Government

Trump Extends TikTok Deadline For the Second Time (cnbc.com) 74

For the second time, President Trump has extended the deadline for ByteDance to divest TikTok's U.S. operations by 75 days. The TikTok deal "requires more work to ensure all necessary approvals are signed," said Trump in a post on his Truth Social platform. The extension will "keep TikTok up and running for an additional 75 days."

"We hope to continue working in Good Faith with China, who I understand are not very happy about our Reciprocal Tariffs (Necessary for Fair and Balanced Trade between China and the U.S.A.!)," Trump added. CNBC reports: ByteDance has been in discussion with the U.S. government, the company told CNBC, adding that any agreement will be subject to approval under Chinese law. "An agreement has not been executed," a spokesperson for ByteDance said in a statement. "There are key matters to be resolved." Before Trump's decision, ByteDance faced an April 5 deadline to carry out a "qualified divestiture" of TikTok's U.S. business as required by a national security law signed by former President Joe Biden in April 2024.

ByteDance's original deadline to sell TikTok was on Jan. 19, but Trump signed an executive order when he took office the next day that gave the company 75 more days to make a deal. Although the law would penalize internet service providers and app store owners like Apple and Google for hosting and providing services to TikTok in the U.S., Trump's executive order instructed the attorney general to not enforce it.
"This proves that Tariffs are the most powerful Economic tool, and very important to our National Security!," Trump said in the Truth Social post. "We do not want TikTok to 'go dark.' We look forward to working with TikTok and China to close the Deal. Thank you for your attention to this matter!"
Security

Hackers Strike Australia's Largest Pension Funds in Coordinated Attacks (reuters.com) 11

Hackers targeting Australia's major pension funds in a series of coordinated attacks have stolen savings from some members at the biggest fund, Reuters is reporting, citing a source, and compromised more than 20,000 accounts. From the report: National Cyber Security Coordinator Michelle McGuinness said in a statement she was aware of "cyber criminals" targeting accounts in the country's A$4.2 trillion ($2.63 trillion) retirement savings sector and was organising a response across the government, regulators and industry. The Association of Superannuation Funds of Australia, the industry body, said "a number" of funds were impacted over the weekend. While the full scale of the incident remains unclear, AustralianSuper, Australian Retirement Trust, Rest, Insignia and Hostplus on Friday all confirmed they suffered breaches.
Piracy

Massive Expansion of Italy's Piracy Shield Underway (techdirt.com) 21

An anonymous reader quotes a report from Techdirt: Walled Culture has been following closely Italy's poorly designed Piracy Shield system. Back in December we reported how copyright companies used their access to the Piracy Shield system to order Italian Internet service providers (ISPs) to block access to all of Google Drive for the entire country, and how malicious actors could similarly use that unchecked power to shut down critical national infrastructure. Since then, the Computer & Communications Industry Association (CCIA), an international, not-for-profit association representing computer, communications, and Internet industry firms, has added its voice to the chorus of disapproval. In a letter (PDF) to the European Commission, it warned about the dangers of the Piracy Shield system to the EU economy [...]. It also raised an important new issue: the fact that Italy brought in this extreme legislation without notifying the European Commission under the so-called "TRIS" procedure, which allows others to comment on possible problems [...].

As well as Italy's failure to notify the Commission about its new legislation in advance, the CCIA believes that: this anti-piracy mechanism is in breach of several other EU laws. That includes the Open Internet Regulation which prohibits ISPs to block or slow internet traffic unless required by a legal order. The block subsequent to the Piracy Shield also contradicts the Digital Services Act (DSA) in several aspects, notably Article 9 requiring certain elements to be included in the orders to act against illegal content. More broadly, the Piracy Shield is not aligned with the Charter of Fundamental Rights nor the Treaty on the Functioning of the EU -- as it hinders freedom of expression, freedom to provide internet services, the principle of proportionality, and the right to an effective remedy and a fair trial.

