Albert Einstein 1879 – 1955
‘I have no special talent. I am only passionately curious’.
UK mortgage arrears by value climbs
The value of UK mortgage arrears jumped by almost a third in April to June 2023 compared with the same period last year, according to the Bank of England (BoE).
Outstanding mortgage debt is now £16.9bn, the highest since 2016, it said.
Mortgage costs have risen for millions as the Bank has repeatedly hiked interest rates to slow soaring prices.
Some experts warn defaults will rise, but others say the number unable to repay remains relatively low.
According to the BoE, in April-June 16% of mortgages in arrears were new cases, which it said ‘was little changed compared to the previous quarter’.
It added that the proportion of mortgages in arrears was the highest since 2018.
Excessive radiation fears for iphone 12
France ban Apple iphone 12
According to news reports, France has banned the Apple iPhone 12 because it emits too much electromagnetic radiation, which could be harmful to human health.
The French watchdog (ANFR) said that the iPhone 12’s specific absorption rate (SAR), which measures the rate of radio frequency energy absorbed by the body, was above the legal limit of 4.0 watts per kilogram in tests simulating the phone being held in the hand or kept in a pocket.
Dispute
Apple disputed the tests and said that the iPhone 12 was certified by multiple international bodies and compliant with all global radiation standards. The French digital minister said that Apple had two weeks to respond and fix the issue, or else he would order a recall of all iPhone 12 devices sold in the country.
The minister also said that France would share its findings with other regulators in the European Union, which could lead to a wider ban of the phone.
What is electromagnetic radiation?
Radiation from mobile phones is a type of electromagnetic radiation that is emitted by cell phones and cordless phones when they send and receive signals. Electromagnetic radiation is a form of energy that travels in waves or particles through space.
It can be classified into two types: ionizing and non-ionizing radiation. Ionizing radiation has high energy and can damage DNA, which may increase the risk of cancer such as; x-rays, radon, and cosmic rays. Non-ionizing radiation has low energy and cannot damage DNA directly – such as; radio waves, microwaves, infrared, visible light, and ultraviolet light.
Cell phone radiation
Cell phones use radiofrequency (RF) waves, which are a type of non-ionizing radiation, to communicate with cell towers and other devices. RF waves have frequencies ranging from 0.7 to 80 GHz, depending on the generation of the cell phone (2G, 3G, 4G, or 5G). The human body can absorb some of the RF energy from cell phones, which may cause some heating to the area of the body where the phone is held (e.g., the ear and head). However, it is suggested this heating is not enough to raise the core body temperature or cause any harmful effects.
Research
There has been a lot of research on whether cell phone use can cause health problems, such as cancer, in humans. However, it has been reported that the evidence so far is not conclusive and does not show a clear link between cell phone use and cancer risk. There could be a link but we do not know 100%… yet?
Some studies have suggested that there may be a small increase in the risk of certain types of brain tumors (such as acoustic neuromas) for people who use cell phones for a long time or frequently. However, other studies have not found any consistent evidence to support this.
The incidence of brain and central nervous system cancers has not changed significantly during the time that cell phone use has increased dramatically. Therefore, more research is needed to understand the possible effects of cell phone use on human health.
U.S. inflation ticks up from 3.2% to 3.7% according to August data release
Latest U.S. inflation figures
The latest inflation figures for the U.S. show that the annual inflation rate rose to 3.7% in August 2021, up from 3.2% in July 2021. This was mainly driven by a sharp increase in energy prices, which jumped up 10.5% over the last month. Gas (petrol) prices accounted for more than half of the increase in the overall inflation rate.
Core inflation
However, core inflation, which excludes the volatile food and energy sectors, slowed down to 4.3% in August 2021, down from 4.7% in July 2021. This suggests that the Federal Reserve’s ’11’ rate hikes are having some effect on cooling the inflationary pressures in the economy. Some sectors, such as used cars, medical care services and airfare, saw price decreases in August 2021.
Will the Fed keep interest rates unchanged at its next meeting on September 20, 2021, as we wait to see the full impact of its previous rate hikes on the economy?
