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Business

EnergyAustralia suffers a $1.6b loss due to ‘extreme’ market conditions

The electricity crisis caused EnergyAustralia to suffer a whopping $1.6 billion loss for the first half of the year as the company battled with “extreme” conditions in the market.

The Melbourne-based company, owned by Hong Kong’s CLP Group, also warned that household power bills would continue to face pressure due to ongoing volatility in global fuel prices.

The mega loss experienced by the third biggest energy retailer was in stark contrast to last year when it recorded a $146 million profit.

The chief executive of parent company CLP Group, Richard Lancaster, said it would be “proactive” in seeking out partnerships for EnergyAustralia to transition to low-carbon energy.

Six weeks before the loss was reported, the company had issued a profit warning to the market.

On Monday, it revealed its earning had taken a huge hit as it was forced to buy up expensive supplies to meet customer demand amid “unprecedented market volatility”.

Shortfalls in energy production from its Yallourn and Mount Piper coal plants was one of the main reasons it had to shell out more money for supplies.

Its Yallourn plant in particular was hit by delays due to a fire on a coal conveyancer system and recurring maintenance issues, according to CLP Group.

However, the outlook on pricing continued to be bad, according to the company.

“Volatility in spot prices in response to weather variations and changes in supply and demand looks set to continue amid the net-zero transition in Australia,” CLP Group said.

However, EnergyAustralia’s competitors, AGL Energy and Origin Energy, have also sounded the alarm about profits due to issues such as coal power outages and supply problems at some plants.

Mr Lancaster said while the last six months were not representative of the market in general, volatility was something to expect in Australia.

Last month, the credit agency Standard & Poor (S&P) warned EnergyAustralia could be at risk of breaching one of its loans and suggested it may need financial assistance from its parent company.

EnergyAustralia signed a $1 billion credit facility in July to provide a bigger financial buffer for its operations, with S&P giving it a negative outlook due to its weakening credit position.

In its half yearly report, EnergyAustralia said it would “continue to strengthen its capital structure to fund its current and future investment needs, providing the reliable supply needed to support customer demand and the transition to a lower-carbon power market”.

But other retailers going under – with a spate collapsing including Byron Bay community-owned electricity provider Enova, Victorian provider Electricityinabox, LPE, Discover, Elysian and Future X – was a win for EnergyAustralia, which saw its customer base leap to 2.45 million.

EnergyAustralia said it had plans in place for the rest of the year to ensure electricity supply.

“Additional short-term coal and gas purchases have been made to enable EnergyAustralia’s power stations to support customers and the broader energy market in the second half,” CLP said.

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Technology

How to play co-op in Tower of Fantasy with friends online

Playing games by yourself isn’t always fun, especially with a game as big as Tower of Fantasy that has a lot to explore and complete with others by your side.

That’s why it’s a good thing that there is an option to play with friends in the game, even if it might not be spelled out from the get-go. The process to play with friends is simple if you know what to do, but newcomers might find it tricky to find the right menus or things needed to access it.

As such, here is how you can play co-op with friends online in Tower of Fantasy so you can jump into each other’s world and fight the magnitude of bosses on offer.

How to play with friends online in Tower of Fantasy

  1. First, make sure you have the player you want to co-op with added to your friends list. You can find out how to do that here.
Screengrab via Perfect World

2. Bring up the friends list and find the person you want to play with. Double click on the character’s face to open up a separate menu.

3. As long as the person is online, click on the “Team Invitations” option. This will bring up the “My Team” menu.

Screengrab via Perfect World

3b. Alternatively if you are already on a Team, you can click one of the empty plus icons and select the friend you want to join from there.

4. Once all the friends you want to play with have joined, click the “Go” button to start the session. Just be sure to set an objective, among anything else the system asks you to do, beforehand.

You can also add players to your team that you have come across in the world or add randoms without needing to have them on your friends list if you know their character name.

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Entertainment

How to Get Tickets to BLACKPINK’s “BORN PINK” World Tour

BLACKPINK are showing fans that they’re “Ready for Love” with news of the massive “BORN PINK World Tour,” and missing out on tickets is sure to sting as much as the K-pop quartet’s comeback single, “Pink Venom.” The 2022-2023 circuit, which will stop in Asia, North America, Europe, and Australia, has so far been hyped by their label YG Entertainment as the “largest world tour in the history of a K-pop girl group.”

