The 89 threats to life in the UK are listed in a recent report called the National Risk Register (NRR), which was published by the Deputy Prime Minister Oliver Dowden on 3rd August 2023.
The NRR is an assessment of the risks facing the UK that would have a significant impact on the UK’s safety, security or critical systems at a national level. The NRR is based on the government’s internal, classified risk assessment and offers more detail on the potential scenarios, response and recovery options relating to the risks.
The 89 threats are divided into four categories: natural hazards, malicious attacks, accidents and system failures, and global events.
Some of the threats
Natural hazards: These include extreme weather events, such as heatwaves, floods, storms, droughts, and wildfires; geological hazards, such as earthquakes, tsunamis, volcanic eruptions, and landslides; biological hazards, such as pandemics, animal diseases, plant diseases, and invasive species; and space weather events, such as solar flares and geomagnetic storms.
Malicious attacks: These include terrorism, such as bombings, shootings, chemical weapons, biological weapons, radiological weapons, cyberattacks, and drones; espionage and sabotage, such as interference with critical infrastructure, communications, or data; and conflict and instability, such as war, nuclear weapons, state-sponsored attacks, civil unrest, and violent extremism.
‘Cyber security hack – just one of the potential risks facing the UK’.
Accidents and system failures: These include industrial accidents, such as explosions, fires, spills, or leaks; transport accidents, such as plane crashes, train derailments, ship collisions, or road collisions; infrastructure failures, such as power outages, water shortages, gas leaks, or internet disruptions; and technological failures, such as software bugs, hardware malfunctions, or AI errors.
Global events: These include economic crises, such as recessions, inflation, debt defaults, or trade wars; political crises, such as coups, revolutions, sanctions, or human rights violations; social crises, such as migration flows, refugee crises, humanitarian emergencies, or famines; and environmental crises, such as climate change, biodiversity loss, pollution, or resource depletion.
Threat level
The NRR also provides information on how likely each threat is to occur in the next five years (from very low to very high), how severe the impact would be on the UK (from minor to catastrophic), and what actions the government and other stakeholders are taking to prevent or mitigate the risks.
The NRR is intended to help the public and businesses better understand and prepare for potential threats facing the country now and in the future.
Isaac Asimov wasan American writer and professor of biochemistry at Boston University. During his lifetime, Asimov was considered one of the ‘Big Three’ science fiction writers, along with Arthur C. Clarke and Robert A. Heinlein.
My favourite book by Isaac Asimov is I, Robot. If you haven’t read it yet, go lift one off the shelf – it’s well worth a read.
Thomas Edison was an American inventor and businessman. He developed many devices in areas such as electric power generation, mass communication, sound recording, and motion pictures. These inventions, which include the phonograph, the ‘motion picture camera’, and early versions of the electric ‘light bulb’.
During his working life he is reported to have held a world-record 1,093 patents
The electric light bulb is one of the most important inventions in human history. It has revolutionized the fields of lighting, communication, entertainment, and industry. The electric light bulb produces light by passing an electric current through a thin wire called a filament, which heats up and glows. The filament is enclosed in a glass bulb that is either vacuumed or filled with an inert gas to prevent it from burning out. The humble bulb has undergone many developments through time including the introduction of energy saving devices using LED’S, Light Emitting Diodes.
Joint invention
The electric light bulb was not invented by any one person, but by many inventors who contributed to its development over the years. Some of the earliest attempts to create electric light were made by Humphry Davy, Warren de la Rue, and Joseph Swan in the 19th century.
However, the most famous and successful individual inventor of the electric light bulb was Thomas Edison, who patented his version in 1879 and 1880. Edison experimented with different materials for the filament, such as carbon, platinum, and even bamboo, until he found one that could last for over 1,000 hours. He also improved the vacuum pump and the socket for the bulb. He demonstrated his invention to the public by lighting up his laboratory and the nearby streets in Menlo Park, New Jersey.
‘The electric light bulb invented over time with many contributors – the best known being Thomas Edison’.
World changing invention
The electric light bulb has changed the world in many ways. It has extended the hours of work and leisure, improved safety and health, enabled new forms of art and entertainment, and stimulated scientific and technological innovation.
The electric light bulb is also a symbol of human creativity, curiosity, and progress.
If you want a good read – go find, ‘The Last Days of Night’ by Graham Moore. It’s brilliant!
Bitcoin fell sharply on Thursday 17th August by 9% to just over $26,000
The fall in Bitcoin followed several hours after reports emerged that SpaceX, one of Elon Musk’s enterprises, wrote down the value of its Bitcoin holdings by a total of $373 million in 2022 and 2021, and that the space travel company had sold the virtual currency.
This is likely one of the fastest minute-by-minute selloffs in the history of Bitcoin but this is largely an Elon Musk/SpaceX-driven selloff and probably short-sighted and largely retail-driven. But still, 9% is a big drop for any asset!
In 2022, Tesla, which Musk also owns, announced that it sold about 75% of its Bitcoin holdings after investing $1.5 billion in the flagship cryptocurrency.
Bitcoin had been under pressure earlier, starting after the Federal Reserve issued the minutes from its July policy meeting. In Thursday’s session, the cryptocurrency slumped to its lowest level in almost two months.
