(ZH) New Satellite Has "Superman's X-Ray Vision" To See Through Buildings

New Satellite Has "Superman's X-Ray Vision" To See Through Buildings

A new satellite from Capella Space is capable of taking high-resolution images anywhere in the world, even through the walls of buildings, according to Futurism.
What makes the Capella-2 satellite nothing short of magnificent is its onboard sensor, called the Synthetic Aperture Radar (SAR), which can snap a picture in night or day, rain or shine.
Capella-2 Satellite
Futurism says SAR technology "works similarly to how dolphins and bats navigate using echolocation."
"The satellite beams down a powerful 9.65 GHz radio signal toward its target, and then collects and interprets the signal as it bounces back up into orbit. And because the satellite is sending down its own signal rather than passively capturing light, sometimes those signals can even penetrate right through a building's wall, peering at the interior like Superman's X-ray vision."
Capella Space CEO Payam Banazadeh, a former system engineer at the NASA Jet Propulsion Laboratory, told the technology-based news publication that most surveillance and observational satellites in low Earth orbit do not have the ability to view land-based objects through clouds or at night. He said the Capella 2 satellite can take clear images during night or day, rain or shine.
"It turns out that half of the world is in nighttime, and half of the world, on average, is cloudy," Banazade said. "When you combine those two together, about 75 percent of Earth, at any given time, is going to be cloudy, nighttime, or it's going to be both. It's invisible to you, and that portion is moving around."
This week Capella Space launched a platform allowing government agencies and private organizations to request images of anything in the world.
Capella Space Platform
The company is expected to create a constellation of satellites in low Earth orbit that, combined, can produce clear radar images of anywhere in the world every hour.
Image of Tokyo
Certainly, this type of invasive surveillance technology will fuel panic among the privacy watchdog community.

(ZH) Google And Facebook Had "Secret Pact" To Divide And Conquer The Ad Market

Google And Facebook Had "Secret Pact" To Divide And Conquer The Ad Market

Texas and nine other states have accused Google and Facebook of colluding to divide and conquer the advertising market - and now it's being reported that the two tech giants are working together to fend off accusations from the government.
The two companies had a secret agreement where "Google agree[d] to give Facebook perks if the latter backs off from direct competition", according to RT. The two companies, in true Silicon Valley-nerd fashion codenamed their secret pact after a Star Wars character, reportedly called it "Jedi Blue".
The pact reportedly said that "the two firms were aware that their agreement could trigger antitrust investigations" and that the two companies agreed to “cooperate and assist each other in responding to any Antitrust Action,” and “promptly and fully inform the Other Party of any Governmental Communication Related to the Agreement.”
The word "antitrust" was used no fewer than 20 times in the agreement, RT noted.
Both companies have since denied wrongdoing and Facebook has called the allegations against it "baseless". Google has written the accusations off as "extremely common" and "inaccurate".
Other details of the secret pact were removed from the ongoing lawsuit - most notably absent was the value of the deal the two companies had with each other. Facebook, at one point, reportedly referred to the deal as "relatively cheap" compared to directly competing with one another.
"In the deal’s fourth year the social media company was to spend half a billion dollars annually for Google-run ad auctions," RT reported, citing the Wall Street Journal.
Recall, last week we noted that Texas had joined the DOJ and multiple other states in suing Google. The complaint followed the Department of Justice and several other states that have already brought antitrust claims again Google. Google "depends on advertising for much of its profits," the Wall Street Journal wrote in a follow up, noting that it reported digital ad revenue of $37.1 billion last quarter.
“This internet Goliath used its power to manipulate the market, destroy competition, and harm YOU, the consumer,” Texas' AG said on Twitter last week.
Texas’ initial civil subpoena to Google "included more than 200 questions and demands for records," the Journal wrote, noting that "many of the questions appear designed to solicit evidence that Google engaged in anticompetitive conduct in building up its powerful position."
Recall, back in October, we wrote about the DoJ's initial suit against Google. After it was filed, Elizabeth Warren became the first high-profile Democrat to officially step forward and accuse the DoJ of not doing enough to target Google in its latest lawsuit.
AG William Barr released a statement at the time, saying "millions of Americans rely on the Internet and online platforms..." and that "competition in this industry is vitally important."

