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Verint Announces Another Quarter of Strong Cloud Growth – Business Wire

MELVILLE, N.Y.--(BUSINESS WIRE)--Verint (Nasdaq: VRNT), The Customer Engagement Company, today announced results for the three and six months ended July 31, 2021 (FYE 2022). Revenue for the three months ended July 31, 2021 was $215 million on a GAAP basis representing 5% year-over-year growth and $216 million on a non-GAAP basis representing 4% year-over-year growth. Revenue for the six months ended July 31, 2021 was $416 million on a GAAP basis representing 7% year-over-year growth and $418 million on a non-GAAP basis representing 5% year-over-year growth. For the three months ended July 31, 2021, diluted EPS was $0.00 on a GAAP basis and, $0.58 on a non-GAAP basis. For the six months ended July 31, 2021, net loss per common share was ($0.04) on a GAAP basis, and diluted EPS was $1.01 on a non-GAAP basis.

Since the completion of the Cognyte spin at the beginning of the year, we have experienced strong cloud momentum and believe we have crossed the mid-point of our cloud transition. We expect our cloud momentum to continue in the second half of the year and we are raising our annual outlook for non-GAAP revenue, cloud revenue and diluted EPS. We are also raising our annual outlook for new perpetual license equivalent bookings growth, which we believe is an important metric during our cloud transition and a leading indicator of future revenue growth, said Dan Bodner, Verint CEO.

Bodner added: Behind our strong momentum is our strategy to drive automation in customer engagement across the enterprise with our open cloud platform. We believe that more and more brands are embracing digital first engagement and that we are uniquely positioned to help them with our open, partner friendly, infrastructure-agnostic cloud platform. We continue to rapidly innovate our cloud platform to power the workforce of people and bots, to embrace an enterprise-wide customer experience culture, and to harness data to drive more AI and analytics into their business.

Second Quarter Key Cloud Metrics

FYE 2022 Outlook

We are increasing our non-GAAP annual outlook for the year ending January 31, 2022 as follows:

Our non-GAAP outlook for the three months ending October 31, 2021 and year ending January 31, 2022 excludes the following GAAP measures which we are able to quantify with reasonable certainty:

Our non-GAAP outlook for the three months ending October 31, 2021 and year ending January 31, 2022 excludes the following GAAP measures for which we are able to provide a range of probable significance:

Our non-GAAP outlook does not include the potential impact of any in-process business acquisitions that may close after the date hereof, and, unless otherwise specified, reflects foreign currency exchange rates approximately consistent with current rates.

We are unable, without unreasonable efforts, to provide a reconciliation for other GAAP measures which are excluded from our non-GAAP outlook, including the impact of future business acquisitions or acquisition expenses, future restructuring expenses, and non-GAAP income tax adjustments due to the level of unpredictability and uncertainty associated with these items. For these same reasons, we are unable to assess the probable significance of these excluded items. While historical results may not be indicative of future results, actual amounts for the three and six months ended July 31, 2021 and 2020 for the GAAP measures excluded from our non-GAAP outlook appear in Tables 2, 3 and 4 of this press release.

Conference Call Information

We will conduct a conference call today at 4:30 p.m. ET to discuss our results for the three and six months ended July 31, 2021, outlook, and long-term targets. An online, real-time webcast of the conference call and webcast slides will be available on our website at http://www.verint.com. The webcast slides will be available on our website until at least October 31, 2021. The conference call can also be accessed live via telephone at 1-844-309-0615 (United States and Canada) and 1-661-378-9462 (international) and the passcode is 5623319. Please dial in 5-10 minutes prior to the scheduled start time.

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of non-GAAP financial measures presented for completed periods to the most directly comparable financial measures prepared in accordance with GAAP, please see the tables below as well as "Supplemental Information About Non-GAAP Financial Measures and Operating Metrics" at the end of this press release.

About Verint Systems Inc.

Verint (Nasdaq: VRNT) helps the worlds most iconic brands including over 85 of the Fortune 100 companies build enduring customer relationships by connecting work, data, and experiences across the enterprise. The Verint Customer Engagement portfolio draws on the latest advancements in AI and analytics, an open cloud architecture, and The Science of Customer Engagement to help customers close The Engagement Capacity Gap.

Verint. The Customer Engagement Company. Learn more at Verint.com.

Cautions About Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, any of which could cause our actual results or conditions to differ materially from those expressed in or implied by the forward-looking statements. Some of the factors that could cause our actual results or conditions to differ materially from current expectations include, among others: uncertainties regarding the impact of changes in macroeconomic and/or global conditions, including as a result of slowdowns, recessions, economic instability, political unrest, armed conflicts, natural disasters, or outbreaks of disease, such as the COVID-19 pandemic, as well as the resulting impact on information technology spending by enterprises and government customers, on our business; risks that our customers delay, cancel, or refrain from placing orders, refrain from renewing subscriptions or service contracts, or are unable to honor contractual commitments or payment obligations due to liquidity issues or other challenges in their budgets and business, due to the COVID-19 pandemic or otherwise; risks that restrictions resulting from the COVID-19 pandemic or actions taken in response to the pandemic adversely impact our operations or our ability to fulfill orders, complete implementations, or recognize revenue; challenges associated with our cloud transition, including increased importance of subscription renewal rates, and risk of increased variability in our period to period results based on the mix, terms, and timing of our transactions; risks associated with our ability to keep pace with technological advances and challenges and evolving industry standards; to adapt to changing market potential from area to area within our markets; and to successfully develop, launch, and drive demand for new, innovative, high-quality products that meet or exceed customer challenges and needs in both existing and new areas, while simultaneously preserving our legacy businesses and migrating away from areas of commoditization; risks due to aggressive competition in all of our markets, including with respect to maintaining revenue, margins, and sufficient levels of investment in our business and operations, and competitors with greater resources than we have; risks relating to our ability to properly manage investments in our business and operations, execute on growth or strategic initiatives, and enhance our existing operations and infrastructure, including the proper prioritization and allocation of limited financial and other resources; risks associated with our ability to identify suitable targets for acquisition or investment or successfully compete for, consummate, and implement mergers and acquisitions, including risks associated with valuations, reputational considerations, capital constraints, costs and expenses, maintaining profitability levels, expansion into new areas, management distraction, post-acquisition integration activities, and potential asset impairments; challenges associated with selling sophisticated solutions, including with respect to longer sales cycles, more complex sales processes, and assisting customers in understanding and realizing the benefits of our solutions, as well as with developing, offering, implementing, and maintaining a broad solution portfolio; risks that we may be unable to maintain, expand, and enable our relationships with partners as part of our growth strategy; risks associated with our reliance on third-party suppliers, partners, or original equipment manufacturers (OEMs) for certain components, products, or services, including companies that may compete with us or work with our competitors, as well as cloud hosting providers; risks associated with our ability to retain, recruit, and train qualified personnel in regions in which we operate, including in new markets and growth areas we may enter; risks associated with our significant international operations, exposure to regions subject to political or economic instability, fluctuations in foreign exchange rates, and challenges associated with a significant portion of our cash being held overseas; risks associated with a significant part of our business coming from government contracts and associated procurement processes; risks associated with complex and changing domestic and foreign regulatory environments, relating to our own operations, the products and services we offer, and/or the use of our solutions by our customers, including, among others, with respect to data privacy and protection, government contracts, anti-corruption, trade compliance, tax, and labor matters; risks associated with the mishandling or perceived mishandling of sensitive or confidential information and data, including personally identifiable information or other information that may belong to our customers or other third parties, including in connection with our SaaS or other hosted or managed service offerings or when we are asked to perform service or support; risks that our solutions or services, or those of third-party suppliers, partners, or OEMs which we use in or with our offerings or otherwise rely on, including third-party hosting platforms, may contain defects, develop operational problems, or be vulnerable to cyber-attacks; risk of security vulnerabilities or lapses, including cyber-attacks, information technology system breaches, failures, or disruptions; risks that our intellectual property rights may not be adequate to protect our business or assets or that others may make claims on our intellectual property, claim infringement on their intellectual property rights, or claim a violation of their license rights, including relative to free or open source components we may use; risks associated with leverage resulting from our current debt position or our ability to incur additional debt, including with respect to liquidity considerations, covenant limitations and compliance, fluctuations in interest rates, dilution considerations (with respect to our convertible notes), and our ability to maintain our credit ratings; risks that we may experience liquidity or working capital issues and related risks that financing sources may be unavailable to us on reasonable terms or at all; risks arising as a result of contingent or other obligations or liabilities assumed in our acquisition of our former parent company, Comverse Technology, Inc. (CTI), or associated with formerly being consolidated with, and part of a consolidated tax group with, CTI, or as a result of the successor to CTI's business operations, Mavenir, Inc., being unwilling or unable to provide us with certain indemnities to which we are entitled; risks associated with changing accounting principles or standards, tax laws and regulations, tax rates, and the continuing availability of expected tax benefits; risks relating to the adequacy of our existing infrastructure, systems, processes, policies, procedures, internal controls, and personnel, and our ability to successfully implement and maintain enhancements to the foregoing, for our current and future operations and reporting needs, including related risks of financial statement omissions, misstatements, restatements, or filing delays; risks associated with market volatility in the prices of our common stock and convertible notes based on our performance, third-party publications or speculation, or other factors and risks associated with actions of activist stockholders; risks associated with Apax Partners' significant ownership position and potential that its interests will not be aligned with those of our common stockholders; and risks associated with the spin-off of our Cyber Intelligence Solutions business, including the possibility that the spin-off does not achieve the benefits anticipated, does not qualify as a tax-free transaction, or exposes us to unexpected claims or liabilities. We assume no obligation to revise or update any forward-looking statement, except as otherwise required by law. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2021, our Quarterly Report on Form 10-Q for the quarter ended April 30, 2021, our Quarterly Report on Form 10-Q for the quarter ended July 31, 2021, when filed, and other filings we make with the SEC.

