Category: Info

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Gaming giant EPIC launches Minecraft rival: Fortnite Lego

Epic Games

Epic Games and The Lego Group have teamed up to create a LEGO® Fortnite® Video Game, which was released inside Fortnite 7th December 2023. 

This new survival game will allow players to explore vast, open worlds where the magic of LEGO building and Fortnite collide. It’s designed for people of all ages and encourages creativity, experimentation, and collaboration through play. It seems to be based on Minecraft – a Lego-style block-building and crafting game – which is the best-selling game of all time.

Additionally, there are some LEGO Fortnite-themed products available for purchase, such as realistic LEGO guns and other building sets compatible with LEGO.

Popular Battle Royale

Fortnite technically has multiple game modes, but its online Battle Royale is by far its most popular, where up to 100 players compete to be the last one standing.

But the extraordinary popularity of Fortnite‘s Battle Royale completely dwarfed the game’s other modes, and Fortnite is now known to most as an online ultimate shooter game with crafting elements.

Minecraft

Minecraft, which is owned by Microsoft, is a survival game in which players build structures as well as craft tools and weapons. When Fortnite first released it came with a similar crafting survival mode, named Fortnite: Save the World, which was released before its battle royale mode even existed.

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Google releases Gemini, its latest AI venture

Chatbot

Pressure mounts on the Google to demonstrate how it plans monetize AI.

Google has launched its largest and most capable (by its own admission) artificial intelligence (AI) model on Wednesday 6th December 2023 pressure mounts on the company to answer how it’ll monetize AI.

Gemini

The large language model Gemini will include a suite of three different sizes: Gemini Ultra, its largest, most capable category; Gemini Pro, which scales across a wide range of tasks; and Gemini Nano, which it will use for specific tasks and mobile devices.

Cloud

Google is reportedly planning to licence Gemini to clients through Google Cloud to use in their own applications. Developers and enterprise customers can access Gemini Pro via the Gemini API in Google AI Studio or Google Cloud Vertex AI.

Android

Android developers will also be able to build with Gemini Nano. Gemini will also be used to power Google products like its Bard Chatbot and Search Generative Experience, which tries to answer search queries with conversational-style text.

Ultra

Gemini Ultra is reportedly the first model to outperform human experts on MMLU (massive multitask language understanding), which uses a combination of 57 subjects such as math, physics, history, law, medicine and ethics for testing both world knowledge and problem-solving abilities, the company said in a blog post Wednesday 6th December 2023. 

It can supposedly understand nuance and reasoning in complex subjects.

Advanced

The company gave examples demonstrating Gemini being able to take a screenshot of a chart and analyse hundreds of pages from research and then updating the chart.

Another example was analyzing a photo of a person’s math homework and identifying correct answers and pointing out incorrect ones.

The future is artificial.

Definition of the word Gemini: Constellation, Astrological Sign or Twins in Latin.

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America and its $1 trillion credit card debt

Debt

U.S. citizens have accumulated a record-breaking $1 trillion in credit card debt.

The Federal Reserve’s interest rate hikes through 2023 have caused average interest rates for credit cards to spike to more than 22%. Rates on retail credit cards are even higher, nearing 29% on average.

Despite rising costs and higher borrowing rates, a record number of consumers shopped over the Thanksgiving holiday weekend. The National Retail Federation found that more than 200 million consumers went shopping that weekend, more than the 196.7 million shoppers who turned out in 2022.

Retailers Macy’s and other larger retailers have issued warnings about a slowdown in repayments on their credit cards, highlighting a potential risk to retail revenue this holiday season.

The resilience of the American consumer will continue to be tested by the still-rising costs of groceries, fuel, energy and housing.

Interesting fact

The U.S. credit card debt is approximately equal to the size of Apple’s market cap of $1 trillion.

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McDonald’s unveils CosMc’s in U.S.

Mcdonalds coffee shop

McDonald’s has announced its new restaurant idea, CosMc’s, which would operate in the same market section as Starbucks.

Its pilot will open this month in a part of Chicago, with a plan to be in about ten locations by the end of 2024. The fast-food chain also plans to open about 10,000 McDonald’s restaurants globally by 2027, with many of those in China.

