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China and North Korea Cyber Threat: UK’s NCSC Chief Urges Global Concern

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China and North Korea are among the world’s most worrisome countries in terms of cybersecurity threats, according to a UK official. The Head of the British government’s National Cyber Security Centre (NCSC), Felicity Oswald, expressed concerns over the evolving Chinese threat and highlighted the risks posed by cyber challenges emanating from various nations. Oswald emphasized that the proliferation of cyber challenges has made it easier for any country to purchase cyber threats, raising alarms for national security and businesses worldwide.

In an interview with a Tokyo-based publication, Oswald pointed out that the Chinese actors’ approach in cyberspace over the past 18 months should serve as a cause for worry. She noted that the UK is particularly troubled by China’s handling of vulnerabilities under national security legislation, as it diverges from established cybersecurity norms of sharing vulnerabilities for the common good. Oswald also highlighted the threats posed by criminal actors globally, including those from Russia, in addition to nation states.

The NCSC primarily focuses on four major nation states’ cyber activities: China, Russia, Iran, and North Korea. Oswald underlined the significance of addressing the evolving cyber landscape and the need to stay vigilant against cyber threats for national security and economic stability. The increased accessibility to cyber tools and malware raises concerns for countries and businesses worldwide, urging a collective effort to enhance cybersecurity measures.

Gold Liquidity Crisis Hits London and New York: What’s Next?, UK

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In the wake of a physical gold liquidity crisis hitting financial hubs like London and New York, the demand for the precious metal is on the rise. The significant surge in Open Interest on Comex indicates a deepening liquidity crisis that could potentially reshape the market dynamics. With gold and silver prices experiencing volatility in recent days, experts are closely watching how this situation unfolds. The spike in Open Interest, particularly among Managed Money traders, has raised questions about the driving forces behind this demand surge. The increase in exchange-for-physical (EFP) transactions between Comex and London further highlights the arbitrage opportunities and the flow of bullion to international markets, including China. The escalation of this crisis could potentially lead to serious liquidity issues for major exchanges, as physical gold supply faces strain from various sources. As the public turns into net buyers of ETFs and technical indicators point towards a bullish trend, the future of gold prices remains uncertain but undoubtedly intriguing. The evolving landscape in the gold market underscores the importance of monitoring key indicators and adapting to changing conditions to navigate the emerging challenges.

Burglary Spree Hits Chicago Businesses: 20 Break-Ins and Counting, US

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The spate of burglaries targeting Chicago businesses has reached alarming levels, with over 20 establishments falling victim in the past two weeks. Among the latest incidents, a Downtown convenience store in the Gold Coast area was broken into in the early hours of Thursday morning. Surveillance footage captured three masked individuals using crowbars and a sledgehammer to force their way into the Gold Coast Market. The perpetrators made off with cash drawers, expensive liquor, and other merchandise, consistent with the pattern of recent break-ins across the city. The string of burglaries has left small businesses reeling from significant losses, with owners expressing frustration over the lack of support and resources to combat the escalating crime wave. Police are actively investigating the incidents and urge anyone with information to come forward.

ABOUT YOU Achieves Break-Even in Q1 2023/2024, Confirms Profitable Growth Path, Germany

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ABOUT YOU, one of Europe’s fastest growing online fashion stores of scale, today announced a positive adjusted EBITDA in Q1 2023/2024, achieving profitability earlier than anticipated. Despite challenging market conditions, ABOUT YOU has made significant strides in enhancing profitability and efficiency while simultaneously bolstering revenue, customer base, and orders. The company remains on track to meet its full-year guidance for continued profitable growth.

Founded in 2014, ABOUT YOU revolutionizes the traditional shopping experience by offering a personalized and inspirational platform accessible via smartphones. Boasting over 600,000 products from approximately 3,800 brands, the online retailer caters to more than 45 million unique active users monthly, making it one of Europe’s largest online fashion destinations.

Tarek Müller, Co-Founder and Co-CEO of ABOUT YOU, expressed enthusiasm over the company’s performance in Q1, stating, We managed to achieve break-even ahead of schedule despite the challenging market environment. Early strategic and operational initiatives have enhanced our inventory management, logistics, and marketing efforts, yielding tangible results that set the stage for sustained profitable growth in the future.

During Q1, ABOUT YOU reported an adjusted EBITDA of €4.2 million with a margin of 0.8%, reflecting a substantial improvement from the previous year. The company’s free cash flow also surged to €10.8 million, primarily attributed to the enhanced EBITDA performance.

With revenues reaching €504.1 million in Q1 and 39.6 million orders from 12.8 million active customers over the past year, ABOUT YOU remains focused on achieving adjusted EBITDA break-even in FY 2023/2024. Since going public in 2021, the Hamburg-based e-commerce powerhouse continues to exhibit strong growth, underscoring its resilience in the face of market challenges.

Naga Munchetty Scolds Crew Member Live on BBC Breakfast – Butterfly Debate Ensues, UK

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Naga Munchetty has given her BBC Breakfast colleagues a telling off after almost being caught out live on air.