VERINT, THE CUSTOMER ENGAGEMENT COMPANY, BOUNDLESS CUSTOMER ENGAGEMENT, THE ENGAGEMENT CAPACITY GAP and THE SCIENCE OF CUSTOMER ENGAGEMENT are trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.

Table 1

VERINT SYSTEMS INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited)

Three Months Ended

July 31,

Six Months Ended

July 31,

(in thousands, except per share data)

2021

2020

2021

2020

Revenue:

Recurring

$

156,178

$

139,267

$

300,631

$

268,337

Nonrecurring

58,439

64,813

114,890

121,608

Total revenue

214,617

204,080

415,521

389,945

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Verint Announces Another Quarter of Strong Cloud Growth - Business Wire

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InMotion Hosting Celebrates 20th Anniversary with Big Sale – PRNewswire

VIRGINIA BEACH, Va., Sept. 10, 2021 /PRNewswire/ -- InMotion Hosting, the industry leader in premium web hosting and customer support, is celebrating 20 years of empowering small businesses and entrepreneurs around the world. For two decades, InMotion Hosting has helped drive small businesses by providing great products, services, and support in a commitment to the success of their customers.

Since its first server went online in 2001, InMotion Hosting has consistently grown and evolved to meet the needs of its customers.

After having outgrown its Los Angeles headquarters, InMotion Hosting expanded to the east coast and began operations in a 450 square-foot office in Virginia Beach in 2004. In 2010, it became the first web host to Go Green, moving to a larger green data center in Los Angeles. The company introduced BoldGrid, its easy drag-and-drop website builder, in 2015, then celebrated the grand opening of its Denver office the following year.

In 2019, InMotion Hosting expanded yet again, purchasing and opening a 61,000 square-foot office in Virginia Beach that now serves as their east coast headquarters. Last year, the company demonstrated its commitment to open source technology by becoming an Open Infrastructure Foundation partner.

Despite all its growth and expansion, InMotion Hosting is still as committed to its customers' success as it was when it opened 20 years ago, and was named a PCMag Editors' Choice for The Best Web Hosting Services of 2021.

It also remains 100 percent employee-owned and operated, which is one of the reasons it was officially Certified by Great Place to Work this year.

"As we reflect on the last twenty years, we are thinking about our customers and team members, and how far we have come as an organization," said Todd Robinson and Sunil Saxena, Co-Founders of InMotion Hosting. "A lot has changed in 20 years, but our organizational goal has remained constant: to offer our customers the best service experience in the hosting industry, offering exceptional support services and best-in-class products. Today, we have the privilege of serving over 250,000 satisfied customers. It has been exciting to see our customers start and expand their businesses with us over the years, and it's rewarding to know our products and services helped them achieve their goals. As we look ahead to the next 20 years, we welcome the opportunity to evolve our business to meet our customers' changing needs. We thank our IMH team members for taking care of customers every day and for making IMH a great place to work. Looking forward to the next 20 years!"

Now, as it celebrates its 20th anniversary, InMotion Hosting wants to empower small businesses and entrepreneurs. That is why the company is offering big discounts on Shared, WordPress, Reseller, and VPS Hosting. With this sale, customers can get their best-valued plan for the introductory price of their starter plans.

InMotion Hosting is offering the following deals:

*All offers end September 30th, 2021 at 12:00pm PDT.

The path for launching a successful business startup has changed a lot since 2001.

From website builders and tools, to creating eCommerce storefronts, to scalable cloud infrastructures, InMotion Hosting has empowered small businesses with the "next big thing" for more than 20 years.

Stay ahead of the curve on a powerful platform with innovative tools engineered to get you to your future successes.

About InMotion HostingInMotion Hosting is a privately held technology company providing web hosting, cloud-based solutions and managed services to businesses and entrepreneurs across the globe. With more than 250,000 satisfied customers, InMotion Hosting's mission is to bring tools, platforms and outstanding customer service within anyone's reach to transform their online presence. Since 2001, we have built our foundation around 24/7/365 U.S.-based customer support and open source technology. Our partnerships include SuperMicro and the Open Infrastructure Foundation.

Learn more about InMotion Hosting at inmotionhosting.com and on Facebook, Twitter, LinkedIn, and YouTube.

Media Contact:Carrie Smaha(757) 693-5451[emailprotected]

SOURCE InMotion Hosting

https://www.inmotionhosting.com

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From roller skating to drag shows and a puppy parade, here’s your guide to the 12th annual St. Cloud Pride – SC Times

ST. CLOUD Next week will kick off the 12th annual St. Cloud Pride. Whether you like roller skating, art, trivia, dancing, dragor hiking there's something for everyone.

The events start Mondayand end Sunday, Sept. 19.

An all-ages roller skating event is planned at Skatin' Place in St. Cloud from 5-8 p.m. Expect to roller skate to prominent Pride artists like Elton John, Prince and Queen. Admission is $7.99.

A Pride and Peace Walk with local faith leaders to rally for LGBTQ+ peace will startat the Great River Regional Library at 5:30 p.m. You'll be able to write messages, intentions and promises on ribbons to be hung onthe Community Pride and Peace Tree during the walk around Lake George.

The Whit Gallery will have avisual performance event on LGBTQ+ topics starting at 7 p.m. presented by PechaKucha.

At the Whit Gallery you can see amazing artwork from local and regional artists starting at 4 p.m.

Beaver Island Brewing is hosting a pride-themed trivia night at 6 p.m.

The Red Carpet is hosting a Pride BurlesqueShow presented by Nakita Kat Productions. You'll see performers do drag, modern dance, comedy, chair dances as well as classic and alternative burlesque. Doors open at 9 p.m. and the show starts at 9:30 p.m. Costis $15 at the door, and presale tickets are available for $10 online.

A freedance party for middle and high school youth will take place at the Atwood Memorial Center Ballroom from 5-7 p.m. You can get a free boxed meal if you register online before Tuesday, Sept. 14.

The St. Cloud State University Drag troupe will perform an all ages drag show at Atwood Memorial Center Ballroom at 7:30 p.m. Cost is $3.

Local drag troupe Fusion Cabaret is performing at the Red Carpet at 9 p.m. Presale tickets are $10, and tickets at the door are $15. Doors open at 8:30 p.m. and the show starts at 9 p.m.

Family-friendly Pride in the Park events will take place at Lake George from11a.m. to 3 p.m. with a variety of food vendors, contests and shows.

11 a.m. is the Pride Puppy Parade, with a puppy costume contest starting at 11:30 a.m. Registration is from 10-10:45 a.m. the day of, and the fee is$10. All proceeds will be donated to the Tri-County Humane Society. Themes include the most creative/unique costume, best Pride-themed costume and best superhero costume.

Singer Mia Claire is performing from 11-11:45 a.m., followed by Cannery Row from noon to 12:45 p.m.

From 12:50 p.m. to 1:10 p.m. is Pride Storytime with Dezra Rittmann from the St. Cloud Public Libary.

Adam Hammer will play from 1:15-2 p.m., followed by the Cloud City Boyz from 2:15-3 p.m.

A 21+ drag show featuring Twin Cities and St. Cloud performers will be held at St. Cloud River's Edge Convention Center. Doors open at 7:30 p.m. for general admission or 7 p.m. for VIP seating. An ASL interpreter will also be present. Tickets are $15-20 and ticket holders get a free entry into the after party.

Immediately following the St. Cloud Pride Drag Show will be a 21+pride after party at the Red Carpetthat is free with your drag show wristband and a $5 cover fee without.

Sunday will kick off St. Cloud Pride's first-ever Pride Hike on the Beaver Island Trail. The hike will be led by Devon Bowker, founder of The Open (Out)Doors Project and experienced naturalist and educator. Meeting spot is 10 a.m. at the Beaver Island Trail Head south of the SCSU campus, and the plan is to hike to the River Bluff Regional Park Head and back. Attendees under 18 get a free pair of binoculars to keep!

