Reuters exclusively reported that Japan’s national and Tokyo governments are seeking a 700 billion yen ($4.7 billion) valuation for Tokyo Metro as they prepare to list the subway operator as early as October-end, in what would be the nation’s biggest IPO in roughly six years. The two governments, which own 100% of Tokyo Metro, plan to arrange a meeting of brokerages within a week for a briefing on the IPO and expect to receive approval for the listing from the Tokyo Stock Exchange as soon as mid-September, the sources said.
News
AI Calls Its Masters to Order
We return for a final time to the controversial interview with Eric Schmidt.
The highlight of this talk occurred when Schmidt suggested a hypothetical strategy for a new startup. “Make me a copy of TikTok, steal all the users, steal all the music, put my preferences in it, produce this program in the next 30 seconds, release it, and in one hour, if it’s not viral, do something different along the same lines.” He then added: “If it took off, then you’d hire a whole bunch of lawyers to clean the mess up. If nobody uses your product, it doesn’t matter that you stole all the content.”
ChatGPT clearly disapproved of Schmidt’s cynicism: “The idea that legal issues can be ‘cleaned up’ after a product takes off is also troubling from a rule-of-law perspective.”
It’s good to know that an AI brain adheres to the idea of a “rule of law.” The barons of Silicon Valley, very much like the US State Department, also pay lip service to this noble idea, but, as ambitious human beings, have no qualms about violating its principles when it serves their purpose. The difference between Schmidt and the State Department is that when the latter acts, it is spared the expense of hiring an army of lawyers, since Washington recognizes no tribunal with the power to apply the rule of law.
At this point of the discussion, I followed up with a new prompt:
“We can agree about the rule-of-law perspective and the need for checks and balances in government, but this is about a mindset, a business culture that thrives on the reality of faits accomplis. Is regulation an effective form of ‘checks and balance’ when it comes to devising a strategy to dominate a marketplace. The historical answer has to be ‘no.’ Schmidt is right. You establish your position, glean the rewards and then you defend it with an army of lawyers. That is how the business culture works today. That is how it is built to work. Regulation will change nothing. So what do you suggest?”
“You raise a compelling point about the limitations of regulation in curbing the aggressive, ‘faits accomplis’ business culture that has come to define much of Silicon Valley and the tech industry at large. Regulation, as it currently functions, often lags behind the rapid innovation cycles of tech companies. By the time laws are enacted, dominant players have already entrenched their market position, reaped enormous profits, and created a legal defense system strong enough to fend off most challenges.
Given this reality, here are a few alternative or complementary strategies to regulation that could address the challenges posed by this business culture:
1. **Antitrust and Market Restructuring**
Rather than relying solely on regulation, governments could enforce stricter antitrust measures to prevent monopolistic practices and break up companies that hold disproportionate power in the marketplace. For example, tech giants that dominate entire sectors—such as Google in search, Amazon in e-commerce, and Facebook in social media—could be required to divest parts of their businesses to ensure a more competitive environment.
Antitrust enforcement would not only limit market dominance but also change the incentives for new companies. If monopolistic practices no longer guarantee market leadership, companies may shift toward more ethical and sustainable strategies, rather than the current ‘dominate first, clean up later’ approach.
2. **Decentralization and Open Standards**
One way to counter monopolistic behavior is to promote decentralization through open standards and protocols. In sectors like social media or data platforms, governments could encourage or mandate the adoption of open-source protocols that allow users to move freely between services without losing their networks, data, or content.
For example, instead of being locked into one platform like Facebook, users could have the ability to port their data, contacts, and digital assets across multiple services that follow common standards. This would reduce the incentive for companies to prioritize market domination and could foster a healthier, more competitive ecosystem.
3. **Public Oversight and Algorithmic Transparency**
Given the central role algorithms play in shaping user behavior, content distribution, and even public opinion, governments or independent bodies could require greater transparency around how these algorithms function. Mandating regular audits of tech companies’ algorithms to ensure they are not unfairly amplifying harmful content, violating privacy rights, or engaging in anticompetitive behavior could offer a form of oversight.
However, transparency must go hand in hand with enforceable consequences. Regulatory bodies could impose significant fines or penalties if algorithms are found to undermine democratic processes or perpetuate harm.
4. **Corporate Responsibility and Ethical Frameworks**
While not a replacement for regulation, fostering a shift in corporate responsibility could play an important role. Companies could be incentivized to adopt ethical standards through a combination of public pressure, investor activism, and internal reforms. For instance, many companies today are responding to the growing importance of ESG (Environmental, Social, and Governance) metrics, as investors, consumers, and employees demand more ethical behavior.
