The Almighty Buck

Rubbish IT Systems Cost the US At Least $40 Billion During Covid (ft.com) 99

An anonymous reader quotes a report from the Financial Times: A lot of critical financial and government infrastructure runs on Cobol. The more-than-60-year-old mainframe coding language is embedded into payments and transaction rails, even though there are very few Cobol-literate coders available to maintain them. The big argument in favor of sticking with Cobol systems is that they work. The catch is that, whenever they stop working, it is difficult to figure out why. That's not good in a crisis, which is exactly when they're most likely to break. Covid-19 put a lot of strain the US state benefit systems.

The ones that used Cobol for processing unemployment claims failed spectacularly, according to a new working paper from The Atlanta Fed: "States that used an antiquated [unemployment insurance]-benefit system experienced a 2.8 percentage point decline in total credit and debit card consumption relative to card consumption in states with more modern UI benefit systems. [...] Using this estimate in a back-of-the-envelope calculation, I find that the lack of investment in updating UI-benefit systems in COBOL states was associated with a reduction in real GDP of at least $40 billion (in 2019 dollars) lower during this [March 13 2020 to year-end] period

The paper uses Cobol as a proxy for old and inefficient IT, not the direct cause of failure. Claimants faced much longer delays in the 28 states that still used Cobol in 2020, both because of the unprecedented volume of claims and the difficulty updating systems with new eligibility rules, author Michael Navarrete finds. [...] As an aside, one oddity of the data is that Republican-controlled states were more likely to have replaced old IT systems, even though their standard unemployment insurance payments are lower on average. Why? Absolutely no idea, but here are the maps. And, once adjusted for state politics, here's the key finding.

Bitcoin

British Columbia to Permanently Ban New Crypto Mining Projects From Grid (coindesk.com) 54

British Columbia is permanently banning new cryptocurrency mining operations from connecting to its power grid to conserve electricity for industries that generate more jobs and tax revenue. The province is also capping power allocations for AI and data centers, while launching a competitive allocation process in January 2026. CoinDesk reports: The move from the government of Canada's third-most populous province is part of a broader legislative and regulatory overhaul unveiled Monday [...]. "Government will also implement several regulatory and policy changes in fall 2025 that will ... permanently ban new BC Hydro connections to the electricity grid for cryptocurrency mining to preserve the province's electricity supply and avoid the overburdening of the electricity grid," the government said in a post on its website

The province said the restrictions will help prevent grid strain and ensure industrial development is powered by clean electricity. "We're seeing unprecedented demand from traditional and emerging industries," Charlotte Mitha, the president and CEO of power utility BC Hydro, said in the web post. "The province's strategy empowers BC Hydro to manage this growth responsibly, keeping our grid reliable and our energy future clean and affordable." Crypto mining operations often consume large amounts of electricity without creating many local jobs or tax revenue, according to the statement. By contrast, projects like mines or liquefied natural gas (LNG) facilities are seen as more beneficial to the economy.

Youtube

YouTube's Likeness Detection Has Arrived To Help Stop AI Doppelgangers 19

An anonymous reader quotes a report from Ars Technica: AI content has proliferated across the Internet over the past few years, but those early confabulations with mutated hands have evolved into synthetic images and videos that can be hard to differentiate from reality. Having helped to create this problem, Google has some responsibility to keep AI video in check on YouTube. To that end, the company has started rolling out its promised likeness detection system for creators. [...] The likeness detection tool, which is similar to the site's copyright detection system, has now expanded beyond the initial small group of testers. YouTube says the first batch of eligible creators have been notified that they can use likeness detection, but interested parties will need to hand Google even more personal information to get protection from AI fakes.

Currently, likeness detection is a beta feature in limited testing, so not all creators will see it as an option in YouTube Studio. When it does appear, it will be tucked into the existing "Content detection" menu. In YouTube's demo video, the setup flow appears to assume the channel has only a single host whose likeness needs protection. That person must verify their identity, which requires a photo of a government ID and a video of their face. It's unclear why YouTube needs this data in addition to the videos people have already posted with their oh-so stealable faces, but rules are rules.