At 2 p.m. is the second-annual pride parade downtown onWest St. Germain Street. It will start at the River's Edge Convention Center and walk to Ninth Avenue North before turning onto FristStreet North.

Becca Most is a cities reporter with the St. Cloud Times. Reach her at 320-241-8213 or bmost@stcloudtimes.com. Follow her on Twitter at @becca_most.

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From roller skating to drag shows and a puppy parade, here's your guide to the 12th annual St. Cloud Pride - SC Times

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4 Secure and Fast CDN Hosting Options – TechBullion

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There are many ways to improve the speed of your website or your web application. One method is using a content delivery network, also known as a CDN. In simple terms, a CDN is a geographically distributed network of servers that helps reduce delays in loading website content by reducing the physical gap between the server and the user.

Such a network is usually composed of an origin server and multiple edge servers. The origin server acts as the main server where the files are hosted, and the edge servers host cached versions of the content.

A CDN provides value to a web application in the following way: When a user accesses the web page, the web server responds with the main file, index.html, and the rest of the files, the static assets, are delivered to the browser by the edge server physically closest to the user. Thus, the required distance covered is considerably reduced.

Dont confuse CDN with web hosting as CDN is used only for static assets, images, JavaScript, and CSS filesall the resources that dont change from one request to another. In case youre looking for a solution that integrates a CDN with web hosting, you can use tools like Strattic.

This tool for WordPress-based websites converts WordPress applications into static assets and then deploys them on a CDN for increased loading speed. Such tools make traditional web hosting obsolete, as they provide the tools needed for serving your application very fast to end-users within one combined solution.

Most modern web applications use CDNs. So, if you want to add one to your existing architecture, here is a list of some options.

Cloudflare is one of the most popular CDN providers with almost 180 POPs (points of presence) across six continents. It became well acclaimed when, in 2014, it mitigated the most persistent DDoS attack at that time, blasting 400GB/s of incoming traffic.

It comes with a free plan that may solve most of the problems of small websites/web apps as it offers free and automated SSL certificates and unmetered DDoS protection that can go up to 65 Tbps. The benefits increase considerably if you switch to their Pro or Business plans, which have enhanced security and advanced optimization features.

Pros:

Cons

Fastly is an edge cloud platform that provides many features like image optimization, video streaming, load balancing, and CDN solution. It has a robust network that serves more than 800 billion requests per day with an average response time of 200ms.

Their strategy differs from the classic legacy CDNs, and instead of deploying thousands of small scattered POPs, they placed fewer but more powerful POPs at strategic markets around the world. The network stretches across six continents], and their exact location and metrics are visible on their website.

Pros

Cons

KeyCDN, another great CDN provider, has a presence in six continents with approximately 40 POPs and another six in the pipeline created.

Their pay-as-you-go price model has a minimum usage requirement of $4 per month. Although this a great benefit for small websites whose needs are usually below market minimums, this aspect must be considered once your site gains traffic, as there is no limit to the value the bill can reach.

Pros

Cons

StackPath is yet another popular CDN provider that offers a CDN that is easy to use and manage. It comes with real-time analytics and a free proprietary EdgeSSL certificate. The network has over 50 POPs that stretch across five continents.

Its features include serverless scripting, which allows developers to build stateless applications on their global edge computing platform, and unique optimization tools like GZIP compression and highly custom CDN rules that control the way requests are handled and provide seamless flow of content, respectively.

Pros

Cons

A CDN can speed up the loading of a site, which positively impacts the user. Thus, a CDN can be an important asset for your application, especially if you have a large number of static content objects to be deliveredimages, videos, and so on. If, on top of this, you add the benefits of streaming and real-time image optimization, then having CDN becomes a must.

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Researchers Generated an Entire Virtual Universe, And You Can Even Download It – ScienceAlert

Astronomy is a bit different from many sciences because you only have a sample size of 1. The cosmos contains everything we can observe, so astronomers can't study multiple universes to see how our Universe ticks.

But they can create computer simulations of our Universe. By tweaking different aspects of their simulation, astronomers can see how things such as dark matter and dark energy play a role in our universe.

Now, if you are willing to spring for a fancy hard drive, you can keep one of these simulations in your pocket.

The Uchuu simulationis the largest and most detailed simulation of the Universe ever made. It contains 2.1 trillion 'particles' in a space 9.6 billion light-years across. The simulation models the evolution of the Universe across more than 13 billion years. It doesn't focus on the formation of stars and planets but instead looks at the behavior of dark matter within an expanding Universe.

The detail of Uchuu is high enough that the team can identify everything from galaxy clusters to the dark matter halos of individual galaxies. Since dark matter makes up most of the matter in the Universe, it is the main driver of galaxy formation and clustering.

Dark matter distributions from the Uchuusimulations at different scales. (Ishiyama et. al, MNRAS, 2021)

It takes a tremendous amount of computational power and storage to create such a detailed model. The team used over 40,000 computer cores and 20 million computer hours to generate their simulation, and it produced more than 3 Petabytes of data.

That's 3,000 TB or 3 million GB for us mortals. Using high-density compression, however, the team was able to compress their results into a mere 100 TB of storage.

That's still a tremendous amount of data, but it can be stored on a single drive.

For example, the Exadrive from Nimbus is a 100 TB solid-state drive in a standard 3.5-inch form factor. Granted, it will set you back US$40,000, but if you have that kind of change hiding between your couch cushions, why not use it to keep a universe in your pocket.

Fortunately, if you don't have that much spare change, you can access the data online. The Uchuu team has their raw data onskiesanduniverses.org,so you can explore their virtual universe all you want.

In addition to being a detailed cosmic simulation, the Uchuu simulation can be used by researchers working on scientific data mining. As large sky surveys and more simulations are created, the data will become so large data mining will play a crucial role in astronomical research.

Until that data becomes available, data miners can hone their skills on a pocket universe.

This article was originally published by Universe Today. Read the original article.

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Introducing the New Leaders of Iranian Economic Policy Bourse & Bazaar Foundation – Bourse & Bazaar

This research was compiled by the Bourse & Bazaar Foundation for The Iran Prime.

President Ebrahim Raisi has prioritized improving Irans faltering economy. He took office in August amid a fifth wave of COVID-19 cases, recurring blackouts, and a currency depreciation. The economy subsequently contracted after five months of growth. Iran also remains under U.S. sanctions. To address these economic challenges, Raisi will need to surround himself with competent managers.

Raisis predecessor, Hassan Rouhani, staffed his economic team with several experienced technocrats who were largely apolitical. His veteran oil minister, Bijan Zanganeh, and central bank governor, Abdolnasser Hemmati, were instrumental in mitigating some of the economic damage inflicted by U.S. sanctions.

Raisis economic team, however, is mostly drawn from conservative networks, including those tied to the Islamic Revolutionary Guard Corps (IRGC). Many members of Raisis team were vocal critics of the Rouhani administration. Some of his appointees are relatively unknown even in Iran. Nevertheless, all of Raisis picks to lead ministries responsible for the economy were approved by Parliament, the Majles, which is dominated by conservatives.

Aside from his cabinet, Raisis economic policy will be influenced in part by his appointed advisors. These include Mohammad Mokhber, an economist and former manager of SETAD, a business conglomerate under the control of Supreme Leader Ayatollah Ali Khamenei. Mokhber was appointed as first vice president. Masoud Mirkazemi, who was a trade minister and later oil minister under hardline President Mahmoud Ahmadinejad (2005-2013), was tapped to lead the Planning and Budget Office. A former IRGC commander, Mohsen Rezaei, who ran against Raisi in the 2021 presidential election, was appointed as vice president for economic affairs.

Raisis new cabinet is largely composed of men he has deemed expert, efficient and revolutionary. The emphasis on revolutionary reflects a politicisation of economic policymaking that emerged during Hassan Rouhanis presidency (2013-2021). As Iran faced multilateral and unilateral sanctions, advocates for diplomacy and the 2015 nuclear deal sought the lifting of sanctions to boost economic prospects.

But many hardliners, including Supreme Leader Ayatollah Ali Khamenei, prefer to look inward to solve Irans economic problems. They promote the resistance economy model in which Iran would seek to neutralize the impact of sanctions. These lawmakers and officials favor reducing dependence on imports by raising domestic production and replacing foreign technologies with those made at home. Should imports be necessary, they support increased trade with Russia and China as opposed to Western countries, which they consider unreliable.

With Raisi in office, the proponents of the resistance economy are in control of both the legislative and executive branches. The question is to what extent they can implement the resistance economy model given its inherent limitations. As a pragmatic move, Raisis team may also push for the lifting of U.S. sanctions and reintegration into the global economy, which were priorities of the Rouhani administration. The following are profiles of Raisis cabinet ministers responsible for managing the economy.