Governments and civil society could push for frameworks that reward companies for acting ethically—such as preferential treatment in government contracts, favorable tax policies, or public recognition for responsible business practices.
5. **Empowering Consumers and Employees**
Consumers and employees also play a critical role in shaping corporate behavior. Increasingly, workers in Silicon Valley are becoming more vocal about their company’s ethics and practices, and consumer boycotts or campaigns have demonstrated the power to push companies to act more responsibly. For example, internal employee protests at companies like Google, Amazon, and Facebook have had tangible impacts on corporate policy.
Strengthening whistleblower protections, fostering employee organizing, and creating platforms for consumer advocacy could act as a counterbalance to corporate dominance by holding companies more accountable to their own stakeholders.
6. **Global Collaboration on Regulation**
Since the internet and digital platforms operate globally, regulation needs to be a coordinated international effort. A fragmented approach, where one country tries to enforce rules on its own, won’t be effective against companies that operate across borders. Governments could work together to create a shared regulatory framework for the digital economy, ensuring that companies can’t simply move to a more lenient jurisdiction to escape oversight.
For instance, the European Union’s GDPR (General Data Protection Regulation) has set a global benchmark for data privacy, and many companies now comply with it even if they aren’t based in Europe. A similar approach could be applied to other areas like antitrust or algorithmic transparency, forcing global tech companies to adopt more ethical practices.
7. **Public Alternatives and Cooperative Models**
Another way to counter the dominance of private tech companies is by developing publicly funded or cooperative alternatives in key sectors. For instance, a publicly funded social media platform or search engine that prioritizes user privacy, transparency, and accountability over profit could provide a viable alternative to monopolistic platforms. Similarly, cooperative models where users collectively own and control digital services could foster a more democratic tech ecosystem.
These alternatives wouldn’t necessarily replace private companies but would provide competition that could drive the industry in a more ethical direction, much like how public broadcasting operates alongside commercial media.
Conclusion:
While regulation is necessary, it is often insufficient by itself to tackle the aggressive business culture of Silicon Valley. A combination of antitrust enforcement, decentralization, public oversight, corporate responsibility, consumer empowerment, and global cooperation could provide more effective checks and balances. Changing the incentives that drive companies toward monopolistic practices will require more creative and systemic solutions beyond traditional regulation.”
I invite our readers to appreciate the paradox of an AI brain that begins by proposing an “alternative or complementary strategies to regulation” and then exposes a plan for what some would describe as pervasive, if not invasive regulation.
I distance myself from those critics. I find these suggestions eminently reasonable and potentially effective. But I can’t help noting that, in every case, ChatGPT evokes a possibility, not a reality. We “could” do these things. The chatbot offers no insight into why it is beyond unlikely that any of these initiatives will ever be proposed, let alone adopted. It ignores the political, economic and ideological conditions that would permit transforming “could” into “will.” It correctly suggests that no single action is sufficient and insists that success depends on a “combination” of all these initiatives. But we never leave the speculative land of “could.”
It recommends “creative and systemic solutions beyond traditional regulation.” Why not? Followed to its logical conclusion, this would imply a cultural revolution that calls into question the underlying values that govern the way things are done today in society, the economy and politics. We can always hope.
On the other hand, I’d hate to speculate about the odds Las Vegas might give on any of that actually taking place.
Our conclusion of this four-part exploration of Eric Schmidt’s words of wisdom
My last admittedly sarcastic remark highlights a significant historical fact worth pondering. Four places in the United States have contributed massively to a mindset that ChatGPT acknowledges is crying for a revolution: Wall Street, Washington DC, Silicon Valley and Las Vegas. Anyone wishing to understand US economic and political culture today needs to have a close look at all four and how they combine to define the world we live in.
Please share your thoughts on all this at dialogue@fairobserver.com.
*[Artificial Intelligence is rapidly becoming a feature of everyone’s daily life. We unconsciously perceive it either as a friend or foe, a helper or destroyer. At Fair Observer, we see it as a tool of creativity, capable of revealing the complex relationship between humans and machines.]
[Lee Thompson-Kolar edited this piece.]
The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy.
Continue Reading
BBCA sex attacker who “prowled” a city centre trying to rape women has been jailed.
Swansea Crown Court heard Leo Payne, 20, from, Bonymaen, Swansea, attacked two women in the city in the early hours of 23 June.