However, the Fed may still raise interest rates later this year if inflation remains persistently above its target of 2%. Higher interest rates could introduce more volatility to the U.S. economy and potentially trigger a recession.
‘I told you that was a risky investment!’
UK economy contracts July 2023 due to… rain!
The UK economy shrank more than expected in July due to strike action taken by NHS workers, doctors and teachers – ONS data shows.
Wet weather also hit the construction and retail industries, the Office for National Statistics (ONS) said, causing the economy to contract by 0.5%.
The figures were worse than analysts had predicted and continue a trend of weak economic growth in the UK.
Blame the weather and strike action for the contraction
Office for National Statistics (ONS) for UK GDP as at 13th September 2023..
Production output fell by 0.7% in July 2023, after growth of 1.8% in June 2023.
The construction sector fell by 0.5% in July 2023, after growth of 1.6% in June 2023.
Not a recession, but the weather gets the blame for slowing up UK progress!
New Arm IPO substantially over subscribed
Oversubscribed
The upcoming IPO of Arm Holdings, the British chip designer that is owned by SoftBank Group is already oversubscribed by more than 10 times. Bankers plan to stop taking orders by the afternoon of 12th Deptember 2023.
This means that there is a massive demand for the shares and the company may raise more money than expected. The IPO could end up as much as 15 times oversubscribed by Wednesday 13th September 2023, which would indicate a very high valuation for Arm.
High end valuation $55 billion
Arm filed for its IPO at $47 to $51 a share, which could value the company at $54.5 billion at the high end of the range. However, Arm is still reportedly considering raising the price range of its IPO. This could easily make Arm one of the most valuable tech companies in the world.
Arm is a key part of the chip supply chain, designing semiconductors found in most of the world’s smartphones, as well as other devices and applications.
Arm is poised to become a bigger and more profitable business, as it shifts to high-margin chips and benefits from the boom in cloud computing and artificial intelligence (AI).
Arm’s CEO Rene Haas has been pitching investors on this pivot and the growth prospects of the company.
What a success story.
The Magnificent Seven Tech Stocks – STOCK WATCH
Top tech stocks
The Magnificent Seven is a term to describe seven tech’ stocks that have been surging in 2023.
- Meta Platforms (formerly Facebook), the social media giant that also owns Instagram, WhatsApp, and Oculus.
- Apple, the maker of the iPhone, iPad, Mac, Apple Watch, AirPods, and other popular devices and services including cloud and Apple TV streaming service.
- Amazon, the e-commerce leader that also operates AWS, Prime Video, Alexa, and Whole Foods.
- Alphabet, the parent company of Google, YouTube, Gmail, Google Cloud, and Waymo.
- Microsoft, the software company that owns Windows, Office, Azure, LinkedIn, Xbox, and Teams.
- Nvidia, the semiconductor company that produces graphics cards, gaming devices, data center solutions, and AI platforms.
- Tesla, the electric vehicle maker that also develops solar panels, batteries, and autonomous driving technology.
Dominant
These seven stocks are considered to be dominant in their respective fields and have strong growth prospects driven by innovation and artificial intelligence (AI).
They have outperformed the broader market and attracted many investors who are looking for exposure to the tech’ sector. Some analysts believe that these stocks will continue to lead the market in the future, while others caution that they may face regulatory challenges, competition, or valuation issues.
Approximate combined market cap of the Magnificent Seven tech stocks
The approximate combined market cap value of the Magnificent Seven as of September 2023 is approximately $11.8 trillion.
- Apple: $2.5 trillion
- Microsoft: $2.3 trillion
- Alphabet: $1.9 trillion
- Amazon: $1.7 trillion
- Nvidia: $0.8 trillion
- Meta Platforms: $0.9 trillion
- Tesla: $0.7 trillion
Note that these values will change over time as the stock prices fluctuate.
A way to trade the tech sector is through funds
There are many funds that can trade tech stocks, depending on your investment objectives, risk tolerance, and preferences.
Technology mutual funds: These are funds that invest in a diversified portfolio of technology companies across different industries, such as software, hardware, internet, cloud, biotech, and more. Technology mutual funds can offer exposure to the growth potential of the tech sector, as well as reduce the volatility and risk of investing in individual stocks.
