British businesses have lost an estimated £44 billion ($55 billion) in revenue over the past five years due to cyberattacks, with more than half of private sector companies experiencing at least one incident, according to a report by insurance broker Howden. Companies earning over £100 million annually faced the highest risk, with cyberattacks cutting 1.9% of revenue on average.
The report identified compromised emails (20%) and data theft (18%) as the leading causes of cyber incidents. Despite these risks, only 61% of businesses used anti-virus software, and just 55% had network firewalls, with cost and limited IT resources cited as major obstacles to better cybersecurity.
“Cybercrime is rising as businesses rely more on technology, exposing vulnerabilities to malicious actors,” said Sarah Neild, head of UK cyber retail at Howden. The findings are based on a September survey of 905 UK private-sector IT leaders conducted by YouGov.
ZA Bank, Hong Kong’s largest virtual bank, has introduced a service allowing retail users to trade Bitcoin and Ethereum directly using fiat currency. Announced on 25 November, the new feature requires users to hold a ZA Bank account and complete a risk assessment before accessing the service via the bank’s app.
The service, launched in collaboration with cryptocurrency exchange HashKey, aims to comply with Hong Kong’s regulatory standards while merging traditional banking with digital assets. HashKey’s CEO, Livio Weng, emphasised the partnership’s role in driving the Web3 ecosystem’s growth and enhancing financial offerings for users.
Retail crypto trading in Hong Kong only became available in August 2023, with three licensed exchanges operating under the Securities and Futures Commission. The financial regulator has suggested that additional licences could be granted by the end of the year, signalling growth in the region’s digital asset sector.
South Korea has become Taiwan’s largest source of trade deficit, surpassing Japan, with a record $18.1 billion deficit in the first 10 months of this year, according to Taiwan’s Ministry of Finance. Integrated circuits account for $12.9 billion, or 71.3%, of the total deficit, driven by South Korea’s dominance in memory chip production and its role in the AI supply chain.
South Korea’s SK hynix, the second-largest memory chip maker, has partnered with Taiwan’s TSMC to produce advanced HBM chips for AI leader NVIDIA, underscoring the countries’ intertwined roles in the tech industry. Taiwan relies on South Korea for DRAM, a key component in packaging and integrating AI technologies, further fueling the deficit.
Trade between the two nations remains robust, with South Korea ranking as Taiwan’s fifth-largest export market and fourth-largest import source. Both export-oriented economies share overlapping industrial structures, particularly in electronics, highlighting their competition and collaboration within global supply chains.
Wang Shouwen, China‘s vice commerce minister, held discussions with Jay Puri, Nvidia‘s executive vice president for worldwide field operations, in Beijing on Monday, according to China’s Ministry of Commerce.
Details of the meeting were not disclosed, but the talks underscore Nvidia’s growing significance in the global tech landscape and its potential role in China’s semiconductor sector.
The meeting comes amid heightened tensions over technology trade between China and the United States, where Nvidia is a leading player in advanced chip production. Both sides may seek to address mutual interests while navigating ongoing restrictions and competition in the semiconductor industry.
The US government is expected to reduce Intel Corp‘s preliminary $8.5 billion federal chips grant to less than $8 billion, according to a report by The New York Times. The decision reflects Intel’s recent $3 billion contract to produce chips for the Pentagon, unnamed sources said.
Earlier this year, the Biden administration announced nearly $20 billion in grants and loans for Intel to expand its semiconductor manufacturing capabilities. The funding, part of the 2022 CHIPS and Science Act, supports building two new factories in Arizona and modernising an existing one.
The CHIPS Act allocated $52.7 billion to bolster US semiconductor production, including $39 billion for subsidies and $11 billion for research and development, as part of a national push to strengthen domestic chip manufacturing and reduce reliance on foreign supply chains.
The Reserve Bank of India (RBI) is stepping up its efforts to expand its cross-border payments platform, which aims to offer instant settlements with trading partners. Agreements are already in place with Sri Lanka, Bhutan, and Nepal, and India is now looking to include the United Arab Emirates (UAE) in the scheme. This move reflects India’s growing interest in using central bank digital currencies (CBDCs) for more streamlined transactions.
