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Recent Editions
Risk Channel
North America
Chief financial officers at major commodity trading firms have warned that the prolonged closure of the Strait of Hormuz is likely to spark a wave of legal disputes, as disrupted energy flows lead to widespread contract breaches. With the strait - normally responsible for around one-fifth of global oil and LNG shipments - effectively shut to most shipping, producers have declared force majeure, leaving hundreds of millions of barrels undelivered and forcing refineries to cut output. Executives from firms including Mercuria, Vitol, and Trafigura say the situation is creating significant legal, operational, and market risks, with expectations of numerous claims and disputes over unfulfilled contracts likely to impact profits.
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Risk Channel
UK/Europe
Richard Horne, chief executive of the UK's National Cyber Security Centre, has warned that Britain should prepare for an increase in cyberattacks linked to hostile states. Speaking at the government's annual CYBERUK conference in Glasgow, Horne noted that the agency manages about four significant cyber incidents weekly, with many serious threats originating from nation states such as China, Iran, and Russia. He said: "Were we to be in, or near, a conflict situation, the UK would likely face hacktivist attacks at scale." Horne meanwhile told Sky News that AI models such as Mythos are "warning shots" for the UK about the danger of powerful AI. He said he didn't consider AI a national security threat at present, as new models were "not finding new attacks, they're just exposing more security vulnerabilities." He observed: "We're in a kind of perfect storm where we have two forces - one huge technology disruption, one rising geopolitical tensions, and they come together. And cybersecurity's in the middle of them."
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