Singapore’s financial regulator has reportedly said it had finalised rules for a type of digital currency called ‘stablecoin’, placing it among some of first the regulators worldwide to do so.
Stablecoins are a type of digital currency designed to hold a constant value against a fiat currency. Many claim to be backed by a reserve of real-world assets, such as cash or government bonds.
Reserves that back stabelcoins must be held in low-risk and highly-liquid assets. They must equal or exceed the value of the stablecoin in circulation at all times, the rules say. The stablecoin market is valued at around $125 billion, with two tokens – Tether’s USDT and Circle’s USDC – dominating roughly 90% of the market cap value. Stablecoins are broadly unregulated around the world.
The Monetary Authority of Singapore’s (MAS) framework requirement
Reserves that back stabelcoins must be held in low-risk and highly-liquid assets. They must equal or exceed the value of the stablecoin in circulation at all times
Stablecoin issuers must return the par value of the digital currency to holders within five business days of a redemption request.
Issuers must also provide ‘appropriate disclosures‘ to users, including the audit results of reserves.
These rules will apply to stablecoins that are issued in Singapore and mimic the value of the Singapore dollar, or of any G10 currencies, such as the U.S. dollar.
‘Shackles being removed from crypto regulation paving way for stablecoin adoption’
Last year, the collapse of a so-called algorithmic stablecoin named UST put this type of stablecoin in the crosshairs of regulators. Unlike USDT and USDC, UST was governed by an algorithm and did not have real-world assets like bonds in its reserves.
Singapore’s stablecoin framework puts it among one of the first jurisdictions to have such rules. In June, the U.K. passed a law that gives regulators the ability to oversee stablecoins, though there are no concrete rules yet. Hong Kong is meanwhile undergoing a public consultation on stablecoins and seeks to introduce regulation next year.
What is a stablecoin
A stablecoin is a type of cryptocurrency that tries to maintain a stable value by being pegged to another asset, such as a fiat currency, a commodity, or another cryptocurrency. Stablecoins aim to offer the benefits of cryptocurrencies, such as decentralisation, security, and transparency, without the drawbacks of high volatility and price fluctuations.
Stablecoins can be used for payments, remittances, trading, and storing value. However, stablecoins also face some challenges and risks, such as regulatory uncertainty, technical issues, and trust issues.
There are different ways to create and manage stablecoins, depending on the mechanism used to stabilize their value.
Main types of stablecoins
Fiat-backed: These stablecoins are backed by a reserve of fiat currency, such as the US dollar or the euro, held by a third-party entity. The stablecoin issuer promises to redeem the stablecoin for the fiat currency at a fixed ratio. Examples of fiat-backed stablecoins are Tether (USDT), USD Coin (USDC), and TrueUSD (TUSD).
Commodity-backed: These stablecoins are backed by a reserve of physical commodities, such as gold, silver, or oil, held by a third-party entity. The stablecoin issuer promises to redeem the stablecoin for the commodity at a fixed ratio. Examples of commodity-backed stablecoins are Paxos Gold (PAXG), Tether Gold (XAUT), and Digix Gold (DGX).
Crypto-backed: These stablecoins are backed by a reserve of other cryptocurrencies, such as Bitcoin or Ethereum, held in a smart contract. The stablecoin issuer uses over-collateralization or algorithmic adjustments to maintain the stability of the stablecoin. Examples of crypto-backed stablecoins are Dai (DAI), sUSD (SUSD), and BitUSD (BITUSD).
Algorithmic: These stablecoins are not backed by any reserve, but instead use an algorithm to control the supply and demand of the stablecoin. The algorithm adjusts the supply of the stablecoin according to the market conditions and the target price. Examples of algorithmic stablecoins are Basis Cash (BAC), Empty Set Dollar (ESD), and TerraUSD (UST).
What is ‘crypto’
Crypto has attracted a lot of attention in recent years. Crypto is short for cryptocurrency, which is a digital or virtual currency that uses cryptography to secure and verify transactions. Crypto can also refer to the underlying technology that powers cryptocurrencies, such as blockchain.
Some examples of popular cryptocurrencies are Bitcoin, Ethereum, Ripple ( XRP)and Cardano (ADA).
Cryptoman superhero
Cryptocurrencies have many advantages over traditional currencies, such as decentralisation, transparency, anonymity, and lower fees. However, they also face some challenges, such as volatility, regulation, security, and scalability. Crypto enthusiasts believe that cryptocurrencies have the potential to revolutionise the world of finance and beyond.
Some examples of popular stablecoins are Tether, USD Coin and Binance USD.
Douglas Adams – was an English author, humourist, and screenwriter, best known for The Hitchhiker’s Guide to the Galaxy.
The Hitchhikers guide to the Galaxy
The Hitchhikers guide to the Galaxy is a comedy science fiction franchise created by Douglas Adams. It started as a radio comedy on BBC Radio 4 in 1978, and then it was adapted to other formats, such as novels, stage shows, comic books, a TV series, a text adventure game, and a feature film.
The franchise follows the adventures of Arthur Dent, a human who escapes the destruction of Earth with his alien friend Ford Prefect, who is a writer for the electronic travel guide ‘The Hitchhiker’s Guide to the Galaxy’.
