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Australia hits buy-now-pay-later sector with consumer credit law

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Australia said that it would govern buy-now-pay-later assistance as customer credit under the new legislation, requiring providers of BNPL to conduct history checks before providing what it said is expected to be one of the strictest regulations worldwide for the emerging sector.

With this change, Block by Jack Dorsey Inc (SQ.N)-owned Afterpay as well as Zip Co would fall under the jurisdiction of the Australian Securities and Investments Commission (ASIC), putting Australia second only to the United Kingdom among nations that have attempted to monitor buy-now-pay-later as a normal credit product.

buy-now-pay-later
Image Source: finance.yahoo.com

Cash-strapped consumers who take on debt, often more than they can handle, frequently employ BNPL firms, which usually provide on-the-spot free-of-interest loans for short periods with minimum verification of credit which disperse payments throughout weeks or months.

Also Read: OpenAI to introduce ChatGPT app for iOS

Since BNPL service providers refrain from charging interest, they are now immune from customer credit regulations. As a result, their company has soared during the e-commerce craze sparked by COVID-19 stimulus funds and extremely low-interest rates.

However, as Australia faces rising prices, which are currently at close to 30-year peaks, worries about repaying have grown. According to Australia’s center-left Labour administration, BNPL needs to be deemed credit as it exerts the same effect on debtors.

“BNPL looks like credit, it acts like credit, it carries the risks of credit,” Financial Services Minister Stephen Jones said in a speech in Sydney on Monday.

“Our plan prevents lending to those who cannot afford it, without stopping safe, prudent BNPL use.”

Source: reuters.com

Australia, which has approximately a dozen registered BNPL service providers, had roughly seven million operational BNPL user accounts throughout 2021–22, generating A$16 billion which is $11 billion in dealings, an increase of 37 percent.

Shopping industry data reveals that Australians made A$63.8 billion in transactions via the Internet in 2022, with 26 percent of Australians claiming to have paid using buy-now-pay-later.

The majority of the money made by BNPL companies comes from costing merchants a share of their earnings in return for sending customers to them. They impose late fees on borrowers but claim that by promising increased credit limits, they promote timely returns.

Although BNPL companies claim to carefully track the debtor’s behavior, a recently enacted Australian law would oblige these individuals to adhere to “responsible lending” constraints, which involve carrying out credit checks before lending, informing clients when their credit limits are increased, and adhering to legally mandated settlement procedures.

Also Read: Meta announces AI training and inference chip project

Later in the year, government officials will make the draught law available for comment, and by the finish of the year, the measure will have been submitted to parliament.

“The buy now, pay later business model is still a structural growth model,” said Shaun Ler, a Morningstar analyst.

“You end up in a situation where everyone is suffering but your competitors are suffering even more and the demand is still there,” Ler added.

Source: reuters.com
Delphox

Is Delphox good in Pokemon GO PvP?

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Pokemon Go players all over the world have the highest chance of transforming the Gen 6 Fire Starter into its ultimate evolution, the Fire/Psychic-type Delphox, during Fennekin’s Community Day event in May 2023.

Delphox is a Fire/Psychic-type Pokémon, which gives it a unique typing but also leaves it vulnerable to several common typings in PvP, such as Ground, Rock, Dark, and Ghost. A Delphox with the Fire-Type Charged Attack Blast Burn will be given to gamers who evolve a Braixen during event hours.

Delphox
Image Source: dexerto.com

Delphox will also be able to learn Fire Type Charged Attack Mystical Fire commencing at the commencement of the event.

Fire Spin as the Fast Move with Psychic and Blast Burn as the Charged Moves is one of the best moves sets you can teach Delphox for PvP Battles. Fire Spin should be Delphox’s preferred Fast Move due to its destructive power output, STAB, and the type cover.

Also Read: Is “Pokemon Sleep” finally arriving this summer?

Delphox will wish to employ Psychic as one of its Charged Moves, which is why. Despite having a lower Power, using Psychic for Delphox’s Charged Move is a great choice due to its faster cooldown period than Fire Blast.

