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Archivo del Autor: Belen De Leon

Google Bans All Cryptomining Extensions From the Chrome Store

As cryptojacking takes over the web, Google will put a stop to cryptomining extensions that prey on unsuspecting installers.
Source: Wired

Magic Leap finally unveils ‘goggles’ with wireless processing, tracking

The Magic Leap headset has now been unveiled for the first time and it looks very different from the kind of virtual and augmented reality headsets we have seen so far from other manufacturers.

The post Magic Leap finally unveils ‘goggles’ with wireless processing, tracking appeared first on Digital Trends.


Source: Digital trends

WTF are CDRs? (other than a potential trillion dollar market)

Over the past few days, the Chinese government announced the potential creation of a new trillion dollar investment market, and it isn’t an April Fools joke.

China’s tech giants like Alibaba and Tencent are some of the most valuable in the world, and upcoming potential IPOs by the next generation of startups like Xiaomi are causes for celebration. Most Chinese citizens would be thrilled, however, there is a deep irony behind their success. These Chinese tech companies can actually not be purchased on a Chinese stock exchange, nor can Chinese retail investors buy a share in them.

Chinese workers build these companies up, and the value accretes to American capitalists (“Socialism with Chinese Characteristics,” I guess?)

Now, the central government is proposing new rules that would allow these companies to come back to the mainland through the use of Chinese Depositary Receipts, or CDRs. That’s big news, and could completely transform not only the market caps of some of the largest tech companies in the world, but also increase competition between trading houses like the New York Stock Exchange and Chinese stock exchanges in Hong Kong, Shanghai, and Shenzhen.

WTF is a CDR then? Before we get to that, we first need to understand why they are needed in the first place.

Domestic buyers buying domestic stocks is really, really hard in China

In economics theory, stock exchanges are epitomized as a shining exemplar of the notions of free trade and efficient markets. Each company is selling a standard unit (a share), prices are transparently disclosed, and buyers and sellers can connect in a central market (an exchange) to buy and sell their securities at voluntary prices.

In reality of course, governments strongly regulate financial securities to ensure that those exchanges are well-ordered. The Securities and Exchange Commission in the United States is just one of several public and private bodies that regulate the conduct and operation of the nation’s exchanges.

Now up that regulation by 100x when you enter China. Listing on a stock exchange must be approved by the central government, and regulators have been aggressive in blocking listings over the past few years. Due to robust capital controls, Chinese citizens may only buy local securities, and can’t invest in companies outside of China through foreign stock exchanges. Likewise, foreign investors face daunting challenges in investing in local companies, even with liberalization programs over the last two decades. The government regularly intervenes in the operation of the Shanghai and Shenzhen stock exchanges through trade freezes and other machinations. Local securities regulations can be highly burdensome, and force companies to engage in “party building” activities.

For Chinese companies looking to raise capital from private investors, there are two paths forward. One is to offer multiple types of shares traded in different places. Classically, this has meant an “A-share” that was traded in say Shanghai and only available for purchase by locals, and a “B-share” that was only available to foreigners. Some companies chose to have an “H-share,” which was listed in Hong Kong, which has none of the securities regulations of domestic Chinese exchanges. These different classes of shares are priced independently, and there can be wide discrepancies between them (A-shares have traditionally had massive premiums compared to other share types, and researchers still don’t know exactly why).

This path is convoluted, so large Chinese companies — including Alibaba and Tencent — are often incorporated in places like the Cayman Islands to avoid domestic securities requirements while also giving them access to foreign capital markets. According to an analysis by offshore incorporation specialist law firm Walkers, nearly half of all Hong Kong-listed stocks are based in the Cayman Islands, with another quarter based in Bermuda. That is financially prudent for executives, but deeply unpopular with Chinese authorities, which both loses corporate control and also loses the future growth that these stocks attain when they list on a foreign exchange.

WTF is a CDR?

That’s where Chinese Depositary Receipts (CDRs) come in. Modeled after American Depositary Receipts, which were invented almost a century ago, CDRs are a way for local buyers to own foreign shares in a way that both fits within local securities regulations and reduces friction in the trading process.

A bank acts as a middleman broker between a foreign issuer and local buyers. This institution, known as the depositary, holds foreign shares of companies in trust, and then offers a new security to the local market linked to those deposited shares by a ratio (say one receipt per six shares). We now have two securities: the receipt, held by a shareholder which is connected to a depositary bank, and then the original foreign share, which is held by the bank on behalf of a foreign issuer.

This is where the “magic” happens: securities regulations apply to the new security targeting local buyers, and not to the shares of the original company (massive asterisk here since the reality is thousands of pages of policies and laws, but this is the general idea). By intermediating the transaction, everyone can win: local buyers get access to foreign investments, while also still coming under the purview of domestic regulations.

