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Books

Popular Science Is Now a Fully Digital Magazine (popsci.com) 7

kackle writes: I just received an email telling me that "Popular Science" magazine is no more. That is, it is to be delivered to readers from now on only via ones and zeros. I can't say I had a subscription since its beginnings in 1872, but I did learn much from the rag and will sincerely miss it. "Today, we're unveiling our biggest change in my tenure: Popular Science is now a fully digital magazine," writes Editor-in-Chief Corinne Iozzio. In addition to "redesigned" and "reimagined stories" made especially for mobile devices, Iozzio notes that their various apps "include an archive of 15-plus years of back issues..."

"The mediums may change, but even after all these evolutions and iterations, our core belief remains as fixed and focused as it was in 1872: Embracing science and tech means living in the realm of possibility."
Earth

Lockdowns Cut South Asia Smog. They Could Fill Reservoirs, Too. (nytimes.com) 9

Cleaner skies over South Asia that resulted from pandemic lockdowns last year likely affected the timing of snowmelt in the Indus River basin of Pakistan and India, researchers reported on Monday. From a report: The lockdowns cut emissions of soot and other pollutants, as people drove less and the generation of electricity, largely from coal, was reduced. That meant less soot was deposited on snow, where it absorbs sunlight, emits heat and causes faster melting. The cleaner snow in 2020 reflected more sunlight and did not melt as fast, the researchers said. In all, that delayed runoff into the Indus River of more than than one and a half cubic miles of melt water, they calculated, similar to the volume of some of the largest reservoirs in the United States. More than 300 million people depend on the Indus for water, much of which starts as snow in the high peaks of the Karakoram and other mountain ranges.

Timing of melt water runoff in the spring and summer can be crucial for managing water supplies over time. In many parts of the world, climate change has affected this timing, with warmer temperatures and a shift to more rain and less snow causing more snow to melt sooner. Slower runoff can thus be beneficial, helping managers of reservoirs store more water and maintain a steady flow over the year. Ned Bair, a snow hydrologist at the University of California, Santa Barbara, and the lead researcher, said that while they could not prove conclusively that the pandemic was the reason for the timing delay, "it seems unlikely that anything else would have led to that." India imposed a nationwide lockdown in late March last year that continued through early May. Several studies showed rapid improvements in air quality in that period, particularly in and around Delhi, which is notorious for having some of the most unhealthy air in the world.

Google

Senators Ask Google About Phone Call To Match on Day Before Testimony (cnbc.com) 7

The two top senators on the Senate Judiciary subcommittee on antitrust sent a letter to Google Tuesday asking about an alleged call to Tinder-maker Match Group the day before its top lawyer was set to testify about treatment on the Google Play app store. From a report: Match's chief legal officer Jared Sine told senators during last week's hearing that employees at Google called Match after Sine's opening testimony became public. Sine said they asked why his testimony differed from Match's comments on its last earnings call, where executives said they believed they were having productive conversations about Google's 30% fee for in-app payments through its app store. In the testimony, Sine complained Google had made "false pretenses of an open platform."

Asked about the call at the hearing, Google's senior director of public policy and government relations Wilson White said it seemed like Google's business development team reached out to ask an "honest question." He added that he didn't view the question as a threat and that Google relies on app developers using its app store to be successful. In the letter addressed to White, subcommittee chair Amy Klobuchar, D-Minn., and ranking member Mike Lee, R-Utah, asked for details of the alleged call, including the names of those on the call and what they said. "We are deeply troubled by Match Group's claims that Google may have attempted to influence another witness's testimony,â they wrote. "Any efforts to retaliate against those who speak up about public policy issues or possible legal violations are unacceptable, especially by dominant companies that have the power to destroy the business of a whistle-blower."

United States

FCC Green-Lights SpaceX Satellite Plans (axios.com) 43

SpaceX scored a regulatory victory at the Federal Communications Commission Tuesday, overcoming opposition from Amazon and other satellite companies on a key change to its plans for a satellite network that will beam internet access across the globe. From a report: SpaceX needed FCC approval to move forward with its plan to provide internet access in hard-to-reach areas. SpaceX asked the FCC for permission to lower the orbit of its future Starlink satellites.
United States

Court Chides FBI, But Re-Approves Warrantless Surveillance Program (nytimes.com) 40

