Category: Business

All eyes on Shanghai International Art Fair

Asia, Business, China, Financial News

Whilst the majority of the Western world enters a much feared second lockdown due to the ongoing coronavirus pandemic crisis, all eyes were on China as the 2nd edition of the Shanghai International Art Fair took place from the 19-22nd November 2020. With many of the world’s top art fairs such as Art Basel Miami Beach fair set for December 2020 cancelled, and the Frieze London and Frieze Masters 2020 moved online back in October, there is not much of the supposed global art world left to see in person. It is with baited breath then that the world’s art lovers and professionals alike look to Asia for the last vestiges of familiarity with the fairs of the past, and a clue as to what the fairs of the future – and who attends them in person – could be like. 

Is a global art world still possible?

Whether it is even possible to describe a global art world is something that has been much in debate as the financial growth of various local art markets have grown and their interconnectedness made more apparent. Buyers and dealers will often travel multiple times a year and wait apprehensively for figures to come in from one fair for an understanding about what might happen in the next. This massive trading of art and services was valued in 2018 at roughly 67 billion USD – a growth of 3 billion USD up from 64 billion USD in 2017. Whilst the majority of these sales were made offline there was already a growing trend in the number of online sales seen that many are expecting to increase further due to circumstances dedicated by the current pandemic. 

The majority of trade for the art market has previously been seen in North America, with hot sites such as New York and Los Angeles, seconded by the market in Europe featuring heavily in London, UK, although the Louvre in Paris, France tops the list as the world’s most visited art museum. China had previously come in third for total revenue for an art market, yet as the coronavirus pandemic continues to hinder trade in the West, art fairs like the most recent Shanghai International Art Fair are starting to emerge as potential key components in the art market’s future global growth.

Foreigners are flying to Australia while thousands of citizens remain stranded abroad

Australia, Business, General, Government, Main, Politics, Social Issues

Tens of thousands of Australian nationals are currently stuck overseas due to Covid-19 travel restrictions. Meanwhile, foreigners of a certain class are coming into Australia thanks to Canberra’s decision to grant travel exemptions to people with business innovation and investment visas.

To qualify for such a visa, a foreign national must be prepared to invest at least $800,000 in Australia. If they meet that requirement, they can enter the country the same way Australian citizens can—that is, by quarantining in a hotel for two weeks upon arrival. As the Australian Border Force explained,

“The business innovation and investment program targets migrants who have a demonstrated history of success or talent in innovation, investment and business, and are able to make a significant contribution to the national innovation system and the Australian economy.”

According to the Guardian, the ABF issued 485 business investment visas between March and September.

That’s not very many, and on its face it doesn’t seem like it would pose an issue for Australian citizens trying to get back home. But consider that travel restrictions stipulate that no more than 4000 people can arrive in Australia in a single week. As a result, most flights only contain a few dozen passengers. And as a result of that, airlines are jacking up the price of tickets to cover operational costs, while simultaneously catering to first-class travelers.

Testifying before a Senate inquiry, ABF head Michael Outram stated that roughly 25 percent of people traveling to Australia and quarantining in hotels are not citizens or permanent residents.

Opposition leader Penny Wong is now demanding that the Morrison government provide answers to stranded citizens and their families.

“There may be very legitimate reasons for some of these [non citizens] to enter the country, but these numbers show one person is being given the green light every day ahead of a stranded Australian who wants to come home,” Wong said, adding:

“Once again with Scott Morrison we see it’s one rule for a privileged few, while stranded Australians are left behind.”

I wouldn’t expect a candid response from Morrison and company any time soon.

16 year old Miami highschool student hacks school system

Big Data, Business, Communications, Data Management & Networks, Digital Systems Technology, Education, Government, North America, Politics, Regulation News, Software, Technology, Technology News

It’s every kids dream for school to be cancelled, but for many students 2020 has already been stressful enough. Students in Florida, USA however were shocked to find themselves locked out of their online classrooms come the first day of term this September. Having to adapt to new online learning environments already, students found themselves rightfully confused by their failed attempts for online access. 

So what happened?

