TNB Tech Minute: Fed System for Monitoring Banks Suffered Outage Last Month
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What caused the Federal Reserve’s bank‑monitoring system outage and why did it matter?
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Here's your morning TNB Tech Minute for Tuesday, September 15th.
How did the outage affect the Fed’s discount window and other critical monitoring functions?
I'm Danny Lewis for the Wall Street Journal. We exclusively report that a Federal Reserve database used to monitor banks experienced a temporary outage last month. People familiar with the matter say the outage impacted the system's public facing website, as well as internal systems that use public and confidential information to monitor banks, including the Fed's discount window, the central bank's primary channel for lending directly to banks, which can be crucial in a crisis. A Fed spokesperson said critical functions remained operational. China is imposing new travel restrictions as its tech race with the US intensifies. Chinese citizens now face sweeping restrictions on exiting the country, preventing people from leaving China for months or years if they engage in quote criminal activities abroad that threaten national security or violate export controls related to industry or technology.
Why is China tightening travel rules for its tech sector and what are the new restrictions?
The tech industry has already been affected by recent exit limitations. This spring, Beijing told two co-founders of AI firm Manus not to leave China after Meta Platforms said it would buy the startup in December. Beijing forced Manis to unwind the deal on national security grounds. Foreigners visiting China are also subject to new rules to enter the country, including calls for punishment for providing false information on visa applications. And OpenAI has quietly bought a startup developing higher quality cameras for smartphones. People familiar with the matter say the AI firm bought glass imaging in recent months.
What’s the story behind OpenAI’s silent acquisition of a smartphone camera startup?
The people say the deal valued the camera startup at three hundred million dollars, three times what it was valued in a funding round last year. OpenAI's exact plans for glass imaging are unclear. The ChatGPT maker has been developing a secretive device with former Apple executive Johnny Ive, who helped design the iPhone. Newscorp, owner of the Wall Street Journal, has a content licensing partnership with OpenAI. That's your TNB Tech Minute. Join us again this afternoon for more.
How might OpenAI’s camera purchase and partnership with Johnny Ive shape future AI devices?
What's driving the markets this week? What's on investors' minds is they look ahead. Find out on the Markets Podcast from Goldman Sachs. A breakdown of market moves and macro signals in 10 minutes or less. The Markets Podcast from Goldman Sachs. Listen now.
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Chapters
5 chapters
1
What caused the Federal Reserve’s bank‑monitoring system outage and why did it matter?
0:00–0:20
2
How did the outage affect the Fed’s discount window and other critical monitoring functions?
0:20–1:10
3
Why is China tightening travel rules for its tech sector and what are the new restrictions?
1:10–1:47
4
What’s the story behind OpenAI’s silent acquisition of a smartphone camera startup?
1:47–2:19
5
How might OpenAI’s camera purchase and partnership with Johnny Ive shape future AI devices?
2:19–2:37
Speakers
1 identifiedMore from WSJ Tech News Briefing
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