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Power

Sweden Rejects a New Electrical Interconnection With Germany (enerdata.net) 103

sonlas writes: Germany's energy transition plan includes extensive interconnection projects to distribute its intermittent renewable energy production. However, these projects face significant challenges. The latest example is Sweden. One such project, Hansa PowerBridge, announced in 2017, intended to link Germany and Sweden via a 300 km HVDC line through the Baltic Sea. This 700 MW project, estimated at 600 million euro, aimed to stabilize Germany's volatile electricity prices. However, on June 14, 2024, Sweden rejected the project, citing incompatibility between the countries' electricity systems. The connection would link northern Germany to southern Sweden, an area with insufficient infrastructure. Concerns also arose about the volatile German market disrupting Sweden's and increasing local prices. Energy Minister Ebba Busch justified this decision by saying the German market is currently not efficient enough and a connection would risk leading to higher prices and a more unstable electricity market in southern Sweden.

This highlights the difficulty Germany faces with its Energiewende, or energy transition model. This model leads to erratic electricity price behaviors and significant challenges in balancing production capacities. While a possible solution for Germany lies in interconnection with neighboring countries, the examples of Norway (which cancelled the NorGer project too) and Sweden show that from the perspective of these neighbors, it looks more like an "export of German problems" rather than a solution.

SuSE

SUSE Upgrades Its Distros With 19 Years of Support (zdnet.com) 36

An anonymous reader quotes a report from ZDNet: At SUSECon in Berlin, SUSE, a global Linux and cloud-native software leader, announced significant enhancements across its entire Linux distribution family. These new capabilities focus on providing faster time-to-value and reduced operational costs, emphasizing the importance of choice in today's complex IT landscape. SUSE Linux Enterprise Server (SLES) 15 Service Pack (SP) 6 is at the heart of these upgrades. This update future-proofs IT workloads with a new Long Term Service (LTS) Pack Support Core. How long is long-term? Would you believe 19 years? This gives SLES the longest-term support period in the enterprise Linux market. Even Ubuntu, for which Canonical recently extended its LTS to 12 years, doesn't come close.

You may ask yourself, "Why 19 years?" SUSE General Manager of Business Critical Linux (BCL) Rick Spencer, explained in an interview that the reason is that on 03:14:08 Greenwich Mean Time (GMT, aka Coordinated Universal Time) Tuesday, January 19, 2038, we reach the end of computing time. Well, not really, but Linux, and all the other Unix-based operating systems, including some versions of MacOS, reach what's called the Epoch. That's when the time-keeping code in 32-bit Unix-based operating systems reaches the end of the seconds it's been counting since the beginning of time -- 00:00:00 GMT on January 1, 1970, as far as Linux and Unix systems are concerned -- and resets to zero. Just like the Y2K bug, that means that all unpatched 32-bit operating systems and software will have fits. The Linux kernel itself had the problem fixed in 2020's Linux 5.6 kernel, but many other programs haven't dealt with it. Until then, though, if you're still running SLES 15 SP6, you'll be covered. I strongly suggest upgrading before then, but if you want to stick with that distro to the bitter end, you can.
The new SLES also boasts enhanced security features like confidential computing support with encryption in memory, utilizing Intel TDX and AMD SEV processors, along with remote attestation via SUSE Manager. Additionally, SLES for SAP Applications 15 SP6 offers a secure and reliable platform for running mission-critical SAP workloads, incorporating innovations from Trento to help system administrators avoid infrastructure issues.
Businesses

Kraken Accuses Blockchain Security Outfit CertiK of Extortion (theregister.com) 14

