Bitcoin slides below $20,000 to the lowest level in 18 months
Bitcoin slides below $20,000 to the lowest level in 18 months
Bitcoin fell more than 13% at one point on Saturday. The Bitcoin falls below the $20,000 level to its weakest level. The falling happened in 18 months. It has extended a drop in investor concerns about growing problems in the industry. Investors are concerned about the pullback of riskier assets.
The digital currency sector hits, and cryptocurrency lending company Celsius froze withdrawals this week. It also hits transfers between accounts, while cryptocurrency companies began laying off employees. There were also reports that a cryptocurrency hedge fund had run into trouble.
The developments have coincided with a fall in stocks. The development coincided as U.S. stocks suffered their biggest weekly percentage drop in two years. It may happen on fears of rising interest rates and the growing likelihood of a recession.
The accelerated pace and depth of bitcoin’s losses coupled with falling stocks. Falling stock could challenge support for the cryptocurrency from a variety of investor groups.
While some institutions bought bitcoin in the hope that it would offset declines in stocks and bonds. “it has not shown that it is an uncorrelated asset,” said Michael Purves, founder, and CEO of Tallbacken Capital.
“The case for institutions to buy the fall is more challenging now given that the usefulness of bitcoin has yet to be proven,” he said.
“This is going to cut between $15,000,” he said. “There is so much downward speed.”
Bitcoin, the largest cryptocurrency, had fallen around 13.7% on Saturday afternoon. This fell to a low of $17,593, its weakest level since December 2020, before retreating to $18,556, still down 9.22%.
It has lost around 60% of its value this year, while rival cryptocurrency Ether backed by Ethereum is down 74%. In 2021, Bitcoin peaked at over $68,000.
“Breaking through $20,000 shows you that confidence has collapsed for the crypto industry and that you’re seeing the latest tensions,” Edward Moya, senior market analyst at OANDA, said on Saturday.
Moya said that “even the loudest crypto cheerleaders of the big rally are now silent. They are still optimistic in the long run, but they are not saying that this is the time to buy the fall.”
The sector has also suffered losses after companies such as Coinbase Global Inc (COIN. O), Gemini and BlockFi said they would lay off thousands of employees as investors abandon risky assets.
The fall is affecting retail investors who bought the asset.
“There are a tremendous number of people who will be scarred forever,” Moya said, referring to retail shoppers. “But there are still a lot of people who were about to enter space, and there is still interest.”
Technical Levels
Jeffrey Gundlach, CEO of DoubleLine Capital, said Wednesday that he wouldn’t be surprised if bitcoin fell to $10,000.
Others say the deepening slide could force more investors to offload bitcoin, which rose along with other risk assets during the pandemic-related stimulus era.
“The $20,000 level for Bitcoin is an important technical level and the drop below can trigger more margin calls that result in forced liquidations,” said Jay Hatfield, chief investment officer at Infrastructure Capital Management in New York.
“Bitcoin may fall below the $10,000 level this year as the Fed’s liquidity-driven bubble bursts completely with bitcoin returning to its pre-pandemic levels,” he said.
The UK is closing in on the inflation rate with double digits
The UK is closing in on the inflation rate with double digits
UK inflation likely hit a new four-decade high above 9% in May. Underscoring the challenge for the Bank of England as it threatens faster interest rate hikes in response.
A week after rising U.S. consumer prices prompted the Federal Reserve’s accelerated 75 basis point rise. That amid spasms in global financial markets. The British data will offer investors another opportunity. The opportunity to wonder if policymakers’ reaction is adequate.
While economists’ median prediction for inflation on Wednesday. They anticipate an increase to 9.1%, one estimate, from Natixis SA, suggests a 10% result. The BOE estimates that the peak by the end of this year will be “slightly above” 11%.
That forecast accompanied the decision last week by officials. That led Gov. Andrew Bailey to raise the rate for the fifth consecutive meeting, by a quarter-point and signaled. That a larger move could occur if necessary to control inflation.
The BOE also warned that the economy could be suffering a contraction in the second quarter. An analysis that this week’s reports could help validate. Economists’ forecasts show retail sales likely fell 0.7% in May. While surveys of purchasing managers reveal a further slowdown. The slowdown in both manufacturing and services respectively.
Investors will also look at policymakers’ reactions to such data, with at least seven such appearances planned this week. That includes two by chief economist Huw Pill. Worsening economic news will fuel political debate. Whether Prime Minister Boris Johnson’s government is doing enough to ease the cost-of-living crisis or not.
On Thursday, Brexit is debated as it is to blame. The sixth anniversary of Britain’s vote to leave the European Union will feature two special elections. Where the citizens of the northern and southwestern districts of England can share their views at the polls.
What does Bloomberg Economics say about the UK economy?
“Ominously, UK consumer confidence is now below the levels seen during the global financial crisis. Such as Covid-19 lockdowns, and recessions in the 1980s and 1990s.”
Elsewhere, testimony from the heads of the Fed and the European Central Bank, along with likely further rate hikes from Norway to Mexico and reading of inflation in Japan will keep global financial markets busy.