Far from taking these criticisms to heart, or acknowledging that Piracy Shield has failed to convert people to paying subscribers, the Italian government has decided to double down, and to make Piracy Shield even worse. Massimiliano Capitanio, Commissioner at AGCOM, the Italian Authority for Communications Guarantees, explained on LinkedIn how Piracy Shield was being extended in far-reaching ways (translation by Google Translate, original in Italian). [...] That is, Piracy Shield will apply to live content far beyond sports events, its original justification, and to streaming services. Even DNS and VPN providers will be required to block sites, a serious technical interference in the way the Internet operates, and a threat to people's privacy. Search engines, too, will be forced to de-index material. The only minor concession to ISPs is to unblock domain names and IP addresses that are no longer allegedly being used to disseminate unauthorized material. There are, of course, no concessions to ordinary Internet users affected by Piracy Shield blunders.
In the future, Italy's Piracy Shield will add:
- 30-minute blackout orders not only for pirate sports events, but also for other live content;
- the extension of blackout orders to VPNs and public DNS providers;
- the obligation for search engines to de-index pirate sites;
- the procedures for unblocking domain names and IP addresses obscured by Piracy Shield that are no longer used to spread pirate content;
- the new procedure to combat piracy on the #linear and "on demand" television, for example to protect the #film and #serietv.
Education

Microsoft, Amazon Execs Call Out Washington's Low-Performing 9-Year-Olds In Tax Pushback (geekwire.com) 155

Longtime Slashdot reader theodp writes: A coalition of Washington state business leaders -- which includes Microsoft President Brad Smith and Amazon Chief Legal Officer David Zapolsky -- released a letter Wednesday urging state lawmakers to reconsider recently proposed tax and budget measures. "I actually think it's an almost unprecedented outpouring of support from across the business community," said Microsoft's Smith in an interview. In their letter, which reads in part like it could have been penned by a GenAI Marie Antoinette, the WA business leaders question whether any more spending is warranted given how poorly Washington's 4th and 8th graders compare to children in the rest of the nation on test scores. The letter also laments the increase in WA's homeless population as it celebrates WA Governor Bob Ferguson's announcement that he would not sign a proposed wealth tax.

From the letter: "We have long partnered with you in many areas, including education funding. Despite more than doubling K-12 spending and increasing teacher salaries to some of the highest rates in the nation, 4th and 8th grade assessment scores in reading and math are among the worst in the country. Similarly, we have collaborated with you to address housing and homelessness. Despite historic investments in affordable housing and homelessness prevention since 2013, Washington's homeless population has grown by 71 percent, making it the third largest in the nation after California and New York, according to HUD. These outcomes beg the question of whether more investment is needed or whether we need different policies instead."

Back in 2010, Smith teamed with then-Microsoft CEO Steve Ballmer and then-Amazon CEO Jeff Bezos to fund an effort to defeat an initiative for a WA state income that was pushed for by Bill Gates Sr. In 2023, Bezos moved out of WA state before being subjected to a 7% tax on gains of more than $250,000 from the sale of stocks and bonds, a move that reportedly saved him $1.2 billion in WA taxes on his 2024 Amazon stock sales.

Government

Substack Says It'll Legally Defend Writers 'Targeted By the Government' (theverge.com) 61

Substack has announced it will legally support foreign writers lawfully residing in the U.S. who face government targeting over their published work, partnering with the nonprofit FIRE to expand its existing Defender program. The Verge reports: In their announcement, Substack and FIRE mention the international Tufts University student who was arrested by federal agents last week. Her legal team links her arrest to an opinion piece she co-wrote for the school's newspaper last year, which criticized Tufts for failing to comply with requests to divest from companies with connections to Israel. "If true, this represents a chilling escalation in the government's effort to target critics of American foreign policy," Substack and FIRE write.

The initiative builds on Substack's Defender program, which already offers legal assistance for independent journalists and creators on the platform. The company says it has supported "dozens" of Substack writers facing claims of defamation and trademark infringement since it launched the program in the US in 2020. It has since brought Substack Defender to writers in Canada and the UK.

