The Almighty Buck

The IMF is Working on a Global Central Bank Digital Currency Platform (yahoo.com) 95

Reuters reports: The International Monetary Fund (IMF) is working on a platform for central bank digital currencies (CDBCs) to enable transactions between countries, IMF Managing Director Kristalina Georgieva said on Monday.

"CBDCs should not be fragmented national propositions... To have more efficient and fairer transactions we need systems that connect countries: we need interoperability," Georgieva told a conference attended by African central banks in Rabat, Morocco. "For this reason at the IMF, we are working on the concept of a global CBDC platform," she said.

The IMF wants central banks to agree on a common regulatory framework for digital currencies that will allow global interoperability. Failure to agree on a common platform would create a vacuum that would likely be filled by cryptocurrencies, she said... Already 114 central banks are at some stage of CBDC exploration, "with about 10 already crossing the finish line", she said.

Thanks to long-time Slashdot reader SonicSpike for sharing the news.
Space

'He's About to Graduate College and Join SpaceX as an Engineer. He's 14.' (yahoo.com) 91

"Kairan Quazi will probably need someone to drive him to work at SpaceX," writes the Los Angeles Times — because "He's only 14." The teen is scheduled to graduate this month from the Santa Clara University School of Engineering before starting a job as a software engineer at the satellite communications and spacecraft manufacturer... The soft-spoken teen said working with Starlink — the satellite internet team at SpaceX — will allow him to be part of something bigger than himself. That is no small feat for someone who has accomplished so much at such a young age...

The youngster jumped from third grade to a community college, with a workload that he felt made sense. "I felt like I was learning at the level that I was meant to learn," said Kairan, who later transferred to Santa Clara University... Kairan's family told BrainGain Magazine that when he was 9, IQ tests showed that his intelligence was in the 99.9th percentile of the general population. Asked if he's a genius, he recalled his parents telling him, "Genius is an action â it requires solving big problems that have a human impact." Once accepted to the engineering school at Santa Clara University as a transfer student, Kairan felt that he had found his freedom to pursue a career path that allowed him to solve those big problems.

While in college, Kairan and his mother made a list of places where he could apply for an internship. Only one company responded. Lama Nachman, director of the Intelligent Systems Research Lab at Intel, took a meeting with 10-year-old Kairan, who expected it to be brief and thought she would give him the customary "try again in a few years," he said. She accepted him. "In a sea of so many 'no's' by Silicon Valley's most vaunted companies, that ONE leader saying yes ... one door opening ... changed everything," Kairan wrote on his LinkedIn page...

Asked what he plans to wear on his first day, Kairan joked in an email that he plans "to show up in head to toe SpaceX merch. I'll be a walking commercial! Joking aside, I'll probably wear jeans and a t-shirt so I can be taken seriously as an engineer."

Toys

New Spider-Man Movie Features Lego Scene Made By 14-Year-Old (yahoo.com) 35

Isaac-Lew (Slashdot reader #623) writes: The Lego scene in "Spider-Man: Across The Spider-Verse" was animated by a 14-year-old high school student after the producers saw the trailer he made that was animated Lego-style.
The teenager had used his father's old computers to recreate the trailer "shot for shot to look as if it belonged in a Lego world," reports the New York Times: By that point, he had been honing his skills for several years making short computer-generated Lego videos. "My dad showed me this 3-D software called Blender and I instantly got hooked on it," he said. "I watched a lot of YouTube videos to teach myself certain stuff..."

[A]fter finding the movie's Toronto-based production designer, Patrick O'Keefe, on LinkedIn, and confirming that Sony Pictures Animation's offer was legitimate, Theodore Mutanga, a medical physicist, built his son a new computer and bought him a state-of-the-art graphics card so he could render his work much faster... Over several weeks, first during spring break and then after finishing his homework on school nights, Mutanga worked on the Lego sequence... Christophre Miller [a director of "The Lego Movie" and one of the writer-producers of "Spider-Verse."] saw Mutanga's contribution to "Across the Spider-Verse" not only as a testament to the democratization of filmmaking, but also to the artist's perseverance: he dedicated intensive time and effort to animation, which is "not ever fast or easy to make," Miller said.

'The Lego Movie' is inspired by people making films with Lego bricks at home," Lord said by video. "That's what made us want to make the movie. Then the idea in 'Spider Verse' is that a hero can come from anywhere. And here comes this heroic young person who's inspired by the movie that was inspired by people like him."

