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CFSA Certified Financial Services Auditor (IIA-CFSA) exam plan | http://babelouedstory.com/
The CFSA exam tests a candidate's knowledge of current auditing practices and understanding of internal audit issues, risks, and remedies in the financial services industry.
The exam consists of 115 multiple-choice questions.
The testing period is two hours and fifty-five minutes.
Exam questions are all multiple-choice (objective) with four answer choices.
80% of the exam covers four domains: Financial Services Auditing, Auditing Financial Services Products, Auditing Financial Service Processes, and The Regulatory Environment.
The remaining 20% relate to the candidates' chosen discipline and will be at the proficiency level.
CFSA candidates may choose any one of the three disciplines as part of their CFSA exam test.
Candidates may not choose to be tested on more than one discipline.
The CFSA designation does not distinguish one chosen discipline from another.
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Financial
CFSA
Certified Financial Services Auditor (IIA-CFSA)
https://killexams.com/pass4sure/exam-detail/CFSA Question: 500
Money market funds bond funds (also called fixed income funds) , and stock funds (also
called equity funds) are the categories of:
A. Mutual funds
B. Professionally managed portfolio
C. Hedge funds
D. None of these Answer: A Question: 501
___________ have relatively low risks, compared to other mutual funds.
A. Stock funds
B. Hedge funds
C. Money funds
D. Both B and C Answer: C Question: 502
Money market funds:
A. Can invest in only certain high-quality, short-term investments issued by Federal State and
local government
B. Try to keep their NAV at a stable $1.00 per share
C. Pay dividends that generally reflect short-term interest rates
D. All of these Answer: D Question: 503
Some of the risks associated with bond funds are all of the following EXCEPT:
A. Credit Risk
B. Interest Rate Risk
C. Payment Risk
D. Liquidity Risk Answer: D Question: 504
If interest rates fall, a bond issuer may decide to pay off (or retire) its debt and issue new
bonds that pay a lower rate. When this happens, the fund may not be able to reinvest the
proceeds in an investment with a high return or yield. This is an example of:
A. Credit risk in bond funds
B. Prepayment risk in bond funds
C. Interest rate risk in bond funds
D. All of these Answer: B Question: 505
Overall market risk poses the greatest potential danger for investors in ____________.
A. Bonds funds
B. Hedge funds
C. Stock funds
D. Growth funds Answer: C Question: 506
_____________ funds may specialize in a particular industry segment, such as technology or
consumer products stocks.
A. Index
B. Sector
C. Growth
D. Income Answer: B Question: 507
There are different classes of mutual funds. Classes that typically do not have a front-end sales
load. Instead they may impose a contingent deferred sales load and a 12b-1 fee (along with
other annual expenses) is called:
A. Class A
B. Class B
C. Class C
D. Both B&C Answer: B Question: 508
Hedge funds:
A. Seek to profit in all kinds of markets by pursuing leveraging and other speculative
investment practices
B. Are subject to very few regulatory controls
C. Also have voluntarily restricted investment to wealthy investors through high investment
minimums (e.g. $1 million)
D. All of these Answer: D Question: 509
Some objectives of an audit related to mutual funds might include determining that:
A. Mutual fund checks are issued in accordance with firm policies and supported by valid trades
B. Mutual fund purchases are confirmed on a timely basis
C. Mutual fund switches are not authorized by the client
D. All EXCEPT C Answer: D Question: 510
Major types of Real Estate Investment Trust (REITs) include all of the following EXCEPT:
A. Equity REITs
B. Mortgages REITs
C. Hybrid REITs
D. None of these Answer: D Question: 511
Not all misstatements will be material enough to affect the fair presentation of the financial
statement. A material misstatement is one that the auditors determine would change or influence
the option of a reasonable person relying on the financial statements for information.
