India's Tata Consultancy Services allegedly manipulated U.S. visa programs by falsifying management credentials for foreign workers, according to lawsuits and federal data obtained by Bloomberg News. TCS, India's largest IT services firm, received upwards of 6,500 L-1A visas for managers from October 2019 through September 2023, more than the next seven largest recipients combined. In contrast, TCS categorized fewer than 600 of its 31,000 U.S.-based employees as executives and managers in a 2022 federal report.

Former TCS manager Anil Kini alleged in a lawsuit that in January 2017, a senior manager ordered him to alter organizational charts to hide discrepancies for employees without management responsibilities. The Equal Employment Opportunity Commission found "credible documentary evidence" that TCS "frequently falsifies documents in support of L-1 visa applications," according to a 2019 letter. L-1A visas for managers, unlike H-1B visas, have no pay requirements or caps.

TCS has denied wrongdoing, saying it "strongly refutes these inaccurate allegations by certain ex-employees, which have previously been dismissed by multiple courts."

Apps offering lifetime subscriptions may pose risks despite potential cost savings, according to cybersecurity experts and analysts. While some lifetime plans can pay off quickly - like dating app Bumble's $300 premium subscription that breaks even in five months - others require years of use to justify hefty upfront costs. Meditation app Waking Up charges $1,500 for lifetime access, requiring over 11 years of use to recoup the investment.

Security researchers warn against lifetime subscriptions for services with high recurring costs like VPNs and cloud storage. Such providers may compromise user privacy or cut corners on infrastructure to offset losses, said Trevor Hilligoss, senior vice president at cybercrime research group SpyCloud Labs.

White-collar workers are facing their deepest hiring slump in a decade, with one in four U.S. job losses last year hitting professional workers, according to S&P Global. A 2024 Vanguard report shows hiring for employees earning over $96,000 has fallen to its lowest level since 2014. The downturn has been particularly severe for job seekers â" 40% of applicants failed to secure even a single interview in 2024, according to a survey of 2,000 respondents by the American Staffing Association and The Harris Poll.

Technology and high interest rates appear to be driving the decline, with companies reassessing their workforce needs amid AI adoption and economic pressures. While hiring remains steady for those earning under $55,000 annually, the market continues to be especially challenging for mid-career professionals and higher earners.

Ten years after publishing his influential book on data privacy, security expert Bruce Schneier warns that surveillance has only intensified, with both government agencies and corporations collecting more personal information than ever before. "Nothing has changed since 2015," Schneier told The Register in an interview. "The NSA and their counterparts around the world are still engaging in bulk surveillance to the extent of their abilities."

The widespread adoption of cloud services, Internet-of-Things devices, and smartphones has made it nearly impossible for individuals to protect their privacy, said Schneier. Even Apple, which markets itself as privacy-focused, faces limitations when its Chinese business interests are at stake. While some regulation has emerged, including Europe's General Data Protection Regulation and various U.S. state laws, Schneier argues these measures fail to address the core issue of surveillance capitalism's entrenchment as a business model.

The rise of AI poses new challenges, potentially undermining recent privacy gains like end-to-end encryption. As AI assistants require cloud computing power to process personal data, users may have to surrender more information to tech companies. Despite the grim short-term outlook, Schneier remains cautiously optimistic about privacy's long-term future, predicting that current surveillance practices will eventually be viewed as unethical as sweatshops are today. However, he acknowledges this transformation could take 50 years or more.

Apple is exploring ways to monetize its Maps app by introducing paid business listings and prioritized search results, Bloomberg News reports, citing an internal company meeting with the Maps team. The initiative would allow businesses to pay for higher placement in search results and more prominent display on maps, similar to Google Maps' advertising model. While no timeline has been set and no active development is underway, the move would mark Apple's first attempt to generate direct revenue from its mapping service. The potential Maps monetization comes as Apple expands its advertising business across other services. The company has previously increased its focus on search ads in the App Store and recently added advertising to its News and Stocks apps, as well as its sports content.

"Amazon required employees to work from the office five days a week starting January 2nd," writes the Seattle Times, "a change from the company's three-day in-office mandate that had been in effect since May 2023."

