Connect with us

Alibaba’s company logo at its office in Hong Kong on February 22, 2012.

Aaron Tam/Stringer | Getty Images

Chinese technology giant Alibaba Group is the target of some 300 million attempted cyber attacks per day, according to the company’s founder and former executive chairman, Jack Ma.

Ma said he was “proud” that despite the tirade of subterfuge, Alipay — the group’s payments arm which reports close to 1 billion users and processes $50 billion worth of transactions per day — has yet to lose “one cent” to hackers.

“For Alibaba Group, we have over 300 million hacking attempts per day. Every day. But we deal (with) it. We don’t have even one problem,” Ma said at the Forbes Global CEO Conference in Singapore on Tuesday.

By way of contrast, embattled Chinese technology giant Huawei is subject to around 1 million daily cyberattacks, according to its security chief. Until now, other technology companies have been less forthcoming in revealing their cyber attack vulnerabilities.

Give my data to a machine. I trust a machine more than (I) trust people.

Jack Ma

Alibaba founder and former executive chairman

Alibaba faced a sweeping cyber attack attempt in February, which threatened to compromise the accounts of 20 million users on its Taobao e-commerce site. The company said it detected the attack “in the first instance.”

Ma cited the company’s advanced tech capabilities, which he dubbed “AI: Alibaba Intelligence,” for its continued success rate, noting that machines are superior to humans in using logic to thwart malicious online behavior.

“We teach the machine all the ways people (are) cheating,” said Ma. “The machine remembers over millions of ways of cheating, so when we start the cheating, (the) machine already knows you are cheating. In this way we are protecting all the technology.”

Jack Ma (right), co-founder and former executive chair of Alibaba Group, speaks next to Steve Forbes (left), chairman and editor-in-chief of Forbes media, during the Forbes Global CEO Conference in Singapore on October 15, 2019.

Roslan Rahman | AFP | Getty Images

To achieve that degree of accuracy, however, Ma noted the company must collect vast swathes of customer data. He argued that doing so allowed Alibaba to develop safeguards to detect bad human actors.

“Give my data to a machine,” said Ma. “I trust a machine more than (I) trust people.”

“I give my data to people, I worry about that. People say ‘ah, this is Jack Ma, I want to know about him.’ Machine(s) don’t care if you’re Jack Ma or Jack Lee. Machine cares whether you do good things or bad things.”

Ma retired from Alibaba last month, 20 years after the company’s founding. At the conference in Singapore, he was honored with the Malcolm S Forbes Lifetime Achievement Award for his “outstanding” contributions to entrepreneurship.

Source link

World

India court says religious site to go to Hindus, not Muslims

Published

on

A Hindu man walks past security personnel on a road in Ayodhya on November 9, 2019, ahead of a Supreme Court verdict on the disputed religious site.

Sanjay Kanojia | AFP | Getty Images

India‘s Supreme Court ruled on Saturday in favor of a Hindu group in a long-running battle over a centuries-old religious site also claimed by Muslims, in a verdict that could raise tension between the two communities.

The ruling paves the way for the construction of a Hindu temple on the site in the northern town of Ayodhya, a proposal long supported by Prime Minister Narenrda Modi’s ruling Hindu-nationalist party.

The five-judge bench, headed by the Chief Justice Ranjan Gogoi, delivered a unanimous judgement, opting to hand over the plot of just 2.77 acres (1.1 hectares) of land — about the size of a football field — to one of the Hindu groups that had staked claim to it.

The judge said a temple should be built on the disputed by forming a trust under the control of the central government.

The verdict will be seen as a political victory for Modi, who won a second term in a landslide general election win this year.

For more than seven decades, right-wing Hindu campaigners have been pushing to build a temple on the site, which they believe was the birthplace of Lord Ram, a physical incarnation of the Hindu god Vishnu.

They say the site was holy for Hindus long before the Muslim Mughals, India’s most prominent Islamic rulers, built what was known as the Babri mosque there in 1528.

The mosque was razed by a Hindu mob in 1992.

India braced on November 9 for a Supreme Court ruling over a disputed religious site in Ayodhya contested for centuries by Hindus and Muslims, which in 1992 sparked some of the deadliest sectarian violence since independence.

Sanjay Kanojia | AFP | Getty Images

The destruction of the mosque triggered religious riots in which about 2,000 people, most of them Muslim, were killed across the country and led to a series of court battles with various groups staking claim to the site.

The Supreme Court directed that an alternate land parcel be provided to a Muslim group that had staked claim to the disputed site.

The site has been heavily protected since the 1992 religious clashes.

Ahead of the ruling, security was tightened in Ayodhya and across India, especially in cities that have suffered communal violence in the past.

In some regions, restrictions were placed on gatherings and police were monitoring social media to curb rumours that could fan tension between the communities.

In some towns, internet services were also suspended to stop the spread of rumors.

The Rashtriya Swayamsevak Sangh — parent organization of Modi’s party — has decided against celebratory processions if the verdict goes in favor of the Hindus, to avoid provoking sectarian violence.

Muslim organizations have appealed for calm to prevent communal flare-ups.

Source link

Continue Reading

World

consumer inflation soars on high pork prices

Published

on

Pigs in their pen at a farm on the outskirts of Chengdu in China’s south west Sichuan province, on August 2, 2005.

