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The US is hopping mad about Chinese outfits copying and selling American products
STILL reeling from an unsuccessful bid to join the World Trade Organization (WTO) just before it became operative on January 1 this year, China has nevertheless signalled its intention to keep plugging away. But with the US sticking to its stubborn stand on intellectual property rights and greater trade access, the path ahead is, mildly put, inhospitable.
Furious over China's refusal to make any serious commitment on the legal protection of intellectual property rights, the us suspended negotiations on the issue in mid-December 1994. In the first week of January 1995, us trade representative Mickey Kantor slammed China with a February 4 ultimatum to demonstrate its seriousness. The Clinton administration published a list of us $2.8 billion worth of Chinese exports to the us -- including electronics, footwear and toys -- subject to tariffs of up to 100 per cent.
For once, such strongarm tactics are making the Chinese squirm. And mad. Beijing warned that it would retaliate against the us, which has several business setups in China, including automobiles, and alcoholic and other beverages. "We are open to future negotiations, but we will not bend under any pressure," said an unidentified senior Chinese trade negotiator, quoted by the official China Daily newspaper. Tempering the threat with characteristic unpredictability, however, Song Jian, Chinese minister of the state commission of science and technology, held out a conciliatory assurance that China would penalise the pirates. In what some see as a gesture of good intent, in early January this year, a court sealed 3 porcelain factories in Guangdong for infringing Chinese patents. The government has also ordered a boycott of pirated goods.
The politically powerful us corporate sector is unsheathing its armoury because a huge array of its products -- compact disks, software, pharmaceuticals, films and books -- are copied closely and sold not merely in China, but in booming markets like Hong Kong, Southeast Asia -- and in the us as well. Among the pirated brands are those that the US considers a sacrosanct part of its social identity -- Microsoft (see box), Walt Disney, Levi's and Kellogg's.
In 1992, a pact was negotiated between the 2 countries in which China pledged to seize pirated goods. us officials, however, say that over the past 18 months, the number of illicit compact disk factories in China has mushroomed from 15 to 29. "If China can't implement agreements we've already signed, it shakes our confidence," said a senior us trade official quoted in The Asian Wall Street Journal.
China's exclusion from the prestigious wto comes as a dishonourable -- if temporary -- jolt to the world's most populous nation. For 8 years now, it has been striving to regain gatt membership it disdainfully relinquished when it walked out in 1950 soon after the Communists assumed power. Now, the West is obviously tasting sweet revenge.
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Dutch vendor Bell ID has launched a cloud-based secure element for the provisioning of mobile NFC services, eliminating the need for hardware within the handset.
Bell ID today announced that its Token Manager Software is being used by Research In Motion (RIM) in its Secure Element Manager (SEM) solution for NFC (near field communication) mobile payments.
Bell ID® today announced that its Token Manager Software is being used by Research In Motion (RIM) in its Secure Element Manager (SEM) solution for NFC (near field communication) mobile payments.
Bell ID, a global provider of smart card/contactless/mobile and application lifecycle management, has announced the acquisition of East Kilbride, Ecebs Limited from its parent company, Trainline Investment Holdings Limited, for an undisclosed amount.
Leading smart token management solution provider, Bell ID, has joined the EMV Migration Forum, an independent, cross-industry organisation started by the Smart Card Alliance, to help drive forward and support the implementation of EMV payments technology in the United States (U.S.).
ACI Worldwide (ACIW), a leading international provider of payment solutions, has expanded its partnership with Bell ID, a leader in the field of smart card and token management solutions, to deliver issuance and management of mobile near field communication (NFC) payment tokens for devices equipped with contactless technology, using ACI Token Manager(TM) for Mobile.
CPI Card Group (CPI), a global supplier of financial card production and personalisation services, has selected Bell ID's Trusted Service Manager (TSM) software solutions to enable the provisioning and management of mobile near field communication (NFC)-based applications for its customer base across North America.
Bell ID has announced the launch of Bell ID Mobile Token Manager, a versatile software platform that provides over-the-air (OTA) lifecycle management of applications, cryptographic keys and secure elements (SE) on near field communication (NFC) mobile devices.
Bell ID is pleased to announce the appointment of Todd Freyman as Vice President of Operations for its U.S. business.
Bell ID, a global leader in smart token management solutions, has announced that it has become the latest organisation to join the Smart Card Alliance, a non-profit organisation that stimulates the adoption of smart card technology in North America.
© Finextra Research 2013