After signing up, YouTube will flag videos from other channels that appear to have the user's face. YouTube's algorithm can't know for sure what is and is not an AI video. So some of the face match results may be false positives from channels that have used a short clip under fair use guidelines. If creators do spot an AI fake, they can add some details and submit a report in a few minutes. If the video includes content copied from the creator's channel that does not adhere to fair use guidelines, YouTube suggests also submitting a copyright removal request. However, just because a person's likeness appears in an AI video does not necessarily mean YouTube will remove it.
Social Networks

TikTok's New Policies Remove Promise To Notify Users Before Government Data Disclosure (forbes.com) 40

TikTok changed its policies earlier this year on sharing user data with governments as the company negotiated with the Trump Administration to continue operating in the United States. The company added language allowing data sharing with "regulatory authorities, where relevant" beyond law enforcement. Until April 25, 2025, TikTok's website stated the company would notify users before disclosing their data to law enforcement. The policy now says TikTok will inform users only where required by law and changed the timing from before disclosure to if disclosure occurs. The company also softened its language from stating it "rejects data requests from law enforcement authorities" to saying it "may reject" such requests. TikTok declined to answer repeated questions from Forbes about whether it has shared or is sharing private user information with the Department of Homeland Security or Immigration and Customs Enforcement. The timing difference prevents users from challenging subpoenas before their data is handed over.
United States

US Narrows Who Pays $100,000 H-1B Visa Fee (wsj.com) 82

President Trump's $100,000 H-1B visa fee will apply only to new visa applicants outside the country, the government confirmed in new guidance on Monday. From a report: That means that under the new policy, employers won't need to pay the fee for anyone already living in the U.S., such as international students. The new guidance: Under the new guidance published on Monday, U.S. Citizenship and Immigration Services said the $100,000 fee will apply only to new applicants living outside the country. Employers will need to pay the fee after their prospective employee's visa is approved, allowing them to move to the U.S.

Previously, the White House had said the fee would apply to all new visa applicants, except those who work for companies or industries that have secured a special waiver. In 2024, roughly 54% of the 141,000 new H-1B visas issued went to immigrants who were already in the U.S. on a different visa type, according to government statistics. If that trend holds, the new fee wouldn't apply to over half of the applicants.

United States

Hackers Say They Have Personal Data of Thousands of NSA and Other Government Officials (404media.co) 17

An anonymous reader shares a report: A hacking group that recently doxed hundreds of government officials, including from the Department of Homeland Security (DHS) and Immigration and Customs Enforcement (ICE), has now built dossiers on tens of thousands of U.S. government officials, including NSA employees, a member of the group told 404 Media. The member said the group did this by digging through its caches of stolen Salesforce customer data. The person provided 404 Media with samples of this information, which 404 Media was able to corroborate.

As well as NSA officials, the person sent 404 Media personal data on officials from the Defense Intelligence Agency (DIA), the Federal Trade Commission (FTC), Federal Aviation Administration (FAA), Centers for Disease Control and Prevention (CDC), the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), members of the Air Force, and several other agencies.

China

Nvidia CEO Says Company Went from 95% to 0 Market Share in China (fortune.com) 96

Nvidia CEO Jensen Huang says his company has lost all access to China's market after U.S. export restrictions eliminated what was once a 95% share. Speaking in an interview with Citadel Securities, Huang questioned the wisdom of policies that cost America one of the world's largest markets.

The Biden Administration imposed rules in 2022 to restrict exports of Nvidia's most advanced AI chips to China. The Trump Administration blocked additional chip sales in April and later granted export licenses for certain Nvidia and AMD chips in exchange for 15% of revenues. Chinese regulators responded by telling domestic tech companies to avoid Nvidia chips designed to meet U.S. export requirements. Beijing also placed strict limits on exports of rare earths. Huang noted that about half the world's AI researchers are in China and called it a mistake not to have them build AI on American technology.
China

China Accuses NSA of Hacking National Timekeeping Agency (apnews.com) 56

China says it has uncovered what it describes as irrefutable evidence of American government cyber attacks targeting the National Time Service Center. The Ministry of State Security said the National Security Agency exploited vulnerabilities in employees' mobile phones beginning March 25, 2022, and later used stolen login credentials to access the center's computers starting April 18, 2023.

The facility in Xi'an provides high-precision timekeeping service for the government, civil society, and various industries. It also supplies data used to calculate international standard time. Chinese authorities said investigators found that private servers worldwide were employed to conceal the attacks' origin. The accusations emerge against a backdrop of mutual cyber-espionage claims between Washington and Beijing. Western governments and companies have repeatedly blamed Chinese hackers for intrusions in recent years.
Earth

India Draft Plan Reveals $21 Trillion Net-Zero Investment Need (financialpost.com) 22

India will need as much as $21 trillion to achieve its climate goals and lift its population out of poverty, according to a draft government plan seen by Bloomberg. From the report: The estimate offers a first glimpse of how the country intends to live up to its target of net zero emissions by 2070. The updated scenario implies hitting peak emissions in 2045, which is a decade earlier than the current trajectory.

