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Blockchain is now used in international trade

Major banks mark first-ever international trade using blockchain

The first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said on Monday, resulting in a shipment of cotton to China from the United States. Australian cotton trader Brighann Cotton Marketing bought the shipment bound for the port city Qingdao from U.S. division Brighann Cotton in Texas, the companies and their banks said in a joint statement. The blockchain trade, for 88 bales, totaled $35,000, reports Commonwealth Bank.
Blockchain is a web-based transaction-processing and settlement system whose efficiency banks say could slash costs. It creates a “golden record” of any given set of data that is automatically replicated for all parties in a secure network, eliminating any need for third-party verification. … Mon,  31 October 2016

Artificial Intelligence Software predicts Trump will be the next President

Trump is more popular than Obama in 2008, AI system finds

An artificial intelligence system that correctly predicted the last three U.S. presidential elections puts Republican nominee Donald Trump ahead of Democrat rival Hillary Clinton in the race for the White House.  MogIA was developed by Sanjiv Rai, founder of Indian start-up It takes in 20 million data points from public platforms including Google, Facebook, Twitter and YouTube in the U.S. and then analyzes the information to create predictions. The AI system was created in 2004, so it has been getting smarter all the time. It had already correctly predicted the results of the Democratic and Republican Primaries. … Sun,  30 October 2016

80% of the jobs people do today won’t exist in the future

The global jobs market is on “the cusp of a radical transformation.”

Speaking at the second annual HSBC Innovation Summit in London on Friday, Gavin Patterson (CEO of BT)  said: “It’s a combination of ubiquitous networks, ubiquitous data, ubiquitous processing capabilities, sensors in everything, augmented reality, virtual reality — the future looks very, very different. “Frankly, it’s quite possible that 80% of the jobs that people do today won’t exist in the future. It’s not quite clear where we go from here.” … Sat,  29 October 2016

Blockchain future

Blockchain may not succeed because the world is too ‘tribal’ … Fri,  28 October 2016

Banks Likely to Lose Passporting With Brexit

Global banks will lose their legal rights to provide services in the E.U. 

Global banks will probably lose their current legal rights to provide services in the European Union after Brexit, the U.K.’s trade minister said in the most detailed outline yet of the government’s thinking. Passporting, which allows London-based lenders and insurance companies to sell their services anywhere in the single market, is unlikely to continue after the U.K. leaves the 28-nation bloc, Mark Garnier said in an interview. He added that an alternative system that’s been floated, known as equivalence, was probably not going to be “good enough” for banks. … Thu.,  27 October 2016

Apple shares sink on first annual drop in revenue since 2001

Apple Sinks to Another 52-Week Low 

Shares in Apple Inc. (AAPL) hit another 52-week low in early trading this morning as problems for the computer giant continue. Apple shares have dragged the markets lower with all major indices erasing early gains today. (See also: 6 Funds With Heavy Apple Exposure.) Apple is down 2.5% today, trading to $90.01/share, $42 off its May 2015 high of $132 – a fall of 32%. Apple hasn’t traded below $90 since the middle of 2014. … Wed.,  26 October 2016

Brexit: leading banks set to pull out of UK early next year

British Bankers’ Association warns that major lenders are poised to hit relocate button

Britain’s biggest banks are preparing to relocate out of the UK in the first few months of 2017 amid growing fears over the impending Brexit negotiations, while smaller banks are making plans to get out before Christmas. … Mon.,  24 October 2016

AT&T acquires Time Warner

AT&T agrees to buy Time Warner for $85.4 billion

AT&T reached a deal Saturday to buy Time Warnerfor $85.4 billion, an acquisition that reflects the telecom giant’s desire to amass reputable TV and film content to diversify its massive but mature business of providing Internet access. In the cash-and-stock deal confirmed by AT&T and Time Warner late Saturday, AT&T will pay $107.50 per share of Time Warner, whose diverse media portfolio includes HBO, CNN, TNT, TBS, Warner Bros., theme parks, Bleacher Report and a 10% stake in streaming service Hulu. The deal, approved by the boards of both companies, is expected to close before the end of 2017. … Sun.,  23 October 2016

Massive CyberAttack

Widespread cyberattack takes down sites worldwide

A number of popular websites like Twitter and Netflix went down for some users on Friday in a massive cyberattack with international reach. Affected sites included Twitter (TWTR, Tech30), Etsy (ETSY), Github, Vox, Spotify, Airbnb, Netflix (NFLX, Tech30) and Reddit. Dyn, which manages website domains and routes internet traffic, experienced two distributed denial of service attacks on its DNS servers. A DDoS attack is an attempt to flood a website with so much traffic that it impairs normal service. … Sat.,  22 October 2016

Microsoft revenues up but analysts question Windows strength

Microsoft posted record revenues up 11% to $17.37bn in its first fiscal quarter

Strength of Office suite bolsters sales as slow PC growth and thinning margins leave analysts seeking next hit – though losses reduce at Bing search division. Microsoft posted record revenues up 11% to $17.37bn in its first fiscal quarter, but operating profits rose by just 1% to $7.2bn as its Windows, Server and Entertainment & Devices businesses showed slow growth. Those results were leavened by improvements in Microsoft’s Office business. Net income for the quarter to the end of September rose 6% to $5.7bn, compared to $5.4bn the year before. … Fri.,  21 October 2016