Hardware

Acer Is Still Shipping PCs To Russia (yahoo.com) 67

Required Snark writes: Acer is selling computers in Russia even though they claimed they would abide by the Taiwanese government's commitment to the international embargo on western technology. The sales are through their Swiss subsidiary Acer Sales International SA. This subterfuge means Acer's position is nominally true even while they are breaking the embargo. Neither Russian, Swiss or Taiwanese government officials would comment on the report. According to Reuters, "Taiwan-based computer manufacturer Acer supplied at least $70.4 million worth of computer hardware to Russia between April 8, 2022 and March 31, 2023."

The actions aren't illegal because the shipments originated outside Taiwan, circumventing Taipei's sanctions against Russia. "Nor did they involve items restricted at the time of export by Switzerland's sanctions regime, which mirrors that of the European Union," adds Reuters. It does, however, contradict the company's statement on April 8 last year when it said it would "suspend its business in Russia."
Education

Student Loan Payment Pause 'Gone' Under Debt Ceiling Deal 399

Longtime Slashdot reader theodp writes: House Speaker Kevin McCarthy (R-CA) said on Sunday that the student loan payment pause is "gone" in the debt ceiling deal announced by the California Republican and President Biden late Saturday night. "The pause is gone within 60 days of this being signed. So that is another victory because that brings in $5 billion each month to the American public," McCarthy told Fox News on Sunday. McCarthy's remarks came after he and Biden came to an agreement in principle late Saturday to cap spending and raise the debt ceiling.

"What the president did, he went unconstitutionally and said he was going to waive certain people part of their debt for student loan, but then he paused everybody's student loan. So everybody who borrowed a student loan within 60 days of the signing is going to have to pay that back," McCarthy added. "The Supreme Court is taking up that case. But if the Supreme Court came back and said that was unconstitutional, the president could still say he's pausing, not waiving it. But now that this is in law, the Supreme Court decision will have to be upheld, that they would have to pay."

Earlier this month, the NY Times warned students and their families to "Expect Interest Rates on Federal Student Loans to Rise" to as high as 8.05% for new PLUS loans this fall. That news came as Apple, just days after a recent $90 billion share buyback, filed a prospectus with the SEC for a new $5 billion bond program with longer-term bonds expected to have a coupon rate of approximately 5%. The imbalance between loan rates for students and Apple shareholders was actually far more pronounced before the Fed fund rate hikes started last year in response to inflation. During the pandemic, Apple -- which reported around $166.3 billion in cash and investments on its balance sheet as of March 31 -- held a bond sale worth $14 billion for stock buybacks and dividends to benefit from borrowing rates as low as 0.70%. Direct PLUS student loan rates at that time were down to 5.30% for new loans but as high as 8.5% for existing loans (the U.S. Dept. of Education does not offer refinancing of its up-to-30-year fixed rate loans in times of much lower interest rates). Unlike the tax-deductible interest Apple pays, annual deductions on student loan interest are capped by the IRS at $2,500 (or lower, depending on the borrower's income).

Despite presumably benefiting from stock buybacks and dividends facilitated by Apple's low-interest bonds -- some of which carry rates as much as 90%+ lower than certain federal student loans -- some of the Senators identified as Apple shareholders by NBCLX are vehemently opposed to the idea of student loan relief for high interest-paying borrowers. Senator Shelley Capito (R-WV) opposes the program as "not fair", Senator Pat Toomey (R-PA) called it "grossly unfair", and other Apple-shareholder Senators joined (PDF) colleagues in a Supreme Court filing calling student loan relief "unnecessary".
The Courts

'Mountain' of FTX Evidence Includes Emails, Chat Logs, Slack Messages and Google Accounts (yahoo.com) 24

An anonymous reader shared this report from the New York Times: Snippets of computer code. More than six million pages of emails, Slack messages and other digital records. And a small black notebook, filled with handwritten observations. For months, federal prosecutors building the criminal case against the fallen cryptocurrency executive Sam Bankman-Fried have assembled a vast and unusually varied array of evidence. The documents include crypto transaction logs and encrypted group chats from Mr. Bankman-Fried's collapsed exchange, FTX, as well as strikingly personal reflections recorded by a key witness in the case. The mountain of evidence ranks among the largest ever collected in a white-collar securities fraud case prosecuted by the federal authorities in Manhattan, according to data provided by a person with knowledge of the matter...

The diversity and growing volume of materials in the FTX case underscore the legal challenges facing Mr. Bankman-Fried, 31, who is charged with 13 criminal counts, including accusations that he misappropriated billions of dollars in customer money, defrauded investors and violated campaign finance laws. He has pleaded not guilty. With the trial set for October, prosecutors have gathered evidence ranging from phones and laptops to the contents of Mr. Bankman-Fried's Google accounts, which amounted to 2.5 million pages alone. At a hearing in March, Nicolas Roos, a federal prosecutor investigating FTX, said the government had obtained a laptop crammed with so much information that the F.B.I.'s technicians were struggling to decipher all of it. "It is a massive amount to sift through, and sometimes you can find incredibly useful information," said Moira Penza, a former federal prosecutor who's now in private practice. "It is a real challenge...."