It’s important to note that there are a bunch of peculiarities that I don’t want to dive too much into. There are more fees than standard shares in order to pay for custody of the shares and the trading logistics to maintain them. There are tax implications and other accounting issues that can be quite complex depending on the investor.

Despite such complications though, depositary receipts are quite popular in the United States. The market in 2016 was worth an estimated $2.9 trillion, with roughly 3,500 such securities available to be traded, and dozens more launched that year according to BNY Mellon, which is among the largest depositary bank institutions in the country. Given that the Chinese economy is already larger than America’s today by some economic measures, the scale of a CDR market could well pass a trillion dollars.

Share the wealth at home

The concept behind depositary receipts may not be new, but their use in China has not previously been formalized, and that is liable to change now. This past Friday, the central government circulated a draft policy of new securities regulations that would allow for Chinese Depositary Receipts to be issued on local stock exchanges.

According to China Banking News, tech companies look like the major focus here. “The Opinions will allow some tech companies or enterprises in strategic emerging industries to perform listing via the issuance of either shares or depository receipts, with a focus on sectors including big data, cloud computing, artificial intelligence, software, integrated circuits, high-end manufacturing and bio-tech.” That focus on technology would match other initiatives of the Chinese Communist Party, namely the country’s roadmap for technological dominance, known as Made in China 2025.

Once the CDR mechanism is in place, Chinese companies listed overseas are expected to face significant pressure to utilize it and open up their ownership to local buyers. Already, companies like Baidu, Sogou, Alibaba, Tencent, and Xiaomi have said publicly that they are interested in finding a channel to return to the mainland (or in the case of Xiaomi, to potentially launch its initial offering at least partially there). As Bloomberg wrote a month ago, “Enticing mega-corporations to list locally will help burnish the reputation of China’s twin bourses in Shanghai and Shenzhen, notorious for spotty regulation, volatility and periodic government intervention.”

Furthermore, having more domestic Chinese shareholders ensures that corporate control of these local companies stays in Chinese hands. The Chinese Communist Party has been particularly aggressive on this front, proposing taking a point of equity in top firms and potentially installing party cadres on corporate boards. Changing the shareholder structure of these firms then should be seen as an extension of control by the party into the private sector.

While the changes are still being promulgated, we should be prepared for large changes in the ways that companies — particularly those in the technology sector — are capitalized. Alibaba and Tencent’s combined market cap is nearly a trillion dollars. There are dozens of other Chinese stocks listed exclusively in U.S. and Western exchanges, so if CDRs become popular, it could be a massive market. Expect CDRs to be a major news story for the remainder of the year as final regulations are published.


Source: TechCrunch

Trump again attacks Amazon, alleging 'Post Office scam' – CNET

The president tweets against Amazon’s use of the US Postal Service and also alleges that The Washington Post is a lobbying group for Amazon.
Source: CNET

ESPN’s streaming service, ESPN+, to launch April 12

ESPN’s new streaming service, ESPN+, was already expected to arrive this spring. Now we have the launch date: April 12, 2018. The service will cost subscribers $4.99 per month, and offer streaming access to live sports, original content, and on-demand programming delivered a redesigned and personalized ESPN app, as well as ESPN.com

In August 2017, Disney first announced its plans for new streaming businesses, including its acquisition of a majority stake in the streaming technology company BAMTech, and its two new streaming services: ESPN+ and a Disney-branded service arriving in late 2019.

Details on the ESPN service have been steadily trickling out in the months since.

Last November, for example, Disney CEO Bob Iger offered a brief overview of what the company had in store for ESPN+, amid news of a disappointing quarter for ESPN. He said at the time that ESPN+ would be able to stream ESPN channels on an authenticated basis, in addition to the extra over-the-top live content provided by the ESPN+ subscription.

In February, the company further confirmed access to ESPN’s 8 TV channels, like ESPN and ESPN2, would still require a pay TV subscription. The updated ESPN app would offer access to these channels through a special live streaming section (“TV Everywhere” video), alongside other sections dedicated to scores and news, ESPN audio, and ESPN+. The $4.99 subscription pricing was also announced then.

Today, ESPN is also detailing more details about what ESPN+ will include, when it arrives.

