News Minimalist

03 Nov 2023 17:20

[7.3] FTC alleges Amazon used secret algorithm to raise prices, generate profit. — Financial Times [$]

The US Federal Trade Commission has alleged in a lawsuit that Amazon used a secret algorithm called "Project Nessie" to increase prices on its platform and across the market, generating over $1 billion in extra profit. The algorithm identified products for which other online stores would try to match Amazon's prices, and when turned on, it raised prices for those goods and kept them higher when other platforms followed suit. The FTC also accused Amazon of strategically deactivating the algorithm during periods of scrutiny and of increasing "pay to play advertisements" on its platform, which made search results less relevant.

News Minimalist

03 Nov 2023 17:20

[8.6] Global warming accelerating, 1.5°C limit unlikely. — The New York Times [$]

A new study suggests that global warming may be happening faster than previously thought, with the planet potentially exceeding 1.5 degrees Celsius of warming this decade and warming by 2 degrees Celsius by 2050. The study warns that the goal of limiting global warming to 1.5 degrees Celsius, set in the Paris Agreement, is unlikely to be achieved. The world has already warmed by about 1.2 degrees Celsius and is experiencing worsening heat waves, wildfires, storms, and biodiversity loss as a result of climate change.

News Minimalist

02 Nov 2023 16:19

[7.1] UK, US, EU and China sign declaration of AI’s ‘catastrophic’ danger. — The Guardian

The Bletchley declaration, a commitment to address the potentially catastrophic risks of artificial intelligence, was signed by 28 governments including major players like the UK, US, EU, Australia, and China during an AI safety summit. While all parties agreed on the need for collaborative AI safety research, underlying competition between the US and UK on leading new AI regulations was evident, and the summit did not conclude with a unified decision to establish a UK-based testing hub for AI models.

News Minimalist

02 Nov 2023 16:19

[7.4] Microsoft introduces AI assistant Copilot to Microsoft 365 suite for $30/month. — Financial Times [$]

Microsoft has integrated its generative AI assistant, Copilot, into the enterprise version of Microsoft 365, potentially revolutionizing work for approximately 150 million users. However, the substantial additional cost of $30 per user per month raises questions about widespread adoption and the readiness of businesses to invest significantly in this technology.

News Minimalist

01 Nov 2023 15:29

[7.2] Tesla not at fault in fatal crash blamed on Autopilot. — The New York Times [$]

A California jury has ruled that a fatal crash involving a Tesla was not the fault of the carmaker's driver-assistance software, Autopilot. This is the first verdict in a fatal crash case where Tesla's Autopilot system was blamed, and it could set a precedent for similar pending cases. The decision may also impact consumer perceptions of Tesla's vehicles, which account for half of electric car sales in the US.

News Minimalist

31 Oct 2023 14:55

[7.0] Bitcoin surge expected with potential approval of spot bitcoin ETF. — Reuters

Bitcoin is experiencing a surge in October, with investors anticipating the approval of a spot bitcoin exchange-traded fund (ETF) by U.S. regulators. Estimates for the potential cash inflow into a spot bitcoin ETF range from $3 billion on its first day to $55 billion over five years, with some market players comparing it to the impact of gold ETFs.

News Minimalist

31 Oct 2023 14:55

[7.2] Banks financed "carbon bomb" projects, exceeding carbon budget fourfold. — The Guardian

Banks provided over $150 billion in financing last year to companies operating "carbon bomb" projects, which could release over one gigaton of carbon dioxide each and exceed the remaining carbon budget four times over. Between 2016 and 2022, banks in the US, China, and Europe provided $1.8 trillion in financing to these projects. JPMorgan Chase was the largest financier, providing over $141 billion, followed by Citi and Bank of America.

News Minimalist

30 Oct 2023 15:24

[7.2] Shipping industry slowly adopting green methanol technology. — The New York Times

The shipping industry is working to reduce its environmental impact. Leading this change is the cargo ship Laura Maersk, which uses an eco-friendly methanol engine capable of cutting greenhouse gas emissions by 100 tons per day —equivalent to 8,000 cars.

