Credit card interest rates, which averaged 23% in 2023, are significantly higher than any other major loan product primarily due to non-diversifiable default risk and banks' market power, according to research published by the Federal Reserve Bank of New York.

The comprehensive study, which analyzed 330 million monthly credit card accounts, found that while high default losses contribute to elevated rates, they explain only part of the picture. Even high-FICO borrowers pay spreads exceeding 7% above the federal funds rate. Researchers determined that credit card banks have substantial pricing power, achieved through exceptionally high operating expenses -- about 4-5% of dollar balances annually -- with marketing costs ten times higher than those at other banks.

"Credit card charge-off rates are highly correlated with default rates on banks' other loans as well as on corporate bonds," the researchers said, noting that default risk cannot be diversified away across lending markets, particularly during economic downturns. The study estimated that exposure to aggregate default risk carries a premium of 5.3% per year, which fully explains the relationship between return on assets and credit scores.

Credit cards are ubiquitous in American finance, with 74% of adults owning at least one card, and the payment method accounting for 70% of retail spending. According to the research, 60% of accounts carry balances month-to-month.

London's mayor has axed a cyber crime helpline for the victims of online abuse, triggering a backlash from campaigners who argue that women and girls will be left struggling to access vital support. From a report: The service, which was shut down on Tuesday, assisted victims of fraud, revenge porn and cyberstalking to protect their digital identity. During its 18-months of operation it led to 2,060 cases being opened. The helpline was launched in 2023 as a one-year pilot scheme with $220,000 in funding from the Mayor's Office for Policing and Crime (Mopac), and was later extended by six months.

Conservative London Assembly member Emma Best said an informal evaluation showed the helpline "was working" and was going to be extended for another year. However, Sadiq Khan said that the scheme would be closed. "It was a pilot and pilots are what they say on the tinâ... we will receive an end of project report, we have collected the data and the results of that report will inform our future work," he said, speaking at Mayor's Question Time.

Economic models have systematically underestimated how global heating will affect people's wealth, according to a new study that finds 4C warming will make the average person 40% poorer -- an almost four-fold increase on some estimates. The Guardian: The study by Australian scientists suggests average per person GDP across the globe will be reduced by 16% even if warming is kept to 2C above pre-industrial levels. This is a much greater reduction than previous estimates, which found the reduction would be 1.4%.

Scientists now estimate global temperatures will rise by 2.1C even if countries hit short-term and long-term climate targets. Criticisms have mounted in recent years that a set of economic tools known as integrated assessment models (IAM) -- used to guide how much governments should invest in cutting greenhouse gas emissions -- have failed to capture major risks from climate change, particularly extreme weather events. The new study, in the journal Environmental Research Letters, took one of the most popular economic models and enhanced it with climate change forecasts to capture the impacts of extreme weather events across global supply chains.

Britain's flagship AI agency will slash the number of projects it backs and prioritize work on defense, environment and health as it seeks to respond to technological advances and criticism of its record. From a report: The Alan Turing Institute -- named after the pioneering British computer scientist -- will shut or offload almost a quarter of its 101 current initiatives and is considering job cuts as part of a change programme that led scores of staff to write a letter expressing their loss of confidence in the leadership in December.

Jean Innes, appointed chief executive in July 2023, argued that huge advances in AI meant the Turing needed to modernise after being founded as a national data science institute by David Cameron's government a decade ago this month. "The Turing has chalked up some really great achievements," Innes said in an interview. "[But we need] a big strategic shift to a much more focused agenda on a small number of problems that have an impact in the real world." A review last year by UK Research and Innovation, the government funding body, found "a clear need for the governance and leadership structure of the Institute to evolve." It called for a move away from the dominance of universities to a structure more representative of AI in UK.

OpenAI plans to release a new open-weight language model -- its first since GPT-2 -- in the coming months and is seeking community feedback to shape its development. "That's according to a feedback form the company published on its website Monday," reports TechCrunch. "The form, which OpenAI is inviting 'developers, researchers, and [members of] the broader community' to fill out, includes questions like 'What would you like to see in an open-weight model from OpenAI?' and 'What open models have you used in the past?'" From the report: "We're excited to collaborate with developers, researchers, and the broader community to gather inputs and make this model as useful as possible," OpenAI wrote on its website. "If you're interested in joining a feedback session with the OpenAI team, please let us know [in the form] below." OpenAI plans to host developer events to gather feedback and, in the future, demo prototypes of the model. The first will take place in San Francisco within a few weeks, followed by sessions in Europe and Asia-Pacific regions.