Some examples of technology mutual funds are Fidelity Select Technology Portfolio (FSELX), Columbia Global Technology Growth Fund (CGTYX), and Schwab U.S. Large-Cap Growth Index Fund (SCHG).
Technology exchange-traded funds (ETFs): These are funds that track an index of technology stocks and trade on an exchange like a stock. Technology ETFs can offer low-cost and convenient access to the tech sector, as well as allow investors to choose from different themes, such as cybersecurity, artificial intelligence (AI), cloud computing and more.
Some examples of technology ETFs are Invesco QQQ Trust (QQQ), Technology Select Sector SPDR Fund (XLK), and VanEck Vectors Semiconductor ETF (SMH).
Technology index funds: These are funds that replicate the performance of a specific technology index, such as the Nasdaq 100, the S&P 500 Information Technology Index, or the Morningstar U.S. Technology Index. Technology index funds can offer broad and passive exposure to the tech sector, as well as low fees and high tax efficiency.
Some examples of technology index funds are Fidelity NASDAQ Composite Index Fund (FNCMX), Vanguard Information Technology Index Fund Admiral Shares (VITAX), and iShares Morningstar U.S. Technology ETF (IYW).
NOTE: These are not recommendations. Investments may go up or down. Your money is at risk!
Always do your own research…
REASEARCH! REASEARCH! RESEARCH!
‘Even if I knew that tomorrow the world would go to pieces, I would still plant my apple tree’.
Martin Luther 1483 – 1546
Martin Luther was a German theologian and leader of the Protestant Reformation in the 16th century. He is known for his writings and teachings on topics such as justification by faith, the authority of Scripture, the priesthood of all believers, and the freedom of the Christian.
He also translated the Bible into German and wrote many hymns, catechisms, and commentaries.
He is widely regarded as one of the most influential figures in the history of Christianity.
Apple $200 billion loss in just a few days – NASDAQ falls
50 million iPhones sold in China every year
Apple sells around 50 million iPhones in China annually. A sweeping ban is what investors fear and that spells trouble for Apple.
Apple stock drops after The Wall Street Journal reported a day earlier that Chinese authorities have curbed the use of the iPhone. Apple’s flagship product will no longer be legal to use by some central government officials.
The potential crackdown threatens to dissrupt Apple’s sales as China accounts for about 20% of Apple’s total revenue. Uncertainties about the news prompted investors to retreat from Apple postions, leading to a 6% drop in Apple shares in two days. More than $200bn of market cap was wiped out.
$200 market cap drop
The iPhone commeth
Adding to the concern, Apple is just days away from its key event. On the 12th september 2023, the company is expected to officially announce the launch of its newest smartphone – the iPhone 15.
UK Farmers ‘struggling’ to harvest crops due to labour recruiting crisis
Attracting seasonal workers remains a problem for some UK farmers, despite the UK government’s attempts to increase the number of visas available for people from overseas.
There is a shortage of short term farm labour in the UK to pick crops, especially potatoes. Some of the possible causes and consequences of this situation range from Brexit to the war in war Ukraine.
Problems
Brexit has reduced access to temporary workers coming from the EU, while war in Ukraine has disrupted the flow from a country that has provided a large proportion of the UK’s harvest workers in recent years.
The UK government has a seasonal workers pilot scheme that offers short-term visas to those helping with food production, but the farming industry says it needs more than the 38,000 visas that have been made available.
High employment levels in the UK and alternative work opportunities in other sectors such as warehouses and delivery have made it harder for farmers to recruit local workers.
The labour shortage has led to food waste of home-grown fruit and vegetables, as some crops are left to rot in the fields or are harvested less frequently.
Food waste and supply chain
The food supply chain is also affected by the lack of workers in slaughterhouses, dairy farms, and other processing facilities.
The food waste and supply disruption could have negative impacts on the environment, the economy, and the consumers’ access to fresh and affordable produce
And it can be especially challenging for farmers in very rural areas, where transport is more difficult and the pools of workers available are likely to be smaller.
‘If you want to change the world, pick up your pen and write’.
