UK pensions industry meets collective DC announcement with scepticism

first_imgThe UK government has confirmed its intention to legislate for the permittance of collective defined contribution (CDC) pension funds, with industry representatives mixed on responses.The commitment to CDC was made in today’s Queen’s Speech, a statement by the UK’s head of state regarding Parliament’s course of action in its next session, which begins in the autumn.The general aim is to implement CDC, which will require the creation of new legislation, by 2016, in line with the launch of the new single-tier first-pillar pension.The requirement of CDC’s implementation by 2016 is significant as it heralds the end of contracting out for defined benefit (DB) schemes, with the expectation for scheme closures, due to additional costs. CDC, part of pensions minister Steve Webb’s aim for greater risk-sharing, is seen as a potential midway point, stopping these DB closures resulting in members being moved into pure-DC arrangements.The legislative background in the UK does not currently permit any such arrangement, with any pension scheme where 100% of the risk is not placed on an individual member regulated under the complex DB code.However, while some sections of the UK industry welcomed an additional feature of the pensions market, many have lamented its lack of appeal or consistency with other proposals, as well as its timing.The National Association of Pension Funds (NAPF) praised the increased flexibility CDC brings, but said the focus for DC should remain on good member outcomes.The group had previously called on the government to slow down its reforms of the DC market, as the industry swallows recent Budget changes, and a cap on charges by 2015.Chief executive Joanne Segars admitted CDC had a role to play in this, but governance, low charges and investment strategies were fundamental.“The real goal here has to be schemes operating at scale,” she said. “Scale is a necessary precondition for CDC, but it also enables a much wider range of member benefits.”Duncan Buchanan, a lawyer and president-elect of the Society of Pension Consultants (SPC), said, given increased flexibility in at-retirement DC options, CDC’s appeal in the UK was diminished.“It is unlikely employers will feel pressure from employees to establish or contribute to new-style ‘risk-sharing’ schemes,” he said.“CDC requires critical mass to make risk sharing fair. Without large numbers of members, these collective schemes might not be able to get off the ground.”LCP, a consultancy, said while it welcomed the reforms, it agreed with the SPC that quick take-up was unlikely.Alex Waite, LCP’s head of corporate consulting, said: “This type of pension scheme has some attractions. However, pooling risks between members generates winners and losers, and it is likely that anyone that loses out materially will call foul. Against this background, it is unlikely employers will rush to set up CDC schemes.”However, defending the announcement, Danny Wilding, partner at consultancy Barnett Waddingham, said while CDC might not be right for all employers, allowing it as an option is welcome.“CDC has the potential to offer more generous and stable pension returns to scheme members and act as a viable alternative to both DC and DB schemes,” he said.Lee Hollingworth, head of DC at consultancy Hymans Robertson, said CDC would have distinct winners and losers.“Potential losers include younger savers and the less well-off,” he said. “The muted reaction of employers is based in part on the Netherlands’ experience. There, employers have found themselves paying in extra money rather than face the industrial relations impact of benefits being reduced.”Tony Hobman, chair of the advisory board at Lincoln International Pensions Advisory, and former chief executive of the UK regulator, said CDC funds come with greater risk which need greater governance in order to be mitigated.”We need to understand who will be looking after this money, who will they be investing it with and who will be monitoring the risks involved,” he said.“Collective pensions will need very high standards of governance and risk monitoring. The DC environment is only just beginning to get to grips with this challenge.”last_img read more

