Daily Archives: October 11, 2021

Saving to retire, but do we really stop working? – The Standard

Posted: October 11, 2021 at 11:10 am

Some people prolong their stay at work beyond the set age while others go into business. [Courtesy]

Warren Buffett, one of the worlds most famous business magnates, is 91.

He is the chairman and CEO of the company he founded, Berkshire Hathaway, and is so suave in his craft that fellow billionaires call him The Oracle of Omaha.

Should he not have retired at that age?

Bidco Chairman Vimal Shah, in a past interview, dismissed the idea of retirement. The Shah family does not retire, they step up.

There are four levels in thebusiness, he said, and we can only step up to the higher one when we are ripe enough for it.

Do people even retire? With Covid-19 disrupting workplace practices, will workers still aim for a certain age to hang their boots? Will we work forever?

According to TV channel CNBC, research from theCentre for Retirement Research at Boston Collegeshows that Americans mostly tend to claim retirement benefits either around the age of 62 or their full retirement age as defined by Social Security.

This does not sound like a huge departure from what happens in Kenya. While private companies have internal human resource policies that state their employees retirement age, government workers should leave at 60, according to the Public Service Act.

It would be bold to assume that after attaining this age, the retirees tour the world for the remainder of their lives, tasting the finest cuisines in the Malibus and Maldives of this world.

Most of them go into business, while a number of them seek extension of their contracts. Nobody really wants to retire.

Some follow the doctrine of the financial independence, retire early (Fire) movement, hoping to have the freedom and means to enjoy their retirement.

Fire is an early retirement movement where people aggressively save with the intention of retiring in their 30s or 40s, CNBC says.

It is not for the faint of heart -youll have to invest more than half of your annual income and cut down on all of your expenses.

In order to retire early, Fire adherents abide by the four per cent rule, first developed by financial advisor William Bengen in 1994.

The four per cent rule suggests that people save 25 times their annual living expenses and withdraw only four per cent of their nest egg in retirement, only increasing the amount to adjust for inflation, CNBC says.

But few have this kind of discipline. Fewer earn enough to accommodate such a plan.

The Covid-19 pandemics impact on jobs and earnings has shaken many work and retirement models.

According to the Society for Human Resource Management (SHRM), an American professional membership association, the worsening economic situation means that many employees may be forced to tap into their retirement savings to stay afloat.

And while that may provide access to funds now, it could come back to hurt them in their golden years, SHRM says.

More than half (52 per cent) of respondents said they will need to dip into their long-term savings in a year or less, according to an April survey of 5,000 people by Betterment, a New York City-based financial services company.

In addition to that, many employees also plan to work longer.

A MoneyRates survey conducted in March found that 36.4 per cent of Americans within 20 years of retirement expect the Covid-19 crisis will delay their retirement, SHRM says.

Will these people retire? Luke Kinoti, a corporate executive, author and entrepreneur, says some people still need to work after retirement while others have their money working for them. In either case, it is not holiday time.

Research shows that 80 per cent of workers want to start a business after retirement because they need to meet their daily needs as high expenses and low-income levels make it hard for them to save earlier for their sunset years, he says.

Others feel they cannot afford to retire, while others view their children as an old-age safety net, writes Mr Kinoti in his book, The Agile Investor.

In a past interview at Fortunes Most Powerful Women Summit, Mr Buffett said it would be crazy for him to leave his job, according to Business Insyder.

If I quit todayI see these people. They spend a whole week planning their haircut. That is not my idea of living, he said.

But Buffett also enjoys his job, which is also one of the reasons he would rather continue working.

I would rather do this than anything in the world, he said. My Social Security check is coming every day, I dont need this.

Im tap dancing to work every day. Theres nothing more exciting than to get there. It doesnt get better than that.

Those who subscribe to his school of thought will certainly not be planning to retire.

According to The Economist, until theCovid-19pandemic, the average age of retirement among Americans had been steadily moving upwards since the mid-1980s.

That has stalled. The proportion of people aged 55 and over who are retired has risen by two percentage points compared with before the pandemic, to 50 per cent, the magazine said.

