The average rate on the U.S. 30-year fixed mortgage rate hit 8% on Wednesday 18th October 2023, according recently released data. That is the highest level since 2000.
The unwelcome milestone came as bond yields soared to levels not seen since 2007. Mortgage rates follow the yield of the 10-year U.S. Treasury.
Sharp rise
Rates climbed sharply in the last two weeks, as investors digested more economic data. On Wednesday 18th October 2023 it was housing starts, which rose in September 2023, although not as much as expected, according to the U.S. data.
Building permits, an indicator of future construction, fell but by a less than expected. Last week, retail sales came in far higher than expected, creating more uncertainty over the Federal Reserve’s long-term plan.
U.S. mortgage applications plummet
The higher rates have caused mortgage demand to plummet, as applications fell nearly 7% last week from the previous week.
The average rate on the 30-year fixed was as low as 3% just two years ago. To put it in perspective, a buyer purchasing a $400,000 home with a 20% cash deposit would have a payment increase of nearly $12,000 per year more than it would have been two years ago.
The price of Bitcoin is influenced by many factors, such as supply and demand, market sentiment, news events, regulations, and technical analysis.
One of the recent news events that affected the price of Bitcoin was the speculation about the approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). A spot Bitcoin ETF is an exchange-traded fund (ETF) that directly holds Bitcoin and tracks its price movements.
This would allow investors to gain exposure to Bitcoin without having to buy, store, or manage it themselves. A spot Bitcoin ETF would also increase the liquidity and legitimacy of the Bitcoin market, potentially attracting more institutional and retail investors.
Waiting approval
However, the SEC has not yet approved any Bitcoin ETF applications, despite receiving several from various financial firms, such as Blackrock and Fidelity. The SEC has expressed concerns about the risks of fraud, manipulation, and volatility in the Bitcoin market.
Bitcoin one year chart October 2022 – October 2023
The SEC has only approved one Bitcoin-related ETF so far, which is the ProShares Bitcoin Strategy ETF that tracks the price of Bitcoin futures contracts, not the actual Bitcoin. Bitcoin futures contracts are agreements to buy or sell Bitcoin at a predetermined price and date in the future. They are traded on regulated exchanges.
Rumour
On 16th October, 2023, a false rumour circulated on social media that the SEC had approved a Bitcoin ETF from Blackrock, the world’s largest asset manager. This rumour caused a surge in the demand and price of Bitcoin, which briefly breached the $30,000 mark.
However, this ‘news’ was quickly corrected by both Blackrock and the SEC, and the price of Bitcoin fell back to its previous levels. The rumour may have been fueled by the anticipation and excitement in the crypto community for a spot Bitcoin ETF approval, which many analysts believe would boost the price of Bitcoin significantly.
Crypto volatility
The false rumour about the Bitcoin ETF approval was one of the major factors that contributed to the 10% climb and subsequent drop of bitcoin on the 16th October, 2023.
Be careful
The price of Bitcoin is determined by the interaction of buyers and sellers in a global and decentralized market that operates 24/7. As such, it is subject to high volatility and unpredictability.
The price of Bitcoin is determined by the interaction of buyers and sellers in a global and decentralized market that operates 24/7. As such, it is subject to high volatility and unpredictability.
Investors should always do their own research and due diligence before investing in any cryptocurrency or any financial product.
Remember to always do your ownRESEARCH!RESEARCH!RESEARCH!
Definitions
ETF – Exchange Traded Fund is a type of investment fund that can be bought or sold on a stock exchange like a regular stock. An ETF usually holds a selection of securities, such as stocks, bonds, commodities, or currencies, that track a specific index, sector, or asset class.
Bitcoin is a type of digital currency that can be used for online transactions without the need for a central authority or intermediary. Bitcoin is based on a technology called blockchain, which is a distributed ledger that records and verifies all transactions in a network of computers. Bitcoin is created and rewarded to the participants who contribute their computing power to maintain and secure the network, a process known as mining. Bitcoin has a limited supply of 21 million units, which are divided into smaller units called satoshis.