OpenAI is facing increasing pressure from rivals such as Chinese AI lab DeepSeek, which have adopted an "open" approach to launching models. In contrast to OpenAI's strategy, these "open" competitors make their models available to the AI community for experimentation and, in some cases, commercialization.

California has 11.3% of America's population — but bought 30% of America's new zero-emission vehicles. That's according to figures from the California Air Resources Board, which also reports 1 in 4 Californians have chosen a zero-emission car over a gas-powered one... for the last two years in a row.

But what about chargers? It turns out that California now has 48% more public and "shared" private EV chargers than the number of gasoline nozzles. (California has 178,000 public and "shared" private EV chargers, versus about 120,000 gas nozzles.) And beyond that public network, there's more than 700,000 Level 2 chargers installed in single-family California homes, according to the California Energy Commission.

Of the 178,000 public/"shared" private chargers, "Over 162,000 are Level 2 chargers," according to an announcement from the governor's office, while nearly 17,000 are fast chargers. (A chart shows a 41% jump in 2024 — though the EV news site Electrek notes that of the 73,537 chargers added in 2024, nearly 38,000 are newly installed, while the other 35,554 were already plugged in before 2024 but just recently identified.) California approved a $1.4 billion investment plan in December to expand zero-emission transportation infrastructure. The plan funds projects like the Fast Charge California Project, which has earmarked $55 million of funding to install DC fast chargers at businesses and publicly accessible locations.

The giant financial news site Bloomberg "has been experimenting with using AI to help produce its journalism," reports the New York Times. But "It hasn't always gone smoothly."

While Bloomberg announced on January 15 that it would add three AI-generated bullet points at the top of articles as a summary, "The news outlet has had to correct at least three dozen A.I.-generated summaries of articles published this year." (This Wednesday they published a "hallucinated" date for the start of U.S. auto tariffs, and earlier in March claimed president Trump had imposed tariffs on Canada in 2024, while other errors have included incorrect figures and incorrect attribution.) Bloomberg is not alone in trying A.I. — many news outlets are figuring out how best to embrace the new technology and use it in their reporting and editing. The newspaper chain Gannett uses similar A.I.-generated summaries on its articles, and The Washington Post has a tool called "Ask the Post" that generates answers to questions from published Post articles. And problems have popped up elsewhere. Earlier this month, The Los Angeles Times removed its A.I. tool from an opinion article after the technology described the Ku Klux Klan as something other than a racist organization.

Bloomberg News said in a statement that it publishes thousands of articles each day, and "currently 99 percent of A.I. summaries meet our editorial standards...." The A.I. summaries are "meant to complement our journalism, not replace it," the statement added....

John Micklethwait, Bloomberg's editor in chief, laid out the thinking about the A.I. summaries in a January 10 essay, which was an excerpt from a lecture he had given at City St. George's, University of London. "Customers like it — they can quickly see what any story is about. Journalists are more suspicious," he wrote. "Reporters worry that people will just read the summary rather than their story." But, he acknowledged, "an A.I. summary is only as good as the story it is based on. And getting the stories is where the humans still matter."
A Bloomberg spokeswoman told the Times that the feedback they'd received to the summaries had generally been positive — "and we continue to refine the experience."

A former Facebook director of global policy recently published "the book Meta doesn't want you to read," a scathing takedown of top Meta executives titled Careless People: A Cautionary Tale of Power, Greed, and Lost Idealism.

But Wednesday RestofWorld.org published additional thoughts from Meta's former head of public policy for Bangladesh (who is now an executive director at the nonprofit policy lab Tech Global Institute). Though their time at Facebook didn't overlap, they first applaud how the book "puts a face to the horrific events and dangerous decisions."

But having said that, "What struck me is that what isn't included in Careless People is more telling than what is." By 2012 — one year after joining Facebook — Wynn-Williams had ample evidence of the platform's role in enabling violence and harm upon its users, and state-sanctioned digital repression, yet her memoir neither mentions these events nor the repeated warnings to her team from civil society groups in Asia before the situation escalated... In recounting events, the author glosses over her own indifference to repeated warnings from policymakers, civil society, and internal teams outside the U.S. that ultimately led to serious harm to communities.