The lineup will offer thousands of live sports events, such as:

  • Over 180 MLB games: This equates to a game per day throughout the regular season. Every MLB team will be included.
  • Over 180 NHL games: ESPN+ subscribers will get a daily HNL game throughout the regular season, in keeping with the NHL schedule.
  • Year-round boxing: ESPN+ will feature boxing throughout the year, including exclusive fights like the April 21 Amir Khan vs. Phil Lo Greco bout in Liverpool, England; as well as undercard fights throughout the year from Top Rank on ESPN events, re-airs of all Top Rank on ESPN and PPV events. A library of legendary fights from the Top Rank and ESPN Big Fights archives will also be available.
  • Over 250 MLS games: Exclusive access to the entire MLS out-of-market schedule, with over 250 games. It will also be the exclusive local-market home to the Chicago Fire, with 27 matches available to Chicago subscribers.
  • Thousands of College Sports games and events: Baseball, Softball, Lacrosse, Tennis, Track & Field, Football, Men’s and Women’s Soccer, Volleyball, Field Hockey, Wrestling, Swimming, Diving, Gymnastics, and Ice Hockey will all be seasonally available. Conferences include America East, ASun, Big South, Big West, Horizon, Ivy League, MAAC, MAC,  MEAC, Missouri Valley, NEC, Southern Conference, Southland, Summit League, Sun Belt, WAC and more.
  • PGA Tour live golf: More than 100 days of coverage from 31 PGA Tour events, including THE PLAYERS Championship, the FedEx Cup Playoffs, AT&T Byron Nelson, AT&T Pebble Beach Pro-Am, Travelers Championship, Arnold Palmer Invitational and dozens more.
  • Grand Slam Tennis: Hundreds of singles and doubles tennis matches from Wimbledon, U.S. Open, and Australian Open
  • Rugby & Cricket: Hundreds of matches from SANZAAR (including Super Rugby, The Rugby Championship, the Lions Series, Mitre10 Cup, Currie Cup, Bledisloe Cup and other international matches), the HSBC World Rugby Sevens series, and 18 regular-season matches in the inaugural season of Major League Rugby, the new American professional rugby union league. Also available are matches across Test, ODI and T20 formats from New Zealand Cricket and Cricket Ireland.

Subscribers will also be able to buy the MLB.TV out-of-market package through the ESPN app for $24.99 per month, as well as the NHL.TV out-of-market package, the company says.

ESPN showed off the ESPN+ logo for the first time today, too. The black-and-yellow logo still has the same font as ESPN’s logo, but with an added plus sign to the right of the text.

The arrival of ESPN+ comes at a time when Disney’s cable networks’ income has been declining, and ESPN specifically has been seeing lower advertising revenues. In fiscal Q1 2018, ESPN reported an 11 percent decline in ad revenue. The company needs ESPN+ subscriptions to help stem these losses.

“The launch of ESPN+ marks the beginning of an exciting new era of innovation for our media businesses – one defined by an increasingly direct and personal relationship with consumers,” said Kevin Mayer, Chairman, Direct-to-Consumer and International, The Walt Disney Company, in a statement about the new service.

Mayer just recently moved into this position, reporting directly to Iger, as part of a massive reorg of Disney’s business last month to put more focus on streaming efforts.

“This new product reflects our direct-to-consumer strategy focused on combining our beloved brands with our proprietary, industry-leading technology to give users unparalleled access to our world-class content,” he said.

 

 

 

 


Source: TechCrunch

Star Wars: Episode 9 — Finn and Rey will reunite – CNET

John Boyega, who plays Finn, promises the dynamic duo will be together again. Also: He might play a Marvel hero, but not who you think.
Source: CNET

Acer's slimmest desktop ever is barely there – CNET

The new Aspire S24 is just 0.23 inches thick and includes a Qi wireless charger.
Source: CNET

Waymo, Honda to team up for 'delivery and logistics' – Roadshow

This pairing hasn’t been given much attention, but that’s likely to change soon.
Source: CNET

Microsoft launches 2 new Azure regions in Australia

Microsoft continues its steady pace of opening up new data centers and launching new regions for its Azure cloud. Today, the company announced the launch of two new regions in Australia. To deliver these new regions, Azure Australia Central and Central 2, Microsoft entered a strategic partnership with Canberra Data Centers and unsurprisingly, the regions are located in the country’s capital territory around Canberra. These new central regions complement Microsoft’s existing data center presence in Australia, which previously focused on the business centers of Sydney and Melbourne.

Given the location in Canberra, it’s also no surprise that Microsoft is putting an emphasis on its readiness for handling government workloads on its platform. Throughout its announcement, the company also emphasizes that all of its Australia data centers are also the right choice for its customers in New Zealand.

Julia White, Microsoft corporate VP for Azure, told me last month that the company’s strategy around its data center expansion has always been about offering a lot of small regions to allow it to be close to its customers (and, in return, to allow its customers to be close to their own customers, too). “The big distinction is the number of regions we have. “White said. “Microsoft started its infrastructure approach focused on enterprise organizations and built lots of regions because of that. We didn’t pick this regional approach because it’s easy or because it’s simple, but because we believe this is what our customers really want.”

Azure currently consists of 50 available or announced regions. Over time, more of these will also feature numerous availability zones inside every region, though for now, this recently announced feature is only present in two regions.


Source: TechCrunch

Hackers steal data from 5 million Saks, Lord & Taylor customers – CNET

Beware a shopping spree for cybercriminals as credit and debit card info goes on sale.
Source: CNET

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