DIRS.INFO The most relevant business & tech news

☆ JPMorgan fails Jeffrey Epstein stress test
▼ + stars: | 2023-06-15 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +8 min

At least, that’s the impression left by Jamie Dimon’s answers to recent questioning in relation to Jeffrey Epstein, the dead sex-trafficker who was a JPMorgan (JPM.N) client for 15 years. Taken altogether, the case is a sign that the bank is simply too big for one person to manage. Epstein was a JPMorgan client from 1998 until 2013. Epstein killed himself in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges. Litigation related to Epstein is still pending between the U.S. Virgin Islands and JPMorgan, as are claims by JPMorgan against its former head of investment banking, Jes Staley.

Persons: Jamie Dimon’s, Jeffrey Epstein, ” Dimon, “, Dimon, Epstein, Stephen Cutler, JPMorgan’s, Jes Staley, Mary Erdoes, Staley, fraudster Bernard Madoff, Cleave, Wells, Morgan Stanley, Jeffrey Epstein’s, John Foley, Streisand Neto Organizations: YORK, Reuters, JPMorgan, U.S, Securities, Exchange Commission, Department of Justice, Federal Reserve, Reuters Graphics, London Whale, Citigroup, U.S ., U.S . Virgin Islands, Thomson Locations: Wall, U.S, U.S . Virgin, Manhattan

☆ Midtown Atlanta shooting: A military vet is in jail, his mother apologized, and hospital patients and staff are traumatized
▼ + stars: | 2023-05-04 | by ( Ryan Young Gary Tuchman Elizabeth Wolfe Sara Smart Holly Yan | Ryan Young | Gary Tuchman | ) edition.cnn.com time to read: +12 min

The suspect, Deion Duwane Patterson, 24, was armed when he was arrested Wednesday evening, Cobb County Police Chief Stuart VanHoozer said Thursday. “Just be careful.”A mother of two was killedAmy St. Pierre was killed in the Atlanta shooting, medical examiners confirmed. Generous supporter of worthy causes, she was the social conscience of our family.”The family of Amy St. Pierre, who was killed in the Midtown Atlanta shooting, said she was their pride and joy. On Friday, two of the victims were still in critical condition in the ICU, said Robert Jansen, chief medical officer at Grady Health System. They need help.”‘The impact … is something you can’t imagine’The rush of shooting victims who arrived at Grady Memorial Hospital is not uncommon, the chief medical officer said.

☆ Factbox: JPMorgan's deal for collapsed First Republic explained
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

May 1 (Reuters) - JPMorgan Chase & Co (JPM.N) will buy most of First Republic Bank's (FRC.N) assets in a last-ditch rescue led by U.S. regulators, marking the third major U.S. institution to fail in two months. The deal, announced early on Monday as regulators seized First Republic, will see the largest U.S. bank acquire $173 billion of loans, $30 billion of securities and $92 billion of deposits of the failed lender. Highlights from a presentation to investors by JPMorgan:Key terms:* JPMorgan Chase will pay $10.6 billion to the Federal Deposit Insurance Corp (FDIC)* Will not assume First Republic's corporate debt or preferred stock* FDIC to provide loss share agreements with respect to most acquired loans* JPMorgan will repay $25 billion of deposits large U.S. banks made in First Republic in March and eliminate the $5 billion deposit it made on consolidation* Deal has received all regulatory approvals and has closedTransaction assumptions:* JPMorgan expects one-time gain of $2.6 billion post-tax at closing, not including expected restructuring costs of $2 billion over the course of 2023 and 2024* Estimated to add roughly $500 million to net income and be accretive to tangible book value per share* Says FDIC loss share agreements reduce risk weighting on covered loansPlan for integration:* First Republic branches and offices will open as normal* Plans to convert certain First Republic branches into new J.P. Morgan wealth centers* Failed lender's loan portfolios will be transitioned to JPMorgan Chase's business segments and technology systems* First Republic's private wealth management platform will become part of J.P. Morgan AdvisorsDue diligence:* JPMorgan says over 800 employees participated in the due diligence* Conducted comprehensive data room review including loan and deposit tapes* JPMorgan says loan portfolio marks supported by due diligence processReporting by Manya Saini in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Companies Turn to AI to Avoid ‘Cloud Sprawl’
▼ + stars: | 2023-04-20 | by ( Angus Loten | ) www.wsj.com time to read: 1 min

