\n\nMore than 125 million Americans are under heat warnings and advisories on Monday evening as a dangerous heat wave that began in the Southwest covers more real estate in the Central and Southern U.S.\n\nThe big picture: The National Weather Service (NWS) is warning that a "dangerous" combination of heat and humidity will affect the majority of the lower 48 states before the week is over, and there are few signs the heat will abate after that.\n\nAll of Arkansas, Kentucky, Missouri, Mississippi, Illinois, Iowa and Indiana are under heat warnings plus parts of at least a dozen other states.\nThe heat wave is courtesy of a strong area of high pressure, or heat dome, that is slowly moving east across the Central U.S.\nThe heat dome is likely to shift eastward during the first part of the week, but then careen back west in a see-saw pattern, setting up hotter conditions again for the Upper Plains and Central states later in the week.\nClimate change is causing heat waves such as this one to be more severe, frequent and longer-lasting than just a few decades ago.\n\nWhy it matters: Heat waves are the deadliest type of severe weather hazard in the U.S., and they especially target low-income residents who may lack access to air conditioning. They are also particularly dangerous for outdoor workers.\n\nThreat level: As of Monday morning, heat watches, advisories and warnings were in effect from the Carolinas to Texas, extending north into Wisconsin and Minnesota and south to the Gulf Coast.\n\n

The US is experiencing more severe, frequent, and longer-lasting heat waves than just a few decades ago.

More than 1,000 firefighters battled two blazes in southwestern France.


\n\nMore than 125 million Americans are under heat warnings and advisories on Monday evening as a dangerous heat wave that began in the Southwest covers more real estate in the Central and Southern U.S.\n\nThe big picture: The National Weather Service (NWS) is warning that a "dangerous" combination of heat and humidity will affect the majority of the lower 48 states before the week is over, and there are few signs the heat will abate after that.\n\nAll of Arkansas, Kentucky, Missouri, Mississippi, Illinois, Iowa and Indiana are under heat warnings plus parts of at least a dozen other states.\nThe heat wave is courtesy of a strong area of high pressure, or heat dome, that is slowly moving east across the Central U.S.\nThe heat dome is likely to shift eastward during the first part of the week, but then careen back west in a see-saw pattern, setting up hotter conditions again for the Upper Plains and Central states later in the week.\nClimate change is causing heat waves such as this one to be more severe, frequent and longer-lasting than just a few decades ago.\n\nWhy it matters: Heat waves are the deadliest type of severe weather hazard in the U.S., and they especially target low-income residents who may lack access to air conditioning. They are also particularly dangerous for outdoor workers.\n\nThreat level: As of Monday morning, heat watches, advisories and warnings were in effect from the Carolinas to Texas, extending north into Wisconsin and Minnesota and south to the Gulf Coast.\n\n

Californians are enduring a historic heat wave.

\n\nIn the midst of an unprecedented heat wave, the U.K. on Tuesday broke its national record for the highest temperature ever registered, with a provisional reading of 104.36°F (40.2°C) at London's Heathrow Airport, according to the country's weather service.\n\nWhy it matters: This is the first time the U.K. has breached this temperature that is more common in tropical and desert climates, and studies point to climate change as a key factor behind the scorchingly hot temperatures.\n\nHeat waves of this magnitude and duration can be deadly, and pose particular health risks to vulnerable groups like the elderly, those with preexisting medical conditions and anyone without access to cooling.\nOnly about 3% of homes in the U.K. have air conditioning.\nDriving the news: The U.K. Met Office warned that temperatures are expected to keep rising throughout the day. Multiple other locations have exceeded the 40-degree mark as well, including within the city of London.\n\nThe previous national temperature record, set in 2019, stood at 101.66°F (38.7°C). A provisional total of 34 weather stations broke that record on Tuesday, the Met Office reported.\nAccording to climate scientist Simon Lee, 3 of the 4 hottest days in U.K. history have occurred during the last 4 years.\nContext: Studies have shown that climate change is making heat waves like this one hotter than they otherwise would have been, as well as more frequent and longer-lasting.\n\n

The U.K. broke its national record for the highest temperature ever registered.

\n\nHundreds more people were evacuated from their homes as wildfires blistered land in France, Spain and Portugal on Friday, while officials in Europe issued health warnings for the heatwave in the coming days.\n\nMore than 1,000 firefighters, supported by water-bomber aircraft, have battled since Tuesday to control two blazes in southwestern France that have been fanned by scorching heat, tinder-box conditions and strong winds.\n\nWhile temperatures dipped a little in Portugal, they were still expected to top 40 degrees Celsius (104 Fahrenheit) in some places, with five districts on red alert and more than 1,000 firefighters tackling 17 wildfires, authorities said.\n\nIn Spain, a new wildfire broke out in the south of the country after blazes in the west in the past week.\n\nMore than 400 people were evacuated from the hills of Mijas, a town popular with northern European tourists in the province of Malaga. Beachgoers in Torremolinos, some 20 km away, could see plumes of smoke rising above the hotels lining the coast.\n\nMeanwhile, the worst drought in over 70 years reduced Italy's longest river, the Po, to little more than a trickle in places, with temperatures expected to rise next week.\n\nOfficials are worried about the effects on people's health and on healthcare systems already challenged by the COVID-19 pandemic as the searing heat sweeps the continent, with warnings issued for worse to come in Britain in particular.\n\nThe World Meteorological Organization said the heatwave would worsen air quality, especially in towns and cities.\n\n

Officials in Europe issued health warnings for the heatwave in the coming days.

\n\nBritish authorities have described the extreme heat as a "national emergency" and southern Britain is under an “extreme” heat warning for the first time on record.\nIn Spain, 237 deaths occurred due to high temperatures last week, according to the country\'s Carlos III Institute, which records temperature-related fatalities daily.\nThe chances of temperatures like those forecast for next week are already 10 times higher than they would have been without the influence of human activity, said Nikos Christidis, a Met Office climate scientist.\n\nAn ongoing heat wave is fueling wildfires, causing heat-related deaths and breaking records in Western Europe.\n\nBritish authorities are issuing dire warnings, as temperatures may reach 104 degrees Fahrenheit in southern Britain, a region usually known for moderate summer heat, with July highs in the 70s. It\'s the first time such a forecast has been made in the area.\n\nThe heat poses a serious health risk, as people will need to take precautions to avoid heat-related illness. In Britain, few homes, apartments, schools or small businesses have air conditioning, making residents particularly vulnerable.\n\nExtreme heat is also endangering the environment and homes, with wildfires raging in Portugal, Spain and France.\n\nBritish authorities have described it as a "national emergency" and southern Britain is under an “extreme” heat warning for the first time on record.\n\nLondon Underground subway passengers are being advised not to travel Monday and Tuesday, because the heat is expected to affect rails and might cause delays, authorities said.\n\n

British authorities have declared a "national emergency".


\n\nEquifax says a giant cybersecurity breach compromised the personal information of as many as 143 million Americans — almost half the country.\nCyber criminals have accessed sensitive information -- including names, social security numbers, birth dates, addresses, and the numbers of some driver\'s licenses.\n\nAdditionally, Equifax said that credit card numbers for about 209,000 U.S. customers were exposed, as was "personal identifying information" on roughly 182,000 U.S. customers involved in credit report disputes. Residents in the U.K. and Canada were also impacted.\n\nThe breach occurred between mid-May and July, Equifax said. The company said it discovered the hack on July 29.\n\nThe data breach is one of the worst ever, by its reach and by the kind of information exposed to the public.\n\n"This is clearly a disappointing event for our company, and one that strikes at the heart of who we are and what we do," said Equifax chairman and CEO Richard F. Smith.\n\nEquifax is one of three nationwide credit-reporting companies that track and rates the financial history of U.S. consumers. The companies are supplied with data about loans, loan payments and credit cards, as well as information on everything from child support payments, credit limits, missed rent and utilities payments, addresses and employer history, which all factor into credit scores.\n\nUnlike other data breaches, not all of the people affected by the Equifax breach may be aware that they\'re customers of the company.

Former Equifax CEO Richard Smith apologizes for the security breach.

\n\nFormer Equifax CEO Richard Smith says he is "deeply sorry" for the security breach in which sensitive personal information of as many as 143 million Americans was compromised.\nSmith, who is set to testify before a House Energy and Commerce Committee Tuesday, apologized for the cyber attack disclosed by the credit reporting company on September 8. He confirmed that the hack occurred due to "human error and technology failures," according to prepared remarks posted on the committee\'s website Monday.\n\n"To each and every person affected by this breach, I am deeply sorry this occurred," said Smith, who will make his first of four appearances on Capitol Hill this week on the breach. "The company failed to prevent sensitive information from falling into the hands of wrongdoers."\n\nThe former CEO announced his retirement last week from the credit reporting company.\n\nEquifax has come under fire for its handling of the huge cybersecurity breach. The company is one of three nationwide credit-reporting companies that track and rate the financial history of U.S. consumers, gathering data from credit card companies, banks, retailers and lenders.\n\nIn his eight-page testimony, Smith outlined the chronology of events that lead to the breach, which allowed criminals to access personal information including names, Social Security numbers, birth dates, addresses, and in some cases driver\'s license numbers and credit card information.\n\nThe former CEO said hackers were able to infiltrate a software weakness in an online portal that allows consumers to dispute items on their credit report.

\n\nThe chief executive of Equifax is retiring, the company said Tuesday, just weeks after the troubled credit reporting agency disclosed that it had suffered a massive data breach affecting as many as 143 million people.\n\nThe departure of Richard Smith comes as Equifax has drawn fire from countless consumers and dozens of federal lawmakers over its handling of the breach. Equifax announced earlier this month that hackers gained unauthorized access to sensitive personal data — Social Security numbers, birth dates and home addresses — for nearly half of the country. The company also faces multiple federal investigations over its handling of the hack and reports that executives sold an unusual amount of stock before the breach was publicly disclosed.\n\nEquifax's board of directors appointed board member Mark Feidler to serve as the company's nonexecutive chairman, the company said in a statement Tuesday. Paulino do Rego Barros Jr., who led the company's Asia Pacific division, will become the interim chief executive.\n\n“The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right,” Smith said in the statement. “At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward.”\n\nSmith, 57, had been the chairman and chief executive since 2005, after spending 22 years at General Electric. During Smith's time at Equifax, the company’s stock price had soared 200 percent, and its market value swelled from $3 billion to $20 billion. Smith also expanded the company’s business into 24 countries.