And as Seattle's largest employer (with 50,000 Seattle-based workers), this had an impact, according to data the Times cites from the nonprofit Downtown Seattle Association: In January, downtown Seattle recorded the second-highest daily average for weekday worker foot traffic since March 2020. It also saw 2 million unique visitors on its sidewalks last month. That represents 94% of the visitors downtown Seattle saw in January 2019, the Downtown Seattle Association found...

In a statement Friday, Amazon said "we're excited by the innovation, collaboration and connection we've seen already with our teams working in person together...." Jon Scholes [the president of the Downtown Seattle Association] said Amazon's return has been a boon for downtown Seattle. As the city's largest employer, its mandate instantly brought more people to shop and dine around South Lake Union, the Denny Triangle and surrounding neighborhoods... "I think we're seeing people get reacquainted with the reasons they liked working downtown prepandemic," Scholes said. He expects to continue seeing an uptick in foot traffic over the course of the year as more companies follow Amazon's lead and the weather warms up.
But Seattle magazine says the statistics show foot traffic in neighborhoods where Amazon's offices are located (South Lake Union and Denny Regrade) "at 74% of that of January 2019. Overall, downtown-area foot traffic was 9% higher than it was a year ago, though only 57% of the pre-pandemic average."

California is "considering state ownership of one or more oil refineries," reports the Los Angeles Times.

They call the idea "one item on a list of options presented by the California Energy Commission to ensure steady gas supplies as oil companies pull back from the refinery business in the state." "The state recognizes that they're on a pathway to more refinery closures," said Skip York, chief energy strategist at energy consultant Turner Mason & Co. The risk to consumers and the state's economy, he said, is gasoline supply disappearing faster than consumer demand, resulting in fuel shortages, higher prices and severe logistical challenges.

Gasoline demand is falling in California, albeit slowly, for two reasons: more efficient gasoline engines, and the increasing number of electric vehicles on the road. Gasoline consumption in California peaked in 2005 and fell 15% through 2023, according to the Union of Concerned Scientists. Electric vehicles, including plug-in hybrids, now represent about 25% of annual new car sales... The drop in demand is causing fundamental strategic shifts among the state's major oil refiners: Chevron, Marathon, Phillips 66, PBF Energy and Valero.

Already, two California refineries have ceased producing gasoline to make biodiesel fuel for use in heavy-duty trucks, a cleaner-fuel alternative that enjoys rich state subsidies. More worrisome, the Phillips 66 refinery complex in Wilmington, just outside Los Angeles, plans to close down permanently by year's end. That leaves eight major refineries in California capable of producing gasoline. The closure of any one would create serious gasoline supply issues, industry analysts say. But both Chevron and Valero are contemplating permanent refinery closures. The implications? "Demand will decline gradually," York said, "but supply will fall out in chunks." What's unknown is how many refineries will close, and how soon, and how that will affect supply and demand...

A state refinery takeover seems like a radical idea, but the fact that it's being considered demonstrates the seriousness of the supply issue. It's one of several option laid out by the California Energy Commission, which is fulfilling a legislative order to find ways to ensure "a reliable supply of affordable and safe transportation fuels in California." The options list is disparate: Ship in more gasoline from Asia; regulate refineries on the order of electric utilities; cap profit margins; and many more.
92% of California's gas is produced in refineries, the Times reports. But the special gasoline blends required to reduce air pollution "also drive up gasoline prices and raise the risk of shortages, because little such gasoline is produced outside California."

The Cleveland Review of Books ponders a new 697-page hardcover collection of American poet/author Kevin Killian's.... reviews from Amazon. (Over 2,000 of 'em — written over the course of 16 years.)
In 2012, he wrote three substantial paragraphs about the culinary perfection that can be found in a German Potato Salad Can (15 oz., Pack of 12). Often, he'd open with something like "as an American boy growing up in rural France." Killian grew up on Long Island, New York. He didn't take himself (or much else) too seriously....

[Killian] was also a member of the New Narrative Movement... Writers acknowledge the subjectivity of, and the author's active presence in, the text... Amazon reviews are a near-perfect vehicle for New Narrative's tenets... Killian camouflaged his reviews in the cadence of the Amazon everyman. He embraced all the stylistic quirks, choppy sentence fragments and run-ons, either darting from point to point like a distracted squirrel or leaning heavily into declarative statements.... About the biographer of Elia Kazan, he tells us, "Schickel is in love with the sound of his voice, and somewhere in the shredded coleslaw of his prose, a decent book lies unavailable to us, about the real Elia Kazan...."

