iPhone 13 Pro Hacked, Tianfu Cup, China Hackers, iOS 15 jailbreak

Ever since the Chinese government invoked regulations to prevent security researchers from taking part in international hacking competitions such as Pwn2Own, the annual Tianfu Cup, held in Chengdu, has been the place for the best hackers in China to demonstrate their collective prowess.

This past weekend saw the latest competition take place and the newest iPhone, the iPhone 13 Pro running the latest and fully patched version of iOS 15.0.2 to be precise, was hacked in record time. Twice.

The Kunlun Lab team, whose CEO is a former CTO of Qihoo 360, was able to hack the iPhone 13 Pro live on stage using a remote code execution exploit of the mobile Safari web browser. And do so in just 15 seconds flat.

Of course, months of preparation were likely involved in getting to this point, but the result was devastating and devastatingly fast. However, full details of the vulnerability or vulnerabilities exploited have yet to be revealed.

Kunlun Lab wasn’t the only team to hack the iPhone 13 Pro, though. Team Pangu, which has a history of Apple device jailbreaking, cemented its reputation in this regard by claiming the top $300,000 cash reward for remotely jailbreaking a fully patched iPhone 13 Pro running iOS 15.

While, again, the full detail of how this was achieved has not been made public, reports suggest it involved a one-click link triggering a remote code exploit that bypassed Safari security mechanisms.

The good news is that hacking is not a crime, as I have repeated time and time again.

Indeed, these hacking teams will turn the details of their exploits over to Apple so that it can release patches for these vulnerabilities. I would expect to see these in either iOS 15.1 or a forthcoming iOS 15.0 security update.

The not so good news is that there have been reports in the past of Chinese state actors using some of these exploits for espionage or surveillance purposes before patches can be released.

It should also be said that Apple products weren’t the only target at the Tianfu Cup 2021 event. Security researchers also successfully launched exploits against Windows 10, Microsoft Exchange and Google Chrome, among others. I’ll bring you more news of those as detail emerges.

I have reached out to Apple for comment and will update this article in due course.

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.

Davey is a three-decade veteran technology journalist and has been a contributing editor at PC Pro magazine since the first issue in 1994. A co-founder of the Forbes Straight Talking Cyber video project, which has been named ‘Most Educational Content’ at the 2021 European Cybersecurity Blogger Awards, Davey also won the 2020 Security Serious ‘Cyber Writer of the Year’ title. A three-time winner of the BT Security Journalist of the Year award (2006, 2008, 2010) I was also fortunate enough to be named BT Technology Journalist of the Year in 1996 for a forward-looking feature in PC Pro called ‘Threats to the Internet.’ In 2011 I was honored with the Enigma Award for a lifetime contribution to IT security journalism. Contact me in confidence at davey@happygeek.com if you have a story to reveal or research to share.

Source: iPhone 13 Pro Hacked, Tianfu Cup, China Hackers, iOS 15 jailbreak..

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How Cultural Forces Shape Parenting Around the World

So much parenting advice focuses on the slog of the early years: How to manage sleep, feeding, tantrums, and the like. And while much of these efforts are in service of a long-term goal—raising an adult human you can be proud of—there’s much less out there that addresses life with that human as they come into their own.

Novelist Yang Huang explores that space in her latest book, My Good Son, allowing the reader to observe how parenting has shaped father and son, especially as some of the more complex, even morally questionable questions arise in the son’s burgeoning adulthood. Add in the setting—post-Tiananmen China—and a cleverly-positioned American father-son relationship to serve as the foil, and it’s a loving and intricate study of what it means to be a good Chinese parent.

Here, Huang turns her gaze to how different cultures approach the measure of being a “good parent,” sharing her research on how geography and traditions inform the many ways families grow and thrive. She explains:

“Although all of my fiction talks about parenting from both the parents’ and children’s perspectives, I have not read a book on parenting before! Finding parenting stories around the world opens my eyes and also affirms my values in many ways.”

A Lost Secret: How to Get Kids to Pay Attention

Yang Huang: “Don’t just blame a child’s short attention span on video games. Perhaps we can learn from Maya parenting—they motivate children to pay attention by giving them autonomy. When a child is setting the goal, they also learn to manage their own attention, rather than relying on adults to tell them what to do.”

I Spent 7 Years Studying Dutch Parenting—Here Are 6 Secrets to Raising the Happiest Kids in the World

YH: “Dutch parents raise the happiest children, in no small part helped by the government policies. Still, there are many things Americans can learn from, such as the family eating breakfast together, and children biking in all weathers. The Dutch have high ambitions for their children and see happiness as a means to success, the gateway to self-awareness, intrinsic motivation, independence, and positive ties with their communities.”

The Peril of Surplus Safety: Giving Kids Room to Become Adults [WATCH]

YH: “Children are drawn to things that we adults fear. We want to protect them and childproof their lives away. But does it work? People in Norway, Japan, and many other cultures, believe that the greatest safety precaution you can give a child is to let them take risks, so they can hone their judgement about what is safe and what is not, physically, emotionally, and socially.”

L’éducation “à la Française” [WATCH]

YH: “Here, an American journalist and mother speaks about what she learned from French parenting. (She’s speaking French, but the subtitles are in English.) She appeals to a French audience without pandering to them, and admits that American parenting aims to speed up the stages of our children’s development, calling it ‘a giant race from the cradle.’ Fortunately, she learns to parent with conventional French wisdom, which she summarizes into eight phrases: Hello, wait, be wise, you have to try it, balance, autonomy, it’s my decision, and poop sausage. Simple, right? Hear how she interprets them with glee and humility.”

Toilet Training at 2 Is Normal in U.S. But Very Late in China and Other Countries

YH: “Toilet training is a milestone in child-rearing. Compare the practices in first vs. third world countries, and gain a sobering perspective on nature vs. nurture, economics, and politics.”