The first CosMc’s is due to open in Illinois, U.S. later this week, with about 10 more to open in Texas in 2024.

The expansion would boost the number of stores to about 50,000.

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X.AI to raise $1 billion

Chatbot illustration

X.AI, Elon Musk’s artificial intelligence (AI) startup, has filed with the SEC to raise up to $1 billion in an equity offering.

The company has already raised nearly $135 million with the first round on 29th November 2023 according to the filing.

The AI startup, which Musk announced in July 2023, seeks to ‘understand the true nature of the universe’, according to X.AI website.

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Is there a water crisis looming and could BIG Tech make things worse?

Thirsty data centre

Water is a precious Earth resource. It is becoming increasingly scarce due to climate change, population growth, pollution and waste. Without water we are nothing.

According to some sources, Big Tech and AI are contributing to the water crisis by using large amounts of water to cool their data systems and AI computations.

Researchers estimate that Microsoft used 1.7 billion gallons of water for AI alone in 2022, a 34% increase from 2021. Google also reported a 20% increase in water usage, mostly due to its AI work. One of the most water-intensive AI models is ChatGPT, which is estimated to use half a litre of water for every series of prompts.

These numbers are alarming, considering that water is a finite and vital resource for humans and ecosystems.

ChatGPT is estimated to use the equivalent of one 16-ounce bottle of water (approx’ half a litre) for every 20-50 queries according to a study by Shaolei Ren, an associate professor of electrical and computer engineering at the University of California.

BIG Tech aware of environmental impact

Some tech companies are aware of the environmental impact of their AI activities and are trying to find ways to reduce their water consumption and carbon footprint. For example, Microsoft has pledged to become water positive, carbon negative, and waste-free by 2030. 

Is there a water crisis looming and could BIG Tech make things worse?

Google has also set a goal to operate on 24/7 carbon-free energy by 2030. OpenAI, the creator of ChatGPT, has stated that it is working on improving the efficiency of its AI models. Some possible solutions include using renewable energy sources, developing better algorithms and hardware, and locating data centres in colder climates.

Too much

Some argue that Big Tech and AI are using too much water, and that they should be regulated. They should be held accountable for their environmental impact.

Others may contend that Big Tech and AI are providing valuable services and innovations and they are taking steps to mitigate their water usage and become more sustainable.

Chatbots and AI share a thirst for water
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Iceberg A23-A is on the move

Iceberg

Iceberg A23-A is the world’s biggest iceberg that has been stuck to the ocean floor for more than 30 years.

Scientists believe the A23-A’s breakaway from Antarctica was a natural occurrence, but say it provides a stark reminder of the potentially disastrous implications as global sea levels rise.

It split away from the Antarctic coastline in 1986 and became an ice island in the Weddell Sea. It is about 4,000 sq km (1,500 sq miles) in area, which is more than twice the size of Greater London, and 400m (1,312 ft) thick, which is taller than the London Shard.

On the move

Recently, it has started to move at a faster pace and is now about to leave the Antarctic waters. Scientists believe it has lost its grip on the sea floor and is being pushed by winds and currents. It is likely to follow the path of other icebergs from the Weddell Sea and head towards the South Atlantic, where it will eventually melt and break apart.

Map of Antartica showing Weddell Sea

A23-A Iceberg moving through the Weddell Sea

Ecosystem

Icebergs are important for the ocean ecosystem, as they carry fresh water and nutrients that support marine life. They also affect the climate, as they reflect sunlight and cool the air. Iceberg A23-A is a remarkable natural phenomenon that has been observed for decades by researchers and satellites.

This is not happening because of climate change – it is a natural process of nature.

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Britcoin the new UK digital pound planned

Digital pound

Britcoin is a potential British digital currency that would be issued by the Bank of England and backed by the Government.

It would be tied to the pound and have a stable value, unlike cryptocurrencies such as Bitcoin. It would be accessible through digital wallets and interchangeable with cash and bank deposits. The Treasury and the Bank of England are consulting on its launch, which could take place by 2030.