[T]he writing can move from very funny to strangely poignant. One of my favorites, his review of MacKenzie Smelling Salts, begins with a tragically tongue-in-cheek anecdote about his Irish grandfather:

"My Irish grandfather used to keep a bottle of MacKenzie's smelling salts next to his desk. He was the principal at Bushwick High School (in Brooklyn, NY) in the 1930s and 1940s, before it became a dangerous place to live in, and way before Bushwick regained its current state of desirable area for new gentrification. And he kept one at home as well, in case of a sudden shock. At school, he would press the saturated cotton under the nostrils of poor girls who realized they were pregnant in health class, before he expelled them."

He ends with his own reasons for using smelling salts, citing wildly diverging examples: his grief upon learning of the death of Paul Walker from the Fast & Furious film franchise abuts Killian's disappointment at not being selected for the 2014 Whitney Biennial. Apparently, both were deeply traumatic experiences for Kevin... ["it took my wife a minute or two to locate the MacKenzie's, but passing it under my nose, as though she were my grandfather ministering to the pregnant girls of yore..."]

No one wants to be forgotten. I do not think it's a coincidence Killian started writing the reviews after his heart attack. Why did he keep going? Most likely, it was because he enjoyed the writing and got something out of it — pleasure, practice, and a bit of notoriety. But mainly, I think the project grew out of habit and compulsion. In a similar way, the graffiti art of Keith Haring, Jean-Paul Basquiat, and Banksy began in subway tunnels, one tag and mural at a time, until it grew into bodies of work collected and coveted by museums worldwide. In Killian's case, the global commerce platform was his ugly brick wall, his subway platform, and his train car. Coming away, I like to imagine him gleefully typing, manipulating the Amazon review forums into something that had little to do with the consumerism they had been created to support: Killian tagging a digital wall to remind everyone KEVIN WAS HERE.
The book reviewer points out that the collection's final review, for the memoir Never Mind the Moon: My Time at the Royal Opera House, is dated a month before Killian died.

"Unfortunately, the editors of this volume did not preserve the Helpful/Not Helpful ratings, only the stars."

Putting it all in perspective, the book critic notes that "In 2023, Amazon reported that one hundred million customers submitted one or more product reviews to the site. The content of most is dross, median." Though the critic then also acknowledges that "I haven't read any of Killian's other work."

Yahoo Finance shares an interesting prediction. Amazon has an "under-the-radar robot push" that "could boost its profit margins big-time, Morgan Stanley managing director Brian Nowak said." Nowak said Amazon has quietly developed six significant next-generation fulfillment centers in the past three years that bring automation front and center... Amazon now has industrial robots that can increase efficiencies across the storage, inventory management, pick and packing, and sorting order fulfillment processes.

Fulfillment costs make up about 20% of Amazon's retail revenue, so he reasoned that automation could have a significant impact on long-term operating profit potential. Nowak says if 30% to 40% of Amazon's US units were fulfilled through next-generation robotics-enabled warehouses by 2030, it could lead to $10 billion-plus of savings... The investments in robots may already be paying off. Amazon's North America retail operating margins on a trailing 12-month basis have risen for five straight quarters. North America operating margins improved to 6.2% from 4.6% a year ago.
Nowak made the remarks on a Yahoo Finance podcast (at the top of their article) after touring one of Amazon's robot-enhanced sites in Louisiana. He believes robotics can drive down Amazon's costs compared to other retailers like Target (which he sees as lagging behind Amazon on robotics).

Meanwhile workers at an Amazon facility in North Carolina held a vote Saturday on whether to unionize. But roughly 75% of the workers voted against unionization.

"Reddit Answers" uses generative AI to answer questions using what past Reddittors have posted. Announced in December, Reddit now plans to integrate it into their search results, reports TechCrunch, with Reddit's CEO saying the idea has "incredible monetization potential."