FT : What we know about the new coronavirus strain

What we know about the new coronavirus strain
Scientists are racing to discover how infectious the variant is and if vaccines can beat it

Scientists are scrambling to understand the new coronavirus variant that has devastated the Christmas plans of millions of people in Britain and left the UK largely isolated from the rest of the world as a result of travel bans imposed by other countries. Labelled B.1.1.7, we look at what we know and do not know about the new strain.

Where did the new variant come from?
It was first detected in mid-October when the Covid-19 Genomics UK Consortium (Cog-UK) read the full genetic code of coronavirus in two samples that had been collected in Kent and London on September 20 and 21. But scientists did not became alarmed about B.1.1.7 until mid December when they associated it with rapidly rising case numbers in south-east England.

B.1.1.7 has far more mutations than in any previous variant of the Sars-Cov-2 virus analysed since the pandemic started. Twenty-three letters of the viral genetic code have changed, of which 17 could alter the behaviour of the virus. They include several mutations on the key “spike protein” that it uses to enter human cells.

Virologists suspect that the multiple mutations occurred in a patient with a severely suppressed immune system who incubated Sars-Cov-2 for many weeks and then infected someone else. These conditions are likely to supercharge the mutation process.

Efforts to trace the original “index patient” have failed. “We don’t know whether the new variant originated in the UK or was introduced from elsewhere,” said Sharon Peacock, Cog-UK director.

How infectious is it and how far has it spread?
B.1.1.7 has multiplied rapidly in London and south-east England, supplanting older variants. It was responsible for 28 per cent of infections in London by early November and 63 per cent since November 29. It is also present at much lower levels in Scotland, Wales and the rest of England.


Computer modelling of the viral spread suggests the new variant could be 50 to 70 per cent more transmissible than other Sars-Cov-2 strains circulating in the UK. The modelling shows it may raise the R value of the virus — the average number of people to whom someone with Covid-19 passes the infection — by at least 0.4, making the pandemic far harder to control without stringent lockdown measures. Some specific mutations on B.1.1.7 also look as though they might make it easier to infect people.

However, no laboratory studies of the transmissibility of the new virus have been completed and some independent experts were cautious about the meaning of the UK government’s modelling. The variant’s rapid spread could be a coincidence, they said, because people who happened to be carrying the variant had behaved in ways that were more likely to transmit the virus, such as ignoring social-distancing measures.

Outside the UK, the new Covid-19 variant has been identified in Denmark, Australia, Italy, the Netherlands and Iceland. Scientists suspect that it has spread much farther afield than this smattering of cases would indicate. The UK is one of the few countries doing the intensive genomic sequencing required to identify variants; Cog-UK has produced half of all the world’s publicly released Sars-Cov-2 sequences.

“There are very few countries that look — and if you don’t look for it, you won’t find it,” said Mads Albertsen, an expert in microbial genetics at Aalborg University in Denmark. “I cannot imagine that it hasn’t spread worldwide by now . . . It’s been in the UK for so long it must be in all countries around the world.”

Will the variant affect the immune system enough to stop Covid-19 vaccines working?
The vaccines completing trials and beginning mass inoculation programmes — from Pfizer/BioNTech, Moderna and Oxford/AstraZeneca — achieve protection by training the recipient’s immune system to recognise many different sites on the viral spike protein. Experts do not expect the mutations on B.1.1.7 to interfere with that.

“The prediction is that the new variant is unlikely to have more than a minor impact on vaccine effectiveness,” said Professor Adam Finn, a vaccine specialist at the University of Bristol. Scientists at the UK government’s Porton Down microbiology labs and colleagues at the vaccine companies are racing to confirm the veracity of that reassuring prediction.

Ugur Sahin, BioNTech chief executive, said it was “highly likely” that the company’s vaccine would work effectively against B.1.1.7, though it would take two weeks to complete the laboratory work needed to reach a definitive assessment.

One lab test involves infecting human cell cultures with coronavirus and then exposing them to antibodies from people who have been vaccinated. The scientists then look for any differences between the ability of the antibodies to neutralise different variants of the virus.

In the longer term, researchers will examine the health records of people who have been vaccinated to find out whether they are more susceptible to some variants than others.

Does the variant affect how ill people become if they are infected?
Scientists are analysing the viral genetics of Covid-19 patients to discover whether B.1.1.7 might affect their symptoms. “We have had no signal,” said Judith Breuer, professor of virology at University College London. “If it was much more virulent we would see signals emerging.”

