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Palantir CEO rips Silicon Valley in letter to traders

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Palantir CEO rips Silicon Valley in letter to investors

At a time when some tech corporations are bowing to worker pressure to pull back from perform with the govt, Palantir CEO Alex Karp is loudly defending his posture.

Palantir, a Silicon Valley program and servicies organization launched in 2003 with the express function of serving to the intelligence local community with counterterrorism investigations, filed its paperwork to go public on Tuesday. Karp, who started out the corporation with enterprise capitalist Peter Thiel, between other people, railed on tech culture and practices in his letter from the CEO.

“The engineering elite of Silicon Valley may possibly know more than most about setting up computer software,” Karp wrote. “But they do not know far more about how culture must be structured or what justice needs. Our company was launched in Silicon Valley. But we appear to be to share much less and less of the technological know-how sector’s values and commitments.” Final 7 days, the corporation announced designs to transfer its headquarters from Palo Alto, in the coronary heart of Silicon Valley, to Colorado.

Karp mentioned Palantir has “frequently turned down chances to market, obtain, or mine data,” contrasting it with client companies “crafted on promotion pounds.”

“Software tasks with our nation’s defense and intelligence businesses, whose missions are to continue to keep us secure, have develop into controversial, though firms created on advertising bucks are commonplace. For numerous consumer online companies, our ideas and inclinations, behaviors and searching behaviors, are the product for sale. The slogans and promoting of numerous of the Valley’s biggest technologies companies try to obscure this very simple actuality.” 

Despite the fact that he did not title any these businesses specifically, Fb suits the description — an ironic contact supplied that Thiel was an early investor in that business and stays on its board of administrators. 

Karp said in the letter that governing administration businesses have been hamstrung, in part by failed tech infrastructure and that Palantir’s mission is to assist. 

“Our computer software is employed to target terrorists and to continue to keep soldiers safe,” he wrote. “If we are heading to check with another person to place themselves in harm’s way, we believe that that we have a obligation to give them what they require to do their occupation.”

He failed to point out Google by title, but Thiel has accused the firm of “seemingly treasonous” habits for allegedly supporting the Chinese government when backing down from a contract with the U.S. government after experiencing personnel criticism. 

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Here’s how Karp addressed the make any difference:

“We have picked sides, and we know that our partners price our motivation. We stand by them when it is hassle-free, and when it is not.”

In the threat things section of its prospectus, Palantir identifies 1 opportunity threat as its unwillingness to perform with China, which could hamper expansion, specified that it’s the world’s 2nd-biggest economy.

“Our leadership believes that doing work with the Chinese communist social gathering is inconsistent with our tradition and mission,” the filing suggests. “We do not take into consideration any profits alternatives with the Chinese communist party, do not host our platforms in China, and impose restrictions on accessibility to our platforms in China in order to shield our intellectual home, to advertise respect for and protect privacy and civil liberties protections, and to advertise data safety.”

Here’s the letter in complete:

I.

Our welfare and safety rely on efficient application.

In instances of stability, the suitable software package aids our most vital establishments serve their markets and the community. In occasions of crisis, successful application can be vital to an organization’s survival.

Our application platforms are made use of by the United States and its allies all-around the environment. Lots of of the world’s most vital institutions, from protection and intelligence agencies to organizations in the health care, vitality, and production sectors, count on the software program platforms that we have created.

The difficulties that we face, and the crises that we have and will keep on to confront, expose the systemic weaknesses of the institutions on which we rely. Our industrial infrastructure and producing provide chains were being conceived of and constructed in a diverse century. Government organizations have faltered in satisfying their mandates and serving the community. Some establishments will battle to endure. Many others will collapse.

Our buyers appear to us for the reason that their technological infrastructure has failed them. The organization application industry’s concentrate on personalized computer software applications and applications is misplaced. Individuals ways usually only function briefly, if at all. The difficulties and demands of an corporation normally change just before the program can even be deployed.

Our companions call for a little something a lot more. They need generalizable platforms for modeling the planet and building conclusions. And that is what we have crafted.

II.

Our company is a resourceful business, loaded with sturdy personalities who are immensely proficient and treatment deeply about their get the job done.

The culture of our enterprise is more than a mere byproduct of the folks we decide on to use. Our tradition and suggests of arranging ourselves are preconditions for the generation of powerful program.