Elon Musk's SpaceX fires at least five over critical letter
Elon Musk’s SpaceX fires at least five over critical letter
The Private Rocket Company named “SpaceX” fired at least five employees. Elon Musk fired SpaceX’s employees because they criticized him in an open letter. Letter urging executives to make the firm’s culture more inclusive, two people familiar with the matter said.
The New York Times reported Thursday that SpaceX had fired employees associated with the letter. Letter, citing three employees with knowledge of the situation. It has not detailed the number of employees who have been laid off.
SpaceX President Gwynne Shotwell sent an email. The email says the company had investigated and “fired several employees involved” with the letter, the New York Times said.
The newspaper claimed the employees involved in circulating the letter had been fired. The letter was making other employees “uncomfortable, intimidated and intimidated, and/or angry. The letter pressured the employees to sign something that did not reflect their views.”
Billionaire Musk is seeking a $44 billion bid for Twitter. Musk has made clear his support for freer control over speech on the site. He told Twitter employees that the platform should allow “pretty outrageous things” as long as the content isn’t illegal.
Reuters saw SpaceX’s letter, which was titled “An open letter to SpaceX executives,”. It calls Musk a “distraction and embarrassment” for the company he founded.
In a list of three lawsuits, he said “SpaceX must separate itself from Elon’s brand. It holds all leaders accountable to make SpaceX a great place to work for everyone. It will define and respond to all forms of unacceptable behavior.”
Elon Musk is also the head of electric car maker Tesla Inc (TSLA. O). Tesla has been in the headlines and appeared in late-night comedy monologues in recent months. It includes his quest to take over Twitter. His criticism of Democrats and an allegation of sexual harassment, which Musk has denied in a Twitter post.
The open letter at SpaceX was first reported by The Verge. As a result, it drafts SpaceX employees in recent weeks and shared as an attachment in an internal “Morale Boosters” group chat. Chat brings together thousands of employees, said a person familiar with the matter, who asked not to identify.
Musk and the company’s chief engineer, are seen as central figures in many of SpaceX’s high-profile successes. Such as pioneering the reuse of orbital rocket thrusters and bringing back routine human spaceflight from U.S. soil after a nine-year hiatus.
Shotwell, who runs much of the company’s day-to-day business, has said he will enforce SpaceX’s “zero tolerance” standards against employee harassment.
Founded by Elon Musk in 2002, SpaceX has played a central role in the United States space program. As a result, SpaceX is becoming the only company capable of launching NASA astronauts into space from U.S. soil and planning to send humans to the Moon for the space agency within the next decade.
SpaceX is also one of two companies the Pentagon relies on to launch most of America’s military satellites and spies into space.
The Renault Nissan Alliance is well and alive. Renault Kadjar’s next replacement will be based on the Nissan Qashqai. Now Nissan benefits from Renault’s unusual E-Tech hybrid powertrain to electrify the Nissan Juke.
01 Nissan Juke Hybrid Model 2022
02 Nissan Juke Hybrid Model 2022 Rear Track
03 Nissan Juke Hybrid Model 2022 Grille
04 Nissan Juke Hybrid Model 2022 Badge
05 Nissan Juke Hybrid Model 2022 Hybrid Badge
06 Nissan Juke Hybrid Model 2022 Wheel
07 Nissan Juke Hybrid Model 2022 Rear Light
08 Nissan Juke Hybrid Model 2022 Engine
09 Nissan Juke Hybrid Model 2022 Dash Seats
10 Nissan Juke Hybrid Model 2022 Rear Seats
11 Nissan Juke Hybrid Model 2022 Boot
12 Nissan Juke Hybrid Model 2022 Steering Wheel
13 Nissan Juke Hybrid Model 2022 Gear Selector
14 Nissan Juke Hybrid Model 2022 Power Gauge
15 Nissan Juke Hybrid Model 2022 Energy Flow
16 Nissan Juke Hybrid Model 2022 EV Button
17 Nissan Juke Hybrid Model 2022 Corner
18 Nissan Juke Hybrid Model 2022 Pan
19 Nissan Juke Hybrid Model 2022 Static
Thus, the new Juke Hybrid is powered by a novel combination. That is essentially a four-speed unsynchronized dog box with a 48bhp electric drive engine, a 20bhp starter generator and a 93bhp naturally aspirated 1.6-liter engine. Which equates to a system power of 141bhp.
Nissan would have you believe that its hybrids give drivers the “EV feel,” but without the downsides. The Juke doesn’t. It feels like a hybrid, though fortunately a reasonably accomplished one.
In practice, the driver usually stays at a distance from what the powertrain is doing. As in the Renaults, there is no tachometer or manual control of the gears. You just put it into Drive, and most of the time, the software does a decent job of keeping everything boiling.
We have previously observed that this system does not feel its 141 hp. That’s a bit problematic on something like the Renault Arkana. But on a smaller, lighter car like the Renault Clio E-Tech or the Juke. It performs pretty well, making it feel torquier and easier than the 1.0-liter engine in the standard Juke.