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Lafferty returns for Russia clash

first_imgNorthern Ireland manager Michael O’Neill has named a 20-man squad for next week’s World Cup qualifying home clash against Russia. Press Association The fixture had originally been scheduled for March, but heavy snow and icy playing conditions in Belfast saw it postponed. Brunt is unavailable as he has to serve a one-match ban after picking up a yellow card late in the last qualifier, a 2-0 home defeat to Israel on March 26. O’Neill, whose men have scored only three goals so far in a qualifying campaign that has seen them draw three and lose two of their five contests, has called up five forwards. Along with Lafferty, a summer signing for Italian side Palermo, and new Huddersfield recruit Martin Paterson, there are also places for Billy McKay of Inverness, Will Grigg – now a Brentford player – and Derby’s Jamie Ward. The latter pair were both ruled out of the Israel encounter due to injury. Kilmarnock midfielder Sammy Clingan misses out this time as he is nursing a knee problem and O’Neill has also not selected New York Red Bulls’ midfield man Jonny Steele, who he last month said would “get his chance soon”. With their three points, Northern Ireland are currently fifth of the six teams in Group F and a point behind fourth-placed Azerbaijan, who have played two more matches. Russia are second on 12 points from five games, sandwiched between leaders Portugal (14 points from seven games) and third-placed Israel (11 points from six games). O’Neill is still searching for his first victory since being appointed as Northern Ireland boss in December 2011, having overseen a total of nine fixtures. Northern Ireland squad for Russia: Carroll (Olympiacos), Mannus (St Johnstone), Hughes (Fulham), McGivern (Hibernian), Cathcart (Blackpool), McAuley (West Brom), D Lafferty (Burnley), J Evans (Manchester United), Bruce (Hull), Davis (Southampton), Norwood (Huddersfield), McCann (Peterborough), McGinn (Aberdeen), Ferguson (Birmingham, on loan from Newcastle), C Evans (Blackburn), Grigg (Brentford), McKay (Inverness), Paterson (Huddersfield), Ward (Derby), K Lafferty (Palermo). center_img Striker Kyle Lafferty, who sat out the last qualifier due to suspension, is among the party for the Group F game next Wednesday at Windsor Park. Fellow frontman David Healy, midfielder Paddy McCourt and defender Chris Baird – all currently without a club – have not been included, while West Brom midfielder Chris Brunt is also absent. last_img read more

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Danny Ings vows to avoid risky return to Liverpool action this season

first_img It appears the initial six-month prognosis was a little too hopeful and the former Burnley striker accepts it is unlikely he will play for Jurgen Klopp this term. “When I got the injury I said straight away I will play again before the season finishes,” Ings told NBC Sports. “But I think with the advice I’ve had of the surgeons and physios, I know they won’t risk me and I don’t want to risk it myself. “This is all about the highs and lows of football. I was at the happiest point of my career and then, at the time of the injury, I felt like I was at my lowest point. “I just felt like I got my foot in the door. “I was becoming established here at Liverpool, playing games and scoring goals, keeping my place in the team and had made my debut for England, then somebody took that all away from me. “It is absolutely gutting because football has been my life. If I can’t do what I love doing then it is like someone having their kids taken away from them. “That is how I felt. I know that I am going to come back extremely strong.” Press Association Danny Ings has all but given up hope on playing again for Liverpool this season, but has pledged to come back “extremely strong”.center_img The 23-year-old striker was beginning to find his feet when his maiden season at Anfield was brought to a shuddering halt by a cruciate knee ligament injury. Ings sustained the injury during Liverpool training just days after making his England debut in October. last_img read more

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Jorge Mendes says reports that Jose Mourinho has written to Man Utd are ‘absurd’

