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Tag: Communication technology

  • Wells Fargo unveils 2024 target, warns of ‘really, really sloppy’ first half for stocks

    Wells Fargo unveils 2024 target, warns of ‘really, really sloppy’ first half for stocks

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    Wells Fargo Securities is officially out with its 2024 stock market forecast.

    Chris Harvey, the firm’s head of equity strategy, sees a volatile path to his S&P 500 to 4,625 year-end target.

    “It’s really hard to get excited. If we have better [economic] growth, then the Fed doesn’t do anything,” he told CNBC’s “Fast Money” on Monday. “If we have worse growth, then numbers are going to come down and then the Fed will eventually cut. The second half will be better, but the first half is going to be really, really sloppy.”

    Harvey’s target is just 75 points above Monday’s S&P 500’s close.

    “Can we go higher from here? Sure, we can go a little bit higher. But I just don’t think you can go a ton higher,” he said. “People have talked about 5,000. I don’t see how you get to that level.”

    In his official 2024 outlook note, Harvey told clients to brace for a “trader’s market” instead of a “buy-and-hold situation.” His early year strategy: Start with a risk-averse stance.

    “The VIX [CBOE Volatility Index] is up 13. Every time we’ve gone into a new year with the VIX at 13, we’ve seen spikes. We’ve seen the equity market pull back, and it’s just not a great setup into 2024,” Harvey added.

    He warns the higher cost of capital is an additional market problem because it prevents multiples from going higher.

    “As long as the cost of capital stays higher, it’s really hard for me to get to a much higher price target,” Harvey said.

    Yet, he still sees opportunities for investors.

    “What we want to do is we want to go to the places that are oversold. We just upgraded utilities today. We upgraded health care,” Harvey noted. “Those are areas that have good valuations, decent fundamentals and most people really aren’t there at this point.”

    ‘I hate to say that as being head of equity strategy’

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  • Apple-Apps-Top-10

    Apple-Apps-Top-10

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    The top 10 apps on the Apple Store for week ending 11/27/2022

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  • US FCC bans sales, import of Chinese tech from Huawei, ZTE

    US FCC bans sales, import of Chinese tech from Huawei, ZTE

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    WASHINGTON — The U.S. is banning the sale of communications equipment made by Chinese companies Huawei and ZTE and restricting the use of some China-made video surveillance systems, citing an “unacceptable risk” to national security.

    The five-member Federal Communications Commission said Friday it has voted unanimously to adopt new rules that will block the importation or sale of certain technology products that pose security risks to U.S. critical infrastructure. It’s the latest in a years-long escalation of U.S. restrictions of Chinese technology that began with President Donald Trump and has continued under President Joe Biden’s administration.

    “The FCC is committed to protecting our national security by ensuring that untrustworthy communications equipment is not authorized for use within our borders, and we are continuing that work here,” said FCC Chairwoman Jessica Rosenworcel, a Democrat, in a prepared statement.

    Huawei declined comment Friday. Along with Huawei and ZTE, the order affects products made by companies such as Hikvision and Dahua, makers of widely used video surveillance cameras.

    The FCC’s order applies to future authorizations of equipment, though the agency leaves open the possibility it could revoke previous authorizations.

    “Our unanimous decision represents the first time in FCC history that we have voted to prohibit the authorization of new equipment based on national security concerns,” tweeted Brendan Carr, a Republican FCC commissioner.

    Carr added that as “a result of our order, no new Huawei or ZTE equipment can be approved. And no new Dahua, Hikvision, or Hytera gear can be approved unless they assure the FCC that their gear won’t be used for public safety, security of government facilities, & other national security purposes.”

    Hikvision said in a statement that its video products “present no security threat” to the U.S. but the FCC’s decision “will do a great deal to make it more harmful and more expensive for US small businesses, local authorities, school districts, and individual consumers to protect themselves, their homes, businesses and property.”

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  • US FCC bans sales, import of Chinese tech from Huawei, ZTE

    US FCC bans sales, import of Chinese tech from Huawei, ZTE

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    The U.S. is banning the sale of communications equipment made by Chinese companies Huawei and ZTE and restricting the use of some China-made video surveillance systems, citing an “unacceptable risk” to national security

    WASHINGTON — The U.S. is banning the sale of communications equipment made by Chinese companies Huawei and ZTE and restricting the use of some China-made video surveillance systems, citing an “unacceptable risk” to national security.

    The five-member Federal Communications Commission said Friday it has voted unanimously to adopt new rules that will block the importation or sale of certain technology products that pose security risks to U.S. critical infrastructure. It’s the latest in a years-long escalation of U.S. restrictions of Chinese technology that began with President Donald Trump and has continued under President Joe Biden’s administration.

    “The FCC is committed to protecting our national security by ensuring that untrustworthy communications equipment is not authorized for use within our borders, and we are continuing that work here,” said FCC Chairwoman Jessica Rosenworcel, a Democrat, in a prepared statement.