Bitcoin

Larry Fink Says Bitcoin Could Replace the Dollar as the World's Reserve Currency Because of National Debt (fortune.com) 153

With America's national debt sitting comfortably over the $36.2 trillion mark, BlackRock CEO Larry Fink is warning the burden could one day be the reason the dollar is dethroned as the reserve currency of the world. From a report: He argues that decentralized currencies like Bitcoin could replace the dollar as worldwide organizations lose faith in national currencies and seek an independent solution. Fink explained his theory in his 2025 letter to shareholders, writing: "The U.S. has benefited from the dollar serving as the world's reserve currency for decades. But that's not guaranteed to last forever.

"The national debt has grown at three times the pace of GDP since Times Square's debt clock started ticking in 1989. This year, interest payments will surpass $952 billion -- exceeding defense spending. By 2030, mandatory government spending and debt service will consume all federal revenue, creating a permanent deficit. If the U.S. doesn't get its debt under control, if deficits keep ballooning, America risks losing that position to digital assets like Bitcoin."

AI

Alan Turing Institute Plans Revamp in Face of Criticism and Technological Change 29

Britain's flagship AI agency will slash the number of projects it backs and prioritize work on defense, environment and health as it seeks to respond to technological advances and criticism of its record. From a report: The Alan Turing Institute -- named after the pioneering British computer scientist -- will shut or offload almost a quarter of its 101 current initiatives and is considering job cuts as part of a change programme that led scores of staff to write a letter expressing their loss of confidence in the leadership in December.

Jean Innes, appointed chief executive in July 2023, argued that huge advances in AI meant the Turing needed to modernise after being founded as a national data science institute by David Cameron's government a decade ago this month. "The Turing has chalked up some really great achievements," Innes said in an interview. "[But we need] a big strategic shift to a much more focused agenda on a small number of problems that have an impact in the real world." A review last year by UK Research and Innovation, the government funding body, found "a clear need for the governance and leadership structure of the Institute to evolve." It called for a move away from the dominance of universities to a structure more representative of AI in UK.
Privacy

UK's GCHQ Intern Transferred Top Secret Files To His Phone (bbc.co.uk) 51

Bruce66423 shares a report from the BBC: A former GCHQ intern has admitted risking national security by taking top secret data home with him on his mobile phone. Hasaan Arshad, 25, pleaded guilty to an offence under the Computer Misuse Act on what would have been the first day of his trial at the Old Bailey in London. The charge related to committing an unauthorised act which risked damaging national security.

Arshad, from Rochdale in Greater Manchester, is said to have transferred sensitive data from a secure computer to his phone, which he had taken into a top secret area of GCHQ on 24 August 2022. [...] The court heard that Arshad took his work mobile into a top secret GCHQ area and connected it to work station. He then transferred sensitive data from a secure, top secret computer to the phone before taking it home, it was claimed. Arshad then transferred the data from the phone to a hard drive connected to his personal home computer.
"Seriously? What on earth was the UK's equivalent of the NSA doing allowing its hardware to carry out such a transfer?" questions Bruce66423.
Biotech

Open Source Genetic Database Shuts Down To Protect Users From 'Authoritarian Governments' (404media.co) 28

An anonymous reader quotes a report from 404 Media: The creator of an open source genetic database is shutting it down and deleting all of its data because he has come to believe that its existence is dangerous with "a rise in far-right and other authoritarian governments" in the United States and elsewhere. "The largest use case for DTC genetic data was not biomedical research or research in big pharma," Bastian Greshake Tzovaras, the founder of OpenSNP, wrote in a blog post. "Instead, the transformative impact of the data came to fruition among law enforcement agencies, who have put the genealogical properties of genetic data to use."

OpenSNP has collected roughly 7,500 genomes over the last 14 years, primarily by allowing people to voluntarily submit their own genetic information they have downloaded from 23andMe. With the bankruptcy of 23andMe, increased interest in genetic data by law enforcement, and the return of Donald Trump and rise of authoritarian governments worldwide, Greshake Tzovaras told 404 Media he no longer believes it is ethical to run the database. "I've been thinking about it since 23andMe was on the verge of bankruptcy and been really considering it since the U.S. election. It definitely is really bad over there [in the United States]," Greshake Tzovaras told 404 Media. "I am quite relieved to have made the decision and come to a conclusion. It's been weighing on my mind for a long time."