We recognize what demands to be accomplished and arrange ourselves all over the results that we hope to attain. This necessitates that we stay adaptable about who need to be major what and when.

At quite a few organizations, workforce devote their times, even their professions, posturing for other people, anxious with boasting credit rating for results and steering clear of blame for failure.

Complete organizations can subsist for decades on a company design that might have produced feeling at some place in the past. In the brief expression, there are normally revenue to be extracted from the company, and from clients.

We have rejected this way of working. The alignment of passions between our employees and our corporation, and between our enterprise and our customers, is just one of the principal motives we have arrive as considerably as we have.

III.

Our work and the use of our computer software present challenging queries.

The building of application platforms that help far more successful surveillance by the condition of its adversaries or that help troopers in executing assaults raises countless troubles, involving the points of pressure and tradeoffs among our collective safety and particular person privacy, the energy of machines, and the sorts of lives we both of those want to and should lead. The moral issues that crop up are continual and unrelenting.

We embrace the complexity that will come from doing work in areas the place the stakes are typically quite large and the choices may be imperfect.

The extra essential concern is the place authority to take care of this kind of thoughts — to determine how engineering might be applied and by whom — need to reside.

Our society has successfully outsourced the developing of application that would make our planet feasible to a compact group of engineers in an isolated corner of the nation. The problem is no matter if we also want to outsource the adjudication of some of the most consequential ethical and philosophical queries of our time.

The engineering elite of Silicon Valley could know a lot more than most about developing computer software. But they do not know far more about how modern society should be structured or what justice needs.

IV.

Our firm was started in Silicon Valley. But we look to share less and less of the know-how sector’s values and commitments.

From the begin, we have consistently turned down possibilities to market, accumulate, or mine details. Other technological know-how businesses, like some of the largest in the planet, have built their entire firms on undertaking just that.

Software tasks with our nation’s protection and intelligence companies, whose missions are to retain us harmless, have become controversial, whilst firms crafted on advertising and marketing pounds are commonplace. For lots of buyer internet corporations, our feelings and inclinations, behaviors and browsing behaviors, are the merchandise for sale. The slogans and marketing and advertising of a lot of of the Valley’s most significant technology corporations attempt to obscure this very simple point.

The world’s biggest consumer web providers have in no way had better obtain to the most personal features of our lives. And the progress of their technologies has outpaced the progress of the varieties of political command that are capable of governing their use.

The bargain involving the community and the technology sector has for the most element been consensual, in that the benefit of the goods and services obtainable seemed to outweigh the invasions of privacy that enabled their rise.

People will remain tolerant of the idiosyncrasies and excesses of the Valley only to the extent that technology firms are creating something sizeable that serves the public interest. The company variety itself — that is, the privilege to engage in personal company — is a merchandise of the point out and would not exist with out it.

Our software package is applied to concentrate on terrorists and to keep troopers safe and sound. If we are likely to check with someone to set themselves in harm’s way, we believe that that we have a obligation to give them what they need to do their occupation.

We have decided on sides, and we know that our companions benefit our commitment. We stand by them when it is effortless, and when it is not.

V.

The capacity of our most critical establishments to guard and supply for the community necessitates the proper know-how.

And we believe that that as a result, above the extended term, the toughness and survival of democratic types of governing administration do as well.

Observe: Palantir to be a part of computer software IPO force

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Economy

Fasten your seat belts well. Volatility persists on Wall Street – Stock Exchange

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Fasten your seat belts well.  Volatility persists on Wall Street - Stock Exchange

Stocks on the other side of the Atlantic have experienced another day of high emotions, a real roller coaster, to the point where CNN Business said “investors better tighten their belts because there is no sign of an end to Wall Street volatility.” .

The Dow Jones industrial index fell 0.19% to 34,297.73 points. Remember, on January 5th it reached a level that was not there before, 36,952.65 points.

The Dow Jones index was losing ground in the sell-off move that was seen for most of the session, but in the last hour of trading it managed to turn around, as it did yesterday. However, in the last stretch, he again caught his breath, and he returned to negative terrain.

Johnson & Johnson and American Express, which are the two components of the Dow, fared well after delivering good “forecasts” in their keynote presentations that helped revitalize the index, but not enough to keep it afloat.