Paulino do Rego Barros Jr. was appointed as the interim chief executive.

\n\nThe blows keep coming for Equifax (NYSE:EFX) as shares continue to tumble and the Federal Trade Commission announced plans to open an investigation into the credit reporting company Thursday after the company went public with its massive security breach last week, putting 143 million American’s personal data at risk.\n\nIn case you missed all drama, here’s a timeline of events, involving one of the biggest security breaches of all time.\n\nMid-May through July 2017 – This is the time frame in which Equifax says hackers gained unauthorized access to its data.\n\nThursday, July 29 – Equifax discovers the hack and immediately stopped the intrusion.\n\nTuesday, August 1 & Wednesday, August 2– Three top executives from Equifax sell nearly $2 million worth of company stock.\n\nThursday, September 7 – Equifax officially alerts the public about the cybersecurity incident and provides a dedicated website for consumers to check if they were affected. Later on that night, the company also issues a statement saying the three executives “had no knowledge that an intrusion had occurred at the time they sold their shares.”\n\nFriday, September 8 –Shares of Equifax shed more than 13% of their value in trading. Sen. Elizabeth Warren (D-Mass.) tears into the company on social media for trying to push customers to give up their right to sue.\n\n\n.@Equifax is forcing you to give up your right to join a class action against the company if you want their credit protection product. pic.twitter.com/anu0SE58wg\n\n— Elizabeth Warren (@SenWarren) September 8, 2017\n

Equifax's board of directors appointed Mark Feidler as the company's nonexecutive chairman.


\nThe devastating fire that ravaged the famed Notre Dame Cathedral in Paris on April 15 prompted unsubstantiated rumors online about who or what was to blame.\n\nBy Tuesday, for example, the website of former Fox News commentator Kevin Jackson had zeroed in on a whole group of people, running a headline that reads: “Muslim Ties to Notre Dame Fire.”\n\nWe could find no credible sources to support the incendiary suggestion that Muslims were responsible.\n\nThe French government said in a press release Tuesday the cause of the fire remained unknown, and Paris public prosecutor Remy Heitz told reporters that investigators were currently eyeing it as an accident.\n\nThe article on Jackson’s site, however, advances the unsupported idea of a “Muslim attack” through paragraphs of innuendo, not fact.\n\n“Was this a true accident? Or is someone trying to send Christians a message?” the article on theblacksphere.net reads. “Many people speculate this is a Muslim attack on Christianity. In 2016, a car parked outside Notre Dame was discovered. It contained full gas tanks and documents written in Arabic. Therefore, authorities were well-aware of the threats posed against Notre Dame.”\n\nBut there is no evidence tying that 2016 episode with this week’s fire, as some news outlets worked to make clear. The U.K.’s Telegraph, which covered the 2016 incident at the time, affixed an update to its story indicating: “This story is from 2016 and unrelated to the fire at Notre-Dame on April 15 2019.”\n\n

Global corporations and wealthy French individuals pledge over €800 million in donations.

At 6:20 p.m. local time (12 p.m. ET) on Monday, a fire alarm rang out, interrupting mass. Security guards started to evacuate the cathedral even though they did not see any sign of a fire, a spokesman for the Paris fire brigade told CNN.\nFrançois-Xavier Lochet, a 70-year-old worshiper, said the congregation had just begun the Universal Prayer when the siren sounded. He said visitors were ushered out but those gathered for mass remained in place. Lochet said mass continued until a police officer went up and told the priest: “This is no joke. You’ve got to get out.”\nTwenty-three minutes later, at 6:43 p.m. (12:43 p.m. ET), a second alarm blared and the fire was visible at that point, the fire department said.\nAround 400 firefighters were deployed to the scene but were delayed slightly by rush hour traffic.\nPolice in Paris confirmed a fire had taken hold at Notre Dame and asked the public to avoid the area in a tweet sent at 7:20 p.m. (1:20 p.m. ET). A minute later, Paris Mayor Anne Hidalgo posted a tweet saying “a terrible fire is underway” with photographs taken outside the church: one of smoke billowing from near the spire and over the towers, and a second showing the fire department responders working at the scene.\n\nShortly before 8 p.m. (2 p.m. ET), the cathedral’s famed spire burned to a blackened shell before finally toppling, as thousands of Parisians who had gathered in the streets watched in horror.

The cathedral’s spire burned to a blackened shell and collapsed.

When you combine an international event with the rapid dissemination of news on social media, too often you get loads of misinformation and, sometimes, completely fabricated conspiracy theories.\n\nUnfortunately, such is the case with the massive fire that nearly destroyed the historic Notre Dame cathedral in Paris on April 15.\n\nFrench authorities said they have not found evidence of arson and terrorism, and they are treating the fire as an accident that may be linked to an ongoing 6 million-euro renovation project on the church.\n\nThat still didn’t stop some internet users from suggesting it was some kind of terrorist act – as did one low-quality video clip posted to Facebook by the page "Equinox News Network."\n\nThe 18-second clip shows a man walking in one of the cathedral’s towers not long after the fire started. The video’s caption says: "No workers present at the time that the Notre Dame Cathedral fire started......So who is this guy dressed in Muslim garb??"\n\nThe video post was flagged as part of Facebook’s efforts to combat false news and misinformation on its News Feed. (Read more about our partnership with Facebook.)\n\nThe person in the picture isn’t dressed in "Muslim garb" — the person is a firefighter.\n\nThe clip was plucked from CNBC’s three-hour livestream of the fire and can be seen around the 42-minute mark.

Several false claims spread about the fire, including that it was intentional or terrorism-related.

Notre Dame Cathedral, one of the world\'s most famous churches, erupted in flames Monday in Paris, losing its spire but remaining otherwise largely intact after firefighters worked through the night to contain the fire.\n\nThe commander of the Paris firefighter brigade, Jean-Claude Gallet, said Monday night that the cathedral\'s main structure and two towers of the cathedral had been saved. Firefighters said they had contained the flames by early morning local time, and the fire was entirely out by midmorning, Gallet confirmed to NPR.\n\n\nFlames leaped through the roof and dark smoke billowed into the sky on Monday afternoon. Observers gasped as the spire fell. The roof collapsed shortly afterward.\n\n"Pray," Archbishop of Paris Michel Aupetit wrote. "If you wish, you can ring the bells of your churches to invite prayer."\n\nAs night fell on Paris and the fire continued to burn, people knelt and sang "Ave Maria" as they watched the blaze.\n\nOnly one firefighter was reported to be seriously injured.\n\nPresident Emmanuel Macron said, "Notre Dame is our history, our literature, part of our psyche" and pledged that the iconic cathedral will be rebuilt.\n\n"Let\'s be proud, because we built this cathedral more than 800 years ago, we\'ve built it and, throughout the centuries, let it grow and improved it. So I solemnly say tonight: We will rebuild it together."\nThe fire broke out during Holy Week for the world\'s Roman Catholics. At least four Masses a day take place at the cathedral.

Firefighters had contained the flames by early morning local time, and the fire was entirely out by midmorning

Jackson's article published innuendo suggesting a "Muslim attack" was responsible.


\n\nHackers were able to access personal data of 143 million Equifax customers.\nHow did it happen?\n\nMuch is still unknown. But it came down to a flaw in a tool designed to build web applications, the company said in a press release this week. And Equifax admitted it was aware of the security flaw a full two months before the company says hackers first gained accessed to its data.\n\nSome of the information hackers had access to includes names, Social Security numbers, birth dates, addresses and some driver\'s license numbers.\n\nThe tool is called Apache Struts, and it\'s used by many large businesses and government organizations. Equifax used it to support its online dispute portal -- where Equifax (EFX) customers go to log issues with their credit reports. The flaw allowed hackers to take control of a website.\n\nA cybersecurity arm of the U.S. Department of Homeland Security, US-CERT, "identified and disclosed" the Apache Struts flaw in March, Equifax said in a statement.\n\nAnd the company\'s security department "was aware of this vulnerability at that time, and took efforts to identify and to patch any vulnerable systems."\n\nYet, according to the company, hackers exploited the flaw months later.\n\nEquifax has said it discovered the data breach on July 29. On Friday, it said it waited until it "observed additional suspicious activity" a day later to take the affected web application offline.\n\nAnd on August 2 Equifax contacted Mandiant, a professional cybersecurity firm, to help the company assess what data had been compromised.\n\n

Equifax is facing multiple federal investigations over its handling of the hack.

\n\nThe Equifax data breach that leaked information on the now-145 million people was caused by a vulnerability in Apache's Struts system. Trouble is, the software provider supplied a patch back in March that should have eliminated that vulnerability. But Equifax's former CEO (who suddenly retired last week) told the House Energy and Commerce Committee that a single IT technician was at fault for the whole thing after they failed to install the patch.\n\nWhile speaking to the committee (video below), former CEO Richard Smith outlined the company's normal procedure for new patches: Have a technician install it and then scan the system for any remaining vulnerabilities. Apparently, both the human and computer steps failed.\n\nAs Smith outlines in his written testimony (PDF), the Department of Homeland Security's Computer Emergency Readiness Team (CERT) sent Equifax (alongside many other companies) a notice on March 8th, 2017 about the vulnerability in certain versions of Apache Struts. Equifax sent out an internal mass-email, which should have required its internal IT team to fix the vulnerability within 48 hours, but that didn't happen. An automatic scan for vulnerabilities on March 15th also failed to indicate that Equifax was using a Struts version that had the vulnerability.\n\nBased on Equifax's postmortem investigations, the hacker that exploited this exact weakness likely first used it to pry into Equifax on May 13th, and then continued until July 30th, and Equifax's security tools were none the wiser.

