All posts tagged: 2bn

Australia sues 3M for bn over PFAS contamination linked to aqueous film-forming foam

Australia sues 3M for $2bn over PFAS contamination linked to aqueous film-forming foam

Published by skeptic

The Australian Government has launched Federal Court proceedings against 3M Australia Pty Ltd and its US parent company, 3M Company, over widespread PFAS contamination linked to aqueous film-forming foam used at defence sites. The Commonwealth is seeking damages exceeding $2bn to recover costs associated with investigating, containing and remediating contamination at 28 defence bases nationwide. The case centres on allegations that 3M failed to fully disclose environmental risks associated with aqueous film-forming foam, commonly known as AFFF, despite allegedly having knowledge of the long-term contamination risks posed by PFAS chemicals. The Commonwealth also claims the company provided assurances about the product’s environmental safety and disposal methods that were inconsistent with internal knowledge available at the time. The legal action represents one of the Australian Government’s largest environmental recovery claims tied to PFAS contamination. The Department of Defence has already spent more than $1.3bn managing the fallout from the historical use of aqueous film-forming foam and says substantial future costs are expected as remediation work continues across affected communities. Speaking on the lawsuit, Australia’s Attorney-General, Michelle …

UK’s £2bn “quantum leap” set to benefit critical industries

UK’s £2bn “quantum leap” set to benefit critical industries

Published by skeptic

The UK has unveiled a new package of measures to become the first country in the world to roll out quantum computers at scale. The UK will become the first country to benefit from revolutionary quantum computers, sensors and networks, and support the emergence of the next generation of leading British companies who will help shape the curve of progress. The delivery of full-scale quantum computers will help deliver personalised treatments, potential cures for diseases, safeguard national security and deliver high-paid jobs – delivering on the government’s Modern Industrial Strategy. Technology Secretary Liz Kendall said: “I am determined that this country grasps the benefits that quantum computing will bring. “It is only by keeping pace with technological progress that we can deliver the high-paid jobs, cutting-edge public services, and innovations which change lives.” How quantum technology impacts the UK economy Estimates show that quantum could boost productivity by 7% over the next 2 decades, creating more than 100,000 jobs in the process. This would deliver £212 billion worth of economic impact – the equivalent of adding the combined annual GDP of Wales and Northern Ireland. “Today’s announcements are an investment in our future – unlocking better health, wealth, and more opportunities for communities across the …

Playstation gamers could receive £2bn compensation if lawsuit succeeds | Science, Climate & Tech News

Playstation gamers could receive £2bn compensation if lawsuit succeeds | Science, Climate & Tech News

Published by skeptic

PlayStation gamers could be owed £2bn in compensation, according to a lawsuit launched today. If successful, the class action case brought by consumer champion Alex Neill could mean cheaper PlayStation games and UK gamers receiving around £162 each in compensation. The case hinges on how the digital PlayStation Store, run by the console’s manufacturer Sony, operates. Ms Neill argues Sony has been “exploiting its UK customers, by charging them too much” for digital games and in-game content. Image: Person picks a game on the PlayStation Store The lawsuit claims Sony broke competition law through its control of the PlayStation Store, meaning that “Sony has a near monopoly on the sale of digital games and add-on content”. Developers are charged around 30% commission for selling games in the store and Sony sets the price of games. Ms Neill says this has resulted in “excessive and unfair prices” for gamers, with the digital games allegedly costing around 20% more than physical copies. Image: A selection of physical PlayStation games The “class action” aspect of the lawsuit means …

Tesla Surges After Reporting BN Investment In xAI, Stronger Than Expected Profit

Tesla Surges After Reporting $2BN Investment In xAI, Stronger Than Expected Profit

Published by Jenni Sidey

Going into Tesla earnings, we wrote in our preview that Morgan Stanley saw a “particularly wide dispersion in financial KPIs into the 4Q print and for 2026.” The bank said that the stock reaction will depend on the incrementality of updates around scaling robotaxi/Cybercab, launching Unsupervised FSD, Optimus Gen 3, and AI5 on the earnings call. It is no secret, that the automotive business remains Tesla’s biggest challenge: vehicle deliveries have fallen sharply in the fourth quarter, and the loss of key tax credits, rising competition, and heavier use of discounts have all weighed on demand and margins. Analysts are closely watching automotive gross margin, excluding regulatory credits, as a measure of Tesla’s true pricing power. Many expect it to come in near 14% to 15%, down from recent quarters. This reflects a reality that Tesla is no longer operating in a wide-open EV market and must now fight harder for every sale. In contrast, Tesla’s energy division is widely expected to be a bright spot. While auto sales have faced headwinds, energy storage deployments …

Russian economy meltdown as coal businesses collapse into administration – £2bn losses | World | News

Russian economy meltdown as coal businesses collapse into administration – £2bn losses | World | News

Published by Sam Flores

The Russian economy is continuing to struggle under sanctions as the war in Ukraine drives many industries to brink of collapse. As Moscow splurges on its illegal war in Ukraine, President Vladimir Putin warned last week that a “significant” increase in taxes is needed in order to keep the economy afloat. He signed a law raising Russia’s value-added tax to 22% from 20% next year. The changes come as many businesses continue to struggle under the weight of inflation and high interest rates. As reported by Espreso in November, the real estate industry has entered a crisis with 19% of developers postponing project completions by more than six months and investment slumping by 44%. The Financial Times also reported that 23 coal companies shut down in Russia last year with over 50 on the verge of bankruptcy. The sector recorded losses of 225 billion rubles (£2.1 billion) in just the first seven months of 2025. By the end of November 2025, 74% of Russian coal companies were unprofitable, the BBC reports. In September, Putin even …