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France rebukes Australia after it ditches submarine deal

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PARIS, FRANCE – JUNE 15: French President Emmanuel Macron (R) welcomes Australian Prime Minister, Scott Morrison (L) prior to a working dinner at the Elysee Presidential Palace on June 15, 2021.

Chesnot | Getty Images News | Getty Images

LONDON — France is not holding back showing its disappointment with Australia after it abruptly ended a submarine contract in order to sign a new deal with the U.S. and U.K.

“It was a stab in the back. We had established a relationship of trust with Australia. This trust has been betrayed,” Jean-Yves Le Drian, France’s minister for foreign affairs, told radio station FranceInfo Thursday morning.

Australia had signed a contract with French shipbuilder Naval Group in 2016 to build a new fleet, at a cost of $40 billion, according to Reuters. Both sides had confirmed the deal a couple of weeks ago. However, Canberra has now decided to scrap that agreement and join forces with the U.S. and Britain.

Late on Wednesday, the three nations announced a new security partnership where Australia will receive new nuclear-powered submarines. The deal with France would have provided conventional submarines.

“We intend to build these submarines in Adelaide in close cooperation with the U.K. and the U.S. But let me be clear, Australia is not seeking to acquire nuclear weapons,” Australia Prime Minister Scott Morrison said on Twitter.

He added that France is a “good partner” and the new deal was motivated by “a changed strategic environment,” according to France 24.

U.S. President Joe Biden made sure to reference France when presenting the new deal on Wednesday, saying the European nation will remain a key partner in the Indo-Pacific region.

However, these words are unlikely to appease the ill feelings in France.

“The American choice which leads to the removal of an ally and a European partner like France from structuring a partnership with Australia, at a time when we are facing unprecedented challenges in the Indo-Pacific region … marks an absence of coherence that France can only observe and regret,” France’s ministers of foreign affairs and the armed forces said in a joint statement on Thursday.

The statement also said that the latest developments intensify the need for European strategic autonomy — the idea that the EU should become more independent with its defense and security policies.

The European Commission, the EU’s executive arm, is due to present its strategy for the Indo-Pacific region on Thursday afternoon.

 

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Elon Musk reposted 28-year-old’s meme, it sold as an NFT for $20,000

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It’s no secret that billionaire Elon Musk loves memes. He frequently reposts them on Twitter, where he has 61 million followers.

Though some dislike his reposting, as he often neglects to give the original meme creators credit, others have profited from Musk’s practice, including self-proclaimed “hobby artist” Eva Beylin.

Beylin was thrilled when Musk reposted her meme on Wednesday. “The ultimate prize of memeology is for the ultimate meme lord to use your meme,” Beylin, 28, tells CNBC Make It.

Even though Musk didn’t give her any attribution, “I am over the moon,” she says, adding that she’s a big fan of Musk.

Beylin’s meme, which she named “Love in The Time of Web3,” depicts a cartoon couple admiring the prices of bitcoin and ether, which are $69,000 and $4,200, respectively, in the meme. While the price of bitcoin hasn’t hit $69,000, the numbers are an obvious nod to meme culture.

As the director of The Graph Foundation, which supports blockchain data protocol The Graph, Beylin is passionate about Web3, which is the decentralized iteration of the internet that powers blockchain-based applications like NFTs.

“Love in The Time of Web3” got a lot of attention following Musk’s tweet. That night, Beylin listed it as an NFT, or nonfungible token, on marketplace Zora, and two days later, it sold for five wrapped ether, which is about $19,800 at current pricing, to an anonymous buyer.

“It is surreal,” Beylin says.

Though it was Beylin’s idea to create the meme, she did not design the image of the cartoon couple or edit the prices of bitcoin and ether.

Beylin was inspired to create the meme after seeing a post by another Twitter user who edited the cryptocurrency prices and tweeted it as a joke.

To compensate the user, who is known as @shegenerates, Beylin gave her 20% of the proceeds from the NFT sale. Shegenerates was fine with Beylin using her edit, she tells CNBC Make It.

“Personally, I have [Musk] blocked on Twitter, so I only saw it after Eva [Beylin] posted about him sharing it. I wish I got all those likes myself because I can only imagine how much serotonin my brain would make with all that attention, but memes are permissionless, so it’s just cool to see things I shared around,” Shegenerates says.

