Newborn Investment Accounts Proposed in Federal Legislation

A new federal proposal aims to provide every newborn American child with a tax-deferred investment account seeded with a $1,000 government contribution. The initiative, part of a broader legislative package, is designed to promote long-term financial security and early market participation.

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Australia Bans DeepSeek on Government Devices Over Security Concerns

Australia, Feb 4: Australia has banned the use of DeepSeek on all government devices, citing security concerns. The Department of Home Affairs issued a directive requiring all government entities to prevent the use, installation, and continued presence of DeepSeek products, applications, and web services on government systems and devices. Home Affairs Minister Tony Burke stated that the ban was necessary to protect national security and national interests. The restriction does not apply to private citizens.

The decision follows similar actions by other countries, including Italy and Taiwan, which have also barred government use of DeepSeek. The AI startup, launched last month, has drawn global attention for its lower-cost model and reduced reliance on advanced chips, raising concerns about the impact on Western investments in chipmakers and data centers. The Australian government had previously imposed a similar ban on the Chinese-owned social media app TikTok two years ago over security risks.

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