Business
Australia Raises International Student Visa Fees by 225% to Manage Migration
Australia has raised student visa application fees from $710 to $1,600, effective July 1, 2024. This 225% increase makes Australia the most expensive country for student visa applications, surpassing costs in the United States (approximately US$185) and Canada (C$150 or US$110).
Government Strategy
This fee hike is part of Australia’s strategy to manage high migration levels that have put pressure on the housing market. Despite international education contributing $36.4 billion to the economy in 2022-2023, the government is implementing measures to balance the influx of international students with the country’s capacity to accommodate them.
Key Changes
- Visa Fee Increase:
- Student visa fee: $1,600
- Additional charges for accompanying family members: $1,445 for each person aged 18 and over, and $390 for those under 18.
- Restrictions on Onshore Applications:
- Visitor visa holders and students on temporary graduate visas are now prohibited from applying for student visas while in Australia.
- Increased Funding Requirements:
- International students must now demonstrate funds of at least $29,710, up from $24,505. This is about $5,000 higher than what is required for a Canadian study permit application and aligns with 75% of Australia’s national minimum wage.
- Tightening Visa Regulations:
- Measures have been introduced to close loopholes that allowed international students to overstay their visas. This move addresses the significant rise in students on second or subsequent student visas, which exceeded 150,000 in the 2022-2023 period.
Government’s Perspective
Clare O’Neil, the Australian Minister for Home Affairs and Cyber Security, stated that these changes are intended to restore integrity to the international education system and create a more manageable migration framework. The new measures aim to ensure that the benefits of international education are balanced with the country’s capacity to handle high immigration levels.
Impact and Monitoring
The impact of these changes on the international student market and Australia’s economy will be closely monitored. The government’s actions are designed to sustain the benefits of international education while maintaining a fair and sustainable migration system.
Business
EU Approves Major Tariffs on Chinese Electric Vehicle Imports to Protect Industry
The European Union has approved significant tariffs on electric vehicle (EV) imports from China, following a majority vote among member states. The new tariffs, set to rise from the current 10% to as high as 45% over the next five years, aim to shield Europe’s car industry from what EU lawmakers argue are unfair subsidies given to Chinese carmakers by the Chinese government.
The decision has sparked concerns about potential price increases for EV buyers in Europe, as well as fears of a trade war between Brussels and Beijing. China has strongly condemned the tariffs, labeling them as protectionist measures.
The vote, held on Friday, follows an EU investigation that led to import duties being imposed on major Chinese EV manufacturers such as SAIC, BYD, and Geely. These tariffs were calculated based on the level of state aid each company is believed to have received.
While the move has caused division among EU member states, it was ultimately supported by countries like France, Italy, the Netherlands, and Poland, which believe the tariffs are necessary to protect European manufacturers. Germany, whose economy is closely tied to exports to China, opposed the decision, and many other countries abstained from the vote.
Critics, including German automaker Volkswagen, argue that the tariffs are the “wrong approach” and could have unintended consequences for the European automotive sector.
Business
California Governor Blocks AI Safety Bill Amid Industry Concerns
California Governor Gavin Newsom has vetoed a landmark artificial intelligence (AI) safety bill that aimed to introduce some of the first regulations on AI technology in the US. The bill, which faced strong opposition from major tech companies, would have required advanced AI models to undergo safety testing and included mandatory oversight for “Frontier Models,” the most powerful AI systems.
Governor Newsom argued that the legislation could stifle innovation and potentially drive AI developers out of California. He expressed concerns that the bill applied stringent standards to even basic AI functions, without considering whether the AI systems were deployed in high-risk environments or involved critical decision-making.
Despite the veto, Newsom announced plans to develop alternative safeguards for AI technology, seeking advice from experts to protect the public from potential risks. This comes as part of broader efforts to address AI challenges, including recently signed legislation aimed at combating deep fakes and misinformation.
Senator Scott Wiener, who authored the bill, expressed disappointment, warning that without oversight, AI developers would continue to advance a powerful technology without necessary safety measures. Meanwhile, experts like Wei Sun from Counterpoint Research argue that AI is still in its early stages, and regulating specific high-risk applications might be a more effective approach.
Business
Iceland Demands Supermarket Rivals Stop Selling Prawn Rings
Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.
In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”
Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”
Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”
The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.
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