‘We are stuck with technology when what we really want is just stuff that works’.
Along the way, they meet other characters such as Zaphod Beeblebrox, the eccentric President of the Galaxy, Trillian, another human who was taken from Earth before its demolition, and Marvin, a depressed robot. The franchise is known for its humour, satire, absurdity, and references to various topics such as philosophy, physics, mathematics, and literature.
Steve Jobs was one of the most influential and visionary entrepreneurs of the 21st century. He was the co-founder, chairman, and CEO of Apple Inc., the company that revolutionized personal computing, music, mobile phones, tablets, and digital animation. He was also the founder and CEO of NeXT, a computer and software company that was acquired by Apple in 1997, and the majority shareholder of Pixar, a computer animation studio that was acquired by Disney in 2006.
Steve Jobs was born on February 24, 1955 in San Francisco, California. He was adopted by Paul and Clara Jobs, who raised him in Mountain View, California. Jobs attended Reed College in Portland, Oregon, but dropped out after one semester. He then travelled to India in 1974 to seek spiritual enlightenment and became a follower of Zen Buddhism.
Apple
In 1976, he co-founded Apple Computer with his friend Steve Wozniak in his parents’ garage. They created the Apple I and Apple II, which were among the first successful personal computers. In 1984, they launched the Macintosh, which introduced the graphical user interface and the mouse to the mass market. In 1985, Jobs left Apple after a power struggle with the board of directors.
NeXt
In 1986, he founded NeXT, which developed innovative computers and software for the education and business markets. NeXT also created the NeXTSTEP operating system, which was later used as the basis for Mac OS X and iOS. In 1997, Apple bought NeXT for $429 million and brought Jobs back as an interim CEO.
Watercolour image and likeness of Apple Lisa computer
iMac
In 1998, Jobs led the turnaround of Apple with the launch of the iMac, a sleek and colorful all-in-one computer. He then introduced a series of groundbreaking products that changed the world of technology and entertainment, such as the iPod (2001), iTunes (2003), iPhone (2007), iPad (2010), and iCloud (2011). He also oversaw the development of software platforms such as Mac OS X, iOS, iTunes Store, App Store, and Safari.
Pixar
In 1986, he also acquired Pixar from George Lucas for $10 million. Pixar became one of the most successful animation studios in history, producing hit films such as Toy Story (1995), Finding Nemo (2003), The Incredibles (2004), Ratatouille (2007), WALL-E (2008), Up (2009), and Inside Out (2015). In 2006, Disney bought Pixar for $7.4 billion and made Jobs its largest shareholder.
Stay hungry, stay foolish
Steve Jobs was known for his charisma, creativity, innovation, and perfectionism. He had a vision to make products that were not only functional but also beautiful and intuitive.
His passion to create experiences that enriched people’s lives and inspired them to think differently. He had a motto to ‘stay hungry, stay foolish’.
Steve Jobs died on October 5, 2011 at the age of 56 after a long battle with pancreatic cancer. He left behind a legacy that will continue to shape the world for generations to come.
Amazon is one of the leading companies in the field of artificial intelligence (AI) and has been developing its own custom chips to power its AI applications and services.
Amazon’s AI chips are designed to perform tasks such as natural language processing, computer vision, speech recognition, and machine learning inference and training.
AI chips created by Amazon
AZ2: This is a processor built into the Echo Show 15 smart display and powers artificial intelligence tasks like understanding your voice commands and figuring out who is issuing those commands. The AZ2 chip also enables features such as visual ID, which can recognize faces and display personalized information on the screen.
Inferentia: This is a high-performance chip that Amazon launched to deliver low-cost and high-throughput inference for deep learning applications. Inferentia powers Amazon Elastic Compute Cloud (EC2) Inf1 instances, which are optimized for running inference workloads on AWS. Inferentia also powers some of Amazon’s own services, such as Alexa, Rekognition, and SageMaker Neo.
Trainium: This is a chip that Amazon designed to provide high-performance and low-cost training for machine learning models. Trainium will power Amazon EC2 Inf2 instances, which are designed to train increasingly complex models, such as large language models and vision transformers. Trainium will also support scale-out distributed training with ultra-high-speed connectivity between accelerators.
Despite advancements is Amazon chasing to keep up?
Amazon is racing to catch up with Microsoft and Google in the field of generative AI, which is a branch of AI that can create new content or data from existing data. Generative AI can be used for applications such as natural language generation, image and video synthesis, text summarization, and personalization.
AI models from Amazon
Titan: This is a family of large language models (LLMs). Titan models can generate natural language texts for various domains and tasks, such as conversational agents, document summarization, product reviews, and more. Titan models are trained on a large and diverse corpus of text data from various sources, such as books, news articles, social media posts, and product descriptions.
Powerful chips for artificial intelligence (AI)
Bedrock: This is a service that Amazon created to help developers enhance their software using generative AI. Bedrock provides access to pre-trained Titan models and tools to customize them for specific use cases. Bedrock also allows developers to deploy their generative AI applications on AWS using Inferentia or Trainium chips.
