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.
Unharvested crops left to rot in a field due to worker shortage in the UK
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.
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
‘If you want to change the world, pick up your pen and write’.
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.
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.
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.
India plays host to the G20 (2023)
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.
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.
‘Be the change that you wish to see in the world’.
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.
Bitcoin billionaire pile
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.
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.
Government funding for Superfund
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 UK Superfund
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 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.
Japan launched a rocket on 6th September 2023 carrying an X-ray telescope that will explore the origins of the universe and a small lunar lander.
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.
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.
‘The most difficult thing is the decision to act, the rest is merely tenacity’.
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?
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.
‘This AI malarchy is progressing at quite a rate’.
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.
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.
Arm seeks up to $52 billion valuation in U.S. IPO
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.
Arm chip – some 250 billion chips globally
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.
I asked the ChatGPT drawing tool Dall-E, to help me come up with a suitable birthday image to celebrate 25 years of Google.
My request was, ‘draw a watercolour image of a birthday cake with Google written on it‘. This was refused as the word ‘Google’ was an infringement of copyright law. So, I then asked, ‘draw a watercolour image of a birthday cake with BIG tech written on it…’
This is what I got…
ChatGPT’s offering of a Birthday cake image and message for Google celebrating 25 years…
Competitors
Now, now, ChatGPT! – I know you are competitors but…
With second-quarter earnings season now largely behind the U.S. market, stock investors have been focusing on the latest economic data and for the most part been reacting positively to bad economic news, or any data that may point to an economic slowdown.
It’s been almost nine months since the trend emerged, as softening economic data and lower inflation may mean the Federal Reserve can stop raising interest rates.
Traders are reportedly pricing in an over 90% chance that the Fed will hold its policy interest rate unchanged at its September 2023 meeting, and a roughly 35% likelihood that the U.S. central bank will raise interest rates by 0.25% in November 2023.
Fed policy weakening?
The Fed’s monetary policy has lost some of its potency and interest rates may need to rise as a result, economists say.
U.S. stocks closed higher ahead of the Labour Day holiday weekend, after data released indicated a cooling labour market, though there was speculation that summertime jobs data may have been a factor. The U.S. created 187,000 new jobs in August, while the unemployment rate jumped to 3.8% from 3.5%.
The data supports the narrative of a gradual slowdown in the U.S. labour market, but there are no dramatic signs that the economy is weakening significantly economists say. The economic data has not been bad. It is just softening.
‘Good news bad news, bad news good news’!
However, if investors see a significant decline in the housing and U.S. labour markets, that could change the narrative and break the cycle in which ‘bad economic news is good news’ for stocks, economic data have to be much worse than now, indicating more damage from high interest rates and higher inflation.
The trend may also reverse if there is a meaningful downgrade of corporate earnings ‘expectations’ and then this translates into weakened profitability.
Inflation just may climb again
Investors should also be alert for the possibility that inflation may accelerate again. Data showed that the personal consumption expenditures price index rose 0.2% in July, but the yearly inflation rate crept up to 3.3% from 3%. Inflation has been trending down but that trend could turn again.
If investors start to treat ‘bad economic news as bad news’ for the stock market, it could put pressure on the 2023 stock-market rally, with the S&P 500 SPX already up 17.6% since the start of the year and the Nasdaq Composite COMP up 34%.
General concensus is that the bull run ain’t over just yet.
He was an American naturalist, essayist, poet, and philosopher and leading transcendentalist.
Transcendentalism is a philosophical, spiritual, and literary movement that developed in the late 1820s and 1830s in the New England region of the United States.
A core belief is in the inherent goodness of people and nature, and while society and its institutions have corrupted the purity of the individual, people are at their best when truly ‘self-reliant’ and independent.
‘It is the beauty within us that makes it possible for us to recognize the beauty around us. The question is not what you look at but what you see’.
The creator of Photoshop and InDesign launched a generative AI tool called ‘firefly’, which has recently gained traction. It is quite possible that Adobe has one of the best AI generative tools available and it’s worth checking it out as a stock to *invest in.
Firefly enables users to edit through simple typed commands
Adobe Firefly is a generative AI-powered content creation tool from Adobe that allows you to experiment, imagine, and create an infinite range of images with simple ‘text’ prompts.
You can use Firefly to generate images from a detailed text description, apply styles or textures to words and phrases, use a brush to remove objects or paint in new ones, generate color variations of your vector artwork, and more.
Adobe Share Chart as at 5th september 2023
Morgan Stanley thinks Adobe can benefit from artificial intelligence-powered products even more.The bank upgraded Adobe to overweight from equal weight.
Bank of America has also upgraded Adobe to buy with a revised target price of $63000 per share.
Definitely one to watch!
