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UK Bans TikTok on Government Phones Over Security Concerns

Britain said on Thursday it would ban TikTok on government phones with immediate effect, a move that follows other Western countries in barring the Chinese-owned video app over security concerns.

TikTok has come under increasing scrutiny due to fears that user data from the app owned by Beijing-based company ByteDance could end up in the hands of the Chinese government, undermining Western security interests.

“The security of sensitive government information must come first, so today we are banning this app on government devices. The use of other data-extracting apps will be kept under review,” Cabinet Office minister Oliver Dowden said in a statement.

The British government had asked the National Cyber Security Centre to look at the potential vulnerability of government data from social media apps and risks around how sensitive information could be accessed and used.

The United States, Canada, Belgium and the European Commission have already banned the app from official devices.

“Restricting the use of TikTok on government devices is a prudent and proportionate step following advice from our cyber security experts,” Dowden said.

TikTok said it was disappointed with the decision and had already begun taking steps to further protect European user data.

“We believe these bans have been based on fundamental misconceptions and driven by wider geopolitics, in which TikTok, and our millions of users in the UK, play no part,” a TikTok spokesperson said.

China said the decision was based on political considerations rather than facts.

The move “interferes with the normal operations of relevant companies in the UK and will ultimately only harm the UK’s own interests”, its embassy in London said in a statement.

Dowden told parliament government devices would now only be able to access third party apps from a pre-approved list.

The TikTok ban does not include personal devices of government employees or ministers and there would be limited exemptions where TikTok was required on government devices for work purposes, he added.

British government departments and ministers have been increasingly using TikTok and other platforms to communicate with voters.

Energy Minster Grant Shapps said the ban on government devices was sensible, but he would stay on the platform on his personal phone.

He posted a clip from the movie “Wolf of Wall Street” in which Leonardo DiCaprio’s character says “I’m not f****** leaving”, and “The show goes on”.

Britain’s Ministry of Defense posted a video on the platform shortly before the ban was announced showing how the British army was training Ukrainian forces to use the Challenger 2 battle tank.

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Національний банк зберіг облікову ставку на рівні 25%

Правління Національного банку України ухвалило рішення зберегти облікову ставку на рівні 25% річних, повідомила у четвер пресслужба регулятора.

Згідно з повідомленням, рішення ухвалили «для забезпечення подальшого зниження інфляції, захисту гривневих заощаджень від інфляційного знецінення та підтримання курсової стабільності».

Очільник НБУ Андрій Пишний заявив, що потенціал ставки «ще не вичерпаний, як і можливості банківської системи забезпечити відчутніший відгук».

За його словами, з 7 квітня запроваджується тримісячний депозитний сертифікат під облікову ставку з прив’язкою обсягів до динаміки залучення банком депозитів населення від трьох місяців.

«Водночас ми знизимо ставку за депсертифікатами овернайт, щоб збільшити стимули для банків конкурувати за вкладників, а не покладатися виключно на дохідність цього інструменту НБУ. Зараз вона 23%, але з 7 квітня – буде 20%», – зазначив Пишний.

Облікова ставка – один із головних інструментів, за допомогою якого Національний банк встановлює для банків та інших суб’єктів грошово-кредитного ринку орієнтир щодо вартості залучених і розміщених грошових коштів на відповідний період.

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Future NASA Moonwalkers to Sport Sleeker Spacesuits

Moonwalking astronauts will have sleeker, more flexible spacesuits that come in different sizes when they step onto the lunar surface later this decade. 

Exactly what that looks like remained under wraps. The company designing the next-generation spacesuits, Axiom Space, said Wednesday that it plans to have new versions for training purposes for NASA later this summer. 

The moonsuits will be white like they were during NASA’s Apollo program more than a half-century ago, according to the company. That’s so they can reflect heat and keep future moonwalkers cool. 

The suits will provide greater flexibility and more protection from the moon’s harsh environment, and will come in a wider range of sizes, according to the Houston-based company. 

NASA awarded Axiom Space a $228.5 million contract to provide the outfits for the first moon landing in more than 50 years. The space agency is targeting late 2025 at the earliest to land two astronauts on the moon’s south pole. 

At Wednesday’s event in Houston, an Axiom employee modeled a dark spacesuit, doing squats and twisting at the waist to demonstrate its flexibility. The company said the final version will be different, including the color. 

“I didn’t want anybody to get that mixed up,” said Axiom’s Russell Ralston. 

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TikTok Confirms US Urged Parting Ways With ByteDance to Dodge Ban

TikTok confirmed Wednesday that U.S. officials have recommended the popular video-sharing app part ways with its Chinese parent ByteDance to avoid a national ban.

Western powers, including the European Union and the United States, have been taking an increasingly tough approach to the app, citing fears that user data could be used or abused by Chinese officials.