Check for tickets here, and read on for dates and details for the upcoming tour.

What Is BLACKPINK’s Next Tour?

BLACKPINK’s “BORN PINK World Tour” kicks off with a double-header in Seoul, South Korea on October 15th-16th. They then jet to Dallas, Texas to open their North America leg on October 25th, followed by stops in Houston and Atlanta. The group will head to Canada for two nights in Hamilton, Ontario on November 6th-7th, then play another two nights in Newark New Jersey the following week. Their last North American show will take place in Los Angeles on November 19th.

The quartet will launch their European leg in London on November 30th, then make their way across the continent via Barcelona, ​​Berlin, and more. They’ll spend two nights in Paris and Amsterdam apiece, wrapping the European jaunt in the latter city on December 22nd.

BLACKPINK will then pause until January 7th, 2023 when they resume the tour with two shows in Bangkok, Thailand. They’ll also perform twice in Hong Kong between January 13th-14th, then head east for shows in Saudi Arabia and Abu Dhabi. In March 2023, they’ll play Malaysia, the Philippines, Taiwan, and more, then wrap their leg in Asia in Singapore on May 15th, 2023.

The group’s final leg will take place over five shows in Australia and New Zealand. The stretch includes two nights in Melbourne and Sydney both, followed by the final stop in Auckland, New Zealand on June 21st, 2023. Venue information for any corresponding dates on BLACKPINK’s “BORN PINK World Tour” has not yet been revealed.

Who Is Opening for BLACKPINK on Tour?

There have been no announcements regarding an opener or supporting act for BLACKPINK on their upcoming world tour.

How Can I Get Tickets for BLACKPINK’s 2022-2023 Tour?

BLACKPINK tickets are not currently listed for pre-sale or general public access, with venue details still yet to be unveiled. Keep checking for updates and announcements, and grab your seats when they become available for purchase via Ticketmaster.

What Are BLACKPINK’s 2022-2023 Tour Dates?

See BLACKPINK’s full list of tour dates below, and get tickets to all of their upcoming shows here.

BLACKPINK 2022-2023 Tour Dates:
10/15 – Seoul, KR
10/16 – Seoul, KR
10/25 – Dallas, TX
10/29 – Houston, TX
02/11 – Atlanta, GA
11/06 – Hamilton, ON
07/11 – Hamilton, ON
11/14 – Newark, NJ
11/15 – Newark, NJ
11/19 – Los Angeles, CA
11/30 – London, UK
01/12 – Amsterdam, NL
05/12 – Barcelona, ​​ES
11/12 – Paris, FR
12/12 – Paris, FR
12/18 – Berlin, DE
12/22 – Amsterdam, NL
07/01 – Bangkok, TH
08/01 – Bangkok, TH
01/13 – Hong Kong
01/14 – Hong Kong
01/20 – Riyadh, SA
01/28 – Abu Dhabi, AE
04/03 – Kuala Lumpur, MI
11/03 – Jakarta, ID
03/18 – Kaohsiung, TW
03/25 – Manila, Ph.
05/15 – Singapore, SG
10/06 – Melbourne, AU
11/06 – Melbourne, AU
06/16 – Sydney, AU
06/17 – Sydney, AU
06/21 – Auckland, NZ

Categories
US

Aug. 9 primary elections: What to expect in Wisconsin, Vermont and Minnesota

Minnesota is also set to fill a House seat after former GOP Rep. Jim Hagedorn died in February.

Meanwhile, in Vermont, Rep. Peter Welch is running to replace retiring Democratic Sen. Patrick Leahy, which opens up the state’s lone House seat. The state’s lieutenant governor and its Senate president pro tempore — both Democrats — are vying to become the first woman to ever represent Vermont in Congress.

Heavily Democratic Connecticut is also holding primaries on Tuesday, with Democratic Sen. Richard Blumenthal and Gov. Ned Lamont up for reelection this fall.

Trump vs. Pence in Wisconsin governor’s race

The proxy battle over the future of the Republican Party between former President Donald Trump and former Vice President Mike Pence continues Tuesday in Wisconsin, where a Pence-endorsed establishment favorite faces off against a Trump-backed outsider in a state where he has falsely claimed the 2020 election results were fraudulent.

It’s a replay of similar gubernatorial primaries in recent weeks in Arizona, where Trump’s candidate won last week, and Georgia, where the Pence-backed Gov. Brian Kemp fended off a Trump-aligned challenger.