Kraken, one of the largest cryptocurrency exchanges in the world, has accused a trio of security researchers of discovering a critical bug, expoliting it to steal millions in digital cash, then using stolen funds to extort the exchange for more. The Register: The exchange wrote about the issue yesterday, saying the exploit allowed some users "to artificially increase the value of their Kraken account balance without fully completing a deposit." Kraken chief security officer Nicholas Percoco said on X that the researchers didn't provide any details in their bug bounty report, but that his team discovered the bug within an hour. According to Percoco, the issue derived from a recent UX change that would credit client accounts before assets actually cleared to create an artificial sense of real-time cryptocurrency trades. "This UX change was not thoroughly tested against this specific attack vector," Percoco admitted on X.

imply reporting the bug would have been enough for a sizable bounty, Percoco added. The researcher who disclosed the vulnerability, who Kraken didn't name "because they didn't comply with any [bug bounty] industry expectations," didn't stop there, however. According to Percoco, the analyst behind the find shared it with a couple of coworkers, who then exploited the vulnerability to withdraw nearly $3 million from the platform. Kraken noted that the funds stolen in this way were from the Kraken treasury and weren't client assets.

Businesses

Nearly 50% of Dell's US Staff Defy Office Return, Report Says 78

Dell's recent return-to-office mandate has met significant resistance, with nearly 50% of US full-time employees opting to remain remote, despite potential career consequences, according to Business Insider. The policy, introduced in February, requires hybrid workers to attend office 39 days per quarter, while remote workers face promotion restrictions. Internationally, about a third of staff chose remote work.

Further reading: Dell Makes Return-To-Office Push With VPN, Badge Tracking.
The Internet

Statewide 911 Outage Was Caused By 911 Vendor's Malfunctioning Firewall (arstechnica.com) 35

An anonymous reader quotes a report from Ars Technica: A 911 vendor's malfunctioning firewall caused a statewide outage in the emergency calling system in Massachusetts on Tuesday afternoon, the state government said. A Massachusetts government press release issued yesterday said the state's 911 vendor, Comtech, "has advised State 911 that they have applied a technical solution to ensure that this does not happen again." "A preliminary investigation conducted by the State 911 Department and Comtech determined that the outage was the result of a firewall, a safety feature that provides protection against cyberattacks and hacking," the announcement said. "The firewall prevented calls from getting to the 911 dispatch centers, also known as Public Safety Answer Points (PSAPs)."

Comtech's initial review "confirmed that the interruption was not the result of a cyberattack or hack," but "the exact reason the firewall stopped calls from reaching dispatch centers remains under review," the state said. A full review is continuing. The 911 outage lasted two hours. Shortly after it began, the State 911 Department alerted local law enforcement and issued a statewide emergency alert to residents advising them to call their local public safety business line directly if they had an emergency. "Although some calls may not have gone through, the system allows dispatch centers to identify the phone number of callers and return those calls. The Department has not received any reports of emergencies impacted during the interruption," the Massachusetts announcement said. State 911 Department Executive Director Frank Pozniak promised that the department "will take all necessary steps to prevent a future occurrence." Massachusetts has 204 Public Safety Answering Points that received an average of 8,800 calls, combined, per day in 2023.
In case of a 911 outage, an internet user recommends everyone save their local dispatch number in their contacts. You can also use these methods to reach emergency services:

- Call the non-emergency police line in your area.
- Use alternative numbers to reach first responders, such as the direct line to the local police or county sheriff's office.
- Use a landline, Wi-Fi calling or another cell carrier if a cellular service issue is responsible for the 911 outage.
- Send a text to 911, if the service is available in your area. The Federal Trade Commission (FCC) provides a list of areas currently supporting Text-to-911 on its website.

If calls from landlines to 911 and their non-emergency hotline are not working, police departments can still see the numbers of those who called from cell phones and call them back as soon as possible, notes WTOL.
Facebook

Meta's Customer Service is So Bad, Users Are Suing in Small Claims Court To Resolve Issues 69

Facebook and Instagram users are increasingly turning to small claims courts to regain access to their accounts or seek damages from Meta, amid frustrations with the company's customer support. In several cases across multiple states, Engadget reports, plaintiffs have successfully restored account access or won financial compensation. Meta often responds by contacting litigants before court dates, attempting to resolve issues out of court.