Ultimately, auditors must exercise judgment to assess materiality based on the qualitative nature
of the misstatements and their quantitative extent. Materiality is also based on auditors
assessment of control risk levels in the organization. The following factors may influence the
auditors assessment of control risk EXCEPT:
A. Managements awareness or lack of awareness of applicable laws and regulations
B. Client policy regarding such matters as acceptable operating practices and codes of conduct
C. Assignment of responsibility and delegation of authority to deal with such matters as
organizational goals and objectives, operating functions, and regulatory requirements
D. None of these Answer: D
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https://killexams.com/exam_list/IIAIBPS PO Mains exam 2023: A 15-Day Strategic Study PlanThe Institute of Banking Personnel Selection (IBPS) is all set to conduct the Probationary Officer (PO) Mains exam on November 5, 2023. With a total of 3,049 vacancies, this is a crucial opportunity for aspiring banking professionals. To assist candidates in their preparation, we've designed a comprehensive 15-day Strategic Study Plan, ensuring that you're well-equipped to excel in the upcoming IBPS PO Mains Exam.
To excel in the IBPS Mains Exam, it's crucial to create a dedicated study environment that's free from distractions. This sets the stage for effective learning. Additionally, setting realistic daily goals and adhering to a consistent study schedule can help you make steady progress. Rather than focusing on quantity, prioritize the quality of your study sessions, aiming to understand concepts thoroughly. Remember to take regular breaks to prevent burnout and maintain concentration. The IBPS PO Mains exam is a very important step toward getting a good banking job. To do well, you need to prepare carefully and have a good study plan. Since the exam is coming soon, these next 15 days are crucial for your success. Our 15-day plan is here to help you get ready in a smart way, so you can take the test with confidence. In the initial three days (Day 1-3), reinforce your grasp of fundamental concepts in Quantitative Aptitude (QA), Reasoning Ability (RA), and English Language (EL). Strengthen simple formulas, grammar rules, and reasoning techniques, addressing areas that need improvement. Days 4-6 are dedicated to a deeper dive into Quantitative Aptitude (QA), focusing on subjects like arithmetic, algebra, geometry, and data interpretation. Sharpen time management skills for accurate and efficient problem-solving. Days 7-9 enhance your Reasoning Ability (RA) by practising puzzles, syllogisms, coding-decoding, and blood relations. Develop analytical and logical thinking, and seek shortcuts for quicker solutions.
Days 10-12 concentrate on English Language (EL). Work on grammar, vocabulary, and comprehension through reading comprehension passages, error detection, and sentence correction exercises. Expand your word knowledge and usage. Days 13-14 involve mock tests replicating the exam environment. Evaluate performance, identify weak areas, and revise relevant topics. Strengthen your knowledge in formulas, grammar rules, and reasoning strategies. On Day 15, the eve of the exam, prioritize relaxation, avoid intensive study, stay calm, and ensure a good night's sleep. Have the necessary documents ready for the exam. Remember, maintaining a balanced lifestyle with proper diet, exercise, and sleep is crucial for well-being and performance. Consistency and strategic preparation are key to success. This 15-day study plan equips you to approach the test confidently, knowing your dedication will lead to success. Best of luck! Fri, 20 Oct 2023 05:30:00 -0500entext/htmlhttps://timesofindia.indiatimes.com/education/news/ibps-po-mains-exam-2023-a-15-day-strategic-study-plan/articleshow/104574643.cmsAssociation boosts internal auditors’ skillsNo result found, try new keyword!“Over the years, ACAEBIN has been passionate about developing the skill set of Chief Audit Executives and the Internal Auditors. This is one of the many ways the Association is adding value to ...Tue, 24 Oct 2023 12:00:00 -0500en-ustext/htmlhttps://www.msn.com/A Plan for Peace in Gaza
For the past decade, it has been clear that the “peace process” between Israelis and Palestinians long ago devolved into little more than an extended exercise in kicking the can down the road. Still, in latest years, the absence of sustained large-scale violence produced the illusion of stability. Even those who had not been lulled into complacency were shocked, however, by the outbreak of the devastating war that has been raging since Hamas attacked southern Israel on October 7.
The past three weeks have seen a loss of life on a horrific scale. For Israel, it is the most devastating civilian toll in its 75 years of existence. And more Palestinians were killed in the first 15 days of this war than during the second intifada, which lasted for more than five years, and all the rounds of violence since then, combined. Worse, it appears likely that many more thousands of Palestinian civilians will perish if Israel pursues its declared (though unattainable) objective of eliminating Hamas. The same outcome would follow even from the less ambitious goal of eradicating Hamas’s infrastructure.