Nearly half of Americans (49.9 per cent) expect to retire before they turn 62, a two-percentage-point increase from two years ago, according to the Federal Reserve Bank of New York.

One reason given for the change in retirement patterns is that some Americans, particularly the well-off, are choosing to take it easy: abooming stock marketand soaring house prices have made early retirement more viable.

For others, working through a public-health crisis has changed their priorities. Falling life expectancy- it decreased by 1.9 years between 2018 and 2020may have inspired some Americans to make the most of their golden years, said The Economist.

Older workers may also be especially nervous about returning to offices, given that they face a higher risk of dying from Covid-19 than their younger colleagues.

While others are extending their working deadlines, these ones are reducing it and running to the mantra, you only live once.

Kinoti says people should invest for retirement, at whatever age.

The first step in this process is to calculate the amount of investment accumulated in various savings plans over ones working life, he says.

Then it is necessary to calculate the amount of retirement income that can be provided by that wealth.

The rule of the thumb is for employees to save at least 10 per cent of their income for retirement as soon as they start work. If you dont do this and leave it until you are older, this percentage will rise rapidly, Kinoti says.

He advocates for saving in pension plans, occupational pension schemes, umbrella schemes, and provident and gratuity schemes.

To plan to retire, one has to make sure that their money is making them more money.

One of the reasons why the working class retire poor is that they work for money as opposed to having money work for them, says Kinoti.

Income is manifested in three ways: earned income, including salaries, portfolio income such as stocks and pensions, and passive income such as rentals and royalties. If you want to retire poor, keep working for money without an alternative source of income.

Additionally, many people retire poor simply because they have no golden goose and those that do frequently kill it for immediate gratification, Kinoti says.

Saving a lot of money means that the retirement years are spent in relative peace and less hassle. But do we truly retire?

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Playing Cyberpunk 2077 How Its Supposed To Be Played Is Lifechanging – Forbes

Posted: at 11:09 am

Cyberpunk 2077

Yesterday, I got a new PC from PowerGPU after my old one died last week. I could have repaired it, and I probably still will, but I figured it was time for an upgrade anyway.

The first game I installed after I got it set up? Cyberpunk 2077. Not because Im dying to go back and talk to Hanako for the twelfth time, but because I wanted to see how it looked on my new machine. And what I found was further evidence of how badly CDPR screwed up this launch, and how things could have gone an entirely different direction.

Ive played Cyberpunk 2077 through about two and a half times now. My first playthrough was on my Xbox Series X running an Xbox One X version of the game. My second was on PC, running the game on my 2060, which was enough to make it certainly look better than the last-gen console version, and yet my build was not powerful enough to turn on raytracing without frames dropping into unplayability.

So, here we are nearly a year later. I now have a 3080, I am playing on a brand new $3,000 machine. We have had 10 months worth of performance patches and fixes.

And finally, finally Cyberpunk looks and feels like the transformative game it could have been, if it had resisted the temptation to both release too early and to cater to last generation consoles.

Cyberpunk 2077

With my PC now, I can play on max settings, and turn raytracing up to Psycho levels. Thats literally what the setting is called, Psycho. This results in dramatic transformation of the lighting in the game, particularly at night, where you can now see things like reflections of the neon street signs in road puddles and car windows.

In general, the game looks absolutely incredible now, and Ive been entertaining myself wandering around, taking the screenshots you see here. And its doing all of this while not dropping at frames at all, running smoothly.

The problem, of course, is obvious. I am on a computer that costs $3K. This is not the first game to run much better on an expensive machine, and yet the gulf here between not just an ultra PC and PS4/Xbox One, but also the current Series X and PS5 versions, or even a lesser PC, is massive. And what percentage of the playerbase has experienced a game that looks and plays like this? 1%? 0.1%? If that.