Bitcoin is based on a technology called blockchain, which is a distributed ledger that records and verifies all transactions in a network of computers.
Bitcoin was invented in 2008 by an anonymous person or group using the name Satoshi Nakamoto, who published a white paper describing the concept and design of Bitcoin.
The first Bitcoin transaction was made in 2009, when Nakamoto sent 10 bitcoins to a computer programmer named Hal Finney. Since then, Bitcoin has grown in popularity and value, attracting millions of users and investors around the world.
Securities and Exchange Commission (SEC) is a U.S. government agency that regulates the securities markets and protects investors. The SEC was established by the passage of the U.S. Securities Act of 1933 and the Securities and Exchange Act of 1934, largely in response to the stock market crash of 1929 that led to the Great Depression.
The SEC has three main objectives: to ensure full public disclosure of information, to prevent fraud and manipulation in the market, and to facilitate capital formation for economic growth.
The SEC oversees various entities and activities in the securities markets, such as securities exchanges, brokers, dealers, investment advisers, mutual funds, corporate issuers, and securities transactions. The SEC enforces the federal securities laws by requiring companies to register their securities and disclose relevant information to the public through its electronic database called EDGAR.
The SEC also investigates and prosecutes violations of the securities laws, such as insider trading, market manipulation, accounting fraud, and disclosure fraud.
It means prices are still rising at the same rate as the previous month.
Petrol and diesel costs kept inflation up, the Office for National Statistics (ONS) says, but food and non-alcoholic drink prices fell for the first time since September 2021.
Food inflation falls the most
Milk, cheese and eggs are among the products that went down the most; the price of household appliances and airfares fell to.
In response to the latest figures, Chancellor Jeremy Hunt said, ‘inflation rarely falls in a straight line’. He pledged to stick to the government’s promise to get the main rate of inflation down to 5% by the end of the year.
Thank you for that enlightening comment, Mr Hunt. May I remind you that even if you hit the target the government set of 5% by the end of the year; inflation will still be a whopping 3% above the Bank of England (BoE) original target!
Targets! Targets! Targets!
Thank you for that enlightening comment, Mr Hunt. May I remind you that even if you hit the target the government set of 5% by the end of the year; inflation will still be a whopping 3% above the Bank of England (BoE) original target!
Come on – get your act together! You really should have prepared batter and seen this coming.
Will these projects alter the world weather pattern?
According to a study, installing large-scale wind and solar farms in the Sahara desert could increase rainfall and vegetation in the region. The researchers simulated the effects of covering 20% of the Sahara with solar panels and wind turbines and found that it would trigger a feedback loop of more monsoon rain and more plant growth.
This could have benefits for the local environment and the global climate, as well as providing a huge amount of clean energy for the world.
Could it also create a detrimental effect to the ecosystem too?
10.5 GW solar energy
The desert project would produce 10.5 GW of solar power and 3 GW of wind power. However, there are also challenges and uncertainties involved, such as the cost, feasibility, and environmental impacts of such a massive undertaking.
The Sahara is a desert on the African continent. With an area of 9,200,000 square kilometres, it is the largest hot desert in the world and the third-largest desert overall, smaller only than the deserts of Antarctica and the northern Arctic.
Daily global electricity energy demand
The global electricity energy demand is the amount of electricity that the world needs in a given day. It can be calculated by multiplying the average global electricity demand in GW by 24 hours. According to the International Energy Agency (IEA), the average global electricity demand in 2020 was about 3 TW or 3 000 GW. This means that the global electricity energy demand in 2020 was about 72 000 GWh or 72 TWh per day. However, this is an average value, and the actual demand may vary depending on the season, time of day, weather, and other factors.
The researchers simulated the effects of covering 20% of the Sahara with solar panels and wind turbines and found that it would trigger a feedback loop of more monsoon rain and more plant growth.