The 20-year-old was also seen exposing himself and performing a sex act in public, before hitting a man with a wine bottle.
He pleaded guilty to two counts of attempted rape, sexual assault by penetration, exposure, and unlawful wounding.
Warning: distressing content
Payne was given a 16-year sentence, of which 11 years and three months will be served in prison.
Carina Hughes, prosecuting, said Payne assaulted the first woman in the middle of the road on Strand, Swansea.
The court heard the victim fought back, and the attack stopped when two taxi marshals chased him away while his trousers were down.
Less than an hour later he sexually assaulted a second woman on Orchard Street after lying to her that he had a knife.
The victim shouted for help and the attack was halted when members of the public stepped in.
Later Payne was seen with his trousers down and performing a sex act on Walter Road.
The court also heard Payne hit a man multiple times with a wine bottle, when he intervened as Payne followed another woman.
Ms Hughes read victim impact statements by both women in which they spoke of their fear of walking alone since the assaults.
CPSHashim Salmman, defending, said Payne’s young age, lack of previous convictions and guilty pleas should be taken into account when sentencing.
Judge Paul Thomas KC said Payne’s attacks were chillingly frightening.
“You targeted a number of lone and therefore vulnerable women right in the heart of Swansea city centre,” he said.
“You were intent on sexually assaulting any lone woman who crossed your path that night.
“Then you continued to prowl the city, continuing to expose yourself and masturbating.”
Judge Thomas said had the public not intervened Payne would have succeeded in raping both women.
He was jailed and put on the sex offenders register for life.
After sentencing, CPS Cymru-Wales’ deputy chief Crown prosecutor, Iwan Jenkins, said Payne “prowled the city centre carrying out a campaign of terrifying sexual attacks and violent offences”.
- If you’ve been affected by the issues in this story, help and support is available via BBC Action Line
Business & FinanceEconomy
19 August 2024, 8:25 pm 1 minute
Market Impact
With half the company to be sold, the initial public offering could raise 350 billion yen at that valuation, which would exceed the size of Kokusai Electric’s IPO last year and become the largest since SoftBank Group listed its wireless unit in 2018.
Article Tags
Topics of Interest: Business & FinanceEconomy
Type: Reuters Best
Sectors: Business & FinanceEconomy & Policy
Regions: Asia
Countries: Japan
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
Income Protection Awareness Week (IPAW 2024) kicked off today (23 September) with a seminar for advisers exploring the current income protection (IP) market.
The awareness week is being organised by the Income Protection Task Force (IPTF) to raise the profile and grow sales of IP products.
The week will comprise a series of online keynotes, panel debates, case studies and presentations and will tackle various themes across income protection.
Today’s session looked at the case for income protection and what advisers are seeing in the market and in client conversations.
It also looked at how advisers include IP in their advice process and the impact that consumer duty has had on adviser behaviour.
Jo Miller, co-chair, IPTF, said the IP market has seen a rise in sales, with a record number of sales on advice.
However, she urged the sector to keep up the momentum as more work needed to be done.
The adviser panel – consisiting of Mike Douglas, protection specialist, Woodside Financial Services, Nina Brown, protection specialist at Pam Brown Mortgages, and Hannah Murray, financial adviser, St. James’s Place Protection Planning – expressed similar sentiments.
For his part, Douglas urged advisers to make the IP advice process simple by explaining the benefits and pitfalls of not having IP cover.
Meanwhile, research from protection and employee benefits provider MetLife UK has found that while one in five (20%) consumers see the benefit of financial protection, 12% don’t understand the difference between the various offerings.
The study, published today, found one in ten (9%) customers admitted they only thought about financial protection once it was too late and they needed to claim.
MetLife said IPAW provides the chance for advisers to talk to clients and review what protection they do and don’t have in place.
News
Youngest man to rape ‘Beast of Avignon’s’ wife when he was just 23 carried out attack on day his first daughter was born
THE youngest man accused of raping “Beast of Avignon’s” wife carried out the horror ordeal on the day his first daughter was born, a court heard.
Joan Kwai was just 23 when he assaulted Gisele Pélicot after her sick husband drugged her and called 72 male strangers to rape her over a decade.
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He was among the six other men accused of the mass rape to have taken the stands today in the trial that has rocked France.
The court heard that Kwai, a former French conscript, first went to Mr Pélicot’s house in November 2019, the day his daughter was born.
He went back again for a second time and admitted to having planned a third visit which Mr Pelicot cancelled at the last minute.
