Thursday

American needs to refocus on education.....

By The Editor-in-Chief

Like most watchers of the current political climate, we have all become accustomed to the usual spin, each political cycle, about how the creation of jobs is central to the growth of the economy.
Who would disagree with such an assertion you might ask, but then when you begin to think the whole thing through, you come to the realization it is not as simple as just creating jobs.
The truth most politicians like to avoid is that there are in fact jobs out there. The problem though is that this country continues to lack the Intellectual Capital needed to meet the growing capacity needs of these mostly technical and medical opportunities.
That a country of the magnitude and influence of the United States has to import medical practitioners (doctors and nurses) and technology professionals, speaks volumes of the apparent dearth in the country's key Intellectual Capital base.
The fact remains that America needs to refocus its attention on education and ensure that children are steered towards professions and occupations, that will allow the US maintain its competitive edge, while retaining its leadership position in the world.
When you have a society where "American Idol" is the top rated program on television, that pretty much sums up where the country's focus is.
That athletes and entertainers remain not just the top earners in the American society, but also shape the cultural and moral tenor of the nation, is quite disturbing.
Most of the revered athletes and entertainers lack the moral compass to shape the direction of their own homes, much less society at large.
It is incumbent upon our political, social and other leaders to help this nation have the right conversations we need to have. America must return back to the basics and stress the importance of education at all levels.
Government does not and will never create jobs. The former can however be a catalyst in helping to create the right environment that would engender a spirit of excellence, through education and innovation.
The journey begins now and our leaders must have the courage to tell the American people the truth.... improve yourself if you want to live a better life!

Wednesday

Qatar-owned PSG and FIFA boss Gianni Infantino accused of corruption in FFP probe


CC™ PersPective

By Arab News

“FIFA boss Infantino helped PSG get around Financial Fair Play rulesAlso alleged former French President Nicolas Sarkozy promised French backing for the Qatar World Cup if the gulf state bought the Paris club.”

UEFA helped Paris Saint-Germain get around their own Financial Fair Play (FFP) rules, and according to a Football Leaks investigation published this weekend.

It has also been alleged that former French President Nicolas Sarkozy promised Qatar's Emir Tamim bin Hamad Al-Thani that then UEFA president Michel Platini would back the Gulf state’s bid to host the 2022 World Cup on condition of Doha buying PSG and launch BeIN Sports channel in France.

The leaks form part of a treasure trove of allegations that further undermine the credibility of the FIFA boss Gianni Infantino, who promised to clean up football’s governing body on taking over from the discredited Sepp Blatter, and the decision to award the 2022 hosting rights to Qatar. 

Among the allegations it is said that Infantino, as UEFA secretary general, allowed PSG to operate with impunity regarding FFP, the body dishing out only minor penalties for violations to the Qatar-owned club, falling way short of  the most severe penalty that could have been thrown at them — expulsion from the Champions League. 

Infantino — despite an obligation to strict neutrality — reportedly met for secret negotiations with club bosses PSG. 

Since Qatar took over Paris Saint-Germain in 2011 it has invested over €1 billion on players alone and greatly increased the budget of the capital club.

Football Leaks points the finger at PSG's five-year agreement with the Qatar Tourism Authority (QTA), valued at €1.075 ($1.22 billion), or €215 million a year.

That is despite the investigation claiming that "two independent auditors assigned by UEFA valued the contract as (far less than the value ascribed by PSG).”

UEFA rules say clubs cannot spend more than they earn in any given season and deficits must fall within a €30 million limit over three seasons.

PSG were fined €60 million by UEFA in May 2014, but were told they would get €40 million back if they stuck to the terms of their settlement. This bypassed the Financial Control Panel of European football's governing body. Infantino’s proposal, it is reported, was for a "fine of €20 million instead of €60 (million).”

FIFA have blasted the claims as an attempt to "undermine the leadership" of the global body.

"It seems obvious from the 'reporting' carried out in some media outlets that there is only one particular aim — an attempt to undermine the new leadership of FIFA and, in particular, the president, Gianni Infantino, and the secretary general, Fatma Samoura,” football’s governing body said in a statement. 

