American Investors To Report Investments In Chinese Tech Industry

The US government will call for American companies to report the investments they make in the Chinese tech industry, banning such investments in some cases. This will give the government unprecedented power to screen foreign deals made even by private companies. While some worry they may be overstepping, the government has said the measure would be enacted sensitively. 

This move is the latest update in the increasingly tense relationship between the two countries. According to the BBC, Chinese officials have said they are “very disappointed” by the decision. Liu Pengyu, a spokesperson for the Chinese embassy in Washington lamented that the US “has continuously escalated suppression and restrictions on China”. 

Biden had made this decision as part of a wider policy to restrict American investment in companies from “countries of concern” working within quantum computing, advanced semiconductors and sub-sectors of AI. 

The rules won’t come into effect immediately. We’re still awaiting a period of public comment where the boundaries of the proposed policy should become clearer. Officials have said the measure is a “national security action, not an economic one”. 

Conclusion 

While the US government may see this as a necessary defensive move in what is becoming an increasingly antagonistic international relationship, investors and business leaders worry about this new expansion of government oversight. Do you think this decision is worth the economic price? Or does it not go far enough? 

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In a significant development within the technology sector, IBM has announced its involvement in the Internal Revenue Services’ (IRS) $2.6B IT modernization program. The leap in IBM’s IRS modernization project signifies an integral milestone in restructuring the IRS’s technological footprint and reshaping the way the agency communicates with taxpayers and the tax community. This is a crucial step forward, aligning with the agency’s six-year Modernization Plan, announced in 2019.

The IRS, with its expansive reach and critical interaction points with the public, is poised to undergo a transformative journey in the coming years. With this award, IBM underscores its comprehension of the IRS’s technology challenges and highlights its firm-wide dedication to the mission at hand.

IBM’s Role in EDOS Contract

Susan Wedge, managing partner, U.S. Public and Federal Market at IBM Consulting, commented:

“The IRS is arguably one of the federal agencies with the most direct and crucial touch points with the American public, and IBM is honored to continue helping its team provide the modern, efficient digital experience that taxpayers expect and deserve.“

IBM’s participation in the Enterprise Development Operations Services (EDOS) contract is pivotal in bringing about technological advancements in the IRS’s infrastructure.

The Impact of IBM Technology on the IRS

As a leading provider of global hybrid cloud, AI, and consulting expertise, IBM is well-poised to offer cutting-edge solutions for the IRS. The IBM IRS modernization effort will streamline the agency’s business processes, reduce costs, and provide a competitive edge in their industry. With the support of IBM’s hybrid cloud platform and Red Hat OpenShift, government and corporate entities can expedite their digital transformations effectively and securely.

IBM’s breakthroughs in AI and quantum computing, along with their industry-specific cloud solutions and consulting, provide open and flexible options to the IRS. This is further backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service.

A Noteworthy Initiative

The IBM IRS modernization plan is a noteworthy initiative, indicating the growing role of technology and AI in reshaping government operations. As we continue to follow IBM’s work with the IRS, we invite our readers to join the discussion. What are your thoughts on this technological transformation? How do you foresee this impacting the taxpayer experience? Share your views in the comments below. For more information, visit IBM’s official website.

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Follow the money, they say. And for those wondering where all their money is going at the moment, the answer might surprise you. It’s been announced that PKO Bank Polski, Central and Eastern Europe’s largest universal bank, is accelerating its expansion into virtual worlds. Banking in the virtual world isn’t a new concept, but so far, it’s been a strictly traditional affair: your real-world money has been usable across digital platforms. Cryptocurrency’s rocky road to prominence has waylaid our species’ single, rapturous leap into tomorrow’s finances, but that hasn’t stopped PKO Bank Polski from going back to the drawing board when it comes to digital innovation.

As per PR News Wire, it has announced that it’s creating “attractive spaces” on gaming platforms such as Fortnite and Roblox, and it wants to develop its activity on Metaverse platforms such as Decetraland and The Sandbox – not household names now, but PKO Bank Polski is banking big on the potential for virtual reality in the banking space. Don’t have time to pop to your local branch? If the CEE’s biggest bank has anything to do with it, you’ll soon be able to have that mortgage meeting in the Metaverse.

“Our previous experience with being in the Metaverse world has been very positive. The Virtual PKO Rotunda embedded on the Decentraland platform still acts as a digital laboratory, but we are reaching the point where it is too small for us. – Katarzyna Dziwulska, PKO Bank Polski

Logging on – banking in the virtual world

As part of the announcement, PKO’s Managing Director of the Strategy and Digital Transformation Division, Katarzyna Dziwulska shares, “We have decided to increase our presence in the Metaverse and accelerate the process of building know-how.”  Building know-how refers to onboarding experts in the virtual world, and this will involve identifying organisations with the appropriate tech experience to collaborate on the maintenance of their Metaverse playpens and define various parameters.

Fortnite’s ‘freemium’ business approach has been both bold and lucrative; free to play, it offers compelling, dopamine-dripping paid-for challenges and cosmetics to its young player base. The anecdotes of old – colourful iPhone games that drain bank accounts with the tap of a single button – have given way to suaver money-making models. A successful digital presence relies on both context and execution, and PKO will need to be sure they don’t overwhelm users of any platform with spammy content and cloying messaging. The core user base of Fortnight and Roblox is savvy and, against all odds, their digital playgrounds are shaping every aspect of their online experiences.

An open call to all

What’s more, Roblox’s rapturous reception has been fuelled by its creators’ call to action – there’s money to be made in these digital hills! Assets, levels and entire games can be created thanks to the program’s intuitive tools, and the Director of the Innovation Bureau at PKO, Marek Myszka, invites everyone to give this innovative approach to digital expansion their best shot:

“This model will allow us to develop simultaneously on various gaming platforms… where we want to create attractive and engaging virtual spaces for users. We invite all interested companies to contact us via metaverse.pkobp.pl.”
– Marek Myszka

It’s clear the future of our finances is being written in real-time, but what do you think? This is part of a much larger push on PKO’s part to integrate their brand into popular virtual spaces, but is it a bit cloying? We’re used to seeing banks on our high streets, but it’s a far cry from Fortnight, and right now, Fortnite creator Epic has been remarkably savvy about how it integrates branded content into its free-to-play world; yes, you can battle and build as an assortment of Spider-Men, but that’s where the brand recognition ends. It’s organic.

By banking on Battle Royale and younger audiences, is PKO Bank Polski missing the mark on what makes the Metaverse special?

Source: The largest universal bank in the CEE region accelerates expansion in the Metaverse.

What do you think? Is this all a bit too Second Life for your liking? Banking from home sounds convenient, but does it threaten to alienate all but those most technologically-minded? Keep the conversation going in the comments.

Want more on the workplace of the future? Click here: What does the future of work look like for IT? Aruba Has A Solution.

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