In Wisconsin, former Lt. Gov. Rebecca Kleefisch entered the race as the GOP’s heir apparent in a battleground state long dominated by former Gov. Scott Walker. She spent eight years as Walker’s No. 2, and is backed by Pence and other establishment Republicans.

But then construction company owner Tim Michels entered the race, fueled by millions of dollars of his own wealth and a key endorsement. He is campaigning as an outsider, with Trump’s help; the former President at a recent rally said Kleefisch is “the handpicked candidate of the failed establishment, the RINOs.”

Both have embraced Trump’s lies about fraud in the 2020 election. Kleefisch called the 2020 election “rigged,” but said she would not attempt to decertify its results because it is not legally possible to do so. Michels, however, said in a debate that “everything is on the table,” indicating he would entertain measures that he would seek to decertify President Joe Biden’s victory in Wisconsin.

The winner of the primary will take on Democratic Gov. Tony Evers, who is seeking a second term in what’s expected to be one of the nation’s most competitive gubernatorial contests this fails.

Another race to watch in Wisconsin is Assembly Speaker Robin Vos’ primary against little-known Adam Steen, who was endorsed by Trump after the former President decided Vos — a powerful Republican who had tried to appease Trump by hiring a former state Supreme Court justice to investigate the 2020 election — had done too little to try to overturn Wisconsin’s results. Vos said last month the former President had called him the week before as part of a fresh effort to decertify the state’s 2020 results.

The Senate primary that wasn’t

Two weeks ago, the Democratic Senate primary in Wisconsin was arguably the most closely watched primary contest on the left, pitting Lt. Gov. Mandela Barnes against Alex Lasry, the Milwaukee Bucks executive who spent over $12 million of his own money on his campaign; Wisconsin state Treasurer Sarah Godlewski; and Outagamie County Executive Tom Nelson.

And then it wasn’t.

'Out of touch': Wisconsin's Barnes and Johnson prepare for general election campaign defined by attacks

After internal polls showed Barnes’ lead over his opponents growing, all three bowed out in the span of a few days, with Nelson, Lasry and Godlewski all endorsing the lieutenant governor.

“I could not have imagined it ending up this way,” Barnes told CNN. “To me, it shows just how important beating Ron Johnson is, just how important expanding the Democratic majority is.”

The consolidation means Barnes and Democrats can pivot earlier to their end goal: defeating Republican Sen. Ron Johnson in November.

Johnson, who opted to run for a third term after pledging in 2016 that his second term would be his last, has drawn Democratic ire for a host of comments on the coronavirus, the January 6, 2021, attack, and his personal wealth. But he has proven resilient in the past, ensuring that the Senate race in Wisconsin will be one of the closest watched contests of the 2022 cycle.

Southern Minnesota gets a new congressman

Voters in Southern Minnesota will select a new congressman on Tuesday after Rep. Jim Hagedorn died in February from kidney cancer.

The special election, which comes at the same time Minnesota voters will vote in the regular 2022 primary, pits Republican Brad Finstad, the former head of USDA Rural Development for Minnesota, against Democrat Jeffrey Ettinger, who previously worked as CEO of Hormel Foods.

The district, which stretches across Minnesota’s entire Southern border, leans toward Republicans.

While voters select their congressman in the special election, they will also vote in the general election primary, selecting which candidates will get the chance to try to represent the district for a full term starting in 2023. Finstad and Ettinger are candidates in that race, as well.

There are other contests worth watching in Minnesota, including well-funded challenges to incumbents. Democratic Rep. Ilhan Omar is being challenged by former Minneapolis City Council member Don Samuels, while Rep. Betty McCollum is facing a challenge from progressive Amane Badhasso.

Vermont paving the way for historic November

Vermont is the only state to never send a woman to represent it in Congress — a distinction that, barring a major upset in November, is soon to change.

On Tuesday, Democrats are likely to choose between state Senate President Pro Tempore Becca Balint and Lt. Gov. Molly Gray to be their nominee for the state’s lone House seat. (Physician Louis Meyers, the only man on the ballot, is expected to finish a distant third.)