Ehsan Khandooziwas confirmed asMinister of Economic Affairs and Finance. Born in 1980 in the northern city of Gorgan, Khandoozi holds a bachelors degree in Islamic knowledge and economics from Imam Sadeq University. He also has a masters degree and a doctorate in economics from Science and Research Branch of the Islamic Azad University. Khandoozi is an assistant professor of economics at Allameh Tabatabai University as well as the director of the Islamic Economics Group in the same university.

handoozi has served as:

secretary of the Economic Council of the Islamic Republic of Irans Broadcasting (IRIB)

director of the Center for Economic Research Parliament (2013-2018)

a member of the research council to the Tax Affairs organization

a member of the Ministry of Economic Affairs and Finances think tank

economic adviser to the Secretariat of the Expediency Council

a member of the Board for Deregulation and Facilitation of Business Licenses

In 2020, Khandoozi waselectedto Parliament representing Tehran. He became the vice chairman of the Economic Committee and a member of the Transparency and Justice watch board of the Majles. As a lawmaker, Khandoozi was a vocal critic of Rouhani. He focused on tax policy, including capital gains and what to do about empty houses; reorganizing the central bank, amending the audit organization law; reforming the budget structure, and dealing with audit organizations and business licensing arrangements. He also sought amendments to the laws regarding industrial free trade zones and led a caucus focused on business and economic issues in Parliament. The following are remarks from Khandoozi on key issues:

OnU.S. sanctions:

My proposal is that the 11th Parliament establish an expert committee with representatives from relevant commissions instead of taking rushed, ad-hoc and symbolic actions [Responding to] the [U.S.] sanctions room, requires an anti-sanctions room. (June 2020)

On the2015 nuclear deal:

Experience has shown that if sanctions are lifted completely, the U.S. Treasury Department will be able to prevent us from profiting from our foreign exchange and other economic transactions by intimidating and indirectly threatening Iran's trading partners. Accordingly, and given this concern, which has been proven many times, it should be possible to verify the lifting of sanctions in the coming weeks and months by determining measurable indicators. (August 2021)

On theRaisi administrations economic priorities:

It is suggested that the governments economic headquarters control inflationary expectations in the short run and focus on controlling the exchange rate. The priority is with macroeconomic stability and preventing the decrease of public purchasing power. (August 2021)

The most important priority of the ministry of economic affairs and finance is helping create macroeconomic stability and sustainable control of inflation. Record high inflation and decrease in per-capita income has created a large gap between households income expenditure, made it harder for people to afford to eat, and jeopardized the livelihoods of different population groups. (August 2021)

Oncontrolling inflation:

From day one I will do my best for financing the fiscal deficit through non-inflationary methods, controlling the record-high liquidity growth, managing the foreign exchange market and [saying it twice to emphasize the point] managing the foreign exchange market. (August 2021)

Onfinancing the fiscal deficit:

One urgent action in the field of public finance is transiting from this years fiscal deficit with minimum macroeconomic cost. Given the economic costs of borrowing money from the Central Bank, the most important actions to be taken are: 1) demand creation for government bonds, which is easily doable and its instructions will be communicated soon; 2) facilitation of selling of governments assets,; 3) enhancing the role of the treasury in overseeing monetary operations of the Central Bank; 4) development of the debt markets; 5) diversification of Islamic financial bonds and increasing their liquidity; 6) compilation of bond issuing timetable plan, and lastly, a public debt management bill. (August 2021)

On thetax system:

Unfortunately, our tax system is known by three characteristics: a low level of tax revenue (in comparison to) GDP, high tax evasion, and the main burden of tax being on the transparent and law-abiding groups and producers. (August 2021)

OnFinancial Action Task Force (FATF) reforms:

As long as there are sanctions, reviewing and approving the FATF (reforms) will not cure the pain. Meeting the demands of the FATF makes our economic life even more difficult under sanctions. In my opinion, during these extraordinary times, the passage of these two remaining bills and the full implementation of the requirements of the FATF is not a defensible decision The FATF is a very minor issue in our economy today. It is a false premise to think otherwise as some people are constantly talking about the FATF. (March 2021)

Javad Ojiwas confirmed asMinister of Petroleum. Born in 1966 in Shiraz, some 500 miles south of Tehran, Oji has a bachelors degree in petroleum engineering from Petroleum University of Technology. He has been employed by the petroleum ministry since 1969 and worked as the Deputy Minister of Petroleum and CEO of the National Iranian Gas Company during President Mahmoud Ahmadinejads second term (2009-2013).

In replacing the wily technocrat Bijan Zanganeh, Oji brings to the job good relationships with members of the Majles. During the Ahmadinejad administration, Oji signed the second contract covering gas imports from Turkmenistan to the Sarakhs region in 2009. He also established a mechanism with Irans northeastern neighbor to exchange goods as payment for the imported gas to circumvent sanctions.

Gas export contracts with Pakistan and Iraq followed in 2010 and 2013 respectively. Oji was also responsible for implementing a targeted subsidy program to support gas transmission for the National Iranian Gas Company in December 2010.

During his long career, Oji has served as:

chairman of Iran Gas Development Engineering Company

chairman of the Board of Supervisors of Production and Gas Refineries

chairman of the Board of Directors of Petrochemical Industries Investment Holding

a member of the Board of Trustees of the University of Petroleum Industry

In 2020, Oji wassanctionedby the U.S. Treasury for serving as managing director of Sina Energy Development Company (SEDCO). SEDCO was sanctioned for being owned or controlled by Bonyad Mostazafan, a powerful foundation allegedly controlled by Supreme Leader Khamenei. The following are remarks from Khandoozi on key issues:

On theRaisi administrations plans for oil and gas:

He promised to increase oil sales and stated: Considering the political developments with China, the numbers [exports] will be much higher than the current situation. (August 2021)

We should not always seek to sell crude oil We must pursue the discussion of complementary petrochemical chain development, which will lead to both employment and income generation, and requires very low investment. (August 2021)

Onnatural gas production and diplomacy:

In the field of gas supply and consumption, operational solutions can overcome the challenge of negative gas balance. Some solutions in the gas supply sector are short-term and some are long-term. First, we must make maximum use of the unused capacity of the country's gas refineries. In the fields that supply these refineries, due to the pressure drop that has occurred for them, we can compensate for the drop in production by drilling wells and maintaining production as well as by installing pressure boosting stations and unused capacity. We can bring gas refineries back into the orbit. (June 2021)

Another solution for the gas supply issue is pursuing diplomatic efforts. We can increase the country's share in the gas trade by effectively communicating with neighboring countries, which are the world's gas leaders. It is not only the matter of gas exports, but also about gas imports, swaps, and transit. If our neighbors transit their gas through Iran, it will bring income to the country, and we can activate new capacities in the country's gas supply sector. (June 2021)

Seyyed Reza Fatemi Aminwas confirmed asMinister of Industry, Mine and Trade. Born in 1974 in the northern city of Shahroud, Fatemi Amin has a bachelors degree in electronic engineering from Ferdowsi University. He also has a masters degree in economics and social systems engineering from Iran University of Science and Technology. As of 2021, he was in the process of obtaining a doctorate in strategic knowledge management from the University of National Defense. His views on industrial and trade policy are anodyne, but he appears to support replacing imports by upgrading Irans industrial structure using subsidies for advanced technologies.

Amin has held several important executive and managerial roles, including:

deputy minister of development, planning and technology in the Ministry of Industry, Mine and Trade during Ahmadinejads second term

member of the Board of Representatives of both the Tehran and Iran chambers of commerce, industries and mines

consultant and director of investments and partnerships of Astan Qods Razavi (November 2017-March 2020), a major foundation sanctioned by the U.S. Treasury in 2021

deputy of Astan Qods Razavi (January 2019-2021)

The following are remarks by Amin on key issues:

Onunemployment:

The issue of today's unemployment is the issue of unemployment of university graduates. With basic production, mining and business work we cannot create jobs for these graduates. We have to turn to economic drivers: electrical and electronic industries, industrial machinery, and production of automobiles and transportation equipment. (August 2021)

On theautomobile industry:

In the automobile industry we do not have any technical problems. The problems are three things: no competition in industry, low production, and revising and reforming managerial and economic structures. (August 2021)

Oneconomic development:

One of my main concerns is balanced development. We must provide fair distribution of resources and opportunities for all the people of Iran. Balanced development is not just about industry, mines and trade. We should also train and improve human resources in different areas in the country. (August 2021)

On thebusiness environment:

80 percent of the problems in the business ecosystem are not beyond three issues: social insurance, tax and financing. (August 2021)

Oninflation:

Inflation is the chronic disease of the Iranian economy. Treating this disease requires two, two-and-a-half, or three years. (August 2021)

Hojjatollah Abdolmalekiwas confirmed asMinister of Cooperatives, Labor and Social Welfare. Born in 1981 in Shahr-e Rey, just south of Tehran, Hojjatollah Abdolmaleki holds a masters degree in Islamic education and economics from Imam Sadegh University as well as a doctorate in economics from the University of Isfahan. He is a faculty member of Imam Sadegh University, as well as the deputy of employment and self-sufficiency and member of the Board of Trustees of the Imam Khomeini Relief Committee. He also serves as a member of the Central Council of the Popular Front of the IRGC.