first_img He wrote on www.gestifute.com: “It does not occur to anyone that a coach like Jose Mourinho can write letters to clubs offering their services. “It is absolutely ridiculous and totally absurd.” Mourinho left Chelsea in December after a poor start to the season, despite his team winning the Barclays Premier League in the previous campaign. According to the report, Mourinho explains in the letter how he would be prepared to adapt his style of management to suit the demands at Old Trafford, and how he would seek to overhaul the squad. The 52-year-old Portuguese’s fondness for United is well known and he has been linked with the job before, but United chose David Moyes to succeed Sir Alex Ferguson in 2013 and Van Gaal to come in a year later. As well as two spells at Chelsea, Mourinho has previously bossed Porto, Inter Milan and Real Madrid. After he departed Chelsea before Christmas, Blues coach Steve Holland predicted Mourinho would want to soon be back involved in the game at the highest level. ”He’s a guy who needs and wants football,” said Holland. ”There will be clubs and big clubs who will want him. ”And he’s not in my opinion the sort of guy who’s going to spend six, seven, eight months sitting at home doing nothing in particular.” Pressure mounted on Van Gaal after United’s 1-0 defeat to Southampton on Saturday, which left the Red Devils five points adrift of fourth-placed Tottenham. A report in the Independent on Sunday suggested that the former Chelsea boss had written a six-page letter outlining why he would be the right man to replace Louis van Gaal, as and when he leaves Old Trafford. United declined to respond to the reports on Saturday night, but in a statement on Sunday morning, Jorge Mendes categorically denied them. Jose Mourinho’s agent has described claims the Portuguese has written to Manchester United to state his case to become their next manager as “absolutely ridiculous and totally absurd”.center_img Press Associationlast_img read more

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Police Chief Admits Tear Gas Was Used on West Palm Protesters

first_imgWest Palm Beach’s police chief is apologizing and issuing a correction after providing inaccurate information following Sunday night’s violent protests.“I want to apologize. We don’t want to misinform the community,” Police Chief Frank Adderley told our news partner, WPTV NewsChannel 5.He admitted that mistakes were made when peaceful protests turned violent over the weekend in downtown West Palm Beach.“The question was asked on me on Monday, did you use gas? I said no. Then, we got more information that says, yes, we did,” Adderley explains.In addition, Adderley says he and his officers were not wearing gas masks on Sunday, and that they were ordered to deploy smoke into what he referred to as an unruly crowd.He goes on to say that he later learned after speaking with local restaurant owner Rodney Mayo that was not the case.“We later find out when we met with Rodney Mayo, he showed us the empty canister and he said people near him were gassed,” Adderley admits.West Palm Beach police chief issues correction, admits tear gas was used on protesters https://t.co/clKZOjt0tl pic.twitter.com/bCwKYQj41w— WPTV (@WPTV) June 3, 2020 The police chief says it appears accidental, explaining that his officer grabbed the wrong can, thinking it was smoke, but it turned out to be CS gas, also known as tear gas.“I’m asking that you accept my correction here with the info because we have some misinformation to the public,” Adderley asks the public.Kathleen Walter, spokeswoman for the city of West Palm Beach, released this statement to WPTV: “The police department’s reaction to disperse a crowd of individuals was entirely appropriate as our police were the subject of attack. Mayor James was absolutely right to debunk false claims that our police instigated a confrontation with protesters and that police fired rubber bullets and tear gas at protesters who had been mostly peaceful. Any information provided during Monday’s press conference by either Mayor or Chief was based on the information known to them at the time. In the interest of full transparency, new information they learned since, including a list of the non-lethal force used by officers in their defense, was shared with the media and posted on our website. You can’t get more transparent than that. To the credit of our Mayor and the West Palm Beach Police Department, it should be noted that more than 3000 individuals participated in the protest, and no one was injured.”center_img “We evaluate it, going to make some adjustments, and make sure it never happens again,” according to Adderley.He adds this is the first time gas has been used in the field since he started, and explains they were justified in using it because bottles and rocks were being thrown at them.last_img read more