For a second year, the nation's surveillance court has pointed with concern to "widespread violations" by the F.B.I. of rules intended to protect Americans' privacy when analysts search emails gathered without a warrant -- but still signed off on another year of the program, a newly declassified ruling shows. From a report: In a 67-page ruling issued in November and made public on Monday, James E. Boasberg, the presiding judge on the Foreign Intelligence Surveillance Court, recounted several episodes uncovered by an F.B.I. audit where the bureau's analysts improperly searched for Americans' information in emails that the National Security Agency collected without warrants. Rather than a new problem, however, those instances appeared largely to be additional examples of an issue that was already brought to light in a December 2019 ruling by Judge Boasberg. The government made it public in September. The F.B.I. has already sought to address the problem by rolling out new system safeguards and additional training, although the coronavirus pandemic has hindered the bureau's ability to assess how well they are working. Still, Judge Boasberg said he was willing to issue a legally required certification for the National Security Agency's warrantless surveillance program to operate for another year.
Businesses

Tesla Loses a Lot of Money Selling Cars, But Makes It All Back On Credits and Bitcoin (jalopnik.com) 144

An anonymous reader quotes a report from Jalopnik: On Monday after the close of business, Tesla announced its Q1 2021 financial results in its quarterly earnings call. The company turned a surprisingly large profit this quarter, but it didn't do it by selling cars. Q1 net profit reached a new record for Tesla, at $438 million. Revenue for the electric car company was up massively to $10.39 billion. Unfortunately, all of that profit is accounted for in the company selling $518 million in regulatory credits, and $101 million was found in buying and then later selling Bitcoin. That second point is particularly interesting, as Tesla purchased $1.5 billion worth of BTC, announced that the company would begin accepting BTC as payment for its cars, which drove up the value of BTC, then sold enough BTC to make a hundred million in profit.

Without the $619 million in credits and BTC sales, Tesla would have actually managed to lose $181 million in Q1. In that time, the company shifted 184,800 3/Y units, and while it didn't build a single X or S in Q1, it sold 2020 units from previously-built inventory. That means the company lost around $970 per car sold in Q1. The company has indicated it expects to see a 50 percent growth in 2021 year-over-year, which implies at least 750,000 vehicles shipped out to customers this year. Musk was later reported to have said he believes the Model Y will be the best selling vehicle in the world next year "more likely than not." Which would mean something like 1.5 million Model Ys sold in 2022. I'm inclined to doubt such a claim.

Music

Spotify Is Raising Prices For Lots of Its Plans (theverge.com) 55

Spotify is increasing the price of many of its subscriptions this week across the UK and parts of Europe, with the US seeing a hike to Family plans. The Verge reports: Subscribers have started to receive emails informing them of the changes, and they will affect Student, Duo, and Family plans across parts of Europe and the UK, and Family subscriptions in the US from April 30th. Single Spotify Premium subscriptions are unaffected. Spotify family is increasing from $14.99 to $15.99 per month in the US. Fortunately, Duo, Premium, and Student pricing will remain the same... for now. The bigger hits to pricing will affect users in the UK and Europe.

In the UK, Spotify Student is increasing from 4.99 to 5.99 pounds per month, with a Duo subscription (for two people) moving from 12.99 to 13.99 pounds a month. Family users will also be hit with price increases, with the Spotify Family plan (up to six accounts) jumping from 14.99 to 16.99 pounds a month. Similar price increases will affect Spotify users in some European countries, too. Ireland and a handful of other European countries will see both Student and Duo increasing by a euro each per month, to 5.99 and 12.99 euros per month respectively. The Family plan in Europe is also increasing from 14.99 to 17.99 euros per month. Some countries in Asia and South America will also see similar price increases.

All existing Spotify subscribers in the US, Europe, and UK users of Spotify will have a one-month grace period before prices are automatically increased, so existing subscribers will see an increase during the June period of billing.

United States

Pentagon Explains Odd Transfer of 175 Million IP Addresses To Obscure Company (arstechnica.com) 46

An anonymous reader quotes a report from Ars Technica: The US Department of Defense puzzled Internet experts by apparently transferring control of tens of millions of dormant IP addresses to an obscure Florida company just before President Donald Trump left the White House, but the Pentagon has finally offered a partial explanation for why it happened. The Defense Department says it still owns the addresses but that it is using a third-party company in a "pilot" project to conduct security research. "Minutes before Trump left office, millions of the Pentagon's dormant IP addresses sprang to life" was the title of a Washington Post article on Saturday. Literally three minutes before Joe Biden became president, a company called Global Resource Systems LLC "discreetly announced to the world's computer networks a startling development: It now was managing a huge unused swath of the Internet that, for several decades, had been owned by the US military," the Post said.