On Friday morning, Munchetty returned to her presenter role alongside co-host Charlie Stayt. Waking the nation with the latest world news headlines, they guided audiences through the morning’s breaking stories.

They relayed the unveiling of the first red mail pillar box featuring King Charles Royal cipher in accordance with a custom that dates back nearly 175 years.

Upon seeing footage of school children posting letters in the newly installed mailbox located in Great Cambourne’s High Street, Naga presented a question to Charlie regarding the origin of such boxes.

The television personality asked, Are there any of the original Queen Victoria ones still in business? Charlie replied: I’m told there are some still in place.

Naga then followed up, asking, How many? To which Charlie responded, I don’t know how many but there are some.

In a moment of short silence following this exchange, Munchetty confessed that one of the crew members had made a joke over her earpiece.

Shortly after, the bewildered presenter elaborated to the audience, Someone has just put a number in my ear as a joke but I’m not going to say that out loud. I will have words with them later though.

Quickly moving forward, pitching with, Twelve minutes past nine, Carol [Kirkwood], no one would dare be as cheeky to you, would they? The bubbly weather presenter responded, ‘Not at all, never happens Naga.

The conversation turned a bit fluttery on air as Naga and Charlie discussed butterflies following the announcement that The Big Butterfly Count organisers are encouraging people to join their latest campaign.

Charlie remarked: There could be worse things to do for 15 minutes then just stare at a butterfly. I think it would be quite relaxing and quite nice. To which Naga responded: You’re not supposed to stare at just the one.

He went on to say: You could just do that anywhere to feel good. You could do the survey, that sounds great, but just take a moment to look a butterfly doing its business. It would be nice wouldn’t it.

Naga wasn’t convinced, countering with: I don’t think you should go around scaring butterflies personally, staring and making them feel uncomfortable.

The debate then saw Charlie bringing their colleague Carol Kirkwood into the mix, who shared her thoughts: I think it is a relaxing thing to do. It’s like fish just swimming in a tank for an example.

BBC Breakfast airs daily on BBC One at 6am

Anicut Capital Targets Late-Stage Startups for IPO Success, India

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Anicut Capital is shifting its focus towards late-stage startups with the launch of a new fund aimed at companies gearing up for IPOs in the next 2-4 years. The firm has closed its initial late-stage equity continuum fund, totaling Rs 300 crore, with plans to invest in 5-6 profitable and scalable enterprises. Managing Partner Ashvin Chaddha emphasized Anicut’s commitment to supporting businesses at various growth stages. The asset management company is also in the process of raising its third credit fund, targeting a substantial corpus. With over 120 portfolio companies and assets under management exceeding Rs 3,000 crore, Anicut Capital is strategically positioning itself in the investment landscape, reflecting a strong dedication to market opportunities and continued growth.

Oil Prices Rise on Easing Inflation Signs in the US – Brent Crude Hits $86

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Oil prices rose on Friday amid signs of easing inflationary pressures in the United States, the world’s biggest oil consumer, with Brent crude peaking above $86 though it was still set for a weekly decline.

Brent crude futures rose 72 cents, or 0.8%, to $86.12 a barrel by 0819 GMT. U.S. West Texas Intermediate crude futures climbed 85 cents, or 1%, to $83.47 a barrel. Both contracts gained in the prior two sessions.

Brent futures were set to fall about 1% week-on-week following four weekly gains. WTI futures were broadly stable on a weekly basis.

Investor confidence was bolstered after data on Thursday showed U.S. consumer prices fell in June, stoking hopes that the Federal Reserve will cut interest rates soon.

Lower rates are expected to boost economic growth, which would help raise fuel consumption.

The market, however, is still awaiting clearer signs of action. While Fed Chair Jerome Powell acknowledged the recent improving trend in price pressures, he told lawmakers that more data was needed to strengthen the case for rate cuts.

Cooling U.S. inflation numbers may support the case for the Fed to kick-start its policy easing process earlier rather than later, but it also adds to the series of downside surprises in U.S. economic data, which points to a clear weakening of the U.S. economy, said Yeap Jun Rong, market strategist at IG.

Indications of strong summer fuel demand in the U.S. also supported prices.

U.S. gasoline demand was at 9.4 million barrels per day (bpd) in the week ended July 5, the highest since 2019 for the week that includes the Independence Day holiday, government data showed on Wednesday. Jet fuel demand on a four-week average basis was at its strongest since January 2020.

The market will remain rangebound, paralysed by opposing forces of expected demand recovery fuelled by an anticipation of a strong summer for fuels consumption … but sentiment remains pegged by ongoing economic weakness and uncertain demand recovery, said Emril Jamil, senior oil analyst at LSEG.

The strong fuel demand encouraged U.S. refiners to ramp up activity and draw from crude oil stockpiles. U.S. Gulf Coast refiners’ net input of crude rose last week to more than 9.4 million bpd for the first time since January 2019, government data showed.

But weaker demand signs from China, the world’s biggest oil importer, could counter the outlook from the U.S. and weigh on prices.