However, the 125 methanol-powered ships in the pipeline make up just a small part of the worldwide fleet of over 50,000 cargo ships, which are responsible for moving 90% of global trade. The green methanol market is still emerging and faces challenges in production and pricing. Despite new regulations from the European Union and pledges from the International Maritime Organization to be carbon-neutral by 2050, the shipping industry is only beginning to move toward sustainability.

News Minimalist

30 Oct 2023 15:24

[7.3] Strong consumer demand in 2023 defies recession warnings. — The New York Times [$]

The U.S. economy grew at a 4.9% annual rate in Q3 2023, significantly outpacing the Federal Reserve's standard growth expectation of roughly 2%, despite interest rates being raised above 5.25%. While certain sectors like existing home sales have slowed, consumer spending and employment have remained strong. However, there is caution among Federal Reserve officials and businesses as the holiday season approaches, with preparations being made for 2024.

News Minimalist

26 Oct 2023 16:21

[7.0] 110 million forcibly displaced worldwide, conflicts and natural disasters main drivers. — UN News

As of June 2023, there were 110 million forcibly displaced individuals worldwide, with an additional 4 million estimated to have been displaced between June and September. The main drivers of forced displacement were conflicts in Ukraine, Sudan, the Democratic Republic of the Congo, and Myanmar, as well as drought, floods, and insecurity in Somalia. Low and middle-income countries hosted three-quarters of those in need of international protection.

News Minimalist

26 Oct 2023 16:21

[7.1] AI poses security risks, including cyber-attacks and terrorism, warns report. — The Independent

A new report released by the Government Office for Science warns that AI will pose significant security risks to the UK within the next two years. By 2025, AI is expected to increase the frequency and sophistication of cyber-attacks, scams, fraud, and other crimes. The report also highlights the potential for AI to enhance terrorist capabilities, including propaganda, weapons development, and attack planning. The government is urging honesty about the risks associated with AI and the need to address them while harnessing its benefits.

News Minimalist

25 Oct 2023 17:27

[7.0] GSK's RSV vaccine shows positive results in late-stage trial. — Reuters

GSK has announced that its vaccine for respiratory syncytial virus (RSV), called Arexvy, has shown positive preliminary results in a late-stage trial. The vaccine met its primary goal of eliciting an immune response in adults aged 50 to 59 who are at an increased risk of catching the virus due to certain underlying medical conditions. RSV is a leading cause of pneumonia in toddlers and the elderly, and the vaccine has already been approved in several countries to protect adults aged 60 and older.

News Minimalist

25 Oct 2023 17:27

[7.2] Nigeria to vaccinate 7.7 million girls against leading cause of cervical cancer. — UN News

Cervical cancer is the third most common cancer and the second leading cause of cancer deaths among women aged 15 to 44 in Nigeria. In 2020, there were 12,000 new cases and 8,000 deaths from cervical cancer in the country. To combat this, Nigeria has launched a nationwide vaccination campaign, targeting 7.7 million girls aged nine to 14, with the goal of preventing the infection of HPV types that cause at least 70% of cervical cancers. The vaccine will be provided for free by the Federal Ministry of Health, with support from Gavi, UNICEF, WHO, and other partners.

News Minimalist

24 Oct 2023 17:34

[7.2] Climate change will make dengue endemic in Europe and US. — POLITICO Europe

Jeremy Farrar, the World Health Organization's chief scientist, has warned that climate change will lead to the infectious disease dengue becoming endemic in parts of Europe and the United States. The mosquitoes that transmit the virus thrive in warm, damp climates and have already been spreading further into Europe. Farrar emphasized that this will have a significant impact on health systems, as each child hospitalized with dengue requires intense care, potentially overwhelming healthcare systems. He also stressed the need to reframe climate change as a health issue and change the narrative surrounding it.

News Minimalist

24 Oct 2023 17:34

[7.3] US tech giants dominate global stocks, propelling US equity market. — Financial Times [$]

Seven large US tech companies, including Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia, and Tesla, have driven all of the gains in global stocks this year, propping up the S&P 500 index and pushing US dominance of equity markets to new heights. These companies have added almost $4tn in market capitalization in 2023, compared to $3.4tn in gains for the MSCI index (1) as a whole. The US share of global market capitalization has risen for the eighth time in the past decade, with US companies now accounting for 61% of the $60tn index, up from less than 50% a decade ago.