Under these conditions, the first priority must be to halt the dash toward the abyss. Toward that end, Hamas must unconditionally release the Israeli civilians it is holding. The latest release of some captives was a step forward, and it is realistic to expect that more will be released.
But Israel does not appear to be in the mood to entertain any talk of a cease-fire at this time—and so far, at least, the Biden administration has been unwilling to press the Israelis to consider that option. Instead, the United States has been merely urging Israel to delay a ground invasion of Gaza until more hostages are released. The onset of such an operation would produce unparalleled carnage, magnify the risk of a broader regional conflict, and potentially threaten governments in a number of Arab countries, which might become destabilized in the face of mass protests. An Israeli invasion of Gaza would also further imperil the Palestinian Authority (PA), which is already vulnerable, as anger grows in the West Bank. Against the backdrop of these considerations, it was hard to see the scorn directed by Israeli officials at the UN secretary-general for his latest call for an immediate cease-fire to end what he called the “epic suffering” in Gaza as anything but reckless endangerment and warmongering.
There remains some hope that the release of Israeli civilians in captivity could carve out enough space for Arab and international diplomacy to find a quick answer to the question of what will happen on “the day after”—that is, who will rule in the aftermath of the ongoing Israeli operation. One idea that must be excluded from consideration is imposing any particular arrangement on the Palestinians after forcing them into submission. Also to be excluded without much deliberation is the idea that the PA, in its current configuration, would return to exercising its purview over the Gaza Strip.
For one thing, it is doubtful that the PA as currently configured would be willing to shoulder the responsibilities of governing Gaza after a deadly and destructive Israeli offensive runs its course. Even if the PA sought that role, it would be unable to perform it, especially given that its already diminished legitimacy is fast vanishing under the pressure of the continuing war.
But a properly reconfigured PA may offer the best option for “the day after” and beyond, providing a segue for the creation of a regionally owned and internationally backed effort to end the Israeli occupation within a framework that credibly addresses the structural weaknesses that bedeviled the peace process over the past three decades.
A WAY FORWARD
The PA was created in 1994 as a transitional governing entity in the West Bank and Gaza under the Oslo accords, which the Palestine Liberation Organization entered into on behalf of the Palestinian people. But the PA and the PLO soon began to suffer from an erosion of legitimacy brought on by the failure of the Oslo framework to deliver on its promise of a Palestinian state on the territory Israel captured in 1967 and has occupied ever since. The progressive disillusionment with the viability of that goal and the concomitant rise in support for armed resistance, as espoused by Hamas and other political movements that opposed the Oslo framework from the very beginning, have contributed to that erosion, calling into question the continued validity of the PLO’s claim to be the sole legitimate representative of the Palestinian people. Combined with chronic misrule by the authority, the exclusion of a wide range of Palestinian political factions and political orientations has left the PLO and the PA with very little standing among Palestinians.
Both the PLO and the PA should have been reformed and reconfigured long ago, and the urgency of that task has never been greater than it is today. The first step must be the immediate and unconditional expansion of the PLO to include all major factions and political forces, including Hamas and Palestinian Islamic Jihad. Hamas won an outright majority in the last parliamentary elections held in the Palestinian territories, in 2006, and although no such elections have been held since then, polls show that Hamas has continued to enjoy considerable public support. Moreover, it is impossible to see how the PLO can credibly make any commitment to nonviolence as part of any attempt to restart the peace process if Hamas and factions of a similar orientation are not represented.
The PLO could be expanded without it having to abandon the requirements of the peace process. But that process would have to be fundamentally altered in ways that address the root causes of its failure to deliver over the past three decades. First and foremost, Israel would need to formally recognize the Palestinians’ right to a sovereign state on the territory that Israel has occupied since 1967. By doing so, Israel would be merely reciprocating the essence of the PLO’s recognition of Israel’s “right to exist in peace and security,” which was enshrined in the Oslo accords’ declaration of mutual recognition in 1993. Until such recognition is secured, the expanded PLO could adopt a platform a platform that reflects the full spectrum of Palestinian views on what constitutes an acceptable settlement while still preserving a pathway to a negotiated two-state solution.