The trend, popularized on social media forums, highlights ongoing customer service issues at the tech giant. Some users report significant financial losses due to inaccessible business-related accounts. While small claims court offers a more accessible legal avenue, Meta typically deploys legal resources to respond to these claims.
Music

World's Largest Music Company Is Helping Musicians Make Their Own AI Voice Clones (rollingstone.com) 20

Universal Music Group has partnered with AI startup SoundLabs to offer voice modeling technology to its artists. The MicDrop feature, launching this summer, will allow UMG artists to create and control their own AI voice models. The tool includes voice-to-instrument functionality and language transposition capabilities. RollingStone adds: AI voice clones have become perhaps the most well-known -- and often the most controversial -- use of artificial intelligence in the music business. Viral tracks with AI vocals have spurred legislation to protect artists' virtual likenesses and rights of publicity.

Last year, an anonymous songwriter named Ghostwriter went viral with his song "Heart On My Sleeve," which featured AI-generated vocals of UMG artists Drake and The Weeknd. The song was pulled from streaming services days later following mounting pressure from the record company. Ironically, Drake got caught in a voice cloning controversy of his own a year later when he used a Tupac voice clone on his Kendrick Lamar diss track "Taylor Made Freestyle." Tupac's estate hit the rapper with a cease-and-desist in April, and the song was subsequently taken down.

Businesses

FedEx's Secretive Police Force Is Helping Cops Build An AI Car Surveillance Network (forbes.com) 47

Twenty years ago, FedEx established its own police force. Now it's working with local police to build out an AI car surveillance network. From a report: Forbes has learned the shipping and business services company is using AI tools made by Flock Safety, a $4 billion car surveillance startup, to monitor its distribution and cargo facilities across the United States. As part of the deal, FedEx is providing its Flock video surveillance feeds to law enforcement, an arrangement that Flock has with at least five multi-billion dollar private companies. But publicly available documents reveal that some local police departments are also sharing their Flock feeds with FedEx -- a rare instance of a private company availing itself of a police surveillance apparatus.

To civil rights activists, such close collaboration has the potential to dramatically expand Flock's car surveillance network, which already spans 4,000 cities across over 40 states and some 40,000 cameras that track vehicles by license plate, make, model, color and other identifying characteristics, like dents or bumper stickers. Lisa Femia, staff attorney at the Electronic Frontier Foundation, said because private entities aren't subject to the same transparency laws as police, this sort of arrangement could "[leave] the public in the dark, while at the same time expanding a sort of mass surveillance network."

Software

Plan for New Accounting Rules on Software Costs Moves Forward (wsj.com) 35

U.S. companies may need to report cash amounts tied to their software expenditures, more of which would be moved off corporate balance sheets under a forthcoming proposal to update decades-old accounting rules. From a report: The Financial Accounting Standards Board voted Tuesday, 7-0, to propose requiring companies to report cash amounts tied to their software costs and help them determine when to expense or capitalize costs. The proposal is a scaled-back version of rule-making around these expenses. The standard setter wants to require U.S. public and private companies to provide a line item in their cash-flow statement to account for cash spending on software. Rules around software costs have gone largely unchanged since the 1980s and 1990s.

The proposal would cover use of software ranging from enterprise resource planning systems to hosting services and mobile banking applications, meaning it applies to almost every company. It would exclude development of software licensed to customers. Under the plan, companies would no longer have to evaluate the stage of their software project to determine whether to expense the costs on the income statement or to capitalize, or delay fully recognizing them, on the balance sheet. Companies are now required to expense their software costs as incurred on the income statement during the initial planning and post-implementation stages. When building the programs or applications, companies have to capitalize eligible costs. These current requirements involve significant judgment for companies, creating higher compliance costs. Instead, companies would only have to determine when to begin capitalizing software costs based on executives' signoff for a project and the likelihood that the project will be completed and the software will carry out its intended use.