domain: news


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The ancient wisdom on war says to know the enemy and know yourself is to enter 1000 battles without disaster.
Public servants will practise just that when putting their hacking skills to the test in cyber war games this September.
Cyber security experts entering the fray will represent some of Australia's largest and highest-profile government departments: Human Services, Immigration, Defence, the AFP and the Australian Taxation Office.
The war games, devised by the DHS, are designed to push the technical prowess and critical thinking of APS staff as hacking attacks grow more disruptive.
DHS national cyber security manager Narelle Devine said the games, at the department's Tuggeranong offices, will resemble a game of chess in the cyber world.
"We really think that learning to hack is just a way to learn how to defend better," she said.
"They may actually find vulnerabilities on the way we haven't thought about.
"It's stretching that creative thinking. That's what we're trying to foster, thinking like the adversary and thinking outside the box, not just take the steps you're given."
Each department will have a virtual patch to protect from the attacks of their public sector rivals.
Between them will be a cyber no-man's land which they'll hack through to enter their rivals' territory.
When one infiltrates and disrupts their opponent's system, it's game over.
A Lego display wired with electronics and hooked up to the system will bring the cyber attack to life when hackers make its model trains go backwards, turn the lights on and off in enemy territory or find another way to announce their break-in.
The war games will be the first training exercise of its kind between government agencies, but have been adopted overseas.
Ms Devine said the DHS hoped the games would attract more tech-minded staff to the department.
"It's quite attractive for that target audience, that younger generation we're trying to get to," she said.
"We want to be an employer of choice in this space."
The fragility of cyber defences worldwide was laid bare when ransomware created havoc at British hospitals and hit businesses across the globe last week.
Ms Devine said the DHS wasn't complacent about its cyber security.
"The adversary will always be trying something new, so you can't sit back," she said.
There was no sign of overconfidence when asked about her team's chances against its competitors.
"I'd like to think we'd win, otherwise we wouldn't put it on, but I'm not putting money on it."
The event could become an annual competition between departments and businesses may be invited to join next year.


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FedEx announced rate hikes and detailed its cost-cutting efforts after warning last week it was seeing demand weaken globally.
Darden Restaurants reported mixed quarterly results but still reiterated its outlook for fiscal 2023.
FedEx withdrew its full-year guidance and announced significant cost-cutting measures following what it called softness in global volume of shipments.
Oracle said electronic health-record software maker Cerner contributed $1.4 billion to quarterly revenue.
GameStop said quarterly sales declined and losses widened, as its inventory of video game equipment and more swelled.
Nio's second-quarter loss widened, but the company expects higher production and deliveries in the third quarter.
Lululemon reported second quarter earnings after the bell on Thursday.
The firm, which allows users to spread the cost of purchases over interest-free installments, saw a jump in operating expenses and defaults.


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Babak Parviz, the Google executive and director at Google X who led the development of Glass, has announced that he is departing the Mountain View tech company to work for online retail giant Amazon.com.
The news came just weeks after Parviz stepped away from his post as head of the Glass project. Parviz has led some of Google's most ambitious projects in the Google X department since 2010. Besides Google Glass, he also headed up the effort behind a glucose-tracking contact lens, which was created with a goal to help diabetics to track their blood sugar levels. He left Google on Friday and has confirmed to CNET that he has already begun work at Amazon. "The primary reason for the move is being excited about what we might accomplish at Amazon," Parviz explained to CNET in an email.
The hire comes less than a month after Amazon's launch of its first smartphone, the Fire Phone, which features a unique 3D display UI. Amazon spent around $6.6bn, 9 per cent of its annual revenue on R&D last year, and Forbes points out that the recruitment of Parviz further demonstrates Amazon's dedication to exploring different types of research and development projects. It could also signal that Amazon is considering its own wearable device, which could roll with the momentum created from its streaming TV device, existing line of tablets as well as the new smartphone.
The jump to rival Amazon is likely to further the ongoing poaching dispute between tech giants. Amazon sued Google over a non-compete agreement for a cloud employee, who jumped ship and switched sides, just last week. The lawsuit was filed as Amazon claims that non-compete was violated when the employee started at Google just one month after leaving its employ.