Cyberpunk 2077

Cyberpunk 2077 should never have been released for last-gen consoles. Maybe that is incorrect from a sales perspective, as the game moved 15+ million units, many of those on those consoles, and yet from a reputation perspective, if CDPR had waited and produced a Series X/PS5 version that was close to this level of visual fidelity, the entire narrative around the game would have changed. And yet here we are a year later and were still not even sure that version is going to make it out this year.

I have never experienced a transformation quite like this, at least in terms of visuals. The core problems with Cyberpunk 2077 remain of course, and are not PC-dependent (enemy AI, game difficulty), but this could have easily been highly praised for a host of other reasons had it not released on consoles where it looked terrible and barely ran at all at launch.

My advice remains not to pick up Cyberpunk if you havent yet until the Series X and PS5 versions come out, as if theyre anywhere close to this, it will be a transformative experience. Everyone should get to experience the game like this, but only a tiny fraction ever will.

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Friendship Ended With Cyberpunk, Now ANNO: Mutationem Is New Best Friend – Kotaku

Posted: at 11:09 am

Gif: Kotaku / ThinkingStars

During the Steam Next Fest, a week-long event featuring demos and previews for upcoming games, one game called out to me from the crowd: the cyberpunk role-playing game ANNO: Mutationem. The trailer alone felt specifically designed to lure me in, with its rhythmic soundtrack, its neon-drenched cityscape, and its badass female lead chopping up mechas with a laser sword. I was smitten.

Designed by ThinkingStars, ANNO: Mutationem is an action-adventure game in which you play as Ann Flores, a highly-skilled combat-trained lone wolf, as she faces off against mega-corporations in pursuit of her missing brother. If her description reminds you of Ghost in the Shells Motoko Kusanagi, well, youre not off-base. Right off the bat, ANNOs aesthetic recalls the iconic cyberpunk stories that came before it like Ghost in the Shell, The Matrix, and Blade Runner. In the demo, Anno even wakes up from bed and opens her blinds just like GITS Major Kusanagi, wears a similar skin-tight combat suit, and has a scripted scene where she looks out at the citys skyline, like a pixel art version of Rick Deckard looking over Blade Runners dystopian Los Angeles. ANNOs obvious inspirations dont dip into parody though; instead they provide a familiar foundation from which the game jumps off to tell its own story.

READ MORE: Heres Everything You Can Play During Steams Big October Event

An iconic moment from the 1995 film Ghost in the Shell where Motoko Kusanagi greets the morning from her apartment. Screenshot: Kotaku / Production I.G

Similarly to Kusanagi, Anno awakens from a dream to see the false night sky of Skopp City. Screenshot: Kotaku / ThinkingStars

The demo follows Ann as she visits Alan Doyle, her cybernetics doctor, to discover who has been hacking her virtual assistant. Naturally, the good doctor wants to run some tests through combat simulations, and Ann obliges. In what I can only describe as a cyberpunk magical girl transformation, Ann dons her combat suit and dives into the simulation like Neo in The Matrix. A+ for style points.

After completing a combat tutorial and cutting your teeth on a kaiju battle, you discover that Ann is suffering from Entanglelitis, a cybernetic Mechanika virus that has gone viral in the games world. Anns Entanglelitis flares up when fights get too intense, causing her vision to distort. Ann then decides to see her brother, whom she hasnt heard from in ages. She discovers hes wrapped up in the citys criminal underworld, and finds herself targeted by the same slew of cybernetic goons that are hunting him.

The games combat is just as smoking sexy style as the trailer makes it seem. Although it took a bit to figure out the timing for dodges, I did a serviceable job of pulling off sick laser-sword combos on a bunch of enemies, which was satisfying as hell. Theres also a hacking mechanic that lets you not only unlock new story pathways, but also scan an enemys stats before you hack and slash your way through them.

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This all takes place in a world so packed with intriguing details that you could easily miss many on your first playthrough. I usually get my fill from a demo by playing it once, but I was compelled to play this one multiple times to hunt for new item details, dialogue options, and weapon upgrades.