Vermont Democrats face historic decision in open-seat House primary

Balint, endorsed by Vermont Sen. Bernie Sanders and other leading national progressives, is the left’s choice. Gray, meanwhile, has the unofficial backing of retiring Sen. Pat Leahy, who donated to her campaign through her PAC and said he voted for her. Leahy’s wife, Marcelle Leahy, formally endorsed Gray.

Though there is very little room between Gray and Balint on the issues, Balint, who is gay, has been boosted by big spending from the LGBTQ Victory Fund’s PAC — which has spent nearly $1 million on the race — and the campaign arm of the Congressional Progressive Caucus.

Recent polling of the race has shown Balint with a commanding lead, but some observers expect the final tally to be much closer. If Balint wins a close race, the decision by state Sen. Kesha Ram Hinsdale to end her campaign and endorse Balint — in a bid to consolidate the left — could loom large.

Minnesota Gov. Tim Walz gets his Republican challenger

Another high-stakes race for control of state governments in the Upper Midwest will come into clearer focus on Tuesday, as Minnesota Republicans choose their nominee for governor.

The state party has already made its selection, endorsing Scott Jensen, a doctor and former state senator. Jensen is the overwhelming favorite in a GOP contest with Joyce Lynne Lacey and Bob “Again” Carney Jr.

Jensen is a fierce critic of Democratic Gov. Tim Walz’s initial Covid-19 response and, at a recent forum, called the incumbent’s mitigation measures at the beginning of the pandemic an “abomination of government overreach.”

Jensen’s past remarks downplaying Covid, including a past assertion that hospitals were inflating the number of cases to collect more stimulus money, was cited in PolitiFact’s post on its 2020 “Lie of the Year.” He also touted his unvaccinated status over the past year as he rose to greater political prominence, sowing doubts about the safety and efficacy of the shots.

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Categories
Business

Megaport lays off 35 staff, losses narrow

The tech stock narrowed its full-year net loss by 12 per cent to $48.5 million from the year-earlier $55 million. Earnings before interest, taxes, depreciation, and amortization fell 23 per cent to $10.2 million, but turned positive in the fourth quarter.

It was during this quarter in early July, when chief executive Vincent English laid off 35 employees, citing the need to reduce costs and prepare for rising prices and inflation.

In the company’s announcement on Tuesday, Megaport said it had paid the employees out $1.6 million.

However, management is keen to point out Megaport’s positioning in a world where enterprises move steadily from on-premise data storage infrastructure to the cloud.

Megaport, which facilitates the communication of data between various cloud ports, reported an 8 per cent bump in direct network costs, thanks to 26 new data centers plugging into the network over the year as well as capacity upgrades on intra-regional routes.

Total customers jumped to 2,643 from 2,285 with average revenue per port lifting to $1,120 from $974.

In the past year, Megaport rolled out its Virtual Edge product and partnered with big-name clients Cisco and VM-Ware, which are selling the service to thousands of their customers.

Since launch, Megaport has signed up 73 Virtual Edge customers and reported an average monthly revenue of $12,000 per customer across 17.9 services, the company said. Megaport has $82.5 million in cash.

Categories
Technology

‘Valorant’ Patch 5.03 Notes Reveal Major Chamber Nerfs And Introduces New Bugs

Riot Games has revealed the patch notes for Valorant update 5.03, which reveal some major nerfs to Chamber, and somewhat strangely, introduces some bugs the developers are already aware of.

Chamber has been the bane of many Valorant games in recent times, with almost everyone agreeing that his kit has been a little bit too strong for a while now. Now the time has come for some nerfs, and the Valorant development team is pretty confident they have done just that.

“As players in both ranked and pro play have mastered Chamber, his strengths have started to overshadow his weaknesses, making the counterplay to Rendezvous and his arsenal not as effective as we’d hoped,” the dev team said in the patch notes. “He’s Chamber’s overall strength has also felt outsized, and we believe that we can reduce the complete power of his kit while still keeping him competitive with the rest of the roster.”

His Rendezvous has been particularly hard hit, with an increase of 10 seconds to its cooldown and a significant decrease in the size of the ring, which should mean he has to play a little safer and less aggressive. Elsewhere the slow on both Trademark and Tour De Force has been decreased from 9.5 seconds to 6, and his ultimate from him now requires an extra point to activate. The final change increases the cost of his Headhunter bullets from 100 to 150, which combined with the increased ultimate cost, should bring down the frequency he can use his most valuable assets from him.