DHS CERT sent Equifax notice about vulnerability on March 8th.

Automatic scan on March 15th failed to detect vulnerability.


\n\nHundreds more people were evacuated from their homes as wildfires blistered land in France, Spain and Portugal on Friday, while officials in Europe issued health warnings for the heatwave in the coming days.\n\nMore than 1,000 firefighters, supported by water-bomber aircraft, have battled since Tuesday to control two blazes in southwestern France that have been fanned by scorching heat, tinder-box conditions and strong winds.\n\nWhile temperatures dipped a little in Portugal, they were still expected to top 40 degrees Celsius (104 Fahrenheit) in some places, with five districts on red alert and more than 1,000 firefighters tackling 17 wildfires, authorities said.\n\nIn Spain, a new wildfire broke out in the south of the country after blazes in the west in the past week.\n\nMore than 400 people were evacuated from the hills of Mijas, a town popular with northern European tourists in the province of Malaga. Beachgoers in Torremolinos, some 20 km away, could see plumes of smoke rising above the hotels lining the coast.\n\nMeanwhile, the worst drought in over 70 years reduced Italy's longest river, the Po, to little more than a trickle in places, with temperatures expected to rise next week.\n\nOfficials are worried about the effects on people's health and on healthcare systems already challenged by the COVID-19 pandemic as the searing heat sweeps the continent, with warnings issued for worse to come in Britain in particular.\n\nThe World Meteorological Organization said the heatwave would worsen air quality, especially in towns and cities.\n\n

The U.K. broke its national record for the highest temperature ever registered.

\n\nJapan is asking some 37 million people living in and around Tokyo to use less electricity and ration air conditioning even amid a record heat wave that has seen temperatures in some parts of the country pass 40 degrees Celsius (104 degrees Fahrenheit).\n\nThe government urged citizens in the capital to turn off lights and power switches for three hours in the afternoon and to use air conditioning “appropriately,” as the country struggles with growing power shortages.\n\nThe request comes despite experts warning that record-setting temperatures could continue for weeks.\n\n“Please save as much power as possible, such as by turning off lights that are not in use,” the Ministry of Economy, Trade and Industry said Monday. It said appropriate uses of air conditioning included to “prevent heatstroke.”\n\nJapan’s power supply has been tight since March, when an earthquake in the northeast forced some nuclear power plants to suspend operations. At the same time demand is at its highest since 2011, when Japan was hit by the strongest earthquake in its recorded history. The ministry warned the mismatch between supply and demand is becoming “severe.”\n\nBut with recent temperatures soaring to dangerous levels, rationing electricity will not be easy.\n\nOn Tuesday, Tokyo experienced scorching heat for a fourth successive day after setting records for the month of June at the weekend.\n\n

Temperatures in Tokyo have been setting records for the month of June.

\n\nMore than 125 million Americans are under heat warnings and advisories on Monday evening as a dangerous heat wave that began in the Southwest covers more real estate in the Central and Southern U.S.\n\nThe big picture: The National Weather Service (NWS) is warning that a "dangerous" combination of heat and humidity will affect the majority of the lower 48 states before the week is over, and there are few signs the heat will abate after that.\n\nAll of Arkansas, Kentucky, Missouri, Mississippi, Illinois, Iowa and Indiana are under heat warnings plus parts of at least a dozen other states.\nThe heat wave is courtesy of a strong area of high pressure, or heat dome, that is slowly moving east across the Central U.S.\nThe heat dome is likely to shift eastward during the first part of the week, but then careen back west in a see-saw pattern, setting up hotter conditions again for the Upper Plains and Central states later in the week.\nClimate change is causing heat waves such as this one to be more severe, frequent and longer-lasting than just a few decades ago.\n\nWhy it matters: Heat waves are the deadliest type of severe weather hazard in the U.S., and they especially target low-income residents who may lack access to air conditioning. They are also particularly dangerous for outdoor workers.\n\nThreat level: As of Monday morning, heat watches, advisories and warnings were in effect from the Carolinas to Texas, extending north into Wisconsin and Minnesota and south to the Gulf Coast.\n\n

Italy's longest river, the Po, reduced to little more than a trickle in places.


\n\nThe Panama Papers are an unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international partners, including the Guardian and the BBC.\n\nWhat do they reveal?\nThe documents show the myriad ways in which the rich can exploit secretive offshore tax regimes. Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens.\n\nA $2bn trail leads all the way to Vladimir Putin. The Russian president’s best friend – a cellist called Sergei Roldugin – is at the centre of a scheme in which money from Russian state banks is hidden offshore. Some of it ends up in a ski resort where in 2013 Putin’s daughter Katerina got married.\n\nAmong national leaders with offshore wealth are Nawaz Sharif, Pakistan’s prime minister; Ayad Allawi, ex-interim prime minister and former vice-president of Iraq; Petro Poroshenko, president of Ukraine; Alaa Mubarak, son of Egypt’s former president; and the prime minister of Iceland, Sigmundur Davíð Gunnlaugsson.\n\nAn offshore investment fund run by the father of British prime minister David Cameron avoided ever having to pay tax in Britain by hiring a small army of Bahamas residents to sign its paperwork.

Prosecutors in Germany have issued international arrest warrants for the cofounders of a Panama-based law firm.

\n\nDavid Cameron has finally admitted he benefited from a Panama-based offshore trust set up by his late father.\n\nAfter three days of stalling and four partial statements issued by Downing Street he confessed that he owned shares in the tax haven fund, which he sold for £31,500 just before becoming prime minister in 2010.\n\nIn a specially arranged interview with ITV News’ Robert Peston he confirmed a direct link to his father’s UK-tax avoiding fund, details of which were exposed in the Panama Papers revelations in the Guardian this week.\n\nAdmitting it had been “a difficult few days”, the prime minister said he held the shares together with his wife, Samantha, from 1997 and during his time as leader of the opposition. They were sold in January 2010 for a profit of £19,000.\n\nHe paid income tax on the dividends but there was no capital gains tax payable and he said he sold up before entering Downing Street “because I didn’t want anyone to say you have other agendas or vested interests”.\n\nBut the interview appeared unlikely to end scrutiny of Cameron’s tax affairs.\n\nThe Labour MP John Mann, a member of the Treasury select committee, said the prime minister should resign, claiming that Cameron had “covered up and misled”.\n\nCameron also admitted he did not know whether the £300,000 he inherited from his father had benefited from tax haven status due to part of his estate being based in a unit trust in Jersey.\n\n

David Cameron admits to owning shares in a Panama-based offshore trust set up by his late father.

\n\nThe new head of world football has been caught up in the sport’s corruption scandal because of documents that have been revealed by the Panama Papers leak.\n\nFiles seen by the Guardian will raise questions about the role Fifa’s president, Gianni Infantino, played in deals that were concluded when he was director of legal services at Uefa, European football’s governing body.\n\nAccording to records, Uefa concluded offshore deals with one of the indicted figures at the heart of an alleged “World Cup of fraud” despite previously insisting it had no dealings with any of them.\n\nThe emergence of the contracts from 2003 and 2006, which were co-signed by Infantino, link Uefa for the first time to one of the companies involved in the huge unfolding scandal that has brought down former Fifa president Sepp Blatter.\n\nUefa has denied any wrongdoing by any of its officials or any other marketing partner.\n\nIt said the contracts were all above board. Fifa has previously insisted Infantino had no dealings with any of the officials currently under investigation – or their companies. Infantino said he was “dismayed” by the reports and “will not accept that my integrity is being doubted”.\n\nThe disclosures are based on the leak of 11m documents from the files of the offshore financial law firm Mossack Fonseca, which were obtained by Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists with the Guardian and other news organisations.\n\n

Documents revealed by the Panama Papers leak have implicated the new head of world football.


\n\nThe Panama Papers are an unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international partners, including the Guardian and the BBC.\n\nWhat do they reveal?\nThe documents show the myriad ways in which the rich can exploit secretive offshore tax regimes. Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens.\n\nA $2bn trail leads all the way to Vladimir Putin. The Russian president’s best friend – a cellist called Sergei Roldugin – is at the centre of a scheme in which money from Russian state banks is hidden offshore. Some of it ends up in a ski resort where in 2013 Putin’s daughter Katerina got married.\n\nAmong national leaders with offshore wealth are Nawaz Sharif, Pakistan’s prime minister; Ayad Allawi, ex-interim prime minister and former vice-president of Iraq; Petro Poroshenko, president of Ukraine; Alaa Mubarak, son of Egypt’s former president; and the prime minister of Iceland, Sigmundur Davíð Gunnlaugsson.\n\nAn offshore investment fund run by the father of British prime minister David Cameron avoided ever having to pay tax in Britain by hiring a small army of Bahamas residents to sign its paperwork.

An offshore investment fund run by the father of British prime minister David Cameron avoided ever having to pay tax in Britain.

\n\nOn Sunday, the International Consortium of Investigative Journalists published a massive leak of documents, dubbed the Panama Papers. CNNMoney has you covered with what you need to know about the story and responses to it.\n\nICIJ and an international coalition of media outlets investigated the trove of papers, which allegedly reveal a clandestine network involving associates of Russian President Vladimir Putin, and business ties between a member of FIFA’s ethics committee and men whom the United States has indicted for corruption.\n\nThe more-than 11 million documents, which date back four decades, are allegedly connected to Panama law firm Mossack Fonseca. ICIJ reports that the firm helped establish secret shell companies and offshore accounts for global power players. ICIJ reports that a 2015 audit found that Mossack Fonseca knew the identities of the real owners of just 204 of 14,086 companies it had incorporated in Seychelles, an Indian Ocean archipelago often described as a tax haven.\n\nAnd as Gerard Ryle, the director of ICIJ, told CNN’s Christiane Amanpour: “These documents, if nothing else, raise an awful lot of questions.”\n\nThe documents reference 12 current or former world leaders, as well as 128 other politicians and public officials.