The Standard & Poor’s 500 closed down 1.22% at 4356.45. Its all-time high was reached in intraday trading on January 4 at 4818.62 points.

On the other hand, the technology index Nasdaq Composite, which is in the correction zone, depreciated by 2.28% and stopped at 13,539.30 points. The Nasdaq’s all-time high is 16,212.23 points, set on November 22.

Contributing to strong volatility was a two-day Fed meeting that kept investors waiting. Tomorrow at 19:00 in Lisbon, instructions on the monetary policy of the Central Bank will be given, but everything still indicates that the Fed will start raising the key rate in March.

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Investors are also attentive to the presentation of technology accounts. After Netflix on Thursday and IBM this week, it will be Microsoft’s turn today to publish its results after the stock markets close. Tesla follows tomorrow and Apple on Thursday.

Maybe a new rally

Pains and Capital, in a research note that Negosios had access to, indicated yesterday that the sell-off registered last week caused the S&P 500 to lose the equivalent of six months of gains.

“The big question for investors this week is: Where do we go next? First, the market is deeply oversold. The S&P 500 is showing the lowest Relative Strength Index (RSI) reading since the March 2020 crash. However, the market is as oversold as and during the first wave of the global pandemic,” said Graham Summers, chief strategist at Phoenix Capital Management, in the aforementioned “research” by Gains Pains Capital.

“This suggests a bounce is expected. It is highly unlikely that stocks will continue to fall from now on. Instead, we may have a rally after the Fed meeting on Wednesday. extra “foam” from the markets,” he added.

Near debut for the S&P 500

On Tuesday, the S&P 500 reversed its negative trend and entered a bullish field, and if it maintained a positive trend until the close, that would be a feat.

According to Bloomberg data dating back to the early 1980s, the S&P 500 never dropped at least 2% from the previous session for two consecutive sessions before ending up positive. And today was supposed to happen.

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Another interesting statistic is that only eight times – on two consecutive days – did the index fall 1% during intraday trading and then close higher: three times in 2002, three times in 2008-2009 (during global financial crisis), once in 2015. and one in 2020.

“Buy dip”

One of the reasons for the retracement throughout the session and even into the close (just like yesterday) is the fact that many investors take advantage of the dip to buy – so-called “buying the dip”.

“Stock buyers have resurfaced to take advantage of shares at a bargain price after a sell-off sparked by fears of a tougher Fed stance and a Russian military buildup on the border with Ukraine,” Bloomberg notes.

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Economy

Broken recovery and high inflation: this will be the year 2022, according to the IMF

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Broken recovery and high inflation: this will be the year 2022, according to the IMF

The recovery of the economy from the crisis caused by the pandemic will slow down in 2022, according to the forecasts of the International Monetary Fund (IMF), published on Tuesday in Washington. Annual global growth will slow from 5.9% in 2021—the highest level since 1973—to 4.4% in 2022 and 3.8% in 2023, a more optimistic trajectory than that recently proposed by the World bank.

The progressive slowdown is due to a “glut of growing cases” that pile up without resolution and exacerbate disparities in the pace of economic recovery in various parts of the world, fueling rising inflation in all major cities. especially the US — and disruptions in global supply chains forcing governments to start tightening fiscal policy to deal with record global public debt close to 100% of global GDP. To all this “burden”, the IMF adds growing geopolitical tensions (especially in Eastern Europe and the Asia-Pacific region), a gap in covid vaccinations (only 4% in poor countries) and a high probability of a multiplication of natural disasters due to climate. change.

Undermining the global economy

It is therefore not surprising that the IMF document released on Tuesday bears the ambiguous title “Hull Overload, Discontinuous Recovery and High Inflation”. Also, in a pessimistic tone, the speech of the Fund’s chief economist, and since last week, the first deputy general director, Gita Gopinath, was published. “Destroyed World Economy”named number two by Kristalina Georgieva in an article she published on the institution’s blog summarizing global trends.

As a result of this “overload” of growing and persistent problems, IMF economists cut growth forecasts for the world and the seven largest economies.compared to what they advanced in the World Economic Outlook (WEO) last October. This January publication is a limited interim update for large countries only, not including forecasts for small and medium-sized countries such as Portugal, which will not be published until April when the new full edition of the WEO is released.