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Hurricane Laura Gains Strength as she Churns Across the Gulf of Mexico

first_imgExperts say, Laura is going to be a storm that affects a huge amount of people because it is so much larger than Marco and it’s going to be so much stronger.Impact will even be felt in New Orleans, which could very well be over 200 miles from the center, when it makes landfall.Lakes and low-lying areas are already flooding because of Marco’s little impact, and will remain high through Laura. Laura is now a hurricane and it could blow up to a Category 3 storm as it passes over the open, 90 degree waters of the Gulf of Mexico.Forecasters say Laura could become a category three or higher storm as it approaches the Texas and Louisiana coasts.The storm sits about 625 miles southeast of Lake Charles, Louisiana. It’s moving to the west-northwest at 17 miles-per-hour.A category 3 hurricane could bring sustained winds of 115 mph on shore in addition to a massive storm surge.Not only is the anniversary of Katrina this week, but also the anniversary of Rita in a few more weeks, which impacted Southeast Texas and Southwest Louisiana that same year. As of Tuesday morning, millions of Gulf Coast residents are on alert as Laura gathers strength and moves toward Texas and Louisiana. A mandatory evacuation has been ordered in Galveston, Texas. JUST IN: #Laura has strengthened into a #hurricane in the Gulf of Mexico. pic.twitter.com/nCMcvuyoPr— The Weather Channel (@weatherchannel) August 25, 2020last_img read more

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Barca-Las Palmas in Shadow of Referendum

first_imgBarcelona can extend their perfect start to the Liga season when they take on Las Palmas on Sunday in a game surrounded by political turmoil, as it occurs on the same day as a planned referendum in Catalonia on a break from Spain. There was concern that the match would have to be postponed due to a lack of police resources as a result of the vote, which the Spanish government says is illegal, although it was given the green light at a meeting of Catalonia’s security council on Thursday.The Nou Camp has witnessed displays of pro-secession fervour in recent years, including chants of “independence” which take place after 17 minutes and 14 seconds in a match to mark the 1714 siege of Barcelona. Barca defender Gerard Pique showed his support for the referendum on Thursday – although he has never expressed his outright support for independence – but urged citizens to behave in a peaceful manner.“From today until Sunday we will express ourselves peacefully. We cannot give them any excuse, that is what they want. We will sing loud and clear. #WeWillVote,” Pique wrote on his Twitter account.Barca have positioned themselves in favour of the right to decide and released a statement last week condemning crackdowns on referendum activity which led to the arrest of 16 local government officials.“It will be an important day in the history of our country but we have to focus on football,” said Barca vice-president Jordi Cardoner.“I think that all members, fans and supporters will express what they think is right.”Barca lead the Liga standings by four points over Atletico Madrid after winning six games from six and maintained their 100 percent start in Europe by scraping a 1-0 win at Sporting Lisbon on Wednesday.They face a Las Palmas side who are 15th with six points from six games and reeling from the resignation of coach Manolo Marquez.New coach Pako Ayestaran takes charge of his first game for the club and has sweet memories of his last visit to the Nou Camp, where his Valencia side stunned Barca by winning 2-1 in April 2016.Las Palmas are facing an injury crisis with five players unavailable while Barca have no fresh concerns ahead of the game.Also on Sunday, Real Madrid will search for their first home win of the season in the league when they host Espanyol, who have proved generous opponents in recent years, with Real winning the last 10 games between the two sides in all competitions.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

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Syracuse offense stalls, defense allows early score in 1-goal loss at Louisville

first_img Facebook Twitter Google+ Published on September 19, 2014 at 11:13 pm It took Louisville just more than two minutes to score against Syracuse. The Cardinals’ Erin Yenney scored off a corner kick and Louisville never looked back.In Syracuse’s first Atlantic Coast Conference game of the season, the Orange (3-3-3, 0-1-0 ACC) fell to Louisville (4-4, 1-0) by a score of 1-0 on Friday night in Louisville, Kentucky. SU didn’t record a shot in the first half and was outshot 10-3 in total. It was Syracuse’s second 1-0 loss of the season.After giving up the early goal, the Orange defense held strong for the following 88 minutes. Though the defense did its job, the offense never broke through. SU’s Jessica Vigna tallied two shots and Maya Pitts took one.In SU’s previous game, a 2-2 tie with Drexel, the Orange also allowed a goal off a corner kick.SU freshman goalie Courtney Brosnan and sophomore Emma Firenze each made their first career starts. Brosnan was originally expected by head coach Phil Wheddon to be the starting goalie, but she was injured during warm-ups of a preseason scrimmage. She made four saves.AdvertisementThis is placeholder textFirenze, who is the sister of fellow SU midfielder Jackie Firenze, missed her entire freshman year with an injury. Wheddon has said he was counting on her to potentially be a starter in 2013. This season, Firenze has progressively worked her way into the lineup.-Compiled by staff writer Paul Schwedelson, pmschwed@syr.edu. Commentslast_img read more

