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Thanksgiving quake rattles Alaska’s insurers
On Thanksgiving morning, a magnitude-6.0 earthquake struck near Susitna, Alaska, prompting concern among insurers and emergency agencies. The U.S. Geological Survey warned of potential aftershocks, with a 28% chance of significant tremors in the coming week. Although no major damage was reported, the quake highlighted the low uptake of earthquake insurance in the region, where…
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EU risks missing the boat on AI, Lagarde warns
Europe must quickly remove obstacles that prevent the diffusion of artificial intelligence, European Central Bank President Christine Lagarde has warned. “With the United States and China ahead of the field, Europe has already missed the opportunity to be a first mover in AI,” Lagarde said in a speech in Bratislava, Slovakia. “We still bear the…
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Earth intelligence sector prepares for revenue boost
Reuters reports on how Savills Investment Management, a U.K. real estate manager which oversees €26bn ($29.93bn) in assets and is concerned about flood, fire and other climate-related risks to its properties sought help from London-based data analytics firm Climate X. Savills said the data crunched by Climate X aids its investment decisions and it may…
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Major banks hit in vendor hack
A cyberattack on tech vendor SitusAMC may have exposed client data for JPMorgan Chase, Citi, Morgan Stanley, and others, the New York Times has reported. The November 12 breach affected corporate data including accounting documents and legal contracts. SitusAMC CEO Michael Franco said customer data may also have been impacted, but the breach did not…
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SEC drops SolarWinds cyber case
The Securities and Exchange Commission has dismissed its high-profile lawsuit against SolarWinds and its Chief Information Security Officer, Timothy Brown, over the 2020 Russia-linked Sunburst cyberattack. The case, filed in 2023, accused the firm of hiding security flaws but faced judicial pushback and industry criticism. A joint motion to dismiss with prejudice was filed Thursday….
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Fed’s Miran wants a reworking of bank rules
Federal Reserve Governor Stephen Miran has called for a reworking of Wall Street regulations before policymakers weigh other economic questions around the central bank’s balance sheet. “For many years, financial regulation mostly moved in one direction, increasingly restricting the banking sector,” Miran said, going on to observe that there was regulatory over-reach following the 2008…