Greshake Tzovaras said that he is proud of the OpenSNP project, but that, in a world where scientific data is being censored and deleted and where the Trump administration has focused on criminalizing immigrants and trans people, he now believes that the most responsible thing to do is to delete the data and shut down the project. "Most people in OpenSNP may not be at particular risk right now, but there are people from vulnerable populations in here as well," Greshake Tzovaras said. "Thinking about gender representation, minorities, sexual orientation -- 23andMe has been working on the whole 'gay gene' thing, it's conceivable that this would at some point in the future become an issue."
"Across the globe there is a rise in far-right and other authoritarian governments. While they are cracking down on free and open societies, they are also dedicated to replacing scientific thought and reasoning with pseudoscience across disciplines," Greshake Tzovaras wrote. "The risk/benefit calculus of providing free & open access to individual genetic data in 2025 is very different compared to 14 years ago. And so, sunsetting openSNP -- along with deleting the data stored within it -- feels like it is the most responsible act of stewardship for these data today."

"The interesting thing to me is there are data preservation efforts in the U.S. because the government is deleting scientific data that they don't like. This is approaching that same problem from a different direction," he added. "We need to protect the people in this database. I am supportive of preserving scientific data and knowledge, but the data comes second -- the people come first. We prefer deleting the data."
Microsoft

As Microsoft Turns 50, Four Employees Remember Its Early Days (seattletimes.com) 38

"Microsoft built things. It broke things."

That's how the Seattle Times kicks off a series of articles celebrating Microsoft's 50th anniversary — adding that Microsoft also gave some people "a lucrative retirement early in their lives, and their own stories to tell."

What did they remember from Microsoft's earliest days? Scott Oki joined Microsoft as employee no. 121. The company was small; Gates was hands-on, and hard to please. "One of his favorite phrases was 'that's the stupidest thing I've ever heard,'" Oki says. "He didn't use that on me, so I feel pretty good about that."

Another, kinder phrase that pops to Oki's mind when discussing the international division he founded at Microsoft is "bringing home the bacon." An obsession with rapid revenue growth permeated Microsoft in those early days. Oki was about three weeks into the job as marketing manager when he presented a global expansion plan to Gates. "Had I done business internationally before? No," Oki said. "Do I speak a language other than English? No." But Gates gave Oki a $1 million budget to found the international division and sell Microsoft products overseas.

He established subsidiaries in the most important markets at the time: Japan, United Kingdom, Germany and France. And, because he had a few bucks left over, Australia. "Of the initial subsidiaries we started, every single one of them was profitable in its first year," he says...

Oki left Microsoft on March 1, 1992, 10 years to the day after he was hired.

Other memories shared by early Microsoft employees:
  • One recent graudate remembered her parents in Spokane saying "I think that's Mary and Bill Gates' son's company. If that kid is anything like those two, that is going to be a great company,'" She got her first job at Microsoft in 1992 — and 33 years later, she's a senior director at Microsoft Philanthropies.
  • The Times also interviewed one of Microsoft's first lawyers, who remembers that "The day the U.S. government sued Microsoft ... that was a tough day for me. It kind of turned my world upside down for about the next eight years."
  • Microsoft senior VP Brad Chase remembers negotiating with the Rolling Stones for the rights to their song "Start Me Up" for the Windows 95 ad campaign. ("Chase is quick to dispel any rumor that Mick Jagger called up Bill Gates and got $12 million. But he won't say how much the company paid.")

    But Chase does tell the Times that Bill Gates "used to say all of the time, 'We're going to bet the company on Windows.' That was a huge bet because Windows, frankly, was a lousy product in its early days."

Robotics

China is Already Testing AI-Powered Humanoid Robots in Factories (msn.com) 71

The U.S. and China "are racing to build a truly useful humanoid worker," the Wall Street Journal wrote Saturday, adding that "Whoever wins could gain a huge edge in countless industries."

