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ASX set to rise and cyber security under scrutiny

ASX and money
ASX set to recover today and cyber security under scrutiny

ASX and Wall street:

The ASX suffered its worst day of losses in almost eight weeks yesterday , following signs inflation in the US was proving remarkably sticky.

However, the local market is predicted to rise after US stocks climbed on Monday as investors bought beaten-down shares after the main benchmarks suffered their worst weekly sell-off this year on worries about tighter monetary policies.

'Spiralling' demand:

Welfare advocates are calling on federal parliamentarians to reverse the "political choice" to keep people in poverty by raising the rate of income-support payments.

A parliamentary committee examining the nature and extent of poverty in Australia has been told support services are struggling with increased demand as cost-of-living pressures hit people on the lowest incomes hardest.

UnitingCare Australia national director Claerwen Little said there had been a 50 per cent increase in demand, including support services for mental health and addiction.

Twitter layoffs:

Twitter has laid off a further 10 per cent of its workforce, the New York Times reports, in its latest round of job cuts since Elon Musk took over the micro-blogging site in October.

The layoffs impacted product managers, data scientists and engineers who worked on machine learning and site reliability, who help keep Twitter's various features online.

The latest job cuts followed a mass layoff in early November, when Twitter sacked about 3,700 employees in a cost-cutting measure by Musk, who had acquired the company for US$44 billion ($66 billion).

India visit:

Rules for mutually recognising university qualifications in India and Australia are set to be agreed between the two countries.

Education Minister Jason Clare is leading a delegation of a dozen Australian vice-chancellors on an official visit to India this week.

Prime Minister Anthony Albanese is then expected to lead a business delegation to India next week.

India is Australia's second-largest and fastest-growing source of international students, with almost 130,000 enrolled with Australian providers as of December.

Before the COVID-19 pandemic, Indian students contributed about $6.1 billion to the economy.

Cyber security commissioner:

A new national cyber security coordinator will be appointed in a bid to better protect information held by businesses and government.

The government said the coordinator would oversee work being done to prevent online attacks, as well as help manage data breaches when they took place.

The announcement coincides with a cyber security roundtable being held in Sydney on Monday - hosted by the prime minister - with business and government leaders.

Albanese told the meeting cyber security was a fundamental priority of the government and the coordinator would be key to addressing it.

Smiling women and piles of Australian cash
Smiling women and piles of Australian cash

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