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Monday, February 8, 2016

Sanusi attacks Nigeria's exchange rate policy

Nigeria's respected former central bank chief has said that exchange  rate policies backed by President Muhammadu Buahri are doomed to fail, the UK-based Financial Times newspaper.

Lamido Sanusi told the Financial Times that he was disappointed to see Mr Buhari’s strong security and anti-corruption efforts overshadowed by a monetary policy regime with “very obvious drawbacks that far outweigh its dubious benefits”.  
Nigeria's central bank last year imposed tight capital controls and pegged the currency, the naira, at an official rate currently 35% stronger than the black market rate. 
The policies sparked capital flight and damaged the West African state's reputation as a frontier market investment destination, the Financial Times newspaper reports.  
Mr Sanusi - who is now the emir of Kano, an influential religious post among Muslims in Nigeria - was the central bank governor from 2009 to 2014, when he was suspended by then-President Goodluck Jonathan following a row over corruption in the oil sector. 

5 Things to Know About the Chinese New Year

Monday marks the first day of the Chinese Lunar New Year, China’s biggest and most ceremonious holiday. Though China officially operates on the international Gregorian calendar, the traditional lunisolar calendar maintains ceremonial significance, and so every year, around the new moon closest to the beginning of spring, Chinese people ring in the beginning of a new annual cycle — a chance to honor one’s ancestors and prepare for the good fortune to come.
Here’s what you ought to know about the holiday:
1. It’s about family. Unlike the New Year celebration per the Gregorian calendar, Chinese New Year is not a time for drunken revelry and sequined hats. On Sunday night — Chinese New Year’s Eve — the streets of Hong Kong were quiet as locals gathered in their houses for “reunion dinners” with family members who’ve returned home.
2. The world’s greatest annual migration of people. Fortune recently called it “the greatest travel nightmare of 2016.” In China, Hong Kong and other countries with a significant Chinese population, the New Year is celebrated as a public holiday — schools and offices close during this time — and so a massive number of people take advantage of the opportunity to travel — either heading home to be with loved ones or going on holiday. Though workers in mainland China are given seven consecutive days off, the holiday period extends through early March, during which officials expect 2.91 billion trips to be taken.
Last Monday, more than 100,000 people were stuck at a railway station in the southern city of Guangzhou after a series of train delays.
3. You’ll be seeing red. To the Chinese, red represents good fortune, and so around the New Year the color can be seen everywhere in Chinese cities: red lanterns hang in doorways; red paper cutouts adorn windows. And a staple of the holiday: red envelopes, called hongbao in Mandarin, or lai see in Cantonese, are filled with cash and given by married people to children, unmarried relatives and friends, and employees. The sum is typically an even number, and it shouldn’t contain the number four, which is considered unlucky because it sounds like the Chinese word for death.
4. We’re entering the Year of the Monkey. The Chinese calendar assigns each new year an animal per a rotating zodiac of 12: rat, ox, tiger, rabbit, dragon, snake, horse, goat, monkey, rooster, dog and pig. Last year was the Year of the Goat; this year is the Year of the Monkey. People born in the Year of the Monkey are characterized as intelligent, witty, curious and playful. The years 1920, 1932, 1944, 1956, 1968, 1980, 1992 and 2004 were also assigned as the Year of the Monkey.
5. It’s now celebrated around the world. China has seen a significant diaspora, and cities that have received a large number of Chinese immigrants over the years are now holding their own celebrations for the New Year. In New York City, for instance, all public schools are closed on Monday to commemorate the holiday. The Lunar New Year festivities are also observed by Vietnamese and Koreans, as well as Tibetans, whose first day of celebration falls on Tuesday.