Generative AI
Amazon’s CEO, Andy Jassy in the past said he thought of generative AI as having three macro layers: the compute, the models, and the applications. He said that Amazon is investing heavily in all three layers and that its custom chips are a key part of its strategy to provide high-performance and low-cost compute for generative AI. He also said that Amazon is not used to chasing markets but creating them, and that he believes Amazon has the best platform for generative AI in the world.
Inferentia and Trainium, offer AWS customers an alternative to training their large language models on Nvidia GPUs, which have been getting difficult and expensive to procure.
‘The entire world would like more chips for doing generative AI, whether that’s GPUs or whether that’s Amazon’s own chips that we’re designing’, Amazon Web Services CEO Adam Selipsky is reported to have said. ‘I think that we’re in a better position than anybody else on Earth to supply the capacity that our customers collectively are going to want’.
Fast actors
Yet others have acted faster, and invested more, to capture business from the generative AI boom. When OpenAI launched ChatGPT in November 2022, Microsoft gained widespread attention for hosting the chatbot, and investing a reportedly whopping $13 billion in OpenAI. It was quick to add the generative AI models to its own products, incorporating them into Bing in February 2023.
That same month, Google launched its own large language model, Bard, followed by a $300 million investment in OpenAI rival Anthropic.
AI Chat Bot robot
It wasn’t until April 2023 that Amazon announced its own family of large language models, called Titan, along with a service called Bedrock to help developers enhance software using generative AI.
Amazon is not used to chasing markets. Amazon is used to creating markets. And for the first time for some time, they find themselves on the back foot and working to play catch up.
And Meta?
Meta also recently released its own LLM, Llama 2. The open-source ChatGPT rival is now available for people to test on Microsoft’s Azure public cloud.
The Voyager 2 spacecraft is a remarkable feat of human exploration and discovery. It was launched in 1977, along with its twin Voyager 1, to explore the outer planets of our solar system. It is the only spacecraft to have visited Uranus and Neptune, and it is now the second most distant human-made object in space, after Voyager 1.
Deep space
However, communicating with such a faraway spacecraft is not easy. It requires a powerful radio antenna that can send and receive signals across billions of miles. NASA uses its Deep Space Network (DSN), a network of giant radio dishes around the world, to keep in touch with Voyager 2 and other deep space missions.
Unfortunately, sometimes things can go wrong. On July 21, 2023, NASA accidentally sent a wrong command to Voyager 2 that caused it to tilt its antenna away from Earth. This meant that the spacecraft could not receive any more commands or send back any data. NASA lost contact with Voyager 2 for nearly two weeks.
Keep talking
But NASA did not give up. The engineers tried to send a corrective command to Voyager 2 using the DSN, hoping that the spacecraft would somehow pick it up and respond.
Imaginary watercolour image of Deep Space
On August 1, 2023, NASA finally received a signal from Voyager 2. It was a faint ‘heartbeat‘ that confirmed that the spacecraft was still alive and broadcasting. NASA was overjoyed and relieved to hear from its old friend.
On August 4, 2023, NASA announced that it had successfully restored full contact with Voyager 2. The engineers had managed to send an ‘interstellar shout’ to the spacecraft, a powerful command that instructed it to point its antenna back to Earth. It took 37 hours for the command to reach Voyager 2 and another 37 hours for the confirmation to come back. It worked! Voyager 2 was back online and ready to resume its mission.
Amazing
Voyager 2 is an amazing example of human ingenuity and perseverance. It has been exploring space for nearly half a century, and it is still going strong. It has taught us so much about our solar system and beyond, and it continues to send us valuable data from the interstellar space. We are lucky to have such a faithful companion in our cosmic journey
Voyager 1 is an amazing spacecraft that has been exploring the outer solar system and beyond for over 45 years. It is currently the most distant human-made object from Earth, and it is still sending us valuable data from interstellar space.
According to the latest information from NASA, as of April 7, 2023, Voyager 1 is about 14,803,648,909 miles(23,837,577,852 kilometers) away from Earth. That is equivalent to 160.154936 astronomical units (AU), which is the average distance between the Earth and the Sun.
To put that in perspective, it would take light about 22 hours and 4 minutes to travel from Voyager 1 to Earth. That means that we are receiving signals from Voyager 1 that were sent almost a day ago! It takes approximately 8 minutes for light to travel from the Sun to planet Earth
Voyager 1 is also moving away from Earth at a speed of about 38,026.77 miles per hour (or 61,198.15 kilometers per hour) relative to the Sun. That means that it is getting farther and farther away from us every second. At this rate, it will take Voyager 1 about 40,000 years to reach the nearest star system to our Sun, which is Alpha Centauri.
A vision of futuristc space travel
Voyager 1 is a testament to human curiosity and ingenuity. It has taught us so much about our solar system and beyond, and it continues to inspire us to explore the unknown.
Nice one Voyager 1
Explore
NASA’s StarChild: This is a website that offers information and activities for children about stars and other astronomical topics.
Stellarium: This is a free software that simulates the sky in 3D and allows you to explore the stars and constellations from any location and time.
StarDate: This is a website that provides daily updates on the sky events, such as star sightings, eclipses, meteor showers, and planetary alignments.
U.K. economy beat expectations with 0.2% growth in the second quarter, boosted by household consumption and manufacturing output, the Office for National Statistics said Friday.