International Consortium of Investigative Journalists published the Panama Papers.

Uefa has denied any wrongdoing by any of its officials or any other marketing partner.


\n\nHundreds more people were evacuated from their homes as wildfires blistered land in France, Spain and Portugal on Friday, while officials in Europe issued health warnings for the heatwave in the coming days.\n\nMore than 1,000 firefighters, supported by water-bomber aircraft, have battled since Tuesday to control two blazes in southwestern France that have been fanned by scorching heat, tinder-box conditions and strong winds.\n\nWhile temperatures dipped a little in Portugal, they were still expected to top 40 degrees Celsius (104 Fahrenheit) in some places, with five districts on red alert and more than 1,000 firefighters tackling 17 wildfires, authorities said.\n\nIn Spain, a new wildfire broke out in the south of the country after blazes in the west in the past week.\n\nMore than 400 people were evacuated from the hills of Mijas, a town popular with northern European tourists in the province of Malaga. Beachgoers in Torremolinos, some 20 km away, could see plumes of smoke rising above the hotels lining the coast.\n\nMeanwhile, the worst drought in over 70 years reduced Italy's longest river, the Po, to little more than a trickle in places, with temperatures expected to rise next week.\n\nOfficials are worried about the effects on people's health and on healthcare systems already challenged by the COVID-19 pandemic as the searing heat sweeps the continent, with warnings issued for worse to come in Britain in particular.\n\nThe World Meteorological Organization said the heatwave would worsen air quality, especially in towns and cities.\n\n

More than 1,000 firefighters battled two blazes in southwestern France.


\n\nThe chief executive of Equifax is retiring, the company said Tuesday, just weeks after the troubled credit reporting agency disclosed that it had suffered a massive data breach affecting as many as 143 million people.\n\nThe departure of Richard Smith comes as Equifax has drawn fire from countless consumers and dozens of federal lawmakers over its handling of the breach. Equifax announced earlier this month that hackers gained unauthorized access to sensitive personal data — Social Security numbers, birth dates and home addresses — for nearly half of the country. The company also faces multiple federal investigations over its handling of the hack and reports that executives sold an unusual amount of stock before the breach was publicly disclosed.\n\nEquifax's board of directors appointed board member Mark Feidler to serve as the company's nonexecutive chairman, the company said in a statement Tuesday. Paulino do Rego Barros Jr., who led the company's Asia Pacific division, will become the interim chief executive.\n\n“The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right,” Smith said in the statement. “At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward.”\n\nSmith, 57, had been the chairman and chief executive since 2005, after spending 22 years at General Electric. During Smith's time at Equifax, the company’s stock price had soared 200 percent, and its market value swelled from $3 billion to $20 billion. Smith also expanded the company’s business into 24 countries.

Equifax's board of directors appointed Mark Feidler as the company's nonexecutive chairman.

\n\nThe blows keep coming for Equifax (NYSE:EFX) as shares continue to tumble and the Federal Trade Commission announced plans to open an investigation into the credit reporting company Thursday after the company went public with its massive security breach last week, putting 143 million American’s personal data at risk.\n\nIn case you missed all drama, here’s a timeline of events, involving one of the biggest security breaches of all time.\n\nMid-May through July 2017 – This is the time frame in which Equifax says hackers gained unauthorized access to its data.\n\nThursday, July 29 – Equifax discovers the hack and immediately stopped the intrusion.\n\nTuesday, August 1 & Wednesday, August 2– Three top executives from Equifax sell nearly $2 million worth of company stock.\n\nThursday, September 7 – Equifax officially alerts the public about the cybersecurity incident and provides a dedicated website for consumers to check if they were affected. Later on that night, the company also issues a statement saying the three executives “had no knowledge that an intrusion had occurred at the time they sold their shares.”\n\nFriday, September 8 –Shares of Equifax shed more than 13% of their value in trading. Sen. Elizabeth Warren (D-Mass.) tears into the company on social media for trying to push customers to give up their right to sue.\n\n\n.@Equifax is forcing you to give up your right to join a class action against the company if you want their credit protection product. pic.twitter.com/anu0SE58wg\n\n— Elizabeth Warren (@SenWarren) September 8, 2017\n

Equifax discovers the hack and stops the intrusion.

\n\nEquifax says a giant cybersecurity breach compromised the personal information of as many as 143 million Americans — almost half the country.\nCyber criminals have accessed sensitive information -- including names, social security numbers, birth dates, addresses, and the numbers of some driver\'s licenses.\n\nAdditionally, Equifax said that credit card numbers for about 209,000 U.S. customers were exposed, as was "personal identifying information" on roughly 182,000 U.S. customers involved in credit report disputes. Residents in the U.K. and Canada were also impacted.\n\nThe breach occurred between mid-May and July, Equifax said. The company said it discovered the hack on July 29.\n\nThe data breach is one of the worst ever, by its reach and by the kind of information exposed to the public.\n\n"This is clearly a disappointing event for our company, and one that strikes at the heart of who we are and what we do," said Equifax chairman and CEO Richard F. Smith.\n\nEquifax is one of three nationwide credit-reporting companies that track and rates the financial history of U.S. consumers. The companies are supplied with data about loans, loan payments and credit cards, as well as information on everything from child support payments, credit limits, missed rent and utilities payments, addresses and employer history, which all factor into credit scores.\n\nUnlike other data breaches, not all of the people affected by the Equifax breach may be aware that they\'re customers of the company.

Equifax reports a massive cybersecurity breach that compromised the personal information of up to 143 million Americans.

\n\nVisa and MasterCard are issuing confidential alerts to financial institutions across the US, cautioning them that more than 200,000 credit cards were compromised in the recent Equifax data breach, according to PYMNTS. \n\nCompromised information included card account numbers, expiration dates, and cardholders’ names, all of which can be used to conduct fraud at online retailers and perform identity theft. Visa and MasterCard claim that the breach initially occurred in November 2016, but Equifax says the accounts were all stolen at the same time — in May 2017 — exploiting the information of approximately 143 million US consumers.\n\nAs consumers increasingly use digital financial services, their information becomes more susceptible to fraud. This is the third cybersecurity incident for the agency since 2015. There were two prior data hacks in which cyber criminals stole tax and salary information from the Equifax website, according to The New York Times. At a time of rising breaches — in 2016, 15.4 million victims had their identities stolen, up 16% from the prior year — it's more important than ever for companies to assure consumers that their information is secure. This could include investing in higher security, such as blockchain technology, biometric authentication, or real-time alerts.\n\nDan Van Dyke, senior research analyst for BI Intelligence, Business Insider's premium research service has written a detailed report that explores the digital payments ecosystem today, its growth drivers, and where the industry is headed.


\n\nHundreds more people were evacuated from their homes as wildfires blistered land in France, Spain and Portugal on Friday, while officials in Europe issued health warnings for the heatwave in the coming days.\n\nMore than 1,000 firefighters, supported by water-bomber aircraft, have battled since Tuesday to control two blazes in southwestern France that have been fanned by scorching heat, tinder-box conditions and strong winds.\n\nWhile temperatures dipped a little in Portugal, they were still expected to top 40 degrees Celsius (104 Fahrenheit) in some places, with five districts on red alert and more than 1,000 firefighters tackling 17 wildfires, authorities said.\n\nIn Spain, a new wildfire broke out in the south of the country after blazes in the west in the past week.\n\nMore than 400 people were evacuated from the hills of Mijas, a town popular with northern European tourists in the province of Malaga. Beachgoers in Torremolinos, some 20 km away, could see plumes of smoke rising above the hotels lining the coast.\n\nMeanwhile, the worst drought in over 70 years reduced Italy's longest river, the Po, to little more than a trickle in places, with temperatures expected to rise next week.\n\nOfficials are worried about the effects on people's health and on healthcare systems already challenged by the COVID-19 pandemic as the searing heat sweeps the continent, with warnings issued for worse to come in Britain in particular.\n\nThe World Meteorological Organization said the heatwave would worsen air quality, especially in towns and cities.\n\n


\n\nThe new head of world football has been caught up in the sport’s corruption scandal because of documents that have been revealed by the Panama Papers leak.\n\nFiles seen by the Guardian will raise questions about the role Fifa’s president, Gianni Infantino, played in deals that were concluded when he was director of legal services at Uefa, European football’s governing body.\n\nAccording to records, Uefa concluded offshore deals with one of the indicted figures at the heart of an alleged “World Cup of fraud” despite previously insisting it had no dealings with any of them.\n\nThe emergence of the contracts from 2003 and 2006, which were co-signed by Infantino, link Uefa for the first time to one of the companies involved in the huge unfolding scandal that has brought down former Fifa president Sepp Blatter.\n\nUefa has denied any wrongdoing by any of its officials or any other marketing partner.\n\nIt said the contracts were all above board. Fifa has previously insisted Infantino had no dealings with any of the officials currently under investigation – or their companies. Infantino said he was “dismayed” by the reports and “will not accept that my integrity is being doubted”.\n\nThe disclosures are based on the leak of 11m documents from the files of the offshore financial law firm Mossack Fonseca, which were obtained by Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists with the Guardian and other news organisations.\n\n

\n\nOn Sunday, the International Consortium of Investigative Journalists published a massive leak of documents, dubbed the Panama Papers. CNNMoney has you covered with what you need to know about the story and responses to it.\n\nICIJ and an international coalition of media outlets investigated the trove of papers, which allegedly reveal a clandestine network involving associates of Russian President Vladimir Putin, and business ties between a member of FIFA’s ethics committee and men whom the United States has indicted for corruption.\n\nThe more-than 11 million documents, which date back four decades, are allegedly connected to Panama law firm Mossack Fonseca. ICIJ reports that the firm helped establish secret shell companies and offshore accounts for global power players. ICIJ reports that a 2015 audit found that Mossack Fonseca knew the identities of the real owners of just 204 of 14,086 companies it had incorporated in Seychelles, an Indian Ocean archipelago often described as a tax haven.\n\nAnd as Gerard Ryle, the director of ICIJ, told CNN’s Christiane Amanpour: “These documents, if nothing else, raise an awful lot of questions.”\n\nThe documents reference 12 current or former world leaders, as well as 128 other politicians and public officials.