The under fire Infantino added: "It is always a challenge to change things, to move forward, and to bring people together in order to do things better.

"And, as we are resolutely implementing the reforms at FIFA, it was always clear to me that I would face strong opposition, especially from those who cannot anymore shamelessly profit from the system they were part of."

PSG have responded to the allegations by insisting they have "always strictly complied with all applicable laws and regulations and firmly denies the allegations published today by Mediapart.”

FIFA made no mention of the reported promise made by Sarkozy to Qatar regarding the World Cup, but it once again brings into question the decision to award the hosting of the tournament to the gulf state. 

It has long been rumored that the sale of PSG to Qatar was part of a deal in which France would back the Doha bid for the 2022 tournament — something Sarkozy and then UEFA president Michel Platini have always denied. 

But since the shock announcement that Qatar would be hosting the 2022 event, allegations of dirty deals and corruption have never been far away and the pressure to see the World Cup played somewhere else will likely only increase. 

ArabNewsSport

Tuesday

BBG: BEN BORN GREAT!

CC™ PersPective

By Yahaya Balogun

Celebrating the remarkable young mathematical Heritage Ben, the heritage of becoming, awakens my sense of hope for our kids in Nigeria! I am filled with immense joy and admiration as I witness a young prodigy like Mathematical Heritage Ben taking the reins of social media and steering it toward a more positive and responsible direction.

Meanwhile, in a world that often seems cluttered with distractions and unwholesome content, it is genuinely refreshing to see someone so young and talented using her platform to inspire and educate young children like herself. My hat is off to her parents for fostering such a brilliant mind and instilling values, prioritizing integrity, decency, and knowledge!

As I delve deeper into Heritage Ben’s mathematical contributions, I cannot help but feel a swell of encouragement and pride. The way she articulates complex concepts in mathematics is nothing short of impressive, and it opens up a world of possibilities for her peers—and beyond. I eagerly look forward to witnessing the unfolding of a bright future for this exceptional young lady. Heritage Ben's talent and passion are commendable and serve as a beacon of hope for what social media can truly represent and provide.

Furthermore, it’s a delight to always share, like, and comment on the enlightening content that our dear Heritage Ben produces. It fills me with unrestricted joy and appreciation for her intelligence and creativity in mathematics, inspirational essays, and quotes. Heritage Ben's dedication to mathematics is a powerful counterpoint in a digital landscape often dominated by superficial content. I wholeheartedly encourage her to continue educating and empowering her responsibly-minded peers on these platforms. The Nigerian government must discover more Heritage Bens with full local and international scholarships to pursue their educational careers.

Heritage Ben is not just sharing numbers and equations; she is creating a movement that elevates the discourse and fosters a community of critical thinkers among her peers. Keep shining bright, Mathematical Heritage Ben. Your journey has just begun, and the responsible world eagerly awaits all you will achieve.

Yahaya Balogun writes from Arizona, United States of America.

Monday

Protect R&D tax breaks to corporations to help stimulate the economy


 

There is one thing that has always set the American economy apart; it is the spirit of innovation that drives the American entrepreneur across all verticals to dream big, think hard and take calculated risks, with one singular purpose in mind - change the way things have always been done!

It is however important to understand that the main reason why the innovative spirit has always been alive and well in the United States, is due to the environment that has fostered, encouraged and engendered that spirit.

Over the years, perhaps due to the culture of greed and unbecoming avarice that permeated Corporate America, governmental regulations have become necessary, with the objective of not only protecting the American consumer, but also potentially preserving the integrity of the capitalist system.

My motive for writing this piece is centered in the belief that the bad behavior of corporate executives over the years has projected the wrong image (of Corporate America) with most Americans blaming the recent culture of careless risk-taking and greed, for the economic collapse of 2008.

While there is the push by most state governments and perhaps the federal government to find a way to tax corporations more, as they (the former) seek to balance their budget(s), they are however losing sight of one thing - the path towards real economic recovery and increase in jobs (particularly in the private sector) is through formulation and passing of initiatives, that promote growth, through innovation.

One of the surest ways to promote growth through innovation is in the area of Research & Development (R&D) tax credits.