In the Announced Pledges Scenario, renewables in electricity generation rise from 28% in 2021 to about 50% by 2030 and 80% by 2050.
Microsoft has said it will contest a U.S. tax authority’s request to pay an additional $28.9 billion (£23.5 billion) in back taxes for the years 2004 to 2013.
The Internal Revenue Service (IRS) has been auditing how the firm allocates profits among countries and jurisdictions. Microsoft reportedly said, ‘the issues raised by the IRS are relevant to the past but not to our current practices‘.
Creative accounting?
There have long been concerns that the biggest corporations do not pay enough tax in developed nations. Big tech’ giants have been criticised for reporting lower profits in high-tax countries and higher profits in lower-tax jurisdictions to minimise their tax burden.
Microsoft reportedly said the IRS was seeking an additional tax payment of $28.9 billion plus penalties and interest. The company said it had ‘always followed the IRS’s rules and paid the taxes we owe in the U.S. and around the world‘. It said it believed that any taxes owed after the audit would be reduced by up to $10 billion based on tax laws passed by the former U.S. President.
Scrutiny
This year, Microsoft has also come under scrutiny from other U.S. authorities. In June, it agreed to pay $20m to the Federal Trade Commission (FTC) after the company was found to have illegally collected data on children who had started Xbox accounts.
Other American tech’ firms such as Amazon and Facebook have also faced similar calls to pay more taxes.
The International Monetary Fund (IMF) is an international organization that monitors the health of the global economy and provides financial assistance to countries in need.
UK interest rate warning from the IMF
The IMF has warned that the UK faces another five years of high interest rates to stem rising prices, which have been falling but remain stubbornly above target.
The IMF expects the UK to have the highest inflation and slowest growth next year of any G7 economies, which includes the US, France, Germany, Canada, Italy and Japan.
The IMF says the UK’s immediate prospects are being weighed down by the need to keep interest rates high to control inflation, which is partly caused by the terms-of-trade shock from high energy prices, the aftereffects of the global pandemic, Brexit fallout and the Russia/Ukraine war.
Peak at 6%!
The IMF believes Bank of England rates will peak at 6% and stay around 5% until 2028. Rates are currently 5.25%.
Buying the dip means purchasing an asset, usually a stock, when its price has dropped. The expectation is that the drop is a short-term anomaly, and the asset’s price will soon go back up. It is a strategy that some traders and investors use to take advantage of price fluctuations and profit from market rebounds.
However, buying the dip can also be risky, as there is no guarantee that the price will recover or that the asset is not in a long-term downtrend. Therefore, it is important to do your research, use indicators, and have a risk management plan before buying the dip.
Current market situation and general ‘readout’
The S&P 500 is still ‘buy the dip’ for the next six months,’ some analysts suggest.
In some reports, it is expected that the profit cycle will be positive over the next six months and for data to improve before a consumer-spending led downturn leads to a selloff in U.S. stocks! That’s the ‘general’ readout.
Corporate profit expectations are behind much of that forecast for stocks. Analysts expect profit growth to accelerate over the next two quarters and see the S&P 500 in a range of 4,050 to 4,750. A mild recession in early or middle 2024 should lead to a higher risk premium, pushing the S&P 500 back close to 3,800. This is all conjecture.
Other analysts doubt the earnings uplift potential and anticipate stocks to fall back sooner as PE ratios sit at an already high level.
Take your pick
My view, for what it’s worth, is for stocks to climb for the time being through into the New Year and then to face pullback.
Truth is, no one knows. We can all make educated guesses.
Just watch the markets and be ready for the fall – that is coming for sure!
The University of Exeter is offering a master’s degree in magic and occult science – (what is occult science?). Available from September 2024.
First course of its kind in the UK
The course is said to be one of the first of its kind in the UK and aims to explore the history and impact of witchcraft and magic around the world on society and science.
The course leader, Prof Emily Selove, reportedly said that the course was created following a recent surge in interest in magic and the occult, (worrying) – inside and outside of academia. She also said that the course would allow students to re-examine the assumption that the West is the place of rationalism and science, while the rest of the world is a place of magic and superstition.