Other agents that are being changed in patch 5.02 include Neon and Jett who, along with Chamber, now have to deal with decreased damage to limbs when they use their ultimates, but increased damage when they hit a head. If you compare this to how pretty much every other weapon works in Valorant it makes sense to bring them in line.

There are a few bug fixes that aren’t all that important, but strangely patch 5.03 is adding more bugs that Riot already knows about. It’s all for a good cause, as the Valorant engine is being upgraded to Unreal Engine 4.26, giving the development team access to some new tools, but it does mean that there may be some UI-related bugs that pop up. The good news is that Riot is already on the case and they should be fixed pretty soon.

It may not be a massive update all things considered, but the Chamber nerfs will certainly be good news to everyone apart from Chamber mains, and the changes to certain ultimates set a good precedent going forward.

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Categories
US

Military drills show China is preparing to invade, Taiwan says

Comment

TAIPEI, Taiwan — Taiwan’s foreign minister accused China on Tuesday of using US House Speaker Nancy Pelosi’s trip to Taipei as a pretext for launching large-scale military drills in preparation for an eventual invasion.

Speaking to reporters, Foreign Minister Joseph Wu called Beijing’s military exercises in response to Pelosi’s trip a “serious provocation” and an attempt to overturn the status quo in the sensitive Taiwan Strait.

“China has used the drills in its military playbook to prepare for invasion of Taiwan,” Wu said, citing Beijing’s exercises, missile launches, cyberattacks and trade sanctions as “an attempt to weaken public morale in Taiwan.”

“China has threatened Taiwan militarily for years, and it continues to upgrade its efforts,” he said. “This is a fact.”

China’s military extends drills near Taiwan after Pelosi trip

On Aug. 7, both Democratic and Republican lawmakers decried China’s military escalation in response to House Speaker Nancy Pelosi’s (D-Calif.) recent visit. (Video: Washington Post)

Tensions in the Taiwan Strait have been soaring in recent days, raising fears of a possible conflict that could involve China, the United States and Taiwan, as well as Washington’s allies in the region.

The Eastern Theater Command of the People’s Liberation Army (PLA) said Tuesday that sea and air drills near Taiwan were continuing, marking at least the sixth consecutive day of exercises intended to menace the island. It said the maneuvers would focus on simulating blockades and joint logistics coordination. Taiwan’s military began previously scheduled exercises on Tuesday.

“The [Chinese Communist Party’s] continued military exercises show that the threat of force has not been reduced,” Taiwan’s Defense Ministry said Tuesday.

Beijing claims that Taiwan, a self-governed democracy that has enjoyed de facto independence for decades, is an inseparable part of its territory that must be unified with China. In retaliation for Taiwan’s hosting of Pelosi (D-Calif.) last week, the PLA announced military exercises targeting Taiwan from all directions.

The PLA subsequently fired missiles around Taiwan and sent dozens of military aircraft and warships near the island. It has deployed warships and jets across the midpoint of the Taiwan Strait, the unofficial median line that both sides had largely respected for years until 2020, when Beijing denied the existence of the median line and began crossing it more frequently.

Within China, state media and officials have worked to project strength to citizens who have for decades been taught that Taiwan is rightfully theirs and will one day be part of the Chinese motherland. Military analysts speaking to state media say military incursions across the median line will happen more regularly, with some arguing that Pelosi’s visit could “speed up” unification.

State broadcaster China Central Television (CCTV) published a video clip Tuesday of the PLA practicing an amphibious assault on the shores of Fujian, the province directly across from Taiwan.

At a regular media briefing in Beijing, Wang Wenbin, a spokesman for China’s Foreign Ministry, did not answer a question on how long the exercises would last. He said the government was conducting “normal military exercises” in an “open, transparent and professional” manner, in line with domestic and international law.

The drills “are a warning to provocateurs,” he said, describing China’s response as “justified” to protect China’s territorial integrity.

While tensions are at their highest since the last Taiwan Strait crisis in the 1990s, when the PLA fired missiles that landed close to Taiwan, the prospect of military confrontation is still low.

Pelosi’s Taiwan visit ushers in new phase of China’s pressure campaign

Beijing has signaled some restraint and a desire to avoid direct conflict with the United States. Plans for the drills — scheduled for after Pelosi’s departure — covered areas within the 12-nautical-mile littoral zone that Taiwan claims as its territorial waters. But Taiwan’s Defense Ministry said Monday that no Chinese military aircraft had yet encroached on the island’s territory.