One advantage of third-party cloud systems, such as Amazon.com Inc.’s Amazon Web Services, is that they enable companies to quickly scale up or down computing power as needed. Photo: pau barrena/Agence France-Presse/Getty ImagesCompanies are turning to artificial intelligence to root out savings in runaway cloud-computing bills, tapping software designed to pinpoint overlapping cloud applications, excess data storage and other inefficiencies across information-technology systems, corporate technology chiefs and industry analysts say. The efforts come as cloud-based tools take over an ever-wider range of operations. That, and the murky economic outlook, is prompting many chief information officers and other enterprise technology leaders to take a closer look at cloud costs—even as they increase overall spending.

☆ Russian hackers are targeting cameras at Ukrainian coffee shops to spy on convoys of Western military aid, top NSA official says
▼ + stars: | 2023-04-14 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +2 min

Russian hackers are using "creative" ways to tap into cameras in Ukraine, according to a US official. US defense manufacturers are also under "daily pressure" from Russian hackers, said NSA's Rob Joyce. "We're watching the Russian hackers log into public-facing webcams to watch convoys and trains delivering aid," the NSA official said. He added that while hackers are logging into closed-circuit cameras in public, they are also hacking into cameras on private properties. On both sides of the conflict in Ukraine, hacking efforts and electronic warfare are significant, although Russian hacking has been an increasing concern for the US military, Insider previously reported.

On Wednesday, Group of Seven (G7) finance leaders pledged to give low- and middle-income countries a bigger role in diversifying supply chains to make them more resilient and sustainable. It's one of the key reasons that the IMF predicts the global economy will stay mired in low-growth mode for years. Georgieva said policymakers might have to accept that development of new, more separated supply chains would involve some cost. "Security of supplies and the reliable functioning of global supply chains is taking a new, higher priority seat in economic discussions," she said, citing the impact of both the COVID pandemic and the war in Ukraine. But he drew a distinction between "de-risking" supply chains and "de-coupling" from China.

He had told Oxford Gold that he wanted to "get the lay of the land" ahead of picking up a $9 million order for 151 gold kilo bars. But most unusual was that Mancuso wanted to pick up the order from the Oxford Gold office, the source said. The next day, Mancuso contacted Oxford Gold about buying $9 million worth of gold, and the company agreed to sell him 151 gold kilo bars. But Oxford Gold was alerted on December 2 that this was a fraudulent transaction, said a source with direct knowledge. Unsure what to do, Oxford Gold contacted the Beverly Hills Police Department, and eventually got in touch with the FBI, this source said.

☆ IMF warns geopolitical fragmentation could raise financial stability risks
▼ + stars: | 2023-04-05 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, April 5 (Reuters) - Rising geopolitical tensions and the resulting fragmentation of the global economy could increase financial stability risks, reducing cross-border investments, asset prices, payment systems and banks' ability to lend, the International Monetary Fund said on Wednesday. Such7 stability risks are driven through financial channels, IMF researchers said in the paper, prepared for next week's IMF and World Bank spring meeting as part of the Global Financial Stability Report. The paper cited research using the U.S.-China divergence in UN Security Council voting since 2016 as a proxy for rising geopolitical tension between an investing and a recipient country. Countries also should strengthen regional safety nets, through currency swap lines or precautionary credit lines from international financial institutions such as the IMF. Economies also reliant on external financing should build stronger buffers of international reserves, capital and liquidity buffers at financial institutions, the paper said.