International Consortium of Investigative Journalists published the Panama Papers.

\n\nDavid Cameron has finally admitted he benefited from a Panama-based offshore trust set up by his late father.\n\nAfter three days of stalling and four partial statements issued by Downing Street he confessed that he owned shares in the tax haven fund, which he sold for £31,500 just before becoming prime minister in 2010.\n\nIn a specially arranged interview with ITV News’ Robert Peston he confirmed a direct link to his father’s UK-tax avoiding fund, details of which were exposed in the Panama Papers revelations in the Guardian this week.\n\nAdmitting it had been “a difficult few days”, the prime minister said he held the shares together with his wife, Samantha, from 1997 and during his time as leader of the opposition. They were sold in January 2010 for a profit of £19,000.\n\nHe paid income tax on the dividends but there was no capital gains tax payable and he said he sold up before entering Downing Street “because I didn’t want anyone to say you have other agendas or vested interests”.\n\nBut the interview appeared unlikely to end scrutiny of Cameron’s tax affairs.\n\nThe Labour MP John Mann, a member of the Treasury select committee, said the prime minister should resign, claiming that Cameron had “covered up and misled”.\n\nCameron also admitted he did not know whether the £300,000 he inherited from his father had benefited from tax haven status due to part of his estate being based in a unit trust in Jersey.\n\n

David Cameron admits to owning shares in a Panama-based offshore trust set up by his late father.


Equifax reports a massive cybersecurity breach that compromised the personal information of up to 143 million Americans.

\n\nThe Equifax data breach that leaked information on the now-145 million people was caused by a vulnerability in Apache's Struts system. Trouble is, the software provider supplied a patch back in March that should have eliminated that vulnerability. But Equifax's former CEO (who suddenly retired last week) told the House Energy and Commerce Committee that a single IT technician was at fault for the whole thing after they failed to install the patch.\n\nWhile speaking to the committee (video below), former CEO Richard Smith outlined the company's normal procedure for new patches: Have a technician install it and then scan the system for any remaining vulnerabilities. Apparently, both the human and computer steps failed.\n\nAs Smith outlines in his written testimony (PDF), the Department of Homeland Security's Computer Emergency Readiness Team (CERT) sent Equifax (alongside many other companies) a notice on March 8th, 2017 about the vulnerability in certain versions of Apache Struts. Equifax sent out an internal mass-email, which should have required its internal IT team to fix the vulnerability within 48 hours, but that didn't happen. An automatic scan for vulnerabilities on March 15th also failed to indicate that Equifax was using a Struts version that had the vulnerability.\n\nBased on Equifax's postmortem investigations, the hacker that exploited this exact weakness likely first used it to pry into Equifax on May 13th, and then continued until July 30th, and Equifax's security tools were none the wiser.

Automatic scan on March 15th failed to detect vulnerability.

Three top executives from Equifax sell nearly $2 million worth of company stock.

DHS CERT sent Equifax notice about vulnerability on March 8th.

\n\nEquifax says a giant cybersecurity breach compromised the personal information of as many as 143 million Americans — almost half the country.\nCyber criminals have accessed sensitive information -- including names, social security numbers, birth dates, addresses, and the numbers of some driver\'s licenses.\n\nAdditionally, Equifax said that credit card numbers for about 209,000 U.S. customers were exposed, as was "personal identifying information" on roughly 182,000 U.S. customers involved in credit report disputes. Residents in the U.K. and Canada were also impacted.\n\nThe breach occurred between mid-May and July, Equifax said. The company said it discovered the hack on July 29.\n\nThe data breach is one of the worst ever, by its reach and by the kind of information exposed to the public.\n\n"This is clearly a disappointing event for our company, and one that strikes at the heart of who we are and what we do," said Equifax chairman and CEO Richard F. Smith.\n\nEquifax is one of three nationwide credit-reporting companies that track and rates the financial history of U.S. consumers. The companies are supplied with data about loans, loan payments and credit cards, as well as information on everything from child support payments, credit limits, missed rent and utilities payments, addresses and employer history, which all factor into credit scores.\n\nUnlike other data breaches, not all of the people affected by the Equifax breach may be aware that they\'re customers of the company.

Cyber criminals accessed sensitive information such as names, social security numbers, birth dates, addresses, and driver's license numbers.


\n\nThe Panama Papers are an unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international partners, including the Guardian and the BBC.\n\nWhat do they reveal?\nThe documents show the myriad ways in which the rich can exploit secretive offshore tax regimes. Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens.\n\nA $2bn trail leads all the way to Vladimir Putin. The Russian president’s best friend – a cellist called Sergei Roldugin – is at the centre of a scheme in which money from Russian state banks is hidden offshore. Some of it ends up in a ski resort where in 2013 Putin’s daughter Katerina got married.\n\nAmong national leaders with offshore wealth are Nawaz Sharif, Pakistan’s prime minister; Ayad Allawi, ex-interim prime minister and former vice-president of Iraq; Petro Poroshenko, president of Ukraine; Alaa Mubarak, son of Egypt’s former president; and the prime minister of Iceland, Sigmundur Davíð Gunnlaugsson.\n\nAn offshore investment fund run by the father of British prime minister David Cameron avoided ever having to pay tax in Britain by hiring a small army of Bahamas residents to sign its paperwork.

\n\nDavid Cameron has finally admitted he benefited from a Panama-based offshore trust set up by his late father.\n\nAfter three days of stalling and four partial statements issued by Downing Street he confessed that he owned shares in the tax haven fund, which he sold for £31,500 just before becoming prime minister in 2010.\n\nIn a specially arranged interview with ITV News’ Robert Peston he confirmed a direct link to his father’s UK-tax avoiding fund, details of which were exposed in the Panama Papers revelations in the Guardian this week.\n\nAdmitting it had been “a difficult few days”, the prime minister said he held the shares together with his wife, Samantha, from 1997 and during his time as leader of the opposition. They were sold in January 2010 for a profit of £19,000.\n\nHe paid income tax on the dividends but there was no capital gains tax payable and he said he sold up before entering Downing Street “because I didn’t want anyone to say you have other agendas or vested interests”.\n\nBut the interview appeared unlikely to end scrutiny of Cameron’s tax affairs.\n\nThe Labour MP John Mann, a member of the Treasury select committee, said the prime minister should resign, claiming that Cameron had “covered up and misled”.\n\nCameron also admitted he did not know whether the £300,000 he inherited from his father had benefited from tax haven status due to part of his estate being based in a unit trust in Jersey.\n\n

David Cameron admits to owning shares in a Panama-based offshore trust set up by his late father.

\n\nIcelandic Prime Minister Sigmundur Davíð Gunnlaugsson resigned on Tuesday, after documents leaked from a Panama-based law firm revealed that his wife possesses a secret offshore account worth millions of dollars.\n\nThe money is housed in a shell corporation called Wintris, which had bought bonds in Icelandic banks. So when Iceland\'s financial sector collapsed in 2008, Wintris became a creditor to those banks. In 2013, Gunnlaugsson became the prime minister, having run partly on a promise to get tougher with Iceland\'s remaining foreign creditors.\n\nSo what Icelandic voters didn\'t know when they elected him in 2013, but have learned with this week\'s "Panama Papers" revelations, is that Gunnlaugsson\'s own wife was secretly one of the creditors he\'d promised to crack down on — an enormous and undisclosed conflict of interest.\n\nWhen the truth came out this week, it led to mass protests on Monday calling for Gunnlaugsson\'s resignation. He stepped down the next day.\n\nWhat happened in Iceland shows the political power of the Panama Papers, but it also shows the degree to which the political turmoil from the 2008 financial crisis is, in some ways, still ongoing in that country.\n\nWhat\'s more, if Gunnlaugsson\'s resignation leads Iceland to schedule new elections soon, that vote could end up empowering a radical political party called the Pirate Party, a left-libertarian amalgam that\'s obsessed with transparency and direct democracy.\n\n

Mass protests on Monday called for Gunnlaugsson's resignation.


The collapse of Silicon Valley Bank continues to reverberate, hitting bank stocks, revealing hidden stresses, knocking on to Credit Suisse, and setting off a political blame-game.\n\n\nWhy the $212bn tech-lender abruptly collapsed, triggering the most significant financial crisis since 2008, has no single answer. Was it, as some argue, the result of Trump-era regulation rollbacks, risk mismanagement at the bank, sharp interest rate rises after a decade of ultra-low borrowing costs, or perhaps a combination of all three?\n\nFederal investigations have begun and lawsuits have been filed and no doubt new issues at the bank will emerge. But for now, here are the main reasons experts believed SVB failed.\n\nThe Vermont senator Bernie Sanders argues that the culprit was an “absurd” 2018 law, supported by Congress and signed by Donald Trump, that undid some of the credit requirements imposed under the Dodd-Frank banking legislation brought in after the 2008 banking crisis.\n\nDodd-Frank required that banks with at least $50bn in assets – banks considered “systemically important” – undergo an annual Federal Reserve “stress test” and maintain certain levels of capital as well as plans for a living will if they failed.\n\nSVB’s chief executive, Greg Becker, argued before Congress in 2015 that the $50bn threshold (SVB held $40bn at the time) was unnecessary and his bank, like other “mid-sized” or regional banks, “does not present systemic risks”.\n\nTrump said the new bill went a “long way toward fixing” Dodd-Frank, which he called a “job-killer”.

Silicon Valley Bank (SVB) is shut down by regulators.