The number of Pentagon-owned IP addresses announced by the company rose to 56 million by late January and 175 million by April, making it the world's largest announcer of IP addresses in the IPv4 global routing table. The Post said it got an answer from the Defense Department on Friday in the form of a statement from the director of "an elite Pentagon unit known as the Defense Digital Service." The Post wrote: "'Brett Goldstein, the DDS's director, said in a statement that his unit had authorized a 'pilot effort' publicizing the IP space owned by the Pentagon. 'This pilot will assess, evaluate, and prevent unauthorized use of DoD IP address space,' Goldstein said. 'Additionally, this pilot may identify potential vulnerabilities.' Goldstein described the project as one of the Defense Department's 'many efforts focused on continually improving our cyber posture and defense in response to advanced persistent threats. We are partnering throughout DoD to ensure potential vulnerabilities are mitigated.'"

United States

US Population Over Last Decade Grew At Slowest Rate Since 1930s (nytimes.com) 200

Over the past decade, the United States population grew at the slowest rate since the 1930s, the Census Bureau reported on Monday, a remarkable slackening that was driven by a leveling off of immigration and a declining birthrate. The New York Times reports: The bureau also reported changes to the nation's political map: The long-running trend of the South and the West gaining population -- and congressional representation -- at the expense of the Northeast and the Midwest, continued, with Texas gaining two seats and Florida, one. California, long a leader in population growth, lost a seat for the first time in history. [...] The numbers are the product of the most controversial census process in decades. The Trump administration tried to add a citizenship question to the Census form, but the Supreme Court eventually blocked that plan. [...] The Bureau also faced a daunting task of conducting the Census during a pandemic. Then, last summer, the Trump administration pushed it to stop the count sooner than planned.

Booming economies in states like Texas, Nevada, Arizona and North Carolina, have drawn Americans away from struggling small communities in high-cost, cold weather states. In New York, 48 of 62 counties are estimated to be losing population. In Illinois, 93 of 101 counties are believed to be shrinking. In 1970, the West and South comprised just under half the U.S. population -- today it's nearly 63 percent. The new decennial census counted 331,449,281 Americans as of April 1, 2020. The total was up by just 7.4 percent over the previous decade. Combined with the decline in inflows of immigrants, and shifting age demographics -- there are now more Americans 80 and older than 2 or younger -- the United States may be entering an era of substantially lower population growth, demographers said, putting it with the countries of Europe and East Asia that face serious long-term challenges with rapidly aging populations.
"This is a big deal," said Ronald Lee, a demographer who founded the Center on the Economics and Demography of Aging at the University of California at Berkeley. "If it stays lower like this, it means the end of American exceptionalism in this regard." It used to be clear where the country was headed demographically, Professor Lee said -- faster growth than many other rich nations. But that has changed. "Right now it is very murky," he said.
The Almighty Buck

Humble Bundle Limits Charity Donations To 15% (humblebundle.com) 104

An anonymous reader writes: Some weeks ago, in a shady move, Humble Bundle silently removed the ability for customers to define the breakdown of their payments to charity -- a key aspect of Humble Bundle since its inception. Since that time, they refused to explain to customers why their sliders weren't appearing, and investigation by some users, who reenabled the sliders client-side, showed they were also being ignored server-side even if reenabled, such that for a $14 donation only a pathetic $0.72 was going to be split in half between two charities.

Humble Bundle has now finally admitted what everyone feared -- that they're formally and significantly reducing the amount of the purchase value that can go to charity, from a default value of 5% to a maximum of 15%. Given it was previously possible to contribute as much as 100% to charity, this is a significant reduction in the amount that Humble Bundle will allow to go to charity going forward, changing it from a humble effort to do good, to a cynical for-profit cash grab off the backs of the reputation of the charities whose names they use.

Medicine

Millions Are Skipping Their Second Doses of Covid Vaccines (nytimes.com) 207

Millions of Americans are not getting the second doses of their Covid-19 vaccines, and their ranks are growing. From a report: More than five million people, or nearly 8 percent of those who got a first shot of the Pfizer or Moderna vaccines, have missed their second doses, according to the most recent data from the Centers for Disease Control and Prevention. That is more than double the rate among people who got inoculated in the first several weeks of the nationwide vaccine campaign. Even as the country wrestles with the problem of millions of people who are wary about getting vaccinated at all, local health authorities are confronting an emerging challenge of ensuring that those who do get inoculated are doing so fully. The reasons vary for why people are missing their second shots. In interviews, some said they feared the side effects, which can include flulike symptoms. Others said they felt that they were sufficiently protected with a single shot.