Among the scissors, the highest cuts in growth Brazil (which is decelerating sharply, from 4.7% in 2021 to 0.3% in 2022, already close to stagnation), USA and Mexicoand more moderate for Germany, Canada, China and Spain.

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Some good news for Portugal

Despite lower forecasts, the global dynamics this year will be marked by strong divergence in growth rates.

According to the IMF, the ten largest economies will accelerate in 2022: Germany, Saudi Arabia, the five members of ASEAN (Association of Southeast Asian Nations), Spain, India (which turned out to be the largest economy with the highest growth rates). surpassing China) and Japan. The acceleration in Germany and Spain is good news for Portugal, which has these countries among its main export destinations.

On the contrary, there are 10 other major countries that have slowed down this year: South Africa, Brazil (the most dramatic case since the austerity introduced in 2021 by Economy Minister Paulo Guedes and consecutive interest rate hikes by the Brazilian Central Bank), China. (whose growth will almost halve and remain below 5%), the US, France, Italy, Mexico, the UK, Russia and the eurozone as a whole (slowing down from 5.2% in 2021 to 3.9% in 2022). Some of these countries are Portugal’s export destinations and these forecasts are a warning.

But these forecasts may have to be revised again in April or summer. There are problems that could get worse, the IMF quotes: the development of the pandemic; how China will deal with the real estate crisis and the disruption caused by the zero covid policy; multiplication of natural disasters; the growth of popular uprisings against the high cost of living; and exacerbation of geopolitical tensionswith the rise of Russia and China.

Inflation does not leave us, but next year it will decrease

Restrictions spurring consumer price growth will not ease in 2022. On the contrary, according to the IMF forecast, the surge in inflation will continue this year, and next year there will be only signs of a slowdown.

Some of the components that put the most pressure on the consumer price index, according to the forecasts of the Fund’s economists, will continue to grow: the average price of a barrel of oil of various grades will rise by 12%, the price of natural gas will rise by 58%, and the price of food raw materials will rise by another 4.5%.

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As a result of these price developments, forecasts point to an increase in US annual inflation from 5.3% (highest since 1990) last year to 5.9% this year (new high since 1982). Although at lower levels, a similar trajectory is expected for the eurozone, from 2.6% last year to 3% this year, the highest since 2011. In the case of emerging market and developing countries, the average annual rate will increase from 5.7%. up 5.9% over this period.

Anyway, inflation surge in 2023 slows down, proving to be “short-term”, although the IMF document does not use the word banned in official communications by many central banks. In the euro area, the forecast points to a decline in inflation in 2023 to 1.7%, which is slightly below even the forecasts (1.8%) presented by the European Central Bank (ECB) in support of the strategy approved and confirmed by President Christine Lagarde. ECB. In the US, inflation will fall to 2.7%, still above the Federal Reserve’s target (which wants to control prices at around 2%). In emerging and developing markets, it will decrease from 5.9% in 2022 to 4.7% in 2023.

Monetary tightening hurts: IMF recommends debt restructuring for the most vulnerable

This year, the IMF does not propose a single recipe, emphasizing the diversity of situations and the recommendation that “policies should be adapted to specific circumstances.” Kristalina Georgieva, CEO of the Fund, has already put forward this orientation in a debate held at the World Economic Forum conference in Davos this month. However, he cannot fail to highlight two central trends that will intensify in 2022: greater monetary and fiscal tightening.

Monetary tightening began last year when 50 central banks, mostly in emerging market and developing economies, raised interest rates.followed by some major central banks such as the Bank of England. Interest rate increases are expected to take first place this year. in several banks in developed countries, starting with the US Federal Reserve System (FRS), and that asset purchase programs have been discontinued in whole or in part, with the exception of Japan (which will deal with inflation around 1%). China has also shown itself to be opposed to monetary tightening, but the IMF will release an analysis of the Chinese economy on Thursday after the institution’s latest Article IV visit (allowing for this regular analysis).

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The tightening by the Fed will have global consequences, the IMF warns. The way the Fed communicates the removal of stimulus will or will not allow a correction to a greater or lesser extent. “ordered” in the markets,” said Geeta Gopinath at a press conference following the publication of the forecasts. A correction in some markets is expected or already underway, and some “are seeing high levels of exuberance,” Gopinath added.