She briefly mentions how Facebook's local staff was held at gunpoint to give access to data or remove content in various countries — something that had been happening since as early as 2012. Yet, she failed to grasp the gravity of these risks until the possibility of her facing jail time arises in South Korea — or even more starkly in March 2016, when Facebook's vice president for Latin America, Diego Dzodan, was arrested in Brazil. Her delayed reckoning underscores how Facebook's leadership remains largely detached from real-world consequences of their decisions until they become impossible to ignore.

Perhaps because everyone wants to be a hero of their own story, Wynn-Williams frames her opposition to leadership decisions as isolated; in reality, powerful resistance had long existed within what Wynn-Williams describes as Facebook's "lower-level employees."
Yet "Despite telling an incomplete story, Careless People is a book that took enormous courage to write," the article concludes, calling it an important story to tell.

"It goes to show that we need many stories — especially from those who still can't be heard — if we are to meaningfully piece together the complex puzzle of one of the world's most powerful technology companies."

Cloud providers like the security of running things in virtual machines "at scale" — even though VMs "are not known for having fast cold starts or a small footprint..." noted Microsoft's Open Source blog last November. So Microsoft's Azure Core Upstream team built an open source Rust library called Hyperlight "to execute functions as fast as possible while isolating those functions within a VM."

But that was just the beginning... Then, we showed how to run Rust functions really, really fast, followed by using C to [securely] run Javascript. In February 2025, the Cloud Native Computing Foundation (CNCF) voted to onboard Hyperlight into their Sandbox program [for early-stage projects].

[This week] we're announcing the release of Hyperlight Wasm: a Hyperlight virtual machine "micro-guest" that can run wasm component workloads written in many programming languages...

Traditional virtual machines do a lot of work to be able to run programs. Not only do they have to load an entire operating system, they also boot up the virtual devices that the operating system depends on. Hyperlight is fast because it doesn't do that work; all it exposes to its VM guests is a linear slice of memory and a CPU. No virtual devices. No operating system. But this speed comes at the cost of compatibility. Chances are that your current production application expects a Linux operating system running on the x86-64 architecture (hardware), not a bare linear slice of memory...

[B]uilding Hyperlight with a WebAssembly runtime — wasmtime — enables any programming language to execute in a protected Hyperlight micro-VM without any prior knowledge of Hyperlight at all. As far as program authors are concerned, they're just compiling for the wasm32-wasip2 target... Executing workloads in the Hyperlight Wasm guest isn't just possible for compiled languages like C, Go, and Rust, but also for interpreted languages like Python, JavaScript, and C#. The trick here, much like with containers, is to also include a language runtime as part of the image... Programming languages, runtimes, application platforms, and cloud providers are all starting to offer rich experiences for WebAssembly out of the box. If we do things right, you will never need to think about whether your application is running inside of a Hyperlight Micro-VM in Azure. You may never know your workload is executing in a Hyperlight Micro VM. And that's a good thing.
While a traditional virtual-device-based VM takes about 125 milliseconds to load, "When the Hyperlight VMM creates a new VM, all it needs do to is create a new slice of memory and load the VM guest, which in turn loads the wasm workload. This takes about 1-2 milliseconds today, and work is happening to bring that number to be less than 1 millisecond in the future."

And there's also double security due to Wasmtime's software-defined runtime sandbox within Hyperlight's larger VM...

Automotive historian Dan Albert loves the "adorable tiny truck" he's driving. It's one of the small Japan-made "kei" pickups and minivans that "make up about a third of car sales in Japan." Americans can legally import older models for less than $10,000, and getting 40 miles per gallon they're "Cheap to buy and run... rugged, practical, no-frills machines — exactly what the American-built pickup truck used to be."