Many of FTX's corporate records, including emails, Slack messages and transaction logs, were held by Sullivan & Cromwell, the law firm that took control of the exchange after it declared bankruptcy... In a January court filing, Sullivan & Cromwell displayed an excerpt from FTX's underlying code base, showing a feature that allowed Alameda to borrow virtually unlimited amounts of money from the exchange.

Television

Netflix's Password Sharing Crackdown Officially Hits US Customers (yahoo.com) 100

Netflix's controversial password sharing crackdown just hit the US. From a report: In addition to the US, Netflix confirmed it will also be rolling out the crackdown across all regions around the world such as the UK, France, Germany, Mexico, Brazil, Singapore, Australia, among others. "Netflix account is for use by one household," the company wrote in the post. "Everyone living in that household can use Netflix wherever they are -- at home, on the go, on holiday -- and take advantage of new features like Transfer Profile and Manage Access and Devices." Netflix broadened its crackdown in early February to include countries like Canada, New Zealand, Portugal, and Spain, in addition to the test countries of Chile, Costa Rica, and Peru. It previously said "a broad rollout" of the policy would hit this quarter.
United Kingdom

'How the 35-year-old Weed Smoker Behind 10 Million Scam Calls Made His Fortune' (yahoo.com) 58

Long-time Slashdot reader SpzToid shared this story from the Telegraph: Millions of people get phone calls from scammers and wonder who is at the other end. Now we know: rather than someone in a call centre far away, a "bright young man" living in a lush flat in London has been unmasked as the mastermind behind so many of these calls.

Tejay Fletcher's trial exposed how criminals with a simple website bypassed police, phone operators and banks to facilitate "fraud on an industrial scale", scamming victims out of £100m ($124 million) of their hard earned cash. Fletcher, 35, who ran the website iSpoof.cc, was jailed for 13 years and four months earlier this week following his arrest in 2019 in what is the biggest anti-fraud operation mounted in the UK.

The website allowed criminals to disguise their phone numbers in a process known as "spoofing" and trick unsuspecting people to believe they were being called by their bank or other institutions... The number of people using iSpoof swelled to 69,000 at its peak, with as many as 20 people per minute targeted by callers using the site. More than 10 million fraudulent calls were made using iSpoof in the year to August 2022 — 3.5 million of them in the UK, the prosecution said. More than 200,000 victims in the UK — many of them elderly — lost £43m, while global losses exceeded £100m... The website allowed [its users] to intercept one-time passwords, which were "ironically" introduced by banks to increase their security measures, noted John Ojakovoh, prosecuting...

Fletcher was not particularly tech-savvy, but he used a website called freelancer.com to hire programmers to make the "building blocks" of the site.

iSpooft's users "could only pay via Bitcoin," the Telegraph writes. They describe Bitcoin as "a currency favoured by many criminals because it is more difficult to trace payments."

Here's what happened next: Posing as iSpoof customers, police paid for a trial subscription in Bitcoin and tested the website. They traced the money they paid to iSpoof and eventually discovered that the "lion's share" of the profits were going to Fletcher. They obtained a copy of the website's server, which revealed call logs that further incriminated Fletcher and the scammers using his website.

It turned out that Fletcher had deceived the scammers, too, when he claimed he was not storing any of their information, prosecutors said... Although Fletcher will remain behind bars, others are also being investigated. Some 120 suspected phone scammers have been arrested, 103 of them in London.

Firefox

Microsoft Wants Firefox To Make Bing Its Default Search Engine (androidpolice.com) 52

According to The Information, Microsoft wants to bid to make Bing Firefox's default search engine. Android Police reports: The browser's contract with Google is set to expire this year, at which point Mozilla could either renew it or switch to a different search engine. Microsoft would very much like to take Google's place in Firefox. It's not a guarantee that it will actually help boost Bing's usage -- after all, Firefox users who don't want to use Bing could just switch to a different search engine, as Yahoo found out a few years ago -- but Microsoft sees potential in such a deal.

The report also notes that there's also a potentially more juicy opportunity coming up for Microsoft if it really wants to get serious about pushing Bing. Apple's Safari browser, which is the main web browser on Apple devices, will have its Google contract expire next year. Despite throwing shade constantly, Google really benefits from the deal it currently has with Apple, and Microsoft could sweep in and try to get Bing to become the main browser on iPhones.