    Along with Huawei and ZTE, the order affects products made by companies such as Hikvision and Dahua, makers of widely used video surveillance cameras.

    The FCC’s order applies to future authorizations of equipment, though the agency leaves open the possibility it could revoke previous authorizations.

    “Our unanimous decision represents the first time in FCC history that we have voted to prohibit the authorization of new equipment based on national security concerns,” tweeted Brendan Carr, a Republican FCC commissioner.

    Carr added that as “a result of our order, no new Huawei or ZTE equipment can be approved. And no new Dahua, Hikvision, or Hytera gear can be approved unless they assure the FCC that their gear won’t be used for public safety, security of government facilities, & other national security purposes.”

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  • Apple-Apps-Top-10

    Apple-Apps-Top-10

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    The top 10 apps on the Apple Store for week ending 11/20/2022

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  • Co-CEO of SKorean chat app steps down over service outage

    Co-CEO of SKorean chat app steps down over service outage

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    SEOUL, South Korea — A top executive of South Korea’s largest mobile chat app, Kakao, stepped down on Wednesday over a widespread service outage that triggered an outpouring of complaints in a country that is heavily reliant on such technology.

    Namkoong Whon, who became Kakao’s co-CEO in March, said he will resign to focus on his role as the leader of the company’s emergency task force for solving the technical problems exposed by the outage, which was caused by a fire at a data center near Seoul on Saturday.

    The fire initially paralyzed most of Kakao’s services, causing huge disruption in a country where millions of people rely on the apps to chat with friends, wire money, and hail taxis. Critics say the severity of the outage and Kakao’s slow recovery efforts highlighted the company’s poor backup systems and its overreliance on outsourced servers.

    Kakao said most of its services were operating normally as of Wednesday morning. SK C&C, which hosts Kakao’s servers at its data center in Pangyo, reportedly resumed providing full levels of electricity to those servers earlier on Wednesday after restoring the damaged systems.

    “Because of the data center fire, I feel more miserable than ever and take to heart my grave responsibility. I will step down to demonstrate Kakao’s willingness for renovation and change,” Namkoong said in a news conference.

    Kakao’s sole CEO is now Hong Eun-taek. He said the company is investing 460 billion won ($322 million) to build its own data center in the city of Ansan, which it plans to complete within a year. The company also plans to establish another data center in nearby Siheung by 2024.

    “We have learned our lesson from the fire, and our own data centers will be built as facilities that will be safe from fires and natural disasters like earthquakes, tidal waves and typhoons,” Hong said during the news conference.

    According to market analysis firm WiseApp, Kakao’s free chat app had around 45 million active users as of April, a huge presence in a country with a population of around 51 million. The company has used the popularity of the app to branch out to banking, online shopping and Uber-like taxi services in recent years. Its app also has been part of the country’s COVID-19 response, including reservations for vaccines and use of QR codes for infection tracing.

    Kakao’s chat users had dropped to around 39 million during the outage in the weekend as people began using other alternatives such as Facebook’s Messenger, Telegram and Naver’s Line, WiseApp said.

    South Korean President Yoon Suk Yeol said Kakao’s service outage also exposed the problems of its dominant market presence and added that the country’s antitrust watchdog was examining competition issues.

    “If a market becomes distorted by a monopoly or a severe oligopoly, especially to the extent where the (services) begin to function like a national infrastructure, the government should of course respond with necessary measures to protect the interests of people,” Yoon said Monday.

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  • Apple-Apps-Top-10

    Apple-Apps-Top-10

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    The top 10 apps on the Apple Store for week ending10/09/2022

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  • West rejects Putin’s claim it sabotaged Baltic gas pipelines

    West rejects Putin’s claim it sabotaged Baltic gas pipelines

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    COPENHAGEN, Denmark — Russian President Vladimir Putin on Friday accused the West of sabotaging Russia-built natural gas pipelines under the Baltic Sea to Germany, a charge vehemently denied by the United States and its allies. Nordic nations said the undersea blasts that damaged the pipelines this week and have led to huge methane leaks involved several hundred pounds of explosives.

    The claim by Putin came ahead of an emergency meeting Friday at the U.N. Security Council in New York on the attacks on the Nord Stream 1 and 2 pipelines, and as Norwegian researchers published a map projecting that a huge plume of methane from the damaged pipelines will travel over large swaths of the Nordic region.

    Speaking Friday in Moscow at a ceremony to annex four regions of Ukraine into Russia, Putin claimed that “Anglo-Saxons” in the West have turned from imposing sanctions on Russia to “terror attacks,” sabotaging the Nord Stream 1 and 2 pipelines in what he described as an attempt to “destroy the European energy infrastructure.”

    He added that “those who profit from it have done it,” without naming a specific country.

    In Washington, U.S. President Joe Biden dismissed Putin’s pipeline claims as outlandish.