However, it is not a dynamic wonder. Under higher loads, the engine starts to moan a bit and takes a second too long to come back down after you’ve loosened the throttle. But it’s well enough dampened that it doesn’t get exhausting. It avoids the “elastic band” feel of the CVT-like systems used by Toyota and Honda. But if you’re looking for something you can describe as fun to drive, we suggest you ignore all the hybrid options anyway.
The chassis certainly hasn’t suffered – it’s on the firmer end of the crossover class, but it rarely gets bumpy or tough. Having driven cars with 17 and 19-inch wheels back to back. The impacts of potholes can be felt a little more vividly with the larger wheels, but it’s not day and night.
Nissan Juke Hybrid Model 2022 Test
It would also have been a good opportunity to upgrade the infotainment system to the more modern one used in the latest Nissan Qashqais and the upcoming Nissan Ariya. But the Juke retains the slightly dated but mostly harmless 8.0-inch display it had previously.
The rest of the interior remains the same as well, except for the 68 liters of trunk space that have been sacrificed to the hybrid battery. At 356 liters, it’s still larger than the Renault Captur Hybrid and on par with the Toyota Yaris Cross. While rear-seat space is more generous than in the Juke’s two hybrid rivals.
The raison d’être of any hybrid is the improvement of fuel economy. For one thing, an extra 10mpg on the combined cycle of a more forceful powertrain seems like a fair deal. On the other hand, the 44mpg we saw in our test drive is a decent improvement over the 37.8mpg. We achieved this when we road-tested a standard Juke, it’s well below the 60mpg a Toyota Yaris Cross can return.
Prices for the Nissan Juke Hybrid start at £27,250 as it is only available as an N-Connecta grade and above. That’s the average trim level for the regular Juke. Like the similar, the hybrid costs £1500 more than an equivalent 1.0-litre automatic Juke and £3200 more than the manual. Add it all up, and it’s a weight of £6830 more than the cheapest Juke. That also makes it marginally more expensive than an equivalent Yaris Cross.
The hybrid is a worthy addition to the Juke range, as it brings some flexibility and economy to the powertrain. While preserving interior space and ambiance, as well as neat road manners. Its efficiency is ultimately disappointing and the price might prove a bit too ambitious.
The Pakistani province works from home on Fridays to save energy
The Pakistani province works from home on Fridays to save energy
Pakistan’s the third-most populous country in the world. One of its provinces has decided to have a Friday work-from-home policy for its employees. in the latest in a series of decisions to save energy and avoid nationwide blackouts.
The move has been announced to save fuel and electricity. it is said by Taimur Khan Jhagra, finance minister of northwestern Khyber-Pakhtunkhwa. He said in a video post on Twitter.
The move follows the federal government’s decision earlier this month. The decision to end Saturday as a workday and reduce the volume of fuel by 40% allocated to its employees.
The South Asian nation’s energy crisis is worsening. It is due to a delay in securing. A bailout from the International Monetary Fund amid rising global oil prices.
Europe’s campaign to abandon Russian fuel is also hurting its plans. Plans to import cheaper fuel as part of the two-month administration of Prime Minister Shehbaz Sharif. Shehbaz Sharif came to power after months of political turmoil, struggles to control its declining currency.
The nation generated two-thirds of its electricity demand this month. Now Pakistan is leading to planned blackouts of more than 12 hours a day. Pakistan’s high temperature records in some parts of the country hurting businesses and routine lives.
The cash-strapped nation of some 220 million people has seen the cost of shipping fuel more than double to $17 billion.
Choosing the best cryptocurrency to check or invest in can be difficult most of the time. It is especially for newbies. There are over 18,000 cryptocurrencies accessible for trading in the market.
Most traders and investors today lack the expertise to watch the best coins. The piece will go over the top 5 coins to see in 2022. So you can get acquainted with them before they skyrocket in value in the near future.
What should always be on your mind as an investor when looking for a project to invest in. It must be: “The proven features of a project that will attract other investors, both large and small.”
As a result, it is worth watching in this period in which they have not gained very wide adoption like Bitcoin and Ethereum.
According to the outstanding features, there are always expectations found within crypto projects. Here is a look at the top 5 cryptocurrencies that investors and traders should be aware of in 2022.
Ripple (XRP)
Ripple is used as a cross-border payment method. It is valuable to everyone, regardless of their location. It is a payment protocol that processes international money transactions using blockchain technology.
Ripple (XRP) offers low transaction costs and very fast processing times. It is very usable, and several financial institutions use its technology. While keeping an eye on this crypto-token, keep in mind that it faces high-profile challenges, particularly in the United States.
Since the end of 2020, the Securities and Exchange Commission (SEC) has begun launching lawsuits against him. As a result, this legal problem you face most of the time hurts your price. The past few weeks have been pretty bad for the SEC. Many reports and findings have revealed that the SEC is ready to lose deposition and lawsuits. Whenever this happens, the XRP token price will explode!.
Polygon (MATIC)
Polygon (Matic) has always been on the top list of crypto investors, both long-term and short-term. Polygon offers some features that are completely different from conventional cryptocurrencies. It is used for transactional purposes and Defi currencies. that drive the issuance of blockchains and decentralized applications. It is an ERC-compatible project. That Project aims to streamline the faster processing speed. Speed. of decentralized applications built on the Ethereum network.