Stefan Kalb was in the middle of a meeting around 1 p.m. on Thursday when a fellow company executive sent him a panicked Slack message: "Do you know what\'s happening at SVB?"\n\nKalb, the CEO and co-founder of Seattle-based food management startup Shelf Engine, had been following news of a bank run at Silicon Valley Bank. Droves of depositors were attempting to pull out as much as $42 billion from the bank on Thursday alone, as fear spread that the bank was teetering on the brink of collapse.\n\nThe bank seemed to be on firm financial footing on Wednesday. The following day, it appeared to be under water.\n\nFor Shelf Engine, a 40-person startup founded in 2015 that uses artificial intelligence to help grocery stores reduce food waste, this was a big problem.\n\nNot only did Silicon Valley Bank help the company process checks and payments, but millions of dollars of the startup\'s cash was locked up in the bank.\n\nKalb sprung into action. He and his team quickly opened an account at JPMorgan Chase and attempted to wire transfer every last penny out of Silicon Valley Bank.\n\n"Unfortunately, our wire was not honored and our money is still at Silicon Valley Bank," Kalb, 37, said in an interview on Friday. "We woke up this morning hoping the money would be in that JPMorgan bank account, and it was not."

Executive sends panicked Slack message about Silicon Valley Bank (SVB)

On Wednesday, Silicon Valley Bank was a well-capitalized institution seeking to raise some funds.\n\nWithin 48 hours, a panic induced by the very venture capital community that SVB had served and nurtured ended the bank’s 40-year-run.\n\nRegulators shuttered SVB Friday and seized its deposits in the largest U.S. banking failure since the 2008 financial crisis and the second-largest ever. The company’s downward spiral began late Wednesday, when it surprised investors with news that it needed to raise $2.25 billion to shore up its balance sheet. What followed was the rapid collapse of a highly-respected bank that had grown alongside its technology clients.\n\nEven now, as the dust begins to settle on the second bank wind-down announced this week, members of the VC community are lamenting the role that other investors played in SVB’s demise.\n\n“This was a hysteria-induced bank run caused by VCs,” Ryan Falvey, a fintech investor at Restive Ventures, told CNBC. “This is going to go down as one of the ultimate cases of an industry cutting its nose off to spite its face.”\n\nThe episode is the latest fallout from the Federal Reserve’s actions to stem inflation with its most aggressive rate hiking campaign in four decades. The ramifications could be far-reaching, with concerns that startups may be unable to pay employees in coming days, venture investors may struggle to raise funds, and an already-battered sector could face a deeper malaise.

Silicon Valley Bank attempted to raise $2.25 billion from investors.

Interest rates rise after a decade of ultra-low borrowing costs.

Hysteria and fear spread that the SVB was collapsing.


\n\nIn the midst of an unprecedented heat wave, the U.K. on Tuesday broke its national record for the highest temperature ever registered, with a provisional reading of 104.36°F (40.2°C) at London's Heathrow Airport, according to the country's weather service.\n\nWhy it matters: This is the first time the U.K. has breached this temperature that is more common in tropical and desert climates, and studies point to climate change as a key factor behind the scorchingly hot temperatures.\n\nHeat waves of this magnitude and duration can be deadly, and pose particular health risks to vulnerable groups like the elderly, those with preexisting medical conditions and anyone without access to cooling.\nOnly about 3% of homes in the U.K. have air conditioning.\nDriving the news: The U.K. Met Office warned that temperatures are expected to keep rising throughout the day. Multiple other locations have exceeded the 40-degree mark as well, including within the city of London.\n\nThe previous national temperature record, set in 2019, stood at 101.66°F (38.7°C). A provisional total of 34 weather stations broke that record on Tuesday, the Met Office reported.\nAccording to climate scientist Simon Lee, 3 of the 4 hottest days in U.K. history have occurred during the last 4 years.\nContext: Studies have shown that climate change is making heat waves like this one hotter than they otherwise would have been, as well as more frequent and longer-lasting.\n\n

British authorities have declared a "national emergency".

\n\nJapan is asking some 37 million people living in and around Tokyo to use less electricity and ration air conditioning even amid a record heat wave that has seen temperatures in some parts of the country pass 40 degrees Celsius (104 degrees Fahrenheit).\n\nThe government urged citizens in the capital to turn off lights and power switches for three hours in the afternoon and to use air conditioning “appropriately,” as the country struggles with growing power shortages.\n\nThe request comes despite experts warning that record-setting temperatures could continue for weeks.\n\n“Please save as much power as possible, such as by turning off lights that are not in use,” the Ministry of Economy, Trade and Industry said Monday. It said appropriate uses of air conditioning included to “prevent heatstroke.”\n\nJapan’s power supply has been tight since March, when an earthquake in the northeast forced some nuclear power plants to suspend operations. At the same time demand is at its highest since 2011, when Japan was hit by the strongest earthquake in its recorded history. The ministry warned the mismatch between supply and demand is becoming “severe.”\n\nBut with recent temperatures soaring to dangerous levels, rationing electricity will not be easy.\n\nOn Tuesday, Tokyo experienced scorching heat for a fourth successive day after setting records for the month of June at the weekend.\n\n

Temperatures in Tokyo have been setting records for the month of June.

\n\nNew records have been set as temperatures topped 40 degrees Celsius (104 degrees Fahrenheit) across much of Spain and Portugal Wednesday amid a persistent heat wave across western Europe.\n\nIn northwest Spain, the city of Ourense set its all-time temperature record of 43.2 degrees Celsius (109.76 degrees Fahrenheit) on Tuesday, according to Spain’s meteorological agency, AEMET.\n\nOn Wednesday, Zamora set its own record after reaching 41.1 degrees Celsius (105.98 degrees Fahrenheit), according to climate statistician Max Herrera. Soria set a record of 38.7 degrees Celsius (101.66 degrees Fahrenheit) that same day.\n\nThe central Portuguese town of Lousã set an all-time record of 46.3 degrees Celsius (115.34 degrees Fahrenheit) and Lisbon set a July record of 41.4 degrees Celsius (106.52 degrees Fahrenheit).\n\nBut the worst is yet to come.\n\nOfficials in Spain and Portugal are bracing themselves for the hottest day of the heat wave so far.\n\nTemperatures are set to reach around 45 degrees Celsius (113 degrees Fahrenheit) in parts of western and southern Spain, according to AEMET. In its afternoon update, AEMET warned that Spain is set to experience its hottest day of the heat wave on Thursday.\n\nSimilar is being said of Portugal. Portuguese Prime Minister Antonio Costa told reporters that Thursday is set to be the “most serious day” for Portugal as far as the extreme weather is concerned, warning that the country needs “to be more careful than ever to avoid new occurrences.”\n\n

Temperatures topped 40 degrees Celsius (104 degrees Fahrenheit) across much of Spain and Portugal on Wednesday.

Japan is asking 37 million people living in Tokyo to use less electricity.


11.5 million files were leaked from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca.

\n\nOn Sunday, the International Consortium of Investigative Journalists published a massive leak of documents, dubbed the Panama Papers. CNNMoney has you covered with what you need to know about the story and responses to it.\n\nICIJ and an international coalition of media outlets investigated the trove of papers, which allegedly reveal a clandestine network involving associates of Russian President Vladimir Putin, and business ties between a member of FIFA’s ethics committee and men whom the United States has indicted for corruption.\n\nThe more-than 11 million documents, which date back four decades, are allegedly connected to Panama law firm Mossack Fonseca. ICIJ reports that the firm helped establish secret shell companies and offshore accounts for global power players. ICIJ reports that a 2015 audit found that Mossack Fonseca knew the identities of the real owners of just 204 of 14,086 companies it had incorporated in Seychelles, an Indian Ocean archipelago often described as a tax haven.\n\nAnd as Gerard Ryle, the director of ICIJ, told CNN’s Christiane Amanpour: “These documents, if nothing else, raise an awful lot of questions.”\n\nThe documents reference 12 current or former world leaders, as well as 128 other politicians and public officials.

International Consortium of Investigative Journalists published the Panama Papers.


The documents show the myriad ways in which the rich can exploit secretive offshore tax regimes.

\n\nIceland’s embattled prime minister, Sigmundur Davíð Gunnlaugsson, has become the first major casualty of the Panama Papers, stepping aside from his office amid mounting public outrage that his family had sheltered money offshore.\n\nWhat was planned as a mass protest in Reykjavik on Tuesday evening turned to muted satisfaction as demonstrators vented their anger following revelations that Gunnlaugsson once owned – and his wife still owns – an offshore investment company with multimillion-pound claims on Iceland’s failed banks.\n\n“We were hoping parliament would be dissolved,” said Steingrimur Oli Einarsson, a fish oil trader, one of a few hundred to brave a freezing northeasterly wind on parliament square in downtown Reykjavik.\n\n“Of course we’re happy the prime minister has stepped down. But we are not satisfied with who is taking over from him, and with the fact that the government itself is still there.”\n\nGunnlaugsson’s office said in a statement that he was not resigning, but “handing over the office of prime minister for an unspecified time” to Sigurður Ingi Jóhannsson, the agriculture and fisheries minister.\n\nGunnlaugsson was “very proud” of his success resurrecting Iceland’s economy after the 2008 financial crisis, the statement said, and “especially proud of his government’s handling of ... the creditors of the failed Icelandic banks”.\n\nOutside parliament, Sigrin Eiroksdottir, a pre-school teacher, said the occasion “doesn’t really feel like any kind of victory. There is so much still to put right in this country in terms of ethics, of how the world looks at us.”\n\n

Iceland's Prime Minister Sigmundur Davíð Gunnlaugsson steps down amid public outrage over his family's offshore investments.