India is already being severely battered by the fallout of climate change, as deadly floods and heat waves become more destructive each year. But the need to mitigate the emissions that feed climate change has historically been at odds with India's priorities of economic growth and energy security, with the latter still mostly provided through coal. The new plan shows India will seek to achieve climate and economic development goals simultaneously, with low-carbon options envisaged for much of its yet-to-be-built residential and industrial infrastructure.

Transportation

Are Parts of the World Retreating on Electric Vehicles? (msn.com) 265

Canada's Prime Minister "paused an electric-vehicle sales mandate that was set to take effect next year," reports the Wall Street Journal, which argues a kind of retreat from electric-vehicle ambitions "is spreading around the globe."

Even the U.K.'s Prime Minister "has allowed for a more flexible timetable to hit the country's EV targets." And demand is expected to drop in the U.S., where global consulting firm AlixPartners now predicts EVs will make up 18% of new-vehicle sales by 2030 — just half of what they'd predicted two years ago: j U.S. automaker GM will take a $1.6 billion charge "because of sinking EV sales," reports the Wall Street Journal, "a shift it blamed on recent moves by the U.S. government to end EV subsidies and regulatory mandates... That might just be the beginning of a financial reckoning from automakers that poured billions into new electric models — from sports cars and sedans to big pickups and sport-utility vehicles — to try to get ready for the government-backed EV mandates.

Automakers have been saying that consumers aren't adopting EVs as quickly as expected, and government efforts to proliferate the technology are hammering their bottom lines. GM, in announcing its charge, said it is reassessing EV capacity and warned that more losses are possible...Carmakers argue the EV business model is an unprofitable proposition given still-high battery costs, spotty car-charging networks and dwindling government subsidies.

Incentive programs have ended or have been pared back across Europe and in the U.S. and Canada.

Volkswagen, burdened with massive electrification costs, helped spur the reckoning in Europe when it said it would cut 35,000 jobs as part of a deal with its union. The move sent shock waves through the region's political establishment. Weeks later, the EU launched a "strategic dialogue" with the automotive industry that led to a more flexible timetable for automakers to meet its emissions rules for 2025.

Communications

A Classified Network of SpaceX Satellites Is Emitting a Mysterious Signal (npr.org) 46

A network of classified Starshield satellites built by SpaceX for the U.S. government is transmitting signals on radio frequencies reserved for Earth-to-space commands. According to NPR, it may violate international standards. From the report: Satellites associated with the Starshield satellite network appear to be transmitting to the Earth's surface on frequencies normally used for doing the exact opposite: sending commands from Earth to satellites in space. The use of those frequencies to "downlink" data runs counter to standards set by the International Telecommunication Union, a United Nations agency that seeks to coordinate the use of radio spectrum globally.

Starshield's unusual transmissions have the potential to interfere with other scientific and commercial satellites, warns Scott Tilley, an amateur satellite tracker in Canada who first spotted the signals. "Nearby satellites could receive radio-frequency interference and could perhaps not respond properly to commands -- or ignore commands -- from Earth," he told NPR.

Outside experts agree there's the potential for radio interference. "I think it is definitely happening," said Kevin Gifford, a computer science professor at the University of Colorado, Boulder who specializes in radio interference from spacecraft. But he said the issue of whether the interference is truly disruptive remains unresolved. [...] Tilley says he's detected signals from 170 of the Starshield satellites so far. All appear in the 2025-2110 MHz range, though the precise frequencies of the signals move around.

Privacy

Prosper Data Breach Impacts 17.6 Million Accounts (bleepingcomputer.com) 4

Hackers breached financial services firm Prosper, stealing the personal data of roughly 17.6 million people, including Social Security numbers, income details, and government IDs. "We have evidence that confidential, proprietary, and personal information, including Social Security Numbers, was obtained, including through unauthorized queries made on Company databases that store customer information and applicant data. We will be offering free credit monitoring as appropriate after we determine what data was affected," the company says. "The investigation is still in its very early stages, but resolving this incident is our top priority and we are committed to sharing additional information with our customers as appropriate." BleepingComputer reports: Prosper operates as a peer-to-peer lending marketplace that has helped over 2 million customers secure more than $30 billion in loans since its founding in 2005. As the company disclosed one month ago on a dedicated page, the breach was detected on September 2, but Prosper has yet to find evidence that the attackers gained access to customer accounts and funds.