The recent downside correction is evidently over, although the speed of further ascent might be hindered by falling Chinese crude oil imports, which plummeted 11% in June from the previous year, said Tamas Varga of oil broker PVM.

(Reporting by Paul Carsten in London, Shariq Khan in New York, and Jeslyn Lerh in Singapore; Editing by Jamie Freed, Christian Schmollinger, Sherry Jacob-Phillips, and Susan Fenton)

HERO Software Raises €40M in Series B Round to Revolutionize Tradesmen SMEs in Europe, Germany

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HERO Software, a leading SaaS platform for tradesmen SMEs in the DACH region, has closed a €40 million Series B financing round. The round was led by Eight Roads Ventures, with existing investor Cusp Capital participating again. Federated Hermes also participated in this round.

With the new funding, HERO plans to invest in its team, new talent, expand into new markets and further develop its SaaS offering to continue its mission of helping small and medium-sized trades businesses succeed.

Going forward, we are planning to make everything around financial transactions for our customers as easy and smooth as possible. Additionally, we will focus on integrating third party tools & services to our platform to save even more time and thus improve the margins of our customers, said Dr. Michael Kessler, founder and CEO of HERO Software.

The tradesmen industry represents the backbone of the economy, contributing as much as 12% of the GDP of many European countries. At the same time, tradesmen are also crucial to achieving Europe’s ambitious climate targets. Advancing the digitalization of tradesmen SMEs through modern technology is essential for meeting energy-efficient building refurbishment goals. Consequently, there is a significant demand for ERP systems tailored to the needs of tradespeople, offering industry-specific solutions to help them tackle their daily challenges.

Founded in Hanover in 2020 by Dr. Michael Kessler and Philipp Lyding, HERO Software’s platform enables trade business owners and employees to manage all their core workflows in one place, while field workers can access all necessary information on-site. It acts as an operating system for SMEs across various trades, including plumbing, carpentry, photovoltaic installation, and electrical services. From the first customer contact and the preparation of quotes, to the planning and execution of projects on-site, and to the invoicing and payment, all processes are digitally mapped and available at any time on various end devices.

With more than 20,000 users, HERO has established itself as a leader for cloud-based software for tradesmen in the DACH region. The efficiency gains enabled by HERO’s technology have enabled its customers to significantly increase their project throughput and more sustainable operations.

At Eight Roads we have witnessed many successful stories in Vertical SaaS, and HERO stands out for its comprehensive product and experienced team. We’re excited to be backing their growth journey, commented Lucile Cornet, Partner at Eight Roads Ventures. We strongly believe that vertical SaaS will enable entire industries to become more digital and sustainably successful – which is one of our investment thesis’ at Eight Roads Ventures.

Robotic Revolution: Future of US Military with AI Warriors

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In the next 10-15 years, robots and other smart machinery are expected to make up as much as one-third of the US military, according to retired Army Gen. Mark Milley, a former chairman of the Joint Chiefs of Staff. Milley made this prediction at an Axios event earlier this week, emphasising the transformative impact this shift will have on military operations and the ethical challenges it will introduce.

The integration of unmanned and AI-driven tools into the military represents a major evolution in how wars are fought. Milley pointed out that this shift will not be unique to the US; other nations are likely to design their militaries similarly. He also noted that the number of human troops will likely decrease as robotic systems become more prevalent.

For years, militaries have been experimenting with various forms of robotic and AI technologies, such as armed drones, robotic dogs, and mechanical mules. These technologies are now becoming more viable, supported by advancements in the defence industry. The Army is exploring human-machine integrated formations, where soldiers operate alongside robots. The Air Force is working on collaborative combat aircraft, which can fly with human pilots to gather intelligence, disrupt enemy electronics, and engage targets. The Navy is developing a hybrid fleet that includes unmanned surface and underwater vehicles to enhance the capabilities of sailors and Marines, with Task Force 59 in the Middle East leading the way.

However, the increasing use of autonomous systems in warfare raises concerns about the potential for killer robots. To address these concerns, US policy mandates that a human must be responsible for making the final decision to use lethal force. Additionally, robotic technologies have applications beyond direct combat, such as transporting supplies and evacuating injured soldiers from the battlefield. Milley supports the idea of keeping humans involved in the decision-making process for weapons deployment. He believes this is a critical issue that society will need to address in the coming decade. Ultimately, the nation that successfully optimises these technologies for military use will gain a significant and potentially decisive advantage in future armed conflicts.

WHO Urges High-Risk Groups to Get COVID-19 Vaccines Amid Declining Coverage

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COVID-19 is still killing around 1,700 people a week around the world, the World Health Organisation (WHO) has said, urging those most at risk to continue receiving vaccinations against the virus.

At a press conference, WHO Director-General Tedros Adhanom Ghebreyesus expressed concern over declining vaccine coverage globally.

Despite the continued death toll, data show that vaccine coverage has declined among health workers and people over 60, which are two of the most at-risk groups.

WHO recommends that people in the highest-risk groups receive a COVID-19 vaccine within 12 months of their last dose, Adhanom added.