Institute of Arab and Islamic Studies
The course will be offered in the Institute of Arab and Islamic Studies and will involve academics from various disciplines such as history, literature, philosophy, archaeology, sociology, psychology, drama, and religion.
Some of the modules that students can choose from include dragons in western literature and art, the legend of King Arthur, palaeography, Islamic thought, archaeological theory and practice and the depiction of women in the Middle Ages.
Preparing students for a ‘teaching’ career amongst other options
The university said that the course could prepare students for careers in teaching, counselling, mentoring, heritage and museum work, work in libraries, tourism, arts organisations or the publishing industry, among other areas of work.
And you get one of these too…
To be perfectly honest, I really do not know what to think. This is for real!
Bed bugs are small, blood-sucking insects that can infest homes, hotels, public transport, and other places where people sleep or rest. And Paris has its fair share at the moment.
They can cause skin irritation, allergic reactions, and psychological distress to their hosts. Bed bugs are not known to transmit any diseases, but they can be hard to irradicate once they establish.
Paris outbreak
According to some news reports, Paris is facing a ‘widespread’ outbreak that has been increasing over the past few years.
Some factors that may contribute to the problem
Lack of awareness and prevention measures among the public and the authorities.
Reduced use of pesticides, such as DDT, that were effective against bed bugs but harmful to the environment and human health.
Increased globalisation, tourism, and immigration, which facilitate the spread of bed bugs through luggage, clothing, and furniture.
Social media amplification of the problem, which may create panic and stigma.
Challenge
The bed bug issue in Paris may pose a challenge for the city’s image and reputation, especially as it prepares to host the 2024 Olympic Games. However, there are some solutions that can help prevent and control bed bug infestations.
Methods to control outbreaks
Washing and drying your clothes and bedding at high temperatures after travelling or suspecting an exposure to bed bugs.
Checking for signs of bed bugs before staying in a hotel or renting an apartment, such as dark spots, blood stains, or live insects on the mattress, sheets, or furniture.
Sealing cracks or crevices where bed bugs may hide or enter your home.
Avoiding bringing second-hand furniture or clothing into your home without inspecting them first.
Calling a professional pest control service if you find bed bugs in your home or workplace.
Not just for Paris – probably coming to a city near you too… and soon.
This will take some time to fix.
Imaginative artwork: Bed bugs are small, blood-sucking insects that can infest homes, hotels, public transport, and other places where people sleep or rest.
Metro Bank shares have plunged by 25% after reports emerged that the bank is urgently seeking to raise millions to bolster its finances.
The bank is in talks with investors about raising £250m in equity financing and £350m in debt, while asset sales are also being considered to strengthen the lender’s balance sheet.
The bank’s shares have already suffered substantial falls in September after regulators refused to approve a request to lower the capital, or cash, requirements attached to its mortgage business.
It has been reported that the Metro Bank share price has dropped by 70% so far this year.
As of now, it’s unclear whether the bank will be able to secure the funding it needs. As much as £600 million has been muted as need in in some reports.
Is this a worrying sign of worse to come, or just a one-off?
The Nikkei 225 index, is a stock market index for the Tokyo Stock Exchange.
The Nikkei 225 reached its all-time high on 29 December 1989, during the peak of the Japanese asset price bubble, when it reached an intra-day high of 38,957.44, before closing at 38,915.87. This was after a decade-long bull run throughout the 1980s, when the index grew sixfold.
Since then, the index has never surpassed this level, and has experienced several periods of decline and stagnation. As of October 4, 2023, the index closed at 30,526.88, down by 2.28% from the previous day and 8389 points off its all-time high.
The Xlinks Morocco-UK Power Project is a proposal to create a large-scale renewable energy complex in Morocco and feed the electricity to the UK via a long underwater cable.
Key facts
12 million solar panels, 530 wind turbines over 62 square miles.