A Chinese-Canadian to His Parents: ‘Privately, I Yearned for Your Love’

YH: “Before becoming Marvel’s first Asian superhero, Canadian actor Simu Liu had a childhood strikingly similar to mine, although we are not the same generation and grew up in different continents. His teenage angst mirrors my character Feng in my novel My Good Son. In broad strokes, Liu tells a timeless Chinese parenting story where a child learns to transform their anger and resentment into understanding and admiration for their parents. And that is a superhero feat.”

Letter From Africa: Parenting Culture Clash

YH: “In Ghana, children are taught to call an elder person with a title of respect like uncle or auntie. A teenager can enjoy being coddled, while their parents make the big decisions for them. What an indulgence! But with a price. It is similar in China, which led me to explore a clash of generations in My Good Son.”

What American Parents Can Learn From Chinese Philosophy

YH: “More Christine Gross-Loh here, this time about how kids relate to each other and the world. The Chinese philosophers saw the world as one of endless, shifting relationships—we have influence over the trajectory of our lives when we focus on learning how to relate well to others. Caring for one another is hard, albeit rewarding work. This is not just how our children will become better people and live better lives—it is how they can create a better world.”

Motherhood Around the World

YH: “This series on Cup of Jo features firsthand accounts of Americans parenting abroad as well as locals sharing how their home country approaches different aspects of raising children. I especially liked reading how one South African mother raises her mixed-raced child to be trilingual and specifically not colorblind in a culturally diverse environment with a wide socioeconomic gap. Also, this Colorado mom, now in Jordan, who shares her experience getting to know local Muslim women and their approach to food, soothing babies, and friendship.”

By: Yang Huang

Source: How Cultural Forces Shape Parenting Around the World

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China Power Crunch Hits GDP Growth

SHANGHAI — China’s economic growth continued to decelerate in the third quarter, as gross domestic product came in at 4.9%, softened by the country’s zero-tolerance COVID measures and energy shortages.

The year-on-year GDP growth rate, published on Monday by the National Bureau of Statistics for the three-month period through September, was below the median 5% expansion forecast by 29 economists in a Nikkei poll released earlier this month.

The figure slid from 7.9% for the April-to-June quarter, weighed down by high commodity prices amid uncertainty kindled by the China Evergrande Group’s debt crisis, which is piling risk onto the property and banking sectors.

The reading also reflects weak overall activity, including in manufacturing and consumer spending. Retail sales of consumer goods, a barometer of household spending, edged up by 4.4% in September, compared to 2.5% in August, but was still well below the double-digit growth that had continued till June.

Certain factors have persuaded economists to be cautious, at least for the near term. Rising coal prices are hitting the profitability of electricity providers, making the utilities reluctant to generate power. As it prioritizes supplying power to sectors that touch everyday life, the government is capping supplies to the steel, cement and other energy-intensive industries. The result has been less production and more inflation.

The statistics office last week announced that the producer price index for manufactured goods in September rose by 10.7% from a year earlier, the strongest surge in the past 25 years, as far back as comparable data goes.

The government forecasts China’s economy to grow 6% for all of 2021, the International Monetary Fund projects 8% and the Asian Development Bank 8.1%.

The economy expanded 9.8% in the first nine months of the year, largely driven by trade as both exports and imports jumped nearly 23% in yuan terms.

Service sector growth of 19.3%, led by software and information technology services, also stoked the nine-month expansion.

The statistics office said GDP grew 0.2% in the third quarter from the previous three months, which the U.K.’s Capital Economics noted is the second lowest since China began revealing such data in 2010.

Growth lost more steam in September as industrial production slid to 3.1% from 5.3% in August, while the official manufacturing Purchasing Managers’ Index fell to 49.6. It slipped below 50 — which the statistics office says “reflects the overall economy is in recession” — for the first time since February 2020.

Meanwhile, officials have been playing down the country’s power crunch and worries over the Evergrande crisis.

“The energy supply shortage is temporary, and its impact on the economy is controllable,” Fu Lingxuan, the National Bureau of Statistics’ spokesperson told reporters on Monday, citing recent measures to boost coal supply.

Zou Lan, head of financial markets at the country’s central bank, said Evergrande had “blindly diversified and expanded business,” urging the property group to offload assets to raise funds to pay off debts.

“The risk exposure of individual financial institutions to Evergrande is not big and the spillover effect for the financial sector is controllable,” Zou said on Friday.

While fallout from the power shortages and concerns over the property market may have eased from September, their impact on China’s broader economy should not be underestimated and will be a major downside risk in the fourth quarter, warned Shanghai-based Yue Su, principal economist at The Economist Intelligence Unit.

“The slowdown in the property sector will affect the activities of firms in areas such as construction contracting, building materials and home furnishing,” said Su, adding that energy-intensive industries will face rising costs as well.

Hong Kong-based Tommy Wu of Oxford Economics said policymakers are likely to take more steps to shore up growth, including ensuring ample liquidity in the interbank market, accelerating infrastructure development and relaxing some aspects of overall credit and real estate policies.

And not all economists agree with China’s official data.

Julian Evans-Pritchard of U.K.-based Capital Economics said the research firm’s in-house measure, the China Activity Proxy, tracked a sharp 3.9% quarter-on-quarter contraction in the third quarter, compared to a 3.0% expansion in the previous quarter.

“For now, the blow from the deepening property downturn is being softened by very strong exports,” said Evans-Pritchard. “But over the coming year, foreign demand is likely to drop back as global consumption patterns normalize coming out of the pandemic and backlogs of orders are gradually cleared.”

The benchmark Shanghai Composite Index dropped as much as 0.92% on Monday morning, before closing for the midday break down 0.35%.