And yet Reddit's stock fell 14% this week. CNBC's headline? "Reddit shares plunge after Google algorithm change contributes to miss in user numbers." A Google search algorithm change caused some "volatility" with user growth in the fourth quarter, but the company's search-related traffic has since recovered in the first quarter, Reddit CEO Steve Huffman said in a letter to shareholders. "What happened wasn't unusual — referrals from search fluctuate from time to time, and they primarily affect logged-out users," Huffman wrote. "Our teams have navigated numerous algorithm updates and did an excellent job adapting to these latest changes effectively...." Reddit has said it is working to convince logged-out users to create accounts as logged-in users, which are more lucrative for its business.
As Yahoo Finance once pointed out, Reddit knew this day would come, acknowledging in its IPO filing that "changes in internet search engine algorithms and dynamics could have a negative impact on traffic for our website and, ultimately, our business." And in the last three months of 2024 Reddit's daily active users dropped, Yahoo Finance reported this week. But logged-in users increased by 400,000 — while logged-out users dropped by 600,000 (their first drop in almost two years).

Marketwatch notes that analyst Josh Beck sees this as a buying opportunity for Reddit's stock: Beck pointed to comments from Reddit's management regarding a sharp recovery in daily active unique users. That was likely driven by Google benefiting from deeper Reddit crawling, by the platform uncollapsing comments in search results and by a potential benefit from spam-reduction algorithm updates, according to the analyst. "While the report did not clear our anticipated bar, we walk away encouraged by international upside," he wrote.

Most virtual meeting platforms these days include AI-powered notetaking tools or bots that join meetings as guests, transcribe discussions, and/or summarize key points. "The tech companies behind them might frame it as a step forward in efficiency, but the technology raises troubling questions around etiquette and privacy and risks undercutting the very communication it's meant to improve (paywalled; alternative source)," writes Chris Stokel-Walker in a Weekend Essay for Bloomberg. From the article: [...] The push to document every workplace interaction and utterance is not new. Having a paper trail has long been seen as a useful thing, and a record of decisions and action points is arguably what makes a meeting meaningful. The difference now is the inclusion of new technology that lacks the nuance and depth of understanding inherent to human interaction in a meeting room. In some ways, the prior generation of communication tools, such as instant messaging service Slack, created its own set of problems. Messaging that previously passed in private via email became much more transparent, creating a minefield where one wrong word or badly chosen emoji can explode into a dispute between colleagues. There is a similar risk with notetaking tools. Each utterance documented and analyzed by AI includes the potential for missteps and misunderstandings.

Anyone thinking of bringing an AI notetaker to a meeting must consider how other attendees will respond, says Andrew Brodsky, assistant professor of management at the McCombs School of Business, part of the University of Texas at Austin. Colleagues might think you want to better focus on what is said without missing out on a definitive record of the discussion. Or they might think, "You can't be bothered to take notes yourself or remember what was being talked about," he says. For the companies that sell these AI interlopers, the upside is clear. They recognize we're easily nudged into different behaviors and can quickly become reliant on tools that we survived without for years. [...] There's another benefit for tech companies getting us hooked on AI notetakers: Training data for AI systems is increasingly hard to come by. Research group Epoch AI forecasts there will be a drought of usable text possibly by next year. And with publishers unleashing lawsuits against AI companies for hoovering up their content, the tech firms are on the hunt for other sources of data. Notes from millions of meetings around the world could be an ideal option.

For those of us who are the source of such data, however, the situation is more nuanced. The key question is whether AI notetakers make office meetings more useless than so many already are. There's an argument that meetings are an important excuse for workers to come together and talk as human beings. All that small talk is where good ideas often germinate -- that's ostensibly why so many companies are demanding staff return to the office. But if workers trade in-person engagement for AI readbacks, and colleagues curb their words and ideas for fear of being exposed by bots, what's left? If the humans step back, all that remains is a series of data points and more AI slop polluting our lives.

A hedge fund startup that uses AI to do work typically handled by analysts has outperformed the global stock market in its first six months while slashing research costs. From a report: The Sydney-based firm, Minotaur Capital, was founded by Armina Rosenberg and Thomas Rice. Rosenberg previously managed a global equities portfolio for tech billionaire Mike Cannon-Brookes and ran Australian small-company research for JPMorgan Chase & Co. when she was 25. Rice is a former portfolio manager at Perpetual. The duo's bets on global stocks returned 13.7% in the six months ending January, versus 6.7% for the MSCI All-Country World Index. Minotaur has no analysts on staff, with Rosenberg saying AI models are far quicker and cheaper.