Martin Luther 1483 – 1546
Martin Luther was a German theologian and leader of the Protestant Reformation in the 16th century. He is known for his writings and teachings on topics such as justification by faith, the authority of Scripture, the priesthood of all believers, and the freedom of the Christian.
He also translated the Bible into German and wrote many hymns, catechisms, and commentaries.
He is widely regarded as one of the most influential figures in the history of Christianity
India’s ‘massive expansion’ could play key role in global economic growth
India expands
Many economists stronly believe that India’s stellar economic trajectory alongside strong forecasts for some Southeast Asian countries will be important drivers for future global growth.
The next decade, could see Asia Pacific become the fastest growing region of the world economy. India, Indonesia, the Philippines and Vietnam will most likely be among the world’s fastest growing emerging markets over the next 10 years.
India’s economy grew 7.8% in the June quarter, marking the fastest pace of growth in a year.
The momentum in the Indian economy looks really strong at the moment, economists suggest. Some forecasts expect that India will surpass Japan to become the third largest economy by 2030, with the country’s GDP projected to rise from $3.5 trillion in 2022 to $7.3 trillion by 2030.
As a region, Asia-Pacific’s growth is expected to strengthen from 3.3% last year to 4.2% this year, according to economic projections.
Over the next decade, we expect that about 55% of the total increase in the world’s GDP will come from the Asia-Pacific region.
Where does this leave the U.S. and China?
Still, the U.S. will remain an important driver of the global economy, accounting for some 15% of the world’s growth over the next decade.
China will also still be pivotal in this growth story, contributing to about one-third of the total increase over the same period, analysts suggest. China’s recovery has been weaker than expected and the expected ‘growth momentum’ has wained.
China has been affected by a slew of economic data broadly missing expectations.
As a whole, analysts expect global growth to come in at 2.5% this year and next. But please bear in mind these are forecast and move regularly.
Ashoka Chakra – the Flag of India
The flag of India is a horizontal tricolour of saffron, white and green, with a navy blue wheel called the Ashoka Chakra in the centre. The flag was adopted on 22nd July 1947, after India gained independence from British rule.
It is based on the Swaraj flag, which was designed by Pingali Venkayya and modified by Mahatma Gandhi. The colours and symbols of the flag have different meanings and interpretations.
Saffron represents courage, sacrifice, Hinduism and Buddhism. White represents peace, truth, purity and other religions in India. Green represents faith, fertility, Islam and Sikhism.
The Ashoka Chakra represents the law of dharma, the cycle of life and death, and the ancient Indian emperor Ashoka who spread Buddhism across Asia.
India’s flag is also known as the Tiranga, which means ‘the tricolour’ in Hindi. The flag has a ratio of 2:3 and can only be made of khadi, a hand-spun cloth.
The flag code of India regulates the usage and display of the flag by the government and the public.
‘Now, let me tell you the ‘truth’ about climate change!’
Unit Trusts – KNOWHOW
A unit trust – a brief explanation
A unit trust is a type of investment fund that allows you to pool your money with other investors and invest in a variety of assets, such as shares, bonds, property, or cash.
A unit trust is managed by a professional fund manager who decides what to buy and sell according to the fund’s objectives and strategy. You can buy or sell units in a unit trust at any time, depending on the market price of the units. The price of each unit is calculated by dividing the total value of the fund’s assets by the number of units issued.
The more units you own, the more you benefit from the fund’s performance. A regular monthly purchase is the best way to buy as you evenly spread the cost and smooth out and the ‘up’s and ‘downs’ over time.
Some of the advantages of investing in a unit trust
- You can access a diversified portfolio of assets with a relatively small amount of money.
- You can benefit from the expertise and research of the fund manager who makes the investment decisions for you.
- You can choose from a wide range of unit trusts that suit your risk appetite, investment goals, and preferences.
Some of the disadvantages of investing in a unit trust
- The performance of the unit trust depends on the skill and judgment of the fund manager, who may not always make the best choices.
- You have to pay fees and charges to the fund manager and other service providers, which can reduce your returns.
- You may face market risks and volatility, which can affect the value of your units.
A unit trust is a good way to invest in the markets but beware, like any investment, markets go up and they go down! Be aware and be careful.
