Good day, CIOs. The digital juggernaut has overrun one industry after another during last past several decades, but there are still plenty of sectors of the economy that await such transformation. Those laggards include the massive construction sector, as CIO Journal columnist Irving Wladawsky-Berger noted last month, citing research by McKinsey Global Institute. Such underinvestment has held back productivity, he says.
The construction sector is catching up, though, CIO Journal’s Angus Loten reports. Digital technology designed for the construction industry is seeing a surge in investment, a sign that builders and contractors are warming up to augmented reality, 3-D printing, drones and other high-tech tools, after years of shunning them, he finds.
Investors poured a record-high $1.05 billion into construction-technology startups in the first half of the year, according to a report by global real estate services firm Jones Lang LaSalle Inc. The mid-year total is already 30% above total investment volume for all of 2017, the report said. Christian Beaudoin, a managing director of research and strategy at JLL, told CIO Journal that the rapid growth reflects a major shift for construction firms, which are beginning to realize that “it’s no longer an option to invest in technology, it’s an imperative.”
Bot-enabled pump-and-dump. Those ongoing cryptocurrency fluctuations? Adam Smith is not going to help you. Most crypto exchanges are regulated lightly, if at all, the Journal's Paul Vigna and Alexander Osipovich report. The result is that crypto bots can be used to execute abusive strategies on an industrial scale.
Behold the future of money. "One of those tools, called 'ping-pong,' lets users execute simultaneous buy and sell orders to themselves, creating a mirage of intense activity in a particular cryptocurrency."
Behold the WSJ Coin. To understand what drives the wild cryptocurrency market, the Journal's Steven Russolillo and Clément Bürge decided to experiment with a digital currency of their own: WSJCoin, a virtual token for the newspaper industry.
Facebook sees no evidence latest hack hit third-party apps. A week after discovering the worst data-breach in its history, Facebook Inc. has found no evidence third-party apps that use the company’s popular log-in service, Facebook Connect, were affected by the hack, the WSJ's Robert McMillan reports. The investigation into the scope of the breach continues.
Apple's Tim Cook on the data economy. Apple Inc.'s CEO talked to Vice recently about privacy, the data economy and business in China. "The narrative that some companies will try to get you to believe is, 'I've got to take all of your data to make my service better.' Well, don't believe that. Whoever's telling you that — it's a bunch of bunk.”
Kiwi krackdown. With the moa long since gone (look it up), authorities in New Zealand look like they are trying to make visitors equally scarce. Travelers, and returning Kiwis, who refuse to provide their device password upon entering the country could face prosecution and fines of more than $3,000, the New York Times reports.
MORE TECH NEWS
How restaurants are using big data as a competitive tool. Data is emerging as a powerful weapon in the increasingly competitive battle for the restaurant consumer, says the Journal's Julie Jargon. LDV Hospitality, which owns 10 restaurant and bar brands across the U.S., says guest satisfaction has gone up since it adopted a cloud-based reservation system called SevenRooms, which enables restaurants to create detailed guest profiles.
Insta-gone. Just days after Facebook named an insider to take over as the photo-sharing app's new chief, Instagram on Wednesday suffered a worldwide outage. Reuters reports that the mobile app and the website are now back up.
U.S. gets in way of U.S. efforts at AI dominance. A Beijing-based Chinese investor and entrepreneur with years of experience working with Microsoft Corp. and Google on machine learning and other efforts tells MIT Technology Review that the U.S. is failing to invest in AI as competition with China heats up. “The US should set out some really big challenges that the current technology cannot solve,” Kai-Fu Lee tells Technology Review.
Looking at you Apple and Google and Facebook and... Signed into law by California Gov. Jerry Brown, SB 826 requires publicly traded companies based in California to have at least one woman on their board by the end of 2019, Wired reports. By 2021 it goes up to two women, with boards of six or more members required to have three women.
No cellphone left behind. Wednesday marks the first wireless network test of the ‘Presidential Alert’ system, first authorized by President George W. Bush in a 2006 executive order, the Journal's Drew FitzGerald reports. They alerts are intended for dire situations like an imminent missile strike, terrorist attack or other widespread emergency.
Facebook takes new steps against bullying. Facebook will permit users to delete and hide multiple comments on their posts at once, an effort by the social-media giant to limit bullying and harassment. The WSJ's Micah Maidenberg has more.
Blockchain for Brexit. With Brexit there's the question of handling goods across the land border between the Republic of Ireland -- staying with the E.U.--and Northern Ireland, part of the U.K. According to some officials, the answer may lie in blockchain. Why? Because blockchain! "One can sympathise with civil servants doubtless under siege from London's teeming army of blockchain hucksters," the BBC writes.
EVERYTHING ELSE YOU NEED TO KNOW
Several major auto makers reported steep declines in U.S. sales for September, a slowdown that comes amid shifts in North American trade policy and the looming threat of tariffs on European and Japanese imports. (WSJ)
Faced with the prospect of a warming planet, the world of business and finance is starting to put a price on climate change. (WSJ)
The New York State Department of Taxation and Finance said Tuesday that it is reviewing allegations made in a New York Times report that President Trump’s father transferred money to him and his siblings through complex tax arrangements. (WSJ)
A group of hedge funds in line to take control of Toys “R” Us—the same group that pulled the plug on the retailer’s reorganization this year—intends to revive the business behind the Toys “R” Us and Babies “R” Us brand names