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Life After Football

first_imgThis is placeholder text Advertisement Published on April 5, 2015 at 8:13 pm Contact Jesse: jcdoug01@syr.edu | @dougherty_jesse,Cancel replyYou must be logged in to post a comment. PASADENA, Calif. — Tyler Marona breaks down the start of the play like it’s unfolding all over again.Jerome Smith takes the handoff in the backfield. Marona snakes past a blocker and wraps up Smith. Another defender comes in to clean up the tackle and connects with Marona’s head instead of Smith.But then Marona’s memory gets fuzzy. He closes his eyes and winces as he tries to tell the rest but can’t find the right words. “Dazed” and “rattled” come to mind but don’t describe the feeling well enough.He says he felt his brain hit the side of his skull. That his head felt like a shaken-up snow globe. That the world was blurry before his head smacked into the grass field — ending one journey on the spot and, in time, starting another.The breakfast burrito he’d been munching on at Lucky Boy Drive-In in Pasadena is now getting cold in front of him and he takes a deep breath before cracking a half smile.AdvertisementThis is placeholder text“That was a terrible, terrible feeling,” Marona said. “The concussion that ends your football career shouldn’t be easy to describe, I guess.“Sometimes I wonder, ‘What if that hadn’t happened?’ and think, ‘Where would I be?’”***Marona played in one game as a defensive end for Syracuse, and it was the August 2013 intra-squad FanFest scrimmage the day before the career-ending concussion in a practice. The rest of his 10 months in Syracuse was spent trying to get back onto the field. Then coping with that not being an option. Then searching for the Tyler Marona who’d never put on pads again.That Marona is now a left-handed junior pitcher for Providence Christian College in Pasadena, and is an encouraging anecdote in the ongoing concussions narrative.In November, NBA star LeBron James said his kids aren’t allowed to play football. In January, the NFL reported 202 diagnosed concussions in the 2014 season, down 27 from 2013 but still a substantial number. On March 17, 24-year-old NFL linebacker Chris Borland retired due to fear of potential brain damage.But with a history of sub-concussive injuries before the knockout punch, Marona was forced out of the game before his 20th birthday and placed his health and future above his NFL aspirations.I was scared to stop playing because it was what I knew and how I identified, but I really was putting my life in danger to keep playing. I would put on my helmet and there were just no barriers on the field. Now it’s just a different field, and I realize it was for the best and I want other young athletes to know there is another side.Tyler Marona***After the concussion, tests by the Syracuse medical staff produced what Marona called “unreadable results.” They wanted him to respond to treatment within a week and he didn’t. But he was going to work until his body and coaches told him not to.Brigham Young was the only Division I football program to offer him out of high school, so he went to Pasadena City Community College to try and draw interest from the power conferences. After one season there, he had offers from Tennessee, Miami (Florida) and Maryland, among a handful of other schools, and didn’t try out for the Pasadena City baseball team because football recruiting was so hectic.Playing for Syracuse became his dream on his official visit — he liked the coaches, the school and left with a hangover he still laughs about — and Marona wasn’t going to roll over until he took the field for the Orange.“To that point I hadn’t achieved what I set out to do,” he said.In the weeks after the concussion that August, Marona lost weight and the drive to try and eat it back on. SU defensive coordinator Chuck Bullough said he’d benefit from bumping up to 275 pounds, so Marona compensated for his lack of appetite by living in the weight room. As a result, his knees cracked when he woke up and his shoulders felt like they were going to pop out of their sockets because of the muscle he’d built.Still, he pushed.But in the two weeks leading up to SU’s family weekend game against Wake Forest on Nov. 2, Marona’s headaches worsened. He lost some dexterity in his fingers and it became difficult to type and text. At times, his vision blurred.His parents traveled eight hours to Syracuse the day before the game and the three of them were called into Syracuse head athletic trainer Denny Kellington’s office. Jonathan Marona, his father, thought it was just going to be an update from Kellington but then SU head coach Scott Shafer walked in. Then the rest of the staff, and that’s when Jonathan realized it was serious.Shafer asked Marona how he was doing and Marona told him he thought he was close to being back.