Although some of the features and utilities offered by Polygon (Matic). It could be seen in pop-up projects. Projects, which makes those features now common. They are worth investing in as it serves as their source.
Mr Mint (MNT)
Mr. Mint is a new project that aims to create a sustainable currency with real-world applications and utilities. Mr. Mint is the world’s first token whose value backs real-world cryptocurrency mining. It has a very simple concept. It intends to provide endless opportunities for millions of people. People who want to take part in the sought-after industry of “Bitcoin and Crypto mining” with limited investment. On top of that, the project is also delving into the benefits of providing decentralized storage to DApps through the Web3 framework. That’s not all, the NFTs and the Metaverse are the next steps in your roadmap.
When a user buys an MNT coin, a mining infrastructure builds. The mining rewards pumps back into the liquidity and market capitalization of the MNT token. The purchased tokens burns, reducing the circulating supply. It makes a sustainable asset in which everyone wins. It’s not news that millions of people around the world could make enough money from cryptocurrency mining. But 90% of them lack the capital and knowledge needed to enter the field.
This project is attracting both small and large investors. It does not need a large sum of money to take part and enjoy its added benefit. It is especially, if you think you have missed the crypto mining bus. And think, you will not be able to take part in this growing and evolving industry.
You need to go to their official website and see how you can take advantage of the opportunity before it’s too late.
Verasity (VRA)
Verasity (VRA) is a video-sharing network that caters to content creators. It compensates viewers with VERA tokens (ERC-20-compliant tokens). Tokens, for only watching content, sharing videos, viewing advertising, and referring friends. This project allows viewers to support their favorite channels by using VeraSparks. VeraSparks is a smart contract that allows users to buy and own a part of a channel and get rewards with profits. Profit, when the channel expands in the future. Because of this great use case, the token is good to keep an eye on; but it should mention that VRA causes a lot of trading controversies. Controversies, which makes it unpopular in the crypto world.
Veracity currently holds two patents for its Proof of Sight (PoV) consensus mechanism. As a result, the VRA token is more likely to increase in value as the gaming ecosystem grows. Also on the horizon is a Binance exchange list. Thus, before the previous two events, it is better to stock up on VRA tokens.
Decentraland (MANA)
MANA, a cryptocurrency that powers one of the most popular metaverses, “Decentraland”. Decentraland provides users with a completely virtual environment in which they can own, trade, and trade. Decentraland is a complete alternative to our lives built from the ground up by people. Many have also argued that Decentraland (MANA) is the Bitcoin of the Metaverse.
It’s never a bad idea to carry Metaverse’s #1 ranked token. Several large companies, Facebook and Microsoft, are making attempts to enter Metaverse.
Closing Thoughts
After intensive research, these 5 coins show to be real gems. It is based on their utilities, visions, roadmaps, and white papers. As stated above, investors are always attracted to the interesting elements that can be found within a project. As a result, before your actual profits are recognized, this is the best chance for you to be early.
FBI Director Christopher Wray shared his views on the cyber threat landscape. It includes nation-states, cyber mercenaries, and incident response. Here are key excerpts from his talk.
7 Things the FBI said about Cybersecurity
Top Cyber Quotes by FBI Director Christopher Wray
1. Nation-states are hiring cyber mercenaries:
“Take the combined threat in which we see Russia, such as China, Iran, and sometimes other nation-states. They are hiring cybercriminals, in effect cyber mercenaries.
We see Russian cybercriminals supporting and taking steps to help the Russian government. They are taking advantage of the permissive operating environment that exists in Russia.
In some cases, we also see Russian intelligence officers moonlit. They are making money aside, through cybercrime or by using cybercriminal tools. cybercriminal tools, to carry out state-sponsored attacks. They think it gives them plausible deniability or will hide who is behind it.
So a key question for us today is, when do criminal actors become agents of their host nation? Does the money have to change hands, or is it enough to pledge support in public to a foreign government?”
2. Russia’s current cyber combat stance:
“We have seen the Russian government take measures towards possible destructive attacks. These attacks took place, here and abroad. We are racing towards potential targets to warn them of the threat ahead. We are giving them technical indicators that they can use to protect themselves. And we are moving quickly to disrupt Russian activity.”
3. How the FBI approaches advanced persistent threats (APTs):
“When it comes to the threat of a destructive attack, adversary access is the problem.
This is something we’ve talked about a lot, but it’s acquired greater resonance lately. Russia has been trying to infiltrate companies to steal information for years.
In the course of doing so, they have gained illicit access to likely thousands of U.S. companies. It also includes critical infrastructure. look at the scope of their SolarWinds campaign.
They can use the same accesses they gained for collection and intelligence purposes. Intelligence purposes, are to do something destructive. It is often not much more than a matter of desire.
That is why, when it comes to Russia today, we focus on acting as soon as “to the left of the boom,” as we can against the threat. That is, launching our operations when we see the Russians investigating targets. Targets, which is scanning, and trying to gain an initial foothold on the network. not when we see them later exhibiting behavior that seems destructive.”
