Risk Channel

CYBERSECURITY

Inside the World of Cyber Spies

What’s it really like to negotiate with hackers, or face down state-sponsored cybercriminals? In Cyber Recon: My Life in Cyber Espionage and Ransomware Negotiation, veteran cybersecurity expert Kurtis Minder takes readers deep into the dark web’s underbelly, where digital espionage meets real-world consequence. Drawing on 30 years in the field, Minder exposes the tactics used by ransomware gangs and nation-state hackers, and the countermeasures that can keep organisations safe.

From operational security protocols to the psychology of negotiation, this eBook offers a rare, unfiltered view of cyber conflict and what it takes to protect sensitive data under pressure. Featuring profiles of top cyber negotiators and practical insights on surviving attacks from groups like Lockbit and NotPetya, this is essential reading for anyone responsible for managing organisational risk in a volatile digital age.

Download your free copy before October 28.

TRADE

U.S.-China talks aim to halt tariffs

Top U.S. and Chinese officials will meet in Kuala Lumpur this weekend to prevent a breakdown in trade relations after President Donald Trump threatened 100% tariffs in response to China’s new export curbs on rare earths. These minerals are vital to U.S. tech and defense sectors. Previous talks led to reduced tariffs and resumed trade flows, but tensions reignited after the U.S. expanded its export blacklist and China imposed stricter rare earth controls. A successful outcome is crucial to preserving next week’s Trump-Xi summit. Analysts expect tactical compromises but not deeper structural resolutions.

RISK MANAGEMENT

AI boom spurs cautious investment shifts

Investors are cashing in on AI leaders like Nvidia while pivoting to lesser-known, reasonably valued tech plays, mirroring dotcom-era strategies. “What we are doing is what worked from 1998 to 2000,” said Amundi’s Francesco Sandrini. Sectors like robotics, software, and nuclear energy (via uranium) are gaining attention as AI data center demand grows. Concerns of overcapacity and unsustainable hype loom, prompting hedging through global diversification. “We're in 1999 until the bubble pops,” warned Janus Henderson’s Oliver Blackbourn, reflecting fears that Wall Street’s AI exuberance may repeat past tech crashes.

ARTIFICIAL INTELLIGENCE

Oracle-backed AI debt deal tops $38bn

Banks are preparing a $38bn debt package—split between Texas ($23.25bn) and Wisconsin ($14.75bn)—to fund Oracle-linked AI data centers powering OpenAI. JPMorgan, MUFG, Wells Fargo, and others are leading the deal, which would be the largest AI infrastructure financing to date. Developed by Vantage Data Centers, the projects support Oracle’s $500bn Stargate AI investment plan. Loans will mature in four years, with two one-year extensions, and are priced about 2.5% above benchmark. Structured like real estate deals, they’ll be interest-only during construction, then amortize post-launch.

Bloomberg

AI researchers burn out in race to keep pace

Top AI researchers across firms like Anthropic, Google, Meta, and Microsoft are working up to 100 hours weekly to keep pace with rapid breakthroughs. Josh Batson of Anthropic likened the work to "speedrunning 20 years of scientific progress in two years," calling it the most compelling scientific challenge today. Google DeepMind’s Madhavi Sewak described a relentless cycle: “Everyone is working all the time, it’s extremely intense.” Despite earning massive salaries, many lack time for personal lives. Work culture includes grueling “0-0-2” schedules, near-constant in-office presence, and company support systems for around-the-clock development.

CORPORATE

Earnings boost markets amid uncertainty

Strong corporate earnings from Intel, GM, Coca-Cola, and others have lifted investor confidence despite trade tensions, credit concerns, and a prolonged U.S. government shutdown. With 86% of S&P 500 companies beating estimates, the index rose 0.6% Thursday and 1.1% for the week. “Everything looks fine,” said Carson Group’s Sonu Varghese. While shutdown delays economic data, private and state-level indicators show stable job markets and housing activity. Some credit worries emerged after fraud-linked bankruptcies, but investors see them as isolated. “It doesn’t feel like this is the beginning of a credit event,” said T. Rowe Price’s Blerina Uruçi.

Hasbro lifts FY outlook on 'Magic: The Gathering' demand

Hasbro has revised its annual revenue and core profit forecasts upwards, on strong demand for brands such as Magic: The Gathering, and Monopoly Go. The third quarter brought an 8% rise in revenues to $1.39bn, beating analysts' average estimate of $1.34bn, according to data compiled by LSEG. Adjusted profit per share of $1.68 also topped estimates of $1.63. Hasbro now expects revenue to grow in the high-single digits, compared with a prior outlook of mid-single digit growth, and for adjusted Ebitda to come in at $1.24bn-$1.26bn, from an earlier projection of $1.17bn-$1.2bn.

