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The Wall Street Journal reports that the International Energy Agency (IEA) has proposed the largest coordinated release of strategic oil reserves in its history - up to 400m barrels - to stabilize global crude prices following supply disruptions caused by the U.S.-Israel war with Iran. The plan, discussed at an emergency meeting of the agency’s 32 member countries, would more than double the previous record release of 182m barrels in 2022 after Russia’s invasion of Ukraine. The move aims to offset disruptions linked to the near closure of the Strait of Hormuz, through which about one-fifth of global oil supply normally passes. Member countries are expected to decide on the proposal imminently, as leaders also weigh broader energy responses amid concerns that surging oil prices could fuel inflation and economic instability.

 

Bloomberg

Reuters

Wall Street Journal

The Data Security Gap Behind Red Hat’s $100M Lesson

Red Hat’s costly cybersecurity incident reveals a risk many organizations still underestimate: your data is only as secure as its most vulnerable state.

While most companies encrypt data at rest and in transit, it can still be exposed when it’s being processed or analyzed. That moment—when data is in use—is where traditional security measures often fall short.

This article explores the hidden vulnerability many CISOs and CIOs overlook and why relying on partial encryption isn’t enough. Learn how sensitive data can become exposed during normal operations and what leaders should consider to ensure protection across the full data lifecycle.

Read the article

 

The Financial Crimes Enforcement Network (FinCEN) has fined Canaccord Genuity $80m for wilful violations of the Bank Secrecy Act, marking the largest penalty ever issued against a broker-dealer for breaches of the US anti-money laundering law. Investigators said that between 2019 and ⁠2022, Canaccord failed to file at least 160 suspicious activity reports covering thousands of ​questionable transactions, with some activity that deserved "red flags" going un-reviewed for months or years. "Today's action should be a wake-up call to broker-dealers that willfully fail to comply with their obligations to safeguard the financial system from illicit actors," FinCEN Director Andrea Gacki said.

 

InvestmentNews

Reuters

Amazon’s e-commerce business summoned a large group of engineers to a meeting yesterday for a “deep dive” into a spate of outages, including incidents linked to AI coding tools.

 

Financial Times

Microsoft is backing Anthropic’s lawsuit against the Pentagon, warning that the “drastic” and “unprecedented” moves against the AI start-up would have “broad negative ramifications” for the U.S. tech industry. The technology giant has filed an amicus brief in Anthropic’s case against the Trump administration, calling on the court to temporarily block the implementation of the Pentagon's labelling of the maker of the Claude chatbot as a supply chain risk. “The Department of War needs reliable access to the country’s best technology,” a Microsoft spokesperson said. “And everyone wants to ensure AI is not used for mass domestic surveillance or to start a war without human control. The government, the entire tech sector, and the American public need a path to achieve all these goals together.”  

 

The Hill

Financial Times

Reuters

Some of the largest U.S. banks are considering legal action against the Office of the Comptroller of the Currency (OCC) over new rules that make it easier for crypto, fintech, and payment firms to obtain national bank trust charters. The Bank Policy Institute (BPI), which represents lenders including JPMorgan, Goldman Sachs, and Citigroup, argues that the changes could allow lightly regulated companies to offer bank-like services without the same oversight as traditional banks. The OCC’s updated interpretation of federal licensing rules would allow approved firms to operate nationwide under a single charter. Banking groups warn this could blur the definition of what constitutes a bank and potentially increase risks to consumers and the financial system. While the BPI has not yet decided whether to proceed with a lawsuit, the move would follow previous legal action by the group against the Federal Reserve in 2024 over stress-test rules.

 

The Guardian

International agricultural company Syngenta has announced it will cease global production of paraquat, a highly toxic weed killer linked to Parkinson's disease, by the end of June. The decision comes amid thousands of lawsuits from individuals claiming exposure to paraquat has led to their Parkinson's diagnosis. Mike Hollands, president of Syngenta U.K., said: “This decision is about focusing our resources where they deliver the greatest value for our business and our customers.” Paraquat, sold under the brand name Gramoxone, is banned in over 70 countries due to its health risks but remains legal in the U.S.