Those attitudes were expected, but another hurdle has been surprisingly prevalent. A number of vaccine providers have canceled second-dose appointments because they ran out of supply or didn't have the right brand in stock. Walgreens, one of the biggest vaccine providers, sent some people who got a first shot of the Pfizer or Moderna vaccine to get their second doses at pharmacies that only had the other vaccine on hand. Several Walgreens customers said in interviews that they scrambled, in some cases with help from pharmacy staff, to find somewhere to get the correct second dose. Others, presumably, simply gave up. From the outset, public health experts worried that it would be difficult to get everyone to return for a second shot three or four weeks after the first dose. It is no surprise that, as vaccines are rolled out more broadly, the numbers of those skipping their second dose have gone up.

Medicine

Biden Admin Will Share Millions of AstraZeneca Vaccine Doses Worldwide (politico.com) 140

An anonymous reader quotes a report from Politico: The Biden administration is preparing to send up to 60 million AstraZeneca doses to countries in need over the next several months, once a federal safety review is conducted, according to two senior Biden administration officials. The company has produced about 10 million doses of the vaccine for the U.S. but the FDA has not yet authorized their use. The agency is still examining the doses to ensure they meet the necessary quality control standards. An additional 50 million doses are in production, one of the senior officials said.

It is unclear where the U.S. will send the AstraZeneca doses and whether it will send them through COVAX or directly to individual countries. The administration's decision to commit the doses was first reported by the Associated Press. It comes on the heels of the Biden administration's announcement that it will send India raw materials and components to manufacture Covishield, a version of the AstraZeneca vaccine produced by the country's Serum Institute. Those materials were already wrapped up in contracts held by the U.S. But the administration decided over the weekend to divert pending orders of vaccine supplies such as filters to India, and to ship additional drugs, test kits and personal protective equipment. The administration has not yet decided whether to send India AstraZeneca doses directly.

Businesses

Lyft Will Sell Self-Driving Car Unit To a Subsidiary of Toyota For $550 Million (cnbc.com) 7

Lyft will sell its self-driving car unit to Woven Planet, a subsidiary of Toyota, for $550 million in cash, the companies announced Monday. CNBC reports: As part of the deal, Lyft and Woven Planet will work together on enhancing automated driving technology safety, according to a release. "Not only will this transaction allow Lyft to focus on advancing our leading Autonomous platform and transportation network, this partnership will help pull in our profitability timeline," Lyft Co-Founder and President John Zimmer said in a statement.

The company expects the deal will remove $100 million of annualized non-GAAP operating expenses on a net basis, according to the release. Because of that, Zimmer added that if the deal closes when expected in the third quarter and recovery from the pandemic continues, Lyft expects to become profitable on an adjusted EBITDA basis in Q3.

The Internet

Internet Outage in Canada Blamed on Beavers Gnawing Through Fiber Cables (gizmodo.com) 40

Beavers took down internet service for about 900 customers in a remote Canadian community this weekend after gnawing through crucial fiber cables, the Candian Broadcasting Corporation reported Sunday. From a report: The outage, which has since been resolved, also affected 60 cable TV customers and disrupted local cell phone service, according to a statement from the area's provider, Telus. Tumbler Ridge, a tiny municipality in northeastern British Columbia with a population of about 2,000 people, lost service for roughly 36 hours in what Telus described as a "uniquely Canadian disruption!"

"Beavers have chewed through our fibre cable at multiple points, causing extensive damage," said Telus spokesperson Liz Sauve in an email to Gizmodo. "Our team located a nearby dam, and it appears the beavers dug underground alongside the creek to reach our cable, which is buried about three feet underground and protected by a 4.5-inch thick conduit. The beavers first chewed through the conduit before chewing through the cable in multiple locations." After going down early Saturday morning, service was restored just before 6:30 p.m. ET on Sunday, Sauve confirmed. In its statement, the company said crews worked "around the clock" to address the issue and determine how far the damage continued up the cable line. Telus brought in additional equipment and technicians to tackle "challenging conditions" due to the fact that the ground above the cable is partially frozen this time of year.