(1) MSCI — global stock market index that tracks the performance of large and mid-cap companies across 23 developed countries.

News Minimalist

03 Nov 2023 17:20

[7.8] UN report: World unprepared for climate crisis, funding falls short. — The Guardian

A UN report warns that the world is unprepared for the escalating impacts of the climate crisis, with international funding for climate adaptation falling short. The report estimates that between $215 billion and $387 billion per year is needed for climate adaptation in poor and vulnerable countries alone, but funding fell to just $21 billion in 2021. Rich nations pledged to provide $40 billion by 2025, but more action is needed to close the adaptation gap and deliver climate justice.

News Minimalist

02 Nov 2023 16:19

[7.0] European Data Protection Board extends ban on Facebook advertising practices. — Reuters

The European Data Protection Board has extended Norway's ban on "behavioural advertising" on Facebook and Instagram to cover all 30 countries in the European Union and the European Economic Area. Meta Platforms, the owner of the social media services, could face fines of up to 4% of its global turnover if it fails to comply with the ban. The decision affects approximately 250 million Facebook and Instagram users in Europe.

News Minimalist

02 Nov 2023 16:19

[7.2] More former smokers are now eligible for lung cancer screening under new guidelines. — Reuters

The American Cancer Society has updated its lung cancer screening guidelines, now recommending annual tests for individuals aged 50 to 80 with a history of heavy or long-term smoking, regardless of how long it has been since they quit smoking. This change expands the previous age range for screening from 55-74 years and reduces the required pack-years from 30 to 20 (for example, a pack a day for 20 years or two packs a day for 10 years), potentially affecting nearly five million U.S. smokers and former smokers. The organization emphasizes that the risk of lung cancer in former smokers remains significantly higher than in never-smokers, even decades after quitting, challenging the traditional belief that the risk drops to low levels 15 years post-smoking.

News Minimalist

01 Nov 2023 15:29

[7.0] AI named word of the year. — The Guardian

The word "AI" has been named the word of the year for 2023 by Collins dictionary, as it has become the dominant conversation and its use has quadrupled over the past year. Other notable terms include "greedflation," "debanking," "nepo baby," and "deinfluencing." Health-related terms like "ultra-processed" and "semaglutide" were also prominent, along with the acronym "Ulez".

News Minimalist

01 Nov 2023 15:29

[7.3] China tightens control over financial sector. — Financial Times [$]

China has signaled tighter control over its $61tn financial sector at a policy conference, emphasizing the need for centralized Communist party leadership and risk prevention. The conference backed President Xi Jinping's drive to deleverage the real estate sector, strengthen local government finances, and crack down on speculation and corruption.

News Minimalist

31 Oct 2023 14:55

[7.1] Alibaba upgrades AI model and releases industry-specific models. — Reuters

Alibaba has updated its AI model Tongyi Qianwen to version 2.0, which now has "hundreds of billions of" parameters, making it one of the world's most powerful AI models. The company has also released eight industry-specific AI models for entertainment, finance, healthcare, and legal industries.

News Minimalist

31 Oct 2023 14:55

[7.3] Personal details of 815 million Indians leaked online. — Hindustan Times

Personal details of over 815 million Indians have been leaked online, allegedly sourced from the Indian Council of Medical Research. A hacker posted the data on a forum, including, names, phone numbers, addresses, and passport information.

News Minimalist

30 Oct 2023 15:24

[7.2] Chevron's $53 billion acquisition of Hess gives access to Guyana's oil, transforming the country's economy. — Financial Times [$]

Chevron acquired Hess for $53 billion, gaining access to Guyana's offshore oil reserves estimated at 11 billion barrels. Guyana's oil output, which went from zero to 390,000 barrels a day last year, is projected to reach 1.2 million barrels a day by 2027, about a third of Exxon's current daily production.