Nasdaq

NPR / National Public Radio

WORKFORCE

Senate stalls on federal worker pay

The Senate has failed to advance two partisan bills aimed at compensating federal workers during the ongoing government shutdown, which has now lasted 23 days, marking the second-longest in U.S. history. One bill, backed by Republicans, sought to ensure pay for essential employees, including troops and TSA agents, while the Democratic proposal aimed to pay all federal employees and prevent mass layoffs. "We certainly shouldn't set up a system where the president of the United States gets to decide what agencies to shut down," said Sen. Chris Van Hollen (D-MD). The Republican measure did not secure the necessary 60 votes, and Democrats blocked a vote on their version. As the shutdown continues, both parties remain at an impasse, with no clear path to reopening the government.

CMS recalls furloughed workers for enrollment

The Center for Medicare and Medicaid Services (CMS) will temporarily recall all furloughed employees starting Monday to manage health insurance open enrollment. A spokesperson said this decision is necessary to “best serve the American people amid the Medicare and Marketplace open enrollment seasons.” The recall comes during a government shutdown that has significantly impacted federal operations, especially as millions select health insurance plans. CMS provides coverage to over 160m people. Approximately 3,000 furloughed workers are expected to return, as Congress remains deadlocked over expiring subsidies affecting ACA enrollees.

STRATEGY

ConocoPhillips cuts jobs in Canada

ConocoPhillips plans to lay off up to 25% of its global workforce, beginning with its Canadian operations in early November, according to a company memo reviewed by Reuters. Employees in Calgary will be notified virtually on November 5, while staff at the Surmont and Montney sites will be informed in person. The company employed 950 people in Canada at the end of 2024. Declining oil prices are driving industry-wide cuts, with Chevron and BP also reducing staff. “We will not be sharing area-specific workforce numbers,” said spokesperson Dennis Nuss.

Target cuts 1,800 jobs to streamline

Target is eliminating approximately 1,800 corporate positions to enhance decision-making and rejuvenate its customer base. Chief operating officer Michael Fiddelke, who will become chief executive on February 1, commented: “The truth is, the complexity we've created over time has been holding us back.” The layoffs will affect about 1,000 employees who will receive notices next week, along with 800 vacant positions being cut. This reduction represents around 8% of Target's global corporate workforce, primarily impacting the Minneapolis headquarters. Fiddelke emphasized the need for a streamlined structure to improve retail leadership and execution. The layoffs will not impact store employees or those in supply chain roles, and affected workers will receive pay and benefits until January 8.

Applied Materials cuts 4% workforce

Applied Materials is laying off 4% of its 36,100 employees—about 1,444 people—across all levels globally, according to a company filing. The move follows a projected $600m revenue hit in fiscal 2026 due to new U.S. export restrictions. The company cites “automation, digitalization and geographic shifts” as reshaping its workforce needs. It aims to build “high-velocity, high-productivity teams” and streamline operations. The layoffs will cost $160m–$180m in severance and related benefits. Executives say the restructuring will enhance competitiveness and productivity as the company adapts to changing global and technological pressures.

CNBC

Rivian cuts jobs to save cash

Rivian, the electric truck and SUV manufacturer, is set to lay off approximately 600 employees, representing about 4% of its workforce, as it seeks to cut costs amid declining federal support for electric vehicle adoption. The layoffs follow the expiration of a federal tax credit that previously incentivized customers to purchase electric vehicles. Despite a 32% increase in vehicle sales in the third quarter, Rivian has lowered its sales forecast for the year.

Chicago Tribune

Los Angeles Times

HEALTH & SAFETY

Heat stress: a growing threat

Pregnant agricultural workers are increasingly vulnerable to extreme heat, with rising temperatures linked to climate change exacerbating health risks. Clarisa Lugo, an expectant mother, experienced severe heat illness while working in Illinois. Experts highlight that pregnant workers face heightened risks of miscarriages and other complications due to heat exposure. Many workers, often low-income Latino immigrants, fear seeking medical help due to immigration enforcement. While some states have protections, enforcement is lacking. Ayana DeGaia, an assistant professor, noted the insufficient legal safeguards contribute to high maternal and infant mortality rates in the U.S.