The most damage will be dealt with overall by effectively employing the two moves when Cycle Damage and Psychic’s two bars are taken into account. Additionally, Psychic adds a new move type to Delphox’s toolbox that will assist it cover more ground.

Delphox is a Fire/Psychic-type Pokémon, which gives it a unique typing but also leaves it vulnerable to several common typings in PvP, such as Ground, Rock, Dark, and Ghost. Unfortunately, Delphox’s PvE and PvP potential is somewhat average, as there are several stronger Fire types available.

Delphox may, however, be of real service to newer players who lack a large number of powerful Fire-type Pokemon, especially in light of Fennekin’s Community Day. Delphox’s major issue is competition from other Fire-type Pokemon, such include Chandelure and Darmanitan. Charizard, Emboar, and Blaziken have a tiny advantage over Delphox overall among Fire-type Starter Pokemon.

For reference, in the Great League (CP limit of 1,500), Delphox has some limitations. While it has access to a diverse move pool, including Fire, Psychic, Grass, and Electric-type moves, its overall performance is underwhelming.

Its low base stats and vulnerability to common typings make it struggle against popular meta Pokémon like Azumarill, Skarmory, and Swampert In the Ultra League (CP limit of 2,500), Delphox still faces challenges due to its frailty and the prevalence of bulkier and more powerful Pokémon.

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It is generally outclassed by other Fire-type options like Charizard or Entei. There are more suitable alternatives available, especially in the very competitive Master League, it has been suggested that the cost is not really worthwhile.

It’s worth noting that the PvP metagame evolves over time due to updates, new Pokémon releases, and balance changes. So, it’s possible that the PvP viability of Delphox could change in the future.

Meta

Meta announces AI training and inference chip project

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To further assist artificial intelligence work, Meta Platforms (META.O) revealed additional information on its data centre initiatives on Thursday. This information included a proprietary chip “family” that is being developed internally.

In a collection of blog articles, the owner of Instagram, as well as Facebook, said that as an element of the Meta Training and Inference Accelerator (MTIA) programme, it would be developing a first-generation microprocessor in 2020. The goal was to make suggestive models, which are used to distribute adverts and other material in news feeds, more effective.

Meta
Image Source: moneycontrol.com

It was previously reported by Reuters that the company was already working on an upgrade and did not have intentions to fully use its first internal AI processor. In the blog posts, the very first MTIA chip was advertised as an educational tool.

Also Read: OpenAI to introduce ChatGPT app for iOS

The articles claim that the early MTIA chip focused exclusively on the inference AI method, which uses computers educated on massive amounts of data to decide what should be displayed.

Software developer Joel Coburn from Meta stated amid a talk on the new processor that the company had first used GPUs, for inference operations but had discovered that these devices were not the best option.

“Their efficiency is low for real models, despite significant software optimizations. This makes them challenging and expensive to deploy in practice,” Coburn said. “This is why we need MTIA.”

Source: reuters.com

A Meta representative did not provide details on the forthcoming chip’s release schedule or go into further detail about the organization’s plans to create chips that might additionally train the models.

Since executives realised, the chip needed the technology and software to handle requirements from product teams developing AI-powered innovations, Meta has been working on a significant effort to update its AI architecture.

Consequently, the business abandoned intentions for a wide-scale release of an internal inference chip and began developing a more ambitious chip that could conduct training as well as inference, according to Reuters.

Although Meta’s original MTIA chip struggled with high-complexity artificial intelligence (AI) models, it tackled low- & medium-complexity models more effectively than rival chips, according to Meta’s blog entries.

The MTIA chip also utilised an open-source chip structure known as RISC-V and consumed only 25 watts of power, which is significantly less than that of renowned chips in the market from suppliers like Nvidia Corporation, according to Meta.

Also Read: Will AI Take Over The World?

The company Meta said it would start construction on the company’s initial structure this year as well as offered further details on intentions to restructure its data centres towards more advanced AI-focused networking along with cooling technologies.

