THE HOT STORY

Iran warns those who seek to defy internet blackout

The authorities in Iran have issued warnings to people connecting to the internet in defiance of a communications blackout that has left the country largely cut off from the outside world. Connectivity is at "around 1% of ordinary levels," according to monitor group Netblocks. A spokesperson for the Norway-based Hengaw Organisation for Human Rights said its work had been complicated by severe communication problems. "It's a struggle for us right now, but it's not the first time that we are facing a cutoff," Awyar Shekhi said. "We've built our own networks to be prepared [for] such times to be able to get information through our sources when there is no internet."

France 24

STRATEGY

Morgan Stanley lays off 2,500 employees

Morgan Stanley has laid off about 3% of its workforce, or ‌roughly 2,500 employees, across its three major divisions. The job cuts affect investment banking and trading, wealth management, and investment management, but do not affect the lender's financial advisors. The cuts are tied to shifting business and location priorities, as well as individual job performance, and are occurring both in the U.S. and overseas, a person familiar with the matter said.

Reuters

Wall Street Journal

CYBERSECURITY

US banks on alert for cybersecurity threats amid Iran conflict

US banks are on heightened alert for potential cyberattacks amid the unfolding US war in Iran. "The industry remains vigilant and ready to respond to cyber threats at all times, and especially when global cybersecurity risks are heightened," observed Todd Klessman, managing director for financial services cyber and technology at industry group SIFMA. "We continue to monitor the current situation with a focus on operational resilience, which is foundational to the integrity and stability of the US capital markets," Klessman added. Meanwhile, CNBC reports that threats of cyberattacks pose a critical risk to the US at a time when the Cybersecurity and Infrastructure Security Agency, the leading readiness body, is contending with a partial government shutdown, furloughs, and a management reshuffle.

CNBC

Reuters

RISK

WH Smith warns Middle East conflict could hit travel store sales

WH Smith has cautioned that escalating conflict involving Iran could impact its travel retail operations in the Middle East, saying it is “mindful” of geopolitical uncertainty and its effect on passenger numbers across key markets. The UK-based retailer operates around 40 stores in the region across Bahrain, Jordan, Kuwait, Oman, Saudi Arabia and the UAE, where international flight disruption following recent attacks has reduced travel activity. The firm's warning came alongside a trading update for the six months to February 28th, showing a 5% rise in total revenues, including a 1% increase in the UK, and growth of 10% in North America.

Reuters

The Standard

ECONOMY

Global trade reroutes to Africa as Hormuz traffic plunges

Commercial shipping through the Strait of Hormuz has dropped by 90% due to the escalating conflict in the Middle East. The UK Maritime Trade Operations (UKMTO) Centre has raised the security risk to critical, leading insurers to cancel war coverage for vessels. Major shipping firms, including Hapag-Lloyd, CMA CGM, and Maersk, have suspended Gulf transits, opting for longer routes around the Cape of Good Hope. Meanwhile, JPMorgan analysts say that major regional oil producers will be forced to shut down facilities if the disruption in the Strait of Hormuz persists for 21 days.

Daily Sabah

INTERNATIONAL

AI is not hitting European jobs for now, ECB says

Economists at the European Central Bank say artificial intelligence has only had minor effects on employment in Europe to date, but they cautioned that the future impact of the technology is uncertain. In a comparison of 3,500 businesses, some of which reported using AI and some of which did not, the economists overall found no difference in terms of creating or cutting jobs, and firms that use AI particularly frequently were in fact 4% more likely to hire new staff than average. "As things stand, based on firms' overall hiring plans, investment in and the intensive use of AI are not yet replacing jobs," the economists said in a blog post, adding "In fact, some firms are hiring additional employees - perhaps because they are looking to develop and implement AI technologies while maintaining their existing production processes, or because AI is a way to help them scale up more quickly."

France 24

US Supreme Court declines to hear dispute over copyright for AI-generated material

The US Supreme Court has declined to hear a dispute over whether art generated by artificial intelligence can be copyrighted under US law. The case involved Stephen Thaler, a computer scientist from Missouri who was denied a copyright for a piece of visual art made by his AI system. Thaler had appealed to the justices after lower courts upheld a US Copyright Office decision that the AI-crafted visual art at issue was ineligible for copyright protection because it did not have a human creator. The Trump administration had urged the Supreme Court not to hear Thaler's appeal. "Although the Copyright Act does not define the term 'author,' multiple provisions of the act make clear that the term refers to a human rather than a machine," the administration said.

Reuters

Greek maritime transport workers launch strike

The Panhellenic Federation of Maritime Workers (PNO) has launched a 24-hour nationwide strike to advocate for the safety and repatriation of Greek sailors stranded in the Middle East. The action has led to ships being docked across Greece. The Federation described the situation as "particularly serious and dangerous," highlighting that hundreds of sailors remain in the region. Greek Navy Minister Vasilis Kikilias noted that ten Greek-flagged ships are in the Persian Gulf, with 85 Greek sailors aboard, while around 325 vessels with Greek interests are registered under foreign flags.

ANSA.it

Nestlé lays off 400 employees in South Africa

Nestlé is issuing retrenchment notices to over 400 employees in South Africa as part of a global restructuring plan focusing on four core divisions. Initial severance discussions have begun for at least 100 workers. The restructuring, led by new chief executive Philipp Navratil, aims to cut about 16,000 jobs globally, accounting for approximately 6% of the company's workforce.

Bloomberg

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