The drills have had little impact on daily life in Taiwan, where residents are used to near-daily reports of Chinese military incursions. Taiwan’s Defense Ministry said it detected 10 PLA ​​warships and 45 warplanes, including 16 that crossed the median line on Tuesday.

A poll released Monday by the Chinese Association for Public Opinion Research, a group in Taiwan, found that more than 60 percent of about 1,000 respondents surveyed between Aug. 3 and 5 were not worried that cross-strait tensions would lead to military conflict. About 54 percent said they believed that Pelosi’s visit was good for US-Taiwan ties.

Asked whether there was real worry in the Taiwanese government that Beijing is preparing for an invasion, Wu said his country was “very concerned.”

“But at the same time, we stay calm,” he said. “We stay resilient. The best way to deal with a regime which is trying to intimidate us is to show that we are not intimidated. We are not scared by China.”

Pei-Lin Wu contributed to this report.

Categories
Business

Meme stock frenzy returns, baffling Wall Street’s ‘smart guys’

A basket of meme stocks tracked by Bloomberg rose 3.7 per cent, extending a six-day rally of its own. Among the group’s top performers were GameStop and Express. Newly-public Magic Empire Global, a little-known Hong Kong-based financial services firm, extended to 2,825 per cent two-day arises since going public, attracting some retail attention.

“These meme stock rallies that are emerging will only last if US stocks broadly continue to head higher,” said Ed Moya, senior market strategist at Oanda. “After AMTD Digital reminded the WallStreetBets crowd of the potential skyrocketing moves, many retail traders are scanning their favorite plays and are looking to get back in.”

The rapid rise and subsequent fall for AMTD Digital both puzzled and captivated the markets. The stock posted an eye-popping arises from more than 32,000 per cent at one point before erasing a chunk of gains.

Heavily-shorted stocks like Wayfair, Rent the Runway, and those that went public via blank-cheque merger including 23andMe Holding Co saw double-digit rallies at one point as investors braced for volatility.

short-squeeze

Short covering from institutional investors may have boosted the recent surge, according to some on Wall Street. More than half of Bed Bath & Beyond shares available for trading are currently sold short, according to data from analytics firm S3 Partners, while AMC Entertainment, GameStop and Wayfair short interest each sit around 20 per cent.

An index tracking hedge funds’ high-conviction bets rose 1.8 per cent last week, trailing those favored by retail investors by 2.7 percentage points, the most since March, data compiled by Goldman Sachs show. While still early into August, the firm’s basket of retail favorites is on track for the best month since January 2021 relative to firms favored by hedge funds. The retail basket carries names including Delta Airlines, which just clocked the longest streak of weekly gains since 2020.

“Retail traders have to move quickly, because one headline can change the entire trajectory of the stock market,” said Quincy Krosby, chief global strategist at LPL Financial. “Retail traders are daring the Fed and they’re daring some professional investors, and they’re doing well so far. It’s dicey because it can go in the other direction really fast.”

Bloomberg

Categories
Technology

Windows 11 Encryption Bug Can Cause ‘Data Damage’ for Latest CPUs

Microsoft is warning about a bug in Windows 11 that might lead to “data damage” for PCs running new CPUs that support the latest encryption protocols.

Redmond has been vague on the details, including the severity, but the issue can affect storage encryption programs such as BitLocker.

According to Microsoft’s report, the bug can be triggered for Windows 11 devices running the latest Vector Advanced Encryption Standards instruction sets. Specifically, AES XEX-based tweaked-codebook mode with ciphertext stealing (AES-XTS) or AES with Galois/Counter Mode (GCM) (AES-GCM).

These instruction sets can be used over newer CPUs to run encryption for BitLocker and drive storage programs from Kingston. Microsoft accidentally created the bug when it “added new code paths” to take advantage of the encryption protocols.

Microsoft hasn’t said which CPUs are affected. But Intel has been implementing the AES-GCM encryption protocol since 2010, according to a company document. The same bug also affects systems running Windows Server 2022.

Microsoft rolled out two patches in May and June to address the issue, but those patches led to a “two-times” performance drag for Windows 11 PCs when running encryption-based operations. The performance hit could appear for BitLocker, the Transport Layer Security (TLS), which is used to encrypt data over a web browser, and during disk throughput operations, especially for enterprise customers.