\n\nA network of secret offshore deals and vast loans worth $2bn has laid a trail to Russia’s president, Vladimir Putin.\n\nAn unprecedented leak of documents shows how this money has made members of Putin’s close circle fabulously wealthy.\n\nThough the president’s name does not appear in any of the records, the data reveals a pattern – his friends have earned millions from deals that seemingly could not have been secured without his patronage.\n\nThe documents suggest Putin’s family has benefited from this money – his friends’ fortunes appear his to spend.\n\nThe files are part of an unprecedented leak of millions of papers from the database of Mossack Fonseca, the world’s fourth biggest offshore law firm. They show how the rich and powerful are able to exploit secret offshore tax regimes in myriad ways.\n\nThe offshore trail starts in Panama, darts through Russia, Switzerland and Cyprus – and includes a private ski resort where Putin’s younger daughter, Katerina, got married in 2013.\n\nThe Panama Papers shine a particular spotlight on Sergei Roldugin, who is Putin’s best friend. Roldugin introduced Putin to the woman he subsequently married, Lyudmila, and is godfather to Putin’s older daughter, Maria.\n\nA professional musician, he has apparently accumulated a fortune – having been placed in ostensible control of a series of assets worth at least $100m, possibly more.\n\nRoldugin appears to have been picked for this role because of his lesser profile. He has denied in documents to bank officials in Switzerland and Luxembourg that he is close to any Russian public figures.

Roldugin has denied that he is close to any Russian public figures.


\n\nThe blows keep coming for Equifax (NYSE:EFX) as shares continue to tumble and the Federal Trade Commission announced plans to open an investigation into the credit reporting company Thursday after the company went public with its massive security breach last week, putting 143 million American’s personal data at risk.\n\nIn case you missed all drama, here’s a timeline of events, involving one of the biggest security breaches of all time.\n\nMid-May through July 2017 – This is the time frame in which Equifax says hackers gained unauthorized access to its data.\n\nThursday, July 29 – Equifax discovers the hack and immediately stopped the intrusion.\n\nTuesday, August 1 & Wednesday, August 2– Three top executives from Equifax sell nearly $2 million worth of company stock.\n\nThursday, September 7 – Equifax officially alerts the public about the cybersecurity incident and provides a dedicated website for consumers to check if they were affected. Later on that night, the company also issues a statement saying the three executives “had no knowledge that an intrusion had occurred at the time they sold their shares.”\n\nFriday, September 8 –Shares of Equifax shed more than 13% of their value in trading. Sen. Elizabeth Warren (D-Mass.) tears into the company on social media for trying to push customers to give up their right to sue.\n\n\n.@Equifax is forcing you to give up your right to join a class action against the company if you want their credit protection product. pic.twitter.com/anu0SE58wg\n\n— Elizabeth Warren (@SenWarren) September 8, 2017\n


OpenAI has released GPT-4, the latest version of its hugely popular artificial intelligence chatbot ChatGPT.\n\nThe new model can respond to images - providing recipe suggestions from photos of ingredients, for example, as well as writing captions and descriptions.\n\nIt can also process up to 25,000 words, about eight times as many as ChatGPT.\n\nMillions of people have used ChatGPT since it launched in November 2022.\n\nPopular requests for it include writing songs, poems, marketing copy, computer code, and helping with homework - although teachers say students shouldn\'t use it.\n\nChatGPT answers questions using natural human-like language, and it can also mimic other writing styles such as songwriters and authors, using the internet as it was in 2021 as its knowledge database.\n\nThere are concerns that it could one day take over many jobs currently done by humans.\n\nOpenAI said it had spent six months on safety features for GPT-4, and had trained it on human feedback. However it warned that it may still be prone to sharing disinformation.\n\nGPT-4 will initially be available to ChatGPT Plus subscribers, who pay $20 per month for premium access to the service.\n\nIt\'s already powering Microsoft\'s Bing search engine platform. The tech giant has invested $10b into OpenAI.\n\nIn a live demo it generated an answer to a complicated tax query - although there was no way to verify its answer.\nGPT-4, like ChatGPT, is a type of generative artificial intelligence. Generative AI uses algorithms and predictive text to create new content based on prompts.

Musk is advocating for the regulation of artificial intelligence and believes it has the potential to destroy humanity.

Google announced plans Monday to publicly launch its highly anticipated chatbot, which will be integrated with its marquee search engine as Big Tech companies race to deliver artificial intelligence products to the public after Open AI’s ChatGPT captivated millions.\n\nCEO Sundar Pichai said in a blog post it will unveil its chatbot—called Bard—to the public “in the coming weeks.”\n\nOne of its primary features will be providing snippets of information in response to searches that have no obvious answer, such as the question, “is the piano or guitar easier to learn, and how much practice does each need?”\n\nGoogle—through its parent company, Alphabet—has spent more money than any other business on artificial intelligence, putting more than $31 billion toward research and development in 2021, according to the Wall Street Journal.\n\n“Soon, you’ll see AI-powered features in Search that distill complex information and multiple perspectives into easy-to-digest formats, so you can quickly understand the big picture,” Pichai said.\n\nThe race is on for tech companies to roll out chatbots following the immense accomplishments of ChatGPT, which has attracted some 100 million monthly average users since it publicly launched at the end of November. Investors have been hungry to latch onto the chatbot hype, with BuzzFeed’s stock more than doubling in a single trading day last month after the company said it would start using ChatGPT to create content.

Investors showed great interest in ChatGPT, sending BuzzFeed’s stock surging after the company announced plans for it to create content.

Under intense pressure to compete with ChatGPT — the buzzy AI chatbot that has become a viral sensation — Google announced on Monday that it’s releasing its own “experimental conversational AI” tool, called “Bard.” The company also said it will add new AI–powered features to Google search.\n\nGoogle will first give Bard access to a group of trusted external partners, according to a company blog post on Monday; it said it plans to give the public access “in the coming weeks.” What the public will have access to starting this week are search results that sometimes show AI-generated text, especially for complex queries.\n\nWhile Google has for years used AI to enhance its products behind the scenes, the company has never released a public-facing version of a conversational chat product. It seems that the breakaway success of ChatGPT — the AI conversation tool created by the startup OpenAI that can auto-generate essays, poetry, and even entire movie scripts, and which amassed 100 million users just two months after it launched — has nudged Google to make this move. Google’s announcement comes a day before Microsoft is expected to announce more details on plans to integrate ChatGPT into its search product, Bing (Microsoft recently invested $10 billion in ChatGPT’s creator, OpenAI).\n\nSince ChatGPT came out, Google has faced immense pressure to more publicly showcase its AI technology.

Google has faced immense pressure to more publicly showcase its AI technology since ChatGPT’s release.

OpenAI has launched its first subscription plan for ChatGPT, opening up the popular AI model for premium use just two months after its public launch.\n\nThe new plan, called ChatGPT Plus and announced in a company blog post on Wednesday, will charge subscribers $20 for monthly use of ChatGPT’s tools. Users will get priority access to ChatGPT “during peak times,” faster responses and “priority access to new features and improvements,” the company wrote. The subscription is only available initially in the United States and will roll out to a waitlist first.\n\nOpenAI did not immediately respond to a request for comment on the announcement. The company also noted in its post that a waitlist is now available for an upcoming ChatGPT API.\n\nThe move comes just weeks after OpenAI president and chairman Greg Brockman posted to the company’s official Discord server asking users for input on ways to “monetize ChatGPT.” Some users (including this author) reported seeing an offer for a $42 per month pro tier in January, which promised early and priority access to new features and better reliability should the service, which has suffered repeated outages due to high demand in past weeks, again hit capacity.\n\nAfter OpenAI launched ChatGPT in late November, more than one million users overwhelmed the tool’s site within five days, OpenAI has said. Since then, product releases and other announcements have flowed fast out of the San Francisco-based company led by CEO Sam Altman.

OpenAI launches subscription plan for ChatGPT

Microsoft has finally commented on the rumblings about the $10 billion investment into the OpenAI, maker of ChatGPT, after rumors have been swirling for weeks about this colossal financial deal. While Microsoft didn’t confirm the actual financial figure in the press release on Monday, they did announce the partnership between the two companies would be extended.\n\nThis recent investment is the third phase of the financial commitment from Microsoft. Previous investments were made in 2019 and 2021 into the AI startup.\n\nWe’re going to look at how artificial intelligence will change how Microsoft competes with Google, Apple and other tech giants—and how Q.ai can help you keep abreast of the changes.\n\nMicrosoft finally confirmed a new multi-year investment in OpenAI, the company behind ChatGPT, in a press release on January 23. When we last wrote about Microsoft’s investment in ChatGPT, it was reported by Semafor that the tech giant was looking to invest an additional $10 billion into the startup. The official release doesn’t confirm or deny the rumored dollar figure, as they only commented on continuing the partnership.\n\nMicrosoft noted how they were committed to turning Azure into an AI supercomputer for the entire world. Microsoft Azure is the exclusive cloud provider for every tool under the OpenAI banner.\n\nJust as a quick reminder, ChatGPT is the chatbot released late last year by OpenAI, a company that Elon Musk and Sam Altman originally founded. This revolutionary tool reported one million users at the beginning of December after being out for about a week.

OpenAI's ChatGPT chatbot reported one million users at the beginning of December after being out for about a week.


More than 1,000 firefighters battled two blazes in southwestern France.


Equifax's board of directors appointed Mark Feidler as the company's nonexecutive chairman.


\n\nIceland’s embattled prime minister, Sigmundur Davíð Gunnlaugsson, has become the first major casualty of the Panama Papers, stepping aside from his office amid mounting public outrage that his family had sheltered money offshore.\n\nWhat was planned as a mass protest in Reykjavik on Tuesday evening turned to muted satisfaction as demonstrators vented their anger following revelations that Gunnlaugsson once owned – and his wife still owns – an offshore investment company with multimillion-pound claims on Iceland’s failed banks.\n\n“We were hoping parliament would be dissolved,” said Steingrimur Oli Einarsson, a fish oil trader, one of a few hundred to brave a freezing northeasterly wind on parliament square in downtown Reykjavik.\n\n“Of course we’re happy the prime minister has stepped down. But we are not satisfied with who is taking over from him, and with the fact that the government itself is still there.”\n\nGunnlaugsson’s office said in a statement that he was not resigning, but “handing over the office of prime minister for an unspecified time” to Sigurður Ingi Jóhannsson, the agriculture and fisheries minister.\n\nGunnlaugsson was “very proud” of his success resurrecting Iceland’s economy after the 2008 financial crisis, the statement said, and “especially proud of his government’s handling of ... the creditors of the failed Icelandic banks”.\n\nOutside parliament, Sigrin Eiroksdottir, a pre-school teacher, said the occasion “doesn’t really feel like any kind of victory. There is so much still to put right in this country in terms of ethics, of how the world looks at us.”\n\n

Iceland's Prime Minister Sigmundur Davíð Gunnlaugsson steps down amid public outrage over his family's offshore investments.