United States

Senate Passes Bill To Support Advanced Nuclear Energy Deployment (reuters.com) 151

The U.S. Senate has passed a bill to accelerate the deployment of nuclear energy capacity, including by speeding permitting and creating new incentives for advanced nuclear reactor technologies. From a report: Expanding nuclear power has broad bipartisan support, with Democrats seeing it as critical to decarbonizing the power sector to fight climate change and Republicans viewing it as a way to ensure reliable electricity supply and create jobs. A version of the bill had already passed in the House of Representatives and it will now go to President Joe Biden for a signature to become law. It passed the Senate 88-2 votes.

"In a major victory for our climate and American energy security, the U.S. Senate has passed the ADVANCE Act with overwhelming, bipartisan support," said Senator Tom Carper, a Democrat, who is Chairman of the Senate Environment and Public Works Committee. "Today, we sent the ADVANCE Act to the president's desk because Congress worked together to recognize the importance of nuclear energy to America's future and got the job done," said Republican Shelley Moore Capito, a ranking member of the committee.

IT

Asda IT Staff Shuffled Off To TCS Amid Messy Tech Divorce From Walmart (theregister.com) 22

An anonymous reader quotes a report from The Register: Asda is transferring more than 100 internal IT workers to Indian outsourcing company TCS as it labors to meet deadlines to move away from IT systems supported by previous owner Walmart by the end of the year. According to documents seen by The Register, a collective consultation for a staff transfer under TUPE -- an arrangement by which employment rights are protected under UK law -- begins today (June 17). The UK's third-largest supermarket expects affected staff to meet line managers from June 24, while the transfer date is set for September 16. Contractors will be let go at the end of their current contracts. Asda employs around 5,000 staff in its UK offices. Between 130 and 135 members of the IT team have entered the collective consultation to move to TCS.

The move came as private equity company TDR Capital gained majority ownership of the supermarket group. It was acquired from Walmart by the brothers Mohsin and Zuber Issa and TDR Capital in February 2021 at a value of 6.8 billion pounds. The US retail giant retained "an equity investment." Project Future is a massive shift in the retailer's IT function. It is upgrading a legacy ERP system from SAP ECC -- run on-prem by Walmart -- to the latest SAP S/4HANA in the Microsoft Azure cloud, changing the application software, infrastructure, and business processes at the same time. Other applications are also set to move to Azure, including ecommerce and store systems, while Asda is creating an IT security team for the first time -- the work had previously been carried out by its US owner.

Asda signed up to SAP's "RISE" program in a deal to lift, shift, and transform its ERP system -- a vital plank in the German vendor's strategy to get customers to the cloud -- in December 2021. But the project has already been beset by delays. The UK retailer had signed a three-year deal with Walmart in February 2021 to continue to support its existing system, but was forced to renegotiate to extend the arrangement, saying it planned to move away from the legacy systems before the end of 2024. Although one insider told El Reg that deadline was "totally unachievable," the Walmart deal extends to September 2025, giving the UK retailer room to accommodate further delays without renegotiating the contract.

Asda has yet to migrate a single store to the new infrastructure. The first -- Yorkshire's Otley -- is set to go live by the end of June. One insider pointed out that project managers were trying to book resources from the infrastructure team for later this year and into the next, but, as they were set to transfer to TCS, the infrastructure team did not know who would be doing the work or what resources would be available. "They have a thousand stores to migrate and they're going to be doing that with an infrastructure team who have their eyes on the door. They'll be very professional, but they're not going above and beyond and doing on-call they don't have to do," the insider said.

Businesses

iOS 18 Could 'Sherlock' $400 Million in App Revenue (techcrunch.com) 134

An anonymous reader shares a report: Apple's practice of leveraging ideas from its third-party developer community to become new iOS and Mac features and apps has a hefty price tag, a new report indicates. With the release of iOS 18 later this fall, Apple's changes may affect apps that today have an estimated $393 million in revenue and have been downloaded roughly 58 million times over the past year, according to an analysis by app intelligence firm Appfigures.