Finally, in accordance with its Basic Law, the PA would, through a government consented to by the expanded PLO, assume full control over managing the affairs of the Palestinian people in the West Bank and Gaza during a multiyear transitional period. During that period, all understandings between Israel and the PA and all Israeli and PA operations would be underpinned by an ironclad mutual commitment to nonviolence. At the end of that phase, the PA would hold national elections on a date agreed to at the beginning of the transition.
I first proposed similar reforms in Foreign Affairs in 2014. Since then, internal discord and factionalism have undoubtedly gotten in the way of their consideration, much less their adoption. But given the gravity of the current situation, their time may finally have come—although too late, of course, for the thousands who have perished already. But with the encouragement and backing of Arab countries, this plan could offer a credible way forward. Whatever its flaws or complications, it would certainly be preferable to the options that Israel is evidently considering now, all of which will lead to more violence and bloodshed with little chance of yielding a lasting peace.
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Thu, 26 Oct 2023 11:59:00 -0500entext/htmlhttps://www.foreignaffairs.com/israel/plan-for-peace-gaza-fayyadEXCLUSIVE: Alzamend Neuro Submits IND For Phase IIA Trial Of Next-Gen Lithium Candidate In Major Depressive DisorderNo result found, try new keyword!Alzamend Neuro Inc (NASDAQ: ALZN) has submitted an investigational new drug (IND) application to the FDA to initiate AL001-MDD01, a Phase IIA plasma/brain pharmacokinetics clinical study of AL001 ...Sun, 22 Oct 2023 12:00:00 -0500en-ustext/htmlhttps://www.msn.com/Controversy grows over House Speaker Mike Johnson’s plan to add IRS cuts to Israel aid package
The Senate and the White House pushed back hard on Tuesday against new Republican House Speaker Mike Johnson’s plan to fund only aid for Israel — and include unrelated cuts to the Internal Revenue Service.
“Make no mistake, we need to address all of these priorities as part of one package — because the reality is these issues are all connected, and they are all urgent,” said Sen. Patti Murray (D-Wash.), chairwoman of the Appropriations Committee.
He called it a “false choice,” to choose between defending Ukraine against the Russian invasion and other priorities.
Senate Minority Leader Mitch McConnell. (AP Photo/Stephanie Scarbrough)
“Enemies of democracy around the world like nothing more than to outlast our resolve to resist Russian aggression,” McConnell said.
Secretary of State Antony Blinken and Secretary of Defense Lloyd Austin both testified in favor of the combined package in statements that were repeatedly interrupted by anti-Israel protesters.
Unlike other spending cuts, slashing funding for the IRS actually increases the budget deficit because it leads to reduced enforcement against tax cheats and lower revenue collection.
It’s unclear how the dueling spending measures will be resolved.
Johnson may have enough votes in the narrowly divided House to pass his Israel-only aid bill. But senators from both parties say it’s dead on arrival in the Senate, with pro-Israel stalwart Sen. Ben Cardin (D-Md.) calling the IRS provision a “poison pill.”
One possible compromise could see Johnson agreeing to put the rest of the package to a separate vote to allow his right-wing colleagues to signal their opposition to Ukraine aid if the Israel vote goes first.
Tue, 31 Oct 2023 06:02:00 -0500Dave Goldineren-UStext/htmlhttps://www.nydailynews.com/2023/10/31/controversy-grows-over-house-speaker-mike-johnsons-plan-to-add-irs-cuts-to-israel-aid-package/Alzamend Neuro Submits IND Application for a Phase IIA Clinical Trial in Major Depressive Disorder Patients of its Next‑Generation Lithium Therapeutic Drug Candidate AL001No result found, try new keyword!Results from Alzamend’s recently completed Phase IIA multiple-ascending dose study ... s reported experiences and a mental status examination. There is no laboratory test for the disorder ...Sun, 22 Oct 2023 20:00:00 -0500https://www.businesswire.com/news/home/20231023303175/en/Alzamend-Neuro-Submits-IND-Application-for-a-Phase-IIA-Clinical-Trial-in-Major-Depressive-Disorder-Patients-of-its-Next%E2%80%91Generation-Lithium-Therapeutic-Drug-Candidate-AL001/ImCheck Presented Updated Positive Data from Phase I/IIa EVICTION-2 Trial of ICT01 in ...
