IMF's Christine Lagarde: How We Regulate Tech Needs To Be Reinvented

IMF Director Christine Lagarde: How We Regulate Tech Needs To Be Reinvented

CNBC video above published Oct 6, 2017: IMF Managing Director Christine Lagarde talks about regulating big tech, and bitcoin, with CNBC.com's Sara Eisen.

Big Tech's power remains unchallenged

Financial Times (ft.com) video above published Sep 19, 2017: Rana Foroohar, the FT's global business columnist, examines the implications of the dominance of Big Tech groups like Google, Amazon and Facebook for competition ( antitrust, monopoly), for innovation and for the health of democracy. Slide:

source: S&P Global

Transcript of Lagarde interview (YouTube.com auto-generated):
00:00  IMF Managing Director Christine
00:01  Lagarde laying out her policy agenda in
00:04  a speech ahead of the IMF annual
00:05  meetings next week I got a chance to sit
00:07  down with her for an exclusive interview
00:08  yesterday asked about the increasing
00:10  regulatory and political pressure on big
00:13  tech everything from taxes to fake news
00:16  under the microscope I asked her whether
00:17  companies like Google and Facebook
00:18  actually deserve more regulatory
00:21  scrutiny I think the way in which they
00:25  operate and the value that they generate
00:29  the activity from needs to be looked at
00:32  and I would hope that this can be done
00:34  in cooperation with them you know value
00:38  that is driven by data by information by
00:41  pattern of consumption that we volunteer
00:44  in a way without really us knowing about
00:46  it
00:47  determines the value of what they can
00:50  offer in terms of service services and
00:52  clearly revenue needs to be contributed
00:55  by those companies where it is
00:58  contributed how it is defined
01:00  how intellectual property is going to be
01:02  used as a basis to allocate revenues and
01:06  base taxation on all these things are
01:10  being need to be reinvented and I hope
01:14  that dialogue takes place rather than
01:16  you know harsh adversarial debates have
01:21  they become too powerful competition law
01:25  is there to actually deal with it why
01:27  don't you also ask you about your
01:28  comments which made a lot of waves last
01:30  week on Bitcoin you said could
01:32  ultimately give central bank's a run for
01:33  their money
01:34  mm-hmm so with countries like China and
01:37  Korea this week cracking down is that a
01:40  mistake not to embrace it you know what
01:43  what the Chinese authorities have
01:44  decided is to just ban the initial
01:49  offering of bitcoins and I think that
01:52  they've done that on the basis of the
01:53  analysis that it was at least strongly
01:55  dominated by you know speculation and
01:58  Ponzi like schemes which is certainly
02:02  showing that they are paying attention
02:04  you know when you look at a country like
02:06  like Kenya for instance where transfers
02:08  where taxes being paid totally digitally
02:11  when you look at the way in which
02:13  you know some civil servants are paid
02:15  also totally electronically and and and
02:18  without leakages in the system as is the
02:20  case in some of the developing countries
02:22  when I look at my own country where you
02:25  know of all transactions between you
02:29  know my compatriots and and and the the
02:32  Treasury Department is all now on
02:35  digital support I think there are
02:37  massive changes taking place at the
02:39  moment which everybody needs to be
02:41  attentive to would you ever buy any for
02:43  yourself
02:44  no I didn't and it's too expensive for
02:46  me at the moment we're seeing the guard
02:49  headline Bitcoin is too expensive at the
02:51  moment but seriously her comments about
02:53  the new digital economy and payment
02:55  system and and phrasing that off of the
02:58  question about whether central banks and
03:00  governments should embrace Bitcoin to me
03:03  is a very powerful statement from the
03:05  head of the International Monetary Fund
03:08  especially in light of some other recent
03:10  comments from big bankers completely
03:13  dismissing the idea as a fraud well look
03:14  JPMorgan thinks it's a fraud Bank of
03:17  America thinks it's a terrible idea we
03:18  talked to to see your professor there
03:20  and then Goldman Sachs on the other side
03:22  may be trying to either create a market
03:24  or mining it or who knows what the plan
03:26  is so it's there's everybody's coming on
03:28  in a different side she really raises an
03:30  important question though around how
03:33  taxation needs to change in this digital
03:36  era you've got huge companies like
03:37  Google Facebook they don't make stuff
03:39  like the old manufacturing companies
03:40  everybody knew how to tax those who has
03:42  the convening power to bring those
03:45  companies and others to the table so
03:46  they don't end up saying well whatever
03:48  proposal the EU has or the US has or
03:50  whomever it's unfair who's gonna bring
03:52  all these folks together at a table I
03:54  don't know and I think also that the
03:55  point on privacy is related and that it
03:58  has to be looked at and it has to be I
04:01  think her point was in conjunction with
04:02  the companies and not just regulators
04:05  starting to put all sorts of new rules
04:07  and and stricter sort of laws around
04:09  this right well let's try to figure this
04:11  out