Peter Parks | AFP | Getty Images

China’s producer prices fell the most in more than three years in October, as the manufacturing sector weakened on declining demand and a knock from the Sino-U.S. tariff war, reinforcing the case for Beijing to keep the stimulus coming.

The producer price index (PPI), seen as a key indicator of corporate profitability, fell 1.6% in October from a year earlier, marking the steepest decline since July 2016, National Bureau of Statistics (NBS) data showed on Saturday. Analysts had tipped a contraction of 1.5% for the PPI.

In contrast, China’s consumer prices rose at their fastest pace in almost eight years, driven mostly by a surge in pork prices as African swine fever ravaged the country’s hog herds.

Some analysts say the CPI rise could become a concern for policymakers looking to introduce measures to prop up demand.

However, core inflation — which excludes food and energy prices — pressures remain modest.

The factory deflation aligns with other indicators showing shrinking manufacturing activity in October, with the official Purchasing Managers’ Index (PMI) indicating contraction for a sixth straight month.

While Washington and Beijing work on finalizing the first part of a phased trade agreement, many analysts are wary of the potential back and forth after the sudden collapse of earlier talks in May. Chinese manufacturers, meanwhile, are expected to face continued pressure from existing tariffs.

More U.S. tariffs against China are set to take effect on Dec. 15, although officials from both China and the United States said this week they have agreed to roll back tariffs on each others’ goods if a “phase one” trade deal is completed.

On Friday, though, President Donald Trump said he has not agreed to the rollbacks sought by China.

The more than year-long trade war has cost China $35 billion as the United States has cut down on Chinese imports, driving up prices for American consumers, according to a U.N. study published on Tuesday.

China for the first time since 2016 cut the interest rate in its one-year medium lending facility (MLF) loans. The Chinese authorities, though, have been relatively restrained in providing stimulus measures and the cut was by only 5 basis points.

But surging consumer inflation is adding to the headaches of policymakers who are racing the calendar to meet Beijing’s annual growth target as the world’s second largest economy slows to the lower end of a 6%-6.5% range for 2019.

October’s consumer price index (CPI) rose 3.8% year-on-year, the most since January 2012 and beating analysts’ expectations for 3.3% rate.

The rise was driven largely by a steep climb in pork prices and other meats after African swine fever killed a large portion of China’s pigs. Pork prices more than doubled year-on-year in October, according to the stats bureau.

“Although we expect the People’s Bank of China (PBOC) to maintain its easing policy stance, we believe there is elevated risk of a wage-price spiral amid surging pork prices and the spillover effects to other food prices,” analysts at Nomura wrote in a note on Nov. 1.

“Thus the PBOC could potentially become more reluctant to deliver high-profile policy stimulus in coming quarters to avoid fueling inflation expectations,” the analysts said.

Source link

Continue Reading

World

Hong Kong faces 24th weekend of protest after student’s death

Published

on

Students in Guy Fawkes masks march before the congregation ceremony at the Chinese University of Hong Kong on November 7, 2019 in Hong Kong, China.

Billy H.C. Kwok | Getty Images

Hong Kong protesters are planning a 24th straight weekend of pro-democracy rallies, including inside shopping malls across the Chinese-ruled city on Sunday, some of which have started peacefully in recent weeks and descended into violent chaos.

Protesters have also called for a general strike on Monday and for people to block public transport, calls that have come to nothing in the past.

The weekend starts with a rally on Saturday to mark the 30th anniversary of the fall of the Berlin Wall and a “support martyrs” assembly, both of which are likely to turn to protesters’ demands for universal suffrage for the former British colony.

Police granted permission for a gathering at Tamar park, one of the rare approvals for a protest in recent weeks.

Candlelight vigils mourning a student who died after a high fall during a rally in the early hours of Monday quickly spiraled into street fires and cat-and-mouse clashes between protesters and police on Friday.

Police fired one round of live ammunition to warn what they called “a large group of rioters armed with offensive weapons” who threw bricks at officers trying to clear street barricades in the Kowloon area on Friday night, the police said in a statement.

“The lives of the officers were under serious threat,” said the statement, which was released early on Saturday.

The death of the student at a hospital on Friday is likely to fuel anger with the police, who are under pressure over accusations of excessive force as the territory grapples with its worst political crisis in decades.

Chow Tsz-lok, 22, fell from the third to the second floor of a parking lot as protesters were being dispersed by police.

Students and young people have been at the forefront of the hundreds of thousands who have taken to the streets to seek greater democracy, among other demands, and rally against perceived Chinese meddling in the Asian financial hub.

Hong Kong returned to Chinese rule in 1997 under a “one country, two systems” formula, allowing it colonial freedoms not enjoyed on the mainland, including an independent judiciary and the right to protest.

China denies interfering in Hong Kong and has blamed Western countries for stirring up trouble.

Since June, protesters have thrown petrol bombs and vandalized banks, stores and metro stations. Police have fired rubber bullets, tear gas, water cannons and, in some cases, live ammunition.

Last weekend, anti-government protesters crowded a shopping mall in running clashes with police that saw a man slash people with a knife and bite off part of the ear of a politician.

Source link

Continue Reading

Trending