☆ BNP investors deserve bigger slice of M&A windfall
▼ + stars: | 2023-02-07 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

He’ll give 4 billion euros to investors through share buybacks, which roughly cancels out the hit to BNP’s earnings per share from ditching the U.S. division. The other 7.6 billion euros, or two-thirds of the total haul, will pay for increased lending, investments in technology systems, and small acquisitions. Follow @liamwardproud on TwitterloadingCONTEXT NEWSBNP Paribas on Feb. 7 said it generated 50.4 billion euros of revenue in 2022, up 9% from the previous year. The French bank generated a 10.2% return on tangible equity in the year, slightly above the previous year’s 10%. BNP in 2021 agreed to sell BancWest to Canada’s BMO Financial for $16.3 billion in cash (15.2 billion euros).

WASHINGTON — Supreme Court justices spoke with the official in charge of the investigation into the leak of an unpublished draft of an opinion in a consequential abortion case, a court official confirmed Friday. Supreme Court Marshal Gail Curley, who led the probe, said in a statement that she "spoke with each of the justices, several on multiple occasions." The justices "actively cooperated," Curley said, and after following up on all leads she concluded that neither the justices nor any spouses were implicated. "On this basis I did not believe that it was necessary to ask the justices to sign sworn affidavits," Curley added. The lack of signed affidavits suggests that the justices were not formally interviewed in the same way as court staff.

☆ Yum Brands says nearly 300 restaurants in UK impacted due to cyber attack
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

Jan 19 (Reuters) - Yum Brands Inc (YUM.N) said late on Wednesday a ransomware attack impacted certain information technology systems of the company which led to the closure of nearly 300 restaurants in the United Kingdom for a day. The company added all the stores were now operational and it had initiated response protocols detection of the incident. Yum, which also owns the Pizza Hut chain and Taco Bell, did not specify which restaurants were impacted by the attack. The company said the event was not expected to have a material adverse impact on its business, operations or financial results. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Southwest Meltdown Shows Airlines Need Tighter Software Integration
▼ + stars: | 2023-01-02 | by ( Belle Lin | ) www.wsj.com time to read: +6 min

Southwest’s software wasn’t designed to solve problems of that scale, Chief Operating Officer Andrew Watterson said Thursday, forcing the airline to revert to manual scheduling. Unlike some large rivals with hub-and-spoke networks, Southwest planes hopscotch from city to city, which may have been another complicating factor. Mr. Alamzad said the most serious IT challenge airlines face stems from the applications developed in silos by vendors or the airlines themselves. Southwest recently completed an upgrade of its new reservation system and had been working through multiyear upgrades to systems used in its operations. Other carriers have given priority to upgrading customer-facing reservations platforms and flier loyalty programs over operations systems, Mr. Alamzad said.

"There'll certainly be an impact to the fourth quarter," Chief Commercial Officer Ryan Green told reporters on a call on Thursday. While other U.S. airlines got back to their feet relatively quickly, Dallas-based Southwest is still limping back to normalcy. Employee unions say they have repeatedly warned Southwest management that the airline's technology systems badly needed upgrades. Flight attendants have been complaining about technological failures at the airline for years, according to Lyn Montgomery, president of the Southwest Airlines Flight Attendants Union, a local 556 of the Transport Workers Union. The comments echoed those of the Southwest Airlines Pilots Association, which said leadership had failed to adapt operations to address repeated systems failures, despite years of calls for improvements by the union.

The storm forced U.S. airlines to cancel thousands of flights around the holiday weekend, but Southwest's problems deepened while other airlines largely recovered. Southwest plans to return to normal flight schedules on Friday, the airline said in a statement, adding it was eager to get back to normal ahead of the New Year holiday weekend. On a Sept. 27 picket line, she added, one sign read, "Picket line loading, Southwest Airlines technology failure." The comments echoed those of the Southwest Airlines Pilots Association, which said leadership had failed to adapt operations to address repeated systems failures, despite years of calls for improvements by the union. The U.S. Transportation Department is investigating the large number of cancelled and delayed Southwest flights in recent days to determine if they were in the airline's control.