Created by the U.S. Congress in 1981, the R&D credit has always been supported by the largest group for businesses in the United States - the U.S. Chamber of Commerce as well as business and industry watchers.

Recently though, critics of the R&D credit have been campaigning against it, calling the tax credit a costly corporate hand-out that has done little to encourage more hiring and investment.

What opponents of the R&D credit however fail to mention is that it remains one of the surest ways to not only help manufacturers achieve cost and efficiency savings, but also help stimulate the economy, through more hiring and increased investment.

At a time when unemployment in the technology sector remains rather low (at less than 3% compared to the general unemployment rate of 8%), removing an avenue for increased investment and improved efficiency would indeed be fool-hardy.

One can only hope that the current anti-corporate sentiment does not becloud sound judgment on the part of our elected officials.

Sunday

Tesla’s Nemesis, Chinese auto giant, BYD, to integrate DeepSeek….


CC™ EVolution

Shares in Chinese automaker BYD jumped on Tuesday after it unveiled plans to unroll advanced self-driving technology on nearly all its cars, including budget models priced below $10,000.

The company also said it would integrate AI startup Deepseek’s software into its cars, following domestic peers such as Geely, Great Wall Motors, and Leapmotor.

BYD is Tesla’s biggest rival in China and increasingly abroad, and Monday evening’s announcement led analysts to suggest a new price war might be on the horizon.

BYD will install its “God’s Eye” autonomous driving system in at least 21 models, including the Seagull budget hatchback priced from 69,800 yuan ($9,550).

The system includes features such as remote parking and autonomous highway navigation previously found on more expensive vehicles. Tesla has similar features available in its EVs priced from $32,000.

“Autonomous driving is no longer a remote rarity, it’s a… necessary tool,” BYD founder Wang Chuanfu said at a livestreamed event on Monday.

Self-driving technology would become an “indispensable tool like safety belts or airbags” within a few years, he predicted.

The integration of DeepSeek, the company said, would help improve self-driving technology and provide a more personalised experience for consumers.

The AI firm made headlines last month when it unveiled a chatbot that can match its American competitors apparently at a fraction of the cost.

Shares in BYD jumped 4.5 percent to a record high in Hong Kong on Tuesday — having already risen almost 20 percent in the days leading up to Monday’s event.

China’s auto market, the world’s largest, has seen a prolonged price war among dozens of EV producers desperate to grab market share.

Almost 11 million electric and hybrid vehicles were sold in the country last year, up more than 40 percent from 2023.

BYD accounted for around 4.2 million of those sales, with its quarterly revenue overtaking Tesla’s for the first time in the third quarter.

AFP

Saturday

Has the great ‘American dream’ run its course?


CC™ Politico

By Muyiwa Adetiba

Decades ago, I had a colleague who later became a brother. He studied in the US and was besotted with the country. He often talked about life in the US in a way that tickled my curiosity and heightened my expectations. He talked about its system and its advanced technology.

Being young, I was interested by his narratives on the night life and his escapades with women. But mostly, he talked about America as the land of opportunities. He called America ‘ilu orun’. My reading of the words at the time, which might not be the literal translation, was ‘heavenly’. His constant renditions coincided with the era of Hollywood and its colourful portraits of America.

We watched the ‘cowboy’ films and fell in love with the swagger of the cowboy as one man battled ten ‘Red Indians’ to a standstill without feeling any empathy for the Red Indians who were being disposed of their land; we watched films of valour and freedom and films of romance. All of these made strong impressions on my young mind and I longed to see the US for myself.

It could be the timing – New York in winter; it could the company – I was with a fellow traveler; it could be that I was no longer a wide-eyed, neophyte traveler – I had by then, been to a few countries; or it could simply be an over expectation, but my first impression of the US was not that of ‘ilu orun’ (heavenly). In fact, subsequent visits gave more favourable impressions. But I remember traveling through Manhattan in the cold and thinking I had never seen so many high rise buildings in one place. I remember a city bubbling with life with attractive neon lights on my way to dinner. And oh yes, I remember my first visit to the Playboy Club and the seductive Bunnies. Those were some of the memories of my first visit to the US.