ImCheck Presented Updated Positive Data from Phase I/IIa EVICTION-2 Trial of ICT01 in Combination with Low-dose IL-2 at SITC 2023
Interim data from EVICTION-2 study confirms safety and tolerability profile and broad anti-tumor immune response that is durable across multiple treatment cycles
Marseille, France, November 3, 2023, 7 pm CET – ImCheck Therapeutics presented today updated data from its ongoing Phase I/IIa EVICTION-2 clinical trial at the Society for Immunotherapy of Cancer 38th annual meeting in San Diego, USA. The poster presentation entitled “ ICT01 plus Low Dose SC IL-2 Produces a Robust Anti-Tumor Immune Activation in Advanced Cancer Patients (EVICTION-2 Study) ” provided data from the Phase I/IIa study assessing ICT01, a humanized anti-BTN3A monoclonal antibody that selectively activates γ9δ2 T cells, in combination with low-dose IL-2 in patients with advanced solid tumors.
“ The data show a clear increase in γ9δ2 T cell counts as well as activation and mobilization of CD8 T cells and NK cells, indicating ICT01 in combination with low dose IL-2 can generate a broad immune response. The immune cell expansion and the positive safety and tolerability profile observed support the advance of the study toward the proof of concept stage in part 2, ” commented Johann S. de Bono, PhD, Regius Professor of Cancer Research at The Institute of Cancer Research, The University of London, investigator in the EVICTION-2 study, and presenter of the data at SITC 2023.
“ The effect of ICT01 with low dose IL-2 on anti-tumor immunity suggests the combination regimen holds promise, notably for the treatment of patients with low circulating γ9δ2 T cells and, together with the results from the EVICTION study, underlines the strong immunotherapeutic potential of ICT01 in oncology, ” commented Pierre d’Epenoux, Chief Executive Officer of ImCheck Therapeutics.
EVICTION-2 is a two-part, open-label, Phase I/IIa trial assessing the safety, tolerability, pharmacodynamics and anti-tumor effects of ICT01 in combination with low dose IL-2 in advanced-stage solid tumor patients. In the dose escalation Part 1 of the study, patients receive intravenous ICT01 administered on the first day of every 21-day cycle in combination with daily subcutaneous IL-2 on days 1-5 of cycles 1-3. The primary endpoint measured the incidence and severity of treatment-related adverse events and secondary outcomes included γ9δ2 T cell numbers and analysis of the disease control rate in order to select the best regimen(s) for testing in Part 2 of the trial where it will be combined with pembrolizumab. As reported in the poster, 19 patients have completed at least 1 cycle and no dose-limiting toxicities were observed. Reported treatment-related adverse events were mainly mild to moderate and correlated with the profile of ICT01 and IL-2 monotherapy. All cohorts demonstrated an elevation in γ9δ2 T cell counts that peaked at day 8-15. Further immunological observations included the activation, mobilization and proliferation of CD8 T cells and NK cells. Notably, the broad anti-tumor immune response induced by the combination regimen was durable across multiple treatment cycles.
Details of the presentation are:
Abstract title: “ICT01 plus Low Dose SC IL-2 Produces a Robust Anti-Tumor Immune Activation in Advanced Cancer Patients (EVICTION-2 Study)”
Session title: Clinical Trials in Progress
Authors: Johann de Bono, Stéphane Champiat, Francois-Xavier Danlos, Martin Wermke, Volker Kunzmann, Aude De Gassart, Emmanuel Valentin, Marina Iché, Maelle Mairesse, Patrick Brune, Katrien Lemmens, Daniel Olive, Paul Frohna
Date/Time: Friday November 3rd, 2023, 12:00–1:30 pm and 5:10–6:40 pm PT
Location: Ground Level - Exhibit Halls A and B1 - San Diego Convention Center
About the EVICTION 2 Trial
EVICTION-2 is a first-in-human, dose escalation (Part 1) and cohort expansion (Part 2) clinical trial evaluating ICT01 in combination with low dose subcutaneous IL-2. The trial’s objective is to demonstrate the combination’s ability to safely and selectively expand the number of γ9δ2 T cells in patients with solid tumors (prostate, pancreatic, ovarian, or colorectal cancer) that produces a more robust antitumor immune response and improved patient outcomes.