There is provisional clinical evidence that B.1.1.7 is increasing the “viral load” — the amount of virus present in patients’ upper respiratory tract — which is also a feature of another variant called 501.V2 that has evolved independently in South Africa. This may make the new variants transmit more readily between people but it is not clear how the greater viral load would affect symptoms in those who are infected.

Might the new variant spread more easily in children?
Adults are more susceptible than children to Covid-19 partly because the so-called ACE receptor — the gateway into human cells for the virus — changes shape as people grow up. Some scientists have suggested that mutations in B.1.1.7 enable the virus to enter the juvenile form of these receptors more easily.

As Wendy Barclay, professor of virology at Imperial College London, put it, the genetic changes might give the virus a “more level playing field” for infecting children.

But experts emphasised that this theory was unproven and urged caution. “We are not aware of any increased incidence of the new variant in children,” said Prof Peacock.

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:

  • CVGW -15.6%, KMX -2%

Other news:

  • VRTV -20.5% (expands previously announced restructuring plan)
  • VERO -16.1% (stock offering)
  • BCRX -8.4% (provides update on Galidesivir Program)
  • CCXI -7.9% (provides topline results from Accolade trial of Avacopan)
  • XCUR -6.7% (files for $150 mln mixed securities shelf offering)
  • KNSL -4.9% (to be added to S&P MidCap 400)
  • RYTM -2.8% (announce results from a pivotal Phase 3 clinical trial evaluating setmelanotide for the treatment of insatiable hunger and severe obesity in individuals with Bardet-Biedl syndrome (BBS) or Alström syndrome)
  • PUMP -1% (new COO)
  • OSUR -0.8% (FDA requests more info on its SARS-CoV-2 antibody test),

Analyst comments:

  • NTLA -1.3% (downgraded to Neutral from Outperform at Robert W. Baird)

>>> US Gapping up

Gapping up

In reaction to earnings/guidance:

  • CLW +6.8% (increases EBITDA guidance as demand for tissue increased significantly), STAY +1.6% (declares special cash distribution of $0.35/share; also reaffirms Q4 prior guidance), HEI +1.2%

Other news:

  • FUBO +13.8% (continued strength following yesterday's move off sports partnership news)
  • SMPL +12.4% (to be added to S&P SmallCap 600)
  • PTON +9.4% (to acquire fitness equipment company Precor for $420 mln)
  • ZIOP +8.6% (Taiwan's FDA clears IND for non-viral CAR-T for the treatment of relapsed CD19+ leukemias and lymphomas)
  • PTAC +7.3% (shareholders approve combination with Porch.com)
  • RIOT +5.1% (announces 65% expansion in bitcoin mining hash rate)
  • MAXN +4.4% (announced that the company has received a positive patent validity ruling in a patent invalidation action) MTEM +4.3% (provides update on the Phase 1 study for MT5111)
  • NLS +4.1% (in sympathy with PTON acquiring fitness equipment company Precor)
  • SFBS +2.7% (increases dividend)
  • TMST +2.6% (to increase prices on seamless mechanical tubing products)
  • RIDE +2.5% (receives 80K non-binding reservations for its full-size, all-electric pickup truck)
  • TMUS +1.9% (National Ad Review Board asks TMUS to cease advertising 5G network as more reliable than competitors, according to TheVerge)
  • TPVG +1.4% (declares special distribution of $0.10/sh)
  • DDOG +1.4% (ParkMobile completes cloud migration)
  • CRDF +1.1% (names new Chairman of the Board ),  

Analyst comments:

  • SI +11.4% (initiated with an Outperform at Wedbush)
  • VSTO +4.4% (upgraded to Outperform from Market Perform at Cowen)
  • GRAY +3.9% (initiated with an Overweight at Cantor Fitzgerald)
  • CHX +3.4% (initiated with a Buy at Goldman)
  • REAL +2.3% (initiated with an Outperform at Robert W. Baird)
  • RCII +1.9% (upgraded to Buy from Hold at Loop Capital)
  • ILMN +1.3% (upgraded to Overweight from Neutral at Piper Sandler)