By:

Source: China power crunch hits GDP growth – Nikkei Asia

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Economy Week Ahead: Inflation, Jobless Claims, Retail Sales

The outlook for the global economy darkened as a stream of data from Europe and Asia suggested growth faltered in the third quarter, hobbled by world-wide supply-chain snarls, sharply accelerating inflation and the impact of the highly contagious Delta variant.

U.S. inflation accelerated last month and remained at its highest rate in over a decade, with price increases from pandemic-related labor and materials shortages rippling through the economy from a year earlier.

The Labor Department said last month’s consumer-price index, which measures what consumers pay for goods and services, rose by 5.4%

The gap between yields on shorter- and longer-term Treasury’s narrowed Wednesday after data showed inflation accelerated slightly in September, fueled by investors’ bets that the Federal Reserve may need to tighten monetary policy sooner than expected. Measures of inflation in China and the U.S. highlight this week’s economic data.

China’s exports, long a growth engine for the country’s economy, are expected to increase 21% from a year earlier in September, according to economists polled by The Wall Street Journal. That is down from a 25.6% gain in August. Meanwhile, inbound shipments are forecast to rise 19.1% from a year earlier, retreating from the 33.1% jump in August.

The International Monetary Fund releases its World Economic Outlook report during annual meetings. The latest forecasts are likely to underscore the relatively quick economic rebound of advanced economies alongside a slower recovery in developing nations with less access to Covid-19 vaccines.

China’s factory-gate prices for September are expected to surge 10.4% from a year earlier, a pace that would surpass its previous peak in 2008, according to economists polled by The Wall Street Journal. Higher commodity costs have led to the rise in producer prices this year, but so far that hasn’t fed through to consumer inflation. Economists forecast the consumer-price index rose only 0.7% from a year earlier in September.

September’s U.S. consumer-price index is expected to show inflation remained elevated as companies passed along higher costs for materials and labor. Rising energy prices likely contributed to the headline CPI, while core prices, which exclude food and energy, might start to reflect climbing shelter costs.

The Federal Reserve releases minutes from its September meeting, potentially offering additional insight on plans to start reducing pandemic-related stimulus.

U.S. jobless claims are forecast to fall for the second consecutive week as employers hold on to workers in a tight labor market. The data on claims, a proxy for layoffs, will cover the week ended Oct. 9.

U.S. retail sales are expected to fall in September. U.S. consumers appear to be in decent financial shape, but Covid-related caution, rising prices and widespread supply-chain disruptions are tamping down purchases. The auto industry has been especially hard hit by a semiconductor shortage—separate data released earlier this month show U.S. vehicle sales in September fell to their lowest level since early in the pandemic.

By: WSJ staff

Source: Economy Week Ahead: Inflation, Jobless Claims, Retail Sales – TechiLive.in

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Beyond Evergrande, China’s Property Market Faces a $5 Trillion Reckoning

As many economists say China enters what is now the final phase of one of the biggest real-estate booms in history, it is facing a staggering bill: According to economists at Nomura, $ 5 trillion plus loans that developers had taken at a good time. Holdings Inc.

The debt is almost double that at the end of 2016 and last year exceeded the overall economic output of Japan, the world’s third-largest economy.

With warning signs on the debt of nearly two-fifths of growth companies borrowed from international bond investors, global markets are poised for a potential wave of defaults.

Chinese leaders are getting serious about addressing debt by taking a series of steps to curb excessive borrowing. But doing so without hurting the property market, crippling more developers and derailing the country’s economy is turning into one of the biggest economic challenges for Chinese leaders, and one that resonates globally when mismanaged. could.

Luxury Developer Fantasia Holdings Group Co. It failed to pay $206 million in dollar bonds that matured on October 4. In late September, Evergrande, which has more than $300 billion in liabilities, missed two interest-paying deadlines for the bond.

A wave of sell-offs hit Asian junk-bond markets last week. On Friday, bonds of 24 of 59 Chinese growth companies on the ICE BofA Index of Asian Corporate Dollar Bonds were trading at over 20% yields, indicating a high risk of default.

Some potential home buyers are leaning, forcing companies to cut prices to raise cash, and could potentially accelerate their slide if the trend continues.

According to data from CRIC, a research arm of property services firm e-House (China) Enterprise Holdings, overall sales among China’s 100 largest developers were down 36 per cent in September from a year earlier. Ltd.

It revealed that the 10 largest developers, including China Evergrande, Country Garden Holdings Co. and china wenke Co., saw a decline of 44% in sales compared to a year ago.

Economists say most Chinese developers remain relatively healthy. Beijing has the firepower and tighter control of the financial system needed to prevent the so-called Lehman moment, in which a corporate financial crisis snowballs, he says.

In late September, Businesshala reported that China had asked local governments to be prepared for potentially intensifying problems in Evergrande.

But many economists, investors and analysts agree that even for healthy enterprises, the underlying business model—in which developers use credit to fund steady churn of new construction despite the demographic less favorable for new housing—is likely to change. Chances are. Some developers can’t survive the transition, he says.

Of particular concern is some developers’ practice of relying heavily on “presales”, in which buyers pay upfront for still-unfinished apartments.

The practice, more common in China than in the US, means developers are borrowing interest-free from millions of homes, making it easier to continue expanding but potentially leaving buyers without ready-made apartments for developers to fail. needed.

According to China’s National Bureau of Statistics, pre-sales and similar deals were the region’s biggest funding sources since August this year.

“There is no return to the previous growth model for China’s real-estate market,” said Hous Song, a research fellow at the Paulson Institute, a Chicago think tank focused on US-China relations. China is likely to put a set of limits on corporate lending, known as the “three red lines” imposed last year, which helped trigger the recent crisis on some developers, he added. That China can ease some other restrictions.

While Beijing has avoided explicit public statements on its plans to deal with the most indebted developers, many economists believe leaders have no choice but to keep the pressure on them.