Medicine

Pancreatic Cancer Vaccine Shows Promise In Small Trial 91

A personalized cancer vaccine made by BioNTech, the German company that produced the Pfizer-BioNTech COVID-19 vaccine, has shown promising results against pancreatic cancer. The vaccine, which teaches patients' immune systems to attack their tumors, provoked an immune response in half of the 16 patients treated, and those patients did not experience relapses of their cancer during the study. The New York Times reports: Researchers at Memorial Sloan Kettering Cancer Center in New York, led by Dr. Vinod Balachandran, extracted patients' tumors and shipped samples of them to Germany. There, scientists at BioNTech, the company that made a highly successful COVID vaccine with Pfizer, analyzed the genetic makeup of certain proteins on the surface of the cancer cells. Using that genetic data, BioNTech scientists then produced personalized vaccines designed to teach each patient's immune system to attack the tumors. Like BioNTech's COVID shots, the cancer vaccines relied on messenger RNA. In this case, the vaccines instructed patients' cells to make some of the same proteins found on their excised tumors, potentially provoking an immune response that would come in handy against actual cancer cells.

The study was small: Only 16 patients, all of them white, were given the vaccine, part of a treatment regimen that also included chemotherapy and a drug intended to keep tumors from evading people's immune responses. And the study could not entirely rule out factors other than the vaccine having contributed to better outcomes in some patients. [...] But the simple fact that scientists could create, quality-check and deliver personalized cancer vaccines so quickly -- patients began receiving the vaccines intravenously roughly nine weeks after having their tumors removed -- was a promising sign, experts said.

In patients who did not appear to respond to the vaccine, the cancer tended to return around 13 months after surgery. Patients who did respond, though, showed no signs of relapse during the roughly 18 months they were tracked. Intriguingly, one patient showed evidence of a vaccine-activated immune response in the liver after an unusual growth developed there. The growth later disappeared in imaging tests. "It's anecdotal, but it's nice confirmatory data that the vaccine can get into these other tumor regions," said Dr. Nina Bhardwaj, who studies cancer vaccines at the Icahn School of Medicine at Mount Sinai.
"This is the first demonstrable success -- and I will call it a success, despite the preliminary nature of the study -- of an mRNA vaccine in pancreatic cancer," said Dr. Anirban Maitra, a specialist in the disease at the University of Texas MD Anderson Cancer Center, who was not involved in the study. "By that standard, it's a milestone."

The study has been published in the journal Nature.
Sci-Fi

UFO Hunters Built an Open-Source AI System To Scan the Skies (vice.com) 72

An anonymous reader shares an excerpt from a Motherboard article: Now, frustrated with a lack of transparency and trust around official accounts of UFO phenomena, a team of developers has decided to take matters into their own hands with an open source citizen science project called Sky360, which aims to blanket the earth in affordable monitoring stations to watch the skies 24/7, and even plans to use AI and machine learning to spot anomalous behavior. Unlike earlier 20th century efforts such as inventors proposing "geomagnetic detectors" to discover nearby UFOs, or more recent software like the short-lived UFO ID project, Sky360 hopes that it can establish a network of autonomously operating surveillance units to gather real-time data of our skies. Citizen-led UFO research is not new. Organizations like MUFON, founded in 1969, have long investigated sightings, while amateur groups like the American Flying Saucer Investigating Committee of Columbus even ran statistical analysis on sightings in the 1960s (finding that most of them happened on Wednesdays). However, Sky360 believes that the level of interest and the technology have now both reached an inflection point, where citizen researchers can actually generate large-scale actionable data for analysis all on their own.

The Sky360 stations consist of an AllSkyCam with a wide angle fish-eye lens and a pan-tilt-focus camera, with the fish-eye camera registering all movement. Underlying software performs an initial rough analysis of these events, and decides whether to activate other sensors -- and if so, the pan-tilt-focus camera zooms in on the object, tracks it, and further analyzes it. According to developer Nikola Galiot, the software is currently based on a computer vision "background subtraction" algorithm that detects any motion in the frame compared to previous frames captured; anything that moves is then tracked as long as possible and then automatically classified. The idea is that the more data these monitoring stations acquire, the better the classification will be. There are a combination of AI models under the hood, and the system is built using the open-source TensorFlow machine learning platform so it can be deployed on almost any computer. Next, the all-volunteer team wants to create a single algorithm capable of detection, tracking and classification all in one.