>>> US premarket gappers

Early premarket gappers

  • Gapping up:
    • SMPL +11.7%, ZIOP +9.6%, SFBS +9.6%, PTON +8.4%, PTAC +7.6%, NLS +4.4%, CLW +3.9%, MTEM +3.4%, TMST +2.6%, MAXN +2.2%, TPVG +1.4%, RIOT +1.4%, HEI +1.2%
  • Gapping down:
    • VRTV -20.5%, VERO -16.1%, CVGW -16%, CCXI -7.9%, XCUR -6.7%, KNSL -4.9%, CRDF -1.5%

FT : The case for the 60/40 portfolio in equities and bonds

The case for the 60/40 portfolio in equities and bonds
Strategy proves resilient in 2020 despite questioning by some investors as obsolete


Is a traditional portfolio of 60 per cent in equities and 40 per cent in bonds obsolete? Many investors thought so this year. However, the strategy has so far defied forecasts of its demise.

Despite concerns that the secular bull market for interest rates is ending, a closely watched benchmark* for the 60/40 strategy delivered a return of 11 per cent in 2020 up to December 15. That followed three decades of annualised returns of 7.6 per cent.

No doubt the new year will bring more questioning of the 60/40 strategy and, in particular, whether bonds offer an effective complement to riskier asset classes such as equities.

Returns over the horizon may be harder to achieve, but bonds will still play a very important role in portfolios. Indeed, the traditional benefits of bonds — diversification and a moderation of portfolio volatility — could be especially beneficial in the years ahead. The global economy is likely to see a bumpy recovery and broader shifts that could create much greater volatility than the market has experienced over the past decade.

The yields of fixed-income assets have also boosted the returns of multi-asset portfolios over the years. The benchmark US Treasuries delivered a fixed, reliable yield that has averaged 4 per cent over the past three decades.

In fact, 2.3 percentage points of the return from the above 60/40 multi-asset portfolio over the past 30 years has come from fixed income. This return carried little risk of capital loss, steadying the ship for investors during periods of volatility in riskier portions of the portfolio.

While equities over the past three decades have returned 8.8 per cent per year, the volatility of the asset class has been high. In that time, there have been three periods of drawdowns when the market, as measured by the MSCI All Countries World Index, fell more than 30 per cent. And diversification across the asset class often fails when it is needed most.

Bonds, however, have provided a ballast. Over the past two decades, the correlation between stocks and bonds has been largely negative, meaning that when stocks have fallen, bonds have typically risen.

These historical relationships between stocks and bonds, however, are under stress in today’s low, or some cases negative, interest rate world. The “haven” status of bonds during volatile periods was stress-tested in the market turmoil in the first quarter of the year as the world went into lockdown.

Despite a low starting point for yields at the start of 2020, fixed income still performed as expected as a diversifier of risk.

In the case of Germany’s 10-year Bund, yields started 2020 already slightly negative and then plunged to a record low of -0.86 per cent during the Covid-related volatility in the first quarter. Moreover, US Treasuries continued to return a positive nominal return, but yield on the 10-year note dropped as low as 0.51 per cent this year.

In the years ahead, market volatility is likely to be higher than over the past 10 years, particularly as monetary and fiscal accommodation wanes and inflation gradually rises. The world also faces potential political destabilisation from populism and an unwinding of trade globalisation.

Moreover, economic and market disruption brought about by technological change and demographic shifts will lead to extreme events and higher levels of uncertainty. It will therefore be crucial for most investors to maintain exposure to volatility dampeners, like bonds, in their portfolios to help offset equity risk during times of stress. 

However, investors are finding that they must target specific regions and parts of the yield curve in order to maximise return and diversification potential.

Massive intervention by central banks to keep interest rates down, coupled with risk aversion in response to Covid-19, have forced developed market sovereign bond yields to even lower levels.

There are opportunities, though, in high-quality assets such as mortgage-backed securities from US government agencies that are receiving support from the US Federal Reserve. Other attractive areas are AA and AAA rated investment-grade corporate bonds and emerging market debt that is currency hedged.

One answer for 60/40 portfolio investors is to divide fixed-income investments into two subcomponents — hedging and yield assets. By doing so, investors can create a well-diversified fixed-income portfolio that can still provide tremendous benefit to multi-asset portfolios.

 * The benchmark is 60 per cent based on the MSCI All Country World Index Total Return ($ unhedged) and 40 per cent the Bloomberg Barclays Global Aggregate Index ($ hedged)