Miami-Dade Schools’ online classes were brought down, a crash of the entire school system that saw students locked out of their online classes for the first three days back to school. Students and teachers alike however were taken a back to find out this was not the result of a complex hacking attack or situation: it was a 16 year student from the same school district. An unlikely teenager to carry out the attack, the result made national and international news headlines.

The 275,000 students in the school’s districts who tried to log on that morning found the system to be overloaded by data. The 16 year old junior in high school – who’s personal details have not been released – was called ‘polite’ and ‘intelligent’ by his neighbours. One neighbour, a Ben Herrera was quoted by the Miami Herald as saying: “He’s an awesome kid, […] What saddens me is how he’s going to be portrayed, and we’ve got to realize with this pandemic that kids are bored, isolated, stuck with too much time on their hands and maybe they do something irresponsible.” 
While neighbours might be showing sympathy for the boy, the school district is persuing their multiple charges of Distributed Denial-of-Service attacks. The boy claims his attack was constituted from a free and easily available free software download, which begs the question: why was the My School Online learning platform so vulnerable to an amateur attack?

The #FreeBritney movement has its day in court

Business, Internet of Things (IoT), North America, Politics, Social Issues, Social Media

For those not versed in some of the further stretches of celebrity internet blogs and conspiracy theory Reddit, you might not have heard of the Free Britney movement. The online and now IRL (in real life) activist movement started with the – now famous – hashtag: #FreeBritney, which really gained its current and growing momentum in April 2019. The hashtag, being spread across multiple different social media platforms, has gone on to gain notoriety, with lots more conspiracy theories surrounding the case and its content appear online. 

Overprotected: Britney Spears, A Life Story

The spiraling downfall of iconic pop star Britney Spears was spread internationally across headlines in the late 2000s. After glossing our TV screens and magazine pages with their youthful and sexy allure, screaming of new money and celebrity high life, the public relished in their front-row seat to Spears’ mental breakdown, via the everpresent lens of the paparazzi. Interest in the popstar’s downfall came in 2007 on February 16th, when Britney famously shaved her head in public. The controversial converatorship, which has seen Spears grant all rights to her father and have no control over her legal estate, or financial and personal assets, started subsequently in 2008. A conservatorship is said to be unusual in younger and more capable persons such as Spears. It is usually reserved for those more elderly, often with symptoms of dimentia, or those that are mentally ill and unable to make their own decisions. 

Stick me, baby? Not this time!
Whilst it is awful to think of the #FreeBritney movement’s proposition: that Spears’ father has taken Spears effectively an economic prisoner, there is a glimmer of hope around the corner. Britney has called for her future court proceedings to be made public, after the conservatorship was extended until February 2020. For Spears’ fans who care so deeply about her wellbeing, this is thankful news. For the wider growing audience of interested spectators, this is the latest development in Spears’ eternally public life.

Trump backs down, supports TikTok deal

Asia, Business, China, Countries, Data Management & Networks, Digital Systems Technology, General, Social Media, Technology, USA

TikTok’s US operations got a new lease on life Sunday after President Donald Trump announced that he was supporting a deal between the Chinese app’s parent company ByteDance and American tech company Oracle.

“I have given the deal my blessing,” Trump said. “I approve the deal in concept.”

So much for all of his anti TikTok histrionics. Just a few days ago he stated that, beginning Sunday, he would prohibit Americans from downloading the app. This came after he said he was “conceptually” opposed to a deal that allowed ByteDance to hold onto a majority stake of TikTok.

But Trump has given his “blessing” to a deal that does just that.

As Reuters reports, the deal places TikTok in the hands of a new company called TikTok Global. While headquartered in the US, TikTok Global is majority owned by ByteDance, which has an 80 percent stake. What remains is split between Oracle Corp (12.5 percent) and Walmart (7.5 percent).

Critically, though, all of TikTok’s user data from the US will be hosted by Oracle. The user data question was the main sticking point, as Washington argued that the Chinese Communist Party had access to TikTok’s databases, putting the privacy and security of American users at risk. Indeed, Trump and his lackeys routinely and melodramatically asserted that TikTok posed a grave “national security threat” to the United States.

Again, Trump previously stated that he would not support a deal that resulted in ByteDance retaining a majority stake. But he’s moved the goal posts and is justifying his reversal by pointing to the fact that approximately 40 percent of ByteDance stock is owned by American investors.

