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Bank of England deputy governor: Digital pound will be private but not anonymous

Published Mon, 10 Mar 2025 11:05:15 GMT

Payments made by a digital version of the U.K. pound will be private but with certain conditions, according to the Bank of England’s deputy governor.Privacy and anonymity are two different things, Jon Cunliffe said during POLITICO’s Global Tech Day — a principle that’s enshrined in today’s payment systems and which will be no different for central bank-backed digital currencies (CBDC).“Every transaction you make with your credit card, with your phone, using your bank account, is recorded and stored,” he said. “Under certain circumstances, the authorities, law enforcement, tax … can have access to the records of all of your transactions in your bank accounts.”“For a CBDC, we would completely respect that balance,” he continued. “Complete anonymity has with it the potential for social harms, tax evasions, crime, terrorist financing,”  The central bank is currently collecting public comments on how to design virtual pound coins and banknotes that can settle payments in...

Singapore warns US, EU chip subsidies will ‘drive up costs’

Published Mon, 10 Mar 2025 11:05:15 GMT

Singapore is worried that the massive subsidies Washington and Brussels are about to spend on new microchip projects will upset a “finely balanced” global market.“When we start doing these things, then I would say it functions almost like a tax,” David Koh, chief executive of Singapore’s Cyber Security Agency, said during a panel at POLITICO’s Global Tech Day in London on Thursday. Koh warned that planned chip subsidies from the United States and Europe could impose “false barriers” that “end up driving up costs.”“These costs will then feed into the global economic system,” Koh said.Despite its small size, Singapore produces 5 percent of the world’s semiconductor wafers.Last year, Congress passed the CHIPS and Science Act, a law that pumps $52 billion into domestic chipmaking facilities and research labs. And in April the EU advanced its own Chips Act, which will funnel roughly $47 billion in subsidies to semiconductor firms that set up shop in Europe.Koh su...

NATO vs. Canada, its nicest truant

Published Mon, 10 Mar 2025 11:05:15 GMT

BRUSSELS/OTTAWA — NATO loves Canada — but hates its defense spending. The North American country has a reputation within the West’s military alliance as an agreeable partner: Reliably committed to transatlantic relations, never obstructionist, and, well, just pleasant to work with. But with a war on, that’s not enough.Frustration is mounting over Canada’s long-standing resistance to catching up with NATO’s spending targets. The country not only remains far behind on an agreement to eventually spend 2 percent of economic output on defense, it is now part of a tiny group resisting a push to set 2 percent as the alliance’s spending floor, rather than the ceiling. Emotions are running high. Russia’s invasion of Ukraine has forced NATO to redesign its military plans, and it needs money for that. Money for more advanced weapons. Money for more ammunition. Money to get thousands of troops ready to defend NATO’s eastern flank. And thus far, Canada appears unwilling ...

Ukraine will be a leader in defense technology, says minister

Published Mon, 10 Mar 2025 11:05:15 GMT

LONDON — Ukraine will become the global leader in defense technology following its war with Russia, the country’s minister for digital transformation Oleksandr Bornyakov said at POLITICO’s Global Tech Day event.More than a year into the war, both defense and cyber technology companies from around the world are actively testing their products in Ukraine.But to encourage homegrown talent, Ukraine has also launched its own platform to fast-track defense-related technology procurement, called Frame One. The online platform allows small and medium-sized companies to pitch their products directly to the defense ministry for consideration.“You just apply online and the ministry will consider your idea and will give you the fast track if it’s interesting and you’re capable of delivering,” said Bornyakov. “We’re working with companies that just emerged from a garage like [a] couple years ago, and now some of those companies have government-proc...

Saying “Justice Can’t Wait,” Healey Off To Early Start On Pardons

Published Mon, 10 Mar 2025 11:05:15 GMT

Gov. Maura Healey on Thursday took the unusually early step of seeking pardons for seven people convicted of various offenses years ago, and signaled that she wants to take additional steps to “modernize” clemency in Massachusetts. Healey, who was sworn in in January, moved to forgive offenses that range as far back as more than half a century. Her office said the clemency recommendations are the first an elected Massachusetts governor has made in their first year in office in three decades. She sought to pardon Edem Amet, who was convicted in 1995 on drug charges; Xavier Delvalle, who was convicted in 2006 on breaking and entering and larceny charges; Glendon King, who was convicted in 1992 on drug charges; John Latter, who was convicted of arson in 1966; Deborah Pickard, who was convicted on several charges between 1982 and 1987; Gerald Waloewandja, who was convicted of drug charges in 2003; and Terrance Williams, who was convicted of assault and battery...

