US Authorities Threaten Alibaba With NYSE Delisting

Chinese tech giant Alibaba is the latest company to run afoul of the US Securities and Exchange Commission, which has threatened delisting from US stock exchanges. The Register reports: Alibaba’s addition to the SEC’s list of nearly 300 companies — mostly from China — means that US officials were unable to complete an audit of the company’s finances. The 2020 Holding Foreign Companies Accountable Act (HFCAA) gives the SEC the authority to delist companies if it is suspected that financial audits may not be accurate. The news hit Alibaba stock hard on Friday, causing it to drop from $100.52 to $89.37 through the day. In a statement sent to the SEC on Monday, Alibaba said it would “strive to maintain its listing status,” and that it would continue to monitor market developments and comply with applicable laws and regulations.

Addition to the SEC’s HFCAA list doesn’t mean that Alibaba will immediately be removed from the New York Stock Exchange (NYSE). Instead, the notice marks the company’s first “non-inspection” year; Alibaba is only actually in danger of delisting if it hands in two more consecutive annual reports that run afoul of the HFCAA. The report that landed the company under scrutiny covered Alibaba’s fiscal year ending on March 31, 2022. Companies on the provisional HFCAA list have 15 business days to dispute addition to the list. Along with Alibaba’s inclusion last week, pet company Boqii, Cheetah Mobile, ecommerce platform MOGU, manufacturing business Highway Holdings and logistics company Novagant Corp — all from China or Hong Kong — were added.

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What 21 Billion Facebook Friendships Say About the Economic Ladder In the US

Meta publicly released information on 21 billion Facebook friendships as part of a research project looking at economic inequality in the United States, the company announced today. Along with new insights into the intersection of money and friendships in America, the partnership between Meta and the researchers gives us another look at who Facebook is willing to share data with — and why. The Verge reports: The research team wanted to understand why people in some places in the US were more likely to move between economic brackets than in others. Using the information from Meta, along with other data, a research team built a dataset for a pair of studies on economic mobility, published Monday in the journal Nature. One study found that people who grow up in areas where there are more friendships between high- and low-income people are more likely to move out of poverty and up the economic ladder. “Growing up in a community connected across class lines improves kids’ outcomes and gives them a better shot at rising out of poverty,” Raj Chetty, a Harvard economist and lead researcher on the study, told The New York Times.

Many places, though, don’t allow for much interaction between high- and low-income people, the second of the two studies found. And even when a neighborhood does allow for that kind of interaction, people are still more likely to befriend people in similar economic brackets. […] [T]he full dataset, which covers 21 billion Facebook friendships, is available through Facebook’s Data for Good program. People can search the public-facing website and see the economic connectedness of various communities, including their own. Researchers can download the data for additional studies. […] The new studies offer valuable insight into economic mobility in the US, and the data could help researchers understand how people in the US build relationships.

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MIT Engineers Develop Stickers That Can See Inside the Body

Live and high-resolution images of a patient’s internal organs are already possible with ultrasound imaging technology. But currently the technology “requires bulky and specialized equipment available only in hospitals and doctor’s offices,” explains an annoncement from MIT.

Now a new design by MIT engineers “might make the technology as wearable and accessible as buying Band-Aids at the pharmacy.”
In a paper appearing today in Science, the engineers present the design for a new ultrasound sticker — a stamp-sized device that sticks to skin and can provide continuous ultrasound imaging of internal organs for 48 hours.

The researchers applied the stickers to volunteers and showed the devices produced live, high-resolution images of major blood vessels and deeper organs such as the heart, lungs, and stomach. The stickers maintained a strong adhesion and captured changes in underlying organs as volunteers performed various activities, including sitting, standing, jogging, and biking….
From the stickers’ images, the team was able to observe the changing diameter of major blood vessels when seated versus standing. The stickers also captured details of deeper organs, such as how the heart changes shape as it exerts during exercise. The researchers were also able to watch the stomach distend, then shrink back as volunteers drank then later passed juice out of their system. And as some volunteers lifted weights, the team could detect bright patterns in underlying muscles, signaling temporary microdamage.

“With imaging, we might be able to capture the moment in a workout before overuse, and stop before muscles become sore,” says Chen. “We do not know when that moment might be yet, but now we can provide imaging data that experts can interpret.”

They’re already envisioning other possibilities:
If the devices can be made to operate wirelessly — a goal the team is currently working toward — the ultrasound stickers could be made into wearable imaging products that patients could take home from a doctor’s office or even buy at a pharmacy. “We envision a few patches adhered to different locations on the body, and the patches would communicate with your cellphone, where AI algorithms would analyze the images on demand,” says the study’s senior author, Xuanhe Zhao, professor of mechanical engineering and civil and environmental engineering at MIT.

“We believe we’ve opened a new era of wearable imaging: With a few patches on your body, you could see your internal organs.”