Coke probably isnt the best choice of food, Mysterious Sewer Guy. Screenshot: Kotaku / ThinkingStars

ANNO: Mutationems demo has dialogue options for players to choose from. Screenshot: Kotaku / ThinkingStars

Has Alan Doyle tried unplugging his super computer and plugging it back in again? Preferably without Ann still inside it. Screenshot: Kotaku / ThinkingStars

Players wont traverse the game alone. Ayane, Anns plucky sidekick assists her throughout the game and provides much needed cuteness. Screenshot: Kotaku / ThinkingStars

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Players can use Anns hacking ability to unlock items in the game and assess enemy stats. Screenshot: Kotaku / ThinkingStars

My efforts revealed additional lore, more characters to interact with, and weapon upgrades Id missed, though the demo locks you out of gaining enough credits to buy them, and, tragically, of feeding the mysterious person in the sewers who is worried about their bubbly farts.

The stunning pixel art mixes 2D and 3D elements seamlessly in a way that reminds me of 13 Sentinels: Aegis Rim, my 2020 game of the year. The demo suggests that ANNO: Mutationem could be a breathtakingly beautiful RPG with a strong female lead and a combat system in which I can express myself. Hopefully the full game will live up to that promise.

ANNO: Mutationem is slated to release sometime before the end of 2021.

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Xenotype Motorbike Concept Is Out of This World, Rocks the Cyberpunk Aesthetic – autoevolution

Posted: at 11:09 am

If youre a fan of the "Akira" or "Ghost in the Shell" universe, chances are youll love how this machine turned out. With a high-tech look that combines sharp lines with geometric elements, the Xenotype seems like it belongs in the "Cyberpunk 2077" fictional world.

The Xenotype is part of the M.H.C. Collection, a project that focuses on the exploration of shape, form, and design. Carlos motorcycle is an expression of his subconscious in the rawest way possible, as he puts it.

He wanted his first sketches to reproduce the vibe of a legendary Ford 90. So the artist went with something unconventional, but which had to fit the Ducati 916 chassis. From there, things took off, and the machine received a distinct retrofuturist aesthetic.

With Xenotype, youre bound to get fascinated by the incredible level of detail that lets you see the reflection of the bike on the ground and even the dust on its wheels. For better grip and smooth ride, this thing moves on wide Michelin tires.

Its front sports a slim vertical LED lamp that adds to the cyberpunk look. Theres also something that catches our attention at the front: a handlebar that seems to be hidden into the bikes body. Although it adds to the aerodynamic shape of the machine, it doesnt do much when it comes to its functionality.

To overcome that issue, Carlos says that the bar is meant to extend when the engine is on. Its a cool idea, but it still would implicate a bunch of problems and uncomfortable posture. And theres also the seat that should be added to the list of things that would make it a nightmare to ride.

Well, this beast only exists through the renderings created by the designer, so I wouldnt worry about those details. Still, it would be quite a head-turner if it ever became real.

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Shooting up The Ascent’s Beautiful Cyberpunk World – Gameindustry.com – GameIndustry.com

Posted: at 11:09 am

If you are looking to get your cyberpunk fix, The Ascent will make that happen. When the game first unfolds we are shown a huge multi-story arcology owned by The Ascent Group, which is where the game gets its name from. But unlike most titles these days that use amazing backdrops as window dressing for much more limited worlds, in The Ascent you will actually be exploring and fighting within a true, fully realized environment that can actually be considered almost a true megacity in size.

There is not a lot of plot to be found in The Ascent, which is a little disappointing because the game world is literally filled with thousands of interesting nooks and crannies that would be perfect for an RPG. But developer Neon Giant instead chose to concentrate on making a capable twin-stick shooter for its first venture into the game industry, and given the smoothness of combat and the ridiculously beautiful (almost fully destructible) world given to players, this was a good decision.

In The Ascent, you begin the game as a low-level corporate worker, which means that you were brought to The Ascent arcology from another planet with all of your expenses paid so that you could start a new life. The only catch is that now you are an indentured servant to the corporation, which is pretty much one step above being a slave. You get assigned to perform mostly dirty and possibly unsafe maintenance tasks in the lowest and dirtiest levels of the city, with your first task being to basically unclog your bosses toilet, which has somehow merged with his shower for a really stinky experience. For whatever reason, this seemingly simple task involves rebooting a reactor-size machine surrounded by monsters in the dingy basement levels of the city. But it also acts as a good tutorial on how to play the game.