*Please do your own careful research – this is not a recommendation but simply an observation. Remember RESEARCH! RESEARCH! RESEARCH!
David Ferrucci, a prominent artificial intelligence researcher who led the team that created IBM Watson, has reportedly raised nearly $60 million for his AI company called Elemental Cognition.
Headquartered in New York, Elemental says on its website that the company seeks to develop AI that ‘thinks before it talks‘. It offers two enterprise products, Cogent and Cora, which are essentially chatbots designed for different scenarios. They can be used in financial services, interactive travel planning and for automating research discovery in life sciences.
Elemental Cognition
The new startup company is called Elemental Cognition, and it was founded in 2015 by David Ferrucci, who led the team that created IBM Watson.
Elemental Cognition aims to develop AI that ‘thinks before it talks‘ and can understand the meaning and context of human language. It offers two enterprise products, Cogent and Cora, which are chatbots for different scenarios.
Elemental Cognition has raised $60 million in funding from 17 investors, including Jim Breyer, former IBM CEO Sam Palmisano, and Geoff Yang of Redpoint Ventures.
What is IBM Watson?
IBM Watson is used in various areas of AI, such as natural language processing, machine learning, computer vision, speech recognition, and knowledge representation. IBM Watson is a cognitive computing system that can process natural language, analyze large amounts of data, and learn from its interactions with humans and machines.
IBM Watson is a question-answering computer system capable of answering questions posed in natural language, developed in IBM’s DeepQA project by a research team led by principal David Ferrucci. Watson was named after IBM’s founder and first CEO, industrialist Thomas J. Watson.
Watson Assistant: A chatbot platform that allows businesses to create conversational agents that can interact with customers and employees through text or voice. Watson Assistant can understand natural language, provide personalized responses, and integrate with other services and data sources.
A watercolour image of an AI microchip powering a mainframe supercomputer computer
Watson Discovery: A data analysis tool that can extract insights from structured and unstructured data, such as documents, web pages, social media posts, and images. Watson Discovery can perform natural language understanding, sentiment analysis, entity extraction, and document classification.
Watson Studio: A cloud-based platform that enables data scientists and developers to build, train, and deploy AI and machine learning models. Watson Studio supports various frameworks and languages, such as Python, TensorFlow, PyTorch and R. Watson Studio also provides tools for data visualization, collaboration, and automation.
Watson Visual Recognition: A computer vision service that can analyze images and videos for content, objects, faces, scenes, and emotions.
Power
The IBM Watson computer consists of a cluster of ninety IBM Power 750 servers, each of which uses a 3.5 GHz POWER7 eight-core processor, with four threads per core. The system has 2,880 POWER7 processor threads and 16 terabytes of RAM. It can process 500 gigabytes (the equivalent of a million books) per second.
Supercomputer now with AI power
The IBM Watson computer has an avatar that is inspired by the IBM ‘Smarter Planet’ logo. The avatar is a globe with a grid pattern and four glowing stripes that represent the four main aspects of Watson: natural language processing, hypothesis generation and evaluation, dynamic adaptation, and evidence-based learning. The avatar also changes color and brightness depending on Watson’s mood and confidence level.
International Business Machines (IBM)
IBM was founded in 1911 in Endicott, New York, as the Computing-Tabulating-Recording Company (CTR) by Charles Ranlett Flint. The company changed its name to International Business Machines (IBM) in 1924 under the leadership of Thomas J. Watson, Sr. IBM is one of the oldest and most influential technology companies in the world, with a history of innovation and research in various fields of computing.
The International Business Machines Corporation (IBM), nicknamed ‘Big Blue’, is an American multinational technology corporation headquartered in New York and is present in over 175 countries. It specializes in computer hardware, middleware, and software, and provides hosting and consulting services in areas ranging from mainframe computers to nanotechnology. IBM is the largest industrial research organization in the world.
IBM holds the record for most annual U.S. patents generated by a business for 29 consecutive years from 1993 to 2021?
Happy birthday to Google, the world’s most popular search engine!
Google was founded 25 years ago today (4th September 2023) – by Larry Page and Sergey Brin, two Stanford University students who wanted to organise the web in a better way. They named their project after the mathematical term ‘googol’, which means 1 followed by 100 zeros.
Since then, Google has grown into a global tech’ giant that offers not only search, but also email, maps, cloud computing, artificial intelligence (AI), and many other products and services.
Google has also acquired several companies, such as YouTube, Android, and Waze.
Some of the key moments in Google’s history
Launching AdWords in 2000, which allowed advertisers to buy keywords and display ads on the search results page.
Introducing Gmail in 2004, which offered users 1 GB of free storage and a fast and simple interface.
Releasing Google Maps in 2005, which revolutionised the way people navigate and explore the world.
