By William Magnuson – It has been 10 years since the last financial crisis, and some have already started to predict that the next one is near. But when it comes, it will likely have its roots in Silicon Valley, not Wall Street.
Our banks are better capitalized than ever. Our regulators conduct regular stress tests of large institutions. And the Dodd-Frank Act imposes strict requirements on systemically important financial institutions.
But while these reforms have managed to reduce the risks that caused the last crisis, they have ignored, and in some cases exacerbated, the emerging risks that may cause the next one.
These financial technology (or “fintech”) markets are populated by small startup companies, the exact opposite of the large, concentrated Wall Street banks that have for so long dominated finance. And they have brought great benefits for investors and consumers. By automating decision-making and reducing the costs of transactions, fintech has greased the wheels of finance, making it faster and more efficient.
But revolutions often end in destruction. And the fintech revolution has created an environment ripe for instability and disruption. It does so in three ways. …
Wall Street is no longer the future of finance. Silicon Valley is. more> https://goo.gl/LK6CsY
Posted in Banking, Broadband, Business, CONGRESS WATCH, Economic development, Economy, History, Leadership, Media, Net, Regulations
Tagged Banking reform, Capital, Congress Watch, Financial crisis, Fintech, Government, Internet, Leadership, United States
By Steve Denning – Brooks concludes blithely that “the market is working more or less as it’s supposed to.” It is therefore wrong to conclude that the U.S. economy has “structural flaws.” That is “a story that is fundamentally untrue.”
The difficulty with the argument, as Brooks well knows, is that one or two good years don’t make an era. Two years of income growth don’t undo the trauma flowing from 50 years of wage stagnation, much less lead to the conclusion that there are “no structural flaws” in the economy.
The brute fact remains that median salaries have stagnated for some 50 years. That’s the real problem of the U.S. economy that economists ought to be talking about.
When moderates deny the obvious, the disaffected inevitably turn elsewhere.
If moderates want to be listened to, they will need to take a harder look at what is going on, come up with coherent explanations for what has gone wrong, and offer plausible remedial action. more> https://goo.gl/zuoJbQ
Posted in Banking, Broadband, Business, CONGRESS WATCH, Economic development, Economy, Education, Energy & emissions, Healthcare, History, Leadership, Media, Net, Regulations, Technology, telecom, Transportation
Tagged Banking reform, Capital, Climate change, Congress Watch, Debt, Government, Leadership, United States
#Ciena25: The Story Behind the Founding of Ciena
By Bruce Watson – The company that would eventually become Ciena began its life as an inspiration inside the head of David Huber. The former General Instruments engineer had an idea for how to help cable companies squeeze more television channels through their lines to end consumers. In 1992, he set out to turn those ideas into a reality, and on November 8, 1992, the paperwork was officially filed in Delaware for the new company.
Huber immediately began searching for venture capital funding. In late 1993, Huber was introduced to Pat Nettles, a veteran leader of several telecom companies. By early 1994, Nettles was brought on-board to run the business side of things and was soon the company’s first CEO (though owning a doctorate in particle physics, Nettles was no stranger to the technology side of things himself).
Nettles quickly convinced Huber that it was the long-distance phone companies, not the cable TV industry, that would be the best target for Huber’s invention.
The introduction between the two was orchestrated by Jon Bayless, a venture capitalist who’s firm Sevin Rosen Funds provided $3 million in start-up funding for the business in February 1994. more> https://goo.gl/ZdVzLE
Posted in Broadband, Business, Communication industry, Economic development, Economy, History, Net, Product, Technology, Telecom industry
Tagged Broadband, Ciena, Fiber optics, Internet, Manufacturing, Net evolution, Technology
By Leif Hartwig – As smart city initiatives pop up around the world, technologists and local governments are looking at ways in which they can help improve the quality of life of their citizens.
Achieving the “smart city vision,” however, is no easy task. With the implementation of each new process or technology, officials must ensure that communication is in sync with internal and external stakeholders to truly benefit on the road to getting “smarter.”
