Category: World

  • Government promises robust crypto regulation

    Government promises robust crypto regulation

    The government has published proposals for crypto-asset regulation it hopes will “manage” the risks of the “turbulent industry”. 

    The sector has had a calamitous year, with assets collapsing in value by an estimated 75% from their peak of about $3 trillion in November 2021.

    Ministers estimate up to 10% of UK adults now own some form of crypto.

    They plan to use existing regulations for the industry, rather than creating a bespoke regime.

    The Treasury says that will allow crypto to benefit from the “confidence, credibility and regulatory clarity” of the existing system for financial services, as set out in the UK’s Financial Services and Markets Act 2000 (FSMA).

    It wants to create a level playing field between traditional and emerging financial services, where the principle is “same risk, same regulatory outcome”.

    But it also acknowledges some crypto businesses may simply choose to continue operating in offshore jurisdictions that “do not impose equivalent market-abuse rules”.

    The Treasury says its proposals – which it’s now consulting on – will:

    • lay down rules on crypto-asset promotions which are fair, clear and not misleading
    • enhance data-reporting requirements, including with regulators
    • implement new regulations to prevent so-called pump and dump, where an individual artificially inflates the value of a crypto asset before selling it

    Ministers say the measures will “mitigate the most significant risks” of crypto technologies, while “harnessing their advantages”. 

    Economic Secretary to the Treasury Andrew Griffith said the government remained “steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes crypto-asset technology”.

    “But we must also protect consumers who are embracing this new technology – ensuring robust, transparent and fair standards,” he added.

  • Madison Square Garden CEO doubles down on the use of facial recognition tech

    Madison Square Garden CEO doubles down on the use of facial recognition tech

    The chief executive of the Madison Square Garden Entertainment Corporation has doubled down on using facial recognition at its venues to bar lawyers suing the group from attending events.

    Speaking to Fox 5 on Thursday, MSG Executive Chairman and CEO James Dolan said Madison Square Garden is a private company and therefore entitled to determine who is allowed to enter its venues for events.

    “At Madison Square Garden, if you’re suing us, we’re just asking of you – please don’t come until you’re done with your argument with us,” he said. “And yes, we’re using facial recognition to enforce that.”

    His comments come after New York Attorney General Letitia James on Wednesday sent a letterto MSG Entertainment requesting information regarding its use of facial recognition technology to prohibit legitimate ticketholders from entering venues. The letter said the attorney general’s office has reviewed reports MSG Entertainment has used facial recognition to identify and deny entry to multiple lawyers affiliated with law firms involved in ongoing litigation with the company. The letter indicates thousands of attorneys from around 90 law firms may have been impacted by the policy and said the ban includes those holding season tickets.

    attorney general’s letter raised the concern that banning individuals from accessing venues over ongoing litigation may violate local, state, and federal human rights laws, including laws prohibiting retaliation. The letter also questions whether the facial recognition software used by MSG Entertainment is reliable and what safeguards are in place to avoid bias and discrimination.

    In a press release, James said, “MSG Entertainment cannot fight their legal battles in their own arenas. Madison Square Garden and Radio City Music Hall are world-renowned venues and should treat all patrons who purchased tickets with fairness and respect. Anyone with a ticket to an event should not be concerned that they may be wrongfully denied entry based on their appearance, and we’re urging MSG Entertainment to reverse this policy.”

  • Why indecision makes you smarter

    Why indecision makes you smarter

    In the TV series The Good Place, the character Chidi Anagonye is defined by his inability to make even the simplest of decisions – from choosing what to eat, to proclaiming love for his soulmate. The very idea of making a choice often results in a serious stomach-ache. He is stuck in continued ‘analysis paralysis’. 

    We meet Chidi in the afterlife, and learn that his indecisiveness was the cause of his death. While standing in the street, endlessly equivocating on which bar to visit with his best friend, an air-conditioning unit from the apartment above falls on his head, killing him instantly. 

    “You know the sound that a fork makes in the garbage disposal? That’s the sound my brain makes all the time,” he says in one episode. And besides making himself unhappy, Chidi’s lack of confidence in his own judgements drives the people around him crazy. 

    If that sounds like an exaggerated version of you, then you are not alone: indecisiveness is a common trait. While some people come to very quick judgements, others struggle to weigh up the options – and may even try to avoid making a choice at all. 

    As Chidi shows, indecisiveness can be linked to problems like anxiety, yet recent research suggests that it can also have an upside – it protects us from common cognitive errors like confirmation bias, so that when the person does finally come to a judgement, it is generally wiser than those who jumped to a conclusion too quickly. The trick is to learn when to wait, and when to break through the inertia while it’s holding you back. 

    The enemy of good 

    Psychologists have various tools to measure indecisiveness. One of the most common questionnaires – the Frost Indecisiveness Scale – asks participants to rate a series of statements on a scale of 1 (strongly disagree) to 5 (strongly agree).

    Using this scale, psychologists have shown that indecisiveness is often a product of perfectionism. Perfectionists are scared of the shame or regret that may come with making the wrong choice – and so they put off making decisions until they feel certain they are doing the right thing. (And in some cases, of course, they simply never reach that level of confidence.) 

    The frustration this brings can be a barrier to happiness; in general, the higher someone scores on the scale above, the lower they will score on measures of life satisfaction, according to a study by Eric Rassin, a professor of psychology at Erasmus University, in the Netherlands. They are less likely to endorse statements such as “the conditions of my life are excellent”, for example, or “if I could live my life over, I would change almost nothing”.

  • Britain hit by biggest day of strikes in a decade as pay disputes escalate

    Britain hit by biggest day of strikes in a decade as pay disputes escalate

    As many as half a million workers are striking across Britain on Wednesday, closing schools, canceling university lectures, and bringing most of the rail network to a standstill in what unions say is the biggest single day of walkouts in more than a decade.

    Teachers, university staff, train drivers, and civil servants — including staff checking passports at airports — are striking in large numbers over pay and working conditions as living standards continue to plunge after years of below-inflation raises.

    At the same time, the Trades Union Congress, which represents 48 unions, is holding over 75 rallies across the United Kingdom to protest a government bill that it argues is an “attack” on the right to strike. The bill would require basic service levels to be maintained in the fire, ambulance, and rail sectors in the event of walkouts.

    The escalating strike action comes just weeks after the government tried to resolve pay disputes to bring an end to the worst wave of industrial unrest the country has seen in decades. Many public sector workers have been offered raises of 4% or 5% for the current financial year, with the annual rate of inflation running at 10.5%

    Up to 300,000 teachers are expected to strike on Wednesday, marking the first of seven days of strike action through February and March by the National Education Union, the largest union in the sector. Strikes will affect around 23,400 schools, about 85%, in England and Wales, with many closed fully or partially.

    Wednesday also marks the beginning of strikes by 70,000 members of the University and College Union (UCU), which will hit 150 UK universities on 18 days in February and March, affecting 2.5 million students.

    Meanwhile, more than 100,000 members of the Public and Commercial Services Union, which represents civil servants, will strike over pay, pensions, and job security at 123 government departments and agencies. 

    And only around 30% of train services are expected to run on Wednesday, according to Britain’s railway company Rail Delivery Group, which warned in a statement on its website that the disruption could drag on into the rest of the week because many trains won’t be in the right depots.

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