Policymakers are determined to reform a model fueled by debt and speculation as part of President Xi Jinping’s broader efforts to mitigate the hidden risks that could destabilize society, especially at key Communist Party meetings next year. before. Mr. Xi is widely expected to break the precedent and extend his rule to a third term.

Economists say Beijing is concerned that after years of rapid home price gains, some may be unable to climb the housing ladder, potentially fueling social discontent, as economists say. The cost of young couples is starting to drop in large cities, making it difficult for them to start a family. According to JPMorgan Asset Management, the median apartment in Beijing or Shenzhen now accounts for more than 40 times the average family’s annual disposable income.

Officials have said they are concerned about the risk posed by the asset market to the financial system. Reinforcing developers’ business models and limiting debt, however, is almost certain to slow investment and cause at least some slowdown in the property market, one of the biggest drivers of China’s growth.

The real estate and construction industries account for a large portion of China’s economy. Researchers Kenneth S. A 2020 paper by Rogoff and Yuanchen Yang estimated that industries, roughly, account for 29% of China’s economic activity, far more than in many other countries. Slow housing growth could spread to other parts of the economy, affecting consumer spending and employment.

Government figures show that about 1.6 million acres of residential floor space were under construction at the end of last year. This was roughly equivalent to 21,000 towers with the floor area of ​​the Burj Khalifa in Dubai, the tallest building in the world.

Housing construction fell by 13.6% in August below its pre-pandemic level, as restrictions on borrowing were imposed last year, calculations by Oxford Economics show.

Local governments’ income from selling land to developers declined by 17.5% in August from a year earlier. Local governments, which are heavily indebted, rely on the sale of land for most of their revenue.

Another slowdown will also risk exposing banks to more bad loans. According to Moody’s Analytics, outstanding property loans—mainly mortgages, but also loans to developers—accounted for 27% of China’s total of $28.8 trillion in bank loans at the end of June.

As pressure on housing mounts, many research houses and banks have cut China’s growth outlook. Oxford Economics on Wednesday lowered its forecast for China’s third-quarter year-on-year GDP growth from 5% to 3.6%. It lowered its 2022 growth forecast for China from 5.8% to 5.4%.

As recently as the 1990s, most city residents in China lived in monotonous residences provided by state-owned employers. When market reforms began to transform the country and more people moved to cities, China needed a massive supply of high-quality apartments. Private developers stepped in.

Over the years, he added millions of new units to modern, streamlined high-rise buildings. In 2019, new homes made up more than three-quarters of home sales in China, less than 12% in the US, according to data cited by Chinese property broker Kei Holdings Inc. in a listing prospectus last year.

In the process, developers grew to be much bigger than anything seen in the US, the largest US home builder by revenue, DR Horton. Inc.,

Reported assets of $21.8 billion at the end of June. Evergrande had about $369 billion. Its assets included vast land reserves and 345,000 unsold parking spaces.

For most of the boom, developers were filling a need. In recent years, policymakers and economists began to worry that much of the market was driven by speculation.

Chinese households are prohibited from investing abroad, and domestic bank deposits provide low returns. Many people are wary of the country’s booming stock markets. So some have poured money into housing, in some cases buying three or four units without the intention of buying or renting them out.

As developers bought more places to build, land sales boosted the national growth figures. Dozens of entrepreneurs who founded growth companies are featured on the list of Chinese billionaires. Ten of the 16 soccer clubs of the Chinese Super League are wholly or partially owned by the developers.

Real-estate giants borrow not only from banks but also from shadow-banking organizations known as trust companies and individuals who invest their savings in investments called wealth-management products. Overseas, they became a mainstay of international junk-bond markets, offering juicy produce to snag deals.

A builder, Kaisa Group Holdings Ltd. , defaulted on its debt in 2015, was still able to borrow and later expand. Two years later it spent the equivalent of $2.1 billion to buy 25 land parcels, and $7.3 billion for land in 2020. This summer, Cassa sold $200 million of short-term bonds with a yield of 8.65%.

By: Quentin Webb & Stella Yifan Xie 

Source: Beyond Evergrande, China’s Property Market Faces a $5 Trillion Reckoning – WSJ

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China Leaps Ahead in Effort to Rein In Algorithms

Beijing is building a system to ensure that the automated processes of Internet platforms are fair, transparent and in line with the ideology of the Communist Party

Regulators called for the algorithms to be fair and transparent, following the ideology of the Communist Party of China.

The campaign puts China one step ahead in policing tech forums, as governments around the world grapple with how to respond to automated technologies that reshape business, social interactions and politics.

Earlier this year, the European Union proposed restricting certain uses of artificial intelligence to reduce potential harm. In the US, lawmakers are investigating Facebook’s influence Inc. NS

Algorithm-driven content on users, after Businesshala reported that the company’s Instagram app has a negative impact on children’s mental health.

China has targeted algorithms more aggressively under the close watch of its domestic tech sector. Draft guidelines released this summer would require algorithms to protect the rights of workers and consumers, and restrict the use of algorithms to manipulate user accounts, online traffic or search results.

“We don’t necessarily see China as a regulatory innovator, but in this case they are,” said Rogier Creamers, an assistant professor at Leiden University in the Netherlands, which focuses on Chinese technical policy.

Under a three-year plan released last week, Chinese regulators outlined steps to monitor algorithms, including a registration process and the establishment of a technical team to evaluate the mechanisms and risks of an algorithm.

The latest campaign builds on a broad regulatory push in China’s tech sector that has prompted investigations into some of the country’s biggest companies, including e-commerce giant Alibaba Group Holding. Ltd.

The push is partly directed at business practices that regulators deem harmful so workers or consumers.

Companies such as Meituan and Didi have faced heat over the working conditions of drivers, as well as calls for creating algorithms that schedule workers’ tasks and pay more transparently. Officials have also warned tech companies this year against exploiting personal data and using algorithms to charge discriminatory prices from customers.