In a video describing the improvements, a staff member claimed that the updated layout would be 31 per cent less expensive and could be constructed twice as rapidly as the company’s present data centres.

To assist its developers in writing computer code, Meta claimed to have a system driven by artificial intelligence, which is comparable to that provided by Alphabet Inc., Amazon.com Inc., alongside Microsoft Corp.

AI

Will AI Take Over The World?

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In recent years, the rise of artificial intelligence (AI) has sparked debates and concerns about its potential to take over the world. With science fiction movies and novels portraying dystopian scenarios, it’s natural to wonder if it will surpass human intelligence and seize control.

In this blog post, we will examine the topic of AI takeover, exploring the current state of the technology, its limitations, and the ethical safeguards in place, ultimately separating the facts from the fiction.

AI
Image Source: theconversation.com

While it has made significant advancements, particularly in narrow domains, we are still far from witnessing a true AI takeover. AI systems excel in tasks such as image recognition, language processing, and decision-making within predefined parameters.

Also Read: Why does the US want to ban TikTok?

However, they lack the capability for general intelligence, which encompasses adaptability, abstract reasoning, and consciousness. AI is designed to augment human capabilities rather than replace them, offering valuable tools for various industries.

AI systems have inherent limitations that prevent them from taking over the world. One major constraint is that artificial intelligence algorithms are created and trained by humans, and their behavior is dictated by the data they are exposed to. They are essential tools created to assist humans in solving complex problems, relying on human oversight and intervention.

Furthermore, AI lacks certain human traits like emotions, empathy, and intuition, which are crucial for understanding complex social dynamics and making ethical judgments. Without these qualities, artificial intelligence systems are limited in their ability to fully comprehend and respond to the complexities of the real world.

To address concerns related to AI’s potential misuse, the development and deployment of AI systems are governed by ethical frameworks and regulations. Organizations and researchers are increasingly emphasizing the importance of responsible AI practices.

Initiatives such as explainable AI, fairness in algorithms, and transparency are being promoted to ensure AI systems operate in a trustworthy manner. Additionally, policymakers and experts are working towards establishing legal frameworks that address AI’s impact on society.

Regulations are being implemented to safeguard privacy, prevent discrimination, and maintain human control over critical decisions. These measures aim to ensure that artificial intelligence technologies are developed and used for the benefit of humanity, with human values and ethics at their core.

Also Read: Why Is Minecraft Server Mineplex Shutting Down?

Fears of a takeover are largely rooted in science fiction rather than reality. While the technology has demonstrated remarkable capabilities in specific domains, it lacks the fundamental qualities required for world domination.

The implementation of ethical safeguards and the focus on responsible artificial intelligence development will continue to ensure that AI remains a valuable tool in our hands, rather than a threat to humanity.

Twitter

New Twitter CEO discloses plan to build ‘Twitter 2.0’

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Newly appointed Twitter CEO Linda Yaccarino emphasized her enthusiasm for making a contribution to the social networking platform’s transition in a tweet made on Saturday. She also discussed how the owner Elon Musk’s vision for a brighter future has encouraged her.

It was Yaccarino’s first public statement following Thursday’s revelation that she was being considered as the successor to Jack Dorsey’s position as CEO of Twitter. since purchasing the company, Musk, who has been the platform’s CEO for $44 billion in October, made the announcement of her hiring on Friday.

Twitter
Image Source: economictimes.indiatimes.com

“I’ve long been inspired by [Musk’s] vision to create a brighter future. I’m excited to help bring this vision to Twitter and transform this business together!” Yaccarino tweeted.

Source: indianexpress.com

Linda Yaccarino, who devoted a long time modernizing NBCUniversal’s marketing business while serving as the company’s advertising executive for Comcast Corporation., stated she has a dedication to the future of Twitter and that feedback from users is essential to creating Twitter 2.0.