Economists had expected U.K. GDP to level off in the second quarter, after a surprise increase of 0.1% in the first quarter, as the Bank of England’s monetary policy tightening took effect and as persistent inflation began to slow consumer demand.
The economy expanded by 0.5% in June 2023, beating a forecast of 0.2% growth. It follows monthly GDP growth of 0.1% in May and 0.2% in April. However, the strength of the June rise was partially attributed to warm weather, as well as the additional public holiday in May to celebrate the coronation of King Charles III.
Better than expected
GDP was lifted by 1.6% growth in manufacturing and 0.7% in production in the second quarter, while services grew by 0.1%.
The Office for National Statistics (ONS) noted strong growth in household and government consumption in terms of expenditure. Both faced price pressures in the quarter, though this moderated from the previous three-month period.
Growth in June 2023 was stronger than expected at 0.5%
Growth in June 2023 was stronger than expected at 0.5%, showing a recovery when the economy lost one working day due to the national holiday in May. June’s warm weather also benefited the construction industry as well as pubs and restaurants. But the economy was impacted by strike action by NHS workers, doctors, railway unions and teachers. However, the figures for the three months and June in particular were better-than-expected.
What does it mean?
Gross Domestic Product (GDP) is one of the most important tools for looking at the health of the economy, and is watched closely by the government and businesses. If the figure is increasing, that means the economy is growing and people are doing more work and getting a little bit richer, on average.
But if GDP is falling, then the economy is shrinking which can be bad news for businesses. If GDP falls for two quarters in a row, it is typically defined as a recession.
The UK’s elections watchdog has revealed it has been the victim of a complex cyber-attack potentially affecting millions of voters.
The Electoral Commission said unspecified ‘hostile actors‘ had managed to gain access to copies of the electoral registers, from August 2021. Note the word ‘unspecified’ is used – do they even know?
Hackers also broke into its emails and “control systems” but the attack was not discovered until October last year. The watchdog has warned people to watch out for unauthorised use of their data.
The commission said hackers accessed copies of the registers it was holding for research purposes, and for conducting checks on political donors. The commission knew which of its systems were accessible to the hackers, but could not ‘conclusively‘ identify which files may have been accessed.
‘Very sophisticated’ attack
The personal data held on the registers – name and address – did not itself present a ‘high risk‘ to individuals, it added, although it is possible it could be combined with other public information to ‘identify and profile individuals’.
It has not said when the hackers’ access to its systems was stopped, but said they were secured as soon as possible after the attack was identified in October 2022. Why was it left so long to be made public and how long did it take to make systems secure again?
Explaining why it had not made the attack public before now, the commission said it first needed to stop the hackers’ access, examine the extent of the incident and put additional security measures in place.Defending the delay, commission chair John Pullinger said: “If you go public on a vulnerability before you have sealed it off, then you are risking more vulnerabilities.” He is reported to have said the ‘very sophisticated attack involved using software to try and get in and evade our systems’. Well, that clearly worked then.
The world of digital data
He reportedly said that the hackers were not able to alter or delete any information on the electoral registers themselves, which are maintained by registration officers around the country. Information about donations and loans to political parties and registered campaigners is held in a system that is not affected by this incident, the notice added. He understood public concern, and would like to apologise to those affected.
Steps
The commission added that it had taken steps to secure its systems against future attacks, including by updating its login requirements, alert system and firewall policies. The Information Commissioner’s Office, which is responsible for data protection in the UK, said it was urgently investigating.
Labour’s deputy leader Angela Rayner reportedly said: ‘This serious incident must be fully and thoroughly investigated so lessons can be learned‘. Why wouldn’t it be investigated? I dislike it immensely when clueless politicians roll out this ‘standard remark’ as an attempt to demonstrate they ‘know what’s going on’.
Then what? It happens again and we have to… learn more lessons…?
The phrase, ‘neither a borrower nor money lender be’ is a famous quote from William Shakespeare’s play, Hamlet, spoken by the character Polonius to his son Laertes. Polonius is giving his son some advice before he leaves for Paris, and he tells him not to lend or borrow money from anyone, because it can ruin friendships and lead to financial troubles.
Quote
‘Neither a borrower nor a lender be; For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry’.
The phrase means that we/you should be self-reliant and prudent with your money, and avoid getting into debt or lending money to others. It implies that borrowing and lending can cause resentment, dishonesty, and loss of trust between people. It also suggests that borrowing can make you lazy and wasteful, while lending can make you lose both the money and the friend. Thats’s true!
Relevant
The phrase is still relevant today, as many people face the challenges of managing their finances and dealing with debt. It is often used as a proverb or a piece of wisdom to warn people against the dangers of borrowing and lending money. However, some people may disagree with the phrase, and argue that borrowing and lending can be beneficial in some situations, such as when one needs to invest in education, business, or emergency needs. They may also point out that borrowing and lending can strengthen relationships if done with honesty, generosity, and gratitude.
This proverb is attributed to Confucius, the founder of Confucianism. It means that we can learn from anyone, even those who are less knowledgeable or experienced than us.
Confucius was a Chinese philosopher who is traditionally considered the ‘most perfect’ of Chinese sages.