He also said he never asked if Ms Pélicot had consented to the sexual activity, before admitting it was a rape and that the victim was unconscious.
more on the shocking case
He said he “recognised the facts, but not the intention”.
Kwai was arrested at the army barracks while he was serving, DailyMail reports.
Prosecutors have described him as a man with “depressive tendencies”.
Dubbed “Beast of Avignon”, Dominique Pélicot has been accused of “aggravated rape” of ex-wife Ms Pélicot – and faces up to 20 years in prison if convicted at the Vaucluse Criminal Court, in Avignon.
He allegedly invited the men he met online to assault his wife after spiking her food to knock her out.
Taking the stands for the first time last week, the sick grandfather admitted to the heinous mass rape of Ms Pélicot that stretched for almost a decade.
Pensioner, 71, ‘drugged wife & recruited 72 men online to rape her while he filmed sick attacks over 10yrs’
Wearing a grey shirt, the French pensioner shuffled into court using a cane to support himself and owned up to his crimes.
He said: “Today, I maintain that, with the obligations we all have, I am a rapist, like everyone in this room. They cannot say otherwise.”
However, as the cross-examination continued, a tearful Mr Pélicot shockingly insisted he “still loves” his ex-wife.
He said: “I loved her well for 40 years and loved her badly for 10 years … I ruined everything, I lost everything. I should never have done that.”
During the trial, psychologists described Mr Pélicot as a “Jekyll and Hyde” character who appeared like a normal husband during the day and then drugged his wife so strangers could rape her at night.
Mr Pélicot said of the comments: “I am accused of many things. We are not born perverts, we become them.
“Even if it is paradoxical, I have never considered my wife as an object.”
A report submitted to the court suggested Mr Pélicot displayed a tendency towards “paraphilia” – sexual arousal in atypical situations – and also “somnophilia”– an attraction to unconscious partners.
This made him a “very caring and much-loved husband by day” but “a rapist at night”, psychologist Bruno Daunizeau explained in the report.
The court heard how Mr Pélicot considered himself a “good husband” to the woman he married in 1971 and had three children with.
He said he was “respectful of his wife’s desires and refusals to sex”, but “also had fantasies about swinging” and “got pleasure” in seeing his wife “undergo sexual acts that she normally refused”.
His daughter Caroline Darian, 46, branded him as the “worst sexual predator” as she took the stand on the fifth day of the rape trial.
She told the court: “How do you rebuild yourself from the ashes when your father is undoubtedly one of the greatest sexual predators of recent years?”
Ms Darian was herself secretly photographed in the nude by her father, as were her two sisters-in-law while taking a bath, the court heard.
She is convinced that – like her mother – she was routinely drugged so that her father could sexually assault her.
The photos taken of her were in a file entitled “around my daughter, naked”.
HORROR DETAILS
Mr Pélicot was first caught in September 2020, when he was arrested for secretly filming up women’s skirts at a supermarket in Carpentras.
His devices were searched, and there were hundreds of photos and pornographic videos of women, including family members.
It was while in custody that Mr Pélicot reported a hard drive, hidden under a printer, which contained a file called “Abuses”.
It classified the nickname and telephone numbers of attackers, together with some 3,800 photos and videos of Gisèle Pélicot being raped, between 2011 and 2020.
The investigators counted around 200 instances of rape, most of them by Ms Pélicot ‘s husband and more than 90 by strangers.
Investigators drew up a list of 72 suspects besides the husband, and have so far managed to identify 50 of them, aged between 26 and 74.
The French court heard that in some of the heinous footage, Pélicot allegedly takes turns with three other men to rape his wife in one single incident.
In a separate case, Mr Pélicot has been charged with raping and murdering a 23-year-old estate agent in Paris in 1991.
He has admitted one attempted rape in 1999 after DNA testing proved a case against him.
The Avignon aggravated rape case continues, and is due to last until December 21.
Fourteen of the other defendants have admitted rape, while the rest deny any wrongdoing.
How you can get help
Women’s Aid has this advice for victims and their families:
- Always keep your phone nearby.
- Get in touch with charities for help, including the Women’s Aid live chat helpline and services such as SupportLine.
- If you are in danger, call 999.
- Familiarise yourself with the Silent Solution, reporting abuse without speaking down the phone, instead dialing “55”.
- Always keep some money on you, including change for a pay phone or bus fare.
- If you suspect your partner is about to attack you, try to go to a lower-risk area of the house – for example, where there is a way out and access to a telephone.
- Avoid the kitchen and garage, where there are likely to be knives or other weapons. Avoid rooms where you might become trapped, such as the bathroom, or where you might be shut into a cupboard or other small space.