I mentioned that The Ascent is a twin stick shooter, which is a game where using one stick on the controller is for movement and the other is for your facing. And given that The Ascent started on the Xbox console before moving to Steam, this makes sense. However, with the PC version you can use a mouse and keyboard for the controls instead. For most games like this I would not recommend doing that, but it works surprisingly well in The Ascent. The mouse aiming is much more precise when playing the game this way, although using a controller was far more comfortable so I often opted to play that way. Either way, combat in The Ascent is amazingly smooth.

That is not to say that The Ascent is easy. The combat is smooth, but that is absolutely necessary here because of the sheer volume of enemies the game throws at you. Even wandering the city (which again is literally almost the size of a real city) can trigger fights with gangs that dont like you passing through your territory, so you will be in combat a lot. Your helpful and ever-cheery PDA sometimes warns you when you are approaching a bad area. It will say something like, This area is known for having a high population of young entrepreneurs looking for unwilling investors.

Those random fights can get kind of crazy, but the scripted ones are even more brutal. If you are about to engage in a boss-type fight, you can bet that lots of other enemies will start crawling over the side of the railings, running at you from areas you thought were already clear and even dropping down from hovercars to try and smash your face or shoot your head. Almost every combat turns into one of those wild battles.

Oddly enough, the game really pushes its cover mechanic where you can stoop down behind something (although you need to be careful because many things in the environment are destructible) to absorb bullets. You can then hold your gun over your head and safely shoot over your cover. It sounds good in theory, but I almost never used it. There are too many enemies spawning from every angle in most fights. By the time you get set up in cover, there will be two or three people coming up from behind you to render your little makeshift fortification useless. Instead, I spent most of the game backpedaling and shooting all the trailing bad guys coming up behind me. You can also dodge, which helps when someone tosses an explosive or you just need to break out of the line of fire for a second.

Improvements to your character are almost completely gear based in The Ascent. If you want to get more powerful in combat, you need to find a better gun or more effective armor. Thankfully, the guns can be modified and improved using components you find as you adventure. This means that even your starting weapons can have a lot of longevity and usefulness. Indeed, a heavily modified early weapon is going to often be a lot more powerful than baseline equipment you find even later in the game. Yes, those more advanced weapons have the potential to be total butt-kickers, but you probably need to hold onto them until you get to a modding station before you can start to really rip things up with new gear.

As you progress in the game, the amazing environment continues to be the star. Moving up higher in the arcology brings with it new maps, new environments and more wealthy accommodations. Its really interesting that the higher you go in the games world, the better things look. There is less trash and debris on the streets and everything just seems much nicer, which is especially evident in the little town-type areas you come across.

And you will also experience higher quality enemies, like corporate security and well-funded combatants that make the early bruisers you face seem like a warmup exercise. Thankfully, by that point in the game your character should also be getting much more powerful to match the increased challenge. Its clever that the world changes a bit the higher you go, which may be another reason for the title of the game beyond just the name of your corporation.

I played The Ascent in single player mode, but the game also supports multiplayer with up to four people. Given the size of the environment, its probably best if you play with a tight team so that you can all fully support one another. Doing that would likely add another element to The Ascent, sort of like an action-based MMO. So if you have good friends who play these kinds of games, The Ascent could make for some good times.

For a first outing, Neon Giant has done an amazingly good job with The Ascent. Sure there are quite a few bugs here and there. At one point we could not continue a quest because the enemies we were supposed to kill simply didnt spawn in the area where we were supposed fight. We had to exit the game and reload before they actually showed up. Maybe they were afraid of us?

But in any case, The Ascent is a really good title when its working properly. I honestly cant think of another game with such a beautifully rendered and realized world. Its a lot more interesting to look at than the world we got with Cyberpunk 2077.