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4th May 2021 Product update: Cargill Inc.
Vegan Fat and Blood Technology and Premix Ingredient Solutions Will Be Available for Licence
Responding to flexitarian consumers’ growing appetite for plant-based products that deliver a “meat-like” experience, Cargill is investing in Bflike, a start-up created by BOX NV, which is poised to be a new technology leader in the rapidly evolving meat and fish alternatives categories. The partnership combines Cargill’s extensive food ingredient solutions with Bflike’s recipes and technology, to give food manufacturers and retailers the opportunity to bring tasty plant-based products to market quickly and affordably.
Bflike will license its proprietary technology and premix ingredient solutions to food manufacturers and retailers, supporting them to commercialize their own meat and fish alternative products.
Key to Bflike’s innovation is its patent-pending vegan fat and blood platforms. This ground-breaking technology results in plant-based meat and fish alternative products that are virtually indistinguishable from their animal-based counterparts, with similar visual appearance (both raw and cooked), texture, mouthfeel, melting behavior and cooking performance.
Equally important, the Cargill-Bflike collaboration will position customers to move seamlessly from pilot to commercialization and allow them to scale up quickly, using their own production process and machinery, whilst being supported by Cargill’s secure supply of critical ingredients.
The Cargill investment in Bflike is realized through a joint venture with Blue Ocean Xlerator NV (BOX), a Dutch private incubator/accelerator focused on sustainable innovations in the food sector. Bflike also benefits from the technical support of TOP BV, a Dutch food technology service provider based in Wageningen Food Valley and a subsidiary company of BOX.
Bflike has a robust product pipeline of meat and fish alternative formulations, ready to hit the market this year, next to the vegetarian burger and minced meat readily available.
Date Published: 4th May 2021
Source article link: View
Note: This content has been edited by a newprotein.net staff writer for style and content.


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It has been confirmed that in a bold yet widely anticipated move, Raf Simons has been named chief creative officer of Calvin Klein, bringing his signature minimalist aesthetic to the iconic American brand.
It has been long debated where Raf Simons would go with speculation having said Calvin Klein was the favourite after the announcement of his resignation back in October 2015.
Today a statement from the designers has confirmed this as the Belgian’s next move after three years as women’s creative director of Christian Dior Couture.
“The arrival of Raf Simons as chief creative officer signifies a momentous new chapter for Calvin Klein,” said Steve Shiffman, CEO of Calvin Klein, Inc.
“Raf’s exceptional contributions have shaped and modernised fashion as we see it today and, under his direction, Calvin Klein will further solidify its position as a leading global lifestyle brand.”
The arrival was declared after the news that Dior has hired Valentino co-creative director Maria Grazia Chiuri to design its women’s collections, which would be replacing Simons, who had notoriously resigned from the post in October 2015.
Simons will indeed lead the creative direction for the entirety of the company, including ck Calvin Klein, Calvin Klein Jeans and Calvin Klein, as well as the men’s and women’s ready-to-wear collections.
By giving creative control of the company to Simons, Shiffman and Calvin Klein Collection president Michelle Kessler-Sanders seem to show that there is now a focus upon interest within designer fashion, which has been seen to be lacking in previous years.


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We know how hard it is to start a business; that’s why a team of bright young tech entrepreneurs from Miami decided to go on a mission to bridge the blockchain and startup by raising money via their utility token, Grind, which will be launching on the Eth network.
Grind was created when they saw an opportunity to combine their love for developing businesses and cryptocurrency. By mixing this passion and their obsession with success, they developed Grind to become the opportunity some new entrepreneurs may need to kickstart their dreams of turning their business ideas into reality.
The whitepaper on their website states, “We all know how hard it can be to get someone to believe in your business ideas, no matter how amazing they may be. Grind decided that through use of crypto and community, we could raise money to provide an opportunity to anyone looking to start their own business.”
Not to lose sight of their own entrepreneurial plans, the Grind team has big plans for the future and have the goal to create a platform where they can open up this fundraising to anyone who has a business idea. Entrepreneurs will be able to upload their profile and business plans to the platform, and then set a seed funding round. Individuals or corporate investors will be able to then participate in the seed round by purchasing Grind Token and donating it to the business ideas of their choice. All of that development and growth will be funded through Grind token, and their whitepaper states that they are “working through all the boring and legal stuff for this right now to make this utility come to life” and they are “very excited for the future,” and “Grind is just the start of it”.
The Grind Team says they will honor its community with transparency, communication and respect whilst everyone grinds together. Their vision is to foster a community who knows that they are appreciated and trusts their team. Expect big things from this team.
Connect with Grind on Twitter, Instagram, Telegram, and on their website.