So if you experienced slow PC speeds earlier this summer, this bug might explain it. The good news is that Microsoft released another two patches to fix the problems with the originals, which it recommends you install immediately.

“If this affects you, we strongly urge you to install the May 24, 2022 preview release or the June 14, 2022 security release as soon as possible to prevent further damage. Performance will be restored after you install the June 23, 2022 preview release or the July 12, 2022 security release,” the company said.

Windows 11 users can receive the newest patches via the automatic Windows Update function. Or they can download the update from Microsoft itself.

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Categories
US

Biden signs China competition bill to boost US chipmakers

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President Joe Biden on Tuesday signed a bipartisan bill that aims to strengthen US competitiveness with China by investing billions of dollars in domestic semiconductor manufacturing and science research.

“Today is a day for builders. Today America is delivering,” Biden said at the signing ceremony outside the White House. He was joined by a crowd of hundreds, including tech executives, union presidents and political leaders from both parties.

The bill, dubbed the Chips and Science Act, includes more than $52 billion for US companies producing computer chips, as well as billions more in tax credits to encourage investment in semiconductor manufacturing. It also provides tens of billions of dollars to fund scientific research and development, and to spur the innovation and development of other US tech.

The Biden administration also contended that the legislation will “unlock hundreds of billions more” in private spending in the industry. The White House said Tuesday that multiple companies, “spurred” by the chips bill, have announced more than $44 billion in new semiconductor manufacturing investments.

US President Joe Biden (C) signs HR 4346, the CHIPS and Science Act of 2022, on the South Lawn of the White House in Washington, DC, on August 9, 2022.

Mandel Ngan | Afp | Getty Images

Of that sum, $40 billion is coming from Micron’s investment in memory chip manufacturing. The White House said the company’s initiative will yield 8,000 new jobs and increase the US market share of memory chip production to 10% from 2%.

A newly announced partnership between Qualcomm and GlobalFoundries, meanwhile, includes $4.2 billion in chip production as part of an expansion of GlobalFoundries’ upstate New York facility, the White House said.

Advocates say the funding is needed to sharpen America’s technological edge and reinvigorate its lagging chip industry. The US produces only about 10% of the world’s supply of semiconductors, whereas East Asia accounts for 75% of global production — including most of the top-tier chips, according to the White House.

Semiconductors are critical pieces of an array of products including consumer electronics, automobiles, health care equipment and weapons systems. The Covid-19 pandemic sparked a chip shortage and strained supply chains, highlighting America’s dependence on foreign-made chips and revealing a potential national security threat, officials say.

The signing comes as Biden and congressional Democrats cap a flurry of activity before lawmakers leave Washington for the rest of the month and turn their attention to midterm election campaigns.

Senate Democrats on Sunday passed a sweeping bill to fund ambitious climate, energy and health policies by raising taxes on rich corporations and reforming prescription drug pricing. The bill, a major piece of Biden’s agenda that Democrats had worked on for well over a year, squeaked through with no Republican support in the chamber, which is evenly split by party. Vice President Kamala Harris cast the tie-breaking vote.

In late June, Biden also signed a bipartisan bill to strengthen gun regulations, including by enhancing requirements for background checks. The legislation sped through Congress in the wake of a deadly mass shooting at an elementary school in Uvalde, Texas, in which a single gunman killed 19 students and two teachers.

And last week, Biden revealed that a US strike in Afghanistan killed top al-Qaeda leader Ayman Al-Zawahiri, who was considered a mastermind behind the 9/11 terrorist attacks.

Biden is also expected to sign another bill this week that bolsters health benefits for veterans who were exposed to chemicals that billowed from toxic burn pits.

That bill passed with overwhelming bipartisan support after Republicans temporarily blocked it. The move stoked outrage from some veterans’ groups, as well as comedian Jon Stewart, who emerged as a leading advocate.

Biden’s already-middling approval ratings have sunk in recent months, as global inflation and supply chain issues take a toll on Americans’ wallets at the grocery store and the gas station. His unpopularity of him, paired with a tough political map and other political headwinds, has fueled concerns among Democrats that they could suffer a route in the November midterms that results in Republicans taking control of one or both chambers of Congress.

But the latest polls show Democrats’ chances of keeping the Senate have improved, and Biden on Monday predicted that the climate and tax bill’s passage will “immediately help” in the midterms.

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