“This is the hardest part of the job…” Jonathan remembers Shafer started.The Maronas started crying.It was over.In a second, everything he always dreamed of was taken away… A lot of kids, this happens to them and then what do they do? They have nothing to do all day. It was fortunate that he had something to replace it.Chuck Bullough***After retiring from football, Marona helped out Syracuse’s recruiting staff and declared a finance major in the Martin J. Whitman School of Management, but still felt like something was missing.Syracuse offensive tackle Michael Lasker Jr., his best friend and former roommate, and former SU defensive lineman Trevon Trejo did everything with Marona together, including frequenting Syracuse women’s ice hockey games, to occupy his mind and time.As Lasker put it, Marona was “just sort of depressed and not like himself.”“We’d talk and he’d mention baseball,” Lasker said. “I didn’t know how serious he was or how good he was. But he would bring it up once in a while.”At the end of the academic year, Marona went back to Pasadena with the intention of returning to Syracuse in the fall. Then he was watching baseball on TV a few days later and a 6-foot-4 lefty named Tyler Skaggs took the mound for the Los Angeles Angels.Marona, who is also 6 feet, 4 inches and throws left-handed, saw Skaggs as a sign. He immediately texted some of his friends playing Division I baseball and they told him to come play on their summer league team.The team’s coach, Mike Scolinos, was also the head coach at Providence Christian (California) College and after seeing Marona’s arm as an outfielder he told him he could possibly get drafted as a pitcher. Marona had a partial scholarship to Providence Christian within the month.“I saw him throw a football 50 yards and it was slightly deflated,” Scolinos said. “Most people, even really good pitchers, can’t throw a slightly deflated football 50 yards.”When Marona first started working with Scolinos, the pitching guru identified him as a “long-term project.” He had the arm strength but hadn’t been taught any mechanics, and Scolinos said in mid-March that he is just starting to see Marona really develop as a starter.But Marona has embraced the learning curve — he played outfield in high school — and it’s filled football’s void.I have noticed a change in him since he’s started playing baseball. I think today he wishes he could play football again but he knows the price is too high and he has a life to live. He says life’s not over, it’s just a different phase. He’s not even 21 yet.Jonathan MaronaAs Marona continues to add to his velocity while delving deeper into the science of pitching sequences, he’s also retooled his mental approach.Before football games, Marona would sometimes tell teammates to punch him in the face to get his adrenaline even higher — even though none of them ever did. Now he sits in the dugout for up to a week in between pitching appearances and has no choice but to calmly approach the mound. In football his goal was to sack the quarterback and his mistakes were often hard to see. Now one misplaced pitch can change a game.On Saturday, Lasker and Trejo chatted on the sideline of Syracuse’s annual spring game but the third member of their crew was more than 2,600 miles away, watching his team wrap up a win over Bristol with his parents in the stands.Later in the day, Marona met with a scout from the Angels about his future. Maybe seeing himself in Skaggs wasn’t so far off.***Pasadena, with a flat landscape where the palm trees are taller than the buildings, is the polar opposite of Syracuse.“This is the California life,” Marona says, watching cars race down Arroyo Parkway while a light breeze cools the 70-degree air.But he makes sure that Syracuse isn’t lost on the West Coast.It’s just after 1 p.m. in early March and he’s getting in a late breakfast before a bullpen session at the Providence Christian field. He’s wearing a gray SU football shirt and blue Syracuse football shorts with his old number, 92, hovering right above his left knee. He’s also wearing a Washington Nationals hat, which he bought after going to see the Syracuse Chiefs, a Triple-A affiliate of the Nationals.He gets halfway up the street to his car and turns as if he’s forgotten something. It’s important. He lightly jogs back.“I think life can be a b*tch when you’re young, you have no cash and you’re trying to figure things out,” Marona said. “But when I have that career and family and everything, I’m going to be really glad I made that decision because life and time, they’re so important.”Then he walks back up the block. Back to life after football. Commentslast_img read more