Beylin doesn’t know the creator of the image depicting the cartoon couple. And because of the legal gray area that NFTs exist in, it’s not clear whether the use of this image infringes on any potential copyright laws.

With her cut of the sale, Beylin plans to reinvest in other artists by buying their NFTs.

“As a hobby artist, I’d never be able to reinvest in art or have my art paid for [without NFTs]. So, my thing has always been reinvesting back into NFTs,” she says.

The buyer of “Love in The Time of Web3” has already relisted the meme for 69.42 wrapped ether, or about $275,000. Though it’s less than the buyer’s asking price, a bidder already offered 6.94 wrapped ether, or about $27,500, for the meme.

If it resells, Beylin will earn a 15% royalty, she says.

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Don’t miss: This 12-year-old coder helped develop an NFT collection that made over $5 million in 3 weeks



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Xpeng launches flying car that can also operate on roads

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HT Aero, an affiliate of Chinese electric carmaker Xpeng Inc., launched a new vehicle capable of flying in the air and driving on roads. The launch of HT Aero’s 6th–generation model happened at the Xpeng Tech Day on Sunday, October 24, 2021.

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GUANGZHOU, China — HT Aero, an affiliate of Chinese electric vehicle maker Xpeng Inc., launched a new flying car on Sunday that it says can also drive on roads.

The company says it plans for a rollout in 2024.

HT Aero’s vehicle will have a lightweight design and a rotor that folds away, the company said. That will allow the car to drive on roads and then fly once the rotors are expanded.

The vehicle will have a number of safety features including parachutes, the company said.

HT Aero is backed by Xpeng and its founder He Xiaopeng. The company raised $500 million last week from a number of outside investors including high-profile venture capital firms.

Flying cars — also called electric vertical take-off and landing vehicles — have garnered a lot of interest from automakers and start-ups.

However, there are a number of challenges for these vehicles to become wide-scale including regulation and safety issues.

HT Aero’s new land and air vehicle was launched at Xpeng’s Tech Day where the company also took the wraps of the latest version of its advanced driver assistance system called XPILOT 4.0.

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Twitter and Square CEO Jack Dorsey says ‘hyperinflation’ will happen soon in the U.S. and the world

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Jack Dorsey, CEO of Twitter and co-founder & CEO of Square, speaks during the crypto-currency conference Bitcoin 2021 Convention at the Mana Convention Center in Miami, Florida, on June 4, 2021.

Marco Bello | AFP | Getty Images

Twitter co-founder Jack Dorsey weighed in on escalating inflation in the U.S., saying things are going to get considerably worse.

“Hyperinflation is going to change everything,” Dorsey tweeted Friday night. “It’s happening.”

The tweet comes with consumer price inflation running near a 30-year high in the U.S. and growing concern that the problem could be worse that policymakers have anticipated.

On Friday, Federal Reserve Chairman Jerome Powell acknowledged that inflation pressures “are likely to last longer than previously expected,” noting that they could run “well into next year.” The central bank leader added that he expects the Fed soon to begin pulling back on the extraordinary measures it has provided to help the economy that critics say have stoked the inflation run.

In addition to overseeing a social media platform that has 206 million active daily users, Dorsey is a strong bitcoin advocate. He has said that Square, the debit and credit card processing platform that Dorsey co-founded, is looking at getting into mining the cryptocurrency. Square also owns some bitcoin and facilitates trading in it.

Responding to user comments, Dorsey added Friday that he sees the inflation problem escalating around the globe. “It will happen in the US soon, and so the world,” he tweeted. Dorsey is currently both the CEO of Twitter and Square.

It’s one thing to call for faster inflation, but it may be surprising to some that Dorsey used the word hyperinflation, a condition of rapidly rising prices that can ruin currencies and bring down whole economies.

Billionaire investor Paul Tudor Jones and others have called for a period of rising inflation. Jones told CNBC earlier in the week that he owns some bitcoin and sees it as a good inflation hedge.

“Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment,” Jones said Wednesday.

But most of the major investors have not gone so far as to call for hyperinflation like Dorsey.

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