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Meta Cuts Funding for US News Publishers

Engadget writes that “After Meta’s revenue shrank for the first time in its history, the company has reportedly told publishers it will no longer pay for content to run in Facebook’s News Tab, according to Axios.”

Axios notes it’s the end of three-year deals Facebook brokers in 2019 with news publishers.
At the time, the company was ramping up its investment in news and hired journalists to help direct publisher traffic to its new tab for news. The deals were worth roughly $105 million in the U.S., sources told Axios. In addition to that, the company spent around $90 million on news videos for the company’s video tab called “Watch.”

“A lot has changed since we signed deals three years ago to test bringing additional news links to Facebook News in the U.S. Most people do not come to Facebook for news, and as a business it doesn’t make sense to over-invest in areas that don’t align with user preferences,” a Facebook spokesperson told Axios.

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Linus Torvalds Releases Linux 5.19 – From an Apple Silicon MacBook

“Linus Torvalds just released Linux 5.19 as stable for the newest version of the Linux kernel…” reports Phoronix.

But they also note that on the Linux kernel mailing list, “Torvalds went on to write about his Arm-based MacBook [running an AArch64 Apple M1 SoC]… now under Linux thanks to the work of the Asahi Linux project.”

Torvalds wrote:

[T]he most interesting part here is that I did the release (and am writing this) on an arm64 laptop. It’s something I’ve been waiting for for a _loong_ time, and it’s finally reality, thanks to the Asahi team. We’ve had arm64 hardware around running Linux for a long time, but none of it has really been usable as a development platform until now.

It’s the third time I’m using Apple hardware for Linux development — I did it many years ago for powerpc development on a ppc970 machine. And then a decade+ ago when the Macbook Air was the only real thin-and-lite around. And now as an arm64 platform.

Not that I’ve used it for any real work, I literally have only been doing test builds and boots and now the actual release tagging. But I’m trying to make sure that the next time I travel, I can travel with this as a laptop and finally dogfooding the arm64 side too.

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America’s ‘Transformative’ Climate Bill Would Fund EV Purchases – While Penalizing China

This week U.S. lawmakers drew closer to passing a $369 billion bill with wide-ranging climate provisions.

It helps U.S consumers buy electric vehicle chargers, rooftop solar panels, and fuel-efficient heat pumps. It extends energy-industry tax credits for wind, solar and other renewable energy sources — and for carbon capture technology. In fact, most of its impact is accomplished through tax credits, reports the New York Times, “viewed as one of the least expensive ways to reduce carbon emissions.

“The benefits are worth four times their cost, according to calculations by the Energy Policy Institute at the University of Chicago.” One example is ending an eligibility cap on the $7,500 tax credit for consumers buying electric vehicles:

Currently, the credits are phased out after a manufacturer has sold 200,000 electric or plug-in hybrid vehicles. Restoring the credits would be huge for Tesla and General Motors, which have used up their quotas, as well as companies like Ford Motor and Toyota that will soon lose access to the credits. The new tax credit, available through 2032, would make vehicles from those companies more affordable and address criticism that only rich people can afford electric cars…

As it exists, the 200,000-vehicle cap on tax credits would provide a competitive advantage to market newcomers like BYD of China that are expected to use electric vehicles to enter the U.S. market. They could have benefited from the credit while Tesla, the Texas-based company, could not. The Democratic climate legislation would flip that. As written, the bill appears to disqualify cars not made in North America from the credit. Cars made in North America by foreign companies like Mercedes-Benz, Toyota or Volvo would qualify, but imported models would not.

In fact, the 725-page legislation also includes “a strong dose of industrial policy,” with several provisions that “appear designed to undermine China’s hold over the electric vehicle supply chain… It favors companies that get their components and raw materials from the United States or its allies, while effectively excluding China.”

“I think it is absolutely a transformative bill,” said Leah Stokes, an associate professor of political science at the University of California, Santa Barbara, who specializes in energy and climate change…

Cars would qualify for the full credit only if their batteries were made with materials and components from the United States and countries with which it has trade agreements. The percentage of components that have to meet those restrictions to qualify for the credit would increase over time, under the bill. That provision is aimed at encouraging domestic development of businesses like lithium mining and refining.

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Boosters of US Climate Bill Included Clean Energy Companies, Nuclear Developers – and Bill Gates

A proposed $369 billion bill would have far-reaching impacts on America’s energy landscape — and in a wide variety of ways.
The Washington Post took a close look at its tightly targetted energy-industry tax subisidies. “The goal? To make new green energy production cheaper for utilities to build than fossil fuel plants are.” But others benefit too:

The bill contains numerous smaller measures aimed at specific parts of the economy with high emissions: $20 billion for agriculture subsidies to help farmers reduce emissions, $6 billion to reduce emissions in chemical, steel and cement plants, and $3 billion to reduce air pollution at ports.

Yet how do you convince a congressman from a coal-producing state? Politico explores what changed the mind of one of the legislation’s last hold-out votes and convinced West Virginia Senator Joe Manchin that “The next generation of clean tech needed Washington’s backing to take off.”