ICT01 is a humanized, anti-BTN3A (also known as CD277) monoclonal antibody that selectively immunosurveillance of malignancy and infections. The three isoforms of BTN3A targeted by ICT01 are overexpressed on a number of solid tumors (e.g., bladder, colorectal, melanoma, ovarian, pancreatic, lung) and hematologic cancers (e.g., leukemia & lymphoma) and also expressed on the surface of innate (e.g., γδ T cells and NK cells) and adaptive immune cells (T cells and B cells). BTN3A is essential for the activation of the anti-tumor immune response of γ9δ2 T cells.
As demonstrated in EVICTION data presented at past AACR, EMSO and SITC conferences, ICT01 selectively activates circulating γ9δ2 T cells that leads to migration of γ9δ2 T cells out of the circulation and into target tissue (e.g., tumors), while also activating the tumor-resident γ9δ2 Tcells to directly kill malignant cells, which is accompanied by secretion of two key inflammatory cytokines, IFNγ and TNFα, that contribute to the expansion of the anti-tumor immune response. ICT01 has been shown to have anti-tumor activity against a range of cancers in in vitro and in vivo tumor models.
About IMCHECK THERAPEUTICS
ImCheck Therapeutics is designing and developing a new generation of immunotherapeutic antibodies targeting butyrophilins, a novel super-family of immunomodulators.
As demonstrated by its lead clinical-stage program ICT01, which has a mechanism of action to simultaneously modulate innate and adaptive immunity, ImCheck's “first-in-class” activating antibodies may be able to produce superior clinical results as compared to the first-generation of immune checkpoint inhibitors and, when used in combination, to overcome resistance to this group of agents. In addition, ImCheck’s antagonist antibodies are being evaluated as potential treatments for a range of autoimmune and infectious diseases.
Co-founder of the Marseille Immunopole cluster, ImCheck benefits from support from Prof. Daniel Olive (INSERM, CNRS, Institut Paoli Calmettes, Aix-Marseille University), a worldwide leader in γ9δ2 T cells and butyrophilins research, as well as from the experience of an expert management team and from the commitment of leading US and European investors.
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Thu, 02 Nov 2023 12:00:00 -0500entext/htmlhttps://www.smdailyjournal.com/business/imcheck-presented-updated-positive-data-from-phase-i-iia-eviction-2-trial-of-ict01-in/article_a36439f6-83cc-5ebf-b593-722c51da532f.htmlInside Google’s Plan to Stop Apple From Getting Serious About Search
For years, Google watched with increasing concern as Apple improved its search technology, not knowing whether its longtime partner and sometimes competitor would eventually build its own search engine.
Those fears ratcheted up in 2021, when Google paid Apple around $18 billion to keep Google’s search engine the default selection on iPhones, according to two people with knowledge of the partnership, who were not authorized to discuss it publicly. The same year, Apple’s iPhone search tool, Spotlight, began showing users richer web results like those they could have found on Google.
Google quietly planned to put a lid on Apple’s search ambitions. The company looked for ways to undercut Spotlight by producing its own version for iPhones and to persuade more iPhone users to use Google’s Chrome web browser instead of Apple’s Safari browser, according to internal Google documents reviewed by The New York Times. At the same time, Google studied how to pry open Apple’s control of the iPhone by leveraging a new European law intended to help small companies compete with Big Tech.
Google’s anti-Apple plan illustrated the importance that its executives placed on maintaining dominance in the search business. It also provides insight into the company’s complex relationship with Apple, a competitor in consumer gadgets and software that has been an instrumental partner in Google’s mobile ads business for more than a decade.