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Coronavirus: Stupid excuses Melburnians are using to get out of fines
With the Melbourne lockdown being one of the strictest in the world, some of the reasons people are using to get out of fines are ridiculous.
It was labelled one of the worst face mask options when it came to preventing coronavirus spread in an earlier experiment, but now a new investigation has found neck fleeces can be just as good as cloth masks.
A study published earlier this month by researchers at Duke University in the United States concluded that neck fleeces, also known as neck gaiters or runner gaiters, could allow more respiratory droplets to escape compared to wearing no mask at all.
Typically worn by runners, neck fleeces broke down bigger droplets into small particles, allowing them to slip through the material more easily, the study claimed.
Bandanas and knitted face coverings were also found to offer little protection from coronavirus, while N95, surgical and cotton cloth masks were the best offerings.
However a separate study that has since been published by researchers from Virginia Tech university has found that certain types of neck fleeces can work as well as cloth masks.
The study tested two different types of neck gaiters, a one-layer polyester version and a thicker two-layer microfibre blend.
To test how well the face coverings worked, two foam heads were placed inside a plastic container 30cm apart.
One head wore the neck fleece, while another sprayed a salt solution to mimic saliva.
The experiment found that the neck fleeces protected the wearer from 100 per cent of large 20-micron droplets and 80-90 per cent of 5-micron aerosol droplets.
A doubled over neck fleece will offer even more protection, blocking more than 90 per cent of small aerosol .5 to 5-micron in size.
One of the study’s researchers Dr Linsey Marr tweeted that the findings show neck gaiters “perform similarly to cloth masks and very well if doubled over”.
She told The New York Times she believes neck fleeces can be just as good as regular masks as long as they fit properly.
RELATED: Best reusable face masks to buy
“I’ve been recommending neck gaiters, and my kids wear neck gaiters,” she said. “There’s nothing inherent about a neck gaiter that should make it any worse than a cloth mask. It comes down to the fabric and how well it fits.”
One of the authors of the Duke University study which labelled neck fleeces the worst performer has since said the experiment was never designed to stop people from wearing certain types of masks.
Dr Martin Fischer said the study had been about developing a cheap technology that could be used by mask manufacturers to test different face cover materials.
“Our intent was for this technology to get out there so companies and organisations can test their own masks,” he told The New York Times. “A mask doesn’t have to be perfect for it to work.”
DO I NEED TO WEAR A FACE MASK?
Victoria is the only state where face masks are now mandatory, with fines applying if you do not wear face coverings of some kind in public places.
In NSW, face masks are not legally required but are strongly recommended in places where it is difficult to social distance such as public transport, supermarkets and for those working in customer service roles.
NSW Premier Gladys Berejiklian also recommended they be worn in known hotspot areas as well as places of worship.
The World Health Organisation has recommended masks be worn in communities where there is a high rate of coronavirus cases.


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It is a sea of red today as the global markets come to terms with the ongoing trade escalations. Yesterday evening, it was reported that the Trump administration will continue with the trade war with China. As he left for Brussels, the president directed his trade representatives to move ahead with additional tariffs on Chinese goods worth more than $200 billion. As shown below, global stocks and futures reacted by falling. The Dow, Nasdaq, and DAX had more than 1% declines.
Two weeks ago, the United States went ahead with its threat of imposing tariffs to Chinese goods. They implemented tariffs of goods worth more than $38 billion. China moved promptly to retaliate against the US tariffs. As expected, Donald Trump has now moved ahead with his threat of imposing ten percent tariffs on an assortment of Chinese goods. China too is expected to respond with additional tariffs.
In a statement, Trump’s trade czar, Robert Lughthizer said that the new tariffs are a response to Chinese trade practices. For decades, China has had a closed economy where American firms have been unable to compete. For example, for an American company to be able to access the Chinese market, it has to enter into joint ventures. Often, the Chinese companies they partner with are not loyal and they end up stealing the trade secrets and launching competing products. AS a result, American companies like Uber have been forced to exit the lucrative market.
Another difficulty for American companies is the large tariffs China charges on imports. For example, China charges a 25% tariff on vehicle imports. This forces companies to establish their businesses in China, where they are forced to join joint ventures. In a statement, Robert Lighthizer said:
‘For more than a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition. We have been very clear and detailed regarding the specific changes China should undertake. Unfortunately, China has not changed its behaviour — behaviour that puts the future of the US economy at risk.’
The new tariffs will not kick in immediately. Instead, the trade representative’s office will begin exploring the products that will be taxed. This is a process that can take months. During those months, there are chances that an opening for negotiations can take place. However, at present, there are no ongoing talks with China.
The new news came as Trump arrived in Brussels for the important NATO meeting, where he will be the headliner. In recent weeks, the president has attacked NATO and its member countries who he has accused of taking advantage of the United States. Of the 26 members of NATO, only 6 of them are paying the recommended 2% of the GDP to defence. This is an issue that other US presidents have taken to considerations in the past. Already, Trump has started attacking the NATO countries like Germany by calling it a captive to Russia. This is probably because of the massive pipeline that Germany is building to Russia.
The post A Sea of Red in Global Markets as Trade War Escalates appeared first on Forex.Info.