Britcoin could be used for everyday transactions, both in-store and online, and could make payments more efficient and enable innovation. However, some MPs have warned that Britcoin could cause severe financial damage and undermine the role of banks.

Some MPs have warned that Britcoin could cause severe financial damage and undermine the role of banks for several reasons.

Concerns about introducing a digital pound

  • Britcoin could increase the chance of bank runs, if customers were able to quickly and easily switch their bank deposits into digital pounds, especially during times of financial stress or panic. This could reduce the liquidity and solvency of banks and make them more vulnerable to failure.
  • Britcoin could also raise the cost of borrowing for banks and consumers, as banks would need to replace the funding that they would lose from deposits with more expensive sources. The Bank of England estimated that if 20% of bank deposits turned digital, it could result in a rise in interest rates on commercial loans.
  • Britcoin could pose risks to data privacy and security, as the government or third parties could potentially access, track, or control how users spend their digital funds. This could raise ethical and legal issues and require robust regulation and protection.
  • Britcoin could also have unintended consequences on the wider economy and society, such as affecting monetary policy, financial inclusion, innovation, and competition. The MPs said that the benefits and costs of Britcoin should be clearly evidenced before any decision is taken to introduce it.
Digital £ pound
Art illustration: Digital £ pound proposal – Britcoin

The development of a state-backed ‘digital pound’ should proceed with caution, MPs have warned.

The benefits of the currency are still unclear and there must be systems in place to protect cash access and privacy, the Treasury Committee said in a report.

The Bank of England (BoE) and the Treasury have been consulting on the idea since February 2023. They are currently designing what such a system could look like. The CBDC would be directly issued by the Bank of England (BoE), just like banknotes.

This means people would have all the same safety and security that they have with their cash currently, which is different to cryptocurrencies that fluctuate in value and are generally run by private companies.

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Record number of fossil fuel lobbyists attend COP28 climate talks

Oil

A report published Tuesday by the Kick Big Polluters Out coalition found that at least 2,456 fossil fuel lobbyists registered to attend the two-week long summit. That’s more than almost every other country delegation, except for Brazil (3,081) and COP28 host the United Arab Emirates (4,409), the report said.

Supporters say the number of fossil fuel lobbyists attending the talks is ‘beyond justification’ and demonstrates that polluting industries are seeking to advance a fossil fuel agenda.

Others however say that Big Oil’s participation at COP28 should be welcomed.

Unabated

There’s also a debate about whether an agreement should centre on abated fossil fuels, which are trapped and stocked with carbon capture and storage technologies. Unabated fossil fuels are largely understood to be produced and used without substantial reductions in the amount of emitted greenhouse gases.

Delegates at the beginning of COP28 sealed a landmark deal to help the world’s most vulnerable countries pay for the impacts of climate disasters. To me, that suggests it is okay to carry on with business as usual because the industry can throw money at the poorer people suffering at the brunt end of climate effects.

Announcements at COP28 have sought to help decarbonize the energy sector, with nearly 120 governments pledging to triple renewable energy capacity by 2030, recent news reports show.

Whichever way we care to spin this, we are nowhere near ready to switch to renewables.

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GTA VI trailer leaked

GTA VI

Rockstar Games publishes Grand Theft Auto trailer early after it was leaked on X

Take-Two Interactive Software shares fell some 4% in extended trading on Monday 4th December 2023 after the company released its trailer for the next version of the Grand Theft Auto game.

GTA is due for release in 2025. The company had originally planned to market the trailer hours later, at 6 a.m. ET. on Tuesday 5th December 2023 but a leak caused Take Two to post it earlier.

After the leak, Rockstar Games, a subsidiary of Take-Two, published the trailer on YouTube. And X suspended the account that posted the leaked video.

Grand Theft Auto VI due for release 2025

Record seller

Grand Theft Auto VI is likely to impact Take Two’s revenue growth following its release. Grand Theft Auto V debuted in 2013, and it’s now the second best-selling video game of all-time, having sold more than 190 million copies. Microsoft-owned Minecraft, is still the top selling game of which over 300 million copies have been sold.