Watercolour of three people walking and talking on a beautiful beach
Very apt quote for our time, even though this comment is some 460 yeas old.
John Calvin, theologian and pastor. He was the leading French Protestant reformer and the most important figure in the second generation of the Protestant Reformation.
The term protestant comes from the Latin word protestari, which means to declare publicly or to protest
This is the famous quote in the novel Animal Farm where it suggests ‘we are all equal, but some are more equal than others’.
Animal Farm is a fable by George Orwell that criticizes the corruption of power and the dangers of totalitarianism.
It appears in the last chapter of the novel, when the pigs have changed the original commandment of ‘All animals are equal‘ to justify their tyranny and privilege over the other animals. It is an example of how the pigs use language to manipulate and deceive the other animals, and how they betray the ideals of the ‘revolution’ that Old Major inspired.
Draw your own conclusions and comaparisons to ‘human’ behaviour…
George Orwell quote from Animal Farm, ‘All animals are equal, but some animals are more equal than others’
This quote is attributed to Nikola Tesla, a Serbian-American inventor, engineer and physicist who is best known for his contributions to the development of alternating current electricity, wireless communication and radio.
I don’t care that they stole my idea . . I care that they don’t have any of their own
China has been leading the global electric vehicle (EV) market for years, thanks to its large domestic demand, generous government subsidies, and well-established battery and electronics industry. However, the west is not giving up on the race to electrify the transport sector and reduce greenhouse gas emissions.
Europe reportedly surpassed China in terms of new EV registrations in 2020, driven by stricter emission regulations, higher consumer awareness, and more diverse and affordable models. The United States also saw a growth in EV sales, despite the Covid-19 pandemic and lower fuel prices. How are western countries and companies now competing with China in the EV market?
Global automakers such are using advanced tech such as driver-assist software to compete in the world’s largest EV market – China. ‘China’s domestic brands are leading the market in the development and implementation of advanced assisted driving systems, capitalizing on their early-entry advantages in the electric and intelligent vehicle sector‘, a recent report suggests.
BofA reportedly said it expects China to still be the world’s largest EV market in 2025, standing at 40%-45% market share.
Strategy
One of the strategies is to invest more in research and development, innovation, and collaboration. Western automakers are trying to improve the performance, efficiency, and cost of their EVs by developing new technologies and designs, such as advanced batteries, smart and autonomous features, and sustainable materials. They are also partnering with other players in the EV ecosystem, such as battery suppliers, charging network operators, software developers, and regulators, to create synergies and overcome challenges.
EV
Another strategy is to adapt to local market conditions and consumer preferences. Western automakers are aware that China is not a homogeneous market, but rather a complex and dynamic one with different regional characteristics, customer segments, and competitive landscapes. They are tailoring their products and services to meet the specific needs and expectations of Chinese consumers, such as offering more connectivity options, longer driving ranges, and lower prices. They are also leveraging their global brand reputation, quality standards, and customer loyalty to differentiate themselves from local competitors.
Niche markets
A third strategy is to diversify their portfolio and target niche markets. Western automakers are not only focusing on passenger cars, but also exploring other types of EVs, such as commercial vehicles, motorcycles, scooters, and buses. They are also targeting niche markets that have high growth potential or specific demands, such as luxury cars, sports cars, or green cars. By doing so, they can tap into new customer segments and create more opportunities.
The EV market is expected to grow rapidly in the coming years, as more countries and regions adopt policies and measures to support the transition to low-carbon mobility. China will remain a dominant player in the global EV scene, but the west will not lag behind.
How do EV’s compare to traditional vehicles?
Electric vehicles (EVs) are becoming more popular and competitive with traditional cars in terms of performance and cost. Here are some of the main differences and similarities between EVs and traditional cars:
Performance: EVs have a faster acceleration and are more efficient than traditional cars. They can reach high speeds in a short time, thanks to their instant torque rovided by the electric motor. They also have a smoother and quieter ride, as they do not have gears or transmissions. However, traditional cars perform better at high speeds and have a longer driving range than EVs. They can also handle different terrains and weather conditions better than EVs, as they have more power and stability.
Cost: EVs have a higher retail price than traditional cars, on average. But EVs may be a better financial deal for consumers over the long term. That’s because maintenance, repair and fuel costs tend to be lower than those for fossil fuel cars. EVs have fewer moving parts and fluids, which means they require less servicing and repairs. They also run on electricity, which is cheaper and cleaner than fossil derived fuels. However, traditional cars have lower upfront costs and more financing options than EVs. They also have a higher resale value and more availability than EVs, as they are more common and therefore familiar to buyers.
Environmental impact: EVs are more environmentally friendly than traditional cars, as they do not emit greenhouse gases or pollutants that contribute to air quality problems. They can also use renewable energy sources, such as solar or wind power, to charge their batteries and use fossil derived energy too.
However, EVs are not completely carbon-neutral, as they still depend on the electricity grid, which still uses fossil fuels to generate power. They also produce emissions during their manufacture and disposal processes.
Traditional cars, on the other hand, are a major source of carbon emissions and environmental damage, as they burn fossil fuels and release harmful substances into the atmosphere such as carbon monoxide and carbon dioxide. They also consume natural resources and create waste during their production and operation.