This is not advice or recommendation.
RESEARCH! RESEARCH! RESEARCH!
‘When life gives you lemons, make lemonade’.
Elbert Hubbard 1856 –1915
Elbert Hubbard – was an American writer, publisher, artist, and philosopher. He was a travelling salesman.
Hubbard is best known as the founder of the Roycroft artisan community in New York, an influential exponent of the Arts and Crafts movement.
No, nor me – never heard of him, but I really like this quote.
Another BIG blast off moment for India on the global stage as it hosts the G20 Summit
India hosting the G20 summit
The G20 summit will be held in New Delhi on 9th and 10th September 2023. This is the first time that India has hosted such a prestigious event, which brings together the leaders of the world’s 20 major economies with the exception of Russia.
India has invited several other countries and organisations to attend the summit, to include Bangladesh, Egypt, Spain, Netherlands, Nigeria, Mauritius, Singapore, Oman, UAE, UN, IMF, WHO, WTO, ILO, OECD, ISA, CDRI and ADB.
Broad range of issues
The summit will cover a range of issues, such as global health and pandemic response, economic recovery and resilience, climate change and environment, digital transformation and innovation, and gender equality and women empowerment. India has also proposed three new agenda items for the summit: reformed multilateralism, physical and social infrastructure for rapid inclusive development, and media and entertainment.
Major global player
India hopes that the G20 summit will cement its role as a major global player and showcase its achievements and aspirations to the world. However, the summit also faces some challenges and uncertainties, such as the absence of China’s Xi Jinping and Russia’s Vladimir Putin, the possibility of failing to agree on a joint communique, and the criticism of India’s beautification efforts that have displaced many poor people and animals.
Significant growth expected for India
India’s economy is expected to grow significantly in the coming years. For example, some economists predict that India’s annual gross domestic product growth (GDP) will average 6.3% through 2030. Others estimate that India’s GDP is likely to more than double from current levels by 2031. The OECD also forecasts that India will grow by 6% in 2023–24 and by 7% in 2024–25.
Some of the factors that may contribute to India’s economic growth are its strong emphasis on physical infrastructure development, ease of doing business, improved global conditions, and increased public spending on health care. However, there are also some challenges and risks that India may face, such as inflationary pressures, global uncertainties, environmental issues, and the labour market.
What is the G20?
The G20 is a group of 20 major economies that meet annually to discuss global issues such as economic growth, trade, development, health, climate change and energy.
Members of the G20
- Argentina
- Australia
- Brazil
- Canada
- China
- France
- Germany
- India
- Indonesia
- Italy
- Japan
- Republic of Korea
- Mexico
- Russia
- Saudi Arabia
- South Africa
- Turkey
- United Kingdom
- United States
- European Union
The European Union is represented by the European Commission and the European Central Bank. The G20 accounts for around 80% of gross world product, 75% of international trade, two-thirds of the global population, and 60% of the world’s land area.
The G20 was founded in 1999 in response to several world economic crises and has become the primary venue for international economic and financial cooperation.
There is a possibility that the summit could be overshadowed by India and Modi, who has given the event ‘major’ attention.
Update
African Union made permanent member of G20 ‘family’ of countries at the India hosted summit 2023.
‘Be the change that you wish to see in the world’.
Mahatma Gandhi 1869 – 1948
He was an anti-colonial nationalist, Indian lawyer and political ethicist who employed nonviolent methods to lead the successful campaign for India’s independence from British rule.
He inspired civil rights movements and freedom across the world
Gandhi, who led a major nonviolent protest against the British rule in India by marching to the sea to make salt. He was also known as Mahatma Gandhi, meaning ‘great soul’ in Sanskrit.
He inspired millions of Indians to join his campaign of civil disobedience, or satyagraha, which means ‘truth force’ or ‘soul force’ in Sanskrit.
He was arrested several times by the British authorities, but he never gave up his fight for India’s independence. He is widely regarded as the father of the Indian nation and a global symbol of peace and justice.
Bitcoin billionaires
According to a report by Henley & Partners, a professional consultancy firm, there are 22 people who have crypto holdings worth at least $1 billion as of September 2023. Six of them hold their investments in Bitcoin, the first and largest cryptocurrency by market capitalization.