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Siobhán Géhin, managing director at Kurt Salmon, part of Accenture Strategy, wrote a commentary for Essential Retail on disruptive technologies impacting retail and the fast-moving start-ups ready to overtake unprepared retailers.
Her analysis includes this key excerpt:
"DynamicAction offers a prescriptive analytics platform, which enables faster reaction to a plethora of data; prescribing precise actions to take, accurately ranked by financial impact on a day-to-day basis. So retailers who do not exploit these kind of analytics tools are more and more at a disadvantage versus their competitors."
Read the full article here.


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Published: Jan 20,2020
Global market intelligence firm TrendForce announced its 20th anniversary in 2020. In addition to offering enterprise consultation services, TrendForce specializes in the comprehensive market analysis of the global technology sector...
HSINCHU, Taiwan – eMemory and United Microelectronics Corporation today announced that eMemory’s NeoFuse IP has been qualified on UMC’s 28nm High Voltage (HV) platform to target the fast-growing OLED market. Key customers have completed successful product tape outs using this IP and process, which are ready for mass production...
Worldwide semiconductor revenue totaled $418.3 billion in 2019, down 11.9% from 2018, according to preliminary results by Gartner, Inc. Intel regained the No. 1 position in the market as the downturn in the memory market negatively impacted many of the top vendors, including Samsung Electronics, the No...
HSINCHU, Taiwan – TSMC today announced consolidated revenue of NT$317.24 billion, net income of NT$116.04 billion, and diluted earnings per share of NT$4.47 (US$0.73 per ADR unit) for the fourth quarter ended December 31, 2019...
TAIPEI, Taiwan - In order to pave the way for Taiwan’s startups to enter international market, the Ministry of Science and Technology (MOST) organizes a delegation with 82 teams which led by TTA (Taiwan Tech Arena) to attend CES 2020 (Consumer Electronics Show), and build national pavilion at Eureka Park in January this year...
TAIPEI, Taiwan - VIVOTEK and CyberLink today announced they have entered into a strategic partnership, which will integrate CyberLink’s FaceMe AI facial recognition engine into VIVOTEK’s IP surveillance solutions. “Founded in 2000, VIVOTEK has been dedicated to the IP surveillance industry for 20 years...
- 1Worldwide PC Shipments Grew 2.3% in 4Q19 and 0.6% for the Year
- 2Nuvoton Technology Joins the Amazon Web Services Partner Network
- 3Taiwanese Mobile Payment Users Aged 46-55 Grow by Over 30% in 2018-2019
- 4AUO to Acquire Shares of ADLINK Through Tender Offer, Forging AIoT Strategic Partnership
- 5Coronavirus Outbreak Can Drastically Impact the Technology Road Map for 2020, Says GlobalData
- 6Semiconductor R&D To Nudge Higher Through 2024
- 7unitech Offers Android Zero-touch Enrollment
- 8Panasonic Develops High-Power Blue WBC Technology for DDL Applications on Microfabrication
- 9Global PC Supply to be Affected by Coronavirus Outbreak
- 10Launch of SiPearl, Designing the Microprocessor for the European Supercomputer


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Apple has announced an App Store price rise for Europe and a number of other countries.
According to the related Apple news post, the move will happen “As early as October 5, 2022”, when the price of apps and in-app purchases will be hiked in any country using the euro. Besides this broad swathe of Europe, App Store prices will also be bumped in Chile, Egypt, Japan, Malaysia, Pakistan, Poland, South Korea, Sweden, and Vietnam.
As a result of this App Store price rise, European price tiers will be systematically shifted up. For example, apps that formerly cost €0.99 will, from October 5, cost €1.19. The price rise was somewhat predictable given the current strength of the dollar over the euro.
Apple is constantly changing its global pricing in line with currency fluctuations. Back in January 2017, Apple boosted the price of apps by 25% here in the UK due to the adverse effects of Brexit on the value of the pound.
More recently, we saw the result of a strong dollar here in the UK with the launch of the iPhone 14 family. While the smartphone line-up maintained its pricing over in the US, British customers have seen a nasty spike.
At the top end of the tablet, the iPhone 14 Pro costs an eye-watering £150 more than the iPhone 13 Pro did last year. Meanwhile, even the creaky old iPhone SE saw a stealthy £30 price bump immediately following Apple’s recent launch event.
Rest assured that this tends to work both ways, and Apple will undoubtedly reverse course when market conditions dictate. Eventually.