Matt Eberflus ticks off the reasons Chicago Bears QB Justin Fields is better: ‘It’s quicker, it’s faster, it’s more precise’

Published Mon, 10 Mar 2025 11:05:15 GMT

It would be overstating the situation to say the 2023 season will be a defining one for Justin Fields’ career. However, it will no doubt shape the trajectory of the quarterback’s future with the Chicago Bears.In an offseason of change at Halas Hall in a lot of ways — Kevin Warren now sits at the top as the president and CEO and the roster has undergone significant turnover — what matters around Fields has remained the same.The playbook and the coaching staff are unchanged, which put him much further ahead when the team wrapped minicamp Thursday and prepared to break for the summer. A year ago at this time, he was still trying to digest his third offense in three seasons dating back to Ohio State.Two offenses and two coaching staffs in Fields’ first two NFL seasons kept him in a constant cycle of adaptation. Now, there’s a comfort level for him — and the coaches — and it’s growing with teammates, especially the newcomers. All of t...

Hot Property: Own a piece of history in Milton

Published Mon, 10 Mar 2025 11:05:15 GMT

History buffs know that where there’s a tiny plaque, there’s a neat story waiting to be told.Even the most eagle-eyed house hunters might miss spotting the humble wood sign hung near the front door of 307 Highland Street in Milton. After all, tucked behind its rolling green front lawn, it’s your quintessential New England abode. But peek a little closer and you’ll learn that the property dates to the late 1700s — a lovingly cared for Federal style home, perfectly symmetrical and timeless.The Samuel Adams House as it’s known — no, not that Samuel Adams — belonged to the owner of a successful water cracker business. After serving as its stewards for the last 40 years, its current family is making the historic home available for its next caretakers.You’ll find all the markers of the classic Federal style, including wide-plank wood floors, eight minimally adorned brick-lined fireplaces, wainscoting, and paned windows.The kitchen and dining room fireplaces even include the original bake ...

AI could prevent hiring bias — unless it makes it worse

Published Mon, 10 Mar 2025 11:05:15 GMT

At first glance, artificial intelligence and job hiring seem like a match made in employment equity heaven.There’s a compelling argument for AI’s ability to alleviate hiring discrimination: Algorithms can focus on skills and exclude identifiers that might trigger unconscious bias, such as name, gender, age and education. AI proponents say this type of blind evaluation would promote workplace diversity.AI companies certainly make this case.HireVue, the automated interviewing platform, boasts “fair and transparent hiring” in its offerings of automated text recruiting and AI analysis of video interviews. The company says humans are inconsistent in assessing candidates, but “machines, however, are consistent by design,” which, it says, means everyone is treated equally.Paradox offers automated chat-driven applications as well as scheduling and tracking for applicants. The company pledges to only use technology that is “designed to exclude bias and limit scalability of existing biases in...

11 picks and $100M in salary: How the Nets can build a contender ahead of 2023 NBA Draft

Published Mon, 10 Mar 2025 11:05:15 GMT

The Nets could have up to 11 first-round draft picks over the next seven summers. They can also create upwards of $100 million in outgoing salary this offseason alone while keeping their newfound core together.That’s a whole lot of capital to use in trade negotiations as general manager Sean Marks looks to rebuild his team following the mass exodus of superstars from Brooklyn.And make no mistake: Acquiring someone like Damian Lillard, Bradley Beal or even Jaylen Brown won’t come cheap.Grabbing a new star is the name of the game after the Nets fizzled via a first-round sweep at the hands of the Philadelphia 76ers these past playoffs. As the Denver Nuggets hoisted the Larry O’Brien trophy following their gentleman’s sweep of the Miami Heat to claim the NBA title, the prerequisites to making a legitimate NBA Finals run became clear.Size, depth, shooting, star power and a timely bill of health are what it takes to win it all in this league, and the Nets as curren...

Who’s running for president? See a rundown of the 2024 candidates

Published Mon, 10 Mar 2025 11:05:15 GMT

By MEG KINNARD (Associated Press)With roughly a year and a half until the 2024 presidential contest, the field of candidates is largely set.Former President Donald Trump and Florida Gov. Ron DeSantis have dominated the early Republican race as the other candidates look for an opening to take them on. President Joe Biden faces a couple of Democratic challengers but is expected to secure his party’s nomination.Here’s a look at the candidates competing for the Republican and Democratic nominations:REPUBLICAN PRIMARY FIELD DONALD TRUMP The former president announced his third campaign for the White House on Nov. 15 at his Mar-a-Lago resort, forcing the party to again decide whether to embrace a candidate whose refusal to accept defeat in 2020 sparked the U.S. Capitol attack and still dominates his speeches.The GOP front-runner remains hugely popular in the Republican Party, despite making history as the first president to be impeached ...