Buying YouTube in 2006, which made Google the owner of the largest video-sharing platform on the web.
Developing Chrome in 2008, which became the most widely used web browser in the world.
Happy Birthday Google – 25 years today
Creating Android in 2010, which became the most popular operating system for smartphones and tablets.
Launching Google+ in 2011, which was an attempt to compete with Facebook in the social networking space.
Reorganising into Alphabet in 2015, which made Google a subsidiary of a larger holding company that oversees other ventures such as Waymo, Verily, and Calico.
Unveiling ChatGPT in 2022, which is a conversational AI system that can generate natural and coherent responses to any text input.
Influential
Google remains one of the most influential and innovative companies in the world. It has changed the way we access information, communicate, entertain ourselves, and solve problems. It has also inspired many people to pursue their dreams and passions.
Google CEO says
As Google CEO Sundar Pichai wrote in his public memo on Google at 25: ‘We started with a simple mission: to organize the world’s information and make it universally accessible and useful. That mission still guides us today. But we’ve also learned that our responsibility goes beyond that. We have a duty to create products that improve the lives of billions of people — not just today or tomorrow but for generations to come’.
Ha Jiang, is a virtual online idol, and only exists online.
Ha Jiang signed a record deal with Whet Records, Warner Music Group’s pan-Asian dance label in China, in 2021. Ha Jiang is the first virtual idol to conduct a record deal with a major label. The virtual idol uses AI technology to create music and has become an online sensation in Asia.
Ha Jiang online music avatar. She is a virtual artist who uses artificial intelligence to create music
Virtual AI artist
Ha Jiang is a virtual artist who uses artificial intelligence to create music. She is the first virtual idol to sign a record deal with a major label, Whet Records, which is Warner Music Group’s pan-Asian dance label in China. My understanding is that the music was composed by humans, so not entirely AI generated then.
Would this also work in west – is it time to be concerned?
She already has more than 100,000 followers in China and is known for her sense of style and fashion. She is also a social influencer who has been hired by the city of Shanghai to promote safe driving. Ha Jiang is not a real person, but a computer-generated avatar who only exists online. She is part of a growing phenomenon of virtual idols in Asia, especially among Gen-Z fans.
Endel,is a sound startup company that uses artificial intelligence to create personalized audio tracks. Endel was the first to sign a record deal with Warner Music Group in 2019 to release 20 albums of ambient music.
The digital pound is a proposed new form of money that would be issued by the Bank of England and backed by the government. It would be similar to a digital banknote, enabling you to use it in-store or online to make payments.
It would not be intended to replace cash, but complement it. The digital pound is also known as digital sterling or Britcoin.
Bank of England and UK Government
The Bank of England and HM Treasury are looking at the idea of a digital pound because they think it might offer a new way to pay, help businesses, build trust in money, and better protect the UK’s financial system. They have published a Consultation Paper, which explores the need for the digital pound and proposes a set of design choices for it. They are also engaging with businesses and communities to get their views on the digital pound.
The digital pound is not a cryptocurrency or cryptoasset. Unlike cryptocurrencies, which have volatile values, the digital pound would be issued by the Bank of England and have a stable value, just like banknotes.
I promise to pay the bearer on demand the sum of £10.00
The digital £ is coming to a bank near you or more likely, an app near you
£10 in digital pounds would always have the same value as a £10 banknote.
Days after India’s successful moon mission, the country is now setting its sights on the sun.
According to the Indian Space Research Organization (ISRO), the Aditya-L1 spacecraft will be launched from the Sriharikota Spaceport on 2nd September 2023 in a bid to study the sun and its effect on space weather.
Aditya (sun in Hindi)
Aditya, which refers to the sun in Hindi, is to be placed in a halo orbit around the Lagrangian point 1 of the Sun-Earth system, where the sun can be observed without any obstructions, an ISRO report stated.
Lagrange points are positions in space where gravitational forces of two large masses produce ‘enhanced regions of attraction and repulsion’, according to NASA. The resulting force can be used to remain in position and reduce fuel consumption – and can be likened to ‘parking places’ for spacecraft.
To become India’s first space based observatory
The launch will mark India’s first space-based observatory to study the sun, and would offer a ‘major advantage of continuously viewing the sun without any occultation or eclipses’, the ISRO report stated.
India’s mission to the sun
The mission would also allow for the study of solar wind, which could potentially cause disturbances on Earth, such as disrupting communications, navigation systems and weather patterns.
India’s government had granted a $46 million budget for the mission back in 2019.
While a first attempt for India, other countries have successfully placed orbiters to study the sun. NASA’s Parker Solar Probe in 2021 which was sent to the sun’s corona to sample particles and magnetic fields, as well as the European Space Agency’s Solar Orbiter which was launched the year before.