Brandon Dennison, CEO of the economic development organization Coalfield Development, said he’d argued that the legislation offered a way for the coal-producing region to “stay an energy state…. If we want to benefit from the investments and the jobs that are going to come with that transition, we need to be part of the proactive solutions and policies rather than constantly playing on defense.”

Jason Walsh, executive director of the BlueGreen Alliance, a coalition of labor and environmental groups, said several West Virginia companies pushed Manchin to back the credits as well — even suggesting failure to pass the bill imperiled their plans to invest in new operations. “There were folks who I can’t talk about who are directly involved in potentially developing clean energy manufacturing in the state of West Virginia where site visits had happened where all they needed was a set of investments,” Walsh said. “And that communication happened as well.”

A senior executive with a utility operating in Appalachia said that his company communicated with Manchin how aspects of the bill such as tax credits to build clean energy manufacturing plants at former coal sites and incentives for developing small nuclear reactors and hydrogen would help West Virginia’s economy.
“We know coal plants are ultimately going to close,” the executive said. “What is going to replace them? What are the jobs? What are we transitioning to? In this case, we are going to explore hydrogen, new nuclear and get manufacturing in the state.”

Form Energy, a battery storage startup backed by Gates’ Breakthrough Energy Ventures and which has plans for a West Virginia manufacturing hub, walked Manchin’s staff through its growth trajectories with and without the proposed suite of legislative incentives, a person directly familiar with the interaction said. That person said Form Energy officials showed the differences on a graph. Its investors — including Gates — also called to assuage Manchin’s concerns over disbursing the tax credits to companies through a direct pay system rather than using tax equity markets.

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Tons of Chinese Rocket Debris Have Crashed into the Indian Ocean

The 25-ton core stage of a Long March 5B rocket “reentered Earth’s atmosphere over the Indian Ocean this afternoon,” reports Space.com, citing an announcement on Twitter from the U.S. Space Command.

Mission managers didn’t screw anything up; this end-of-life scenario is built into the Long March 5B’s design, to the consternation of exploration advocates and much of the broader spaceflight community. This disposal strategy is reckless, critics say, given that the big rocket doesn’t burn up completely upon reentry.

Indeed, 5.5 tons to 9.9 tons (5 to 9 metric tons) of the Long March 5B likely survived all the way to the ground today, experts with The Aerospace Corporation’s Center for Orbital Reentry and Debris Studies have estimated. And it’s possible that falling rocket chunks caused some injuries or infrastructure damage today, given where the Long March 5B reentered. One observer appeared to capture the rocket’s breakup from Kuching, in the Malaysian state of Sarawak, for example, posting video of the dramatic event on Twitter. “The video from Kuching implies it was high in the atmosphere at that time — any debris would land hundreds of km further along track, near Sibu, Bintulu or even Brunei,” astrophysicist and satellite tracker Jonathan McDowell, of the Harvard-Smithsonian Center for Astrophysics, said via Twitter today. It’s “unlikely but not impossible” that one or more chunks hit a population center, he added in another tweet….

“What really should have happened is, there should have been some fuel left on board for this to be a controlled reentry,” Darren McKnight, a senior technical fellow at the California-based tracking company LeoLabs, said Thursday (July 28) during a Long March 5B reentry discussion that The Aerospace Corporation livestreamed on Twitter. “That would be the responsible thing to do….”

This was the third uncontrolled fall for a Long March 5B core stage to date.

NASA Administrator Bill Nelson also released a critical statement today pointing out that China “did not share specific trajectory information as their Long March 5B rocket fell back to Earth.”

All spacefaring nations should follow established best practices, and do their part to share this type of information in advance to allow reliable predictions of potential debris impact risk, especially for heavy-lift vehicles, like the Long March 5B, which carry a significant risk of loss of life and property.

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Japan To Foster Startups By Sending 1,000 People To Silicon Valley

Industry minister Koichi Hagiuda said in the United States Wednesday that Japan plans to encourage startup businesses by sending 1,000 people to Silicon Valley over five years to provide them with valuable entrepreneurial experience in the California tech hub. Japan Today reports: The government aims to draw up a five-year plan by year-end to target a 10-fold increase in the number of startup companies as part of its push to drive economic growth through innovation and the cultivation of human talent. Hagiuda told reporters after his visit to the headquarters of technology giant Google LLC that he was very impressed by the mentality there in which there is no fear of failure, and that it is something Japan can learn. “Struck out swinging is considered (an experience) that can lead (people) to the next stage, here in America,” Hagiuda said.

The plan envisions sending 200 people from Japan to Silicon Valley annually starting in the new fiscal year that starts in April. It will expand a similar yet smaller program under which around 20 people have been sent there annually over the past seven years.Devoting more resources to startups is one of four pillars in the strategy Prime Minister Fumio Kishida has set out in pursuit of a new form of capitalism that focuses on growth through investment.

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