4. Nation-state cyber threats, Russia vs. China:
“As broad as Russia’s potential cyber accesses across the country, they pale in comparison to China’s.”
5. Iranian hackers targeted sick kids:
“In the summer of 2021, Iranian government-sponsored hackers attempted. Attempt to carry out one of the most despicable cyberattacks. I’ve ever seen, right here in Boston, when they decided to go after Boston Children’s Hospital.
We received a report from one of our intelligence partners indicating that Boston Children’s was about to be attacked. And, understanding the urgency of the situation, the cyber squad in our Boston Field Office rushed to notify the hospital.
Our people gave the hospital team the information they needed to stop the danger immediately. We were able to help them identify and then mitigate the threat.
And the swift actions of everyone involved, especially in the hospital, protected both the network and the sick children who depend on it.”
6. Incident response and cyberattack attribution:
“For victims, we are helping as we respond to malicious cyber activity in this kinetic and destructive context. we have found that speed outperforms almost everything else. It’s more important for us to get to your door in an hour than to tell them if we’re seeing nation-state cyber activity or cybercriminals.
But it’s also important to keep marching toward more specific attribution. Even as we deliver defensive information, before building the whole picture of who is responsible. Because for government response calculations in general, for us to significantly degrade, disrupt, and deter a cyber-adversary. We often need to be much more specific about who is responsible.”
7. The future of cyber threats:
“So it’s clear that our world and our society aren’t just going back to where we were two and a half years ago. And people are going to continue to take advantage of the connectivity that cyberspace provides.
But at the same time, changing our personal and professional lives even more online has created new vulnerabilities. And malicious cyber actors are going to continue to take advantage of people and networks.
That includes cybercriminals who have data to ransom and nation-states like China who steal industrial and defense secrets.
And lately, that has included Russia trying to influence what happens in the ground war they started, threatening attacks on the West in cyberspace.”
Meta Platforms Inc. has become a light stick for legal challenges in the United States. Challenges, from FTC’s antitrust case to shareholder lawsuits alleging the company misled investors. Last week, eight complaints has filed against the company across the United States. It includes allegations that young people who visit Instagram and Facebook committed suicide. They also experience eating disorders. (Facebook has not commented on the litigation and has denied allegations at the FTC and shareholder complaints.)
The allegations echo the concerns of Facebook whistleblower Frances Haugen. Frances Haugen, whose leak last year of thousands of internal documents. The documents showed that Meta was aware of the psychological damage its algorithms caused users. Such as Instagram worsening the problems of one in three teenagers.
Lawsuits strike at the heart of Meta’s harmful social impact. They could help educate the public about the details. But they likely won’t force a significant change at Facebook. That’s because Section 230 of the Communications Decency Act of 1996 protects Facebook and other Internet companies. Protection, from liability for much of what their users post. Unless U.S. law changes and there are no signs that this is happening anytime soon, Meta’s attorneys can continue to use that defense.
But that will not be the case in Europe. Two new laws coming down the pipe promise to change the way Meta’s algorithms display content to its 3 billion users. The UK’s Online Safety Bill could come into force next year. The European Union’s Digital Services Act is likely to come into force in 2024. The aim of the bill is to prevent psychological harm from social platforms. They will force big internet companies to share information. Information, about their algorithms with regulators, who will assess how “risky” they are.
Mark Scott, Politico’s chief is a technology correspondent. He is also a close follower of technology correspondent laws and answered the question about how they work. As well as what the limitations are, on Twitter Spaces with me last Wednesday. Our discussion edits are below.
Parmy Olson: What are the main differences between upcoming UK and EU laws on online content?
Mark Scott: EU law is addressing legal but unpleasant content. Content, such as trolling, disinformation, and trying to balance that with freedom of speech. Instead of banning [that content] altogether, the EU will ask platforms to check it and conduct internal risk assessments. They should provide better access to data for external researchers.
UK law will be 80% similar, with the same ban on harmful content for risk assessments. It will go a step further: Facebook, Twitter, and others will also be obliged to have a “duty of care” to their users. They will have to take action against harmful but legal material.
Parmy: So to be clear, won’t EU law need tech companies to take action against harmful content itself?
Mark: Exactly. What they are requiring is to mark it. They won’t need platforms to ban it altogether.
Parmy: Would you say the UK approach is more aggressive?
Mark: It’s more aggressive actions required by companies. [The UK] has also raised possible criminal sentences for tech executives who don’t follow these rules.
Parmy: What will risk assessments mean in practice? Will Facebook engineers have regular meetings to share their code with representatives of [UK communications regulator] Of com or EU officials?
Mark: They will have to show their homework to regulators and the world at large. So journalists or civil society groups can also look and say. A powerful, left-leaning politician in a European country is gaining massive traction. Why? What is the risk assessment that the company has done? Assessment, to ensure that [the politician’s] content doesn’t go out of proportion in a way that could harm democracy?” It’s that kind of boring but important job that you’re going to focus on.
Parmy: Who will do the audit?