The US in the 60s, 70s and 80s was a shining country on a hill. Everybody saw it. Everybody admired it. Everybody wanted to emulate it. And almost everybody wanted to go there, if only for a visit. The US that was projected to the world was of democracy, the rule of law, and free enterprise. But more than that, the US projected human freedom and equality. A country of immigrants, it was a country where the first generation of immigrants felt the same sense of ownership as the fourth generation.

It also didn’t matter if your surname sounded Greek or Chinese or Italian; if your passport was American, then you were all supposed to have the same rights and entitlements. It was a melting pot of ideas and cultures with none seemingly more important than the other. From desert to swamp; from hot to cold; from oil to gold; it was a country that claimed to have everything.

It was God’s own country. It was on the cards that it would be the richest country in the world. It was inevitable that it would be the world’s first Superpower. It was a natural progression that it would become the world’s moral compass and eventually the Police Officer of the world, admonishing abusive governments which fell short of democratic or acceptable moral standards. For years, it used this enormous power so cleverly, so benignly, that it got away with many things even when it was protecting its own geo/political interests. 

History tells us the US was originally home to the Red Indians. But it was such a vast, richly endowed country that it was soon home to people all over the world who wanted a better life and were not afraid of starting afresh. Its freedom was hard fought. History tells us of the war against its colonial master, against itself and against racism. The US acquitted itself on many fronts and emerged as a country where a child of a nobody could become a captain of industry, where a child of an immigrant could become the President or the Vice President, where an immigrant could become the wife of a President or the richest man in the world among many coveted positions.

It was called the Great American Dream and for years, held true to its promise. This promise was that America would give you a chance irrespective of what your background was. This promise was that if you were ready to keep your head down, your hands dirty and your nose clean, there would be a reward of a better life at the turn of the corner. This immigration flow has been America’s strength. It rejuvenates it. It gives it fresh oxygen, fresh ideas and fresh energy. At the time when Europe was aging and frankly decaying, America kept renewing itself. It has for years been the bastion of capitalism, rewarding enterprise and promoting trade without barriers – or tariff which is the new buzz word. 

All of these are about to change drastically due to internal contradictions and demographic fears. Some of these fears are understandable. They could be primordial but natural fears of being overwhelmed and displaced. I mean, they almost had two Black Presidents in one decade which to the ‘owners’ was unthinkable. (It is now very convenient not to remember that America once belonged to a people who were not white.) So the fear that the current Lords of the Manor could easily be sidelined is real to them. But clamming down on immigrants could end up being an unenlightened self-interest. If America loses its ‘Great American Dream’, it will not only lose its allure and its cheap labour, it will lose its cutting edge. Trump with its isolationism might be what the White Americans want but is it what they need? Trade protectionism might be what they yearn for but would it really make their products competitive?

They might be romanticizing Trump as a strongman, but can they abide with a dictator? Speaking of dictators, am I the only one who sees a parallel between Trump, a descendant of a German and Hitler, the German who caused a World War? There is the same need to be loved and admired; the same feeling of grandeur, the same desire for racial purity bordering on xenophobia; the same disdain for checks and balances; the same thirst for territorial ambition. The perplexed world might find Trump’s stated desire to annex Panama, Greenland, Columbia, Canada and now Gaza as mere rhetoric. I hope it stays as rhetoric. Otherwise, it is a World War loading. Heaven help us all.

NEWSWIRE

Friday

Immigration: The economy and the innerworkings of the H1-B visa program

Weekend Brew
CC™ Opinion - By John Smith 

Lately, there has been much fuss over the Trump administration's stringent policy regarding the H1-B visa program.Here are some hard facts about the H1-B visa program as it relates to how it actually works. 

A corporation will pay say $60.00 per hour for a temporary worker. The $60.00 per hour goes to a consulting firm. For an H1-B visa, it is normally an Indian consulting firm. For an American, it is maybe a local consulting firm. 

If it is an Indian consulting firm, they may take 40 percent and give 60 percent to the H1-B visa consultant of that hourly pay. Or maybe there will be two consulting firms involved, and the consultant may get 40-50 percent. 