However, the attackers stole data belonging to Prosper customers and loan applicants. The company hasn't shared what information was exposed beyond Social Security numbers because it's still investigating what data was affected. Prosper added that the security breach didn't impact its customer-facing operations and that it has reported the incident to relevant authorities and is collaborating with law enforcement to investigate the attack. [...] The stolen information also includes customers' names, government-issued IDs, employment status, credit status, income levels, dates of birth, physical addresses, IP addresses, and browser user agent details.
Have I Been Pwned revealed the extent of the incident on Thursday.
Privacy

Amazon's Ring Partners With Flock, a Network of AI Cameras Used By Police 82

Amazon's Ring has announced a partnership with Flock Safety, the AI-powered camera network already used by ICE, the Secret Service, and other federal agencies. "Now agencies that use Flock can request that Ring doorbell users share footage to help with 'evidence collection and investigative work,'" reports TechCrunch. From the report: Flock cameras work by scanning the license plates and other identifying information about cars they see. Flock's government and police customers can also make natural language searches of their video footage to find people who match specific descriptions. However, AI-powered technology used by law enforcement has been proven to exacerbate racial biases. On the same day that Ring announced this partnership, 404 Media reported that ICE, the Secret Service, and the Navy had access to Flock's network of cameras. By partnering with Ring, Flock could potentially access footage from millions more cameras.
News

IMF Warns About Soaring Global Government Debt (semafor.com) 85

The IMF has issued a stark warning over soaring global government debt, saying it is on track to exceed 100% of GDP by 2029. Semafor: Such a ratio would be the highest since 1948, when large economies were rebuilding post-war. Today, "there is little political appetite for belt-tightening," The Economist wrote: Rich nations are reluctant to raise taxes on their beleaguered electorates -- but they're facing pressure to spend more on defense, and on social services for aging populations.

Higher long-term bond yields, meanwhile, suggest investor wariness over governments' balance sheets. In the short term, the debt concerns manifest in political disruption: France's budget fight recently toppled another government, while the US federal shutdown highlights the tension between new spending demands and deficit reduction.

Education

South Korea Abandons AI Textbooks After Four-Month Trial (restofworld.org) 27

South Korea's government has stripped AI-powered textbooks of their official status after a single semester of use. The textbooks were introduced in March for math, English, and computer science classes as a flagship initiative under former President Yoon Suk Yeol. Students and teachers complained about technical problems, factual inaccuracies, and increased workload.

The government spent more than 1.2 trillion won ($850 million) on the program. Publishers invested around 800 billion won ($567 million). The textbooks were reclassified as supplementary material. Adoption rates dropped from 37% in the first semester to 19% in September. Only 2,095 schools now use them, about half the number from earlier in the year.
China

Western Executives Shaken After Visiting China (futurism.com) 238

mspohr shares a report from Futurism: Western automotive and green energy executives who visit China are returning humbled -- and even terrified. As The Telegraph reports, the executives are warning that the country's heavily automated manufacturing industry could quickly leave Western nations behind, especially when it comes to electric vehicles. "We are in a global competition with China, and it's not just EVs," Ford CEO Jim Farley told The Verge last month. "And if we lose this, we do not have a future at Ford." Some companies are giving up on new initiatives altogether, with the founder of mining company Fortescue, Andrew Forrest, claiming that his recent trip to China led to him abandoning attempts to produce EV powertrains in-house. "There are no people -- everything is robotic," he told The Telegraph.

Other executives recalled touring "dark factories" that don't even need to keep the lights on, as most work is being done around the clock by robots. "You get this sense of a change, where China's competitiveness has gone from being about government subsidies and low wages to a tremendous number of highly skilled, educated engineers who are innovating like mad," British energy supplier Octopus CEO Greg Jackson told the newspaper. According to recent figures by the International Federation of Robotics, China has deployed orders of magnitude more industrial robots than Germany, the US, and the UK.