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USC receives first quantum computer

first_imgUSC on Friday became the first academic institution to house an operational quantum computer system.The D-Wave One Adiabatic Quantum Computer, the first commercially available quantum computer, will be housed at the USC Viterbi Information Sciences Institute in Marina del Rey.Professor Daniel Lidar (left) and USC Viterbi Dean Yannis C. Yortsos stand before the new quantum computing system | Photo courtesy of Ziva SantopViterbi School of Engineering Dean Yannis Yortsos said the research conducted on the machine will be historic.“This is merely the first step in a much larger world,” Yortsos said.Yortsos said the system will break new ground, much like the first commercially available computer in the United States, the Universal Automatic Computer (Univac).“The D-Wave One Adiabatic Quantum Computer represents not merely the latest ancestor of Univac, but the next big leap — the advent of scalable quantum computing,” Yortsos said. “Truly, D-Wave Systems has created something revolutionary: a 128 qubit quantum chip that augurs the possibility of solving some of the world’s most complex optimization and machine learning problems.”The $10-million computer was purchased by Lockheed Martin Corporation, a security and information technology company that is the largest provider of IT services, systems integration and training to the U.S. government. USC will work with Lockheed Martin to conduct research on the computer.Lockheed Martin said in a press release that it hopes to harness the technology to solve relevant problems that are hard to address through established methods in a “cost-effective amount of time.”Quantum computing has the potential to drastically increase the speed of computer functions. The D-Wave computer’s qubits are able to encode ones and zeros at the same time and place on the chip, whereas traditional computers can only hold one of the digits in a place at one time. Having two bits exist in the same place at the same time, a property called superposition, is a fundamental principle of quantum mechanics.The concept of superposition is often illustrated by a thought experiment Austrian physicist Erwin Schrödinger proposed in 1935. In the experiment, a cat would be placed in a box that is completely unobservable from the outside, where the cat would eventually be poisoned. Because Schrödinger’s cat is alive when placed in the box but will be dead at some point when it is in the box, an observer can only assume the cat is simultaneously alive and dead. Superposition in the D-Wave computer is advanced through temperature manipulation.The D-Wave system hardware is kept at 20 microKelvin, which is near absolute zero — the coldest possible temperature in the universe. This allows metals to become superconductors by removing their electrical resistance. The system is adiabatic, meaning there is no net heat loss or gain.Yortsos said the computer will provide a new paradigm in the quest for faster and more secure computing, as the field is in its infancy.“It wasn’t that long ago that quantum computing was the province of intellectual wonks and theorists,” Yortsos said.Yortsos said the system would keep USC at the forefront of technological innovations.“From its pioneering role in the protocols of the Internet, the Domain Naming System — .com, .net, .edu — grid computing, high-performance computing, e-science and artificial intelligence, ISI has been the agent of innovation for many of the greatest breakthroughs of the past four decades,” Yortsos said. “Next year, 2012, ISI will celebrate its 40th anniversary. I am very confident that … this agent has its best innovating still to come.”last_img read more

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