United States

Apple To Establish North Carolina Campus, Increase US Spending Targets (reuters.com) 19

Apple on Monday said it will establish a new campus in North Carolina that will house up to 3,000 employees, expand its operations in several other U.S. states and increase its spending targets with U.S. supplierst. From a report: Apple said it plans to spend $1 billion as it builds a new campus and engineering hub in the Research Triangle area of North Carolina, with most of the jobs expected to focus on machine learning, artificial intelligence, software engineering and other technology fields. It joins a $1 billion Austin, Texas campus announced in 2019. The iPhone maker said it would also establish a $100 million fund to support schools in the Raleigh-Durham area of North Carolina and throughout the state, as well as contribute $110 million to help build infrastructure such as broadband internet, roads, bridges and public schools in 80 North Carolina counties.

Apple also said it expanded hiring targets at other U.S. locations to hit a goal 20,000 additional jobs by 2026, setting new goals for facilities in Colorado, Massachusetts and Washington state. In Apple's home state of California, the company said it will aim to hire 5,000 people in San Diego and 3,000 people in Culver City in the Los Angeles area. Apple also increased a U.S. spending target to $430 billion by 2026, up from a five-year goal of $350 billion Apple set in 2018, and said it was on track to exceed.

China

China Censors 'Nomadland' Director Chloe Zhao's Oscar Win (wsj.com) 76

"Nomadland" director Chloe Zhao made history on Sunday by becoming the first woman of color and first Chinese woman to win the Oscar for best director. Official media, major search engines and internet censors in her home country are making as if it didn't happen. From a report: Ms. Zhao's win, just the second time a woman has walked away with best director, unleashed a flurry of congratulatory messages on Chinese social-media sites when it was announced Monday morning Beijing time. By midafternoon, nearly all of the posts had been erased. Searches for her name on Baidu and Sogou, the country's dominant search engines, produced numerous links to news of her previous accolades but only scattered links to deleted articles about the Academy Award honor.

State broadcaster China Central Television, the official Xinhua News Agency, and Communist Party mouthpiece the People's Daily stayed silent on the award throughout the day. Two state media reporters told the Journal they had received orders from China's propaganda ministry not to report on her victory, despite what they described as her status as a Chinese national, because of "previous public opinion." China's Foreign Ministry declined to comment on the removal of social-media posts during a regular news conference on Monday, saying it wasn't a diplomatic issue.

Facebook

'Facebook Knows It Was Used To Help Incite The Capitol Insurrection' (buzzfeednews.com) 372

"An internal task force found that Facebook failed to take appropriate action against the Stop the Steal movement ahead of the January 6 Capitol insurrection, and hoped the company could 'do better next time,'" writes Buzzfeed: Last month, Facebook CEO Mark Zuckerberg testified in front of a House of Representatives committee that his company had done its part "to secure the integrity of the election." While the social network did not catch everything, the billionaire chief executive said, Facebook had "made our services inhospitable to those who might do harm" in the lead-up to the Jan. 6 insurrection.

Less than a week after his appearance, however, an internal company report reached a far different conclusion... Shared on Facebook's employee communication platform last month, the report is a blunt assessment of how people connected to "Stop the Steal," a far-right movement based on the conspiracy theory that former president Donald Trump won the 2020 US presidential election, used the social network to foment an attempted coup. The document explicitly states that Facebook activity from people connected to Stop the Steal and other Trump loyalist groups including the Patriot Party played a role in the events of Jan. 6, and that the company's emphasis on rooting out fake accounts and "inauthentic behavior" held it back from taking preemptive action when real people were involved...

The document contradicts Zuckerberg's statement to Congress about Facebook being "inhospitable" to harmful content about the election, and refutes chief operating officer Sheryl Sandberg's January comment that the insurrection was "largely organized on platforms that don't have our abilities to stop hate, don't have our standards and don't have our transparency...." Facebook disputed the idea that the report went against Zuckerberg's and Sandberg's public statements and noted that both had said there was violative content on the platform that the company did not catch...

Facebook's researchers also outline the bureaucratic, policy, and enforcement struggles of the social giant when trying to respond to a coordinated, fast-paced movement that exploits its platform to spread hate and incite violence. Despite the company removing the most populous Stop the Steal groups from its platform, the enforcement was "piecemeal" and allowed other groups to flourish. The company admitted that it only realized it was a cohesive movement "after the Capitol Insurrection and a wave of Storm the Capitol events across the country...." Ultimately, the report says, the issue is that the company is not prepared to deal with what it calls "coordinated authentic harm."

"We learned a lot from these cases," the report says. "We're building tools and protocols and having policy discussions to help us do better next time."

But Buzzfeed's 3,400-article concludes on a skeptical note. "The report echoes previous high-profile examples where Facebook failed to act and later issued a report promising to do better..."