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Spotify to cut jobs

Music app

Music streaming service Spotify is laying off some 17% of its workforce, in a dramatic move aimed at reducing its costs and adjusting for a slowdown in growth, CEO Daniel Ek said Monday 4th December 2023.

It is reported Ek said Spotify invested too much in 2020 and 2021 and had to ‘rightsize’ its costs for a new economic reality.

Spotify reported a 65 million euros ($70.7 million) profit in the third quarter, citing lower spend on marketing and personnel.

The latest round of cuts is reported to equate to roughly 1,500 jobs – but this has not been confirmed by Spotify.

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Bitcoin marches on through $40,000

Bitcoin surges

Bitcoin extended its rally overnight, climbing past the $41,000 level for the first time since May 2022.

The price of Bitcoin quickly soared above $41,000 easily taking out $40,000. The cryptocurrency is up around 13% over the past month and up more than 130% year to date. But the price of Bitcoin is down more than 40% from its all-time high in 2021.

In November 2023, analysts reportedly said Bitcoin could soar to as high as $150,000 in 2025, as it rides a new bull cycle. Other altcoins are available, as they too ride the coat tails of Bitcoin’s encouraging move. Be aware though, Bitcoin is a volatile asset and as such is subject to dramatic moves in either direction. BE CAREFUL!

Bitcoin price snapshot 09:35GMT 4th December 2023

Why is Bitcoin on a tear?

Cryptocurrency industry analysts have suggested this bull-run could lead to fresh all-time highs in 2024 above $100,000.

Excitement around a Bitcoin ETF being approved in the U.S. in 2024 as well as the process of Bitcoin halving due in April 2024 is fueling this rally in cryptocurrencies.

Many also say the crypto industry is enjoying a market climb due to the FTX case and the Binance settlement with the U.S. Department of Justice (DoJ) as the two outstanding issues that were holding up the crypto market were resloved.

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Gold soars to a new record December 2023

Gold price

Gold was on a tear overnight 3rd December 2023 ripping to a new all-time intra-day high of 2135.

Gold prices are on course to hit fresh highs in 2024 and could remain above $2,000 levels, analysts predict. Geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts are cited as the drivers.

Prices of the precious metal have risen for two consecutive months. Gold tends to perform well during periods of economic and geopolitical uncertainty due to its status as a reliable store of value.

Gold price 5 day 2023

Gold soars to a new record December 2023

Gold price 1 month 2023

Gold soars to a new record December 2023

Gold at $2500?

It has been estimated that gold prices could reach up to $2,200 by the end of 2024. Some have even suggested it could go as high as $2,500.

This was the highest level ever recorded since the gold price began to be tracked in 1970.

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UK economy growth forecasts cut for next two years

UK economy growth

The UK economy will grow much more slowly than expected in the next two years as inflation takes longer to fall, the Office for Budget Responsibility (OBR) says.

Are we locked in a never-ending austerity cycle?

Living standards are also not expected to return to pre-pandemic levels until 2027-28, the Office for Budget Responsibility (OBR) said. It comes as the chancellor announced tax cuts and a rise in benefits in his 2023 Autumn Statement.

The OBR publishes two sets of economic forecasts a year, which are used to independently predict or guess what may happen to government finances. These are based on its best guess calculations about and are subject to ‘change’.

It’s just a forecast – so should we take any notice?

According to the OBR, the UK will grow by 0.6% in 2023 – much better than previous predications last autumn, when it calculated the economy would fall into recession and shrink.

However, it slashed its growth outlook to 0.7% in 2024 and 1.4% in 2025 – down from a previous forecast of 1.8% and 2.5%.

The OBR warned that inflation – currently 4.6% – will only fall to 2.8% by the end of 2024, before reaching the Bank of England’s 2% target in 2025. Previously it forecast inflation would easily beat the target next year.

OBR & ONS data set

These gloomy predictions put the Government on a collision course with the Bank of England and Britain’s budget watchdog as they clash over whether or not the UK economy is on the up.

The Governor of the Bank warned the UK was facing years of low growth, while the Office for Budget Responsibility (OBR) said the Chancellor’s ‘vague’ plans to cut spending put the public finances at risk.