Like today’s modern enterprises, cities need to adapt to technological changes and create new and more efficient methods for getting work done. Even more so, city workers need to be able to communicate with each other, including contractors and private company representatives who are all involved in key projects.
When considering digital work hubs, officials/knowledge workers should keep in mind easy-to-use tech platforms that eliminate the need to have a number of different tools such as email, messaging, video conferencing and data sharing apps being used to collaborate and share. The combination of these tools and the transition of people on projects creates a huge challenge when it comes to searching for any information related to a project or group. more> https://goo.gl/vAvBRG
Posted in Broadband, Business, Communication industry, Economic development, Economy, Education, Net, Technology
Tagged Broadband, digital work hub, Internet, Jobs, Productivity, Smart City, Technology
By Steve Ranger – At its core, cyberwarfare is the use of digital attacks by one country or nation to disrupt the computer systems of another with the aim of create significant damage, death or destruction.
Governments and intelligence agencies worry that digital attacks against vital infrastructure — like banking systems or power grids — will give attackers a way of bypassing a country’s traditional defenses.
And unlike standard military attacks, a cyberattack can be launched instantaneously from any distance, with little obvious evidence in the build-up, and it is often extremely hard to trace such an attack back to its originators. Modern economies, underpinned by computer networks that run everything from sanitation to food distribution and communications, are particularly vulnerable to such attacks, especially as these systems are in the main poorly designed and protected.
Attacks by individual hackers, or even groups of hackers, would not usually be considered to be cyberwarfare, unless they were being aided and directed by a state. more> https://goo.gl/U3S5Ds
Posted in Banking, Broadband, Business, Communication industry, Economy, Education, History, Leadership, Media, Net, Technology
Tagged Broadband, Business, Congress Watch, cyberattack, Cybersecurity, Government, Internet, Technology
Aalto-1 satellite sends first image
By Jaan Praks, Antti Kestilä – Launched on the morning of 23 June from India, the Aalto-1 satellite’s first month in space has gone according to plan.
‘We have run checks on the majority of the satellite’s systems and found that the devices are fully functional,’ Professor Jaan Praks, who is heading the satellite project, explains.
‘We have also downloaded the first image sent by Aalto-1, which is also the first ever image taken from a Finnish satellite. It was taken while on orbit over Norway at an altitude of about 500 kilometres. The image shows the Danish coast as well as a portion of the Norwegian coastline.
Unlike traditional cameras, which measure three colours, the hyperspectral camera is able to measure dozens of freely selected narrow color channels. For this reason, it can be utilised for example in surveying forest types, algae and vegetation and as a tool in geological research. more> https://goo.gl/QGMNGu
Posted in Broadband, Communication industry, EARTH WATCH, Economic development, Economy, Education, Nature, Science, SPACE WATCH, Technology
Tagged Aalto University, Business improvement, Earth, Ecology, Leadership, Technology
How I Remade GE
By Jeffrey R. Immelt – I led a team of 300,000 people for 6,000 days. I led through recessions, bubbles, and geopolitical risk. I saw at least three “black swan” events. New competitors emerged, business models changed, and we ushered in an entirely new way to invest. But we didn’t just persevere; we transformed the company. GE is well positioned to win in the future.
The changes that took in the world from 2001, when I assumed the company’s leadership, to 2017 are too numerous to mention. The task of the CEO has never been as difficult as it is today. In that vein, my story is one of progress versus perfection. The outcomes of my decisions will play out over decades, but we never feared taking big steps to create long-term value.
For the past 16 years GE has been undergoing the most consequential makeover in its history. We were a classic conglomerate. Now people are calling us a 125-year-old start-up—we’re a digital industrial company that’s defining the future of the internet of things. Change is in our DNA: We compete in today’s world to solve tomorrow’s challenges. We have endured because we have the determination to shape our own future. Although we’re still on the journey, we’ve made great strides in revamping our strategy, portfolio, global footprint, workforce, and culture. more> https://goo.gl/L9nX1b
Posted in Broadband, Business, Economy, Energy & emissions, History, Leadership, Product, Technology
Tagged Change management, culture, GE, Manufacturing, Technology, transformation