Transportation

Norway Says 'Mission Accomplished' On Going 100% EV, Proposes Incentive Changes (electrek.co) 131

Norway has effectively achieved its 2025 goal of 100% electric new car sales, prompting the government to declare "mission accomplished" and propose scaling back EV tax exemptions to reflect a mature market. "We have had a goal that all new passenger cars should be electric by 2025, and ... we can say that the goal has been achieved," announced Finance Minister Jens Stoltenberg. Electrek reports: With the finish line in sight, the Norwegian government is now fine-tuning its approach. The current incentive program maintains the crucial VAT exemption for EVs, but only up to a purchase price of 500,000 Norwegian kroner (approximately $49,000 USD). This move is designed to target more expensive, luxury EVs, ensuring that the incentive benefits a broader range of consumers.

However, the latest budget proposal aims to reduce the EV tax exemption to vehicles costing 300,000 Norwegian kroner (~30,000 USD). This would apply for 2026, and then the tax exemption would completely end in 2027. Additionally, the government plans to increase taxes on new gasoline and diesel cars, further widening the cost gap between polluting and zero-emission vehicles.

However, the proposal still needs to be adopted by Norway's government, and there is some opposition. EV associations are advocating for a more extended phase-out period to ensure that the adoption rate doesn't decline.

United Kingdom

China 'Stole Vast Amounts' of Classified UK Documents, Officials Say (thetimes.com) 31

Boris Johnson's former adviser claims that China infiltrated a key UK government data-transfer network for years, compromising highly classified materials and prompting a Whitehall cover-up that prioritized Chinese investment over national security. The Times reports: Dominic Cummings, who served as a senior adviser to Boris Johnson, said that he and the then prime minister were informed about the breach in 2020 but that there had subsequently been a cover-up. He said he was warned at the time that disclosing some specific details of the breach would be a criminal offence. He claimed that the breach included some "Strap" material, which is the government term for the highest level of classified information.

The breach, which was confirmed by two other senior Whitehall sources, was said to have been connected to a Chinese-owned company involved in Britain's critical national infrastructure. Tom Tugendhat, a former Tory security minister, supported Cummings's account. Cummings said that he and Johnson were informed of the breach in the "bunker" of No 10 -- a reference to the secure room in Downing Street.

He told The Times: "The cabinet secretary said, 'We have to explain something; there's been a serious problem', and he talked through what this was. "And it was so bizarre that, not just Boris, a few people in the room were looking around like this -- 'Am I somehow misunderstanding what he's saying? Because it sounds f***ing crazy.'" He added: "What I'm saying is that some Strap stuff was compromised and vast amounts of data classified as extremely secret and extremely dangerous for any foreign entity to control was compromised. "Material from intelligence services. Material from the National Security Secretariat in the Cabinet Office. Things the government has to keep secret. If they're not secret, then there are very, very serious implications for it."

Transportation

Waymo's Robotaxis Are Coming To London (theguardian.com) 20

An anonymous reader quotes a report from The Guardian: People in London could be hiring driverless taxis from Waymo next year, after the US autonomous vehicle company announced plans to launch its services there. The UK capital will become the first European city to have an autonomous taxi service of the kind now familiar in San Francisco and four other US cities using Waymo's technology.

The launch pits an innovation sometimes dubbed the "robotaxi" against London's famous black cabs, which can trace their history back to the first horse-drawn hackney coaches of the Tudor era. But a representative of the capital's cab drivers said they were not concerned by the arrival of a "fairground ride" and questioned the reliability of driverless vehicles. Waymo said its cars were now on their way to London and would start driving on the capital's streets in the coming weeks with "trained human specialists," or safety drivers, behind the wheel.

The company, originally formed as a spin-off from Google's self-driving car program, said it would scale up operations and work closely with Transport for London and the Department for Transportto obtain the permits needed to offer fully autonomous rides in 2026. Uber and the UK tech company Wayve have also announced their own plans to trial their driverless taxis in the capital next year, after the British government said it would accelerate rules allowing public trials to take place before legislation enabling self-driving vehicles passes in full.

Earth

Government Told To Prepare For 2C Warming By 2050 (bbc.com) 66

The UK should be prepared to cope with weather extremes as a result of at least 2C of global warming by 2050, independent climate advisers have said. BBC: The country was "not yet adapted" to worsening weather extremes already occurring at current levels of warming, "let alone" what was expected to come, the Climate Change Committee (CCC) wrote in a letter addressed to the government.

The committee said they would advise that the UK prepare for climate change beyond the long-term temperature goal set out in the Paris Agreement. The letter came as the World Meteorological Organization (WMO) confirmed that 2024 had seen a record rise of carbon dioxide (CO2) in the atmosphere. CO2 is the gas mainly responsible for human-caused climate change and is released when fossil fuels are burnt, as well as other activities.

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