Let’s re-visit these predictions this time next year and see how close or how far off the mark they were.

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Heat is on at COP28

CO28

United Nations’ biggest and most important annual climate conference to-date, gets underway as the United Arab Emirates on Wednesday 29th November 2023 defended what it described as ‘fake news’ designed to undermine its work as the host of the COP28 climate conference.

The UAE organizers slammed a number of ‘fake press‘ releases in the name of COP28. Among them, a letter claiming COP28 president-designate Sultan Al-Jaber was due to step down from his position as chief executive of state oil giant the Abu Dhabi National Oil Co. (ADNOC).

Al-Jaber’s appointment as COP28 president-designate had provoked a furious backlash from climate activists when it was first announced. He reportedly pushed back over reports earlier in the week that said the UAE planned to use its role as the host of the climate summit as a platform to lobby foreign government officials for oil and gas deals.

Even so, the COP28 summit, which starts on Thursday 30th November 2023 and is scheduled to run through to 12th December 2023. I will provide a critical forum for government officials, business leaders and campaign groups to accelerate action to tackle the climate crisis. Let’s hope there is no further rolling back on previous pledges such as the UK’s government announcement to increase the number of North Sea oil and gas exploration and recovery licences.

OPEC

Meanwhile, also on Thursday 30th, the influential Organization of Petroleum Exporting Countries (OPEC) and its allies will convene to decide the next production policy steps in a delayed meeting caused by the conflict in the Middle East.

COP28
Art illustration of renewable and fossil fuel energy – Heat is on at COP28

UAE, one of the world’s major oil producers and a key OPEC+ component, is keen to burnish its reputation as a champion of the transition to green energy.

Tangible climate action though is the best way to push back all scepticism and cynicism. Now is as good as any time to start.

Production cuts will come – some analysts predict $100 a barrel.

The world is not ready to relinquish its thirst for oil and gas… just yet. It is still hungry for traditional power – and renewables is not ready to take over.

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Euro zone inflation drops to 2.4%, well below expectations – bringing early Christmas cheer

Cheers

Annual inflation in the euro zone sank to 2.4% in November 2023 from 2.9% in October 2023, data showed Thursday 30th November 2023.

Core inflation was also below expectations at 3.6%.

The European Central Bank has stressed that it is too early to declare victory in the 20-member euro zone bloc, as they monitor potential pressures from wage increases and energy markets.

Headline inflation has now fallen significantly from the peak levels of 10.6% in October 2022.

Target of 2% and is well within reach.

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China factory activity shrinks

China factory output

China’s factory activity contracted for a second month in a row in November 2023.

Non-manufacturing activity hit yet another new low this year, signalling that the world’s second-largest economy was still not out of the woods and may require more policy support.

The official manufacturing purchasing managers’ index unexpectedly dropped slightly lower to 49.4 in November 2023 from 49.5 in October 2023, according to data from the National Bureau of Statistics released Thursday 30th November 2023.

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Robinhood, the stock trading app to launch in UK

Robinhood app

Online investments app Robinhood said Thursday 30th November 2023 that it’s set to launch its platform in the U.K. in early 2024, marking the company’s third attempt at cracking international expansion.

Features on offer by the firm include the ability to choose from 6,000 U.S. stocks including Tesla, Amazon and Apple, and 24-hour trading five days a week. However, Robinhood will not offer U.K. stocks to begin with but will look to add them as it brings more products into the platform later. The U.K. version won’t include options and other derivatives at launch, either.

FCA warned of ‘gamification’

The FCA has previously warned about ‘gamification’ of investments, something the U.S. Securities and Exchange Commission is also worried about. Companies are obligated to respect consumer standards set out by the regulator.

Regulators are concerned brokerage apps like Robinhood and eToro, which engage retail investors with stimulating features like colourful graphics, push notifications, and a game-like interface, may encourage excessive trading that harms investors but is profitable for the market-makers.

Safeguards

Customer cash will be held in segregated accounts protected by U.S. Federal Deposit Insurance Commission insurance, Robinhood said, rather than the U.K. Financial Services Compensation Scheme. Robinhood users will be able to make a 5% annual yield on cash held in their accounts.