The project aims to produce 10.5 GW of clean power from solar and wind facilities in Morocco’s Guelmim Oued Noun region. This is equivalent to about 10% of the UK’s electricity demand.
The project also plans to build a 20 GWh/5 GW battery storage facility to ensure a stable and reliable supply of electricity.
The project will use proven high-voltage direct current (HVDC) interconnector technology to transmit the electricity to the UK via a 3,800 km route under the seabed. The cable will connect to two locations in Devon and Wales, each with a capacity of 1.8 GW.
The project will create over 11,000 new green jobs in the UK and Morocco, and contribute to their renewable industrial ambitions. It will also diversify the UK’s energy sources and reduce its dependence on EU interconnectors, LNG imports, and biomass from North America.
The project is seeking a 25-year contract with the UK government to guarantee a fixed electricity price and secure financing for the £20 billion investment.
It hopes to start construction in 2024 and deliver power to the UK by 2028.
Entirely powered by sun and wind
The Xlinks Morocco-UK Power Project will be a new electricity generation facility entirely powered by solar and wind energy combined with a battery storage facility. Located in Morocco’s renewable energy rich region of Guelmim Oued Noun, it will be connected exclusively to Great Britain via 3,800km HVDC sub-sea cables.
Zero carbon power generation
When domestic renewable energy generation in the United Kingdom drops due to low winds and short periods of sun, the project will harvest the benefits of long hours of sun in Morocco alongside the consistency of its convection Trade Winds, to provide a firm but flexible source of zero-carbon electricity.
Apple said on Saturday 30th September 2023 that it will issue a software update that would address customer complaints about the latest iPhone 15 models, released just over a week ago, running hot.
The new iPhones were running hot because of a combination of bugs in iOS 17, bugs in apps, and a temporary set-up period that requires extra processing and therefore heat generation, Apple confirmed.
Statement from Apple
‘We have identified a few conditions which can cause iPhone to run warmer than expected. The device may feel warmer during the first few days after setting up or restoring the device because of increased background activity.’
‘We have also found a bug in iOS 17 that is impacting some users and will be addressed in a software update. Another issue involves some recent updates to third-party apps that are causing them to overload the system. We’re working with these app developers on fixes that are in the process of rolling out.‘
Luddites were a group of workers who protested against the use of machinery that threatened their livelihoods in the early 19th century in Britain. They were not opposed to technology in general, but to the specific machines that were ‘taking away their livelihoods’.
They attacked factories and smashed machines that were replacing their jobs with cheaper and less skilled labour.
BIG tech Luddite comparison – is AI the latest threat?
Some people have compared the Luddites to the modern movements that resist the effects of Big Tech and artificial intelligence (AI) on workers’ lives. They argue that these technologies are creating a new wave of automation that is displacing workers, eroding their rights, and increasing inequality.
They also point out that the Luddites had the support of a majority of English people and eventually led to changes in the law that improved workers’ conditions.
Progress?
However, others have criticized this comparison as inaccurate or misleading. They claim that the Luddites were not successful in stopping technological progress, and that their actions were violent and destructive.
Technology will create new jobs
They also suggest that the Luddite fallacy, which refers to the belief that technological progress causes mass unemployment, has been proven wrong by history. They contend that technology can create new opportunities and benefits for workers, as long as society adapts and regulates it properly.
The question of whether a new modern Luddite rebellion can rise against Big Tech is not a simple one. It depends on how we define Luddites, how we evaluate the impacts of technology, and how we respond to the challenges and opportunities it presents.
The drug works by creating mutations in the Covid genome to prevent the virus from replicating, reducing its ability to cause severe illness. However, some viral samples from patients who took the drug show a ‘signature mutation profile’, meaning changes were likely triggered by the drug, the authors said Monday 25th September 2023, in the journal Nature.
The findings suggest that some versions of the virus continue to survive and spread even after exposure to the drug. The researchers said more studies are needed to assess the benefits and risks of using the drug.
What evidence?