Amid this resource boom, Guyana's economy grew by a record 62.3% last year, and the IMF forecasts 38% growth in 2023. However, there are underlying concerns such as the "resource curse," potential climate impacts, and the absence of a decommissioning fund in Guyana's 2016 contract.

News Minimalist

28 Oct 2023 17:29

[7.4] Worst fire season in 70 years in Queensland, Australia. — ABC News

More than 60 fires are currently burning across Queensland, making it the state's worst fire season in 70 years. Firefighters have battled over 400 fires in just one week, and the conditions are being compared to the devastating 2019 Black Summer bushfires. The state would need 250-300mm of prolonged rain to remove the danger, but the forecast for the remainder of spring and summer is not promising.

News Minimalist

26 Oct 2023 16:21

[7.0] Biden administration seeks stable oil prices amid Middle East tensions. — The New York Times [$]

The Biden administration is concerned about a potential conflict in the Middle East causing a surge in global oil prices and is exploring ways to keep American gasoline prices stable. This includes discussions with oil-producing nations like Saudi Arabia and American oil producers to increase supply. The administration is also considering authorizing new releases from the Strategic Petroleum Reserve, which was depleted last year after Russia's invasion of Ukraine.

News Minimalist

26 Oct 2023 16:21

[7.6] Pfizer and BioNTech develop combo flu and COVID-19 vaccine. — Reuters

Pfizer and BioNTech announced that their flu and COVID-19 vaccine generated a strong immune response against strains of both viruses in an early- to mid-stage trial. The companies plan to begin a late-stage trial in the coming months. The vaccine has the potential to simplify immunization practices by addressing two respiratory diseases with a single injection.

News Minimalist

25 Oct 2023 17:27

[7.0] China to cap crude oil refining capacity to reduce emissions. — Reuters

China's state planning agency, the National Development and Reform Commission (NDRC), has confirmed that it will cap its crude oil refining capacity at 1 billion metric tons by 2025 in order to streamline the sector and reduce carbon emissions. China surpassed the United States as the world's largest oil processor in 2022, with a refining capacity of 920 million tonnes per year. The NDRC will limit new refining capacity, promote the upgrading and optimization of refineries, and accelerate the closure of small and outdated plants.

News Minimalist

25 Oct 2023 17:27

[7.2] Brisk walking for 22 minutes daily counters negative effects of sitting. — The Guardian

A study published in the British Journal of Sports Medicine suggests that going for a brisk walk for just 22 minutes once a day can offset the negative health effects of sitting too much. Sedentary lifestyles are a leading cause of ill health worldwide, but moderate-to-vigorous physical activity can eliminate the increased risk from being sedentary. The study found that every minute of higher moderate-to-vigorous physical activity showed a lower risk of death, and doing 22 minutes or more per day eliminated the higher risk of death from sedentary time.

News Minimalist

24 Oct 2023 17:34

[7.0] Euro zone business activity falls, recession concerns rise, Q4 contraction expected. — Reuters

Euro zone business activity in October fell to its lowest level since November 2020, indicating a broad-based downturn and raising concerns of a possible recession. The flash euro zone Composite Purchasing Managers' Index (PMI) fell to 46.5, well below the 50 level that indicates growth, and below expectations for an uptick to 47.4. Germany, Europe's largest economy, saw a fourth consecutive month of contraction in business activity, while France also experienced a decline. The outlook for the euro zone economy remains gloomy, with expectations of contraction in Q4.

News Minimalist

24 Oct 2023 17:34

[7.4] 130+ companies urge governments to phase out fossil fuels, support clean energy. — The Verge, Financial Times [$], Reuters

More than 130 companies, including Volvo Cars, Ikea, Unilever, Nestlé, and AstraZeneca, have signed a letter calling on governments to adopt a global plan to phase out fossil fuels without carbon capture during upcoming international climate negotiations. The signatories represent close to $1 trillion in global annual revenue from diverse industries. The letter asks governments to phase out "unabated" fossil fuels, speed up the rollout of clean energy, provide financial support to less affluent countries, establish fees for carbon pollution, and reform subsidies for fossil fuels to support energy efficiency and renewables.