All the hardware components, from the cameras to passive radar and temperature gauges, can be bought cheaply and off-the-shelf worldwide -- with the ultimate goal of finding the most effective combinations for the lowest price. Schematics, blueprints, and suggested equipment are all available on the Sky360 site and interested parties are encouraged to join the project's Discord server. There are currently 20 stations set up across the world, from the USA to Canada to more remote regions like the Azores in the middle of the Atlantic [...] Once enough of the Sky360 stations have been deployed, the next step is to work towards real-time monitoring, drawing all the data together, and analyzing it. By striving to create a huge, open, transparent network, anyone would be free to examine the data themselves.

In June of this year, Sky360, which has a team of 30 volunteer developers working on the software, hopes to release its first developer-oriented open source build. At its heart is a component called 'SimpleTracker', which receives images frame by frame from the cameras, auto-adjusting parameters to get the best picture possible. The component determines whether something in the frame is moving, and if so, another analysis is performed, where a machine learning algorithm trained on the trajectories of normal flying objects like planes, birds, or insects, attempts to classify the object based on its movement. If it seems anomalous, it's flagged for further investigation.

Crime

Elizabeth Holmes Speaks (yahoo.com) 161

Elizabeth Holmes hasn't spoken to the media since 2016. Now convicted on criminal fraud charges — and counting down the days until she reports for prison — Holmes finally breaks the silence in a profile published today in the New York Times.

"I made so many mistakes," Holmes says, "and there was so much I didn't know and understand, and I feel like when you do it wrong, it's like you really internalize it in a deep way," Billy Evans, Ms. Holmes's partner and the father of their two young children, pushes a stroller with the couple's 20-month-old son, William... At one point, I tell her that I heard Jennifer Lawrence had pulled out of portraying her in a movie. She replied, almost reflectively, "They're not playing me. They're playing a character I created." So, why did she create that public persona? "I believed it would be how I would be good at business and taken seriously and not taken as a little girl or a girl who didn't have good technical ideas," said Ms. Holmes, who founded Theranos at 19. "Maybe people picked up on that not being authentic, since it wasn't..."

Her top lieutenant at Theranos, and much older boyfriend at the time, Ramesh Balwani, was found guilty of 10 counts of wire fraud and two counts of conspiracy to commit wire fraud at Theranos. He began a 13-year prison sentence last month. On Thursday, his legal team filed an appeal with the Ninth Circuit... She said Mr. Balwani did not control her every interaction or statement at Theranos, but she "deferred to him in the areas he oversaw because I believed he knew better than I did," and those areas included the problematic clinical lab... Ms. Holmes's story of how she got here — to the bright, cozy house and the supportive partner and the two babies — feels a lot like the story of someone who had finally broken out of a cult and been deprogrammed. After her relationship with Mr. Balwani ended and Theranos dissolved, Ms. Holmes said, "I began my life again."

But then I remember that Ms. Holmes was running the cult...

What does she think would have happened if she hadn't garnered so much early attention as the second coming of Silicon Valley? Ms. Holmes does not blink: "We would've seen through our vision." In other words, she thinks if she'd spent more time quietly working on her inventions and less time on a stage promoting the company, she would have revolutionized health care by now. This kind of misguided talk is the one consistent thread in my reporting on who Ms. Holmes really is. She repeatedly says that Theranos wasn't a get-rich-quick scheme for her; she never sold her shares and didn't come out of it wealthy. Ms. Holmes's parents said they borrowed $500,000 against their Washington, D.C.-area home to post Ms. Holmes's bond...

She maintains the idealistic delusion of a 19-year-old, never mind that she's 39 with a fraud conviction, telling me she is still working on health care-related inventions and would continue to do so behind bars. "I still dream about being able to contribute in that space," Ms. Holmes said. "I still feel the same calling to it as I always did and I still think the need is there." If your head is exploding at how divorced from reality this sounds, that's kind of the point. When Ms. Holmes uses the messianic vernacular of tech, I get the sense that she truly believes that she could have — and, in fact, she still could — change the world, and she doesn't much care if we believe her or not...

It's this steadfast (or unhinged?) belief that has kept Ms. Holmes fighting, even though a guilty plea would have likely helped her chances of remaining free.

IT

Will Remote Working Lead Millennials to Buy Homes in Affordable Remote Suburbs? (yahoo.com) 111

An anonymous reader shared this report from Fortune: For eight years now, as millennials have entered their thirties and forties, also known as "homebuying age," Bank of America has surveyed over 1,000 members of the generation once a year for its Home Work series. And for 2023's edition... older millennials (age 31-41) are almost three times as likely to move into a house than an apartment, the survey found...

