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U.S. prosecutors have accused three cybersecurity professionals of running a ransomware operation in collaboration with the hacking group ALPHV BlackCat, targeting companies across the U.S. and attempting to extort millions in cryptocurrency. Two of the accused, Ryan Goldberg and Kevin Martin, face charges, with Goldberg already detained and Martin pleading not guilty; the third accomplice remains unnamed. Both of their employers, DigitalMint and Sygnia, have said that they had no prior knowledge of the illicit activities. DigitalMint emphasized its cooperation with the investigation.

 

Reuters

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Catriona Larritt, Qantas' chief customer and digital officer, will leave her position by the end of December, following a significant cyber breach earlier this year which compromised the personal data of over a million customers. In an internal memo, CEO Vanessa Hudson noted that Larritt is departing to "pursue external opportunities," and added that her responsibilities will be redistributed among senior leaders to rebuild the Australian airline's brand and address cybersecurity concerns.

 

Reuters

The nearly $150bn “decentralized finance” sector of cryptocurrency markets faces serious security vulnerabilities that put it at risk of hacking and theft, according to Jonathan Levin, chief executive of Chainalysis.

 

Financial Times

Alaska Airlines has announced a partnership with Accenture to audit its IT systems following a global outage that impacted Microsoft’s Azure platform, grounding flights and affecting over 49,000 passengers. The disruption led to the cancellation of more than 400 flights, prompting the airline to reassess its fourth-quarter financial outlook, which will be updated in early December. The incident comes on the heels of Alaska Air lowering its annual profit forecast due to soaring fuel costs, highlighting ongoing operational challenges for the airline.

 

Reuters

The International Organization of Securities Commissions (IOSCO), the global association of securities regulators and financial market authorities, has called for limits on the activities of market makers amid fears that some are “front-running” their asset manager clients. IOSCO has issued recommendations aimed at preventing market makers earning profits for themselves by exploiting confidential information provided by clients while also stopping short of proposing a complete ban on 'pre-hedging.'

 

ETF Stream

Financial Times

The average time to finalize a bank deal following its announcement has dropped to four months this year, the shortest period since at least 1990, according to data from S&P Global.

 

Financial Times

Disputes between governments and investors over natural resources have surged to a 10-year high, driven by factors including resource nationalism and competition for critical minerals, according to law firm DLA Piper. In 2025 alone, 32 disputes have been filed with the World Bank's arbitration body, surpassing the total for the previous year, with Latin America experiencing the most cases. Gabriela Alvarez-Avila of DLA Piper noted that as the value of these minerals becomes clearer, "states have felt the need to exert greater control" over their deposits.

 

Reuters

An appeal hearing has commenced in South Africa regarding a class action lawsuit against Anglo American concerning lead poisoning that allegedly affected around 140,000 people in Zambia over several decades. The plaintiffs, primarily women and children, link their health issues to a mine in Kabwe, where Anglo American was involved from 1925 to 1974, claiming it "poisoned generations of local people.” Although Anglo American acknowledges the contamination, it disputes liability, asserting it never owned or operated the mine and that the pollution is attributed to others.

 

Associated Press

Per Franzén, chief executive of Sweden’s EQT, has told the Financial Times that 80% of all private capital groups could be zombie firms - only managing existing investments - within the next decade.

 

Financial Times

Moody's Ratings predicts that Hurricane Melissa's devastating impact on Jamaica will lead to economic losses significantly surpassing insured losses. The Category 5 storm, which struck with winds of 185 mph, caused extensive damage and infrastructure collapse. Only about 20% of local residential properties are insured, with 95% of those underinsured, leaving most financial burdens on uninsured households. Moody's said: "We expect that the economic losses will be multiples of the insured losses."

 

Insurance Business Magazine America

Starbucks is entering a joint venture with Boyu Capital, a Chinese investment firm, to enhance its operations in China. Boyu will invest $4bn for a 60% stake in Starbucks' retail business in the country, while Starbucks retains a 40% interest and continues to own the brand. With 8,000 locations, China is Starbucks' second-largest market after the U.S. However, the company has faced challenges from local competitors like Luckin Coffee. Starbucks chair and chief executive Brian Niccol mentioned that the company was considering around 20 offers for a stake to boost its growth, particularly in smaller cities.

 

CNN

New York Times

US News and World Report

OpenAI has signed a seven-year $38bn deal with Amazon Web Services, the latest in a string of agreements struck by the lossmaking start-up as it races to secure computing power. The additional computing power will help OpenAI build and deploy its artificial intelligence technologies, including the ChatGPT chatbot. The deal comes shortly after OpenAI renegotiated its services contract with Microsoft to allow it to purchase services from any cloud computing company without Microsoft’s approval. OpenAI has struck a series of major deals this year to expand its computing resources with companies including Nvidia, AMD, Oracle, Broadcom, Google and Samsung.

 

CNBC

Financial Times

New York Times

Reuters

Despite initial warnings of inflation and recession, inflation has remained below forecasts, and economic growth continues. Tariff revenues have fallen short of expectations, estimated at $400bn annually versus predictions of $500bn to $1tn, due to lower effective tariff rates of around 12.5%, and corporate strategies including stockpiling, shifting production abroad, and using bonded warehouses. Consumers have borne 50%–70% of tariff costs, while companies, helped by strong post-pandemic profit margins, have absorbed the rest. Sectors like autos and apparel have seen minimal price rises due to these mitigations. However, economists warn long-term inflationary effects and corporate hiring hesitancy may still materialize.

 

Wall Street Journal

The collective wealth of the top ten U.S. billionaires has increased by $698bn over the past year, according to a new Oxfam America report, which warns that decades of bipartisan policy choices have exacerbated inequality. Using Federal Reserve data from 1989 to 2022, the report finds that the top 1% of households gained $8.35m on average - 101 times more than the median household and 987 times more than the bottom 20th percentile. Meanwhile, over 40% of Americans, including nearly 50% of children, are classified as low-income. The U.S. ranks worst among OECD countries for relative poverty and near-worst for child poverty, infant mortality and life expectancy. The report criticizes dismantled social protections and tax cuts such as Donald Trump’s recent legislation, calling it a major upward wealth transfer. It proposes reforms in four areas: tax policy, social safety nets, union protections, and campaign finance.

 

The Guardian