China’s Cyberspace Administration, Alibaba and Didi did not respond to requests for comment. China is currently celebrating its National Day holiday.

Meituan declined to comment. The company previously published an explanation of its delivery algorithm and said it is making changes to give delivery drivers more flexibility.

Experts said it would be a challenge for regulators to tighten controls on algorithms without hindering development or innovation in one of China’s most successful sectors. Internet companies rely on complex mathematical instructions for tasks ranging from analysis of social-media behavior to mapping optimal distribution routes.

While algorithms have contributed to technological advancement and societal development, the CAC said in last week’s announcement, they have also brought “challenges to ideological security, a fair and equal society, and the protection of the legal rights of Internet users.”

Beijing-based partner at law firm Bird & Bird, James Gong, said tighter regulatory oversight of algorithms is likely to impact China’s internet industry.

Mr. Gong said of the country’s Internet companies, “Almost all of them use algorithms and automated decision-making and profiling to ensure that their marketing is more accurate and to improve business efficiency and increase profits.” Is.”

A senior manager at ByteDance Ltd said the requirement to register the algorithm would only add a step, restricting the learning of user behavior and recommendation services, as well as requiring disclosure of proprietary technology that could hurt the company’s business. .

ByteDance, which owns social-media sensation TikTok and its Chinese sister app Douyin, is known for its powerful algorithms that drive user recommendations and content.

“The regulatory environment is clear, and we need to start thinking about how to adjust accordingly,” the ByteDance manager said. He said that since most of the new regulation is still under debate, it is difficult to say what the immediate commercial impact will be.

ByteDance did not respond to a request for comment.

Sam Sachs, senior fellow at Yale Law School’s Paul Tsai China Center, said China’s approach could appeal to other countries that want a thriving digital economy while maintaining a firm grip on political and social discourse. However, she said there is still a lot of uncertainty over the details and enforcement of these new rules.

“I think they understand that this is an impossible task that they have set for themselves,” Ms Sachs said. “I would also say that three years can be ambitious.”

The CAC guidelines also state that algorithms used by Chinese companies must uphold core socialist values ​​and promote “positive energy” in content provided to users.

China is taking more control of online content and communities. In recent months, it has severely restricted online-videogame time for players under the age of 18, banned pop-idol rankings and criticized online male personalities for being too sacrilegious. are visible.

“It’s almost taking online censorship up a notch,” Ms Sachs said. “It is saying that you have an obligation to ensure that any content that is algorithmically driven that you feed into the online space is to shape socialist values.”

By: Stephanie Yang, Reporter, The Wall Street Journal

Source: China Leaps Ahead in Effort to Rein In Algorithms

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A Little RedBull May Give You Wings, But It Probably Will Not Affect Your Tpe

“Energy drinks” (EDs) often contain high levels of caffeine and sugar, with variable levels of taurine, guarana, other “supplements,” and on occasion, vitamins. Frequently chosen by teens and young adults, the sale of EDs has enjoyed tremendous market growth. Over 4.6 billion cans of the most successful of these beverages, Red Bull, were sold in 2011. This prosperity resulted from the strong, recent worldwide annual growth, such as 11% in the United States, 35% in France, and 86% in Turkey.

Whether consumed alone or with alcohol or other drugs, EDs may have significant physical and behavioral effects (). Marketing materials for EDs often imply that these products will improve energy level, attention span, and physical and/or mental performance . Red Bull has been shown to increase heart rate and blood pressure and can reduce cerebral blood flow; these effects can be potentiated under conditions of stress . EDs were responsible for over 20,000 emergency department visits in the United States in 2011, including a doubling in the incidence between 2007 and 2011.

In this issue of the Anatolian Journal of Cardiology, Elitok et al. reported on the electrocardiographic effects of Red Bull. They had particular interest in Red Bull’s effects on ventricular repolarization. The dispersion of ventricular repolarization (DVR), as indicated by a longer interval between the T wave’s peak and end (Tpe or Tpe/QT), correlates with arrhythmic risk in multiple populations .

The healthy volunteer medical students in this investigation consumed a single can of Red Bull under controlled conditions, and the effects on heart rate, blood pressure, and electrocardiographic measurements were observed. As expected, both blood pressure and heart rate increased following Red Bull consumption. However, no change in electrocardiographic DVR was found.

Should young club-going people take this news as vindication of their next order for a “vodka and Red Bull?” Can we write off Red Bull’s cardiovascular effects as benign? Not so fast. The absence of an acute effect of a small dose of ED on one arrhythmia risk factor measured only in ECG lead V5 among a relatively small number of healthy young adults at rest does not equate to definite harmlessness. Our understanding of Red Bull’s effects remains incomplete, especially in cases wherein larger doses are consumed, especially by sicker people and under more strenuous conditions.

Would the consumption of five cans of Red Bull affect healthy subjects’ ECGs? Might only one serving of Red Bull affect ECG of a cardiomyopathy patient or ECG of a patient taking other cardiovascular active medications? Does chronic Red Bull consumption have the same or different effects as a Red Bull binge?

Elitok et al. should be congratulated for their interest in exposing potentially dangerous effects of popular EDs. More studies are required for us to declare Red Bull consumption to be harmless. For now, we can take heart in the absence of one signal of potential danger. At least this little bull is not in the proverbial china shop.

Energy drinks have the effects caffeine and sugar provide, but there is little or no evidence that the wide variety of other ingredients have any effect. Most of the effects of energy drinks on cognitive performance, such as increased attention and reaction speed, are primarily due to the presence of caffeine. Advertising for energy drinks usually features increased muscle strength and endurance, but there is little evidence to support this in the scientific literature.