"We're looking at about half the price" in terms of cost of AI versus a junior analyst salary, Rosenberg, 37, said of the firm's program. Minotaur is among a growing number of hedge funds experimenting with ways to improve returns and cut expenses with AI as the technology becomes increasingly sophisticated. Still, the jury is still out on the ability of AI-driven models to deliver superior returns over the long run.

More than $1 trillion in value remains locked in venture-backed startups with dwindling prospects as the Silicon Valley unicorn bubble deflates, according to a new Bloomberg Businessweek report. Of the 354 companies that reached billion-dollar valuations in 2021, only six have completed initial public offerings, Stanford Business School professor Ilya Strebulaev said.

Four others went public via SPACs and 10 were acquired, some below their unicorn status. Several prominent startups have already collapsed, including indoor farming firm Bowery Farming and AI healthcare company Forward Health. Freight business Convoy, valued at $3.8 billion in 2022, shut down last year with rival Flexport buying its assets at a steep discount.

AI startups are poised to disrupt the $300 billion business process outsourcing (BPO) industry, as advances in language models and voice technology enable automation of tasks traditionally handled by human workers.

The BPO market, which reached $300 billion in 2024 and is projected to hit $525 billion by 2030, faces mounting pressure from AI companies offering faster, more scalable alternatives to manual processing of customer support, IT services and financial claims, venture capital firm a16z wrote in a thesis post. Early AI implementations have shown promising results, with customer service startup Decagon reporting 80% resolution rates and improved satisfaction scores. In healthcare, AI company Juniper said its clients saw 80% fewer insurance claim denials and 50% faster processing times.

Major BPO providers are responding to the threat, with Wipro reporting a 140% increase in AI adoption across projects and Infosys deploying over 100 AI agents. However, industry analysts say BPOs face structural challenges in transitioning from their labor-based business model to AI-first operations. The shift threatens traditional BPO companies like Cognizant, Infosys and Wipro, which reported revenues between $10-20 billion in their latest fiscal years.

Alibaba will partner with Apple to support AI features on iPhones in China, sending Alibaba's shares surging over 9% to a three-year high. Reuters reports: "They talked to a number of companies in China. In the end they chose to do business with us. They want to use our AI to power their phones. We feel extremely honored to do business with a great company like Apple," Tsai said at the World Government Summit in Dubai. Apple continues to work with Baidu on AI features for iPhones in China, The Information reported on Thursday, citing two people with direct knowledge of the matter.

While Apple's phones outside China utilize a combination of its proprietary Apple Intelligence and OpenAI's ChatGPT, Tsai did not specify whether the Alibaba partnership would follow a similar model. In China, consumer-facing AI products require regulatory approval, and The Information reported earlier that both Alibaba and Apple have already submitted materials to authorities. "Instead of viewing the Alibaba-Apple partnership through the lens of China's AI strength, the partnership is mainly a recognition of Alibaba's AI capability," said Lian Jye Su, a chief analyst at tech research firm Omdia.

Reddit's recent earnings report revealed that AI licensing deals with Google and OpenAI account for about 10% of its $1.3 billion revenue, totaling approximately $130 million. With Google paying $60 million, OpenAI is estimated to be paying Reddit around $70 million annually for content licensing. Adweek reports: "It's a small part of our revenue -- I'll call it 10%. For a business of our size, that's material, because it's valuable revenue," [said the company's COO Jen Wong]. The social platform -- which on Wednesday reported a 71% year-over-year lift in fourth-quarter revenue -- has been "very thoughtful" about the AI developers it chooses to work with, Wong said. To date, the company has inked two content licensing deals: one with Google for a reported $60 million, and one with ChatGPT parent OpenAI.

Reddit has elected to work only with partners who can agree to "specific terms ... that are really important to us." These terms include user privacy protections and conditions regarding "how [Reddit is] represented," Wong said. While licensing agreements with AI firms offer a valuable business opportunity for Reddit, advertising remains the company's core revenue driver. Much of Reddit's $427.7 million Q4 revenues were generated by the ongoing expansion of its advertising business. And its ad revenue as a whole grew 60% YoY, underscoring the platform's growing appeal to brands. [...]

