram and Facebook have the option to set your timeline to chronological order. However, the option is hard to find and is set back to the original algorithmic timeline as soon as users close the app.

The Amsterdam court earlier ruled that these systems, which reset user preferences and hide options for chronological viewing, breach the Digital Services Act (DSA) by denying users genuine autonomy, freedom of choice, and control over how information is presented.

The judge ordered Meta to modify both apps within two weeks or face penalties of €100,000 per day, up to €5 million. More than two weeks later, Meta has yet to comply, arguing that the technical changes cannot be completed within the court’s timeline.

Dutch civil rights group Bits of Freedom, which brought the case, criticised the delay as a refusal to take responsibility. ‘The legislator wants it, experts say it can be done, and the court says it must be done. Yet Meta fails to bring its platforms into line with our legislation,’ said Evelyn Austin, the organisation’s director said in a statement.

The Amsterdam Court of Appeal will review Meta’s request for an extension on 27 October.

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South Korea moves to lead the AI era with OpenAI’s economic blueprint

Poised to become a global AI powerhouse, South Korea has the right foundations in place: advanced semiconductor production, robust digital infrastructure, and a highly skilled workforce.

OpenAI’s new Economic Blueprint for Korea sets out how the nation can turn those strengths into broad, inclusive growth through scaled and trusted AI adoption.

The blueprint builds on South Korea’s growing momentum in frontier technology.

Following OpenAI’s first Asia–Pacific country partnership, initiatives such as Stargate with Samsung and SK aim to expand advanced memory supply and explore next-generation AI data centres alongside the Ministry of Science and ICT.

A new OpenAI office in Seoul, along with collaboration with Seoul National University, further signals the country’s commitment to becoming an AI hub.

A strategy that rests on two complementary paths: building sovereign AI capabilities in infrastructure, data governance, and GPU supply, while also deepening cooperation with frontier developers like OpenAI.

The aim is to enhance operational maturity and cost efficiency across key industries, including semiconductors, shipbuilding, healthcare, and education.

By combining domestic expertise with global partnerships, South Korea could boost productivity, improve welfare services, and foster regional growth beyond Seoul. With decisive action, the nation stands ready to transform from a fast adopter into a global standard-setter for safe, scalable AI systems.

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Binance founder CZ granted presidential pardon

Binance founder Changpeng ‘CZ’ Zhao has received a presidential pardon after serving a four-month sentence for violating US money laundering laws. The decision follows Binance’s guilty plea and $4.3 billion fine over allegations of helping users bypass sanctions.

The White House defended the move, describing Zhao’s prosecution under the previous administration as part of a broader ‘war on cryptocurrency’. Press Secretary Karoline Leavitt said the case had been ‘overly prosecuted’ and that the pardon corrected an act of ‘misjustice’.

The decision has reignited debate over potential conflicts of interest, given the Trump family’s investments in the digital asset space.

Zhao expressed gratitude for the pardon, saying it reflected America’s commitment to fairness and innovation. The decision removes restrictions preventing him from leading financial ventures, although his future role with Binance remains uncertain.

The company, registered in the Cayman Islands, called the move ‘incredible news’ but declined to comment on the allegations of political favouritism.

The administration has adopted a friendlier stance toward the crypto industry, easing regulations and promoting the idea of a national cryptocurrency reserve. Critics, including Senator Elizabeth Warren, called the pardon ‘corrupt’, saying it weakens financial accountability.

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Oracle and Google Cloud launch multicloud database service in Australia

A new chapter in Australia’s cloud computing landscape has begun as Oracle and Google Cloud introduce Oracle Database@Google Cloud to local customers.

The service enables organisations to run Oracle Exadata Database Service on Dedicated Infrastructure hosted on Oracle Cloud Infrastructure within Google Cloud’s Melbourne data centre.

A collaboration that allows businesses to integrate Oracle’s enterprise database power with Google Cloud’s AI and analytics tools, improving decision-making, innovation and compliance with data residency requirements.

Through the Google Cloud Marketplace, Oracle and Google Cloud partners in Australia can now resell Oracle Database@Google Cloud, expanding access to multicloud solutions.

The launch marks growing demand for flexible, multicloud environments that blend high performance with AI-driven capabilities. Oracle’s Exadata Database Service on Dedicated Infrastructure and Oracle AI Database 26ai will help enterprises enhance analytics, AI productivity and application development.

These technologies deliver faster processing, secure data handling and new AI-driven search and development features.

Industry leaders such as Accenture say the partnership represents a significant step toward integrated, data-centric innovation.

With Oracle and Google Cloud combining their strengths, Australian organisations can modernise IT foundations, scale operations and accelerate digital transformation across industries.

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Amelia brings heads-up guidance to Amazon couriers

Amazon unveiled ‘Amelia’ AI-powered smart glasses for delivery drivers with a built-in display and camera, paired to a vest with a photo button, now piloting with hundreds of drivers across more than a dozen partners.

Designed for last-mile efficiency, Amelia can auto-shut down when a vehicle moves to prevent distraction, includes a hardware kill switch for the camera and mic, and aims to save about 30 minutes per 8–10-hour shift by streamlining repetitive tasks.