5 Things to Know About the Chinese New Year

Monday marks the first day of the Chinese Lunar New Year, China’s biggest and most ceremonious holiday. Though China officially operates on the international Gregorian calendar, the traditional lunisolar calendar maintains ceremonial significance, and so every year, around the new moon closest to the beginning of spring, Chinese people ring in the beginning of a new annual cycle — a chance to honor one’s ancestors and prepare for the good fortune to come.
Here’s what you ought to know about the holiday:
1. It’s about family. Unlike the New Year celebration per the Gregorian calendar, Chinese New Year is not a time for drunken revelry and sequined hats. On Sunday night — Chinese New Year’s Eve — the streets of Hong Kong were quiet as locals gathered in their houses for “reunion dinners” with family members who’ve returned home.
2. The world’s greatest annual migration of people. Fortune recently called it “the greatest travel nightmare of 2016.” In China, Hong Kong and other countries with a significant Chinese population, the New Year is celebrated as a public holiday — schools and offices close during this time — and so a massive number of people take advantage of the opportunity to travel — either heading home to be with loved ones or going on holiday. Though workers in mainland China are given seven consecutive days off, the holiday period extends through early March, during which officials expect 2.91 billion trips to be taken.
Last Monday, more than 100,000 people were stuck at a railway station in the southern city of Guangzhou after a series of train delays.
3. You’ll be seeing red. To the Chinese, red represents good fortune, and so around the New Year the color can be seen everywhere in Chinese cities: red lanterns hang in doorways; red paper cutouts adorn windows. And a staple of the holiday: red envelopes, called hongbao in Mandarin, or lai see in Cantonese, are filled with cash and given by married people to children, unmarried relatives and friends, and employees. The sum is typically an even number, and it shouldn’t contain the number four, which is considered unlucky because it sounds like the Chinese word for death.
4. We’re entering the Year of the Monkey. The Chinese calendar assigns each new year an animal per a rotating zodiac of 12: rat, ox, tiger, rabbit, dragon, snake, horse, goat, monkey, rooster, dog and pig. Last year was the Year of the Goat; this year is the Year of the Monkey. People born in the Year of the Monkey are characterized as intelligent, witty, curious and playful. The years 1920, 1932, 1944, 1956, 1968, 1980, 1992 and 2004 were also assigned as the Year of the Monkey.
5. It’s now celebrated around the world. China has seen a significant diaspora, and cities that have received a large number of Chinese immigrants over the years are now holding their own celebrations for the New Year. In New York City, for instance, all public schools are closed on Monday to commemorate the holiday. The Lunar New Year festivities are also observed by Vietnamese and Koreans, as well as Tibetans, whose first day of celebration falls on Tuesday.

This Tech Could Make Google’s Future Gadgets Even Smarter

Google’s latest partnership could result in smartphones that recognize objects much the same way humans do.
Machine learning startup Movidius said recently that it’s working with Google to “accelerate the adoption of deep learning within mobile devices.” Movidius makes a vision processor that attempts to replicate human eyesight, taking into account variables like depth and texture to put objects into context. That capability, CEO Remi El-Ouazzane says, could result in much more powerful smartphones and other devices.
“When you understand the context, than there are many things you can do,” says El-Ouazzane. “You can automate tasks, you can free up the human being to do [other] things.”
El-Ouazzane refused to talk about how his company’s chip might be used in any future Google products, like Android smartphones. But he did say it would show up “in the context of personal and wearable computing.” He also argued that it could improve unmanned aerial vehicles, or drones, by giving them the ability to better make sense of the video footage they’re recording as they fly about. A drone flown by an oil rig operator, for instance, might be able to detect damage as well as analyze the extent of the problem.
“The level of information you get will be much more sophisticated,” says El-Ouazzane.
Some commercially available software, like Google’s own Photos app, can already recognize particular people or objects in photos. Searching that app for “dogs,” for instance, pulls up only images of our four-legged friends. But that software relies on far-flung computers to run the actual computations. Movidius’ chip is different because its calculations happen right on the processor without any outside help, potentially speeding up the process and removing the need for an Internet connection.
Still, the executive admitted that truly replicating human eyesight and visual recognition is a steep challenge. “What our [vision processor] is doing definitely is not as tuned or as perfect as a [human] visual cortex,” he says. “We’re fighting 540 million years of human progression, so it takes time.”
The Movidius chip relies on an emerging field called “deep learning,” referring to software that mimics the way humans learn from their experiences. Long a mostly academic concept, deep learning is starting to bear fruit in the form of consumer applications. Microsoft Skype’s real-time translator, for instance, is a result of research in this field.
But one disadvantage of deep learning systems is that they typically need to absorb massive amounts of data about a given subject before they can go off and make decisions on their own. For a typical deep learning program to correctly identify a dog, for instance, it first needs to look at lots of poodle pictures. Movidius’ goal is to reduce this need by what it calls “unsupervised networks,” which are systems that can recognize different types of objects on their own with less human intervention.
“I think today we are reaching a very high level of performance on those networks,” says El-Ouazzane.