"The time has come for robots," Nvidia's chief executive said at a conference in March, adding "This could very well be the largest industry of all." China's government has said it wants the country to be a world leader in humanoid robots by 2027. "Embodied" AI is listed as a priority of a new $138 billion state venture investment fund, encouraging private-sector investors and companies to pile into the business. It looks like the beginning of a familiar tale. Chinese companies make most of the world's EVs, ships and solar panels — in each case, propelled by government subsidies and friendly regulations. "They have more companies developing humanoids and more government support than anyone else. So, right now, they may have an edge," said Jeff Burnstein [president of the Association for Advancing Automation, a trade group in Ann Arbor, Michigan]....

Humanoid robots need three-dimensional data to understand physics, and much of it has to be created from scratch. That is where China has a distinct edge: The country is home to an immense number of factories where humanoid robots can absorb data about the world while performing tasks. "The reason why China is making rapid progress today is because we are combining it with actual applications and iterating and improving rapidly in real scenarios," said Cheng Yuhang, a sales director with Deep Robotics, one of China's robot startups. "This is something the U.S. can't match." UBTech, the startup that is training humanoid robots to sort and carry auto parts, has partnerships with top Chinese automakers including Geely... "A problem can be solved in a month in the lab, but it may only take days in a real environment," said a manager at UBTech...

With China's manufacturing prowess, a locally built robot could eventually cost less than half as much as one built elsewhere, said Ming Hsun Lee, a Bank of America analyst. He said he based his estimates on China's electric-vehicle industry, which has grown rapidly to account for roughly 70% of global EV production. "I think humanoid robots will be another EV industry for China," he said. The UBTech robot system, called Walker S, currently costs hundreds of thousands of dollars including software, according to people close to the company. UBTech plans to deliver 500 to 1,000 of its Walker S robots to clients this year, including the Apple supplier Foxconn. It hopes to increase deliveries to more than 10,000 in 2027.

Few companies outside China have started selling AI-powered humanoid robots. Industry insiders expect the competition to play out over decades, as the robots tackle more-complicated environments, such as private homes.

The article notes "several" U.S. humanoid robot producers, including the startup Figure. And robots from Amazon's Agility Robotics have been tested in Amazon warehouses since 2023. "The U.S. still has advantages in semiconductors, software and some precision components," the article points out.

But "Some lawmakers have urged the White House to ban Chinese humanoids from the U.S. and further restrict Chinese robot makers' access to American technology, citing national-security concerns..."
Transportation

'Why Did the Government Declare War on My Adorable Tiny Truck?' (bloomberg.com) 176

Automotive historian Dan Albert loves the "adorable tiny truck" he's driving. It's one of the small Japan-made "kei" pickups and minivans that "make up about a third of car sales in Japan." Americans can legally import older models for less than $10,000, and getting 40 miles per gallon they're "Cheap to buy and run... rugged, practical, no-frills machines — exactly what the American-built pickup truck used to be."

But unfortunately, kei buyers face "bureaucratic roadblocks that states like Massachusetts have erected to keep kei cars and trucks out of the hands of U.S. drivers." Several state departments of motor vehicles (DMVs) have balked at registering the imported machines, saying that they're too unsafe for American streets. Owners have responded with a righteous mix of good humor, lobbying and lawsuits... Kei trucks do not meet the Federal Motor Vehicle Safety Standards, or FMVSS — the highly specific rules US-market new cars must meet. But since 1988, the Imported Vehicle Safety Compliance Act has exempted vehicles that are at least 25 years old from these crash safety standards, allowing drivers to bring over vintage European and Asian market models...

Getting insurance coverage was the next barrier, as the company that had long been underwriting the Albert family's fleet also rejected me, forcing me to seek out a specialty "collector car" insurer. (I did eventually get regular coverage....) Maine, Rhode Island, New York, Pennsylvania, Georgia, Virginia, and Michigan also tightened their rules on registering small Japanese imports in recent years. The culprit, according to the auto enthusiast press, was the American Association of Motor Vehicle Administrators, the trade organization that serves as the lobbying and policy arm of DMVs across North America. Much of AAMVA's work involves integrating the databases of the 69 US and Canadian motor vehicle jurisdictions who are its members, so that a car stolen in one state can't be titled in another... The kei truck's regulatory troubles can be traced to a 2011 AAMVA report, "Best Practices Regarding Registration and Titling of Mini-Trucks," which called for outright bans and encouraged DMVs to lobby state legislatures to outlaw keis entirely.