But unfortunately, kei buyers face "bureaucratic roadblocks that states like Massachusetts have erected to keep kei cars and trucks out of the hands of U.S. drivers." Several state departments of motor vehicles (DMVs) have balked at registering the imported machines, saying that they're too unsafe for American streets. Owners have responded with a righteous mix of good humor, lobbying and lawsuits... Kei trucks do not meet the Federal Motor Vehicle Safety Standards, or FMVSS — the highly specific rules US-market new cars must meet. But since 1988, the Imported Vehicle Safety Compliance Act has exempted vehicles that are at least 25 years old from these crash safety standards, allowing drivers to bring over vintage European and Asian market models...

Getting insurance coverage was the next barrier, as the company that had long been underwriting the Albert family's fleet also rejected me, forcing me to seek out a specialty "collector car" insurer. (I did eventually get regular coverage....) Maine, Rhode Island, New York, Pennsylvania, Georgia, Virginia, and Michigan also tightened their rules on registering small Japanese imports in recent years. The culprit, according to the auto enthusiast press, was the American Association of Motor Vehicle Administrators, the trade organization that serves as the lobbying and policy arm of DMVs across North America. Much of AAMVA's work involves integrating the databases of the 69 US and Canadian motor vehicle jurisdictions who are its members, so that a car stolen in one state can't be titled in another... The kei truck's regulatory troubles can be traced to a 2011 AAMVA report, "Best Practices Regarding Registration and Titling of Mini-Trucks," which called for outright bans and encouraged DMVs to lobby state legislatures to outlaw keis entirely.

The Insurance Institute of Highway Safety concurred, telling AAMVA that its recommendation did not go far enough: The IIHS said that keis should join the class of conveyances that the U.S. government calls Low Speed Vehicles, which are mechanically limited to 25 miles per hour or less and should be used only for short local trips on low-speed-limit roads because they can't protect occupants in the event of a collision with a regular vehicle... [But] By 2008, Japan's kei trucks did feature crumple zones and driver airbags in compliance with that country's safety standards...

Despite its name, the Imported Vehicle Safety Compliance Act that lets older cars into the US from overseas isn't really about safety: Car industry lobbyists secured passage of the law to protect dealer profits. Newer keis — which are banned — are safer and cleaner than the 25-year-old ones that can be imported now. (Battery-powered keis debuted in 2009.) But even mine has an airbag, front crumple zone, seatbelt pretensioners, and anti-lock brakes.
The article notes that kie fans have "a distinctly libertarian streak... Some owners I've talked to report forging titles, setting up shell companies in Montana and finding other means of skirting DMV rules."

Thanks to long-time Slashdot reader schwit1 for sharing the article.

In 1999 Slashdot reader Jeremie announced "a new project I recently started to create a complete open-source platform for Instant Messaging with transparent communication to other IM systems (ICQ, AIM, etc)." It was the first release of the eXtensible Messaging and Presence Protocol, and by 2008 Slashdot was asking if XMPP was "the next big thing." Facebook even supported it for third-party chat clients until 2015.

And here in 2025, the chair of the nonprofit XMPP Standards Foundation is long-time Slashdot reader ralphm, who is now issuing this call to action at XMPP.org: The European Digital Markets Act (DMA) is designed to break down walled gardens and enforce messaging interoperability. As a designated gatekeeper, Meta—controlling WhatsApp and Messenger—must comply. However, its current proposal falls short, risking further entrenchment of its dominance rather than fostering genuine competition. [..]

A Call to Action

The XMPP Standards Foundation urges Meta to adopt XMPP for messaging interoperability. It is ready to collaborate, continue to evolve the protocol to meet modern needs, and ensure true compliance with the DMA. Let's build an open, competitive messaging ecosystem—one that benefits both users and service providers.

It's time for real interoperability. Let's make it happen.

The Washington Post reports that after months of polar darkness, the extent of sea ice blanketing the Arctic this winter "fell to the lowest level on record, researchers announced this week... the smallest maximum extent in the 47-year satellite record, according to the National Snow and Ice Data Center.

"Since then, the ice has already begun to melt again." "Sea ice is acting like the old canary in the coal mine," Dartmouth University geophysicist Don Perovich said. "It's saying loud and clear that warming is occurring...."