☆ Southwest Airlines Gears Up for a Normal Flight Schedule on Friday After Mass Cancellations
▼ + stars: | 2022-12-29 | by ( Alison Sider | ) www.wsj.com time to read: 1 min

Southwest Airlines Co. executives said the airline is gearing up to resume its full flying schedule on Friday, removing limits on ticket sales and rebuilding crew schedules after an operational meltdown led it to cancel thousands of flights over the past week. Executives also pledged to continue work to update technology systems that company and labor officials have blamed for exacerbating Southwest’s troubles, leaving scheduling systems jammed and crews dispersed as the airline struggled to rebound from a winter storm.

☆ How Southwest Airlines Melted Down
▼ + stars: | 2022-12-29 | by ( Alison Sider | ) www.wsj.com time to read: 1 min

When Southwest Airlines Co. reassigns crews after flight disruptions, it typically relies on a system called SkySolver. This Christmas, SkySolver not only didn’t solve much, it also helped create the worst industry meltdown in recent memory. Airline executives and labor leaders point to inadequate technology systems, in particular SkySolver, as one reason why a brutal winter storm turned into a debacle. SkySolver was overwhelmed by the scale of the task of sorting out which pilots and flight attendants could work which flights, Southwest executives said. Crew schedulers instead had to comb through records by hand.

In this light, artificial intelligence (AI) and emerging technology have become increasingly prevalent, propelling efforts to improve patient care, solutions, and overall healthcare outcomes. These groups have clinical, operational, and technology experts working together to identify actual healthcare delivery and operational problems that can be addressed using AI, emerging technologies, and digital health tools. The hospital established specialized and certified applied healthcare AI programs tailored to healthcare staff for promoting AI and emerging technology capabilities and their applications in healthcare. As a result, multiple value-driven AI and emerging technology systems built in-house have been deployed in various clinical and operational units. Constant progress: Healthcare providers need to set clear boundaries for adopting AI and emerging technology as tools for supporting evidence-based medicine.

☆ Congress’ lame duck session leaves 'unfinished business' on issues that address Americans' everyday financial needs
▼ + stars: | 2022-12-23 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Sarah Silbiger | Bloomberg | Getty ImagesChild tax credit enhancementA year ago last December, millions of families received their last monthly child tax credit checks. Legislation to help parents cope with the effects of the Covid-19 pandemic made the child tax credit more generous for the 2021 calendar year. The maximum child tax credit sums went up from $2,000 per child to $3,600 per child under age 6 and $3,000 per child ages 6 through 17. On the bright side, the same compromise to re-up the child tax credit alongside corporate tax breaks may come up again in 2023, he said. Some lawmakers have insisted the child tax credit gets included in any new tax legislation.

☆ Treasury Proposal Lays Out Who Would Have Access to New Ownership Database
▼ + stars: | 2022-12-15 | by ( Dylan Tokar | ) www.wsj.com time to read: +3 min

The latest rule lays out who will be able to use the information and how they can access its contents. The Treasury in its proposal said it would keep tight controls on information in the nonpublic registry, limiting access mostly to U.S. law enforcement and regulators. Any department employee whose duties require it will be able to access the database, including for tax administration purposes, according to the proposal. Federal agencies engaged in national security, intelligence and law enforcement also will have direct access to the database. Foreign government representatives, including law enforcement agencies in other countries, will be able to request information from the database through U.S. counterparts, according to the proposal.

☆ These are the top 10 stock plays for 2023, according to UBS
▼ + stars: | 2022-12-14 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +5 min

As the year winds down, investors are looking forward to 2023 and wondering where they should place their top bets. Analysts that cover companies are mulling the same question, prompting UBS to put together a list of its top conviction picks for 2023. The stock which is poised for the largest gain is Kymera Therapeutics , a biotechnology firm that UBS thinks could surge 240% to its target price. She added that UBS expects updates across all four programs in the near term as well as over 2023. Analysts that cover companies are mulling the same question, prompting UBS to put together a list of its top conviction picks for 2023.