The Insurance Institute of Highway Safety concurred, telling AAMVA that its recommendation did not go far enough: The IIHS said that keis should join the class of conveyances that the U.S. government calls Low Speed Vehicles, which are mechanically limited to 25 miles per hour or less and should be used only for short local trips on low-speed-limit roads because they can't protect occupants in the event of a collision with a regular vehicle... [But] By 2008, Japan's kei trucks did feature crumple zones and driver airbags in compliance with that country's safety standards...

Despite its name, the Imported Vehicle Safety Compliance Act that lets older cars into the US from overseas isn't really about safety: Car industry lobbyists secured passage of the law to protect dealer profits. Newer keis — which are banned — are safer and cleaner than the 25-year-old ones that can be imported now. (Battery-powered keis debuted in 2009.) But even mine has an airbag, front crumple zone, seatbelt pretensioners, and anti-lock brakes.

The article notes that kie fans have "a distinctly libertarian streak... Some owners I've talked to report forging titles, setting up shell companies in Montana and finding other means of skirting DMV rules."

Thanks to long-time Slashdot reader schwit1 for sharing the article.
Programming

DOGE To Rewrite SSA Codebase In 'Months' (wired.com) 338

Longtime Slashdot reader frank_adrian314159 writes: According to an article in Wired, Elon Musk has appointed a team of technologists from DOGE to "rewrite the code that runs the SSA in months." This codebase has over 60 million lines of COBOL and handles record keeping for all American workers and payments for all Social Security recipients. Given that the code has to track the byzantine regulations dealing with Social Security, it's no wonder that the codebase is this large. What is in question though is whether a small team can rewrite this code "in months." After all, what could possibly go wrong? "The project is being organized by Elon Musk lieutenant Steve Davis ... and aims to migrate all SSA systems off COBOL ... and onto a more modern replacement like Java within a scheduled tight timeframe of a few months," notes Wired.

"Under any circumstances, a migration of this size and scale would be a massive undertaking, experts tell WIRED, but the expedited deadline runs the risk of obstructing payments to the more than 65 million people in the US currently receiving Social Security benefits."

In 2017, SSA announced a plan to modernize its core systems with a timeline of around five years. However, the work was "pivoted away" because of the pandemic.
United Kingdom

UK Govt Data People Not Technical, Says Ex-Downing St Data Science Head (theregister.com) 11

An anonymous reader shares a report: A former director of data science at the UK prime minister's office has told MPs that people working with data in government are not typically technical and would be unlikely to get a similar job in the private sector.

In a hearing designed to illuminate the challenges facing the Department for Science, Innovation and Technology (DSIT) as it strives to become the digital centre for government, MPs quizzed Laura Gilbert, head of AI for Government, at the Ellison Institute and former director of data science at 10 Downing Street, the prime ministers' office.

Members of the House of Common's Science, Innovation and Technology Committee wanted to know about the performance of the Government Digital Service, which in January was moved from the Cabinet Office to DSIT and merged with Central Digital and Data Office (CDDO), the Incubator for AI (i.AI). Gilbert, a particle physicist who has worked in a number of tech industry roles, said one of the challenges was understanding the level of tech skills in the civil service in central government.

Privacy

Oracle Customers Confirm Data Stolen In Alleged Cloud Breach Is Valid (bleepingcomputer.com) 20

An anonymous reader quotes a report from BleepingComputer: Despite Oracle denying a breach of its Oracle Cloud federated SSO login servers and the theft of account data for 6 million people, BleepingComputer has confirmed with multiple companies that associated data samples shared by the threat actor are valid. Last week, a person named 'rose87168' claimed to have breached Oracle Cloud servers and began selling the alleged authentication data and encrypted passwords of 6 million users. The threat actor also said that stolen SSO and LDAP passwords could be decrypted using the info in the stolen files and offered to share some of the data with anyone who could help recover them.