Mark: Risk assessments will be done both internally and with independent auditors, such as Price Waterhouse Coopers and Accenture of this world or more specialized independent auditors who can say, “Facebook, this is your risk assessment and we approve it.” And then that will be overseen by regulators. UK regulator Ofcom is hiring around 400 or 500 more people to do this heavy lifting.
Parmy: However, what will social media companies actually do differently? Because they already publish regular “transparency reports” and have made efforts to clean up their platforms, YouTube has demonetized problematic influencers and the QAnon conspiracy theory no longer appears in Facebook’s news feeds.
Will risk assessments lead tech companies to remove more problematic content as it emerges? Will they be faster at that? Or will they make radical changes to their recommendation engines?
Mark: You’re right, companies have taken significant steps to eliminate the worst of the worst. But the problem is that we have to take the company’s word for it. When Francis Haugen made internal Facebook documents public, it showed things we never knew about the system before, such as algorithmic amplification of harmful material in certain countries. Therefore, both the UK and the EU want to codify some of the existing practices of these companies, but also make them more public. Tell YouTube, “You’re doing X, Y, and Z to prevent this material from spreading. Show me, don’t tell me.”
Parmy: So, essentially, what these laws will do is create more Francis Haugens, except that instead of creating more whistleblowers, you have auditors who come in and just get the same kind of information. Would Facebook, YouTube, and Twitter make the resulting changes globally, as they did with Europe’s GDPR privacy rules, or only for European users?
Mark: I think companies will probably say they’re doing this global.
Parmy: You talked about technology platforms that show their tasks with these risk assessments. Do you think they will honestly share what kind of risks their algorithms could cause?
Mark: That’s a very valid point. It will all depend on the power and expertise of regulators to enforce this. It’s also going to be a lot of trial and error. It took about four years to ease the potholes for Europe’s GDPR privacy rules to take action. I think as regulators better understand how these companies work internally, they will know where to look better. I think initially, it won’t be very good.
Parmy: Which law will do a better job of enforcement?
Mark: The UK bill is going to be watered down between now and next year when it’s expected to come into play. This means that the UK regulator will have these quasi-defined powers, and then the rug will be pulled out from under them for political reasons. The British have been very deluded in terms of how they are going to define “legal but harmful” [content that should be removed]. The British have also made exceptions for politicians, but as we have seen more recently in the United States, some politicians are the ones who provide some of the worst falsehoods to the public. So there are some big holes that need to be filled.
Parmy: What do these laws do well and what do they go wrong?
Mark: The idea of focusing on risk assessments is I think the best way to do it. Where they have gone wrong is in the overly optimistic feeling that they can actually fix the problem. Disinformation and politically divisive material existed long before social media. The idea that some kind of bespoke social media law can be created to fix that problem without fixing the underlying cultural and social problems that go back decades, if not centuries, is a bit short-sighted. I think [British and EU] politicians have been very quick and eager to say, “Look at us, we’re fixing it.” Whereas I don’t think they’ve been clear about what they’re fixing and what outcome they’re looking for.
Parmy: Is framing these laws as risk assessments a smart way to protect free speech, or is it false?
Mark: I don’t have a clear answer for you. But I think the way to approach risk assessments and mitigate those risks as much as possible, that’s the way to go. We’re not going to get rid of this, but at least we can be honest and say, “This is where we see the problems and that’s how we’re going to fix them.” Specificity is missing, which provides a lot of gray space where legal fights can continue, but I also think that will come in the next five years as legal cases are fought, and we’ll have a better idea of how exactly these rules will work.
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
Parmy Olson is a Bloomberg Opinion columnist covering technology. A former reporter for the Wall Street Journal and Forbes, she is the author of “We Are Anonymous.”
Imagine an isolated fortress on a vast plain. Protected by an order of well-armored knights, it is regarded as impenetrable. That is until an intelligent attacker appears and breaks the perimeter. Those fortified walls are suddenly obsolete, and the armor of the knight’s standing guard does little more than weigh them down.
This is the current state of cybersecurity in many organizations. The advent of cloud architecture meant the end of the “walled fortress” security model. The rapid transition to a remote workforce has only brought home, even more, the idea that the perimeter as we once knew it disappeared.
The world has evolved and companies need to evolve with it.
Zero Trust Network Access is a crucial first step in this evolution. Modern and remote hybrid work environments are to adopt the principles of Zero Trust Network Access (ZTNA). Enterprises need to rethink their network approach. Approach, Monitoring, and reimagine fundamentals of user management, endpoint security, and access control. This requires organizations to stay away from technology. Technology that has recently become a reality: virtual private networks (VPNs).
Built for a Bygone Era
The first VPN invents in 1996. While it is true that technology has evolved considerably since then. Evolution from an access point of view, its basic functionality has changed little. A VPN grants a user access to a corporate network by extending it (and by association, its security perimeter) to the user.
From a security perspective, it is usually based on granting implicit trust to anyone within a perimeter. Unfortunately, like the fortress on the plain, that perimeter is no longer secure. To get evidence of how this can go wrong, one needs to look no further than last year’s Colonial pipeline breach. Investigators determined the relation to the company’s legacy VPN.