Abdolmaleki considers himself a theoretician of resistance economics. He has written eight books on resistance economics and the Islamic and Iranian models of economic development. During Ahmadinejads presidency (2005-2013), Abdolmaleki was a member of the board of directors of the Social Insurance Fund for Villagers and Nomads and was an advisor to the Ministry of Economic Affairs and Finance. He was also a Principlist candidate in the 2016 parliamentary elections, but he did not get enough votes for a seat.

Abdolmaleki has also served as:

secretary of the Economic Council of IRIB

Irans representative to the World Banks International Summit in France (2010)

secretary of the international Seminar on World Development Report 2009 (in collaboration with the Ministry of Economic Affairs and Finance and the World Bank in 2010)

director of the Encyclopedia of Islamic Economics Foundation and executor of the first edition of the encyclopedia (2011-)

The following are remarks by Abdolmaleki on key issues:

Oneconomic openness:

Based on economic openness criteria, our economy is more open than the economy of China. The thing is China has not internally sanctioned its production. It has empowered its production. We have suppressed our production based on the international atmosphere. (May 2021)

Onproduction and use of resources:

In the economic revolution of 2021, the owners of agricultural lands have the right to carry out several different activities, including industrial production, livestock, poultry breeding and fish farming and even construction. Per each percentage change of agricultural land to industrial, livestock or buildings, 12 million additional jobs will be created. (March 2021)

Onunemployment:

For 42-43 years since the Revolution we have taken several actions in the field of employment. However, at this moment do we have information on the status of employment and unemployment of our people? If we enter a national ID, can we find out if the corresponding person is employed or unemployed? If theyre unemployed, are they job seeking? If theyre job seeking, which experiences and skills do they have and which job are they suited for? And if they do not have skills, which kind of skills are they talented and gifted in? No, we do not have this information, therefore we cannot properly make plans. (August 2021)

Aliakbar Mehrabianwas confirmed asMinister of Energy. Born in 1969 in Khansar, about 120 miles south of Tehran, Aliakbar Mehrabian has a bachelors degree in civil engineering from Iran University of Science and Technology and a master's degree in economics from the University of Tehran. As of 2021, Mehrabian was pursuing a doctorate in Economics at the Sciences and Research Branch of Azad University in Tehran. His thesis was on the impact of removal of electricity tariffs on economic growth and household welfare with a resilience economics approach. Mehrabian has expressed strongly protectionist views, perhaps buoyed by his success at increasing domestic production in industries under his purview.

His managerial and executive experiences include serving as:

minister of Industry, Mine and Trade during Ahmadinejads presidency

special assistant to president Ahmadinejad and executor of the Mehr Mandegar project (with the aim of implementing hundreds of large projects, especially dams, power plants, water supply, petrochemical refineries, railways, ports, etc.)

chairman of the Working Group for supporting production of domestic goods.

Mehrabian was also an advisor to Ahmadinejad when he was the mayor of Tehran in the early 2000s. During Mehrabian's tenure as minister of Industry, Mine and Trade (2007 to 2011), Irans crude steel production capacity doubled in a staggering leap. Steel production increased by 41 percent. The clinker and cement industry also recorded unprecedented growth. Cement production capacity increased 66 percent from 2007 to 2012. The following are remarks by Mehrabian on key issues:

Onself-sufficiency:

Today, we are perfectly self-sufficient in many strategic industries, and we dont need imports anymore. (January 2011)

Onplans for utilities:

Based on the four-year plan and vision in collaboration with different sectors and the private sector, we can add 40,000 megawatts to the countrys electricity capacity. (August 2021)

Based on the compiled plan, the level of utilization of rural drinking water, which is currently below 75 percent, will increase to more than 90 percent after four years. (August 2021)

Based on the latest data, 166 sewage/wastewater treatment plants are active in the country. Therefore, we are trying to increase this number by 50 percent in the next four years. (August 2021)

Issa Zarepourwas confirmed asMinister Information and Communication Technology. Born in 1979 or 1980 in the western city of Eslamabad-e Gharb, Zarepour has a bachelors degree in computer engineering from Razi University and a masters degree in computer engineering (software) from Sharif University of Technology. He is one oftwoof Raisis ministers who have earned degrees abroad. Zarepour completed his doctorate at the School of Computer Science and Engineering at the University of New South Wales in Australia. He holds two postdoctoral degrees in the field of computer networks.

Policies set by the Ministry of Information and Communication Technology have a significant impact on the development of Irans digital economy. Zarepours predecessor, Mohammad Javad Azari Jahromi, had a reputation for being pro-business. Under Azari Jahromi, the ministry supported the development of a startup ecosystem and the digitalization of major industries. To facilitate growth, Jahromi opposed filtering of social media platforms, which are a major channel for e-commerce in Iran.

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Introducing the New Leaders of Iranian Economic Policy Bourse & Bazaar Foundation - Bourse & Bazaar

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UK dials up the spin on data reform, claiming simplified rules will drive responsible data sharing – TechCrunch

The U.K. government has announced a consultation on plans to shake up the national data protection regime, as it looks at how to diverge from European Union rules following Brexit.

Its also a year since the U.K. published a national data strategy in which said it wanted pandemic levels of data sharing to become Britains new normal.

The Department for Digital, Culture, Media and Sport (DCPS) has today trailed an incoming reform of the information commissioners office saying it wants to broaden the ICOs remit to champion sectors and businesses that are using personal data in new, innovative and responsible ways to benefit peoples lives; and promising simplified rules to encourage the use of data for research which benefits peoples lives, such as in the field of healthcare.

It also wants a new structure for the regulator including the creation of an independent board and chief executive for the ICO, to mirror the governance structures of other regulators such as the Competition and Markets Authority, Financial Conduct Authority and Ofcom.

Additionally, it said the data reform consultation will consider how the new regime can help mitigate the risks around algorithmic bias something the EU is already moving to legislate on, setting out a risk-based proposal for regulating applications of AI back in April.

Which means the U.K. risks being left lagging if its only going to concern itself with a narrow focus on bias mitigation, rather than considering the wider sweep of how AI is intersecting with and influencing its citizens lives.

In a press release announcing the consultation, DCMS highlights an artificial intelligence partnership involving Moorfields Eye Hospital and the University College London Institute of Ophthalmology, which kicked off back in 2016, as an example of the kinds of beneficial data sharing it wants to encourage. Last year the researchers reported that their AI had been able to predict the development of wet age-related macular degeneration more accurately than clinicians.

The partnership also involved (Google-owned) DeepMind and now Google Health although the governments PR doesnt make mention of the tech giants involvement. Its an interesting omission, given that DeepMinds name is also attached to a notorious U.K. patient data-sharing scandal, which saw another London-based NHS Trust (the Royal Free) sanctioned by the ICO,in 2017, for improperly sharing patient data with the Google-owned company during the development phase of a clinician support app (which Google is now in the process of discontinuing).

DCMS may be keen to avoid spelling out that its goal for the data reforms aka to remove unnecessary barriers to responsible data use could end up making it easier for commercial entities like Google to get their hands on U.K. citizens medical records.

The sizeable public backlash over the most recent government attempt to requisition NHS users medical records for vaguely defined research purposes (aka the General Practice Data for Planning and Research, or GPDPR, scheme) suggests that a government-enabled big-health-data-free-for-all might not be so popular with U.K. voters.

The governments data reforms will provide clarity around the rules for the use of personal data for research purposes, laying the groundwork for more scientific and medical breakthroughs, is how DCMS PR skirts the sensitive health data sharing topic.

Elsewhere theres talk of reinforc[ing] the responsibility of businesses to keep personal information safe, while empowering them to grow and innovate so that sounds like a yes to data security but what about individual privacy and control over what happens to your information?

The government seems to be saying that will depend on other aims principally economic interests attached to the U.K.s ability to conduct data-driven research or secure trade deals with other countries that dont have the same (current) high U.K. standards of data protection.

There are some purely populist flourishes here too with DCMS couching its ambition for a data regime based on common sense, not box ticking and flagging up plans to beef up penalties for nuisance calls and text messages. Because, sure, who doesnt like the sound of a crackdown on spam?

Except spam text messages and nuisance calls are a pretty quaint concern to zero in on in an era of apps and data-driven, democracy-disrupting mass surveillance which was something the outgoing information commissioner raised as a major issue of concern during her tenure at the ICO.