For an American, the split may be a 34/66 split with 66 percent going to the consultant and 34 percent to the consulting firm. In either case, it doesn't make much difference. The big winners of the H1-B visa program are the consulting firms. For the corporations, it is also a win since they don't have to provide any benefits to the consultant(s) and they can end the contract at any time. 

The H1-B visa program helps East Indians migrate to America and subsequently take control of the IT industry with help from International Corporations. I have worked with H1-B visa consultants and for the most part, they are at best average and are definitely no better than American trained consultants. The truth is that most of these India-trained consultants can easily be replaced by American workers. 

The usual routine is an H1-B comes to the United States and gets a contract, thus displacing, in most cases, a better trained US worker. Then within 6 months they have to go back to India for a month and marry someone they will meet for the first time when they are face-to-face during the marriage ceremony. Then nine months after they've gotten back to the US with their new wife under their H1-B visa, they have what is known within immigration circles as an "anchor baby." 

You'd be surprised how many Indians who have been married in the US for ten years and have only one child. And that child is a year less than when they first came to the US. Thus, in addition to circumventing the economic system, the process also serves to do the same to the immigration system and it is rather unfair to those folks who work hard and do it by the book, especially immigrants from other parts of the world, who come to the United States legally. 

It is no secret that the Indian H1-B workers have a big advantage. The international corporations

have spent probably a quarter of a trillion dollars building Training Centers, aka Technology Centers in India. I'd say about 15 years ago, Corporations like Intel, Microsoft and GE spent upwards of $10 billion each to build Training Centers in India. In IT, you learn by doing. Either you use it or lose it. 

As soon as someone graduates from college in India (where cheating is rampant by the way) they are hired by a Training Center and go to work. 

Conversely, a US graduate, that is, a US citizen finds it harder to get a job and starts learning on the job, mainly because the jobs they would have gotten to start their careers are being filled by an H1-B visa. When I worked for EDS as a consultant, an old timer told me how it used to be. They would train people to be programmers. There were secretaries who the company let take programming classes and EDS taught them. A lot of workers ended up becoming programmers and bettering themselves. 

But over time, corporations decided to purchase an Indian Consulting firm and ship jobs to
India and also ship Indians to the US through the H1-B visa program to displace American workers for one reason alone, MONEY! It is all about cost savings or should I say, greed! 

In the end, the fact remains that the India-trained consultant is no better than the US trained one. The former is however a lot cheaper and also a lot easier to get rid off, with less complications. 

Those are the facts!

Thursday

Wealthy Entrepreneur 'Reversed' His Biological Age with a $2 Million Treatment Program - Ethical concerns here?


CC™ NewsMax

By Alexa Mikhail 

"Bryan Johnson, 45, has a team of more than 30 physicians working to keep him young by trying out the latest treatments Wealthy software entrepreneur Bryan Johnson, 45, has one goal: To have the brain, heart, lungs, liver, kidneys, tendons, teeth, skin, hair, bladder, penis and rectum of an 18 year old...."

Bryan Johnson, a wealthy entrepreneur based in Venice California, who is 45 going on 18—is enamored with the idea of being biologically young again. So much so that he is on the path to spending over $2 million this year alone on a host of medical interventions and tests aimed at helping him be younger. They range from electromagnetic pulses to improve the muscles in his pelvic floor to a device calculating the number of erections he has per night, according to a recent profile of the software businessman in Bloomberg. Johnson also routinely has MRIs, and has his body fat, heart rate variability, and blood and stool samples examined. 

Johnson sees a team of 30 doctors for regular, and sometimes invasive, tests for what they have named Project Blueprint, according to Bloomberg

The 29-year-old lead doctor and “regenerative medicine physician” on the project Oliver Zolman is dedicated “to help reverse the aging process in every one of Johnson’s organs” and charges up to $1,000 an hour for patients interested in the vast testing that Johnson participates in, Bloomberg reports. 

While the data is preliminary, Johnson has the heart of a 37-year-old, the skin of a 28-year-old, and the lung capacity of an 18-year-old, according to tests his doctors performed. His overall biological age is at least five years younger, per the report. 

“We have not achieved any remarkable results,” Zolman tells Bloomberg. “In Bryan, we have achieved small, reasonable results, and it’s to be expected.”