There is no evidence that Lagevrio has produced more transmissible or severe variants of Covid, according to the study. The researchers also cautioned that the drug-induced mutations they found have yet to lead to a widely circulating new strain of Covid.
Disputed
The maker has disputed the idea that Lagevrio was causing problematic new variants and said it didn’t believe its treatment was likely to contribute to mutations based on data at the time.
In another report, COVID vaccines have reportedly been linked to unexpected vaginal bleeding.
Alien dust samples from the ‘most dangerous known rock in the Solar System’ have been brought to Earth.
NASA safely landed the probe with the capsule containing the precious space dust in the West Desert of Utah state.
The samples had been collected up from the surface of asteroid Bennu in 2020 by the Osiris-Rex spacecraft.
NASA wants to learn more about the asteroid Bennu, not least because it has an outside chance of colliding with Earth in the next 300 years, but more importantly, the samples are likely to provide fresh insights into the formation of the Solar System 4.6 billion years ago and possibly even how life began here on Earth.
Touchdown was confirmed at 08:52 local time (14:52 GMT), three minutes ahead of schedule.
The container holding the precious cargo screaming into the atmosphere over the U.S. at more than 27000 mph. A heatshield and parachutes slowed its descent and dropped it gently to the ground.
Eager scientists applauded the remarkable achievement and now anticipate their chance to investigate the precious cargo further. Just 300 grams of asteroid dust were returned.
That might not sound like very much, but the scientists have access to exceptional technology that will enable them to analyse ultra small particles at a very high resolution.
OpenAI’s ChatGPT can now ‘see, hear and speak,’ or, at least, understand spoken words, respond with a synthetic voice and process images, the company announced Monday 25th September 2023.
The update to the chatbot OpenAI’s biggest since the introduction of GPT-4, allows users to opt into voice conversations on ChatGPT’s mobile app and choose from five different synthetic voices for the bot to respond with. Users will also be able to share images with ChatGPT and highlight areas of focus or analysis.
Roll out
The changes will be rolling out to paying users in the next two weeks, OpenAI said. ‘While voice functionality will be limited to the iOS and Android apps, the image processing capabilities will be available on all platforms’.
The big feature push comes alongside ever-rising stakes of the artificial intelligence (AI) race among chatbot leaders such as OpenAI, Microsoft, Google and Anthropic. In an effort to encourage consumers to adopt generative AI into their daily lives, tech giants are racing to launch not only new chatbot apps, but also new features. Google has announced updates to its Bard chatbot, and Microsoft added visual search to Bing.
Investment expansion
Earlier this year, Microsoft’s expanded its investment in OpenAI, an additional $10 billion, it made it the biggest AI investment of the year. In April 2023, the startup reportedly structured a $300 million share sale at a valuation of between $27 billion and $29 billion, with investments from firms such as Sequoia Capital and Andreessen Horowitz.
Concerns
Experts have raised concerns about AI-generated synthetic voices, which in this case could allow users a more natural experience but also enable more convincing deepfakes. Cyber threat investigators and researchers have already begun to explore how deepfakes can be used to penetrate cybersecurity systems.
OpenAI says ChatGPT can now ‘speak,’ listen and process images
OpenAI acknowledged those concerns in its announcement, saying that synthetic voices were ‘created with voice actors we have directly worked with,’ rather than collected from strangers.
The release also provided little information about how OpenAI would use consumer voice inputs, or how the company would secure that data if it were used. OpenAI did not immediately respond to CNBC’s request for comment, and the company’s terms of service say that consumers own their inputs ‘to the extent permitted by applicable law.’
What does ‘ChatGPT’ actually mean?
ChatGPT is an acronym for Chat Generative Pre-trained Transformer. It is a name of an artificial intelligence model that can generate natural language text based on user input.
It was developed by OpenAI, a research organization dedicated to creating and ensuring the safe and beneficial use of artificial intelligence (AI). ChatGPT can be used for various purposes, such as answering questions, having conversations, and producing creative writing.