Add that 40 percent to Oracle’s 12.5 percent and Walmart’s 7.5 percent, and Americans technically have a majority stake. So goes the new argument, which your average online tutor will tell you is specious at best.

Of course, Trump will approve the deal not because it satisfies his administration’s “national security” concerns, but because it gives him one more thing to boast about in the run up to the presidential election on 3 November.

A new national poll from the Wall Street Journal and NBC News has Democratic nominee Joe Biden up 8 points on Trump.

Facebook is making smart glasses?

Australia, Big Data, Business, Countries, Europe, Financial News, General, Main, Social Media

In an example of life imitating cheesy sci-fi art, Facebook is partnering with EssilorLuxottica, an multinational corporation that owns Ray-Ban and Oakley among other brands, to create a line of smart glasses. The first pair will debut next year and will carry the Ray-Ban logo, according to a press release on the EssilorLuxottica website.

The news was first delivered by Zuck himself at the recent Facebook Connect conference. “I can’t go into full product details yet, but they’re gonna be the next step on the road to augmented reality glasses, and they look pretty good too,” the Facebook CEO said.

He added that “The goal here is to develop some normal-size, nice-looking glasses that you can wear all day, interact with holograms, digital objects and information while still being present with the people in the world around you.”

Andrew Bosworth, Vice President of Facebook Reality Labs, said the goal is to make it easier for people to connect with their friends and family—because it’s really not easy enough to connect now with text messaging, video calls and more traditional technologies like 1800 numbers. No, we need glasses that double as phones too.

“We’re passionate about exploring devices that can give people better ways to connect with those closest to them,” Bosworth stated. “Wearables have the potential to do that. With EssilorLuxottica we have an equally ambitious partner who’ll lend their expertise and world-class brand catalogue to the first truly fashionable smart glasses.”

Rocco Basilico, Chief Wearables Officer at Luxottica, said the partnership is intended to “reset expectations around wearables.”

“We are especially proud of our collaboration with Facebook, which projects an iconic brand like Ray-Ban into an increasingly digital and social future. Combining a brand that is loved and worn by millions of consumers around the globe with technology that has brought the world closer together, we can reset expectations around wearables.

“We are paving the way for a new generation of products destined to change the way we look at the world.”

Specs and pricing have not been made available as of this writing.

Trump pooh-poohs potential TikTok deal

Big Data, Business, China, Communications, General, Government, Info Tech, Main, North America, Social Media, Technology News

The TikTok saga continues in the US, with Donny Trump expressing a lack of enthusiasm over the prospect of American tech company Oracle taking over the popular video app (or at least part of it). Details of Oracle’s bid are expected any time now, but Trump has already poured cold water on the idea.

“I’m not prepared to sign off on anything. I have to see the deal,” Trump told reporters at the White House Wednesday.“It has to be 100 percent as far as national security is concerned.”

Trump, along with many others in Washington, maintains that TikTok represents a threat to US national security. The argument is that ByteDance has a sort of 2 way radio going with the Chinese Communist Party, collecting data from American TikTok users (there are reportedly 100 million of them) and then handing it over to Beijing.

ByteDance denies that such a relationship exists but, needless to say, Washington isn’t convinced. In August Trump has announced that he will ban the app in the US unless ByteDance sells it to an American company. In addition to the privacy concerns, Trump alleged that TikTok “censors content that the Chinese Communist Party deems politically sensitive.” It also serves as a platform for political disinformation, he charged.

At first it appeared that Microsoft would save the day, but talks with ByteDance fell through, opening the door for Oracle.

The word now is that Oracle is seeking a minority stake in the Chinese company, rather than taking it over completely. AP reports that, according to the terms of this deal, ByteDance would give control of user data to Oracle and allow the US corporation to review—but not author—code and updates.

Trump stated he would be against such a deal.

“Conceptually, I can tell you I don’t like that,” he said. “If that’s the case, I’m not going to be happy with that.”

Trump was apparently hoping the US government would get a piece of the deal, and was distraught to be told otherwise.