Every June at Apple's Worldwide Developer Conference, the iPhone maker teases the upcoming releases of its software and operating systems, which often include features previously only available through third-party apps. The practice is so common now it's even been given a name: "sherlocking" -- a reference to a 1990s search app for Mac that borrowed features from a third-party app known as Watson. Now, when Apple launches a new feature that was before the domain of a third-party app, it's said to have "sherlocked" the app.

In earlier years, sherlocking apps made some sense. After all, did the iPhone's flashlight really need to be a third-party offering, or would it be better as a built-in function? Plus, Apple has been able to launch features that made its software better adapted to consumers' wants and needs by looking at what's popular among the third-party developer community.

Mozilla

Mozilla Acquires Ad Metrics Firm Anonym (theregister.com) 29

Mozilla has acquired ad metrics firm Anonym in a move to "support user privacy" while delivering effective online advertising. Anonym, founded by former Meta executives in 2022, helps advertisers and ad networks measure the performance of online ads while preserving user privacy. The acquisition comes amid growing consumer concerns and regulatory scrutiny over current data practices in the advertising industry.

Mozilla CEO Laura Chambers sees this as a pivotal shift in the coexistence of privacy and advertising. Mozilla maintains that advertising is the underlying business model of the web, but it can be reformed to minimize societal harms.
Transportation

EV Maker Fisker Files for Bankruptcy (yahoo.com) 54

Fisker filed for bankruptcy on Monday, months after the electric-vehicle startup stopped production of its only model, the oft-malfunctioning Ocean SUV. From a report: Fisker is the second plug-in car company started by Henrik Fisker -- a famed designer of BMW and Aston Martin sports cars -- to end up in bankruptcy. An earlier venture, Fisker Automotive, filed for Chapter 11 protection in 2013 after a series of recalls spelled the downfall of its battery supplier, a fellow recipient of US Energy Department loans. The undoing of Fisker was more self-inflicted. The startup went public in 2020 as part of the wave of EV companies to benefit from the pandemic era boom in special purpose acquisition companies.

Combining with a SPAC sponsored by Apollo Global Management Inc. left Fisker with roughly $1 billion in cash and helped the company land a deal with a Magna International subsidiary that manufactures vehicles for the likes of Toyota, BMW and Mercedes-Benz. While Fisker Ocean sport utility vehicle production started on schedule in November 2022, the first SUVs lacked basic features including cruise control. The California-based company told customers it would deploy capabilities it had promised them the following year, via over-the-air software updates. Software bugs ended up slowing production for months, leading Fisker to repeatedly slash its forecasts. In February of this year, influential YouTuber Marques Brownlee produced a video -- This is the Worst Car I've Ever Reviewed -- that summarizes a series of issues he experienced while borrowing an Ocean from a New Jersey dealership.

IT

Nearly 20% of Running Microsoft SQL Servers Have Passed End of Support (theregister.com) 96

An anonymous reader shares a report: IT asset management platform Lansweeper has dispensed a warning for enterprise administrators everywhere. Exactly how old is that Microsoft SQL Server on which your business depends? According to chief strategy officer Roel Decneut, the biz scanned just over a million instances of SQL Server and found that 19.8 percent were now unsupported by Microsoft. Twelve percent were running SQL Server 2014, which is due to drop out of extended support on July 9 -- meaning the proportion will be 32 percent early next month.

For a fee, customers can continue receiving security updates for SQL Server 2014 for another three years. Still, the finding underlines a potential issue facing users of Microsoft's flagship database: Does your business depend on something that should have been put out to pasture long ago? While Microsoft is facing a challenge in getting users to make the move from Windows 10 to Windows 11, admins are facing a similar but far less publicized issue. Sure, IT professionals are all too aware of the risks of running business-critical processes on outdated software, but persuading the board to allocate funds for updates can be challenging.