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The Checkers will take part in a skating party for Speedway Children's Charities grant recipients at the Coca-Cola Family Ice Rink at zMAX Dragway on Tuesday, Dec. 4 from 4-5:30 p.m.
Fans are invited to come out and skate with Checkers players Nicolas Blanchard, Zach Boychuk, Zac Dalpe and Michal Jordan. Admission is $12 per person and includes skate rentals. Those who present a Coca-Cola product will receive $2 off admission. Additionally, anyone who comes out to skate will receive a coupon for $2 off future skating admission and $2 off entry to the Speedway Christmas Light Show.
Charlotte Motor Speedway’s food service provider, Levy Restaurants, will serve up a variety of concessions, including hamburgers, hotdogs, funnel cake and assorted beverages.
The Coca-Cola Family Ice Rink, operated by Extreme Ice Center, is a 5,100-square-foot rink located in the zMAX Dragway pavilion, near the entrance to the Speedway Christmas light show. The rink is open Monday-Friday from 4-10 p.m. and Saturday and Sunday from 10 a.m. - 10 p.m., through Jan. 21. From Dec. 17-Jan. 1, the rink will be open daily from 10 a.m. to 10 p.m. and closed on Christmas Day. For more information, please visit www.charlottemotorspeedway.com


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Readers of our end of day updates will know that banks have settled into the habit of making small, but regular trimmings to their term deposit rate cards.
Usually they are -5 or -10 bps. But they come regularly.
They add up. And a quick check of the chart at the base of this story shows how, on average, they have driven TD rates lower. And quickly.
At the start of this week, we have had two more such reductions, giving the trend solid momentum.
Yesterday, BNZ trimmed -5 to -15 bps from its offers of 1 month to one year.
And today, Rabobank has trimmed -5 to -15 bps for rates 1 month to 15 months.
Both banks also cut some at-call savings account rates as well.
The trend actually isn't new. It started about a year ago when the RBNZ cut its benchmark OCR rate by -25 bps, and picked up steam with the August -50 bps slash
But is has gotten new impetus as the regulator hacked off another -75 bps in March this year.
All up, that was -150 bps of rate underpinning that has been removed.
And as the chart shows, all this has flowed directly into retail term deposit rates. In the same time, 6 month term deposit rates have fallen -85 bps and the one year rate has fallen -100 bps.
It may be little comfort, but the retail banks haven't cut retail term deposit rates as hard as the Reserve Bank has cut the OCR.
Nor have they followed wholesale rates down as sharply. In the same time frame one year swap rates have fallen -167 bps - and now down to just 0.20%. And that makes wholesale money relatively cheaper than retail rates. Fortunately, bank treasurers have long memories and recall that wholesale funders became very unfriendly in the GFC. Margins became predatory. They learned that retail funding can be counted on whereas the 'smart money' can't. Since then, they have made efforts to protect their retail funding bases, encouraged by the RBNZ Core Funding regulations.
The latest headline rate offers are in this table and marking the changes so far this week.
|for a $25,000 deposit||Rating||3/4 mths||5 / 6 / 7
|8 - 11
|1 yr||18mths||2 yrs||3 yrs|