Migration patterns during the pandemic have clearly established that most homebuyers have wanted to flee big cities, with some "zoomtowns" such as Boise benefiting in particular. But the survey reveals something even more drastic. In a section called "suburban nation," BofA reveals that 43% to 45% of millennials — of every age — expect to buy a house in the suburbs. "We expect the ability to work from home to remain an incentive for young families to seek out more remote suburban and rural markets where housing may be more affordable," wrote the BofA team led by research analyst Elizabeth Suzuki. And remote work is still robust, they added.

Millennials are also looking toward the suburbs for wealth-building. A majority (two-thirds) of them believe that they'll buy a home in the next two years, citing a return on investment as the number one reason for purchasing. The interest is pervasive across the generation, and maybe means that the suburb is in for a new and better revival. And a 2021 study from Pew Research Center found that one in five adults preferred city life, compared to one quarter of adults in 2018...

Millennials reported to BoA that the pandemic increased their likelihood of buying a home...

Bitcoin

White House Proposes 30% Tax On Electricity Used For Crypto Mining (engadget.com) 130

Longtime Slashdot reader SonicSpike shares a report from Engadget: The Biden administration wants to impose a 30 percent tax on the electricity used by cryptocurrency mining operations, and it has included the proposal in its budget for the fiscal year of 2024. In a blog post on the White House website, the administration has formally introduced the Digital Asset Mining Energy or DAME excise tax. It explained that it wants to tax cryptomining firms, because they aren't paying for the "full cost they impose on others," which include environmental pollution and high energy prices.

Crypto mining has "negative spillovers on the environment," the White House continued, and the pollution it generates "falls disproportionately on low-income neighborhoods and communities of color." It added that the operations' "often volatile power consumption " can raise electricity prices for the people around them and cause service interruptions. Further, local power companies are taking a risk if they decide to upgrade their equipment to make their service more stable, since miners can easily move away to another location, even abroad. As Yahoo News noted, there are other industries, such as steel manufacturing, that also use large amounts of electricity but aren't taxed for their energy consumption. In its post, the administration said that cryptomining "does not generate the local and national economic benefits typically associated with businesses using similar amounts of electricity."

Critics believe that the government made this proposal to go after and harm an industry it doesn't support. A Forbes report also suggested that DAME may not be the best solution for the issue, and that taxing the industry's greenhouse gas emissions might be a better alternative. That could encourage mining firms not just to minimize energy use, but also to find cleaner sources of power. It might be difficult to convince the administration to go down that route, though: In its blog post, it said that the "environmental impacts of cryptomining exist even when miners use existing clean power." Apparently, mining operations in communities with hydropower have been observed to reduce the amount of clean power available for use by others. That leads to higher prices and to even higher consumption of electricity from non-clean sources.
"If the proposal ever becomes a law, the government would impose the excise tax in phases," adds Engadget. "It would start by adding a 10 percent tax on miners' electricity use in the first year, 20 percent in the second and then 30 percent from the third year onwards."
Businesses

IBM To Pause Hiring In Plan To Replace 7,800 Jobs With AI 129

IBM CEO Arvind Krishna told Bloomberg that it expects to pause hiring for roles as roughly 7,800 jobs could be replaced by AI in the coming years. Reuters reports: Hiring specifically in back-office functions such as human resources will be suspended or slowed, Krishna said, adding that 30% of non-customer-facing roles could be replaced by AI and automations in five years. The reduction could include not replacing roles vacated by attrition, the PC-maker told the publication.
Open Source

Red Hat's 30th Anniversary: How a Microsoft Competitor Rose from an Apartment-Based Startup (msn.com) 47

For Red Hat's 30th anniversary, North Carolina's News & Observer newspaper ran a special four-part series of articles.

In the first article Red Hat co-founder Bob Young remembers Red Hat's first big breakthrough: winning InfoWorld's "OS of the Year" award in 1998 — at a time when Microsoft's Windows controlled 85% of the market. "How is that possible," Young said, "that one of the world's biggest technology companies, on this strategically critical product, loses the product of the year to a company with 50 employees in the tobacco fields of North Carolina?" The answer, he would tell the many reporters who suddenly wanted to learn about his upstart company, strikes at "the beauty" of open-source software.

"Our engineering team is an order of magnitude bigger than Microsoft's engineering team on Windows, and I don't really care how many people they have," Young would say. "Like they may have thousands of the smartest operating system engineers that they could scour the planet for, and we had 10,000 engineers by comparison...."