In the summer, when the sun's radiation shines down on the Arctic for 24 hours a day, the ice acts as a shield, reflecting more than half of the light that hits it back into space.... With so little sea ice in the Arctic this year, more sunlight will be able to reach the open ocean, which absorbs more than 90 percent of the radiation that hits it. This will further warm the region, accelerating ice melt and exposing even more water to the light. This feedback loop helps explain the rapid warming of the Arctic, and it is expected to lead to a complete lack of summer sea ice in the region within decades, [said explained Melinda Webster, a sea ice scientist at the University of Washington]. The consequences would be dire for seals, polar bears and other wildlife, which depend on a stable sea ice platform to birth their young and hunt for food. It would also expose miles of coastline to pounding ocean waves, accelerating the erosion that threatens to tip some communities into the sea.

But the effects will also be felt in places far from the poles, Perovich said. Studies suggest that a complete loss of Arctic sea ice would raise global temperatures as much as adding a trillion tons of carbon dioxide to the atmosphere. Changes in the Arctic could also affect the jet stream, the river of winds that flows through the upper atmosphere, contributing to more extreme weather around the globe.

"What happens in the Arctic doesn't stay in the Arctic," Perovich said.
Earlier this year sea ice also fell 30% below the amount typical in the Antarctic prior to 2010, the researchers report. The total amount of sea ice on earth has now reached an all-time low, declining by more than a million square miles (2.5 million square kilometers) below the pre-2010 average.

"Altogether, Earth is missing an area of sea ice large enough to cover the entire continental United States east of the Mississippi."

An anonymous reader shared this report from BleepingComputer: Three security bypasses have been discovered in Ubuntu Linux's unprivileged user namespace restrictions, which could be enable a local attacker to exploit vulnerabilities in kernel components. The issues allow local unprivileged users to create user namespaces with full administrative capabilities and impact Ubuntu versions 23.10, where unprivileged user namespaces restrictions are enabled, and 24.04 which has them active by default...

Ubuntu added AppArmor-based restrictions in version 23.10 and enabled them by default in 24.04 to limit the risk of namespace misuse. Researchers at cloud security and compliance company Qualys found that these restrictions can be bypassed in three different ways... The researchers note that these bypasses are dangerous when combined with kernel-related vulnerabilities, and they are not enough to obtain complete control of the system... Qualys notified the Ubuntu security team of their findings on January 15 and agreed to a coordinated release. However, the busybox bypass was discovered independently by vulnerability researcher Roddux, who published the details on March 21.

Canonical, the organization behind Ubuntu Linux, has acknowledged Qualys' findings and confirmed to BleepingComputer that they are developing improvements to the AppArmor protections. A spokesperson told us that they are not treating these findings as vulnerabilities per se but as limitations of a defense-in-depth mechanism. Hence, protections will be released according to standard release schedules and not as urgent security fixes.
Canonical shared hardening steps that administrators should consider in a bulletin published on their official "Ubuntu Discourse" discussion forum.

A new study warns that toxic Martian dust contains fine particles and harmful substances like silica and metals that pose serious health risks to astronauts, making missions to Mars more dangerous than previously thought. The Guardian reports: During Apollo missions to the moon, astronauts suffered from exposure to lunar dust. It clung to spacesuits and seeped into the lunar landers, causing coughing, runny eyes and irritated throats. Studies showed that chronic health effects would result from prolonged exposure. Martian dust isn't as sharp and abrasive as lunar dust, but it does have the same tendency to stick to everything, and the fine particles (about 4% the width of a human hair) can penetrate deep into lungs and enter the bloodstream. Toxic substances in the dust include silica, gypsum and various metals.

"A mission to Mars does not have the luxury of rapid return to Earth for treatment," the researchers write in the journal GeoHealth. And the 40-minute communication delay will limit the usefulness of remote medical support from Earth. Instead, the researchers stress that limiting exposure to dust is essential, requiring air filters, self-cleaning space suits and electrostatic repulsion devices, for example.

A breach of legacy Cerner servers at Oracle Health exposed patient data from multiple U.S. hospitals and healthcare organizations, with threat actors using compromised customer credentials to steal the data before it had been migrated to Oracle Cloud. Despite confirming the breach privately, Oracle Health has yet to publicly acknowledge the incident. BleepingComputer reports: Oracle Health, formerly known as Cerner, is a healthcare software-as-a-service (SaaS) company offering Electronic Health Records (EHR) and business operations systems to hospitals and healthcare organizations. After being acquired by Oracle in 2022, Cerner was merged into Oracle Health, with its systems migrated to Oracle Cloud. In a notice sent to impacted customers and seen by BleepingComputer, Oracle Health said it became aware of a breach of legacy Cerner data migration servers on February 20, 2025.