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This article discusses what the Equifax data breach of 2017 means for how credit reporting agencies (CRAs) — for-profit companies which buy and sell credit data — treat your personal credit information, and what you can do to protect yourself and your clients.
The Equifax data breach
A large-scale data breach occurred in March 2017 at Equifax, one of the nation’s three largest credit reporting agencies (CRAs). Equifax did not disclose the incident to the public. According to Wired, the breach was due to unpatched software, an easily correctable oversight.
In July 2017, Equifax discovered a second, much larger breach — the names, social security numbers, birthdates, addresses and driver license numbers of approximately 145 million consumers had fallen into the hands of hackers. Still, Equifax remained quiet — non-disclosure of a material fact affecting all persons whose data was stolen.
Days later, several higher-ups sold the shares they owned in Equifax, according to a report from Bloomberg. Equifax claimed these stock dispositions were unrelated to the breaches.
Finally, in September 2017, Equifax released a statement about the larger breach, including information about the timing and the scale of the incident.
Although the stock sales are being investigated by the Department of Justice (DOJ), there is little opportunity for regulatory bodies to hold Equifax accountable for its irresponsibility. With every step of its response to a breakdown of the security of personal informational, the credit agency left behind a trail of negligence or deceit.
CRAs hold all the cards — and personal information
But Equifax isn’t alone in its cavalier attitude toward protecting consumer data. Early in 2017, the Consumer Financial Protection Bureau (CFPB) found that Equifax and TransUnion, another of the three major CRAs, were guilty of misrepresenting the value of consumer credit reports in order to sell other credit-related services.
Nominally, CRAs assist lenders who make creditworthiness decisions by providing them with consumer credit information aggregated into a credit report, from which credit scores are divined. These agencies certainly fulfill that lender demand, but in practice their function is more complicated.
CRAs are the gatekeepers of a massive store of personal information on anyone who has ever used credit. They are for-profit companies — revenue is earned by selling consumer information in bulk to lenders. They have no incentives to keep information secure. Worse, the critical space they occupy in our credit-obsessed culture is one of implicit authority.
These agencies collect and store data without legislative or private mandate, and we let them do it without regulation. Need for their services is so widespread and so fundamental (if not primary) to the basic function of our economy that they actually act as a utility, in which case government regulation is necessary to protect the general public from exploitation.
Every American who has used a credit card or some other formal credit is in the CRAs’ systems, yet individuals have no say in it. But those of us who want to participate in the use of credit can’t have a say in it. After all, we have to buy cars and houses, purchase daily necessities and take out student loans.
So, as we’re forced to participate in this credit system when we make purchases requiring credit – cards, loans, mortgages – shouldn’t a system of accountability be in place to control the use of our data?
The “good” news: laws are in place to protect consumers from irresponsible acts of CRAs.
Well, sort of. By which we mean mostly not at all. (And with the de facto dismantling of the Consumer Financial Protection Bureau (CFPB), consumer protections are taking a backseat to banks and CRAs.)
The Fair Credit Reporting Act (FCRA) is the primary federal law governing the relationship between CRAs and consumers. The FCRA:
- requires CRAs to provide consumers a free credit report once a year;
- establishes regulations for how reporting of disputed accuracy may be resolved; and
- restricts some information from inclusion in a credit report, namely:
- Title 11 bankruptcies which are more than 10 years old;
- civil suits, civil judgments, and records of arrest which are more than seven years old or over the statute of limitations;
- paid tax liens and accounts placed for collection or charged to profit and loss which are more than seven years old;
- any other adverse information, other than conviction records, which is more than seven years old; and
- the personal information of any medical provider which has notified the CRA of its status as a medical provider. [15 United States Code §1681c(a)]
All other information may be included in a consumer’s credit report.
However, the FCRA imposes few restrictions on the way CRAs handle our information. In fact, no actual provision in the FCRA mandates that CRAs protect the data they handle.
The pertinent part of the law reads: “Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers. There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy.” [15 USC §1681(a)]
But what does this nice talk of a “need” mean in practice?
CRAs do not have to put anything in place for the protection of information. The FCRA doesn’t dictate how CRAs handle consumer information, nor do they regulate how CRAs respond to situations in which the security of personal credit information is at risk.
Consequently, when something happens to your personal information at the CRA (e.g., a data breach), no legal contingencies are in place at the federal level to ensure CRAs are held accountable for the damage they have imposed on you by their negligent management of your personal credit data. Or, as in this case, lack of management.
Well, does California law come to your rescue?
California’s Consumer Credit Reporting Agencies Act (CCRAA) largely uses the same nonspecific, finger-wagging language as the FCRA — verbatim, in some cases — but the CCRAA covers one very important individual consumer protection: credit freezes.
A credit freeze is a measure a member of the public may take to severely limit access by others to their consumer’s credit report. CRAs can still access your personal credit information, as can government agencies. But otherwise, it is extremely difficult for anyone to get ahold of any consumer data which is frozen until the consumer — you — chooses to unfreeze their report.
By ordering a credit freeze, consumers take proactive measures. Thus, a credit freeze is not automatic, and CRAs routinely charge consumers fees for imposing and removing credit freezes (even though consumers did not give the CRA the authority to gather or use credit information in the first place).
By law, CRAs need to be held accountable for negligence
Despite its mandates regarding individual consumer protection, California law carries the vagueness of the federal warnings. Thus, CRAs are not on the hook for handling data irresponsibly.
Unsurprisingly, no specific provision in either the FCRA or the CCRAA outlines the ways CRAs are to protect consumer data. The imprecision of the FCRA’s general privacy provision is useless.
At first tuesday, we believe the law and regulations need to lay out specific rules of conduct. At the very least, CRAs need to be required to:
- disclose any information (such as the existence of a data breach) which puts consumer data at risk to the public within a reasonable timeframe;
- protect consumer information with state of the art security software; and
- pay money losses, monetary penalties and attorney’s fees for negligent or unauthorized handling of consumer information.
What advice can you give to help protect your clients?
In the wake of the Equifax breach, the Federal Trade Commission (FTC) recommended individuals:
- place a credit freeze on file with each major CRA;
- check credit reports often (many credit card companies and other financial companies now offer this as a free membership benefit); and
- monitor their bank accounts every month.
Credit freezes are the most effective line of defense an individual consumer has. Upon freezing their credit, a person receives a PIN which is used to reopen access to their credit report. When your client chooses to freeze their credit, they cannot lose track of the PIN, as it is the only way to regain access to their report.
Credit freezes bar the consumer ordering the freeze from opening new lines of credit which require a credit report. However, a credit freeze is not an effective method of protection for existing, ongoing identity theft — it functions as a precautionary measure to prevent additional theft.
Some CRAs offer services like credit monitoring. Credit monitoring is similar to a credit freeze, but CRAs use them to offer needless services, and charge hefty monthly fees.
Identity theft fallout
When your client has already been a victim of identity theft, recommend they cancel any credit cards which have been used by unauthorized parties, plus have them place a fraud alert on their account.
Fraud alerts don’t shut down access to one’s credit report the way credit freezes do — they simply alert lenders offering to extend credit that the consumer owning the account may be a victim of fraud. With a fraud alert in place, a person offering to extend credit to an individual is required to verify their identity.
Since the breach took place, Equifax has been the subject of hundreds of class-action lawsuits, but uproar in the public eye has largely died down in the last few months.
Until legislators and regulators get serious about holding CRAs accountable, the only thing standing between your personal credit information and any unauthorized individuals who may want to use and sell that information is the diligence of CRAs. They control what gets reported, to whom it gets reported, and how they can stop it from being reported. That’s a lot of control for private, for-profit corporations to have, especially when the laws in place are inadequate to regulate them.