Six Bitcoin billionaires reported net worth
- Micree Zhan, the co-founder of Bitmain, a leading manufacturer of Bitcoin mining hardware. He has a reported net worth of $3.2 billion as of January 2021.
- Chris Larsen, the co-founder and executive chairman of Ripple, a blockchain platform that facilitates cross-border payments. He has a reported net worth of $2.9 billion as of January 2021.
- Michael Saylor, the founder and CEO of MicroStrategy, a business intelligence company that has invested over $1 billion in Bitcoin since 2020. He has a reported net worth of $2.3 billion as of January 2021.
- Changpeng Zhao, the founder and CEO of Binance, the world’s largest cryptocurrency exchange by trading volume. He has a reported net worth of $1.9 billion as of January 2021.
- Tim Draper, a venture capitalist and early investor in Bitcoin and other cryptocurrencies. He has a reported net worth of $1.5 billion as of January 2021.
- Brian Armstrong, the co-founder and CEO of Coinbase, the largest cryptocurrency exchange in the U.S. He has a reported net worth of $1.3 billion as of January 2021.
Satoshi Nakamoto
There are also likely to be some anonymous Bitcoin billionaires who have not disclosed their identities or holdings to the public.
One of them could be Satoshi Nakamoto, the mysterious ‘likely’ creator of Bitcoin, who is estimated to have mined over one million Bitcoins in the early days of the network.
If he still owns them, his fortune would be worth over $40 billion at current prices. However, there is no conclusive evidence that he is still alive or in control of his bitcoins, or even that he was the originator of Bitcoin.
UK Superfund plan – KNOWHOW
The UK superfund plan is a new initiative launched by the Prime Minister and the Technology Secretary on 6 March 2023, with the aim of making the UK a global science and technology superpower by 2030.
The plan outlines key actions that will involve every part of the government
- Identifying and pursuing strategic advantage in the technologies that are most critical to achieving UK objectives
- Showcasing the UK’s S&T strengths and ambitions at home and abroad to attract talent, investment and boost our global influence
- Boosting private and public investment in research and development for economic growth and better productivity
- Building on the UK’s already enviable talent and skills base
- Financing innovative science and technology start-ups and companies
- Capitalising on the UK government’s buying power to boost innovation and growth through public sector procurementSshaping the global science and tech landscape through strategic international engagement, diplomacy and partnerships
- Ensuring researchers have access to the best physical and digital infrastructure for R&D that attracts talent, investment and discoveries.
Government funding
The plan is backed by over £370 million in new government funding to support infrastructure, investment and skills for the UK’s most exciting growing technologies, such as quantum and supercomputing, AI, biotechnology, clean energy, space and robotics. The plan is expected to create high-paid jobs of the future, grow the economy in cutting-edge industries, and improve people’s lives from better healthcare to security.
The funding sources for the UK superfund plan are mainly from the government’s budget allocation for science and technology, which has increased by 50% since 2020 to reach £22 billion per year by 2024/25. The government has also committed to increase public spending on R&D to 2.4% of GDP by 2027, which is expected to leverage additional private sector investment. Moreover, the government has established a new agency called Advanced Research & Invention Agency (ARIA), which will have a budget of £800 million over four years to fund high-risk, high-reward research projects that could lead to breakthroughs in science and technology.
Foreign investment
The UK superfund plan also aims to attract more foreign direct investment (FDI) into the UK’s science and technology sector, by promoting the UK as a leading destination for innovation and showcasing its world-class research facilities, talent pool, regulatory environment and market opportunities. The government has set a target of increasing FDI stock in R&D from £45 billion in 2018 to £67 billion by 2025.
The UK superfund plan is a separate initiative from the superfund consolidators for defined benefit (DB) pensions, which are a new innovation in the UK pension industry. Transferring a DB pension scheme to a superfund can improve the security of members’ benefits by replacing a weak employer covenant with a capital buffer. The Pensions Regulator (TPR) has published guidance for trustees and sponsoring employers of UK DB pension schemes considering transacting with a superfund.