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Splunk $SPLK Helping Companies Make Sense of Machine Data (video)

$SPLK shares UP 80.82% Feb 22, 2016 - Feb 21, 2017

How Splunk Helps Companies Make Sense of Machine Data:

Splunk President and CEO Douglas Merritt discusses revenues, cloud sales and the company’s focus on cybersecurity, with Caroline Hyde on “Bloomberg Technology,” February 9, 2017.

Splunk Inc. (NASDAQ: SPLK) is a U.S.-based multinational corporation headquartered in San Francisco, California, that produces software for searching, monitoring, and analyzing machine-generated big data, via a web-style interface. In 2015, Splunk acquired Caspida, a cybersecurity startup, for $190 million, and also "sealed a cybersecurity alliance" with U.S. government security contractor Booz Allen Hamilton Inc. to offer combined cyberthreat detection and intelligence-analysis technology. In 2016, Google announced that its Google Cloud platform will integrate with Splunk to expand in areas like IT ops, security and compliance.

Principal domain: splunk.com

Splunk®, Splunk>®, Listen to Your Data®, The Engine for Machine Data®, Hunk®, Splunk Cloud™, Splunk Light™, SPL™ and Splunk MINT™ are trademarks and registered trademarks of Splunk Inc. in the United States and other countries.

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TechReview: YouTube Will Drive Alphabet $GOOG Revenues & Profits

Domain Mondo's weekly review of technology news:

Feature •  YouTube will drive Alphabet $GOOG $GOOGL revenues and profits over the "next 2 to 3 years" says AdParlor CEO Ben Legg:

How YouTube Can Drive Alphabet’s Profits:

 AdParlor.com CEO Ben Legg breaks down Alphabet’s results and the importance of YouTube to Google in the TV advertising market. He speaks with Caroline Hyde on “Bloomberg Technology.” on January 26, 2017. Also discussed: Facebook and Twitter. See also Alphabet $GOOG $GOOGL Q4 2016, LIVE Webcast Jan 26, 4:30pm ET.

Other Tech News:

•  Middle-Aged Americans More Addicted to Social Media Than Millennials: "Despite the popular belief that millennials are the generation most addicted to their phones, a recent report from Nielsen, the media information and analysis company, found that it is, in fact, Generation X that lavishes the most time on social media pages ... 35- to 49-year-olds averaged six hours and 58 minutes. Millennials, defined by the study as those aged 18 to 34, spent 39 fewer minutes per week. (People 50 and over, boomers and above, spent just four hours a week or so e-socializing.)"--Bloomberg.com

•  Tidal/Sprint | Lefsetz.com: "First and foremost, he [Jay Z] doesn’t know the first rule of the internet, which is one company ends up with seventy percent of the market. There’s no room for Tidal, Spotify’s already gobbled up the market share ... Peter Thiel wrote that you go into a business where no one else is. That’s how you make your money."