“If protecting national security is the objective, calls for a ban or divestment are unnecessary, as neither option solves the broader industry issues of data access and transfer,” a TikTok spokesperson told AFP.

“We remain confident that the best path forward to addressing concerns about national security is transparent, U.S.-based protection of U.S. user data and systems, with robust third-party monitoring, vetting, and verification.”

The Wall Street Journal and other U.S. news outlets on Wednesday reported that the White House set an ultimatum: if TikTok remains a part of ByteDance, it will be banned in the United States.

“This is all a game of high stakes poker,” Wedbush analyst Dan Ives said in a note to investors.

Washington is “clearly… putting more pressure on ByteDance to strategically sell this key asset in a major move that could have significant ripple impacts,” he continued.

The White House last week welcomed a bill introduced in the U.S. Senate that would allow President Joe Biden to ban TikTok.

The bipartisan bill “would empower the United States government to prevent certain foreign governments from exploiting technology services… in a way that poses risks to Americans’ sensitive data and our national security,” Biden’s national security adviser, Jake Sullivan, said in a statement.

The bill’s introduction and its quick White House backing accelerated the political momentum against TikTok, which is also the target of a separate piece of legislation in the U.S. House of Representatives.

Appearing tough on China is one of the rare issues with potential for bipartisan support in both the Republican-run House and the Senate, where Biden’s Democratic Party holds the majority.

Concern ramped up among American officials earlier this year after a Chinese balloon, which Washington alleged was on a spy mission, flew over U.S. airspace.

TikTok use rocketing

TikTok claims it has more than a billion users worldwide including over 100 million in the United States, where it has become a cultural force, especially among young people.

Activists argue a ban would be an attack on free speech and stifle the export of American culture and values to TikTok users around the world.

U.S. government workers in January were banned from installing TikTok on their government-issued devices.

Civil servants in the European Union and Canada are also barred from downloading the app on their work devices.

According to the Journal report, the ultimatum to TikTok came from the U.S. interagency board charged with assessing risks foreign investments represent to national security.

U.S. officials declined to comment on the report.

TikTok has consistently denied sharing data with Chinese officials and says it has been working with the U.S. authorities for more than two years to address national security concerns.

Time spent by users on TikTok has surpassed that spent on YouTube, Facebook, Instagram or Twitter and is closing in on streaming television titan Netflix, according to market tracker Insider Intelligence.

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China’s Digital Silk Road, Advancing Technology’s Reach

From 5G infrastructure to mobile phones and more, Chinese technologies are used in many parts of the world. It’s part of China’s Digital Silk Road initiative, which is getting mixed reviews: welcomed by some countries, while others are assessing the potential risks of Chinese technology. VOA’s Elizabeth Lee explains. Camera: Henry Ridgwell, Adam Greenbaum

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Silicon Valley Bank’s Demise Disrupts the Disruptors in Tech

Silicon Valley Bank’s collapse rattled the technology industry that had been the bank’s backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money while they mourned the loss of a place that served as a chummy club of innovation.

“They were the gold standard, it almost seemed weird if you were in tech and didn’t have a Silicon Valley Bank account,” Stefan Kalb, CEO of Seattle startup Shelf Engine, said during a Monday interview as he started the process of transferring millions of dollars to other banks.

The Biden administration’s move guaranteeing all Silicon Valley Bank’s deposits above the insured limit of $250,000 per account resulted in a “palpable sigh of relief” in Israel, where its booming tech sector is “connected with an umbilical cord to Silicon Valley,” said Jon Medved, founder of the Israeli venture capital crowdfunding platform OurCrowd.

But the gratitude for the deposit guarantees that will allow thousands of tech startups to continue to pay their workers and other bills was mixed with moments of reflection among entrepreneurs and venture capital partners rattled by Silicon Valley Bank’s downfall.

The crisis “has forced every company to reassess their banking arrangements and the companies that they work with,” said Rajeeb Dey, CEO of London-based startup Learnerbly, a platform for workplace learning.

Entrepreneurs who had deposited all their startups’ money in Silicon Valley Bank are now realizing it makes more sense to spread their funds across several institutions, with the biggest banks considered safer harbors.

Kalb started off Monday by opening an account at the largest in the U.S., JP Morgan Chase, which has about $2.4 trillion in deposits. That’s 13 times more than the deposits at Silicon Valley Bank, the 16th largest in the U.S.

Bank of America is getting some of the money that Electric Era had deposited at Silicon Valley Bank, and the Seattle startup’s CEO, Quincy Lee, expects having no difficulty finding other candidates to keep the rest of his company’s money as part of its diversification plan.

“Any bank is happy to take a startup’s money,” Lee said.

Even so, there are fears it will be more difficult to finance the inherently risky ideas underlying tech startups that became a specialty of Silicon Valley Bank since its founding over a poker game in 1983, just as the advent of the personal computer and faster microprocessors unleashed more innovation.