A caffeine intake of 400 mg per day (for an adult) is considered as safe from the European Food Safety Authority (EFSA). Adverse effects associated with caffeine consumption in amounts greater than 400 mg include nervousness, irritability, sleeplessness, increased urination, abnormal heart rhythms (arrhythmia), and dyspepsia. Consumption also has been known to cause pupil dilation. Caffeine dosage is not required to be on the product label for food in the United States, unlike drugs, but most (although not all) place the caffeine content of their drinks on the label anyway, and some advocates are urging the FDA to change this practice.

Excessive consumption of energy drinks can have serious health effects resulting from high caffeine and sugar intakes, particularly in children, teens, and young adults. Excessive energy drink consumption may disrupt teens’ sleep patterns and may be associated with increased risk-taking behavior. Excessive or repeated consumption of energy drinks can lead to cardiac problems, such as arrhythmias and heart attacks, and psychiatric conditions such as anxiety and phobias.

In Europe, energy drinks containing sugar and caffeine have been associated with the deaths of athletes. Reviews have noted that caffeine content was not the only factor, and that the cocktail of other ingredients in energy drinks made them more dangerous than drinks whose only stimulant was caffeine; the studies noted that more research and government regulation were needed

By: Todd M. Rosenthal and Daniel P. Morin

Source: A little Red Bull may give you wings, but it probably will not affect your Tpe

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Here’s a Useful Fund For Investing In Blockchain Without Buying Bitcoin

“Buy the rumour, sell the news” is an old market saying – and we got a classic of the genre yesterday.

It was a huge day in the evolution of bitcoin. From its origins on obscure chat boards, the open-source experiment of a few renegade computer programmers, to mainstream investment vehicle.

And then yesterday, for the first time, a nation – El Salvador – made bitcoin legal tender. The bitcoin price was steadily running up on the story – from $30,000 to $53,000. Then “Bitcoin Day” arrived and wallop: it sells off $7,000 to $46,000. The bitcoin price “should” have risen. It didn’t; it rose on the rumour and sold on the news.

How many times? It’s happened before and it will happen again.

How to bet on cryptocurrencies without having to own cryptocurrencies

Traditional investors have long been searching for a vehicle by which they can own bitcoin through their Sipp or Isa, via a regular broker account. The older generation in particular don’t want to get involved with wallets and keys and storing coins on hard drives in safes and all the rest of it. They just want to be able to buy and sell bitcoin through their regular broker, with which they are familiar.

In response to this demand there have been numerous attempts to establish bitcoin ETFs, but every attempt has run into some sort of regulatory issue. The most successful were probably the Greyscale Bitcoin Trust, listed in the US, or Coinshares Swedish listed XBT Bitcoin Tracker One. Neither is quite the same as owning bitcoin, but they do track the price.

But another vehicle has come to my attention and I thought I’d flag it up for you today, as I think it might be quite useful. That is the VanEck Vectors Digital Assets Equity UCITS ETF (LSE: DAGB).

It invests in companies that, to use its own lingo, “are driving the blockchain revolution”. That is to say in miners, exchanges, payment providers, service providers and companies that hold and trade crypto and crypto patents.

If I were to draw a parallel, I’d say that, rather than buying gold, it’s like holding a basket of gold mining companies or a gold mining ETF.

The ETF is listed in London, and it’s been going since the beginning of May. There’s a dollar denominated version whose ticker is DAPP – and a sterling version, which is probably most useful to us, with the ticker DAGB (there are also euro-denominated versions listed in Germany (DAVV) and Italy (DAPP), and a Swiss franc denominated version listed in Switzerland (also DAPP)).

It’s still small – very small – but as awareness grows it has the potential to grow too. It holds 25 companies in total, with 75%-plus weighting to the US and Canada and 12% to China, and it rebalances on a quarterly basis. I’ll post the holdings below, but in case you’re not familiar with them, I’ll outline what the major ones do. 

It’s biggest holding is Marathon Digital Holdings (Nasdaq: MARA) a Nasdaq-listed bitcoin miner. Then there’s Jack Dorsey of Twitter fame’s payment company Square (NYSE: SQ) and Coinbase (Nasdaq:COIN), the recently-listed wallet-provider and exchange

Other miners it owns include Riot (Nasdaq: RIOT), Hive (Vancouver: HIVE) and Argo (LSE: ARB), while other notable holdings include Silvergate (NYSE: SI), the bank for fintech and cryptocurrency businesses, and Michael Saylor’s Microstrategy (Nasdaq: MSTR). 

Saylor has in the past year totally got the bitcoin bug and become one of the most vocal and articulate cheerleaders for the space. His company, Microstrategy, has gone from being a software company to a bitcoin holding vehicle, owning more than $5bn in bitcoin. He’s raised debt to do it so it is a highly leveraged bitcoin play.

Anyway, here are the main holdings:

HoldingTickerSharesMarket value
(US$)
% of net
assets
Marathon Digital Holdings IncNasdaq: MARA37,8581,491,2279.15
Square IncNYSE: SQ5,3801,430,1658.77
Coinbase Global IncNasdaq: COIN5,0421,345,2568.25
Hut 8 Mining CorpToronto: HUT125,4231,261,6757.74
Silvergate Capital CorpNYSE: SI7,986947,2995.81
Microstrategy IncNasdaq: MSTR1,378892,9585.48
Hive Blockchain Technologies LtdVancouver: HIVE257,250857,1615.26
Voyager Digital LtdToronto: VOYG53,621799,9654.91
Riot Blockchain IncNasdaq: RIOT24,755794,8834.88
Bitfarms Ltd/CanadaVancouver: BITF128,704763,9734.69
Galaxy Digital Holdings LtdToronto: GLXY34,963732,1894.49
Taiwan Semiconductor ManufacturingNasdaq: TSM5,431677,2464.15
Canaan IncNasdaq: CAN64,785620,6403.81
Northern Data AgFrankfurt: NB26,290568,4983.49
Argo Blockchain PlcLSE: ARB288,705533,3123.27
Bit Digital IncNasdaq: BTBT45,480533,0263.27
Ebang International Holdings IncNasdaq: EBON157,795397,6432.44
BC Technology Group LtdHong Kong: 863179,501372,2122.28
Coinshares International LtdStockholm COIN26,030257,8651.58
Diginex LtdNasdaq: EQOS40,141222,3811.36
DMG Blockchain Solutions IncVancouver: DMGI201,595205,8231.26
Huobi Technology Holdings LtdHong Kong: 1611113,001204,9561.26
Bigg Digital Assets IncToronto BIGG183,875180,4551.11
Future Fintech Group IncNasdaq: FTFT58,088156,8380.96
Bitcoin Group SeFrankfurt: ADE1,22261,2300.38
Other/Cash-4,083-0.03