\n\nA network of secret offshore deals and vast loans worth $2bn has laid a trail to Russia’s president, Vladimir Putin.\n\nAn unprecedented leak of documents shows how this money has made members of Putin’s close circle fabulously wealthy.\n\nThough the president’s name does not appear in any of the records, the data reveals a pattern – his friends have earned millions from deals that seemingly could not have been secured without his patronage.\n\nThe documents suggest Putin’s family has benefited from this money – his friends’ fortunes appear his to spend.\n\nThe files are part of an unprecedented leak of millions of papers from the database of Mossack Fonseca, the world’s fourth biggest offshore law firm. They show how the rich and powerful are able to exploit secret offshore tax regimes in myriad ways.\n\nThe offshore trail starts in Panama, darts through Russia, Switzerland and Cyprus – and includes a private ski resort where Putin’s younger daughter, Katerina, got married in 2013.\n\nThe Panama Papers shine a particular spotlight on Sergei Roldugin, who is Putin’s best friend. Roldugin introduced Putin to the woman he subsequently married, Lyudmila, and is godfather to Putin’s older daughter, Maria.\n\nA professional musician, he has apparently accumulated a fortune – having been placed in ostensible control of a series of assets worth at least $100m, possibly more.\n\nRoldugin appears to have been picked for this role because of his lesser profile. He has denied in documents to bank officials in Switzerland and Luxembourg that he is close to any Russian public figures.

Roldugin has denied that he is close to any Russian public figures.

\n\nThe Panama Papers are an unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international partners, including the Guardian and the BBC.\n\nWhat do they reveal?\nThe documents show the myriad ways in which the rich can exploit secretive offshore tax regimes. Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens.\n\nA $2bn trail leads all the way to Vladimir Putin. The Russian president’s best friend – a cellist called Sergei Roldugin – is at the centre of a scheme in which money from Russian state banks is hidden offshore. Some of it ends up in a ski resort where in 2013 Putin’s daughter Katerina got married.\n\nAmong national leaders with offshore wealth are Nawaz Sharif, Pakistan’s prime minister; Ayad Allawi, ex-interim prime minister and former vice-president of Iraq; Petro Poroshenko, president of Ukraine; Alaa Mubarak, son of Egypt’s former president; and the prime minister of Iceland, Sigmundur Davíð Gunnlaugsson.\n\nAn offshore investment fund run by the father of British prime minister David Cameron avoided ever having to pay tax in Britain by hiring a small army of Bahamas residents to sign its paperwork.


\n\nInternational pressure may be the only way to stop the Brazilian government from taking a “suicide” path in the Amazon, one of the country’s most respected scientists has said, as the world’s biggest rainforest continues to be ravaged by thousands of deliberate fires.\n\nThe large number of conflagrations – set illegally to clear and prepare land for crops, cattle and property speculation – has prompted the state of Amazonas to declare an emergency, created giant smoke clouds that have drifted hundreds of miles, and sparked international concerns about the destruction of an essential carbon sink.\n\n“Our house is burning,” tweeted the French president, Emmanuel Macron, who called for emergency talks on the subject at this week’s G7 summit. But the response to the crisis has been mixed: while Norway and Germany have halted donations to the Brazilian government’s Amazon fund, the EU has recently signed a trade deal with South America, and the UK spent this week focusing on post-Brexit business with Brazil.\n\nOn Wednesday, the UK trade minister Conor Burns was shaking hands with his counterparts in Brasilia and declaring a desire to “deepen relations”. Asked about the fires, he declined to comment but reportedly said Bolsonaro’s government had “legitimate ambitions to bring prosperity to its people”.\n\nScientists say the ongoing destruction will have dire consequences for Brazil and the world.\n\n

International pressure is needed to stop the Brazilian government from taking a “suicide” path in the Amazon.

\n\nFires in Brazil's Amazon rainforest are proliferating at an alarming rate.\n\nThat's the gist of an announcement this week by the country's National Institute for Space Research, or INPE. According to the agency, there have been 74,155 fires in Brazil so far this year — most of which erupted in the Amazon. That represents an astonishing leap of more than 80% over last year and by far the most that the agency has recorded since it began compiling this data in 2013.\n\nAbout half those fires, or nearly 36,000 of them, have ignited in just the past month. That's nearly as many as in all of 2018. Smoke from the fires has darkened the skies over major Brazilian cities, such as São Paulo.\n\nBrazilian President Jair Bolsonaro has signaled unconcern about the situation. The far-right leader, who took office in January, has repeatedly lambasted Brazil's environmental regulations as an impediment to economic development, and under his tenure environmental agencies have seen diminished staff and funding. That includes INPE itself, whose leader, Ricardo Magnus Osório Galvão, was canned this month because — according to Galvão — he questioned how Bolsonaro was using his agency's data.\n\nAsked about the fires by local media, Bolsonaro baselessly suggested that nongovernmental organizations have been setting the fires themselves as retaliation for the scaling back of Brazil's usual funding support for them.

The Brazilian President has scaled back environmental regulations and funding for environmental agencies.

The fires have prompted the state of Amazonas to declare an emergency and created giant smoke clouds.

Emmanuel Macron called for emergency talks on the subject at the G7 summit.


Equifax had an online portal where customers go to log issues with their credit reports.

\n\nIf you\'re an American with a credit history -- and at least 143 million are -- you probably already know your Equifax data, including at least your name, social security number, birthdate, and home address, may have been stolen.\n\nWho\'s to blame?\n\nAccording to an unsubstantiated report by equity research firm Baird, citing no evidence, the blame falls on the open-source server framework, Apache Struts. The firm\'s source, per one report, is believed to be Equifax.\n\nApache Struts is a popular open-source software programming Model-View-Controller (MVC) framework for Java. It is not, as some headlines have had it, a vendor software program.\n\nIt\'s also not proven that Struts was the source of the hole the hackers drove through.\n\nIn fact, several headlines -- some of which have since been retracted -- all source a single quote by a non-technical analyst from an Equifax source.\n\nNot only is that troubling journalistically, it\'s problematic from a technical point of view. In case you haven\'t noticed, Equifax appears to be utterly and completely clueless about their own technology. Equifax\'s own data breach detector isn\'t just useless: it\'s untrustworthy.\n\nAdding insult to injury, the credit agency\'s advice and support site looks, at first glance, to be a bogus, phishing-type site: "equifaxsecurity2017.com." That domain name screams fake. And what does it ask for if you go there? The last six figures of your social security number and last name. In other words, exactly the kind of information a hacker might ask for.\n\nEquifax\'s technical expertise, it has been shown, is less than acceptable.\n\n

Equifax's technical expertise has been shown to be less than acceptable.

Automatic scan on March 15th failed to detect vulnerability.


Another Bay Area bank was affected Monday by uncertainty in the financial markets following the failure of Silicon Valley Bank on Friday.\n\nStock in San Francisco-based First Republic Bank sank nearly 62% Monday and shares of other regional banks suffered losses, reportedly. First Republic has 86 locations across the country. Its Midpeninsula offices include two in Menlo Park and one each in Los Altos, Mountain View, Palo Alto and Redwood City.\n\nOn Sunday, regulators seized Signature Bank in New York after it failed.\n\nBut a San Jose State University professor of finance and accounting does not see the failure of Silicon Valley Bank and Signature Bank as signs of a coming crisis.\n\n"I don\'t think it is a huge contagion issue," said assistant professor Matthew Faulkner. "It\'s more toward an isolated incident."\n\nOver the weekend and Monday, top federal officials including President Joseph Biden appeared to be getting ahead of the issue.\n\nBiden sought to ease American\'s fears by making all deposits held by Silicon Valley Bank customers available regardless of the amount of their deposits, federal officials said over the weekend.\n\nThat includes businesses who must pay their employees and their bills, officials said.\n\n"Americans can have confidence that the banking system is safe," Biden said Monday morning. "Your deposits will be there when you need them."\n\nInvestors will not be protected, Biden said. According to the president, they took a risk and "that\'s how capitalism works."\n\nTaxpayers will not be on the hook for the losses.

The collapse of Silicon Valley Bank continues to reverberate, hitting bank stocks, revealing hidden stresses, knocking on to Credit Suisse, and setting off a political blame-game.\n\n\nWhy the $212bn tech-lender abruptly collapsed, triggering the most significant financial crisis since 2008, has no single answer. Was it, as some argue, the result of Trump-era regulation rollbacks, risk mismanagement at the bank, sharp interest rate rises after a decade of ultra-low borrowing costs, or perhaps a combination of all three?\n\nFederal investigations have begun and lawsuits have been filed and no doubt new issues at the bank will emerge. But for now, here are the main reasons experts believed SVB failed.\n\nThe Vermont senator Bernie Sanders argues that the culprit was an “absurd” 2018 law, supported by Congress and signed by Donald Trump, that undid some of the credit requirements imposed under the Dodd-Frank banking legislation brought in after the 2008 banking crisis.\n\nDodd-Frank required that banks with at least $50bn in assets – banks considered “systemically important” – undergo an annual Federal Reserve “stress test” and maintain certain levels of capital as well as plans for a living will if they failed.\n\nSVB’s chief executive, Greg Becker, argued before Congress in 2015 that the $50bn threshold (SVB held $40bn at the time) was unnecessary and his bank, like other “mid-sized” or regional banks, “does not present systemic risks”.\n\nTrump said the new bill went a “long way toward fixing” Dodd-Frank, which he called a “job-killer”.

Interest rates rise after a decade of ultra-low borrowing costs.

Regulators seized Signature Bank in New York on Sunday.

CEO & co-founder of startup "Shelf Engine" attempts to wire transfer their money out of SVB