Fossil fuels generate power for the electric vehicle
As the EV population grows, so too will the energy requirement – and it will most likely be met moreso by fossil fuels in the short term as well as by renewables.
According to various sources, electric cars are generally cheaper to run than petrol cars in terms of fuel, road tax, maintenance, and insurance. However, the initial purchase price of electric cars is usually higher than petrol cars, so the overall cost of ownership may depend on how long you plan to keep the car and how much you drive it.
Running cost examples of electric cars vs petrol cars – (Spring 2023 data)
According to British Gas – fully charging a typical 60kW electric car at home costs £15.10 and gives you a 200-mile range, whereas filling up a petrol car with a similar range costs over £104. Electric cars also pay zero road tax, while petrol cars pay between £30 to £2,365 per year depending on their CO2 emissions. Electric cars also tend to have lower maintenance and insurance costs than petrol cars.
According to Regit – charging an electric car like the Vauxhall Corsa-E costs roughly £9.50 in electricity for a 200-mile range, while fuelling a petrol car with a similar range costs £41.63 in petrol. Electric cars also save money on road tax, maintenance, and congestion charges compared to petrol cars.
According to Which? – the electric Mini Cooper SE costs £8,000 more to buy than the petrol Mini One, but it costs £2,591 less to run over three years, mainly due to fuel savings. The electric car also pays no road tax or congestion charges, while the petrol car pays £155 and £11.50 per day respectively.
According to Auto Express – the annual running costs of an electric car are 21% less than those of a petrol car, excluding the purchase price. The average annual running cost for an electric car is £1,742, compared to £2,205 for a petrol car.
According to RAC – the annual running costs of an electric car like the Nissan Leaf are £1,233 less than those of a petrol car like the Ford Focus, excluding the purchase price. The electric car costs £1,062 per year to run, while the petrol car costs £2,295
Conclusion
There are many factors that affect the running costs of electric cars vs petrol cars, and different sources may have different assumptions and methods of calculation. However, the general trend is that electric cars are cheaper to run than petrol cars in most cases.
Hydrogen and hybrids are fast becoming future contenders. Watch this space…
No, nor me – never heard of them, but they are extremely important elements needed in microchip manufacturing and China is the world’s largest producer.
Germanium and gallium are two elements that are used in the production of semiconductor chips, which are essential for various electronic devices and technologies. They have different properties and applications, and they are both considered critical materials.
Germanium
Germanium is a metalloid, which means it has properties of both metals and non-metals. It is a shiny, hard, gray-white element that is brittle and can be cut easily with a knife. It has a high melting point of 938°C and a low boiling point of 2830°C. It is mainly obtained as a by-product of zinc production, but it can also be extracted from coal.
Germanium is used in, solar cells, fibre optic cables, infrared lenses light-emitting diodes (LEDs), and transistors. It is also used in some alloys to improve their strength and hardness. Germanium is essential for the defence and renewable energy sectors, as well as for space technologies. It can resist cosmic radiation better than silicon, and it can enhance the performance and efficiency of some semiconductors.
Gallium
Gallium is a metal that has a very low melting point of 29.8°C, which means it can melt in your hand. It is a soft, silvery-white element that can be easily cut with a knife. It has a high boiling point of 2403°C. It is mainly obtained as a by-product of processing bauxite and zinc ores.
Gallium and Germanium considered critical elements required in the production of microchips
Gallium is used in the electronics industry to produce heat-resistant semiconductor wafers that can operate at higher frequencies than silicon-based ones. It is also used in LEDs, solar panels, microwave devices, sensors, and lasers. Gallium is important for the development of new technologies such as electric vehicles, high-end radio communications, and Blu-Ray players. It can also improve the power consumption and reliability of some semiconductors.
China the largest producer
China is the largest producer and exporter of both germanium and gallium, accounting for about 60% and 80% of the global supply. However, China has recently announced new export restrictions on these two elements, requiring special licences for exporters. This move is seen as a response to the western sanctions on China’s access to advanced microchip technology.
The export curbs could affect the global supply chain of semiconductor chips and have implications for various industries and markets
This quote is attributed to Nikola Tesla, a Serbian-American inventor, engineer and physicist who is best known for his contributions to the development of alternating current electricity, wireless communication and radio.
The Bank of England (BoE) announced another increase in its base rate, from 5% to 5.25%, the highest level in over 15 years as of 3rd August 2023. This is the 14th consecutive rise since December 2021, when the BoE started to tighten monetary policy in response to rising inflation.
The Bank said that inflation, which fell to 7.9% in June, remained well above its 2% target and that further action was needed to bring it down. It also cited the risks posed by the global economic situation, especially the conflict in Ukraine and the slowdown in China.
Affect on borrowers
The rate hike will affect millions of borrowers and savers across the UK. Fixed-rate mortgages will not change until the end of their term, but new deals will be hit borrowers hard. Savers may see some benefit from higher interest rates, but only if banks and building societies pass on the increase, which they are slow to do.