Give The Ascent a try. Its a fun game, offers smooth combat and one of the most eye-popping cyberpunk worlds you can experience right now. Like The Ascent Corporation itself, there is a lot of little flaws and ugliness down below, but taken as a whole, its quite an impressive offering.

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Tech giants expand Australian misinformation measures week after government criticism – ZDNet

Posted: at 11:07 am

The Australian industry group advocating for tech giants, including Facebook, Google, TikTok, and Twitter, has expanded its voluntary code for addressing misinformation online after the Australian and US government made fresh calls last week for tougher social media regulation.

The group, Digital Industry Group Inc (DiGi), said the expansion entails creating a new independent committee to police the voluntary code for misinformation and disinformation.

These independent members will work with signatories, through an administration sub-committee, to oversee the various actions taken by signatories to meet their obligations under the code, DiGi said.

The updated voluntary code will also see DiGi create a new complaints portal. The new portal will accept complaints from the Australian public where they believe a signatory has breached the code's commitments.

Signatories of the voluntary code are Apple, Adobe, Facebook, Google, Microsoft, Redbubble, TikTok, and Twitter.

DiGi created the code in February, which consists of signatories committing to releasing an annual transparency report about their efforts to address disinformation and misinformation, and providing a way for users to report content with disinformation and misinformation.

The code also calls for signatories to be cognisant of theUniversal Declaration on Human Rightswhen developing proportionate responses to disinformation and misinformation.

Australian Communications and Media Authority chair Nerida O'Loughlin said in a statement that the updated voluntary code mechanisms were "an important step" in reducing online misinformation and disinformation.

O'Loughlin did note, however, that she was still concerned about the voluntary and opt-in nature of the code.

"We will be watching how this works in practice and whether expanding the committee's remit will be necessary," she said.

Reset Australia, a democracy advocate, took a firmer position, with its director of tech policy Dhakshayini Sooriyakumaran labelling the code as "laughable" due to its voluntary and opt-in nature.

"The DiGi code is voluntary and opt-in, with no enforcement and no penalties. Clearly, self regulation does not work," she said.

"DiGi's code is not much more than a PR stunt given the negative PR surrounding Facebook in recent weeks."

The changes come as the Australian and US government have criticised the efforts of social media platforms to address misinformation and disinformation, with a Facebook whisteblower last week accusing the social network of intentionally hiding vital information from the public for profit.

During a testimony to the Senate, the whisteblower Frances Haugen labelled the company as "morally bankrupt" and that "the choices being made inside of Facebook" were "disastrous for our children, our privacy, and our democracy".

Days later, Australian Prime Minister Scott Morrison criticised tech giants for the conduct that occurs on their platforms, stating that social media platforms like Facebook have become a "coward's palace" for trolls.

"The companies that [do not] say who they are, well, they're not a platform anymore. They're a publisher, and you know what the implications of that means in terms of those issues. So people should be responsible for what they say in a country that believes in free speech." Morrison said at a press conference.

Meanwhile, Minister for Communications, Urban Infrastructure, Cities, and the Arts Paul Fletcher said last Wednesday that there was "no question that misinformation or disinformation is a problem on social media".

Fletcher said the government would keep the voluntary code "under close scrutiny" and did not rule out the possibility of further regulation for social media platforms.

"If we don't think the voluntary code is sufficient then we will certainly consider more direct regulatory action," he said.

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China is cutting its tech giants down to size. Should the west learn from this? – The Guardian

Posted: at 11:07 am

This is story of two parallel universes. Over in the western one, neoliberal capitalism rules. In the other the Chinese universe a different system presides. In both universes, government concern over the growing power of giant tech companies has been growing for a while, but there the similarities end.

In the west, governments and legislatures were asleep at the wheel as the tech companies zoomed along their rapid growth paths. But in the past few years, democratic institutions have belatedly lumbered into action, or at any rate into a semblance of activity. Since 2010, for example, Europe has launched more than 36 regulatory probes against big tech, including 10 from the European commission and 26 from individual European countries. I keep a spreadsheet of these actions, which, in addition to the EU suits, currently lists seven major actions by US authorities, three by the UK Competition and Markets Authority and two by the German federal cartel office. And it seems that there are about 70 such actions in progress across the world.