•  Facebook, Snapchat Deals Produce Meager Results for News Media: "Newspapers and other media outlets are struggling to make money from their partnerships with tech giants like Facebook and Snapchat, raising concerns over their business models in a news landscape increasingly dominated by social media platforms."--Bloomberg.com

•  Cloud Computing Spins Out Of Control (But Maybe That's Not Such A Bad Thing) | forbes.com: "The ubiquitous access to technology resources and services provided through cloud is providing almost unlimited opportunities for innovation at every level of organizations."

•  FY17 Q2 Microsoft | microsoft.com: Microsoft reported Surface revenue down 2% YoY to $1.32B as Azure revenue increased 93% and Phone revenue declined 81%. Revenue was $24.1 billion GAAP, and $26.1 billion non-GAAP. Operating income was $6.2 billion GAAP, and $8.2 billion non-GAAP.  Net income was $5.2 billion GAAP, and $6.5 billion non-GAAP. See also Microsoft's market value tops $500 billion again after 17 years | Reuters.com and The biggest barrier to Windows 10 success is still Windows 7 | ZDNet.com: "The fate of Windows 10 lies in the hands of users that are still deeply in love with Windows 7."

•  Q4 2016 earnings this past week on DomainMondo.com: Alibaba $BABA, Qualcomm $QCOM, Alphabet (Google) $GOOG, $GOOGL.

•  Earnings releases this coming week on Domain Mondo: Apple $AAPL (Jan 31), Facebook $FB (Feb 1), and Amazon $AMZN (Feb 2).

•  Mathematical Model Reveals the Patterns of How Innovations Arise | technologyreview.com:  "... innovation arises from the interplay between the actual and the possible was first formalized by the complexity theorist Stuart Kauffmann. In 2002, Kauffmann introduced the idea of the “adjacent possible” as a way of thinking about biological evolution. The adjacent possible is all those things—ideas, words, songs, molecules, genomes, technologies and so on—that are one step away from what actually exists. It connects the actual realization of a particular phenomenon and the space of unexplored possibilities. But this idea is hard to model ..."

Quick Takes:

• Jack Ma’s Ant Financial Buys MoneyGram for $880 Million | Bloomberg.com
• Apple sues Qualcomm in Beijing seeking 1 billion yuan | Reuters.com
• Toshiba to Spin Off Chip Business | Bloomberg | YouTube.com (video)
• The End of Terrible Wi-Fi Is Near as Smarter Routers Hit Market | Bloomberg.com
• Samsung is hoarding Qualcomm’s supply of Snapdragon 835 chips until Galaxy S8 release | TheVerge.com
• BT Group faces U.S. lawsuits as Italian accounting scandal deepens | Reuters.com
• HP recalls 101,000 more laptop batteries for fire hazard | Computerworld.com
• Finnair to trial China's Alipay for in-flight shopping | Reuters.com
• AppDynamics IPO: How Cisco swooped in and bought the company | Fortune.com: "How the Last Minute, $3.7 Billion AppDynamics Deal Went Down."

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US Recession Risk: Slow Growth Economy, Small Business Optimism Low

Evercore CEO: We're 'Close to the End of the Line' for Monetary Stimulus:

Evercore CEO: We've Got A Slow Growth Economy That Is Vulnerable - Ralph Schlosstein, chief executive officer at Evercore Partners, evercore.com, discusses the restrictions of monetary policy and the need for a move to fiscal policy. He speaks on "Bloomberg ‹GO›", published by Bloomberg.com May 4, 2016.

Video below: Survey Reports Small Business Optimism Hits 3-Year Low

Despite a strengthening employment picture nationwide, a new Bank of America survey indicates less than a quarter of small business owners plan to hire new employees in 2016 amid pessimism about economic growth. Bank of America's Sue Lonergan and small business owner Sal Rizzo join Lunch Break with Tanya Rivero to discuss. Published by WSJ.com on May 4, 2016

Video below: World markets continue to behave as though there is a risk of a US recession

America's profits recession | Authers' Note: John Authers looks at profits and revenues data to try to explain why. Published by FT.com on May 4, 2016.