The same populist anti-spam messaging has already been deployed by ministers to attack the need to obtain internet users consent for dropping tracking cookies which the digital minister Oliver Dowden recently suggested he wants to do away with for all but high risk purposes.

Having a system of rights wrapping peoples data that gives them a say over (and a stake in) how it can be used appears to be being reframed in the governments messaging as irresponsible or even non-patriotic with DCMS pushing the notion that such rights stand in the way of more important economic or highly generalized social goals.

Not that it has presented any evidence for that or even that the U.K.s current data protection regime got in the way of (the very ample) data sharing during COVID-19 While negative uses of peoples information are being condensed in DCMS messaging to the narrowest possible definition of spam thats visible to an individual never mind how that person got targeted with the nuisance calls/spam texts in the first place.

The government is taking its customary cake and eat it approach to spinning its reform plan claiming it will both protect peoples data while also trumpeting the importance of making it really easy for citizens information to be handed off to anyone who wants it, so long as they can claim theyre doing some kind of innovation, while also larding its PR with canned quotes dubbing the plan bold and ambitious.

So while DCMS announcement says the reform will maintain the U.K.s (currently) world-leading data protection standards, it directly rows back saying the new regime will (merely) build on a few broad-brush key elements of the current rules (specifically it says it will keep principles around data processing, peoples data rights and mechanisms for supervision and enforcement).

Clearly the devil will be in the detail of the proposals which are due to be published tomorrow morning. (Update: The consultation document is now on DCMS website and can be found here; the consultation runs until November 19.) So expect more analysis to debunk the spin soon.

But in one specific trailed change DCMS says it wants to move away from a one-size-fits-all approach to data protection compliance and allow organisations to demonstrate compliance in ways more appropriate to their circumstances, while still protecting citizens personal data to a high standard.

That implies that smaller data-mining operations DCMSs PR uses the example of a hairdressers but plenty of startups can employ fewer staff than the average barbers shop may be able to expect to get a pass to ignore those high standards in the future.

Which suggests the U.K.s high standards may, under Dowdens watch, end up resembling more of a Swiss Cheese

The man who is likely to become the U.K.s next information commissioner, New Zealands privacy commissioner John Edwards, was taking questions from a parliamentary committee earlier today, as MPs considered whether to support his appointment to the role.

If hes confirmed in the job, Edwards will be responsible for implementing whatever new data regime the government cooks up.

Under questioning, he rejected the notion that the U.K.s current data protection regime presents a barrier to data sharing arguing that laws like GDPR should rather be seen as a how to and an enabler for innovation.

I would take issue with the dichotomy that you presented [about privacy vs data-sharing], he told the committee chair. I dont believe that policymakers and businesses and governments are faced with a choice of share or keep faith with data protection. Data protection laws and privacy laws would not be necessary if it wasnt necessary to share information. These are two sides of the same coin.

The UK DPA [data protection act] and UK GDPR they are a how to not a dont do. And I think the UK and many jurisdictions have really finally learned that lesson through the COVID-19 crisis. It has been absolutely necessary to have good quality information available, minute by minute. And to move across different organizations where it needs to go, without friction. And there are times when data protection laws and privacy laws introduce friction and I think that what youve seen in the UK is that when it needs to things can happen quickly.

He also suggested that plenty of economic gains could be achieved for the U.K. with some minor tweaks to current rules, rather than a more radical reboot being necessary. (Though clearly setting the rules wont be up to him; his job will be enforcing whatever new regime is decided.)

If we can, in the administration of a law which at the moment looks very much like the UK GDPR, that gives great latitude for different regulatory approaches if I can turn that dial just a couple of points that can make the difference of billions of pounds to the UK economy and thousands of jobs so we dont need to be throwing out the statute book and starting again there is plenty of scope to be making improvements under the current regime, he told MPs. Let alone when we start with a fresh sheet of paper if thats what the government chooses to do.

TechCrunch asked another Edwards (no relation) Newcastle Universitys Lilian Edwards, professor of law, innovation and society for her thoughts on the governments direction of travel, as signalled by DCMS pre-proposal-publication spin, and she expressed similar concerns about the logic driving the government to argue it needs to rip up the existing standards.

The entire scheme of data protection is to balance fundamental rights with the free flow of data. Economic concerns have never been ignored, and the current scheme, which weve had in essence since 1998, has struck a good balance. The great things we did with data during COVID-19 were done completely legally and with no great difficulty under the existing rules so that isnt a reason to change them, she told us.

She also took issue with the plan to reshape the ICO as a quango whose primary job is to drive economic growth pointing out that DCMS PR fails to include any mention of privacy or fundamental rights, and arguing that creating an entirely new regulator isnt likely to do much for the public trust thats seen as declining in almost every poll.

She also suggested the government is glossing over the real economic damage that would hit the U.K. if the EU decides its reformed standards are no longer essentially equivalent to the blocs. [Its] hard to see much concern for adequacy here; which will, for sure, be reviewed, to our detriment prejudicing 43% of our trade for a few low value trade deals and some hopeful sell offs of NHS data (again, likely to take a wrecking ball to trust judging by the GPDPR scandal).

She described the goal of regulating algorithmic bias as applaudable but also flagged the risk of the U.K. falling behind other jurisdictions which are taking a broader look at how to regulate artificial intelligence.

Per DCMS press release, the government seems to be intending for an existing advisory body, called the Centre for Data Ethics and Innovation (CDEI), to have a key role in supporting its policymaking in this area saying that the body will focus on enabling trustworthy use of data and AI in the real-world.However it has still not appointed a new CDEI chair to replace Roger Taylor with only an interim chair appointment (and some new advisors) announced today.

The world has moved on since CDEIs work in this area, argued Edwards. We realise now that regulating the harmful effects of AI has to be considered in the round with other regulatory tools not just data protection. The proposed EU AI Regulation is not without flaw but goes far further than data protection in mandating better quality training sets, and more transparent systems to be built from scratch. If the UK is serious about regulating it has to look at the global models being floated but right now it looks like its main concerns are insular, short-sighted and populist.

Patient data privacy advocacy group MedConfidential, which has frequently locked horns with the government over its approach to data protection, also queried DCMS continued attachment to the CDEI for shaping policymaking in such a crucial area pointing to last years biased algorithm exam grading scandal, which happened under Taylors watch.

(NB: Taylor was also the Ofqual chair, and his resignation from that post in December cited a difficult summer, even as his departure from the CDEI leaves an awkward hole now )

The culture and leadership of CDEI led to the A-Levels algorithm, why should anyone in government have any confidence in what they say next? said MedConfidentials Sam Smith.

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UK dials up the spin on data reform, claiming simplified rules will drive responsible data sharing - TechCrunch

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Caterpillar launches next generation mining truck cab starting with the 785 and expanding to the 789 & 793 in 2022 – International Mining

Posted by Paul Moore on 12th September 2021

Built to advance productive hauling, the new state-of-the-art next generation cab for Cat mining trucks includes numerous automation features to improve operator efficiency. The larger ergonomically optimised cab design incorporates more than 30 new features that Caterpillar says improve connectivity, build confidence and adapt to future mining needs with an expandable electronics platform. The optimised next gen cab is being displayed at MINExpo 2021 and is currently available for the Cat 785 mining truck but is scheduled to expand to the 789 and 793 models in 2022.

Integrated Cat electronics boost data analytics and diagnostic capabilities. The reengineered electronics platform improves maintenance for Cat mining trucks through enhanced remote services offerings Remote Flash and Remote Troubleshoot. By upgrading software and diagnosing machine alerts remotely at a time convenient for the production schedule, Remote Flash and Remote Troubleshoot deliver higher productivity with maximised truck uptime.

Making the operator more comfortable and efficient is at the heart of the next gen cab. The walk-through design with fully adjustable center console, increased legroom, adjustable next gen seat, temperature-controlled HVAC system, and advanced cab filtration option delivers a safer and more comfortable operator environment. Two 254 mm (10 in) ideally located displays eliminate clutter and reduce operator fatigue. The touch screen display integrates several standard and optional Caterpillar technologies with a simple, consistent and intuitive streamlined interface.

Reducing adjustment time to seconds, the new in-cab powered mirror control delivers convenient left- and right-side rearview mirror adjustments from the operator seat. The deluxe cab is available with high efficiency particulate air (HEPA) filter options to reduce operator exposure to potentially hazardous particles. Delivering more stabilised cabin pressurisation over all HVAC fan speeds, the new design reduces respirable dust penetration up to 96% to keep operators healthier and more productive.

Every time we get a new machine at the quarry, we feel that they are getting better. They are getting more sophisticated to help the operator run the machine, says Mario Amaran, heavy equipment operator for CEMEX Quarry, Miami, Florida. The panels and controls are within your reach without having to lose your focus on operating the machine. The comfort and the ride, I compare it to my car out on the turnpike. Its very comfortable, even with our dirt road situations. We bring a lot of dirt to the hopper, and the operators are happy.