The kindest thing one could say about this flurry of regulatory activity is that it lacks coherence and consistency. In July, for example, two antitrust suits against Facebook filed by some US states and the Federal Trade Commission were summarily thrown out by the judge for what, legally speaking, are elementary schoolboy mistakes, such as failing to provide facts that would support the claim that Facebook had a monopoly in social networking.

As for consistency, well, one can only wonder what goes through regulators minds. As Frederic Filloux, an experienced observer of these things, puts it: Ask any expert, they will tell you that Facebook is the most dangerous player in the digital world. The social networks business model is based on fracturing society, spreading false information ranging from the stolen election of 2020 to anti-vax propaganda. As for Amazon, its behaviour is a textbook model of levelling the competitive field of e-commerce, such as imposing its will on the merchants who joined its marketplace by forcing them to buy ads if they want to be visible Amazon might not be a monopoly in the traditional sense but the company is a rare collection of near-perfect predatory practices.

Why then, Filloux asks, does regulatory activity at least in Europe not correlate with toxicity? Why do Facebook and Amazon attract only about half of the antitrust probes that Google does? Good question. And although the purpose of antitrust prosecution is to restructure markets, so far its only outcomes in the west have been supposedly whopping fines (small change for tech giants) and years and years of interminable legal processes.

How different things are over in the Chinese universe. There, the countrys tech giants have lost their swagger and some of their hitherto-esteemed leaders have disappeared from public view. A few of them are in jail. A huge industry has been brought to heel. All transactions involving unapproved cryptocurrencies are now illegal. At Chinas annual World Internet Conference last week, reports the New York Times, an official signalled that efforts to rein in internet giants were not over, warning against the disorderly expansion of capital. Once a showcase for the might of Chinas entrepreneurs, this years conference became a platform for pledging fealty to state efforts to spread the wealth.

Whenever Chinese tech giants became too big for their boots, they belatedly learned that no one in China is bigger than the Communist party. Just to emphasise that point, regulators brutally torpedoed the huge stock market listing of Ant Group. And when Didi Chuxing (the ride-hailing company that bought Uber China) had the temerity to proceed with a flotation in the US, its software was banned from app stores in China. Everyone else got the message.

None of this should be taken as an endorsement of the Chinese regime, but to raise two serious questions.

The first is an exam question: does the contrast between western feebleness in reining in our tech giants and Chinese effectiveness at controlling theirs imply that only authoritarian regimes can bring swaggering corporations to heel? Discuss. Do not write on both sides of the paper.

The other question is whether Xi Jinping and co understand something that we seem unwilling to accept that social media companies, no matter how large and apparently powerful, are ultimately disposable. What really matters is what the west still has and China lacks, namely the ability to create (and modernise) the technological infrastructure that underpins companies that, basically, are just doing tricks with old technology such as the web. The Trump tech boycott, which Biden has retained, has made Xi and his colleagues resolved to eliminate that deficit.

Im sure they will succeed in that endeavour, but one of the first things they will need is a world-leading semiconductor design and manufacturing company. It just so happens that TSMC, the company that best fits that description, is right on their doorstep. Its just across the Formosa strait, in a place called Taiwan.

Power mad?Facebook Is an Authoritarian State is a nice, perceptive article by Adrienne LaFrance in the Atlantic.

Mining disasterBitcoin Miners Align with Fossil Fuel Firms, Alarming Environmentalists is a good NBC report that should be mandatory reading for tech solutionists.

Levelling downGig Workers Are Uncertain, Scared, and Barely Scraping By is the sobering conclusion of an international report on an international survey on management-by-algorithm.