"We are writing to inform you that, on or around February 20, 2025, we became aware of a cybersecurity event involving unauthorized access to some amount of your Cerner data that was on an old legacy server not yet migrated to the Oracle Cloud," reads a notification sent to impacted Oracle Health customers. Oracle says that the threat actor used compromised customer credentials to breach the servers sometime after January 22, 2025, and copied data to a remote server. This stolen data "may" have included patient information from electronic health records. However, multiple sources told BleepingComputer that it was confirmed that patient data was stolen during the attack.

Oracle Health is also telling hospitals that they will not notify patients directly and that it is their responsibility to determine if the stolen data violates HIPAA laws and whether they are required to send notifications. However, the company says they will help identify impacted individuals and provide templates to help with notifications.

An anonymous reader shares a report: New data recently released by the Environmental Protection Agency indicate that more than 158 million people across the U.S. have drinking water contaminated by toxic "forever chemicals," scientifically known as perfluoroalkyl and polyfluoroalkyl substances (PFAS).

"Drinking water is a major source of PFAS exposure. The sheer number of contaminated sites shows that these chemicals are likely present in most of the U.S. water supply," said David Andrews, deputy director of investigations and a senior scientist at the Environmental Working Group (EWG), a nonprofit advocacy organization, in a recent press release.

An anonymous reader shares a report: A former director of data science at the UK prime minister's office has told MPs that people working with data in government are not typically technical and would be unlikely to get a similar job in the private sector.

In a hearing designed to illuminate the challenges facing the Department for Science, Innovation and Technology (DSIT) as it strives to become the digital centre for government, MPs quizzed Laura Gilbert, head of AI for Government, at the Ellison Institute and former director of data science at 10 Downing Street, the prime ministers' office.

Members of the House of Common's Science, Innovation and Technology Committee wanted to know about the performance of the Government Digital Service, which in January was moved from the Cabinet Office to DSIT and merged with Central Digital and Data Office (CDDO), the Incubator for AI (i.AI). Gilbert, a particle physicist who has worked in a number of tech industry roles, said one of the challenges was understanding the level of tech skills in the civil service in central government.

The College Board, described as a $2 billion nonprofit, functions as the primary gatekeeper for academic success within American higher education, according to an analysis by Bloomberg. The organization significantly shapes university admissions by controlling not only who gains entry to college but also influencing what students know upon arrival.

This central role in managing and defining higher education admissions positions the Board uniquely. The story adds: The College Board writes the curriculum for 40 AP courses, administers and grades the exams, oversees the PSAT and SAT, and offers a variety of free and paid resources to help prepare for the courses and tests. Many students will wind up paying the company north of $1,000 over the course of their high school career. "If the same people can create the content and create the tests, that's a really great business model where you've got the whole public secondary education system wrapped up in one little company," says Jon Boeckenstedt, the vice provost of enrollment management at Oregon State University and a prominent critic of the College Board.

Housing so many parts of the high school experience under one roof has made the New York-based organization immensely wealthy, with more than $1 billion in annual revenue -- on which it pays no taxes as a 501(c)(3) nonprofit. But mere money isn't the biggest source of the College Board's might. Twelve decades after its creation, it's now the closest thing the fragmented American educational system has to a central governing body, with a huge amount of authority over what students are expected to know when they get to college. Higher education is arguably the most important driver of social mobility, as well as the most powerful force in selecting which members of the next generation will set the political and cultural agenda. By controlling who gets in and what they know when they get there, the College Board has become the chief gatekeeper of academic success in America.

An anonymous reader shares a report: Staff at the Federal Trade Commission have been instructed to no longer refer to the agency as "independent" in complaints, according to an email obtained by The Verge.

A Nature survey has found that three-quarters of responding U.S. scientists are considering leaving the nation following disruptions to science under the Trump administration.

Out of 1,608 respondents, 75.3% said they were contemplating leaving the country. Scientists cited concerns over research funding and the general treatment of science as contributing factors for their reasoning. Europe and Canada were mentioned as potential destinations for those looking for opportunities abroad.