Boosting productivity

From secure push-button start to AutoHoist, the next gen cab is equipped with a host of standard and optional features that improve efficiency and productivity. Eliminating the key and up to 30-second hold sequence for cold starting, the new secure automated starting process enables all pre-start functions and checks to occur at the push of the button. A unique operator ID code authenticates the operator to improve security.

Enhanced Automatic Retarder Control (ARC) sets retarding speed based on grade, payload, and brake oil temperature and demonstrated up to 6% higher retarding speeds in feature validation. Operators can conveniently use the consoles rotary dial to set the maximum speed limit maintained during retarding without further actions to reduce fatigue and improve efficiency. Enhanced Cat Payload System delivers more accurate measurement of payloads with improved application monitoring interface for the technician and operator.

Multiple optional features customise the operator experience and improve efficiency in the next gen cab. AutoHoist automatically raises the truck body and controls the engine speed, simplifying operation and can reduce the dump cycle time by up to 12 seconds. Offering feedback on truck operation to maximize its potential, Speed Coaching provides a recommended speed, indicating the machine capability for both propulsion and retarding. Maintained speed is set and controlled on-the-fly using a rotary dial with a Cruise Control option.

Building operator confidence

Eliminating the need for two-foot hill starts, standard Hill Start with Anti Roll Back keeps the truck stationary through automatic brake application when rolling in the opposite direction of the selected gear. Configurable 2nd Gear Start reduces shifting by automatically determining if the truck can start in second gear. Assessing individual wheel speeds, grade and acceleration, Enhanced Traction Control determines targeted rear-wheel speeds to improve control, while reducing tire wear and damage. Elevating mine safety, Object Detect combines radar and camera systems to warn truck operators of hazards within the immediate vicinity.

Further improving truck control, optional Dynamic Stability Control monitors and modulates the individual wheel brakes to keep the machine tracking with the operators steering inputs, while the available anti-lock brake system (ABS) maintains the desired path of travel during braking in slippery conditions. Cat Vision 360, available from the factory, improves the operators field of vision by providing a top-down surround view of the truck using the systems four cameras.

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Caterpillar launches next generation mining truck cab starting with the 785 and expanding to the 789 & 793 in 2022 - International Mining

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The State of Consumer Data Privacy Laws in the US (And Why It Matters) – The New York Times

With more of the things people buy being internet-connected, more of our reviews and recommendations at Wirecutter are including lengthy sections detailing the privacy and security features of such products, everything from smart thermostats to fitness trackers. As the data these devices collect is sold and sharedand hackeddeciding what risks youre comfortable with is a necessary part of making an informed choice. And those risks vary widely, in part because theres no single, comprehensive federal law regulating how most companies collect, store, or share customer data.

Most of the data economy underpinning common products and services is invisible to shoppers. As your data gets passed around between countless third parties, there arent just more companies profiting from your data, but also more possibilities for your data to be leaked or breached in a way that causes real harm. In just the past year, weve seen a news outlet use pseudonymous app data, allegedly leaked from an advertiser associated with the dating app Grindr, to out a priest. Weve read about the US government buying location data from a prayer app. Researchers have found opioid-addiction treatment apps sharing sensitive data. And T-Mobile recently suffered a data breach that affected at least 40 million people, some who had never even had a T-Mobile account.

We have these companies that are amassing just gigantic amounts of data about each and every one of us, all day, every day, said Kate Ruane, senior legislative counsel for the First Amendment and consumer privacy at the American Civil Liberties Union. Ruane also pointed out how data ends up being used in surprising waysintentionally or notsuch as in targeting ads or adjusting interest rates based on race. Your data is being taken and it is being used in ways that are harmful.

Consumer data privacy laws can give individuals rights to control their data, but if poorly implemented such laws could also maintain the status quo. We can stop it, Ruane continued. We can create a better internet, a better world, that is more privacy protective.

Currently, privacy laws are a cluttered mess of different sectoral rules. Historically, in the US we have a bunch of disparate federal [and state] laws, said Amie Stepanovich, executive director at the Silicon Flatirons Center at Colorado Law. [These] either look at specific types of data, like credit data or health information, Stepanovich said, or look at specific populations like children, and regulate within those realms.

The United States doesnt have a singular law that covers the privacy of all types of data. Instead, it has a mix of laws that go by acronyms like HIPAA, FCRA, FERPA, GLBA, ECPA, COPPA, and VPPA.

The data collected by the vast majority of products people use every day isnt regulated. Since there are no federal privacy laws regulating many companies, theyre pretty much free to do what they want with the data, unless a state has its own data privacy law (more on that below).

Most people believe theyre protected, until theyre not, said Ashkan Soltani, an independent researcher and former chief technologist at the Federal Trade Commission. Sadly, because this ecosystem is primarily hidden from view and not transparent, consumers arent able to see and understand the flow of information.

Europes comprehensive privacy law, General Data Protection Regulation (GDPR), requires companies to ask for some permissions to share data and gives individuals rights to access, delete, or control the use of that data. The United States, in contrast, doesnt have a singular law that covers the privacy of all types of data. Instead, it has a mix of laws that go by acronyms like HIPAA, FCRA, FERPA, GLBA, ECPA, COPPA, and VPPA, designed to target only specific types of data in special (often outdated) circumstances.

With the wide range of different laws, its easy to see how people get confused about what rights they do and dont have. To add to that, alongside these federal laws are a handful of state laws, as well.

Currently, three states in the US have three different comprehensive consumer privacy laws: California (CCPA and its amendment, CPRA), Virginia (VCDPA), and Colorado (ColoPA). Regardless of which state a company is located in, the rights the laws provide apply only to people who live in these states.

A lot of the provisions are business-model affirming. [VCDPA] essentially allows big data-gathering companies to continue doing what they have been doing. Kate Ruane, senior legislative counsel, American Civil Liberties Union

These laws have similar provisions that tend to give you some type of notice and choice in controlling your data. Essentially, a company operating under these regulations must tell you if its selling your data; you also get a choice in whether youre okay with that or not, and you have the right to access, delete, correct, or move your data. These laws differ slightly in other ways, such as in the allowed cure periods (the amount of time a company has to correct a mistake), the size or income level of businesses the law applies to, and whether you can use tools or authorized agents for opt-out requests (such as a setting in your web browser that automatically opts you out of data sales on a web page, or a service where another person makes opt-out requests for you).

The experts we spoke to referred to Californias privacy protections as the strongest in the US, since the regulations include a limited private right of actionthe ability to sue a companyagainst certain types of data breaches. California also requires a global opt out to remove ones self from data sharing by device or browser, instead of being forced to opt out on each site individually. In contrast, some of the experts we spoke with viewed Virginias Consumer Data Protection Act with skepticism. I would consider [VCDPA] a pretty weak bill, said Ruane at the ACLU. It is based on opt-out consent. There are no civil-rights protections. There is no private right of action. A lot of the provisions are business-model affirming. It essentially allows big data-gathering companies to continue doing what they have been doing. None of that should be too surprising considering that Virginias law was written with strong input from Amazon.

At least four other states, Massachusetts, New York, North Carolina, and Pennsylvania, have serious comprehensive consumer data privacy proposals in committee right now. Other states have varying laws in the early stages. It can be difficult to follow the status of all these proposals, but the International Association of Privacy Professionals has a tracker that shows which states have privacy legislation in progress and where those bills are in the process. According to research from The Markup, at least 14 of the proposals are similar to Virginias weaker law.

As with the national laws, there are state-level laws that carve out coverage of individual aspects of data privacy. Missouri has ebook privacy rules. The Illinois Biometric Information Privacy Act (BIPA) gives people privacy rights over their biometric data, such as their fingerprint or face scans. When it comes to data-breach notifications, its particularly hard to know your rights, with at least 54 different laws that vary by region.

Amie Stepanovich of the Silicon Flatirons Center noted that such state laws are still useful, even if they can get confusing. You can think of them as raising the water level, she said, adding that companies often choose to apply the stronger, more protective standard across the board for everyone when legal standards go up.

Theres also a risk of too many state laws generating confusion, both operationally for companies and practically for consumers. Whitney Merrill, a privacy attorney and data protection officer, said that a federal law would make matters easier for everyone. We need a federal law that thinks about things in a much more consistent approach, Merrill said, to make sure that consumers understand and have the right expectation over rights that they have in their data.

Everyone we spoke with described potential consumer data privacy laws as the floor, where it would be possible to build upon them in the future as new technologies spring up. This floor typically encompasses a few basic protections:

Merrill would also like to see a more comprehensive data-breach notification law, perhaps as a standalone bill. I think thatd be a pretty easy thing to pass, she said. Who gets notified? What are the common standards? Lets make it easy so everyone is on the same page.