It’s not the security angle that accelerates the demise of VPNs. Advances in cloud virtualization have also played a role. Infrastructure and network functions can be offloaded to the cloud. It is with critical workloads such as packet forwarding and traffic management. Management is handled across cloud devices.
Hybrid work is at the heart of this evolution. It requires the adoption of virtual infrastructure and cloud software. The pandemic forced the closure of many corporate offices. It created a massive transition to a remote workforce. BlackBerry looks for ways to help its customers cope with secure operations beyond the perimeter. They apply their expertise to develop a new product built on the foundation of ZTNA. They then embark on an aggressive “zero customer” program. A program implements the technology in-house to optimize and modernizes their hybrid environments.
Devising the Foundation for Zero Trust
They use CylanceGATEWAY to optimize their hybrid environment for distributed work. Optimize, while taking a more cloud-centric approach to our operations and security. This allows them to reduce the workload of their IT operations and security operations teams. More importantly, They have balanced zero trust with “zero-touch,”. Balance, helps them ensure that their safety practices empower their employees as well.
One of the most significant changes they saw in the implementation of CylanceGATEWAY was in their network monitoring practices.
Most companies have relied on a very network-centric monitoring model. It examines traffic to identify suspicious activity. With the inclusion of remote staff and the Internet of Things, the network has become so large and complex. Impossible, That monitoring it in its entirety borders. There is too much noise and too much “junk data” that has little to do with real security.
Leveraging CylancePROTECT and CylanceOPTICS, CylanceGATEWAY provided them with a starting point from which their SecOps team could pivot to ZTNA. By extending security to the endpoint, they can investigate potential incidents. CylanceGATEWAY gives them more control over how and when people connect.
A New Approach for a New Landscape
Their zero-client program has been a resounding success for both operations and ends users. It has also helped them optimize CylanceGATEWAY in many ways. While reviewing and revising their internal practices. Through CylanceGATEWAY, they have pivoted to adopt a new and more modern approach to network access.
Now that they have demonstrated the value and effectiveness of the solution. They are ready to install CylanceGATEWAY to support the retirement of outdated VPNs. And the adoption of a modern ZTNA approach for our customers.
The perimeter walls break, leaving that once impenetrable fortress open and unprotected. VPNs can no longer maintain the security of an extended and geographically dispersed workforce. It’s time for a more modern, agile, flexible, and safe approach.
Advance withholding of taxes to be collected from those who send remittances abroad
Tax on the banking sector increases to 42pc
Families with incomes below Rs40,000 will receive Rs2,000
Households that use less than 200 units of electricity will be offered easy-term loans to purchase solar panels
Tax-to-GDP ratio set at 9.2pc
Rs699bn in targeted subsidies in new prosecutors
Defense expenditure at Rs1.52tr
FBR target set in Rs7tr
2pc additional tax for those with an annual income of Rs30m
Average inflation forecast of 11.5pc
Pakistan latest budget 2022-23 summary
ISLAMABAD: During ongoing negotiations to convince the International Monetary Fund (IMF) to release the bailout payments. The PML-N-led coalition government on Friday presented a federal budget with a combination of real stabilization measures covered in sugar with a sense of well-being. The revival of the oil tax with a bang. The removal of construction incentives along with real estate taxes, and sweets for government employees. Taxpayers of income taxes, industries, and solar energy. And additional taxes of Rs355 billion to be collected by the Federal Revenue Board (FBR).
“Economic stability is our top priority… we have to lay solid foundations for economic development. That is based on sustainable growth,” Finance Minister Miftah Ismail said in the National Assembly. Additionally, he added that economic development would be derived from exports. Which would, particularly from agriculture, information technology, and industrial products.
The most critical moves arising from the IMF program in the budget relate to an almost insignificant change in subsidies (Rs699 billion next year versus Rs682 billion in the current year) and a reduction in electricity sector subsidies.
That would mean that national average electricity rates would increase by more than 20% with a cumulative financial impact of nearly Rs1.5 trillion. The allocation for electricity sector subsidies for next year remains at Rs570 billion against Rs596 billion during the current year, a decrease of 4.4 percent.
On top of that, a non-tax revenue target of Rs750 billion has been set for the oil development tax (PDL). Which is almost 455% more than an estimated collection of approximately Rs135 billion during the current year.
In the previous year’s budget, the PTI government set a target of Rs610 billion for PDLs, but then gradually reduced it as global oil prices rose.
This means that the current government would not only end the ongoing subsidy of Rs10-23 per liter on petroleum products. But would also start raising PDLs over the next year, a requirement to revive the IMF program.
A key objective required under the IMF’s lending programs is to provide a primary budget surplus of PRs 152 billion (0.2% of GDP) (i.e. a non-interest financial deficit) next year from a deficit of PRs 360 billion (0.7% of GDP) during the current fiscal year.
In his budget speech, Ismail said the government preferred the national interest over political capital and began making difficult decisions to get the country back on track.