Young was a 40-year-old Canadian computer equipment salesperson with a software catalog when he noticed what Marc Ewing was doing. [Ewing was a recent college graduate bored with his two-month job at IBM, selling customized Linux as a side hustle.] It's pretty primitive, but it's going in the right direction, Young thought. He began reselling Ewing's Red Hat product. Eventually, he called Ewing, and the two met at a tech conference in New York City. "I needed a product, and Marc needed some marketing help," said Young, who was living in Connecticut at the time. "So we put our two little businesses together."

Red Hat incorporated in March 1993, with the earliest employees operating the nascent business out of Ewing's Durham apartment. Eventually, the landlord discovered what they were doing and kicked them out.

The four articles capture the highlights. ("A visual effects group used its Linux 4.1 to design parts of the 1997 film Titanic.") And it doesn't leave out Red Hat's skirmishes with Microsoft. ("Microsoft was owned by the richest person in the world. Red Hat engineers were still linking servers together with extension cords. ") "We were changing the industry and a lot of companies were mad at us," says Michael Ferris, Red Hat's VP of corporate development/strategy. Soon there were corporate partnerships with Netscape, Intel, Hewlett-Packard, Compaq, Dell, and IBM — and when Red Hat finally goes public in 1999, its stock sees the eighth-largest first-day gain in Wall Street history, rising in value in days to over $7 billion and "making overnight millionaires of its earliest employees."

But there's also inspiring details like the quote painted on the wall of Red Hat's headquarters in Durham: "Every revolution was first a thought in one man's mind; and when the same thought occurs to another man, it is the key to that era..." It's fun to see the story told by a local newspaper, with subheadings like "It started with a student from Finland" and "Red Hat takes on the Microsoft Goliath."

Something I'd never thought of. 2001's 9/11 terrorist attack on the World Trade Center "destroyed the principal data centers of many Wall Street investment banks, which were housed in the twin towers. With their computers wiped out, financial institutions had to choose whether to rebuild with standard proprietary software or the emergent open source. Many picked the latter." And by the mid-2000s, "Red Hat was the world's largest provider of Linux...' according to part two of the series. "Soon, Red Hat was servicing more than 90% of Fortune 500 companies." By then, even the most vehement former critics were amenable to Red Hat's kind of software. Microsoft had begun to integrate open source into its core operations. "Microsoft was on the wrong side of history when open source exploded at the beginning of the century, and I can say that about me personally," Microsoft President Brad Smith later said.

In the 2010s, "open source has won" became a popular tagline among programmers. After years of fighting for legitimacy, former Red Hat executives said victory felt good. "There was never gloating," Tiemann said.

"But there was always pride."

In 2017 Red Hat's CEO answered questions from Slashdot's readers.
Government

Amazon's Vow to Stop Squeezing Its Sellers Was Fake, Says California's Lawsuit (yahoo.com) 50

An anonymous reader shared this recent report from Bloomberg: Amazon continued blocking sellers from offering lower prices on rival sites, despite assuring antitrust enforcers it ended its policy that artificially inflated prices for consumers, according to newly unsealed filings in California's antitrust lawsuit against the e-commerce giant.

The Seattle-based company planned to expand penalties on sellers who presented lower prices outside Amazon, even after it claimed in 2019 that it stopped punishing third-party merchants who posted better deals on Walmart, Target, eBay, and, in some instances, their own websites, according to previously redacted portions of the suit that were made public.

The newly unsealed filings include an internal document in which Amazon states point-blank that despite "the recent removal of the price parity clause in our Business Solutions Agreement... our expectations and policies have not changed."

"Many of the complaint's allegations are inaccurate," an Amazon spokesperson told Bloomberg. "We look forward to presenting the facts to the court." California Attorney General Rob Bonta is seeking a court order blocking Amazon from continuing to engage in what he alleged is anticompetitive behavior, as well as compensation for consumers in the most populous U.S. state. A similar suit filed by Washington, D.C., was dismissed in 2021...

The 2022 suit came three years after Bloomberg reported that the company's policies were forcing sellers to charge more on competing sites like Walmart because Amazon would bury their products in search results if they offered lower prices elsewhere...

California's probe into Amazon's practices also highlighted concerns that ads on the platform are unhelpful for customers.

Amazon advertising revenue grew 19% in the fourth quarter, to $11.6 billion. The fast-growing revenue source helps prop up Amazon's otherwise low-margin online retail business that carries the high expense of operating warehouses around the country and delivering orders to shoppers' homes.