Silicon Valley quickly established itself as the “go-to” spot for venture capitalists looking for financial partners more open to unconventional business proposals than its bigger, more established peers who still didn’t have a good grasp of technology.

“They understood startups, they understood venture capital,” said Leah Ellis, CEO and co-founder of Sublime Systems, a company in Somerville, Massachusetts, commercializing a process to make low-carbon cement. “They were woven into the fabric of the startup community that I’m part of, so banking with SVB was a no brainer.”

Venture capitalists set up their accounts at Silicon Valley Bank just as the tech industry started its boom and then advised the entrepreneurs that they funded to do the same.

That cozy relationship came to an end when the bank disclosed a $1.8 billion loss on low-yielding bonds that were purchased before interest rates began to spike last year, raising alarms among its financially savvy customer base who used the fruits of technology to spread warnings that turned into a calamitous run on deposits.

Bob Ackerman, founder and managing director of venture funder AllegisCyber Capital, likened last week’s flood of withdrawal demands from Silicon Valley Bank to a self-inflicted wound by “a circular firing squad” intent on “shooting your best friend.”

Many of Silicon Valley Bank’s roughly 8,500 employees now find themselves hanging in limbo, too, even though government regulators now overseeing the operations have told them they will be offered jobs at 1.5 times their salaries for 45 days, said Rob McMillan, who had worked there for 32 years.

“We don’t know who’s going to pay us when,” McMillan said. “I think we all missed a paycheck. We don’t know if we have benefits.”

Even though all of Silicon Valley Bank’s depositors are being made whole, its demise is expected to leave a void in the technology sector that may be difficult to fill. In an essay that he posted on his LinkedIn page, prominent venture capitalist Michael Moritz compared Silicon Valley Bank to a “cherished local market where people behind the counters know the names of their customers, have a ready smile but still charge the going price when they sell a cut of meat.”

Silicon Valley Bank is fading away at a time when startups were already having a tougher go at raising money, with a downturn in technology stock values and a steady ride in interest rates caused venture capitalists to retrench. The bank often helped fill the financial gaps with one of its specialties — loans known as “venture debt” because it was woven into the funding provided by its venture capitalist customers.

“There’s going to be a lot of great ideas, a lot of great teams that don’t get funding because the barriers to entry are too high or because there are not enough people who are willing to invest,” said William Lin, co-founder of cybersecurity startup Symmetry Systems and a partner at the venture capital firm ForgePoint.

With Silicon Valley Bank gone and venture capitalists pulling in their reins, Lin expects there will be fewer startups getting money to pursue ideas in the same fields of technology. If that happens, he foresees a winnowing of competition that will eventually make the biggest tech companies even stronger than they already are.

“There’s a real day of reckoning coming in the startup world,” predicted Amit Yoran, CEO of the cybersecurity firm Tenable.

That may be true, but entrepreneurs like Lee and Kalb already feel like they had been through an emotional wringer after spending the weekend worrying that all their hard work would go down a drain if they couldn’t get their money out of Silicon Valley Bank.

“It was like being stuck inside a doomsday loop,” Lee said.

Even as he focuses on growing Shelf Engine’s business of helping grocers managing their food orders, he vowed not to forget “a very hard lesson.”

“I obviously now know banks aren’t as safe as I used to think they were,” he said.

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Facebook-Parent Meta to Lay Off 10,000 Employees in Second Round of Job Cuts 

Facebook-parent Meta Platforms said on Tuesday it would cut 10,000 jobs, just four months after it let go 11,000 employees, the first Big Tech company to announce a second round of mass layoffs. 

“We expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired,” Chief Executive Officer Mark Zuckerberg said in a message to staff.  

The layoffs are part of a wider restructuring at Meta that will see the company flatten its organizational structure, cancel lower priority projects and reduce its hiring rates as part of the move. The news sent Meta’s shares up 2% in premarket trading. 

The move underscores Zuckerberg’s push to turn 2023 into the “Year of Efficiency” with promised cost cuts of $5 billion in expenses to between $89 billion and $95 billion. 

A deteriorating economy has brought about a series of mass job cuts across corporate America: from Wall Street banks such as Goldman Sachs and Morgan Stanley to Big Tech firms including Amazon.com  and Microsoft.  

The tech industry has laid off more than 280,000 workers since the start of 2022, with about 40% of them coming this year, according to layoffs tracking site layoffs.fyi.  

Meta, which is pouring billions of dollars to build the futuristic metaverse, has struggled with a post-pandemic slump in advertising spending from companies facing high inflation and rising interest rates.  

Meta’s move in November to slash headcount by 13% marked the first mass layoffs in its 18-year history. Its headcount stood at 86,482 at 2022-end, up 20% from a year ago. 

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