Initial availability is planned for the US market and the rest of North America before global expansion, with Amazon emphasizing that Amelia is custom-built for drivers, though consumer versions aren’t ruled out. Pilots involve real routes and live deliveries to customers.

Amazon also showcased a warehouse robotic arm to sort parcels faster and more safely, as well as an AI orchestration system that ingests real-time and historical data to predict bottlenecks, propose fixes, and keep fulfillment operations running smoothly.

The move joins a broader push into wearables from Big Tech. Unlike Meta’s consumer-oriented Ray-Ban smart glasses, Amelia targets enterprise use, promising faster package location, fewer taps, and tighter integration with Amazon’s delivery workflow.

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Alibaba pushes unified AI with Quark Chat and wearables

Quark, Alibaba’s consumer AI app, has launched an AI Chat Assistant powered by Qwen3 models, merging real-time search with conversational reasoning so users can ask by text or voice, get answers, and trigger actions from a single interface.

On iOS and Android, you can tap ‘assistant’ in the AI Super Box or swipe right to open chat, then use prompts to summarise pages, draft replies, or pull sources, with results easily shared to friends, Stories, or outside the app.

Beyond Q&A, the assistant adds deep search, photo-based problem-solving, and AI writing, while supporting multimodal tasks like photo editing, AI camera, and phone calls. Forthcoming MCP integrations will expand agent execution across Alibaba services.

Quark AI Glasses opened pre-sale in China on October 24 via Tmall with a list price of 4,699 RMB before coupons or memberships, deliveries starting in phases from December, and 1 RMB reservations available on JD.com and Douyin.

Powered by Qwen for hands-free assistance, translation, and meeting transcription, the glasses emphasise lightweight ergonomics, long battery life, and quality imaging, with bundles, accessories, and prescription lens options to broaden fit and daily use.

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EU warns Meta and TikTok over transparency failures

The European Commission has found that Meta and TikTok violated key transparency obligations under the EU’s Digital Services Act (DSA). According to preliminary findings, both companies failed to provide adequate data access to researchers studying public content on their platforms.

The Commission said Facebook, Instagram, and TikTok imposed ‘burdensome’ conditions that left researchers with incomplete or unreliable data, hampering efforts to investigate the spread of harmful or illegal content online.

Meta faces additional accusations of breaching the DSA’s rules on user reporting and complaints. The Commission said the ‘Notice and Action’ systems on Facebook and Instagram were not user-friendly and contained ‘dark patterns’, manipulative design choices that discouraged users from reporting problematic content.

Moreover, Meta allegedly failed to give users sufficient explanations when their posts or accounts were removed, undermining transparency and accountability requirements set by the law.

Both companies have the opportunity to respond before the Commission issues final decisions. However, if the findings are confirmed, Meta and TikTok could face fines of up to 6% of their global annual revenue.

The EU executive also announced new rules, effective next week, that will expand data access for ‘vetted’ researchers, allowing them to study internal platform dynamics and better understand how large social media platforms shape online information flows.

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OpenAI outlines Japan’s AI Blueprint for inclusive economic growth

A new Japan Economic Blueprint released by OpenAI sets out how AI can power innovation, competitiveness, and long-term prosperity across the country. The plan estimates that AI could add more than ¥100 trillion to Japan’s economy and raise GDP by up to 16%.

Centred on inclusive access, infrastructure, and education, the Blueprint calls for equal AI opportunities for citizens and small businesses, national investment in semiconductors and renewable energy, and expanded lifelong learning to build an adaptive workforce.

AI is already reshaping Japanese industries from manufacturing and healthcare to education and public administration. Factories reduce inspection costs, schools use ChatGPT Edu for personalised teaching, and cities from Saitama to Fukuoka employ AI to enhance local services.

OpenAI suggests that the focus of Japan on ethical and human-centred innovation could make it a model for responsible AI governance. By aligning digital and green priorities, the report envisions technology driving creativity, equality, and shared prosperity across generations.

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Federal Reserve embraces crypto innovation in payments system

The Federal Reserve has signalled a shift towards decentralised finance, with Governor Waller saying the central bank now welcomes crypto innovators into mainstream payments.

Speaking at the Payments Innovation Conference on 21 October, Waller said the Fed intends to play an active role in the ongoing technology-driven transformation of the financial system.

Waller highlighted how stablecoins, tokenised assets, and AI are reshaping the payments landscape. He said private firms drive innovation but added that public institutions like the Fed must adapt to support evolving financial systems.

The governor said the central bank is exploring how tokenisation, smart contracts, and AI could enhance its own systems and foster closer dialogue with industry innovators.

In a significant policy proposal, Waller revealed that the Fed is studying a new type of ‘payment account’ for legally eligible institutions. The concept would provide streamlined access to Federal Reserve payment rails for fintech and crypto firms without requiring a full master account.

Such accounts would operate under tighter controls, including balance caps, no interest payments, and no overdraft privileges, allowing faster review times while maintaining system safety.

Waller said the payments revolution is underway and urged collaboration between traditional finance and emerging digital sectors. He called the event a turning point for Fed–innovator relations, noting that crypto and distributed ledgers are now part of modern payments.

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