Reports suggest as much as $3 trillion is waiting on the sidelines to be invested in tech’.
AI FOMO
The reasoning is that AI is driving a fear of missing out (FOMO). We could very well be experiencing the fourth industrial revolution right now, and it is AI-driven. Strategically, companies can’t just sit around and wait. There’s a window where if they don’t join in or realise the potential and grab the opportunity, they’ll miss out.
IPO’s
Three of the biggest initial public offerings (IPO) in the tech’ sector in nearly two years raised some $6 billion collectively in less than a week. Nvidia has attracted much attention with the AI driven interest it has created recently.
While a handful of tech IPOs and one big acquisition wouldn’t have been much cause for celebration in previous years, they are a welcome return after the drought of pandemic-era hit investment.
The IPO market for tech was effectively shut down until Arm Holdings, Instacart and Klaviyo opened the investors door again. Merger activity such as that driven by Microsoft Corp., OpenAI ChatGPT and Activision Blizzard Inc. is helping to lift up the appetitie for investment again. And it’s pretty much AI induced.
Money ready to go
Some analysts suggest there is $3 trillion sitting on the sidelines ready to invest, mostly held by Big Tech and private equity companies. The fascination with artificial intelligence (AI) and fear of missing out (FOMO) will create massive AI led tech investing opportunities. Everyone will want a slice of this cake.
This could very well be the biggest transformational spending wave that we’ve seen in years and certainly since the internet arrived in 1995.
Just look out for that ‘bubble’ again – it will pop! But much money will be made before that happens and then again after.
Osiris-Rex is a NASA mission that aims to collect and return a sample from asteroid Bennu, which is believed to be a remnant of the early solar system. The mission hopes to learn more about the origins of life on Earth and the potential for asteroid mining in the future.
Osiris-Rex stands for Origins, Spectral Interpretation, Resource Identification, Security-Regolith Explorer. The spacecraft launched in 2016 and arrived at Bennu in 2018. It spent two years mapping and studying the asteroid before successfully collecting a sample of about 300 grams (10.6 ounces) of dust and rocks in October 2020.
Asteroid Bennu
Capsule
The sample capsule is now on its way back to Earth and is expected to land in Utah on September 24, 2023. Scientists are eager to analyze the material and look for clues about how the solar system formed and how organic molecules that are essential for life were delivered to Earth.
Osiris-Rex is also planning an extended mission to visit another near-Earth asteroid called Apophis in 2029. Apophis is considered a potentially hazardous asteroid because it has a small chance of hitting Earth in the future. Osiris-Rex will observe and measure Apophis to improve our understanding of its orbit and characteristics.
Nasa’s Osiris-Rex capsule will come screaming into Earth’s atmosphere on Sunday 24th September 2023 at more than 15 times the speed of a bullet.
It will make a fireball in the sky but a heat shield will protect the craft. Parachutes will then deploy to slow the descent and bring it to a gentle touchdown in Utah’s West Desert.
Bringing with it a special space cargo that may help the human race discover the origin of life.
TikTok is a popular social media app that allows users to create and share short videos. But, it has faced some controversies regarding its algorithm, design, and data protection.
Tiktok has issues
The company was fined $368 million in Europe for failing to protect children’s data. The Irish Data Protection Commission, which oversees TikTok’s activities in the European Union, said that the company had violated the bloc’s signature privacy law.
An investigation by the DPC found that in the latter half of 2020, TikTok’s default settings didn’t do enough to protect children’s accounts.
Anti-social app
TikTok drove online ultra online ‘frenzies’ that encouraged anti-social behaviour to spill over into the real world, a BBC Three investigation revealed.
Ex-employees said that the issue was not being tackled for fear of slowing the growth of the app’s business. These ‘frenzies’ were evidenced by interviews with former staffers, app users and BBC analysis of wider social media data. They included false murder accusations, interference in police investigations, school vandalism, and riots.