Tough times ahead
“The series of difficult decisions is not yet complete,” the minister said extemporaneously as he read the written speech. Additionally, he added that “the primary deficit will become a primary surplus.”
The minister admitted that a rise in energy and fuel prices would stoke inflation. But the government had no other option but to reverse the “devastation caused by mismanagement over the past four years.”
Another key step in the budget appeared to be a reversal of incentives. Which is related to taxes and subsidies for the construction and real estate sector. That’s the PTI government’s favorite program.
The 2022-23 budget allocates only Rs500 million each for the Naya Pakistan Housing Authority. And the profit margin subsidy in Naya Pakistan against Rs30 billion and Rs3 billion, respectively, in the current fiscal year.
The finance minister said it was one of the five main principles of tax policy. Which is to impose a tax on non-productive assets and wealthy people. That’s to encourage entrepreneurship and investment.
He said Pakistan’s tax system had resulted in an artificial rise in real estate prices. As a result, the taking housing facilities are out of the reach of the middle class.
The money generated by this dead investment was a major source of inflation and social disharmony. He said: “We don’t want to discourage the real estate sector. But we want to steer this sector in a direction where it can become the engine of growth for cities. Our proposals aim to encourage construction and vertical growth and discourage speculative investment in open plots.”
Therefore, persons who have more than one real estate priced above Rs25 million and located in Pakistan will be deemed to have received a rent equal to 5% of the fair market value of the real estate. And he will pay taxes at the rate of 1% of the fair market value of such property.
The tax on real estate transactions has also been amended. As such, it is now proposed that the capital gain in all asset classes be taxed at 15% in case the holding period of such property is one year or less.
The capital gain payable on such assets will be reduced to zero after a six-year holding period, reducing the tax liability by 2.5% with each subsequent year.
In addition, the advance tax rate on the purchase and sale of property for filers has risen to 2% from the current 1pc. Besides, the advance tax rate for non-filer real estate buyers has also been increased to 5 percent.
While providing partial relief to struggling wage earners facing higher fuel and electricity prices. The finance minister doubled the basic threshold of the taxable salary to Rs1.2 million a year.
In the same direction, the basic exemption threshold for business persons. And the Association of Persons (AOP) was also improved from Rs400,000 to Rs600,000.
The government has also reduced the tax rate on profits. The profit from investing in Behbood savings certificates, and pensioners’ benefit accounts. And the profit from Shuhada family welfare accounts for a maximum of 5% instead of 10% at present.
For small retailers, the budget also provided a fixed income and sales tax regime ranging from Rs3000 to Rs10,000 as the final settlement.
The finance bill facilitated the industrial sector by allowing 100% depreciation for tax adjustment. Similarly, which allows for early adjustment of income tax at the import stage of goods in plants and machinery, raw materials, and finished products.
More relief has also been provided to the textile, pharmaceutical, and film industries.
While the finance minister also doubled the advance tax to 200% for non-filers on vehicles over 1600cc. He also increased the windfall tax for banks from 39% to 42% that made safe profits due to huge investments in government securities.
In addition, non-resident Pakistanis would also be required to become taxpayers in Pakistan unless they were tax residents elsewhere.
The budget also eliminated a 17% general sales tax on the import of solar panels and their local supply. The budget also withdraws GST on the supply of tractors, agricultural implements, and various seeds. Which includes wheat, rice, maize, sunflower, canola, and rice. The budget also promised to provide a banking facility for households to install solar panels.
The total size of next year’s budget is estimated at Rs9.5tr, up from Rs8.487tr for the current year, showing an increase of about 12pc.
The minister claimed the biggest challenge for the government. The challenge was to achieve an economic growth rate of 5% without an unmanageable current account deficit. Current expenditure for next year is estimated at around Rs8.7tr, including most of Rs3.95tr for interest payments.
A bitter point of spending was the combination of civil government operating spending (Rs550 billion) and pensions (Rs530 billion) at about Rs1.08tr for a few million compared to only Rs800 billion of the development budget.
On the other side, the defense budget increased to 11%, which is to Rs1,523tr against Rs1,37tr.
The revenue target for next year has been set at Rs7tr against Rs5,829tr for the current year, showing an increase of 20%. Around Rs973 billion would automatically accumulate due to the impact of almost 17% of inflation (11% and GDP growth (5%). While the remaining Rs355 billion would be generated through additional fiscal measures.
At the same time, the budget projects next year’s consolidated fiscal deficit at 4.9% of GDP or Rs3,798tr against Rs3.42tr (or 6.3pc of GDP).
However, the deficit at 4.9pc would be achieved with provincial governments together providing a cash surplus of Rs800bn. Otherwise, the federal budget deficit is projected at nearly 4.6tr compared to Rs4tr this year.
Non-tax revenues for next year are heading towards Rs2tr. Which are lower than the current year. For the first time and after a long gap, revenues of around Rs96 billion are forecast to be generated through privatization.
Of Rs7tr’s FBR taxes, a large portion of Rs4.43tr is intended to flow indirect taxes, led by a sales tax of Rs3.08tr. Only Rs2.57tr is expected to come from direct taxes, led by Rs2.558tr through income tax.