Johnson, who has a medical facility in his own home, also adheres to a hyper-strict exercise and eating ritual, taking two dozen supplements/other medicines at 5 a.m. each day, consuming 1,977 “vegan calories a day,” exercising for an hour, and hitting the hay at the same time after using blue light evasive glasses. 

“What I do may sound extreme, but I’m trying to prove that self-harm and decay are not inevitable,” he told Bloomberg. Since beginning to see results, he’s continued the project, despite criticism that it’s all a step too far in a way that impedes on the spontaneity that can define living a happy life. 

When Bloomberg reporter Ashlee Vance visited Johnson’s home, he writes, “He could have been mistaken for a big, swollen porcelain doll.” (He had recently undergone a fat injecting face procedure, which he says will help him accumulate more youthful cells, though it produced an allergic reaction.) 

Johnson has made it clear—whether due to a dream of staying fit and young, outliving his own generation, or to simply explore the untapped potential of emerging longevity technology—he is not stopping anytime soon. 

“The whole longevity field is transitioning into a much more rigorous, clinical place,” George Church, a geneticist at Harvard University, tells Bloomberg.

For the majority of people who don’t have the resources to have a medical facility in their home or access a team of doctors and regularly undergo medical tests, there are a myriad of questions—namely, what will this mean for the rest of us? What is the result of this kind of healthcare that allows the ultra-rich to literally descend in age?

For Johnson, though, it’s all fun for now. “If you say that you want to live forever or defeat aging, that’s bad—it’s a rich person thing,” Johnson says to Bloomberg. “If it’s more akin to a professional sport, it’s entertainment. It has the virtues of establishing standards and protocols. It benefits everyone in a systemic way.”

Source: Fortune Well

Wednesday

China’s Military Has Surpassed the U.S. in Ships, Missiles and Air Defense, Department of Defense report finds......

CC™ Defense Watch - By Richard Sisk

China’s People’s Liberation Army (PLA) has already surpassed the U.S. in missile development and its number of warships and air defense systems under the Chinese Communist Party’s plan to achieve dominance by 2049, the Defense Department said in a sobering report.

The ultimate goal of the People’s Republic of China, or PRC, is to “develop a military by mid-Century that is equal to — or in some cases superior to — the U.S. military, or that of any other great power that the PRC views as a threat,” the DoD’s annual report to Congress said.

To that end, the PRC has “marshalled the resources, technology, and political will over the past two decades to strengthen and modernize the PLA in nearly every respect,” the report said.

Under the national strategy pressed by Chinese President Xi Jinping, the result has been that “China is already ahead of the United States in certain areas” essential to its overall aim of progressing from homeland and periphery defense to global power projection, the report said.

“The PRC has the largest navy in the world, with an overall battle force of approximately 350 ships and submarines, including over 130 major surface combatants,” the report said.

That’s compared to the U.S. Navy’s current battle force of 295 ships.

In addition, “the PRC has more than 1,250 ground-launched ballistic missiles (GLBMs) and ground-launched cruise missiles (GLCMs) with ranges between 500 and 5,500 kilometers,” while the U.S. currently fields one type of conventional GLBM with a range of 70 to 300 kilometers and no GLCMs, the report said.

In some respects, China is also ahead on integrated air defense systems with a mix of Russian-built and homegrown systems, the report said.

“The PRC has one of the world’s largest forces of advanced long-range surface-to-air systems” — including Russian-built S-400, S-300, and domestically-produced anti-air systems — making up “part of its robust and redundant integrated air defense system,” the report said.

Despite the advances, the PLA “remains in a position of inferiority” to the U.S. in overall military strength, said Chad Sbragia, the deputy assistant secretary of Defense for China.

The 173-page DoD report “does not claim that China’s military is 10 feet tall,” but the Chinese Communist Party wants it to be, and has the plan and resources to reach that goal, Sbragia, a retired Marine officer, said at an American Enterprise Institute forum on China’s military.

At an earlier Pentagon briefing on the report, Sbragia said Beijing’s military strategy was driven by the view that the U.S. has decided upon a long period of confrontation to counter the global spread of China’s influence.

He said that China “increasingly views the United States as more willing to confront Beijing on matters where the U.S. and PRC interests are inimical.”