 

Al.com

Wisconsin Sen. Ron Johnson has launched an investigation into denials of drugs for rare diseases by the US Food and Drug Administration.  Johnson said he plans to write letters to the agency asking why it denied certain treatments, and he’s also considering having top FDA officials, including Commissioner Marty Makary, testify before the Senate’s Permanent Subcommittee on Investigations that he chairs. “The stories are so outrageous,” Johnson said. “It just appears that they’re looking for excuses to say no.” Andrew Nixon, a spokesman for the Department of Health and Human Services, which oversees the FDA, responded: “The FDA stands by the scientists evaluating these applications and each rationale is explained in detail through CRLs, which for the first time, are made available to the public,” the spokesman,  said in a statement.

 

Bloomberg

Wall Street banks including Goldman Sachs, Morgan Stanley and Citigroup are allowing employees in the UAE to work remotely due to the ongoing conflict in the region. “This is an unsettling time for people across the Middle East, and we continue take measures to support our colleagues and our clients,” a spokesperson for Citigroup said. “We are permitting some Middle East-based colleagues to work remotely from other geographies on a temporary basis while also maintaining enough on-the-ground support to service our clients.” But while some firms have offered temporary relocations, one bank said the uptake has been very limited, and employees may not receive compensation for moving. 

 

Business Times SG

Around 3,800 workers at JBS’s beef processing plant in Greeley, Colorado, plan to strike from March 16th, potentially disrupting production at one of the largest U.S. beef facilities as consumers face record-high beef prices. The union representing the workers said the strike follows eight months of failed contract negotiations, with employees demanding wages that keep pace with inflation and an end to charges for replacing protective equipment. JBS said it has complied with labor laws and offered a fair contract, while adjusting cattle deliveries and shifting production to other facilities to maintain supply. The strike comes as the U.S. cattle herd has fallen to a 75-year low, pushing beef prices higher and increasing costs for meatpackers, even as companies like JBS benefit from strong retail prices.

 

The Colorado Sun

The Denver Post

Reuters

Exxon Mobil plans to ask shareholders to approve moving its legal domicile from New Jersey to Texas, where the company already has its headquarters and a large share of its workforce. Chief executive Darren Woods said the move aims to protect the company from what it sees as increasing shareholder litigation and “abuse.” The oil major, incorporated in New Jersey since 1882, would join companies such as Tesla and Coinbase that have recently reincorporated in Texas amid growing frustration with traditional corporate legal hubs like Delaware and New Jersey. Texas has introduced new business courts and laws making it harder to sue company directors or file shareholder proposals. Exxon said around 30% of its employees and all its U.S. research facilities are already based in Texas, making the shift a logical step.

 

Bloomberg

Wall Street Journal

The performance of the U.S. hotel sector is revealing shifts in the broader economy, with luxury travel booming while budget segments struggle. Revenue per available room at high-end hotels rose 9% year-on-year in mid-February, while economy hotels saw declines, indicating that wealthy Americans are driving much of the travel spending. At the same time, international tourism to the U.S. has weakened, with January visitor numbers down 3.4% from Europe and 11.7% from Asia, and Canadian visits also falling. Destinations such as Las Vegas, which rely on middle-class and foreign visitors, have been particularly affected. Another unexpected boost to the hospitality sector has come from AI-related infrastructure projects, with hotels near new data center developments experiencing strong demand from construction and tech workers. Overall, the sector suggests the U.S. economy remains resilient but increasingly reliant on affluent consumers and the AI investment boom.

 

Wall Street Journal

Poland is building what it bills as Europe’s most advanced anti-drone system following Russia’s recent airspace violations against NATO members. The system, dubbed San, is being developed by Polish-Norwegian consortium.

 

Financial Times

Australia-based biotech startup Cortical Labs is working on two small data centers run by human brain cells. The experiment could one day challenge the use of semiconductors from the likes of Nvidia. The company is building facilities in Melbourne and Singapore to house its biological computers, known as CL1 units, which consume a fraction of the power used by conventional AI processors. The computing capacity of Cortical Labs’ systems is modest, but the company has so far taught its brain cells to play the computer game Doom.

 

Bloomberg