If you are a victim of domestic abuse, SupportLine is open Tuesday, Wednesday and Thursday from 6pm to 8pm on 01708 765200. The charity’s email support service is open weekdays and weekends during the crisis – messageinfo@supportline.org.uk.
Women’s Aid provides a live chat service – available weekdays from 8am-6pm and weekends 10am-6pm.
You can also call the freephone 24-hour National Domestic Abuse Helpline on 0808 2000 247.
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Business & Finance
23 July 2024, 9:11 am 1 minute
Reuters exclusively reported that Europe’s top asset manager Amundi and other LVMH investors want the $370 billion luxury behemoth to take more aggressive steps to monitor its suppliers’ treatment of workers after Italian prosecutors disclosed alleged sweatshop-like conditions at subcontractors for high-end brand Dior.
Market Impact
The investigation into suppliers for LVMH’s second-largest fashion label, which Reuters revealed on June 11, has shone a spotlight on potential worker exploitation in the $1.6 trillion global luxury goods industry.
Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
Regions: Europe
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
It isn’t the solution to overconsumption, it’s a symptom of it
September 23, 2024 4:36 pm(Updated 4:38 pm)
I am famous among my family and friends for scavenging. Basically all the furniture in the billions of flats I lived in during my twenties was hoiked off the street. In my (admittedly middle-class) neighbourhood, I am constantly walking past cardboard boxes full of dusty nicknacks and battered flatpack bookcases, offered for free; days later, often drenched by rain and having been damaged or dirtied, they are still there.
This is what’s become known as “middle-class fly-tipping” – that is, leaving things on the street with a little “PLEASE TAKE ME” note, as opposed to the sort of fly-tipping which ditches a washing machine on waste ground by a railway line. On the whole, it feels like a neighbourly, communal spring-cleaning ritual, a way to keep useful objects from the landfill. But some people who’ve done it have found themselves slapped with £500 fixed-penalty notices.
Now the local government and social care ombudsman has announced there will be new guidance about this sort of thing, intended to stop local authorities from dealing too harshly with people who leave unwanted items outside their homes.
It seems like a step in the right direction. Yet, while putting out useful objects and furniture for passersby to pick up might seem helpful, what’s “useful” is ultimately in the eye of the beholder. And as the queen of middle-class fly-tipping I should know. I am part of the problem. I must do better.
It’s just so very hard to stop. While I have become a little more discerning with age, I still cheerfully adopt shoes, clothes and books, not just from beneath “PLEASE TAKE ME” signs but also the, er, ground.
My best finds include several silver rings, a rabbit fur muff someone had left on snowy Primrose Hill, and an Anglepoise lamp still in its box.
Luckily, considering how small my current flat is, I’m just as fond of getting rid of stuff as I am of obtaining it – but assuming that my trash will be another person’s treasure, let alone to the extent that it excuses blocking paths and littering garden walls, is ultimately as arrogant as it is entitled.
I am entirely invested (nay, embedded) in the ecosystem of strangers passing junk between each other. But we’ve got to stop doing it via the pavement.
While it’s a bore to dispose of things properly – who wants to drive to the tip or organise a waste collection? – that doesn’t mean that your neighbours should have to clamber over your ratty old sofa for weeks just because it’s got a “FREE TO A GOOD HOME” Post-It on it.
There are lots of ways of getting your old stuff to people who actually want it. Sell things on Vinted or Ebay or Depop, put them on Facebook Marketplace or Freecycle! Give them to charities, or easier still, organise a collection by one! Ring your friends who are moving home and see if they need your bed frame, or fancy any of your old books! Just please don’t put them on the road, to get rained on and manky.
No question, we are too quick to trash things that still work, to the extent that the planet is on fire/underwater thanks to the effects of our thoughtless overconsumption. But giving things away like this doesn’t divorce you from that cycle.
I am the biggest fan of buying second-hand, but leaving things on the street is littering, no matter how hard we try to flatter ourselves with lofty notions of a circular economy. We’re so accustomed to getting new stuff that we’ve stopped thinking about how to dispose of the old. “Middle-class fly-tipping” isn’t the solution to our problem; it’s a symptom of it.
It’s time to admit that my personal convenience (or self-indulgent fantasy of providing someone with something they need, just by chance) doesn’t outweigh the fact that most stuff I don’t want won’t be of interest to anyone else either.
I promise I’ll get my act together. Meanwhile, if anyone wants a box of lightly dog-eared books, I’m your woman.
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