“All countries must prepare for tightening financial conditions” and, in particular, emerging market and emerging market countries with more dollar debt will face “shocks,” the IMF document said. The fund advises them to try to negotiate (extend) maturities or even seek international support to restructure their debts. The IMF is calling on the G20 and private lenders to impose a debt moratorium on the 60% of the lowest-income countries that are already at risk of maximum stress.

On the budget side, government accounts will once again be “under pressure in the coming months and years” and governments should once again be “committed to demonstrating a medium-term plan that guarantees a path to debt sustainability,” the Fund advises. Brazil was the pioneer of austerity in 2021, and the award was received by Economy Minister Paulo Guedes during a debate held in Davos, where he stressed that he hoped to lock in a budget surplus in 2021 and that the Central Bank raised the Selic interest rate. several times. The next result, if the IMF forecasts come true, is a sharp decline in growth in 2022, approaching stagnation. Growth will accelerate next year, but only to 1.6%.

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Economy

Landlords must report rent by the end of the month. Set this and other IRS dates until the declaration is delivered

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Landlords must report rent by the end of the month.  Set this and other IRS dates until the declaration is delivered

UNTIL THE END OF THE MONTH

CLAIM INCOME

Landlords who are exempt and have not chosen to issue electronic rent receipts must submit a Model 44 return to the Finance Department via the Internet by the end of this month – Sunday 30th. delivered to the department by the following Friday.

And who are these taxpayers who are exempt from electronic income receipts?

These are owners who do not have and are not required to have an e-mail box and who did not receive more than 877,622 euros of rent (double the social support index) in 2021. These two conditions are combined.

Landlords who were 65 years of age or older on December 31, 2021, and taxpayers who receive rent under agreements covered by the Rural Lease Scheme, are also exempt.

UNTIL 15 FEBRUARY

˂ Consult and update your personal page on the Financial Portal with your family composition and other relevant personal items, such as the email address or NIB to which the state should transfer the IRS refund.

˂ Indicate spending on education and training in the interior of the country or in the autonomous region. You can deduct 40% of these fees up to a limit of one thousand euros, and the rent paid for the maintenance of a relocated student is not more than 300 euros.

˂ Tell the finance department about the rent for permanent housing if you have moved to the hinterland. You can deduct up to one thousand euros in the IRS instead of the usual 502 euros.

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˂ Consider the duration of long-term permanent housing leases (contracts of up to two years or more), as well as the termination of such contracts. This type of lease benefits from lower tax rates, which decrease in proportion to the number of years the property is occupied, as agreed with the tenant. This is done through the financial portal.

UNTIL 25 FEBRUARY

CHECK BILLS

It is time to check or report, if your e-invoice portal personal account is not displayed in your personal account, invoices for expenses incurred in 2021. Based on these expenses, the IRS calculates a withholding from the IRS Fee, which reduces the weight of the invoice and increases the government’s possible refund. Thus, in addition to promoting a fairer tax system, the IRS is cutting costs when requesting an invoice with a taxpayer number for education and training, health care, and housing expenses.

There is also a discount related to general family expenses, which includes any fees, up to a deduction limit of €250 per taxpayer (€335 for single parent families). Maintenance payments determined by the court must also be indicated in the declaration according to model 3, since 20% of their total amount can be deducted from the tax. Don’t forget to request an invoice in certain areas of activity corresponding to the percentage of VAT paid in your pocket: 15% for car and motorcycle repairs, accommodation and meals, hairdressing, veterinary activities and gyms and 100% for expenses. with monthly passes for public transport.

Finally, keep in mind that there is a general limit to the set of tax deductions and benefits that follows from the mathematical formula. It varies by household income, the higher the lower the ceiling. Families with three or more children are eligible for an increase in the limit.

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FROM APRIL TO JUNE 30

Open an IRS campaign. It is not recommended to send or confirm the data, if they are subject to automatic declaration, during the first 15 days of the period, since, as a rule, it is during this period that the technical services detect possible errors in the system and correct them. You will not be affected in terms of calculating your tax, but you may be penalized with an increase in the time it takes to settle your return and the corresponding tax refund, if applicable.

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