This will be the third attempt by Robinhood to launch in the UK.

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Elon Musk and his ‘X’-rated comment

Tweet!

It has been a turbulent time at Twitter since Musk’s acquisition and the subsequent renaming of the company to X.

X is a subsidiary of X Holdings Corp., which is owned by Elon Musk. X has faced several issues and controversies since its inception, such as advertiser boycott, declining user base, staff layoffs, and more recently accusations of antisemitism and even more recently of a profane outburst levelled against X advertisers.

What a mess

Elon Musk launches attack on X advertisers in a profanity-laced outburst.

Musk has slammed advertisers that have left X, warning they will kill the social media platform. At an event in New York, he accused companies that have joined an advertising boycott of the site formerly known as Twitter of trying to blackmail him.

Musk tells X (Twitter) advertisers to go ‘f**k yourselves,’ but admits it will die without them: Despite this, Musk refused to accept responsibility for the impact of his statements on X’s ability to do business. 

Instead, the billionaire insisted that if X (Twitter) went under, the blame would be entirely on the advertisers who fled as opposed to his decisions as its owner which more likely pushed them away.

His message to advertisers leaving X of: ‘Go f**k yourself’ – didn’t help matters as he admits responding to anti-Semitic post on X was one of the most foolish things he’s done on the platform.

Elon Musk is reported to have said on Wednesday 29th November 2023 that he regretted his November 15th tweet allegedly endorsing an anti-Semitic conspiracy theory.

Is the death knell of X and of a $44 billion investment?

Musk should be a force for good in the world – could that still happen?

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U.S. GDP grew at a 5.2% in Q3, stronger than expected

U.S. GDP revision

U.S. GDP figure better that forecast

The U.S. economy grew even stronger than previously calculated in the third quarter, the result of better than expected business investment and stronger government spending, the Bureau of Economic Analysis reported  Wednesday 29th November 2023.

Gross domestic product (GDP), a measure of all goods and services produced during the three-month period, climbed to 5.2% annualised pace, the department’s second estimate showed. The increase superseded the initial 4.9% figure and was better than the 5% forecast from economists.

Upward revision

Primarily, the upward revision came from increases in non-residential fixed investment, which includes structures equipment and intellectual property. The category showed an increase of 1.3%, which still presented a sharp downward shift from previous quarters. Government spending also helped boost the Q3 estimate, rising 5.5% for the July-through-September 2023 period.

However, consumer spending registered a downward revision, now rising just 3.6%, compared to 4% in the initial estimate.

Inflation

There was some mixed news on the inflation front. The personal consumption expenditures price index, a gauge the Federal Reserve follows closely, increased 2.8% for the period, a 0.1% downward revision.

Corporate profits increased 4.3% during the period, up sharply from the 0.8% gain in the second quarter.

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Could gold prices reach new all-time highs in 2024?

Gold a safe haven

Some expect gold to above climb $2,500

Gold prices are on track to rally to all-time highs in 2024 on the back of interest rates increases, inflation fear, looming recessionary concerns and geo-political unrest.

The precious metal is always sought after as a safe haven asset. The gold price hit a record intraday high of $2,072.5 on 7th August 2020, according to data. Some analysts say it could surpass that level and push beyond the record.

Another positive driver for gold is an anticipated peak in Fed rate hiking cycle as well as upcoming topping out of U.S. dollar strength.

Gold usually performs well during uncertain times

  • Gold tends to perform well in periods of economic uncertainty such as recessions and stagflation due to its status as a reliable store of value.
  • Gold is often used as a hedge against inflation.
  • Any type of recessionary move would be positive for gold.
  • Gold should trade higher when interest rates stop rising and the dollar retreats.
  • As interest rates rise, demand for gold drops as alternative investments like bonds become more appealing and yield better returns. These may now have peaked.
  • Gold prices tend to have an inverse relationship with interest rates.
  • Central bank purchases of gold have been consistently strong, alongside consumer demand for the precious metal.