Bitcoin is supposed to be outside of the traditional financial system so it sounds funny saying that I own DAGB in my Sipp, but I do. I’m not, however, recommending that you go out and buy it straight away. I see it more as a useful vehicle to be aware of.

My overriding theory that we are in a period of “frustrating consolidation” for bitcoin remains in play, so I would try to wait for the sell off to get really harsh before you buy: buy the dips, as they say. But this should be a good vehicle to play the bitcoin game, should you see fit.

Regulating the unregulatable

In other news, I see that a bit of a crypto storm is now brewing in Brussels, where the European Parliament is about to try and regulate cryptocurrencies. Good luck with that! What could possibly go wrong when regulators are trying to regulate something they don’t understand, one of the purposes of which is to obviate bureaucracy?

The polling company Redfield and Wilton has run a poll and found that the overwhelming majority of Europeans want cryptocurrencies regulated by their own countries and not at the EU level, with many seeing EU regulation as a power grab. Greece, The Netherlands and Latvia are the most anti-EU regulation, while Spain and Portugal are the most pro. Make of that what you will.

Daylight Robbery – How Tax Shaped The Past And Will Change The Future is now out in paperback at Amazon and all good bookstores with the audiobook, read by Dominic, on Audible and elsewhere.

Dominic Frisby author headshot

By: Dominic Frisby

Source: https://moneyweek.com/

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Cryptocurrencies Are Coming Back From the Brink. Here’s Why

After months languishing in the doldrums, cryptocurrencies are surging. On Monday, Bitcoin breached the $50,000 mark for the first time since May. Other coins — including Ethereum, Cardano’s ADA and Dogecoin — also edged higher.

And it was only a few weeks ago that some strategists were eyeing a possible drop to $20,000 for Bitcoin, months after it had hit an all-time high near $65,000 in April.

Instead, sentiment is rising across the board. Crypto’s latest swings are a sign that Bitcoin miners are back in business after a recent Chinese crackdown. At the same time, there is continued evidence of more mainstream acceptance. All of this is happening as the delta variant’s surge has muddied the timeline for a normalization of interest rate policy.

“There’s been an accelerating background of accumulation of crypto assets in the past couple months,” Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, wrote in an email Monday. “Institutional flows in Bitcoin and Ether as well as a lot of retail activity in NFTs and gaming” are likely contributing, he added.

Here is a look at what is driving the increase — and what could come next:

A Shift in Sentiment

The cryptocurrency world is populated by a cast of characters whose voices can really influence prices. Lately, bullish noises have been boosting sentiment.

Take Elon Musk. Earlier this year, the billionaire caused heads to spin — and helped prices to boost and then plummet — when he said in March that Tesla Inc. would accept payment for its electric vehicles in Bitcoin but backtracked in May. He made his reversal on environmental grounds, expressing concern about the use of fossil fuels for cryptocurrency mining. Following those comments, Bitcoin lost about a quarter of its value in a week.

But here’s the latest twist: Over the past few weeks, Musk has been striking a more supportive tone. In late July he said he personally owns Bitcoin, Ethereum and Dogecoin and would like to see crypto succeed.

Superstar investment manager Cathie Wood is another influential voice in this space. A noted crypto bull, she told Bloomberg TV in May that she could see Bitcoin reaching a price of $500,000. More recently, she said she thinks corporations should consider adding Bitcoin to their balance sheets.

Hash Rate Signals

About a month ago, all the talk in the cryptocurrency world was of a Chinese crackdown. A ban on Bitcoin mining meant the abrupt shuttering of millions of computers that had been processing the transactions necessary to keep the crypto currency humming. Before the ban, around 65% of the world’s Bitcoin mining took place in China.

As computers went offline, the hash rate — a measure of the computing power used in mining and processing — halved in just two and half weeks.

As well as the practical implications, the aggressive moves by China laid bare the fact that the decentralized currency is still at the mercy of governments, which hit sentiment. Bobby Lee, one of the country’s first Bitcoin moguls, even said that China’s crackdown on cryptocurrencies will probably intensify and may even lead to an outright ban on holding the tokens. And in the U.S., a recent congressional debate over crypto rules added to the uncertainty.

However, the hash rate has rebounded and is up from its July nadir, according to data from Blockchain.com.

That recovery has helped restore confidence in the market that cryptocurrencies can flourish even in the face of opposition from legislators around the world.

Keep Your Eye on Jackson Hole

Prices of cryptocurrencies, like gold, tend to suffer when there is the prospect of interest rate hikes. The emergence of Covid’s delta variant may scramble plans to remove crisis-level monetary policy.

If Federal Reserve Chairman Jerome Powell were to strike a dovish note in his speech at the Jackson Hole conference this Friday, that could boost the currency, Oanda analyst Edward Moya said in a note.

