The ECB urged Rome on Monday to reconsider a proposed amendment to its 2026 budget law that would state that the Bank of Italy’s gold reserves belong to “the Italian people,”

International News via Reuters:

The independence of central banks is essential for monetary stability, Bank of Italy Governor Fabio Panetta said on Tuesday, amid a spat between the Italian government and the European Central Bank over the country’s gold reserves.

The ECB urged Rome on Monday to reconsider a proposed amendment to its 2026 budget law that would state that the Bank of Italy’s gold reserves belong to “the Italian people,” warning the move could jeopardise the central bank’s independence.

Without mentioning specifically the issue of the gold reserves, Panetta said in a speech that monetary stability rests on “the authority of the State and the credibility of an independent central bank.”

Italian Economy Minister Giancarlo Giorgetti intends to send a letter to ECB head Christine Lagarde to clarify that Rome has no plans to undermine the independence of the Bank of Italy, sources familiar with the matter told Reuters on Tuesday.

RISKS AHEAD

In his speech in Dublin at an event organised by Ireland’s central bank, Panetta said the transformation of the international monetary system, with accelerating digitalisation and growing multipolarity, carried a number of risks.

“When structural forces move inch by inch, while technology advances in leaps and bounds, the outcome is not just linear change or fresh opportunities; it may also turn turbulent,” he said.

Panetta expressed concern about the increasing use of stablecoins in cross-border payments, saying their circulation was opaque and they suffered from operational vulnerabilities.

“During the transition to a digital monetary order, their growing use could add a layer of volatility – or even instability – to an already uncertain international environment,” he said.

Managing these risks will require clear rules, credible public anchors and sustained international cooperation, Panetta added.

The Bank of Italy chief also noted “the weakening of some of the dollar’s traditional pillars,” while China’s yuan and the euro both have the potential to become more global currencies but are not currently in a position to match the greenback.

“Multipolarity could increase diversification, spreading the burden of global liquidity provision and reducing global dependence on the US policy cycle. But it could also amplify volatility and contagion risks,” he warned.

Reporting by Antonella Cinelli, editing by Gavin Jones

Ten of the biggest platforms were ordered to block children from midnight on Wednesday (1300 GMT on Tuesday) or face fines of up to A$49.5 million ($33 million) under the new law

International News via Reuters:

Australia has become the first country to ban social media for children under 16, blocking access to platforms including TikTok, Alphabet’s YouTube and Meta’s Instagram and Facebook from midnight.

Ten of the biggest platforms were ordered to block children from midnight on Wednesday (1300 GMT on Tuesday) or face fines of up to A$49.5 million ($33 million) under the new law, which drew criticism from major technology companies and free speech advocates, but was welcomed by parents and child advocates.

The ban is being closely watched by other countries considering similar age-based measures amid growing concerns about the impact of social media on children’s health and safety.

In a video message that Sky News Australia said would be played in schools this week, Prime Minister Anthony Albanese said the ban aimed to support young Australians and ease the pressure that can come from endless feeds and algorithms.

“Make the most of the school holidays coming up. Rather than spending it scrolling on your phone, start a new sport, learn a new instrument, or read that book that has been sitting there for some time on your shelf,” he said.

“And importantly, spend quality time with your friends and your family, face to face.”

AUSTRALIA COULD SET PRECEDENT

The rollout ends a year of speculation about whether a country can block children from using technology embedded in modern life.

It also begins a live experiment that will be studied globally by lawmakers frustrated by what they say is a tech industry too slow to implement harm-reduction measures.

“While Australia is the first to adopt such restrictions, it is unlikely to be the last,” Tama Leaver, a professor of internet studies at Curtin University, said.

“Governments around the world are watching how the power of Big Tech was successfully taken on. The social media ban in Australia … is very much the canary in the coal mine.”

Governments from Denmark to Malaysia – and even some states in the U.S., where platforms are rolling back trust and safety features – say they plan similar steps, four years after a leak of internal Meta documents alleged the company knew its products contributed to body image problems among teenagers. Meta has said it has tools to protect children.

BAN COMES AS SOCIAL MEDIA USE STAGNATES

The ban initially covers 10 platforms, but the government said the list would change as new products emerge and young users switch to alternatives.

Of the initial 10, all but Elon Musk’s X have said they will comply using age inference – guessing a person’s age from their online activity – or age estimation, which is usually based on a selfie. They might also check with uploaded identification documents or linked bank account details.

Musk has said the ban “seems like a backdoor way to control access to the internet by all Australians” and most platforms have complained that it violates people’s right to free speech. An Australian High Court challenge overseen by a libertarian state lawmaker is pending.

For social media businesses, the implementation marks a new era of structural stagnation as user numbers flatline and time spent on platforms shrinks, studies show.

Platforms say they earn little from advertising to under-16s, but warn the ban disrupts a pipeline of future users. Just before the ban took effect, 86% of Australians aged eight to 15 used social media, the government said.

Some youngsters have warned the social media ban could isolate people.

“It’s going to be worse for queer people and people with niche interests I guess because that’s the only way they can find their community, and some people also use it to vent their feelings and talk to people to get help… So I feel like it’ll be fine for some people, but for some people it’ll worsen their mental health,” said 14-year-old Annie Wang ahead of the ban.

($1 = 1.5097 Australian dollars)

Reporting by Byron Kaye, Claire Beers. Writing by Alexandra Hudson. Editing by Andrew Heavens and Mark Potter

The fire has now been extinguished and the recovered bodies have been sent to a hospital for identification

International News via Reuters:

A fire swept through a seven-storey office block in Indonesia’s capital Jakarta on Tuesday, killing 22 people, police said.

The fire has now been extinguished and the recovered bodies have been sent to a hospital for identification, Susatyo Purnomo Condro, the head of Central Jakarta police, told reporters.

The fire erupted on the first floor at around midday and then spread to the upper floors, Condro said.

The building houses the office of Terra Drone Indonesia, a unit of Japanese firm Terra Drone Corporation, which provides drones for aerial survey activities with clients in the mining to agriculture sectors.

Some company employees were having lunch in the building at the time while others had left the office, Condro said.

Footage broadcast by Kompas TV showed dozens of firefighters trying to evacuate people, and some were carrying body bags from the building. Some employees were seen escaping from the upper floors using portable ladders.

“A police forensic laboratory team has arrived to investigate the cause of the fire,” Condro said.

“Based on information gathered so far, batteries from a drone caught fire, but the cause of the fire, the point of origin is still being investigated,” he said, adding that police would question the business owner as well as the building owner.

Terra Drone Co apologised in a statement for the stress and inconvenience caused to the local community and customers, adding that it was investigating the impact of the blaze on its business.

The blaze comes nearly two weeks after a huge fire swept through a high-rise apartment complex in Hong Kong on November 26. Authorities said on Tuesday the death toll now stood at 160.

Reporting by Ananda Teresia and Stefanno Sulaiman; Editing by David Stanway and Gareth Jones