The threat actor released multiple text files consisting of a database, LDAP data, and a list of 140,621 domains for companies and government agencies that were allegedly impacted by the breach. It should be noted that some of the company domains look like tests, and there are multiple domains per company. In addition to the data, rose87168 shared an Archive.org URL with BleepingComputer for a text file hosted on the "login.us2.oraclecloud.com" server that contained their email address. This file indicates that the threat actor could create files on Oracle's server, indicating an actual breach. However, Oracle has denied that it suffered a breach of Oracle Cloud and has refused to respond to any further questions about the incident.

"There has been no breach of Oracle Cloud. The published credentials are not for the Oracle Cloud. No Oracle Cloud customers experienced a breach or lost any data," the company told BleepingComputer last Friday. This denial, however, contradicts findings from BleepingComputer, which received additional samples of the leaked data from the threat actor and contacted the associated companies. Representatives from these companies, all who agreed to confirm the data under the promise of anonymity, confirmed the authenticity of the information. The companies stated that the associated LDAP display names, email addresses, given names, and other identifying information were all correct and belonged to them. The threat actor also shared emails with BleepingComputer, claiming to be part of an exchange between them and Oracle.

Bitcoin

Fidelity Prepares To Unveil Its Own Stablecoin (binance.com) 32

According to the Financial Times, Fidelity Investments is in advanced stages of developing its own stablecoin. Binance reports: The Boston-based financial services giant plans for the token to serve as a form of digital cash, according to the report, which cites two people close to the matter. The token would form part of company's strategy to enter the tokenized government bonds market. Stablecoins are a cryptocurrency whose value is pegged to a real-world asset such as the U.S. dollar or gold. They provide a convenient way for crypto traders to preserve their fiat value without having to cash out of the market.

The news emerges just days after Fidelity filed paperwork to register a blockchain-based version of its U.S. dollar money market fund. The company seeks to register an "OnChain" share class of its Treasury Digital Fund (FYHXX), which holds cash and U.S. Treasury securities and is available only to Fidelity's hedge fund and institutional clients. A Fidelity stablecoin could fill the role of cash in this fund.
The report comes a day after World Liberty Financial, a crypto venture backed by Donald Trump and his family, launched a U.S. dollar-pegged stablecoin called USD1.
Businesses

Quitting Your Job Won't Help You Get Paid More Money Right Now (bloomberg.com) 44

Here's one more reason to cling to a steady job: It doesn't pay to quit. From a report: Typically workers who snag a new position see higher pay bumps than those holding down the same job. But in February, median wage growth of 4.4% for job stayers surpassed a 4.2% gain for job switchers, according to data from the Federal Reserve Bank of Atlanta. The change, as measured by a three-month moving average, is yet another sign of a softening labor market. White collar workers have been clinging to their jobs in the face of widespread layoffs and workplace reductions. Last month, employers announced the fastest pace of job cuts since 2020, when factoring in government job losses. And now an oversupply of job seekers means workers are having to settle for smaller pay bumps, said Peter Cappelli, a professor of management at The Wharton School of the University of Pennsylvania.

"That certainly sounds like a big slackening of the job market," Cappelli said. It's a major reversal from the "Great Resignation" a few years ago, when workers left their jobs at unprecedented rates, demanding more benefits and higher pay from employers. At a peak in July 2022, workers who got new jobs saw their wages grow by a whopping 8.5% compared to 5.9% for those who stayed loyal to their company, Atlanta Fed data show.

Google

Apple Barred From Google Antitrust Trial, $20 Billion Search Deal at Risk (arstechnica.com) 15

A U.S. appeals court has ruled that Apple cannot participate in Google's upcoming antitrust trial, potentially jeopardizing a $20 billion annual deal between the tech giants. The DC Circuit Court of Appeals affirmed that Apple waited too long to join the proceedings, filing its request 33 days after the government proposed remedies in the case Google lost last August.