    “It was a deliberate act of sabotage. And now the Russians are pumping out disinformation and lies. We will work with our allies to get to the bottom (of) precisely what happened,” Biden promised, adding that divers would be sent down to inspect the pipelines. “Just don’t listen to what Putin’s saying. What he’s saying we know is not true.”

    U.S. officials said the Putin claim was trying to shift attention from his annexation Friday of parts of Ukraine.

    “We’re not going to let Russia’s disinformation distract us or the world from its transparently fraudulent attempt to annex sovereign Ukrainian territory,” White House National Security Council spokeswoman Adrienne Watson said Friday.

    Moscow says it wants a thorough international probe to assess the damage to the pipelines, which were filled with gas but not supplying it to Europe. Putin’s spokesman has said “it looks like a terror attack, probably conducted on a state level.”

    European nations, which have been reeling under soaring energy prices caused by Russia’s invasion of Ukraine, have noted that it is Russia, not Europe, that benefits from chaos in the energy markets and spiking prices for energy.

    The U.S. has long opposed to the two pipelines and had repeatedly urged Germany to halt them, saying they increased Europe’s energy dependence on Russia and decreased its security. Since the war in Ukraine began in February, Russia has cut back supplies of natural gas sent to Europe to heat homes, generate electricity and run factories. European leaders have accused Putin of using “energy blackmail” to divide them in their strong support for Ukraine.

    Russia stopped gas flows through the 1,224-kilometer (760-mile) long Nord Stream 1 earlier this month, blaming technical problems, while the parallel Nord Stream 2 pipeline had never opened.

    Denmark and Sweden, meanwhile, said Friday that the explosions that rocked the Baltic Sea ahead of the huge methane leaks from the pipelines “probably corresponded to an explosive load of several hundred kilos (pounds).”

    The leaks occurred in international waters and ”have caused plumes of gas rising to the surface,” the two Scandinavian countries wrote in a letter to the United Nations.

    NATO has warned it would retaliate for any attacks on the critical infrastructure of its 30 member countries and joined other Western officials in citing sabotage as the likely cause of damage. Denmark is a NATO member, and Sweden is in the process of joining the military alliance. Both say the pipelines were deliberately attacked.

    At the U.N., Russia is a permanent member of the Security Council while neither Sweden or Denmark will be represented at the meeting Friday as they are not members.

    The Integrated Carbon Observation System, a European research alliance, said “an enormous amount of methane gas has been released into the atmosphere” from the damaged pipelines, about the amount of a whole year’s methane emissions for a city the size of Paris or a country like Denmark.

    “We assume the wind on the leak area blew the methane emissions north to the Finnish archipelago, then (the emissions) bend toward Sweden and Norway,” said Stephen Platt, a professor with the Norwegian Institute for Air Research, part of the group.

    The data was gathered from ground-based observations in Sweden, Norway, and Finland. Experts say these methane levels aren’t dangerous to public health but are a potent source of global warming.

    The suspected sabotage has produced two methane leaks off Sweden, including a large one above Nord Stream 1 and a smaller one above Nord Stream 2, and two leaks off Denmark.

    The Nord Stream 2 leak “has diminished, but is still ongoing,” the Swedish coast guard said, increasing its warnings for ships to stay 7 nautical miles (13 kilometers, 8 miles) from the blast areas.

    Nordic seismologists recorded explosions preceding the leaks. A first explosion was recorded early Monday southeast of the Danish island of Bornholm. A second, stronger blast northeast of the island hit that night and was equivalent to a magnitude-2.3 earthquake.

    Denmark and Sweden also said they were worried about the blasts’ “possible impact on the maritime life in the Baltic Sea.”

    Danish Prime Minister Mette Frederiksen said she would travel to London to discuss the gas leaks with British Prime Minister Liz Truss. She then will travel to Brussels to raise the issue with NATO Secretary General Jens Stoltenberg and European Council President Charles Michel.

    The attacks on the pipelines have prompted energy companies and European governments to beef up security around energy infrastructure.

    The fear of further damage to Europe’s energy infrastructure has added pressure on natural gas prices, which are already high and have caused widespread economic pain across the continent.

    Authorities in Norway, a major oil and gas producer, have reported at least six drone sightings near offshore installations in the North Sea, prompting the Petroleum Safety Authority Norway to “urge increased vigilance.” Danish newspaper Ekstra Bladet said a drone was spotted Wednesday near a Danish offshore oil and gas installation in the North Sea.

    Sweden has also stepped up security around its three nuclear power plants.

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    Follow all AP stories about climate change issues at https://apnews.com/hub/climate-and-environment and stories about the war in Ukraine at https://apnews.com/hub/russia-ukraine.

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    This story has been corrected to show that gas was not flowing now to Europe through the Nord Stream 1 or 2 pipelines.

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  • US-Apple-Apps-Top-10

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    Apple-Apps-Top-10 for week ending 12/3/2021

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