TikTok’s algorithm is reportedly failing to provide a safe and positive experience for its users and for society
Anti-social algorithm
The algorithm and design means people are seeing videos which they wouldn’t normally be recommended – which, in turn, incentivise them to do unusual things in their own videos on the platform.
Former employees likened these frenzies to ‘wildfires’ and described them as ‘dangerous’, especially as the app’s audience can be young and impressionable.
NatWest customers reported money missing from their accounts after making a cash deposit. The bank has said an issue with its cash deposit machines has been now resolved
Customers shared their concerns on social media on Thursday 21st September 2023 that recently-deposited cash was not showing up in their account balance.
Early on Friday 22nd September 2023, NatWest said the issue had been resolved and that no-one would be left out of pocket.
Some customers had reported going overdrawn because of the issue and expressed concern they would be charged fees.
In a statement, NatWest said, ‘Cash payments to a small number of accounts have been delayed and the issue is now resolved and customer accounts are being updated’.
It is unclear how many people were affected by the issue.
UK interest rates have been left unchanged at 5.25% by the Bank of England (BoE).
The decision comes a day after figures revealed an unexpected slowdown in UK nflation in August 2023.
The Bank had previously raised rates some14 times in a row to tackle inflation, leading to increases in mortgage payments, business loans and consumer borrowing. But it also delivered higher savings rates.
The maker of weight-loss drug ‘Wegovy’ has become Europe’s most valuable company, dethroning the French luxury conglomerate LVMH.
Is there an irony here…? Exploitation of the obese, or a genuine attempt to help? It is used in the fight against diabetes too.
It’s a business after all
Wegovy is a brand name for ‘Semaglutide‘, a prescription medicine used for weight loss in obese or overweight adults with other weight-related medical issues. It works by regulating appetite and reducing calorie intake, leading to weight loss and helping with weight management.
Wegovy was launched in the UK on 4th September 2023 and is available on the NHS as an ‘option‘ for weight management in line with NICE guidance, alongside a reduced-calorie diet and increased physical activity. However, only people with the highest medical need may qualify for the drug, as it is in short supply and its use will be restricted – but celebrities have direct access – do they have the ‘highest medical needs’? Of course they do.
Clinical trials
Wegovy has been shown to be effective in clinical trials, achieving up to a 15% reduction in body weight after one year. It has also been found to reduce the risk of a heart attack or stroke in obese people with cardiovascular disease by 20%.
To get Wegovy on the NHS, eligible adults would need a referral to an NHS specialist weight management service, which would usually be made by a GP. Alternatively, Wegovy can be obtained privately, but it may be expensive and not covered by insurance.
Watercolour image of a generic medicine bottle. Wegovy is a brand name for ‘Semaglutide‘, a prescription medicine used for weight loss in obese or overweight adults with other weight-related medical issues.
Shares rose after the Danish pharmaceutical giant, Novo Nordisk, launched the popular drug in the UK.
At the close of trading on Monday, 4th September 2023, the company had a stock market valuation of $428bn (£339bn).
The drug is now available on the National Health Service in the UK and also via private outlets.
Obesity treatment
Wegovy is an obesity treatment that is taken once a week which tricks people into thinking that they are already full, so they end up eating less and losing weight.
Famous personalities such as Elon Musk are among the reported users of the drug, which has gained traction in Hollywood and with the public more widely since it was approved by regulators in the US in 2021.
Wegovy and Ozempic – a diabetes treatment with similar effects – have been described as ‘miracle’ drugs. Would that be a ‘miracle for the user or for the pharmaceutical company – or both perhaps?
Experts warn the drug is not a quick fix nor a ‘substitute for a healthy diet and exercise’.
In trials, users often put weight back on after stopping treatment.
‘Supply restriction as production ramps up’
There has been a global shortage of the drug, so only limited is awailable for the NHS in the UK.
The company said it will continue to restrict global supplies as it works to ramp up manufacturing.
While the findings still have to be fully reviewed, experts agreed the results were potentially significant.