Data Storage

The Short, Happy Reign of CD-ROM (fastcompany.com) 148

"Over at Fast Company, where we're celebrating 1994 Week, I wrote about the year of Peak CD-ROM, when excitement over the medium's potential was sky-high and the World Wide Web's audience still numbered in the extremely low millions," writes Slashdot reader and Fast Company technology editor Harry McCracken (harrymcc). "I cover once-famous products such as Microsoft's Encarta encyclopedia, the curse of shovelware, the rise of a San Francisco neighborhood known as 'Multimedia Gulch,' and why the whole dream soon came crashing down." Here's an excerpt from the article: Thirty years ago, a breakthrough technology was poised to transform how people stayed informed, entertained themselves, and maybe even shopped. I'm not talking about the World Wide Web. True, it was already getting good buzz among early adopter types. But even three years after going online, Tim Berners-Lee's creation was "still relatively slow and crude" and "limited to perhaps two million Internet users who have the proper software to gain access to it," wrote The New York Times' Peter H. Lewis in November 1994. At the time, it was the CD-ROM that had captured the imagination of consumers and the entire publishing industry. The high-capacity optical discs enabled mass distribution of multimedia for the first time, giving software developers the ability to create new kinds of experiences. Some of the largest companies in America saw them as media's next frontier, as did throngs of startups. In terms of pure mindshare, 1994 might have been the year of Peak CD, with 17.5 million CD-ROM drives and $590 million in discs sold, according to research firms Dataquest and Link Resources.

You already know that the frenzy didn't last. As the web got faster, slicker, and more readily accessible, CD-ROMs came to look pretty mundane, and eventually faded from memory. Myst, once the best-selling PC game of all time, might be the only 1990s disc that retains a prominent spot in our shared cultural consciousness. (Full disclosure: I do have a friend who can be relied upon to fondly bring up Microsoft's Cinemania movie guide about once a year for no apparent reason.) Revisiting the discs that defined the mid-1990s -- all of which are incompatible with modern operating systems -- isn't easy. To get some of them up and running again, I downloaded virtual CD-ROM files from the Internet Archive and used them with Windows 3.1 on my iPad Pro, courtesy of a piece of software Apple removed from the App Store in 2021. Spending time with titles such as Compton's Interactive Encyclopedia and It's a Wonderful Life Multi-Media Edition, three decades after they last commanded my attention, was a Proustian rush. You may not want to go to similar extremes. But would you indulge me as I wallow in enough CD-ROM nostalgia to get it out of my system?

AI

McDonald's Pauses AI-Powered Drive-Thru Voice Orders 53

After two years of testing, McDonald's has ended its use of AI-powered drive-thru ordering. "The company was trialing IBM tech at more than 100 of its restaurants but it will remove those systems from all locations by the end of July, meaning that customers will once again be placing orders with a human instead of a computer," reports Engadget. From the report: As part of that decision, McDonald's is ending its automated order taking (AOT) partnership with IBM. However, McDonald's may be considering other potential partners to work with on future AOT efforts. "While there have been successes to date, we feel there is an opportunity to explore voice ordering solutions more broadly," Mason Smoot, chief restaurant officer for McDonald's USA, said in an email to franchisees that was obtained by trade publication Restaurant Business (as noted by PC Mag). Smoot added that the company would look into other options and make "an informed decision on a future voice ordering solution by the end of the year," noting that "IBM has given us confidence that a voice ordering solution for drive-thru will be part of our restaurant's future."