"The delay seems difficult to justify," the judges ruled. While Apple can still submit written testimony and file friend-of-court briefs, it cannot present evidence or cross-examine witnesses as it had sought. At stake is Google's practice of paying Apple approximately $20 billion annually to remain the default search engine in Safari browsers across Apple devices. The government's proposed remedies would make such arrangements impermissible.
China

'China's Engineer Dividend Is Paying Off Big Time' 115

An anonymous reader shares a Bloomberg column: Worries over China's "3D" problem -- that deflation, debt and demographics are structurally hampering growth -- are melting away. Instead, investors are talking about how the world's second-largest economy can take on the US and challenge its technological dominance. There is the prevailing sense that China's "engineer dividend" is finally paying off. Between 2000 and 2020, the number of engineers has ballooned from 5.2 million to 17.7 million, according to the State Council. That reservoir can help the nation move up the production possibility frontier, the thinking goes.

In a way, DeepSeek shouldn't have come as a surprise. Size matters. A bigger talent pool alone gives China a better chance to disrupt. In 2022, 47% of the world's top 20th percentile AI researchers finished their undergraduate studies in China, well above the 18% share from the US, according to data from the Paulson Institute's in-house think tank, MacroPolo. Last year, the Asian nation ranked third in the number of innovation indicators compiled by the World Intellectual Property Organization, after Singapore and the US. What this also means is that innovative breakthroughs can pop out of nowhere. [...]

More importantly, China's got the cost advantage. Those under the age of 30 account for 44% of the total engineering pool, versus 20% in the US, according to data compiled by Kaiyuan Securities. As a result, compensation for researchers is only about one-eighth of that in the US. Credit must be given to President Xi Jinping for his focus on higher education as he seeks to upgrade China's value chain. These days, roughly 40% of high-school graduates go to universities, versus 10% in 2000. Meanwhile, engineering is one of the most popular majors for post-graduate studies. It's a welcome reprieve for a government that has been struggling with a shrinking population.
The Internet

Why the Internet Archive is More Relevant Than Ever (npr.org) 64

It's "live-recording the World Wide Web," according to NPR, with a digital library that includes "hundreds of billions of copies of government websites, news articles and data."

They described the 29-year-old nonprofit Internet Archive as "more relevant than ever." Every day, about 100 terabytes of material are uploaded to the Internet Archive, or about a billion URLs, with the assistance of automated crawlers. Most of that ends up in the Wayback Machine, while the rest is digitized analog media — books, television, radio, academic papers — scanned and stored on servers. As one of the few large-scale archivists to back up the web, the Internet Archive finds itself in a particularly unique position right now... Thousands of [U.S. government] datasets were wiped — mostly at agencies focused on science and the environment — in the days following Trump's return to the White House...

The Internet Archive is among the few efforts that exist to catch the stuff that falls through the digital cracks, while also making that information accessible to the public. Six weeks into the new administration, Wayback Machine director [Mark] Graham said, the Internet Archive had cataloged some 73,000 web pages that had existed on U.S. government websites that were expunged after Trump's inauguration...

According to Graham, based on the big jump in page views he's observed over the past two months, the Internet Archive is drawing many more visitors than usual to its services — journalists, researchers and other inquiring minds. Some want to consult the archive for information lost or changed in the purge, while others aim to contribute to the archival process.... "People are coming and rallying behind us," said Brewster Kahle, [the founder and current director of the Internet Archive], "by using it, by pointing at things, helping organize things, by submitting content to be archived — data sets that are under threat or have been taken down...."

A behemoth of link rot repair, the Internet Archive rescues a daily average of 10,000 dead links that appear on Wikipedia pages. In total, it's fixed more than 23 million rotten links on Wikipedia alone, according to the organization.

Though it receives some money for its preservation work for libraries, museums, and other organizations, it's also funded by donations. "From the beginning, it was important for the Internet Archive to be a nonprofit, because it was working for the people," explains founder Brewster Kahle on its donations page: Its motives had to be transparent; it had to last a long time. That's why we don't charge for access, sell user data, or run ads, even while we offer free resources to citizens everywhere. We rely on the generosity of individuals like you to pay for servers, staff, and preservation projects. If you can't imagine a future without the Internet Archive, please consider supporting our work. We promise to put your donation to good use as we continue to store over 99 petabytes of data, including 625 billion webpages, 38 million texts, and 14 million audio recordings.
Two interesting statistics from NPR's article:

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


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