UPDATE (4/26): After the report's existence was revealed, access to it was suddenly restricted for many Facebook employees, Buzzfeed writes — on a new web page republishing the whole report in its entirety.
Bitcoin

New UK Court Case Could Decide if Craig Wright is Satoshi Nakamoto, Creator of Bitcoin (cnbc.com) 68

CNBC writes: A copyright lawsuit brought by Craig Wright — the man who has claimed to be Satoshi Nakamoto, the pseudonym used by the creator of bitcoin — could finally put to bed the years-long mystery over who actually invented the multibillion-dollar cryptocurrency. That's because the success of the lawsuit would likely depend on Wright proving that he did, in fact, author the white paper that originally laid out the technology behind bitcoin. And the case could force the U.K. court to weigh in on whether or not Wright is the actual inventor of bitcoin, according to Reuters.

And in fact, Wright says he has evidence that can prove he is the author of the white paper.

London's High Court ruled on Thursday that Wright, the Australian computer scientist who first said in 2016 that he created bitcoin eight years earlier, could serve his copyright lawsuit against the anonymous operator and publisher of the website bitcoin.org, according to Reuters. Wright's lawsuit accuses bitcoin.org of copyright infringement for displaying a copy of the infamous bitcoin white paper, which he claims he wrote in 2008 outlining what bitcoin is and how it works. He's asking the court to force bitcoin.org to remove the white paper from the website.

Bitcoin.org has refused to remove the white paper from the website, and posted a statement in January saying Wright's "claims are without merit."

Open Source

Greg Kroah-Hartman Rejects Apology from University of Minnesota Researchers (kernel.org) 139

Saturday University of Minnesota researchers emailed the Linux kernel mailing list apologizing for submitting buggy code as part of a research project to see whether it would be accepted.

Late Saturday night, the kernel team's Greg Kroah-Hartman replied: Thank you for your response.

As you know, the Linux Foundation and the Linux Foundation's Technical Advisory Board submitted a letter on Friday to your University outlining the specific actions which need to happen in order for your group, and your University, to be able to work to regain the trust of the Linux kernel community.

Until those actions are taken, we do not have anything further to discuss about this issue.

thanks

Businesses

Executives at Europe's Largest Bank Told to Try 'Hot Desking' (bbc.com) 69

"Banking giant HSBC has confirmed that top managers in its Canary Wharf HQ have lost their offices and will have to hot-desk on an open-plan floor," reports the BBC, noting it comes as the bank "pursues plans to shrink its office space by 40% in a post-pandemic shake-up." Boss Noel Quinn said the whole bank was embracing "hybrid working" and he would no longer come in five days a week. "My leadership team and I have moved to a fully open-plan floor with no designated desks," he said on Linkedin.

Up to now, senior managers have been based on the 42nd floor of the building in east London in their own private offices. But in future, they will be jostling for workspaces two floors down, while their old offices have been transformed into client meeting rooms and other communal spaces. Mr Quinn told the FT that the old arrangement had been "a waste of real estate", adding: "Our offices were empty half the time because we were travelling around the world..."

He added that most staff at the bank would be able to work part-time from home in future. "A minority of roles can be done wholly remotely. We estimate, though, that most of our roles could be done in a hybrid way — and that includes myself and the executive team of the bank..."

Other firms in the sector have announced plans to embrace hybrid working as employees signal their desire to commute less. One big UK employer, the Nationwide building society, has indicated that it does not intend to force people to return to the office if they have been successfully able to work from home during the pandemic. It said about two-thirds of its 18,000 employees had been working from home for the past year.

Forbes has more context: [HSBC's] Quinn wrote in a LinkedIn post, "Having spent more than a year working from home, the last thing I want is to be stuck in an individual office when I return to the building." The chief executive said, "I want to have people around me, to reconnect with colleagues and friends and to be able to speak to them informally..."

Having a prime location in a prestigious city is highly expensive and a drag on earnings. If the costs of office space could be dramatically slashed, the banks would see significantly more free cash flow. The other driver is the acknowledgement that many people want to work part or full-time remotely for a variety of reasons. The last year served as a test case, which showed that it's possible to conduct business with a large segment of the workforce being remote...

HSBC is not alone in shedding properties in Europe. Lloyds Bank is also moving toward a hybrid model. This entails a 20% cut in office space over the next two years. The move was made after about 77% of Lloyds' 68,000 employees said they wanted to work from home for three or more days a week.

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