McDonald's told Restaurant Business that the goal of the test was to determine whether AOT could speed up service and streamline operations. By automating drive-thru orders, companies are hoping to negate the need for a staff member to take them and either reduce the number of workers needed to operate a restaurant or redeploy resources to other areas of the business. IBM will continue to power other McDonald's systems and it's in talks with other fast-food chains over the use of its AOT tech. The likes of Hardee's, Carl's Jr., Krystal, Wendy's, Dunkin and Taco Johns are already testing or using such technology at their drive-thru locations.
Security

Hackers Demand as Much as $5 Million From Snowflake Clients (bloomberg.com) 6

Cybercriminals are demanding payments of between $300,000 and $5 million apiece from as many as 10 companies breached in a campaign that targeted Snowflake customers, according to a security firm helping with the investigation. From a report: The hacking scheme has entered a "new stage" as the gang looks to profit from the most valuable information it has stolen, said Austin Larsen, a senior threat analyst at Google's Mandiant security business, which helped lead Snowflake's inquiry. That includes auctioning companies' data on illegal online forums to try to pressure them into making payments, he said.

"We anticipate the actor to continue to attempt to extort victims," Larsen said. Snowflake, a cloud-based data analytics firm, said on June 2 that hackers had launched a "targeted" effort directed against Snowflake users that used single-factor authentication techniques. The company declined to comment on any specific customers.

Privacy

Proton Seeks To Secure Its Privacy-Focused Future With a Nonprofit Model (arstechnica.com) 19

Proton, the secure-minded email and productivity suite, is becoming a nonprofit foundation, but it doesn't want you to think about it in the way you think about other notable privacy and web foundations. From a report: "We believe that if we want to bring about large-scale change, Proton can't be billionaire-subsidized (like Signal), Google-subsidized (like Mozilla), government-subsidized (like Tor), donation-subsidized (like Wikipedia), or even speculation-subsidized (like the plethora of crypto "foundations")," Proton CEO Andy Yen wrote in a blog post announcing the transition. "Instead, Proton must have a profitable and healthy business at its core."

The announcement comes exactly 10 years to the day after a crowdfunding campaign saw 10,000 people give more than $500,000 to launch Proton Mail. To make it happen, Yen, along with co-founder Jason Stockman and first employee Dingchao Lu, endowed the Proton Foundation with some of their shares. The Proton Foundation is now the primary shareholder of the business Proton, which Yen states will "make irrevocable our wish that Proton remains in perpetuity an organization that places people ahead of profits." Among other members of the Foundation's board is Sir Tim Berners-Lee, inventor of HTML, HTTP, and almost everything else about the web.

Of particular importance is where Proton and the Proton Foundation are located: Switzerland. As Yen noted, Swiss foundations do not have shareholders and are instead obligated to act "in accordance with the purpose for which they were established." While the for-profit entity Proton AG can still do things like offer stock options to recruits and even raise its own capital on private markets, the Foundation serves as a backstop against moving too far from Proton's founding mission, Yen wrote.

Businesses

Wells Fargo Bet on a Flashy Rent Credit Card. It Is Costing the Bank Dearly. (wsj.com) 46

Wells Fargo's co-branded credit card partnership with fintech startup Bilt Technologies is causing the bank to lose up as much as $10 million monthly, according to a WSJ report. The bank agreed to a co-branded program with the fintech startup that most other big banks -- including JPMorgan Chase -- passed on, incorrectly modeled key assumptions and sees no path to profitability. The card, which allows users to pay rent without fees while earning rewards, has attracted many young customers. From the report: There is a reason why credit cards hadn't gained traction in the rent sector until Bilt came along. Most landlords didn't accept them because they refuse to pay card fees that get pocketed by the banks issuing them and often run between 2% and 3%.

Bilt structured the card so landlords won't incur the fees. Wells instead eats much of that. About six months after the credit card was launched, Wells began paying Bilt a fee of about 0.80% of each rent transaction, even though the bank isn't collecting interchange fees from landlords.
It appears that the problem for Wells Fargo is that Bilt customers are savvy. They are making the rent payments, but not carrying balances or doing any other transactions through the card.

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