The relationship has come under scrutiny in the landmark antitrust suit brought against Google by the Justice Department and dozens of states. Lawyers for the government have argued that Google rigged the market in its favor with default agreements signed with companies including Apple, Samsung and Mozilla. These pacts funnel traffic to Google’s search engine when users look up information in the top bar of a browser.
Google is expected to begin a three-week presentation of its defense in the lawsuit’s monthslong trial on Thursday. So far, the company has downplayed the role that its default agreements with phone makers and browser companies has had on its success. It argues that its search engine is popular because of its quality and innovation, and that users can easily choose another default in their device settings.
But the documents viewed by The Times showed that Google understood the power of defaults in channeling users to a product as it tried to change Apple’s selection of Safari as the iPhone’s default web browser.
“Competition in the tech industry is fierce, and we compete against Apple on many fronts,” said Peter Schottenfels, a Google spokesman. “There are more ways than ever to search for information today, which is why our engineers make thousands of improvements a year to Search to ensure we deliver the most helpful results.”
While Google bids on default settings because they matter, he added, users can and do change their defaults. Apple declined to comment.
Last fall, Google executives met to discuss how to reduce the company’s reliance on Apple’s Safari browser and how best to use a new law in Europe to undermine the iPhone maker, documents showed. While Google considered several options, including how much data it should have access to on the iPhone, it is unclear what the executives decided on.
At the time, the European Union was readying the Digital Markets Act, which was designed to help smaller companies crack Big Tech’s control of the industry. Google, already one of the world’s largest internet businesses, saw an opening.
Under the act, the European Union is forcing large tech companies designated as “gatekeepers” to open their platforms to competitors by March, giving users a choice of which service to use, and to stop favoring their own services on their platforms.
The law is expected to force Apple to allow customers in the European Union to obtain rival app stores. Users setting up a new Apple device in Europe could also be presented with an option to select a default browser other than Safari.
Google, which the law will force to allow more competition in search, explored ways to lobby E.U. regulators to crack open Apple’s tightly controlled software ecosystem so Google could siphon users from Safari and Spotlight, the documents showed. Executives debated how aggressive the company should be in advocating for access to Apple’s operating system.
Google executives figured that if users had to make a choice, the number of European iPhone users who selected Chrome could triple, according to documents reviewed by The Times. That would mean the company could keep more search ad revenue and pay less of it to Apple.
Regulations intended to help smaller companies enter the marketplace “very frequently can also be used by incumbents to gain advantage over their rivals,” Gus Hurwitz, a senior fellow at the University of Pennsylvania Carey Law School who focuses on technology and competition, said in an interview.
Google and Apple have had a search engine partnership for Safari since 2002, half a decade before the iPhone’s debut. The relationship became more complicated when Google released the Android mobile operating system in 2008, a direct competitor to the iPhone.
Google was concerned about Apple’s Spotlight from the feature’s earliest days. In 2014, an internal presentation discussed the impact that Apple’s new operating system, iOS 8, could have on Google’s revenue. The second page of the slide deck was titled “Bottom Line: It’s bad,” according to a presentation introduced as evidence in the antitrust trial.
“We expect these suggestions to siphon queries away from Google in verticals where Spotlight is triggered,” the company wrote.
Apple poached a powerful Google search executive, John Giannandrea, in 2018, and expanded its teams of search employees as it built a more capable Spotlight system. The 2021 improvements to the tool, as part of iOS 15, sparked concerns at Google over Apple’s intentions in the search market, a person with knowledge of the discussions said.
In response, Google spun up an effort to build its own version of Spotlight, which was meant to work on iPhones, documents showed. It presented users with quick facts and information from files, messages and apps on the device.
In latest years, Apple has not used Spotlight to crib so-called commercial queries — which feature ads in their results — from Google, so the tool has not hurt Google’s search business.
Still, Google executives last year contemplated ways to convince the European Union to designate Spotlight as a search engine, according to the documents. Spotlight contained at least five different search features, offering web images; answers and “rich” results that provided extra information like photos; and universal search, which could scan devices, apps and the web. The European Union has not yet decided whether to open Spotlight to greater competition under the law.
That Google is leaning on laws intended to help small companies has frustrated some legal experts.