Helping to accelerate ad revenue growth is Reddit's rising traffic. While Reddit's Q4 user growth came in under Wall Street projections, causing shares to dip, its weekly active uniques grew 42% YoY to over 379 million visitors. Average revenue per unique visitor was $4.21 during the quarter, up 23% from the prior year. While Google is "nicely reinforcing" Reddit's growth in traffic, Wong said, she added that the site's logged-in users, which have grown 27% year-over-year, are "the bedrock of our business."

The U.S. released Russian cybercriminal Alexander Vinnik, who pleaded guilty to conspiracy to commit money laundering through his cryptocurrency exchange BTC-e, as part of a prisoner swap that freed American schoolteacher Marc Fogel from Russian custody. The Guardian reports: Vinnik, who arrived in Moscow on a flight from Turkey on Tuesday after having been released from custody in California, is accused of owning and operating one of the largest cryptocurrency exchanges in the world, BTC-e, which prosecutors allege facilitated the transfer of billions of dollars in transactions for criminals worldwide. In May 2024, Vinnik pleaded guilty to conspiracy to launder billions of dollars through BTC-e. He was first arrested in Greece in 2017 at the request of the United States after he was charged by a US jury in a 21-count indictment.

The charges against him included money laundering, conspiracy to commit money laundering, operating an unlicensed money service business and engaging in unlawful monetary transactions, among others. Vinnik was first extradited to France from Greece, where he received a five-year prison sentence for money laundering. He was then sent back to Greece and extradited to the United States in 2022 to face US charges. The justice department described BTC-e, which was active from around 2011 to 2017, as a "significant cybercrime and online money laundering entity that allowed its users to trade in bitcoin with high levels of anonymity and developed a customer base heavily reliant on criminal activity." Prosecutors say that BTC-e processed over $9 bn worth of transactions and served over 1 million users globally, including numerous customers in the US.

US prosecutors said that the exchange was one of the "primary ways by which cyber criminals around the world transferred, laundered, and stored the criminal proceeds of their illegal activities" and accused Vinnik of operating the company with the intent to "promote" unlawful activities. Prosecutors said that he was responsible for more than $120m in losses. Vinnik, who is a nonviolent offender, is forfeiting tens of millions of dollars in assets in the exchange, according to the New York Times.

An anonymous reader shares a report: JPMorgan Chase CEO Jamie Dimon scorned calls from some employees to soften the bank's five-day return-to-office policy in an animated town hall meeting on Wednesday, according to a recording reviewed by Reuters. Employees at the largest U.S. bank have complained on internal message boards and chats about losing hybrid working arrangements, and one group launched an online petition urging Dimon to reconsider.

When asked about the in-person work policy during the staff meeting, he said: "Don't waste time on it. I don't care how many people sign that fucking petition," he said. Instead, Dimon demanded more efficiency and stressed that employees have a choice whether to work at JPMorgan. The CEO told them not to be mad at him, and said that it was a free country.

The German antitrust authority has charged Apple with abusing its market power through its app tracking tool and giving itself preferential treatment in a move that could result in daily fines for the iPhone maker if it fails to change its business practices. From a report: The move follows a three-year investigation by the Federal Cartel Office into Apple's App Tracking Transparency feature, which allows users to block advertisers from tracking them across different applications.

The U.S. tech giant has said the feature allows users to control their privacy but has drawn criticism from Meta Platforms, app developers and startups whose business models rely on advertising tracking. "The ATTF (app tracking tool) makes it far more difficult for competing app publishers to access the user data relevant for advertising," Andreas Mundt, cartel office president, said in a statement.

Property group startup Opendoor has cut 65 jobs, mostly in India, and is shifting technical hiring to Bay Area and Krakow (Poland).

Opendoor said in a statement: "As part of our ongoing efforts to enhance efficiency, optimize talent, and streamline operations, we have made the decision to consolidate our Engineering, Product, and Design (EPD) team structure. Moving forward, we will focus our technical hiring efforts in two main hubs: the Bay Area, California and Krakow, Poland."