“Amazingly, I find that you’re not allowed to do that,” he told reporters. “If they’re willing to make big payments to the government they’re not allowed because … there’s no legal path to doing that. How foolish can we be?”

The deadline for a deal is 20 September. Whether or not that can be extended is unclear.

UK becomes the next country to ban Chinese tech company Huawei

Australia, Big Data, Business, China, Communications, Data Management & Networks, Digital Systems Technology, Europe, Social Issues, Technology, Technology News

Following the ban of Huawei from Australia back in August 2018, the Chinese giant tech firm has been making headlines in the UK recently in a recent controversial battle. The debate stems from a wide range of concerns, with some conspiracy theories ranging from the 5g network it was working on being the cause of the coronavirus, or rumours of it being able to supposedly break down blood cells like acid, to more serious concerns regarding data privacy. 

Similar to the decision from the Australian government back in 2018 to ban Huawei and fellow Chinese firm ZTE from supplying Australia with 5g technology. The ban came over much discussion and investigation into the companies as a security risk. This sentiment has not been successfully dissipated by Huawei, who have continued to face trouble around the world. At the time the responded in a tweet with the following statement: ‘We have been informed by the Govt that Huawei & ZTE have been banned from providing 5G technology to Australia. This is a [sic] extremely disappointing result for consumers. Huawei is a world leader in 5G. Has safely & securely delivered wireless technology in Aust for close to 15 yrs’. 

The most recent trouble comes as Huawei is banned from the UK from taking part in setting up its 5g wireless network for heightened connectivity. With much debate and protest from both sides the decision was made in July 2020 that there would be no more sale of Huawei technology in the UK after December of this year, and removed entirely from Britain’s 5g network by 2027, it was announced by the government. 

The decision has been suggested to be influenced by geopolitical tensions between the USA and China currently, with US Secretary of State Mike Pompeo declaring last month that “The tide is turning against Huawei as citizens around the world are waking up to the danger of the Chinese Communist Party’s surveillance state.” 

Let them eat packages

Business, Communications, Data Management & Networks, General

As of this writing, nearly 640,000 people around the world have died from COVID-19. Many millions more have lost their jobs due to the pandemic. A good percentage of those jobs are gone for good. Scientists are scrambling for a vaccine as “second waves” of the virus sweep across the globe. The overall damage caused by the pandemic is incalculable and much of it is irreversible.

In other news, Amazon founder Jeff Bezos made $13 billion in one day this week. That’s not $13 billion for his company—it’s $13 billion for Bezos himself. His net worth now stands at a modest $186 billion.

As Business Insider reports, Bezos is now worth more than some of the largest corporations in the world, including Nike, Costco, McDonald’s, and IBM. The article continues: “His wealth is more than double the market caps of Starbucks ($88 billion) and Goldman Sachs ($73 billion), and more than triple the market caps of General Electric ($62 billion) and Target ($60 billion).”

I think it is safe to say that Bezos has achieved Marie Antionette status. Unless you’re a technocrat, working for Amazon is a living hell. Go ahead and read some of the stories out of Amazon’s sweat shops—or “fulfillment centers” in corporate-speak. Last year the Atlantic published an article detailing how often Amazon workers are injured on the job.

“Taken together, the rate of serious injuries for [23 Amazon warehouse] facilities was more than double the national average for the warehousing industry: 9.6 serious injuries per 100 full-time workers in 2018, compared with an industry average that year of 4.”

In other words, if you’re an Amazon “fulfillment worker,” you have a 10 percent chance of getting seriously injured when you’re at work.

The Atlantic piece goes on to list some of the other ways in which Amazon abuses and exploits its workforce. For example, mandatory 12-hour shifts and impossible packaging quotas. One worker—a disabled veteran—was fired after performing at a rate of 98.45 percent. (“He had to pick 385 small items or 350 medium items each hour.”)

There’s also the well-known fact that Amazon traces the movements of its warehouse workers—right down to the positioning of their hands—by making them wear bracelets, and uses a heat map to show which of its locations are most at risk of unionizing. That includes its pretentious Whole Foods locations.

Last month demonstrators put a mock guillotine outside of Bezos’ DC mansion. The sentiment is understandable. Where is Robespierre when you need him?