“The CCP leaders view the United States’ security alliances and partnerships — especially those in the Indo-Pacific region — as destabilizing and irreconcilable with China’s interests,” Sbragia said.

The DoD report, titled “Military and Security Developments Involving the People’s Republic of China” comes on the heels of China's increasing political and military influence in the world and the South China sea respectively.

The 23rd annual report on China by DoD noted the “staggering” improvements in China’s ability to build, coordinate and project power since the first report was issued.

“DoD’s first annual report to Congress in 2000 assessed the PRC’s armed forces at that time to be a sizable but mostly archaic military that was poorly suited to the CCP’s long-term ambitions,” the report said.

In 2000, “the PLA lacked the capabilities, organization, and readiness for modern warfare,” the report said. But the CCP, it added, recognized the shortcomings and set about with determination to “strengthen and transform its armed forces in a manner commensurate with its aspirations to strengthen and transform China.”

“More striking than the PLA’s staggering amounts of new military hardware are the recent sweeping efforts taken by CCP leaders that include completely restructuring the PLA into a force better suited for joint operations” and for “expanding the PRC’s overseas military footprint.”

The PLA has already established its first overseas military base in Djibouti, about a mile from U.S. Africa Command’s main base on the Horn of Africa.

In its commentary on the DoD assessment, the American Enterprise Institute noted that the report also stressed that “The PRC has likely considered locations for PLA military logistics facilities in Myanmar, Thailand, Singapore, Indonesia, Pakistan, Sri Lanka, United Arab Emirates, Kenya, Seychelles, Tanzania, Angola, and Tajikistan.”

Despite the progress made by China’s military over the past two decades, “major gaps and shortcomings remain” in readiness and operational capability, the report said, but China’s leaders are acutely aware of the problems and have detailed plans to overcome them.

“Of course, the CCP does not intend for the PLA to be merely a showpiece of China’s modernity or to keep it focused solely on regional threats,” the report said.

“As this report shows, the CCP desires the PLA to become a practical instrument of its statecraft with an active role in advancing the PRC’s foreign policy, particularly with respect to the PRC’s increasingly global interests and its aims to revise aspects of the international order,” it added.

-- Richard Sisk can be reached at Richard.Sisk@Military.com.

Military.com

Tuesday

Crypto is the next step toward a cashless society


CC™ Financial News

Julian Hosp

It will take some time for consumers to warm up to crypto, but education is the key to its mass adoption. 

From QR code payments to mobile banking apps, consumers worldwide are increasingly reliant on digital payment solutions, especially as mobile technology becomes more ubiquitous. Government-led efforts in driving cashless economies have been a key factor, with countries such as Singapore or the Philippines seeing their central banks driving the adoption of contactless payments during the height of the COVID-19 pandemic. As a result, usage rates for digital payments platforms have recorded promising growth, even as high as 5,000% in the Philippines alone.

This unprecedented rise in cashless payments is also paving the way for the broader adoption of crypto, with the number of crypto users worldwide hitting around 106 million in January. While this marks an impressive 15% month-on-month growth, it is still just a drop in the ocean when compared to the 4.7 billion people who have access to the internet.

But as crypto continues to command headlines, what will it take for mass adoption to happen?

A new model of financial accessibility

Today, billions of people worldwide are unable to access even the most basic financial services via traditional means, and thus are unable to save or manage their money securely. In times of economic devastation, such as this past year in which global economies have been staggered by the impact of COVID-19, the vast gap between rich and poor has become abundantly clear. The global pandemic has only perpetuated the absence of inclusive financial infrastructure, which has led to approximately one-third of the global population having no financial safety net to fall back on.

With crypto wallets, however, anyone can transfer their crypto internationally without needing to maintain a minimum balance in their account, as long as they have an internet connection. As crypto applications are built on decentralized blockchains, transactions are performed on a peer-to-peer basis in the absence of traditional intermediaries such as bankers or brokerage houses. This results in significant savings in transaction costs, as traditional cross-border remittance fees for small amounts can be as high as 7% after taking into account intermediaries’ fees on both the sender and recipient side. Meanwhile, the same fees for cryptocurrencies are often less than 1 percent — regardless of transaction amount.