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ICANN Budget Freeze, Uncertainty in Revenues, US Politics, IANA Transition, Volunteer Fatigue

Interesting topics discussed at the June 24th meeting in London between ccNSO and ICANN Board, according to the released transcript--ICANN budget freeze, uncertainty in ICANN revenues, U.S. politics and the IANA Transition, as well as ICANN volunteer fatigue due to the ongoing ICANN accountability and IANA transition processes--

ccNSO Meeting in London - Audio & Transcripts | Country Code Names Supporting Organisation:
LONDON – Board with ccNSO, Tuesday, 24 June 2014 – 09:45 to 10:45, ICANN – London
Meeting excerpts (begins at  Page 17 of 33, emphasis added):

ROELOF MEIJER: And, Fadi, you shouldn't see this as an attempt to raise a discussion about how you forecast your revenues.  It's more a warning on the fact that this is a forecast; and if we look at the budgeted costs, there's a risk that the cost increases faster than the revenues.  That was the message that I wanted to get across.

FADI CHEHADE: Absolutely. That point is well‐taken. And just to be clear, I have frozen the budgets of all departments of ICANN effective June 30th for the entire next year except the three areas that convinced me we need to invest a little more because we have invest ‐‐ frankly, we have a deficit of investment: I.T., compliance, and the new GDD division that has to grow with the growth of the new gTLDs. But everything else has been frozen: Engagement, every other area. Legal wanted ‐‐ everybody wanted more. We froze it. It is completely frozen. So the spend level they have on June 30th, zero dollar increase past June 30th for the next fiscal year. So I am cognizant ‐‐ someone yesterday said, I think we had to grow ICANN to deliver a certain level of services. But it's time to start curbing that growth, partly to deal with uncertainty in revenues. We don't want to have a rosy picture of revenues and find ourselves in a difficult place. So keenly aware of that. And I really appreciate it because I think as CEOs, we certainly should not fall into the trap of seeing the cost line continue to go up based especially on uncertainties on the revenue side. So you have my commitment to watch for that. I'm already starting the curbing across most departments and will continue to do that next year....

BYRON HOLLAND: And I'm sure you've already heard the commentary about volunteer fatigue. When we look at the various threads here, be it the steering group, whatever the final shape of the accountability process looks like, there's currently also a separate but related cross‐community working group on Internet governance. There is a cross‐community working group on the IANA transition taking shape right now. But just asking ‐‐ asking ICANN to be ‐‐ to recognize that and to do everything that ICANN can to try to mitigate volunteer fatigue....

BECKY BURR: I just want to say in case anybody is under any misconceptions about this, the CC [ccTLD] community is quite aware of the deadline [September, 2015, for the IANA transition] and the need to get this done and those of us who follow American presidential elections know very well why that's critical. I ‐‐ and I understand the balance, but I think that you guys have put it in our court. It's now up to us. You guys have to give us the opportunity ‐‐ it's going to take some hard work to get this going and to take responsibility for it. But that's what has to happen now. And any chance ‐‐ any effort to sort of control the timing is going to backfire.

FADI CHEHADE: Let me be careful. I didn't say we are controlling the timing. I was pointing to the fact that your community [ccTLDs?] is not monolithic on this issue. There are people within your community who would like the transition to never happen. There are people in your community who want to slow it down until it's maybe the Republicans running the U.S. government. There are people in your community who would like it to happen yesterday. So your community is not monolithic on this issue, and therefore, we have to also be careful, as you are coming back to us with varying inputs, that we understand, you know, how to keep this thing balanced with the other communities who will be affected by this transition as well. So this is our role, not as staff but as a coordinating committee by our ‐‐ I meant the coordinating committee….

CHRIS DISSPAIN: Byron, can I just clarify? Jay, I understand what you are saying. I think what ‐‐ I think what Fadi meant was "the" community as opposed to "this," specifically the ccTLD community. So within the wider community there are people who do not want this to happen. Within the wider community there are people who want to slow it down, speed it up, et cetera. So I think ‐‐ I think he said your community. But I think he meant the community generally....


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