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Standing Against Tech Giants, Explored in New Novel, Giants of Iniquity – PRNewswire

Posted: at 11:07 am

We are being monitored and led through life via our social media interaction.Shadowy forces have control of us and are making life decisions for us. Giant companies know more about us than we will ever know about ourselves . . . and they don't care anything about us other than controlling us for profit.They already tell us what to buy, what to think, who to vote for, what to like or hate, and who is right or wrong . . . and we don't even understand how they do it.

These Giants of Iniquityinclude Google, Facebook, Twitter, Instagram, LinkedIn, Apple and countless others. They rule in a drunken stupor of power, irresponsibility, and limitless growth. We can't stop them; governments have not even been able to slow their domination.

A new novel, Giants of Iniquity: a San Francisco Omen, explores these unprecedented social dynamics. Issues such as homelessness, inequality, corporate greed, political extremism, and militant political correctness span headlines. The novel explores what happens in an alternate-reality as these extremes escalate.

Life in the San Francisco takes an odd turn to the paranormal when vortex lights appear over Nob Hill and these Giants appear. The incident unifies the city in wonder and anticipation for something greater as the Giants solve San Francisco's problems in quick succession. The city becomes clean and spotless, the homeless problem disappears, and joblessness ends. Majestic new buildings rise into the skyline, and the economic system is roaring. Only one question remains: "Do the ends justify the means?"

Giants of Iniquitybrings the excitement and intrigue of paranormal discovery together with a supernatural battle between spiritual forces in an age of advanced technology and cultural shifting. Available in eBook and paperback on Amazon:

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EU lawmaker says US tech giants should be regulated where they are based – The Indian Express

Posted: at 11:06 am

US tech giants such as Apple, Google, Facebook and Amazon should be regulated by the EU country where they are based under proposed EU rules, a top lawmaker said on Tuesday, knocking back efforts by some countries to broaden the planned acts scope.

The country of origin principle is set out in EU antitrust chief Margrethe Vestagers draft rules known as the Digital Services Act which requires US tech giants to do more to police the internet for illegal and harmful content. The principle means Ireland is responsible for regulating Apple, Alphabet unit Google and Facebook because they have their European headquarters there while Amazon is subject to Luxembourgs supervision.

France and a few other countries are seeking to broaden the scope, worried that enforcement concentrated in just two countries may weaken the rules and also slow down decision-making. Lawmaker Christel Schaldemose, who is steering the DSA through the European Parliament and has power to amend or add other provisions to it, supports the acts core proposal.

It makes sense to keep the country of origin principle, she told Reuters in an interview. Schaldemose however wants to go one step further than Vestager by including a ban on some targeted advertising in the DSA.

Targeted advertisements that are based on your behaviour on Facebook, for instance, that should not be allowed. Advertisements based on the fact that you have visited websites for buying shoes and things like that, classic commercial advertisements should probably be allowed, she said.

Schaldemoe said she hopes to finalise her draft with other lawmakers in the next two months so she can thrash out a deal with EU countries next year before the proposed rules can be implemented.

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Banking Reliance On Tech Giants Needs Regulation, Bank Of England Says – Benzinga – Benzinga

Posted: at 11:06 am

According to the Bank of England, there is a need for new rules governing the reliance of financial institutions on the cloud services provided by tech giants such asAmazon(NASDAQ:AMZN),Alphabet(NASDAQ:GOOG) (NASDAQ:GOOGL) andMicrosoft(NASDAQ:MSFT).

What Happened:According to a Friday Reutersreport, the Bank of England's Financial Policy Committee said in a statement that "regulated firms will continue to have primary responsibility for managing risks stemming from their outsourcing and third-party dependencies."

The statement also suggested that "additional policy measures, some requiring legislative change, are likely to be needed to" mitigate the risk caused by concentrating the services in the hand of third-party service providers.

See Also:HOW TO BUY AMAZON (AMZN) STOCK

Such new measures could include the ability to define third parties as "critical" and enforceresilience standards that would be regularly tested.

England's central bank and local financial regulator Financial Conduct Authority plan to releases a discussion paper on the subject in 2022, and the measures proposed are similar to those contained in a European Union law that is making its way through the legislative process.

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