GB Savings One Fund
The GB Savings One Fund is a proposal by the Tony Blair Institute (TBI) to create the country’s first superfund for pensions. According to the TBI, the superfund would be an expansion of the Pension Protection Fund (PPF), which is a statutory fund that provides compensation to members of eligible defined benefit (DB) pension schemes in the UK when their employers become insolvent.
The Tony Blair Institute suggests that sponsors of the smallest 4,500 UK DB schemes would be offered the voluntary option of transferring to the PPF on a benefit preserving basis, which would improve the security and efficiency of their pensions.
The institute also proposes that the PPF model should be replicated and rolled out throughout the UK in a series of regional, not-for-profit entities that sit within a master governance structure under the existing fund or participate in consolidation in parallel with and modelled on the original GB Savings.
The TBI argues that this approach would result in a modernised pension system that would generate better returns for pensioners, attract more investment and talent, and strengthen pensions for the entire generation stuck with inadequate provision since the closure of the DB funds over the past two decades.
GB Bank
The GB Savings One Fund is not related to GB Bank, which is a bank that offers competitive savings accounts that support residential and commercial developments in communities that need them most. GB Bank has a full UK banking licence and offers the same level of protection as the traditional high street banks.
When you save with GB Bank, your money is protected up to £85,000 by the Financial Services Compensation Scheme (FSCS).
Japan’s moon launch carrying lunar lander and X-ray telescope
Japan launched a rocket on 7th September 2023 carrying an X-ray telescope that will explore the origins of the universe and a small lunar lander.
The launch of the HII-A rocket from Tanegashima Space Centre in southwestern Japan was shown live by the Japan Aerospace Exploration Agency (JAXA).
Thirteen minutes after the launch, the rocket put into orbit around Earth a satellite called the X-Ray Imaging and Spectroscopy Mission, or XRISM, which will measure the speed and makeup of what lies between galaxies.
That information helps in studying how celestial objects were formed, and hopefully can lead to solving the mystery of how the universe was created, JAXA reports.
In cooperation with NASA, JAXA will look at the strength of light at different wavelengths, the temperature of things in space and their shapes and brightness.
Smart
Also aboard the Japanese rocket is the Smart Lander for Investigating Moon, or SLIM, a lightweight lunar lander. The Smart Lander reportedly won’t make lunar orbit for three or four months after the launch and would likely attempt a landing early 2024, according to the space agency.
Going to the moon has fascinated humankind for decades. Under the U.S. Apollo program, astronauts Neil Armstrong and Buzz Aldrin walked on the moon in 1969.
Only four nations have successfully landed on the moon, the U.S., Russia, China and India.
‘The most difficult thing is the decision to act, the rest is merely tenacity’.
Amelia Earhart 1897 – 1937 (disappeared – delcared dead 1939)
Earhart was the first female aviator to fly solo across the Atlantic Ocean. She set many records and was one of the first aviators to promote commercial air travel.
She also wrote best-selling books about her flying experiences, and was instrumental in the formation of ‘The Ninety-Nines’, an organization for female pilots.
Are we failing our children? Closed doors!
CLOSED: ‘How am I meant to get a decent education’?
School and building closures are disrupting our children’s education in the UK. The issues range from asbestos contamination, building material failures, Covid closures and teacher strikes. What the hell?
‘The economy is a mess – but we still got beer’. ‘What’s economy’?
Baidu launches raft of AI applications after its Ernie chatbot receives massive public approval
More than 6 million users already
Baidu also announced that more than 6 million users have used an AI powered tool that sits inside its Google drive-like cloud product.
At the 4th September event, Baidu also demonstrated ‘displayed generative’ AI-based products that could assist with traffic management, financial research and coal mine logistics.
ChatGPT, from Microsoft-backed OpenAI, is not officially available in China, where Google and Facebook are blocked.
10 new AI products announced by Baidu
Chinese tech giant Baidu announced more than 10 new AI-based applications on 4th September 2023, just days after its ChatGPT-like Ernie bot was released for public use.
Among the products revealed was a generative AI-integrated word processing app called WPS AI, created by Shanghai-listed Kingsoft Office. It was reported the company built the tool using the AI model on which Baidu’s Ernie bot is based, as well as Baidu’s ‘Qianfan’ cloud platform for AI models.