“I prefer companies to compete on the merits for consumers to want to use their products by offering higher-quality products,” Mr. Hurwitz said. “Not by paying lawyers to go to the European Union and get rules in place in order to obtain access to their competitors’ platforms.”
Adam Satariano contributed reporting from London.
Wed, 25 Oct 2023 12:00:00 -0500entext/htmlhttps://www.nytimes.com/2023/10/26/technology/google-apple-search-spotlight.htmlFinance Minister bolsters IIA’s tech innovation funding fourfold amidst crisis
Finance Minister Bezalel Smotrich has unveiled a substantial funding expansion for the Israel Innovation Authority's Fast-Track program in a strategic move aimed at shoring up the country's hi-tech sector during a period of uncertainty caused by ongoing hostilities. The budget allocation for the program will be quadrupled, soaring from NIS 100 million to a robust NIS 400 million. This injection of capital is expected to provide much-needed assistance to start-ups grappling with financial challenges brought about by the current state of affairs.
Earlier this week Smotrich met with key stakeholders from the Finance Ministry, the Israel Innovation Authority, and other influential figures in the hi-tech industry in order to assess the impact of the ongoing conflict on Israel's high-tech sector and to chart a course for both immediate crisis response and long-term strategies to support the industry post-war.
This meeting was attended by a diverse group of participants, including representatives from Israeli and foreign venture capital funds, institutional investors, corporate delegates, and other pivotal entities within the tech ecosystem. These stakeholders presented the Finance Minister with up-to-date information and data concerning local tech companies and their current circumstances, emphasizing the urgency for a swift response. This information supplemented the data that had been presented to the Minister in latest days, including insights gleaned from a survey conducted among hundreds of local companies, revealing the specific challenges they are facing in the current climate.
Finance Minister Bezalel Smotrich holds a press conference with bereaved families at the Israeli Finance Ministry in Jerusalem on January 8, 2023. (photo credit: YONATAN SINDEL/FLASH90)
Armed with this data, financial analysis, and professional recommendations from the meeting, Smotrich embraced the proposal to promptly increase funding resources for the tech industry. Consequently, he has announced a budget increase for the Innovation Authority's Fast-Track program, escalating it from NIS 100 million to NIS 400 million. The primary objective of this move is to provide immediate relief to Israeli startups that are currently encountering difficulties in securing capital from their existing investors during this wartime period.
This decision is the first in a series of short-term and long-term measures that the Finance Ministry's professional leadership is diligently working on in conjunction with the Israel Innovation Authority. Collaboration and coordination with the high-tech industry remain pivotal in ensuring the sector's stability and growth during these challenging times.
The IIA’s hi-tech booster shot
The Israel Innovation Authority announced earlier this week that it will introduce a fast-track grant program to support approximately 100 Israeli start-ups facing funding challenges due to the ongoing conflict in Gaza. The goal is to extend the financial runway for these startups, giving them more time to leverage their existing resources and pursue their tech innovation endeavors. Eligible companies can begin applying for this program starting in November 2023.
Prior to the conflict, Israel's hi-tech sector was already grappling with a decline in investment and a decrease in foreign investors' interest, resulting in reduced funding for startups and a drop in the creation of unicorns within the ecosystem. However, the outbreak of the war added further challenges, making it a turbulent period for one of Israel's vital economic engines. The Israel Innovation Authority's program is aimed at alleviating some of the pressure on the struggling hi-tech sector.
Dror Bin, CEO of the Israel Innovation Authority, emphasized that the hi-tech sector, which had been experiencing diminishing investment volumes for the past 18 months, is particularly affected by the ongoing crisis. “This impact is more pronounced in start-up companies that urgently need funding, especially during a challenging period when it is difficult to conduct new financing rounds,” he said.
“From mapping the needs of start-up companies in Israel, we understand that most of them are experiencing cash flow difficulties, delays and cancellations with potential investors, and the delay of significant projects and technological developments,” he added. “The channel is designed to provide certainty and cash flow that will help companies overcome the crisis and be an economic growth engine upon exiting it.”
Sun, 22 Oct 2023 12:00:00 -0500en-UStext/htmlhttps://www.jpost.com/business-and-innovation/article-770248