Gold price year on year

  • Some analysts are particularly bullish on gold and have called for a target of $2,500 by the end of next year.
  • There has been a return of physical gold jewellery demand from China and India as both economies improve and retail spending returns.
  • First quarter gold jewellery demand in China was reported just shy of 200 tons. Analysts project more than 700 tons of jewellery demand from China by the end of 2023.
  • Chinese retail gold demand has been resilient in 2023 even as consumption of other commodities remained weak.

The target is $2,500 by the end of 2024

Much of this has to do with the fact that recessionary forces may take hold beginning early in 2024.

Let’s watch and see.

NOTE: This is not investment advice!

You must, as always do your own careful research before making an investment.

REMEMBER: RESEARCH! RESEARCH! RESEARCH!

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Amazon announces new AI chip

Amazon AI chip

Amazon Web Services (AWS) announced Trainium2, a chip for training artificial intelligence (AI) models, and it will also offer access to Nvidia’s next-generation H200 Tensor Core graphics processing units.

Amazon’s AWS cloud department of the encompassing Amazon empire has announced new chips for customers to build and run artificial intelligence (AI) applications on, as well as plans to offer access to Nvidia’s latest chips.

Amazon Web Services is attempting to stand out as a cloud provider with a variety of cost-effective options. It won’t just sell cheap Amazon-branded products, though. Just as in its online retail marketplace, Amazon’s cloud will feature top-of-the-line products from other vendors, including highly sought after GPUs from top AI chipmaker Nvidia

AWS will host a special computing cluster for customers and Nvidia to use. AWS customers can start testing new general-purpose Graviton4 chips.

Amazon’s dual-pronged approach of both building its own chips and letting customers access Nvidia’s latest chips might will help it against its top cloud computing competitor, Microsoft. 

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Office for Budget Responsibility says UK government spending plans ‘a very big risk’

Hopeful

Spending plans outlined in the chancellor’s Autumn Statement represent ‘a very big fiscal risk’, according to the UK’s OBR.

Mr Richard Hughes, chair of the Office for Budget Responsibility (OBR), told MPs on the Treasury Select Committee that spending plans carried a level of ‘uncertainty’. He suggested that much of the promised spending is funded by projected savings rather than income already received.

Last week, the OBR slashed its forecast for UK economic growth.

In March, the OBR said it expected GDP – a measure of the size and health of a country’s economy – to grow by 1.8% in 2024 and 2.5% in 2025.

Predications cut

Those predictions have now been cut, with a new forecast suggesting the UK economy will grow by 0.7% in 2024 and 1.4% in 2025.

‘It is very difficult to assess the credibility of the government’s spending plans, because after March 2025 the government doesn’t have any spending plans,’ Mr Hughes said, as he and other members of the OBR faced questions on the Autumn Statement.

Tax by stealth

Even though the chancellor announced a cut to NI rates, he opted to leave NI and income tax thresholds untouched, meaning they remain frozen until 2028. By doing this, more workers will fall into the higher tax bracket thus creating larger than expected tax revenue for the treasury. And, as workers secure pay rises, they may end up paying more tax if they are dragged into that higher tax band.

Some 2.2 million more workers now pay the basic rate income tax of 20% compared with three years ago, according to official figures, while 1.6 million more people have found themselves in the 40% tax bracket in the same period.

Just a thought, wasn’t the former UK prime minister ousted because of unfunded projections or was that unfunded tax cuts?

Only saying…

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Cyber-attack affects law firms

Hacker

A recent cyber-attack on CTS, a company that provides IT services to law firms and other organisations in the UK legal sector. 

It was reported the cyberattack occurred on Wednesday, 22nd November 2023, and caused a widespread outage that affected dozens of law firms and homebuyers. 

The cyberattack was reportedly caused by a CitrixBleed bug that has targeted other firms in recent weeks. 

CTS said that it was working with a global leader in cyber forensics to investigate the incident and restore the services as soon as possible. 

The cyberattack has raised concerns over the security and integrity of the data and systems of the legal sector, as well as the potential impact on the transactions and completions of the homebuyers.

The problem at CTS is having a knock-on effect on the firms involved in property completions. It is thought around 80 law firms have been affected.