Also Read: Twitter to soon allow calls and encrypted messaging

Linda Yaccarino serves on the WEF’s Media, The Entertainment Industry, and Cultural Industry Supervisors steering group and is the Taskforce on Future of Work Chairman.

Prior to joining NBCU, Linda was Turner’s Executive Vice President and COO (Chief Operating Officer) in the Advertising Sales, Marketing, and Acquisitions divisions. Turner was formerly known as Turner Broadcasting System, Inc. She completed her graduation from the University of Pennsylvania.  

In her other roles, the profile says she “rallied support from the business community, the White House, and government agencies to create a vaccination campaign, featuring Pope Francis, reaching more than 200 million Americans.”

Source: indianexpress.com

Yaccarino is going to take control of a social networking site that has been struggling to recover from a decline in advertising revenue and is heavily indebted.

Because the company fired off nearly 80% of its staff after Musk acquired Twitter, marketers stopped using the service out of concern that their adverts would be shown next to harmful content. Musk acknowledged the sharp decline in Twitter’s advertising earnings earlier this year.

Despite Musk’s claim that Yaccarino would be helpful in the development of the “everything app,” which he had previously stated could offer a variety of services like collaborative money transfers, his selection of an expert in marketing indicated that online advertising would still be the primary objective of the business.

Musk has previously revealed his desire to appoint a new Twitter CEO.

The appointment of Linda Yaccarino as Twitter’s newest CEO, according to Musk, who also serves as the CEO of electricity-powered vehicle manufacturer Tesla Inc., will allow him to spend more time working on Tesla.

TikTok

Why does the US want to ban TikTok?

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In order to “protect Montanans” from alleged Chinese spying, Governor Greg Gianforte of Montana signed legislation on Wednesday banning Chinese-owned TikTok from functioning in the state. This makes Montana the first U.S. state to outlaw the well-known short video app.

TikTok poses a national security danger, according to FBI Director Chris Wray, who also noted that Chinese businesses are essentially forced to “do whatever the Chinese government wants them to in terms of sharing information or serving as a tool of the Chinese government.”

TikTok
Image Source: theguardian.com

Congressmen expressed dissatisfaction in March about the Chinese government’s “golden share” in ByteDance, which gives it control over TikTok.

Also Read: Google to delete inactive accounts starting December

A Chinese government-affiliated business owns 1% of the ByteDance subsidiary Douyin Information Service, according to TikTok, which also claims that the ownership “has no bearing on ByteDance’s global operations outside of China, including TikTok.”

TikTok operations in the United States are a national security threat, according to FBI agent Wray, since the Chinese government may use video-sharing software to influence users or take control of their devices.

Among the dangers, according to Wray, is “the potential for the Chinese government to use [TikTok] to control data collection on millions of users or control the recommendation algorithm, which could be used for influence operations.”

Paul Nakasone, director of the National Security Agency, expressed concern in March about the information TikTok gathers, the mechanism it uses to distribute it to users, and “the control of who has the algorithm.” He claimed the TikTok platform may facilitate extensive influence operations since it could “turn off the message” and actively influence users.

According to TikTok, it “does not permit any government to influence or change its recommendation model.”

A 2017 National Intelligence law, according to lawmakers, gives the Chinese government the power to compel ByteDance to divulge user information from TikTok.

According to TikTok, because it was founded in California and Delaware, it is governed by American laws and regulations. According to TikTok’s CEO, the company has never shared and will never share user information with the Chinese government.

Also Read: Apple to open the first online shop in Vietnam

Eight states, including California and Massachusetts, initiated an investigation into TikTok’s potential participation in the harm to young people’s physical and mental health in March 2022. The focus of the inquiry is on how TikTok increases young users’ engagement, including how it purportedly lengthens their time on the network and how frequently they use it.

In August 2020, former President Donald Trump issued executive orders seeking to ban TikTok in the United States unless it was sold to an American company. The main reason cited for the proposed ban was the potential threat to national security posed by the app’s data practices. However, various legal challenges and negotiations delayed the implementation of the ban