International

Musk ‘kills’ new Twitter label, hours after launch

Photo: Richard Drew / AP

| By AFP | Julie Jammot |

Twitter launched two new verification tools Wednesday but “killed” one of them hours later in a messy start to owner Elon Musk’s campaign to revamp the influential platform following his $44 billion buyout.

The social media platform unveiled its long-awaited Twitter Blue subscription service, which allows users to pay $7.99 per month for a coveted blue tick, as well as a separate gray “official” badge for some high-profile accounts.

But the new gray label was almost immediately scrapped, overshadowing the launch of Twitter Blue, which is currently only available on the mobile app on iPhones and in the United States.

“I just killed it,” Musk tweeted hours after the new tag was added to government accounts, big companies and major media outlets.

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“Please note that Twitter will do lots of dumb things in coming months. We will keep what works & change what doesn’t,” the world’s richest man added.

The U-turn invited further scrutiny of Musk’s plans for Twitter a week after he laid off thousands of workers and drew a massive drop in spending by advertisers, who are wary of the site’s direction.

The blue tick has been a mark of an account’s authenticity and doubts emerged that public figures or media outlets would pay for it. The official gray tag was seen by observers as a workaround to solve that problem.

The launch of the new official label began Wednesday and was on the accounts of companies such as Apple and BMW, as well as public ones such as the White House and major media outlets.

But only hours later, it was gone for many of them.

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Accounts that had received the “official” badge — including Agence France-Presse, BBC News, Pope Francis and Kanye West — saw the mention disappear.

‘A lot of work’

Esther Crawford, an executive who announced the gray tick on Tuesday, insisted that the official label was still going to be part of the relaunch, but that “we are just focusing on government and commercial entities to begin with.”

“There are no sacred cows in product at Twitter anymore. Elon is willing to try lots of things — many will fail, some will succeed,” she tweeted Wednesday.

“The goal is to find the right mix of successful changes to ensure the long-term health and growth of the business.”

During a panel for advertisers broadcast on Twitter, Musk exercised some damage control, admitting that a lot of work lay ahead to get the site to the place he wished to reach.

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“We’ve got a lot to do on the software side. I can’t emphasize that enough,” he said.

Musk took control of Twitter after a drawn-out legal battle in which the mercurial tycoon tried to renege on a deal that many believe he overpaid for.

It emerged on Tuesday that Musk sold $4 billion worth of shares in Tesla to help pay for a transaction in which he took on billions of dollars in debt.

Twitter Blue is seen as one way to overcome the loss in advertisers since Musk took over.

Twitter last week fired half of its 7,500 employees, which Musk said was necessary as the company was losing $4 million a day.

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International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.