India’s CBDC, currently focused on bank-to-bank operations, is being trialled for potential retail use, though no timeline has been confirmed. The nation has made significant progress with its digital currency programme, with over 5 million users participating in its ongoing pilot. RBI Governor Shaktikanta Das has also announced that offline solutions for the digital rupee are in the works, aimed at addressing connectivity challenges in rural areas.
At a global conference, Das outlined plans to make CBDCs more interoperable, enabling seamless transactions across different systems. However, concerns have been raised by privacy advocates and human rights activists, who warn that centralised digital currencies could threaten individual freedoms and data privacy.
China‘s low Earth orbit satellite firm, SpaceSail, has signed an agreement with Brazilian state telecom Telebras to provide satellite broadband services. The deal was announced during President Xi Jinping’s state visit to Brazil, following the G20 summit in Rio de Janeiro.
SpaceSail’s entry into Brazil marks its first international venture, challenging Elon Musk’s Starlink, which has over 6,000 satellites globally and serves various sectors in Brazil. The Thousand Sails Constellation will power SpaceSail’s services, offering connectivity in remote areas.
Brazil’s government aims to diversify satellite service providers amid recent tensions involving Starlink and Musk’s social media platform X. China’s growing satellite presence includes 1,059 satellites, with plans for massive constellations to rival Starlink’s dominance.
The Japanese government has announced plans to invest an additional 200 billion yen ($1.3 billion) in Rapidus Corp. in fiscal 2025, aiming to enhance the domestic semiconductor industry. This follows a 920 billion yen package already allocated to support the chipmaker, with the added funding expected to attract private-sector investment to strengthen Japan‘s supply chain for next-generation chips.
Rapidus, a venture formed in 2022 by major Japanese companies like Toyota and Sony, estimates it will require around 5 trillion yen to complete a cutting-edge manufacturing plant in Hokkaido. The plant aims to begin mass production of advanced semiconductors by 2027. The project has also secured technical collaboration with United States tech giant IBM, ensuring access to key expertise in chip development.
The government is set to approve a comprehensive financial package that includes the new funding and potential loan guarantees, highlighting its focus on revitalising the once-dominant semiconductor industry. The move aligns with Japan’s strategy to mitigate geopolitical risks and compete in the global chip market, which remains critical for technologies from AI to electric vehicles.
The additional funding underscores Japan’s commitment to regaining a leading position in the semiconductor supply chain amid growing global competition. By fostering public-private partnerships and strengthening technological capabilities, Japan aims to reduce reliance on foreign suppliers and secure its stake in an increasingly vital industry.
Brave Search has unveiled an AI-powered chat feature that lets users ask follow-up questions to refine their initial search queries. This addition builds on Brave’s earlier ‘Answer with AI’ tool, which generates quick summaries for search queries. Now, users can engage further with a chat bar that appears beneath the summary, enabling deeper exploration without starting a new search.
For instance, a search for ‘Christopher Nolan films’ will provide an AI-generated list of his notable works. Users can then ask a follow-up question, such as “Which actors appear most in his films?” The AI will respond with relevant information while citing its sources. Powered by a mix of open and proprietary large language models, the feature seamlessly integrates search and chat for a more versatile user experience.
Unlike Google, which offers AI summaries but lacks a follow-up chat option, Brave is bridging the gap between search engines and chatbots. Brave also emphasizes privacy, ensuring that queries are not stored or used to profile users. With over 36M daily searches and 11M AI responses generated daily, Brave is advancing its commitment to private, user-friendly innovation.
The US Commerce Department has awarded GlobalFoundries a $1.5 billion subsidy to expand semiconductor production in Malta, New York, and Vermont. This follows the company’s $13 billion commitment to bolstering United States manufacturing over the next decade, with a focus on automotive, AI, and aerospace sectors.
The funding will support enhanced technologies at the Malta facility and plans for a new plant aligned with market demand. New York state has pledged an additional $550 million to support the expansion. Commerce Secretary Gina Raimondo emphasised the urgency to finalise similar agreements before the administration ends.
GlobalFoundries CEO Thomas Caulfield highlighted the critical role of US-made chips in economic and national security. The subsidy is part of the $52.7 billion Chips and Science programme, which also allocated major awards to TSMC, Samsung, and Intel.