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The $67 billion acquisition of EMC by Dell closed on Wednesday. It's the largest acquisition in tech history, and created a new tech company with 140,000 employees.
Now that EMC is part of Dell, Dell hopes to find cost savings of about $1.7 billion in the first 18 months, Bloomberg reports.
However, these sources reaffirmed what Michael Dell has been publicly saying, that the company is far more focused on increasing sales than cost-cutting.
Dell has always kept a tight rein on its costs. It came to prominence in the PC and computer-server industries by squeezing cost out of its supply chain.
Such huge mergers, especially when financed with a lot of debt like this deal has been, often mean job cuts, as the two companies merge and find overlapping positions.
Dell has not yet responded to Business Insider's request for comment. It declined comment to Bloomberg.


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Several high-value bitcoin (BTC) transactions were included in a single block on June 30.
Bitcoin Block Bot, a Twitter account dedicated to reporting significant bitcoin (BTC) transactions reported that 25 bitcoin transactions worth $6 billion were included in block 583,139 on June 30.
Cryptocurrency news outlet AmbCrypto reported that all the transactions formed a bigger, linear transaction. Wallet 1 initiating the transaction sent 24,392.93062596 BTC to wallet 2, and 300 BTC to wallet 3. This last address received a total of 5,800 BTC, and was a receiving wallet in all 25 transactions.
Wallet 2 also transferred 300 BTC to wallet 3 and 24,092.93013651 to a fourth wallet in a chain that continued for 23 transactions. Curiously, one transaction, coming from vanity address 1BUYBTC1oYQtAjktSRZUtjkeBJ15ABc5bb, contained the following message in its output scripts:
“We’ll buy your Bitcoins. [email protected]”
As of press time, wallet 3 has performed 440,505 transactions, received a total of 5,959,532 BTC, and currently holds nearly 6,445 BTC ($72.5 million).
As Cointelegraph reported earlier this week, Galaxy Digital founder and crypto enthusiast Mike Novogratz predicted that Bitcoin’s price will stabilize between $10,000 and $14,000.
The same day news broke that Fundstrat Global Advisers Co-Founder Thomas Lee suggested that bitcoin’s volatility makes a long-term approach towards it more appropriate for most traders.