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Chinese state-sponsored hackers are using botnets of compromised IoT (Internet of Things) and SOHO (small-office home-office) devices as their cybercriminal infrastructure, according to a new 10-country joint security advisory. Security agencies including the US Department of Justice, UK National Cyber Security Centre and US National Security Agency have published a paper titled “Defending against China-nexus covert networks of compromised devices,” which says hackers are using the botnets to steal people’s data, or disrupt activities. "Anyone who is a target of China-nexus cyber actors may be impacted by the use of covert networks," the report says. "The use of covert networks of compromised devices - also known as botnets - to facilitate malicious cyber activity is not new, but China-nexus cyber actors are now using them strategically, and at scale."

 

Financial Times

TechRadar

Italy has approved the extradition of a Chinese citizen sought by the US for industrial espionage over alleged efforts to steal Covid-19 vaccine secrets at the height of the pandemic in 2020. The US Department of Justice had alleged Xu Zewei was directed to conduct the operations at the behest of the Chinese government. The Italian government's decision follows a ruling by ​a court earlier this month which said Xu could be extradited. A spokesperson for China's Foreign ​Ministry said China opposed the US "fabricating charges through political manipulation" and urged Italy to "respect facts and law, immediately correct its mistake" and avoid "becoming an accomplice ​of the US."

 

Bloomberg

Financial Times

Reuters

The French Jewish Union for Peace (UJFP) has filed a legal complaint against FedEx, accusing the company of "complicity in genocide" for allegedly transporting military components to Israel. The complaint claims that these shipments, which included parts for F-35 fighter jets, were used in operations in Gaza. FedEx France denied the allegations, saying: "We do not make international deliveries of weapons or ammunition." The UJFP's lawyer, Damia Taharraoui, noted that if the French government granted transit authorisations, it would violate international conventions, including the 1948 Convention on the Prevention of the Crime of Genocide.

 

Middle East Eye

The UK's Financial Conduct Authority (FCA) is consulting on changes to initial public offering (IPO) rules to reduce complexity and costs. Chief Executive Nikhil Rathi pledged to support the government's pro-growth agenda in a letter to Sir Keir Starmer. The FCA aims to lift a seven-day ban on banks publishing research during IPOs, saying it has not achieved its intended goal. Jon Relleen, director of infrastructure and exchanges, supervision, policy and competition at the FCA, commented: "We are committed to reducing friction, supporting growth and ensuring the UK remains a competitive and trusted place for companies to raise capital."

 

The Times

Reuters reports that Roche is to submit its experimental multiple sclerosis drug fenebrutinib to global regulators after meeting late-stage trial goals despite data released on Wednesday showing that seven patients ​died during studies. "There are a couple of cases where ​the investigators did think the deaths were related to the study drug and both of those ‌were infections," ⁠the Swiss drugmaker's Chief Medical Officer Levi Garraway explained in an interview, adding that the pattern of the other deaths was unclear.

 

Reuters

JP Morgan is relocating workers from its Paris office back to London as the bank rethinks its European operations. A spokesperson for the bank nevertheless told Bloomberg that it was "committed to our sizeable operations on the Continent for the long term." JP Morgan has more than 1,000 staff working in Paris - a figure that has quadrupled since Brexit. It is not clear how many will be moving back to London.

 

The Daily Telegraph

Central banks in the G7 are expected to maintain current borrowing costs this week amid rising inflation concerns linked to the ongoing conflict in the Middle East. Analysts predict that the Federal Reserve, Bank of England, and other major banks will issue warnings about the inflationary pressures affecting households and businesses. Wei Yao from Société Générale said: "Another week of no fighting, no deal and no energy flows, another week that pressure on inflation and supply chains continues to build."

 

The Guardian

China has warned the EU that it will take “countermeasures” if its companies are hurt by a proposed new European law aimed at bolstering the bloc’s industry against cheaper imports.

 

Financial Times

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.

 

Insurance Journal

As chief executives become increasingly visible and politically outspoken, companies face growing risks when leadership identity becomes tied to brand perception. New research published in the Harvard Business Review shows Elon Musk’s political activism has not simply reduced demand for Tesla but polarised it, alienating some left-leaning consumers while attracting right-leaning buyers, and leading to an overall decline in brand appeal and willingness to pay. Attempts to shift political positioning risk offsetting gains with losses across different customer segments. The research finds that improving core product attributes, such as vehicle range and charging speed, is a more effective strategy than political repositioning, as it boosts demand across all consumer groups and can help win back those put off by CEO behaviour.

 

Harvard Business Review

Carlsberg has announced it will replace Coca-Cola with Pepsi across key Northern European markets, becoming PepsiCo’s bottler in Denmark, Finland and the Baltic states from 2029 as existing Coke agreements expire in 2028. The move expands Carlsberg’s Pepsi partnership following its Britvic acquisition and strengthens its bottling footprint across 14 countries, while rival Royal Unibrew is set to lose the Pepsi contract, impacting around 13% of its revenue.

 

Bloomberg

Carrefour has indicated that the inflationary impact of the Iran conflict is likely to be modest compared with the Ukraine war, with management expecting only a marginal uptick in prices and no meaningful change in consumer behaviour so far. In the first quarter, the retailer reported like-for-like sales growth of 1.4% in France, its core market, driven by gains in both volumes and value, alongside continued market share improvements, suggesting resilient demand despite rising energy costs. By contrast, Brazil saw a 0.8% decline in comparable sales as high interest rates weighed on consumer spending, while Spain delivered stronger growth of 3.1%, helping to offset regional weakness.

 

Reuters

Moderna has started a late-stage study of its experimental bird flu vaccine, mRNA-1018, in the US and the UK. This marks the first late-stage trial for a pandemic bird flu vaccine using mRNA technology. The study will involve around 4,000 healthy adults aged 18 and older. Supported by a $54m investment from the Coalition for Epidemic Preparedness Innovations, Moderna said it aims to enhance pandemic preparedness. CEO Stephane Bancel observed that bird flu remains a significant threat, and the trial is a crucial step in addressing future outbreaks.

 

U.S. News