☆ In wake of baby formula crisis, critical report recommends major food safety changes at FDA
▼ + stars: | 2022-12-06 | by ( Jen Christensen | ) edition.cnn.com time to read: +10 min

It enforces food safety regulations, works with local governments on food safety information, promotes dietary guidelines, and develops food safety information and education, as well as overseeing nutrition labels on most food and being responsible for promoting good nutrition practices to the US public. Another would have the FDA develop a strategy to increase funding for the Human Foods Program, with help from Congress. “The current culture of the FDA Human Foods Program is inhibiting its ability to effectively accomplish this goal” of protecting public health,” the report says. “The work of these independent evaluators will help to inform a new vision for the FDA Human Foods Program,” Califf said in a news release. Some critics have suggested that food safety takes a back seat to the FDA’s regulations of drugs and medical devices.

☆ Hot Market for Cyber Insurance Begins to Stabilize
▼ + stars: | 2022-11-15 | by ( Richard Vanderford | ) www.wsj.com time to read: +6 min

The market for cyber insurance has begun to stabilize after a surge in ransomware attacks in recent years propelled a steep rise in premiums, observers say. Cyber insurance can pay ransoms to hackers who lock company technology systems, or it can help offset the cost of responding to data breaches. The insurance itself remains relatively niche—insurer Munich Re Group estimated the global value of cyber insurance premiums at $9.2 billion at the outset of 2022, compared with hundreds of billions of dollars spent in the U.S. alone for commercial insurance, according to the Insurance Information Institute—but events spurring premium increases have become familiar. But not all companies can, as some must have cyber insurance to work with partners, Mr. McNicholas said. “The cyber insurance community has to be fairly nimble and flexible in how it looks at risk.”Write to Richard Vanderford at Richard.Vanderford@wsj.com

☆ High-performance computing saves the day
▼ + stars: | 2022-11-14 | by ( Sponsor Post | Sponsored Microsoft Azure | ) www.businessinsider.com time to read: +4 min

Whether there's a cyberattack or a heart attack, Microsoft Azure's high-performance computing solutions and Intel's processing speed empower Dataville's citizens to thwart danger, protect themselves, and innovate to create a better city. Dataville makes sustainable changesWhen Dataville senses that one unscrupulous factory in town is polluting the air, it's able to act quickly. Dataville provides better healthcareWhen Dataville citizens have a health crisis, healthcare providers can save the day. See how Microsoft Azure and Intel can give you superpowers. This post was created by Insider Studios with Microsoft Azure and Intel.

☆ Red Cross Wants Digital Symbols to Deter Hackers From Healthcare Institutions
▼ + stars: | 2022-11-04 | by ( Catherine Stupp | ) www.wsj.com time to read: +3 min

The International Committee of the Red Cross proposed creating a digital equivalent to its distinctive red symbol to warn off hackers who attempt to break into medical institutions’ networks. Such a digital emblem would deter some but not all hackers, Red Cross advisers say, at a time when hospitals are frequently hit with cyberattacks. The Red Cross and its cyber advisers worked for more than two years on the project. Whatever option governments choose would need to be simple to install, said Matthew Smith, a professor of computer science at the University of Bonn in Germany, speaking at the Red Cross event. “As easy as placing a red cross on a building,” he said.

SYDNEY, Oct 26 (Reuters) - The cryptocurrency industry said on Wednesday it was disappointed with Australia's decision to continue treating digital currencies as assets for tax purposes, and not as foreign currency. The government said in its budget announcement on Tuesday it would introduce legislation to enshrine the treatment of digital currencies such as Bitcoin as an asset. This means investors would pay capital gains tax on profit from selling crypto assets through exchanges and when they trade digital assets. The crypto sector is largely unregulated in Australia and the Treasury said in August it would prioritise ‘token mapping’ work, which will help identify how crypto assets and related services should be regulated. "Europeans are going to be pulling ahead, the U.K. now has a prime minister who is familiar with central bank digital currencies," Bowler said.

Search resuls for: "Technology Systems"

25 mentions found