Nearly 10,000 businesses are actively using Baidu’s Qianfan cloud platform each month, the company claimed.
AI assistant
Baidu also announced that more than 6 million users have used an AI-powered tool that sits inside its Google drive-like cloud product. The AI assistant can search documents, summarize and translate text and create content, the company claimed.
It wasn’t immediately clear to what extent those products were available for public use.
On 31st August 2023, Baidu released its Ernie bot to the public, signaling government approval of the AI-powered chatbot. Other Chinese companies also released similar AI products around the same time.
Arm looking for up to $52 billion valuation in U.S. IPO
Chip design firm Arm on 5th September 2023 submitted an updated filing for its upcoming initial public offering on the New York Stock Exchange, setting a price range between $47 and $51. Only 9.4% of Arm’s shares will be freely traded on the NYSE.
Arm was previously listed in London and New York, before SoftBank acquired it for $32 billion in 2016.
Chip design firm Arm on Tuesday is looking to acquire as much as $4.87 billion in its upcoming initial public offering on the New York Stock Exchange, according to the new filing.
The deal could value the company at as much as $52 billion
As a British company, Arm qualifies as a foreign private issuer in the U.S. and its shares will count as American depositary shares, or ADS’s. It is reported that the company will list some 95.5 million ADS’s at a price range of between $47 and $51. At the upper end of that range it is estimated that Arm will likely raise up to $4.87 billion. At the lower end, the IPO would fetch $4.49 billion of fresh capital for Arm. It could do even better.
Institutional funds
When the company floats in New York, it will look to enjoy a very deep pool of professional institutional funds. Arm seeks to ramp up its investments in research and development, particularly as it pursues growth in the artificial intelligence (AI) space with some of its newer chips. The company recently released new chips specifically targeted at AI and machine learning use cases.
Upper end
At the upper end of the pricing range, Arm would also touch a total valuation of $52 billion or more. Only 9.4% of Arm’s shares will be freely traded on the New York Stock Exchange, with SoftBank expected to own roughly 90.6% of the company’s outstanding shares after the completion of the IPO.
Arm’s listing is set to be the biggest technology IPO of the year. Investors are hoping that the listing could breathe new life into an IPO market that has been ‘slack’ since 2022.
250 billion chips globally
Arm says its energy-efficient processor designs and software platforms are integrated into more than 250 billion chips globally, into products ranging from sensors and smartphones to supercomputers.
The company estimates it enjoys approximately 48.9% share of the market for semiconductor design. Other players, such as Intel and AMD, have raced to catch up on designing their own chip architectures, but have struggled so far.
U.K. misses out… again
The U.K. government had originally hoped Arm would list on the London Stock Exchange, but the company instead dealt a major blow to Britain’s ambitions to become the leading global tech hub by opting for New York. The U.S. financial center has a deep institutional investor base and analysts who have a close understanding of the technology sector.
BIG interest
Chip design firm Arm said in a Tuesday filing that Apple, Google parent Alphabet, Nvidia and other technology companies are interested in buying up to $735 million in its shares as it seeks to go public on Nasdaq.
The investments might not happen, but the fact that these companies are considering them underlines the importance of Arm, whose designs are used for processors in data center servers, consumer devices and industrial products.
Chip makers Intel, Samsung and TSMC are interested in investing alongside the three trillion-dollar technology companies, along with AMD and MediaTek, which make chip designs based on Arm architectures. Cadence Design Systems and Synopsys, which make electronic design automation software for processor development, have also expressed interest, according to a revised prospectus for Arm’s shares sale. This IPO could easily be the biggest of the 2023!
As part of the deal, Arm could wind up with a $52 billion market capitalization and almost $5 billion in new cash.
This is likely to be the biggest IPO of 2023
It is estimated that there will be about 19 billion devices using the Arm processor in the world by the end of 2023.
Arm target
The market share of Arm across different technology markets worldwide, which was 90% for mobile application processors, 34% for embedded computing, and 5% for data center and cloud in 2019.
Arm has a target of increasing its market share to more than 90%, 50%, and 25% respectively by 2028.