Bear in mind that for the past 15 years many have benefitted from ultra low interest rates and cheap money, this is not the ‘norm’. And now, as more ‘normal’ interest rates return it will initially disrupt financial stability for some, and it will be difficult for many for a time. But money has been cheap and mortgages have always been the cheapest way to borrow long term and that is still the case – even if it doesn’t feel like it right now.
Expected
The Bank of England’s decision was widely expected by market analysts, but some have warned that further rate rises could damage the UK economy, which is already showing signs of weakness. House prices are falling, manufacturing activity is contracting and consumer confidence is low.
The prime minister, Rishi Sunak, said he was disappointed that inflation was not falling faster, but claimed that he was making progress and that there was ‘light at the end of the tunnel‘.
And a train too if he isn’t careful!
UK has the highest interest rate in the G7
Interest rates have been increasing across the world in recent months.
The Bank of England’s latest rate hike means the UK now has the highest rates in the G7 – a group of the world’s seven largest so-called ‘advanced’ economies.
That’s higher than France, Germany, Italy, Japan, Canada and the U.S.
If you think the UK’s got it bad, spare a thought for these countries where interest rates are rampant
Banks may use XRP Ripple as a payment system to replace SWIFT
XRP Ripple is a payment settlement system and currency exchange network that can process transactions globally. It is designed to facilitate cross-border payments by using XRP, a cryptocurrency, as a bridge currency between different fiat currencies.
XRP advantage is cost and speed
XRP Ripple claims to offer several advantages over SWIFT, the system most financial institutions use for international money transfers. XRP transactions can be completed in as little as 3 to 5 seconds and transaction fees are just 0.0001 XRP. SWIFT, on the other hand, can take up to 5 business days and charge higher fees.
Not so Swift
However, despite XRP Ripple’s efforts to disrupt the industry, SWIFT has not been idle. The interbank payments network has recently launched SWIFT Go, a new service that enables businesses and consumers to send low-value cross-border payments anywhere in the world in seconds with full transparency and security.
SWIFT has also reportedly completed a successful cross-border payment from Australia to Singapore in only 13 seconds in a trial.
Adoption?
Therefore, it is not clear whether banks will adopt XRP Ripple as a payment system to replace SWIFT, or whether they will stick with the incumbent network that has been improving its speed and efficiency. The outcome may depend on factors such as regulation, customer demand, and market competition.
Fast International money transfers via the XRP Ripple system could be adopted by banks
It may also depend on costs and speed guarantees – banks will love to save money on money transfers.
Now that an international money transfer can be completed in seconds and not days – what will the client be charged?
Summary
Ripple is confident U.S. banks will start wanting to use XRP for cross-border transactions after a judge gave the firm a partial victory in its fight against the SEC.
A judge ruled that XRP cryptocurrency Ripple is closely associated with, but was not in itself necessarily a security, in a development with major implications for the digital asset industry.
Fast International money transfers via XRP Ripple
It wasn’t a total victory for Ripple, however – the judge also ruled that sales of XRP by Ripple to institutional buyers do count as unregistered sales of securities.
This quote is attributed to George Orwell, a British writer and journalist who is best known for his novels 1984 and Animal Farm, which are critical of totalitarian regimes and propaganda.
George Orwell watercolour image – ‘In a time of universal deceit – telling the truth is a revolutionary act’
The Buffet Indicator is a valuation multiple used to assess how expensive or cheap the aggregate stock market is at a given point in time. It was proposed by investor Warren Buffett in 2001, who called it ‘probably the best single measure of where valuations stand at any given moment‘ . It compares the total value of all publicly traded securities in the U.S. to the U.S. GDP .
The current value of the Buffet Indicator is 181%, (July 2023) – which suggests that the U.S. stock market is reportedly worth $48.37 trillion, while the U.S. GDP is $26.74 trillion.
This ratio is 50.50% above the historical trend line, suggesting that the stock market is overvalued relative to GDP. Buffett warned that if the ratio approaches 200%, ‘you are playing with fire‘.
Buffett Indicator: $48.85T ÷ $26.91T = 182%
Does it Matter?
The Buffett Indicator expresses the value of the U.S. stock market in terms of the size of the U.S. economy. If the stock market value is growing much faster than the actual economy, then it may be in a bubble.
Buffet Indicator Movement Above and Below Trend Line
Apple shares previously failed to close at levels that would have given the company a market cap of $3 trillion, despite a promising intra-day move in January 2022.
Milestone
Apple has become the first publicly traded company ever to be worth $3 trillion. The company’s market valuation reached this milestone on January 3rd, 2022. Apple’s stock briefly eclipsed $182.86 a share before closing at $182.01. The milestone is mostly symbolic but it represents investor recognition of Apple’s success over the past few years as the company has reported several record-breaking quarters of big growth in all of its product lines.
Apple is not just a hardware player – it has an even bigger slice of the tech’ consumer pie than you may imagine, especially in the cloud computing arena.
Second time lucky
Apple has regained its $3 trillion valuation to become the first-listed company, in modern times, to reach the $3 trillion milestone again. It acheived this on 30th June 2023. Shares climbed more than 2% to hit a record $193.97. However, by direct comparison and by todays valuation, the East India Trading Company beat Apple to this accolade long-a-go in the 17th Century having acheived a higher value equivalent to $7 trillion in todays money.