Furthermore, highly decentralized platforms are permissionless, meaning that anyone with a crypto wallet and internet connection can lend, remit or trade their crypto without validation by a central authority or intermediary. Instead, transactions are executed by smart contracts, which automate them as long as pre-encoded conditions are met. Beyond the cost savings, consider the time savings as well. Remittance transactions can take several days to be processed, whereas cryptocurrencies can be transferred in mere minutes.

However, most crypto platforms still ask for some form of formal identification as part of their identity verification and Know Your Customer (KYC) process. This can range from a phone number to photo ID to proof of residential address. Some platforms adopt a multi-tier approach in which the more information that users provide, the more services they can access. While necessary for KYC and Anti-Money Laundering compliance, this poses barriers to users who do not own any formal identification documents.

Having said that, some decentralized exchanges, or DEXs, still honour the principles of anonymity and trustless working by not enforcing KYC on their users. The elimination of account verification and waiting time for approval has drawn many towards these types of DEXs — such as PancakeSwap, Uniswap and DeFiChain’s DEX — and has made finance truly accessible and inclusive for all.

Beyond simple transactions, recent innovations in the crypto space promise a much more equitable financial system where the unbanked and underbanked can access more means to build wealth. While DeFi products, such as token holding and staking on a DEX, might be a little too advanced for this group of users at the moment, simplified centralized decentralized finance (CeDeFi) services and improvements in financial literacy over time will help to open the door to these inclusive wealth creation opportunities.

Education is key to crypto adoption at scale

Widespread adoption of digital payment technologies, such as QR codes and biometrics, is definitely a promising sign that consumers have become more digitally savvy than ever before. In the Asia Pacific, more than 90% of surveyed respondents said they would consider at least one new payment method in the next year.

In addition to new payment technologies, the proliferation of retail investing has led to a paradigm shift in the investment landscape, with trading activities doubling over the past year. User-friendly platforms such as Robinhood and their well-known crypto counterparts — such as Coinbase — have made investing much more accessible to non-institutional investors.

This historic rise in cashless payments and retail investing saw the public gain more exposure to different asset types. However, in the United States, a staggering 84% of adults are either uninterested in cryptocurrencies or have never heard of them. While this could be attributable to the seemingly intimidating technicalities involved, we are now in a good place to gradually transition towards a more crypto-forward society.

For now, there’s much more to be done to help mainstream consumers gain a better understanding of crypto. Crypto projects, for one, would do well to invest more resources towards creating educational content to bridge the knowledge gap — whether through guides or detailed explainers. Meanwhile, taking on a more transparency-focused approach that looks to debunk misconceptions and ensure that users are aware of the risks associated with crypto, will enable those users to navigate their entry into the space with greater ease and confidence.

Crypto is the MVP in the cashless drive

As conversations on cryptocurrencies evolve, governments are taking note. While cash will not be eliminated any time soon, as many as 86% of central banks around the world are looking into central bank digital currencies in their quest to go cashless. The world’s first central bank digital currency (CBDC) — the Sand Dollar — was announced by the Central Bank of the Bahamas way back in 2018 and officially launched in October last year. The technology team behind this project was led by U-Zyn Chua, who went on to co-found DeFiChain.

Although CBDCs will be regulated by a central authority, their adoption will send a profound message to market participants on the legitimacy of digital currencies. The introduction of CBDCs is thus a much-needed springboard to catalyze large-scale crypto adoption.

In the short term, crypto is not going to replace the existing financial system, but will instead carve out its own ecosystem that is fit for a new generation of digital-first, financially savvy users. While it will take some time for consumers to warm up to crypto, the nascent technology will prove its worth in due time by offering cheaper, safer and more inclusive financial services for all.

Julian Hosp is the CEO and a co-founder of Cake DeFi, a platform dedicated to providing access to decentralized financial services and applications. He is also the chairman of DeFiChain, a DeFi platform built on the Bitcoin network. Julian is an active speaker for the Washington Speakers Bureau and an adviser for the EU’s blockchain groups. Julian graduated from Medizinische Universitat Innsbruck with a Doctor of Medicine in human medicine.

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