Police 'ponder eagles to tackle drones'

The force's interest in using the birds of prey follows trials in the Netherlands.
Drones - pilot-less aircraft which are controlled remotely - are already used by police forces to capture footage on difficult terrain, including cliffs.
But there are concerns criminals are also using the new technology.
In November, the Ministry of Justice said a drone used to smuggle mobile phones, SIM cards and drugs into the grounds of HMP Manchester had been recovered by guards.
The MoJ reported nine attempts to use drones to infiltrate prisons in England and Wales in the first five months of 2015.
A think tank has also warned that drones could be used by terrorist groups.
The UK Air Proximity Board said last month that drones had been involved in four serious near misses at UK airports.
The birds would help by taking down the aircraft, which they would consider to be prey.
A Met Police spokesman said: "As would be expected in an organisation that is transforming, we take an interest in all innovative new ideas and will of course be looking at the work of the Dutch police use of eagles."


Police 'ponder eagles to tackle drones'

The force's interest in using the birds of prey follows trials in the Netherlands.
Drones - pilot-less aircraft which are controlled remotely - are already used by police forces to capture footage on difficult terrain, including cliffs.
But there are concerns criminals are also using the new technology.
In November, the Ministry of Justice said a drone used to smuggle mobile phones, SIM cards and drugs into the grounds of HMP Manchester had been recovered by guards.
The MoJ reported nine attempts to use drones to infiltrate prisons in England and Wales in the first five months of 2015.
A think tank has also warned that drones could be used by terrorist groups.
The UK Air Proximity Board said last month that drones had been involved in four serious near misses at UK airports.
The birds would help by taking down the aircraft, which they would consider to be prey.
A Met Police spokesman said: "As would be expected in an organisation that is transforming, we take an interest in all innovative new ideas and will of course be looking at the work of the Dutch police use of eagles."

Taiwan Quake Survivor Shielded By Dead Husband

One of those rescued - Tsao Wei-ling - reportedly called out "here I am" as rescuers dug through the rubble and found her shielded under the body of her husband.
Their two-year-old son's body was found nearby.
Another male survivor, Lee Tsung-tien, 42, was pulled out conscious from the sixth floor section of the collapsed building, in the southern city of Tainan, where the rescue efforts of emergency workers and soldiers have been focused.
Cranes, drills, ladders, sniffer dogs and life detection equipment are being used to trace those trapped.
More than 100 people who remain unaccounted for are believed to be buried deep under the wreckage following the disaster in which at least 38 people are known to have died.
Thirty-six of those killed in the quake, which struck at around 4am local time on Saturday, were in the collapsed Wei-guan Golden Dragon Building from which around 170 people have been rescued so far.
Tainan Mayor William Lai said he expected the number of fatalities to exceed 100.
The building's lower floors collapsed on top of each other in the earthquake and then the whole structure toppled, raising questions about the quality of the materials and workmanship used in its construction in the 1990s.
Taiwan's president-elect Tsai Ing-wen said there needed to be a "general sorting out" of old buildings.
"There needs to be a continued strengthening of their ability to deal with disasters," she said.