California's attorney general issued an official statement arguing that Amazon "has orchestrated the substantial market power it now enjoys through agreements at the retail and wholesale level that prevent effective price competition in the online retail marketplace." And it includes this fierce denunciation attributed directly to attorney general Bonta:

"As California families struggle to make ends meet, we're in court to stop Amazon from engaging in anticompetitive practices that keep prices artificially high and stifle competition. There is no shortage of evidence showing that the 'Everything store' is costing consumers more for just about everything. Amazon coerces merchants into agreements that keep prices artificially high, knowing full well that they can't afford to say no. With other e-commerce platforms unable to compete on price, consumers turn to Amazon as a one-stop shop for all their purchases. This perpetuates Amazon's market dominance, allowing the company to make increasingly untenable demands on its merchants and costing consumers more at checkout across California. We won't stand by while Amazon uses coercive contracting practices to dominate the market at the expense of California consumers, small business owners, and the economy."
Cloud

Cloud Profits May Be Slowing at Microsoft and Amazon (yahoo.com) 69

"Once-booming demand for cloud-computing services is slowing..." reports Bloomberg. "When Microsoft and Amazon report results next week, analysts are anticipating the slowest revenue growth for their cloud-computing businesses since the firms started breaking out performance last decade." For years, demand for cloud-computing services has steadily driven growth at both Microsoft and Amazon... Microsoft's Intelligent Cloud unit, which is home to its Azure cloud-services business, accounted for 38% of its revenue and 39% of operating income in 2022. Amazon Web Services was the fastest-growing of the Seattle-based company's major businesses last year and generated $22.8 billion in operating income. The rest of Amazon's businesses combined posted a $10.6 billion operating loss.

For both companies, cracks are starting to appear. In the first three months of 2023, growth for Microsoft's Azure unit and Amazon Web Services is expected to fall to 31% and 14%, respectively, excluding currency fluctuations, according to the average of analyst estimates compiled by Bloomberg. A year ago, Azure sales expanded 49% and Amazon Web Services 37%.

In a shareholder letter released last week, Amazon said AWS "faces short-term head winds" related to the economic backdrop that will "soften" the growth rate. This echoed what it said in its most recent results. Microsoft also warned of a slowdown in cloud software sales last quarter. Wall Street has been getting more cautious. UBS lowered growth estimates for Azure last week, warning "customer efforts to optimize/trim their cloud spend will be deeper and last longer than most think...." Jefferies [financial services company] sees slowing cloud demand as "a key concern" for Amazon. Analyst Brent Thill said that because AWS generates so much of Amazon's operating income, "a stabilization in cloud is crucial for shares to outperform."

For Alec Young, chief investment strategist at MAPsignals, Microsoft and Amazon remain attractive despite the slowdown, which he expects to be a temporary pause before growth re-accelerates. "There's still a lot of runway ahead for cloud computing, so I don't think investors should obsess too much over the level of growth over a couple quarters," he said.

Earth

India Has Lost the Second-Largest Forest Area Among All Countries in Five Years (yahoo.com) 47

India lost 668,400 hectares of jungles on average between 2015 and 2020, a new report has said. From a report: The is only second to the scale of deforestation in Brazil, noted the report released last month by Utility Bidder, a UK-based utility costs comparison firm. Brazil lost nearly 1.7 million hectares of forest between 2015-2020, as climate change adversely affected forest growth. Utility Bidder's report analyzed deforestation trends in 98 countries over the past 30 years. "As the country with the second largest population in the world, India has had to compensate for the increase in residents -- this has come at a cost in the way of deforestation," the report stated. Since prime minister Narendra Modi came to power in 2014, his government has given an impetus to stalled projects approved under his predecessor, besides launching fresh ones. For this, vast areas of forestry needed to be cleared.
The Almighty Buck

US Bank Lending Slumps by Most on Record in Final Weeks of March (yahoo.com) 39

US bank lending contracted by the most on record in the last two weeks of March, indicating a tightening of credit conditions in the wake of several high-profile bank collapses that risks damaging the economy. From a report: Commercial bank lending dropped nearly $105 billion in the two weeks ended March 29, the most in Federal Reserve data back to 1973. The more than $45 billion decrease in the latest week was primarily due to a a drop in loans by small banks. The pullback in total lending in the last half of March was broad and included fewer real estate loans, as well as commercial and industrial loans. Friday's report also showed commercial bank deposits dropped $64.7 billion in the latest week, marking the 10th-straight decrease that mainly reflected a decline at large firms.

The slide in lending follows the collapse of several firms including Silicon Valley Bank and Signature Bank. Economists are closely monitoring the Fed's so-called H.8 report, which provides an estimated weekly aggregate balance sheet for all commercial banks in the US, to gauge credit conditions. The recent bank failures have complicated the central bank's efforts to reduce inflation without sending the economy into a recession.

Slashdot Top Deals