The Kansas City Federal Reserve’s annual event, being held virtually again, is traditionally scrutinized for hints on upcoming changes in stance. Some Fed leaders have used it as a platform to explain new initiatives, as Powell did last year in unveiling a new monetary policy framework.

Even More Mainstream — and Main Street — Interest

Huge financial and consumer firms over the past year have increasingly been embracing crypto, giving the asset more legitimacy and driving up the price. Banks, brokerages and securities exchanges have been gearing up to meet demand. A watershed moment came in April with the U.S. stock market debut of Coinbase Global Inc., a crypto trading venue that’s shooting to establish a digital-money ecosystem.

This summer, there has been growing speculation that Amazon.com Inc. may become involved in the cryptocurrency sector. An Amazon job posting published online in July said the firm was seeking a “Digital Currency and Blockchain Product Lead.” After people found out about the post, Bitcoin surged to about $40,000. Amazon shares gained about 1% in New York. The company went on to say that the “speculation” about its “specific plan for cryptocurrencies is not true,” but the fact that the world’s largest retailer is exploring crypto has big implications for the shadowy and often hard-to-access market.

Walmart Inc. revealed it, too, was looking for some crypto help, with a job posting on Aug. 15 with responsibilities that would include “developing the digital currency strategy and product roadmap” and identifying “crypto-related investment and partnerships.” (As of Monday morning, visitors to the website were given a 404 error message.)

So… Where to From Here?

In these final days of summer, it’s now back in vogue to make $100,000 predictions.

As with any investment — or anything, really — it’s impossible to predict the future. But analysts do have a few estimations on how breaching $50,000 has changed Bitcoin’s prospects, at least in the short term.

Bitcoin is “getting nearer the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s,” said Rick Bensignor, chief executive officer at Bensignor Investment Strategies.

Daniela Hathorn, an analyst at DailyFx.com, thinks that it may be a while before we see any further bullish momentum because $50,000 is a key psychological level for the currency.

“A pullback towards the $48,000 area would be the first sign of trouble,” she wrote in a note on Monday. “But the positive trend isn’t in any trouble as long as Bitcoin stays above its 200-day moving average at $45,750. Looking ahead, the key challenge for buyers will be to cement further gains towards $55,000 without losing momentum along the way.”

By: Emily Cadman / Charlie Wells / Joanna Ossinger

Source: https://www.bloombergquint.com/wealth/bitcoin-price-surge-reasons-why-ethereum-cryptocurrencies-are-rising
Copyright © BloombergQuint

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U.S.-Listed Chinese Stocks Have Lost Another $150 Billion In Market Value This Week As Beijing Targets ‘Excessive’ Wealth

Shares of Chinese tech giants trading in the United States struggled to pare losses Friday amid intensifying concerns over China’s efforts to impose sweeping new regulations on its publicly traded companies over the next several years, yielding market value losses of more than $150 billion for the 10 largest U.S.-listed Chinese stocks this week alone.

Key Facts

As of 2:45 p.m. EDT, shares of e-commerce juggernaut Alibaba, the largest Chinese company listed in the U.S., were among the hardest hit, down more than 15% on the New York Stock Exchange over the past week to $157, deflating its market capitalization to $424 billion.

Fellow online retailers JD.com and Pinduoduo, posted similarly staggering losses, wiping out about $20 billion and $10 billion in market value this week, respectively, despite ticking up about 2% Friday.

“China remains a huge source of global concern,” market analyst Adam Crisafulli of Vital Knowledge Media wrote in a Friday email, pointing to the nation’s strengthening regulatory campaign against corporations and actions that last month included demanding online education companies end their for-profit business models.

This week, shares of Chinese stocks have crashed steadily since Tuesday, when President Xi Jinping vowed to redistribute wealth in the nation by regulating “excessively high incomes”—spurring a sell-off that crushed shares of European luxury companies that do big business in China, like LVMH and Gucci-parent Kering.

U.S.-listed shares of online-gaming company NetEase, electric carmaker NIO and Internet firm Baidu plunged 11%, 10% and 10%, respectively, this week.

All told, the 10 largest Chinese companies trading in the United States have lost about $153 billion in market value since last week—more than 15% of their combined market value of roughly $940 billion.

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Key Background

In a matter of weeks, China has introduced harsh regulations targeting wide swaths of its economy and showing investors how risky investing in its market can be, Tom Essaye, author of the Sevens Report, wrote in a recent note. “Yes, there’s a huge market and lots of growth potential, but obviously there are regulatory risks that seem to be growing larger with every passing month,” said Essaye.

Last week, officials released a sweeping five-year blueprint for the crackdown, covering virtually every sector in its market. Then on Wednesday, China’s market regulators published a long list of draft rules targeting tech companies, barring them from using data to influence consumer choices and “traffic hijacking activities,” among other things.

Crucial Quote

“This is all a stark reminder that the current regulatory crackdown from Beijing is not going to let up,” Wedbush analyst Dan Ives said in a Thursday note, forecasting U.S. tech stocks, which are outperforming the broader market Friday, should benefit from the tech-focused crackdown in China over the next year. “The fear with more regulation in China around the corner is a major worry that is hard for investors to digest, and it will ultimately cause more of a rotation from the China tech sector to U.S. tech.”

Surprising Fact

The Nasdaq Golden Dragon China index, which tracks Chinese businesses trading in the United States, is down 9% this week and has crashed 51% from a February all-time high.

Further Reading

U.S., European Investment Banks May Have Lost Some $12 Billion As Chinese Education Firms Crashed (Forbes)

China’s Internet Tycoons Suffer $13.6 Billion Wealth Drop As Regulatory Crackdown Triggers Market Sell-Off (Forbes)

Follow me on Twitter. Send me a secure tip.

I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism

Source: U.S.-Listed Chinese Stocks Have Lost Another $150 Billion In Market Value This Week As Beijing Targets ‘Excessive’ Wealth

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