Especially in those states where they dont allow a private right [to sue], to then also underfund the public enforcementits just an insult to injury. Hayley Tsukayama, legislative activist, Electronic Frontier Foundation

No regulation means much without an enforcement mechanism. And lobbyists have contested a private right of actionletting an individual sue a company over privacy violationsas one such mechanism. Californias law has a limited private right of action related to negligence with regard to a data breach. The Colorado and Virginia laws dont even have that. Several bills, including those in Connecticut, Florida, Oklahoma, and Washington, failed to become laws because they included a private right of action. In early 2021, lawmakers in North Dakota introduced a bill that included a private right of action and opt-in consent, and in response a group of advertising companies (PDF) claimed: Such an approach would create the most restrictive privacy law in the United States. The bill failed in the state house.

Hayley Tsukayama, a legislative activist at the Electronic Frontier Foundation, described the situation bluntly. We would like to see full private rights of action in privacy legislation, she said. We just think if a company violates your privacy, you should be able to sue them.

Historically, marginalized communities have not been able to rely on public institutions to vindicate their rights, Stepanovich said. So having something like a private right of action for Black communities and for other communities that are not white ensures that they can enforce their own rights or go to court when something has gone wrong.

Soltani, in contrast, saw a way forward without the private right of action: I think enforcement is a really important facet. If theres adequate enforcementlegal protections and regulatory resourcesI dont think its a dealbreaker to forgo a private right to action.

Those resources are important. Especially in those states where they dont allow a private right [of action], to then also underfund the public enforcementits just an insult to injury, Tsukayama said. California created an enforcement group just for this purpose called the California Privacy Protection Agency, which will receive $10 million in annual funding. The Virginia state attorney generals office handles enforcement there with $400,000 in funding, supplemented with fines and penalties.

Throwing money at enforcement or requiring companies to adapt to new rules also requires people to do the work, and those people arent always readily available. One of my concerns with state laws is that its more and more stuff to learn, Merrill noted, and Im afraid of burnout in the privacy community because its impossible to keep up, and the stakes are so high.

The Internet Association, an industry group that represents several big tech companies, including Amazon, Facebook, and Google, pointed us to a letter and testimony sent to the New Jersey legislature that focuses on two points: consent and private right of action. The association is pushing for the current opt-out consent model to maintain the status quo, in which consumers have to go out of their way to get the privacy protections outlined in the law. The association also included a paper from the Institute for Legal Reform, an affiliate of the US Chamber of Commerce that advocates for business-friendly legal reforms, which claims that private lawsuits would hinder innovation, cost too much money, and lead to inconsistent rulings.

If youve ever clicked through one of those annoying cookie notifications or been forced to scroll to the end of a privacy policy before you can use software, youve had a glimpse at how such laws can have a detrimental effect on your day-to-day experience.

It doesnt have to be this way. Stepanovich said that if a privacy law is well written, most peoples lives shouldnt change. Privacy isnt about not using tech, its about being able to participate in society and knowing your data isnt going to be abused, or youre not going to have some harm down the road because of it, she said. Done right, the sorts of consequences from scandals like those surrounding Cambridge Analytica or Grindr could be minimized. And youd see fewer personalized ads and more contextual ones, which are arguably less creepy (subscription required to read article), anyway.

A well-written data privacy law would make it easier for you to buy many of the products youre curious about without needing to worry about the privacy concerns of doing so. Perhaps Wirecutter reviews and guides wouldnt need in-depth comparisons assessing the privacy policies for running watches, smart scales, or robot vacuums, because theyd all have a baseline of privacy, as well as clear, easy-to-understand opt-in rules for sharing data. And if a company messes up and abuses those privacy rights, that company would be held accountable for a change.

Even the latest laws leave out all sorts of other data concerns, such as algorithm transparency or government use of facial recognition.

One sticking point of the current opt-out system is notification fatigue. When every app and website is asking you for dozens of permissions, it becomes easier to accept the status quo than to manually opt out of every tracking technology. A review article in Science (PDF) in 2015 highlighted just how poorly most people performed in navigating privacy risks, and a 2019 paper described the sort of notice and choice consent that everyone is used to as a method of privacy regulation which promises transparency and agency but delivers neither.

All of the experts we spoke with preferred an opt-in consent model and privacy by default concepts. Such an arrangement would make accounts private initially, and apps wouldnt have any permissions. It would be up to you to opt into those settings. Alongside the right to sue companies, opt-in consent is proving to be one of the hardest things to get into privacy laws. In place of that, experts are pushing for the ability to use browser extensions or other tools that opt out automatically.

Ashkan Soltani, the former chief technologist at the FTC, has proposed a technical solution with Global Privacy Control (GPC), which provides a way to opt out of the sale of data at the browser or device levelan improvement over the need to opt out at every site or on every service. GPC is currently included in a handful of browsers and is respected by several publications, including The New York Times. California will more explicitly require businesses to honor GPC once its global opt out rules go into effect in 2023.

The impact of these types of laws could even reverse some of the privacy is dead despair that many people feel, as Amie Stepanovich noted. You want that hopelessness to go away and for people to know: You are being protected while youre doing this activity.

The basic privacy laws being advocated for, proposed, and sometimes passed cant and wont fix everything. Given the complexity of the data economy that now exists, theres plenty more that could and arguably should be done. Even the latest laws leave out all sorts of other data concerns, such as algorithm transparency or government use of facial recognition. There are several national privacy laws in various stages of legislation, but none that have a serious chance of passing anytime soon.

But new laws could at least encourage less privacy-hostile products and services, and they could provide basic protections (and enforcement) against the most harmful types of data mining, as well as form a baseline for more privacy protections in the future. At its best, a data privacy law could make it so that you can buy the latest gizmos with fun new features without having to fret over the fact that the company is collecting more data than you realize and selling it to companies youve never heard of to be used by advertisers to market to you.

1. Whitney Merrill, privacy attorney and data protection officer, phone interview, July 26, 2021

2. Ashkan Soltani, independent researcher and former chief technologist at the Federal Trade Commission, phone interview, July 21, 2021

3. Kate Ruane, senior legislative counsel for the First Amendment and consumer privacy at the American Civil Liberties Union, phone interview, July 21, 2021

4. Amie Stepanovich, executive director at the Silicon Flatirons Center at Colorado Law, phone interview, July 15, 2021

5. Hayley Tsukayama, legislative activist at the Electronic Frontier Foundation, phone interview, July 14, 2021

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The State of Consumer Data Privacy Laws in the US (And Why It Matters) - The New York Times

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How Much Of Hycroft Mining Holding Corporation (NASDAQ:HYMC) Do Institutions Own? – Simply Wall St

If you want to know who really controls Hycroft Mining Holding Corporation (NASDAQ:HYMC), then you'll have to look at the makeup of its share registry. Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. We also tend to see lower insider ownership in companies that were previously publicly owned.

Hycroft Mining Holding is not a large company by global standards. It has a market capitalization of US$106m, which means it wouldn't have the attention of many institutional investors. Taking a look at our data on the ownership groups (below), it seems that institutions own shares in the company. Let's take a closer look to see what the different types of shareholders can tell us about Hycroft Mining Holding.

See our latest analysis for Hycroft Mining Holding

Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.

We can see that Hycroft Mining Holding does have institutional investors; and they hold a good portion of the company's stock. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Hycroft Mining Holding's historic earnings and revenue below, but keep in mind there's always more to the story.

It looks like hedge funds own 73% of Hycroft Mining Holding shares. That catches my attention because hedge funds sometimes try to influence management, or bring about changes that will create near term value for shareholders. Mudrick Capital Management, LP is currently the company's largest shareholder with 40% of shares outstanding. In comparison, the second and third largest shareholders hold about 14% and 9.2% of the stock.

After doing some more digging, we found that the top 2 shareholders collectively control more than half of the company's shares, implying that they have considerable power to influence the company's decisions.

While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. There is some analyst coverage of the stock, but it could still become more well known, with time.

While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.

I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.

Our data suggests that insiders own under 1% of Hycroft Mining Holding Corporation in their own names. It appears that the board holds about US$798k worth of stock. This compares to a market capitalization of US$106m. Many investors in smaller companies prefer to see the board more heavily invested. You can click here to see if those insiders have been buying or selling.

The general public, with a 15% stake in the company, will not easily be ignored. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.

It's always worth thinking about the different groups who own shares in a company. But to understand Hycroft Mining Holding better, we need to consider many other factors. Be aware that Hycroft Mining Holding is showing 4 warning signs in our investment analysis , and 2 of those are a bit unpleasant...

If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. *Interactive Brokers Rated Lowest Cost Broker by StockBrokers.com Annual Online Review 2020

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

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How Much Of Hycroft Mining Holding Corporation (NASDAQ:HYMC) Do Institutions Own? - Simply Wall St

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