Digital business models

Supply chain cyber attack hits UBS and Swiss banks

A sophisticated supply chain cyber attack on Swiss service provider Chain IQ has resulted in data leaks at several financial institutions, including UBS and Pictet. According to the banks, no client data was compromised.

UBS confirmed the breach on Wednesday, stating: ‘A cyber attack at an external supplier has led to information about UBS and several other companies being stolen. No client data has been affected.’ The bank said it had acted swiftly to protect operations.

Chain IQ revealed that it was one of 20 organisations targeted in what it described as ‘a cyber-attack that had never before been seen on a global scale.’

The attackers published stolen data on the dark web on 12 June 2025 at 17:15 CET. The firm said access was revoked and the incident contained within 8 hours and 45 minutes.

The stolen data included employee business contact details from certain clients, such as internal telephone numbers. The company stated that all systems were checked and secured, with law enforcement notified immediately.

Dr Ilia Kolochenko, CEO of ImmuniWeb and a Fellow at the British Computer Society, warned of the potential impact: ‘This breach may have a disastrous and long-lasting effect on the Swiss banking sector. An urgent investigation is essential to determine its scope.’

He added that the incident highlights third-party vulnerabilities: ‘Even major institutions are at risk from supply chain weaknesses. Legal liability could extend to the banks themselves if damage to individuals occurs.’

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TCS clears its name in M&S data breach

Tata Consultancy Services (TCS) has publicly denied any involvement in the cyberattack that disrupted Marks & Spencer earlier this year. The attack, described as highly sophisticated, led to significant data theft and weeks-long disruption of online operations.

During the company’s annual shareholder meeting, TCS independent director Keki Mistry confirmed that none of the company’s systems or users were compromised. He said TCS is not under investigation by M&S and assured shareholders no other clients were affected.

TCS has worked with M&S for more than a decade and was awarded a $1bn contract in 2023 to overhaul the retailer’s supply chain systems. Although TCS reviewed its systems, Mistry’s comments suggest the breach did not stem from its infrastructure.

The retailer has not responded to TCS’s latest remarks but earlier stated it hopes to fully restore its online services by July.

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Amazon CEO warns staff to embrace AI or face job losses

Amazon CEO Andy Jassy has warned staff that they must embrace AI or risk losing their jobs.

In a memo shared publicly, Jassy said generative AI and intelligent agents are already transforming workflows at Amazon, and this shift will inevitably reduce the number of corporate roles in the coming years.

According to Jassy, AI will allow Amazon to operate more efficiently by automating specific roles and reallocating talent to new areas. He acknowledged that it’s difficult to predict the exact outcome but clarified that the corporate workforce will shrink as AI adoption expands across the company.

Those hoping to remain at Amazon will need to upskill quickly. Jassy stressed the need for employees to stay curious and proficient with AI tools to boost their productivity and remain valuable in an increasingly automated environment.

Amazon is not alone in the trend.

BT Group is restructuring to eliminate tens of thousands of roles. At the same time, other corporate leaders, including those at LVMH and ManPower, have echoed concerns that AI’s most significant disruption may be within human resources.

Executives now see AI as a tech shift and a workforce transformation demanding retraining and redefinition of roles.

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India’s Gen Z founders go viral with AI and robotics ‘Hacker House’ in Bengaluru

A viral video has captured the imagination of tech enthusiasts by offering a rare look inside a ‘Hacker House’ in Bengaluru’s HSR Layout, where a group of Gen Z Indian founders are quietly shaping the future of AI and robotics.

Spearheaded by Localhost, the initiative provides young developers aged 16 to 22 with funding, workspace, and a collaborative environment to rapidly build real-world tech products — no media hype, just raw innovation.

The video, shared by Canadian entrepreneur Caleb Friesen, shows teenage coders intensely focused on their projects. From AI-powered noise-cancelling systems and assistive robots to innovative real estate and podcasting tools, each room in the shared house hums with creativity.

The youngest, 16-year-old Harish, stands out for his deep focus, while Suhas Sumukh, who leads the Bengaluru chapter, acts as both a guide and mentor.

Rather than pitch decks and polished PR, what resonated online was the authenticity and dedication. Caleb’s walk-through showed residents too engrossed in their work to acknowledge his arrival.

Viewers responded with admiration, calling it a rare glimpse into ‘the real future of Indian tech’. The video has since crossed 1.4 million views, sparking global curiosity.

At the heart of the movement is Localhost, founded by Kei Hayashi, which helps young developers build fast and learn faster.

As demand grows for similar hacker houses in Mumbai, Delhi, and Hyderabad, the initiative may start a new chapter for India’s startup ecosystem — fuelled by focus, snacks, and a poster of Steve Jobs.

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Visa and Yellow Card launch new digital dollar system

Visa is stepping up efforts to improve cross-border payments in Africa by partnering with Yellow Card Financial to roll out stablecoin settlements across 20 markets. The pilot will start later this year in an undisclosed country, offering faster and cheaper transactions.

The collaboration promises near-instant, low-cost stablecoin transfers by combining Visa Direct’s payment network with Yellow Card’s licences in Africa and the broader CEMEA region.

These services come at a critical time, as local currency volatility and shortages of US dollars have hampered trade and remittances across the continent.

Visa’s stablecoin infrastructure has already processed over $225 million in USDC settlements since 2023. Yellow Card, which has handled over $6 billion in crypto transactions, offers Visa immediate access to a mature crypto corridor.

The partnership seeks to modernise traditional payment rails by reducing fees, improving liquidity management, and boosting resilience.

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South Korea to investigate crypto exchange fees

South Korea’s Financial Services Commission (FSC) has announced an investigation into the transaction fees charged by domestic cryptocurrency exchanges. The regulator will assess if fees are too high and consider ways to reduce trading costs.

The inquiry aligns with President Lee Jae-myung’s pro-crypto agenda. Lee promised during his campaign to reduce trading fees, notably to support younger investors.

The FSC intends to survey local exchanges about their current fee systems and compare them with overseas platforms to set future policy standards.

Earlier this year, South Korea’s regulator introduced a 0.6% supervision fee on exchanges’ operating revenues.

The fees collected from major exchanges like Upbit and smaller players such as Bithumb and Coinone contribute significantly to the overall industry revenue. The FSC has yet to comment on the investigation’s next steps.

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Oakley unveils smart glasses featuring Meta technology

Meta has partnered with Oakley to launch a new line of smart glasses designed for active lifestyles. The flagship model, Oakley Meta HSTN, will be available for preorder from 11 July for $499.

Additional Oakley models featuring Meta’s innovative technology are set to launch later in the summer, starting at $399.

https://twitter.com/1Kapisch/status/1936045567626617315

The glasses include a front-facing camera, open-ear speakers, and microphones embedded in the frame, much like the Meta Ray-Bans. When paired with a smartphone, users can listen to music, take calls, and interact with Meta AI.

With built-in cameras and microphones, Meta AI can also describe surroundings, answer visual questions, and translate languages.

With their sleek, sports-ready design and IPX4 water resistance, the glasses are geared toward athletes. They offer 8 hours of battery life—twice that of the Meta Ray-Bans—and come with a charging case that extends usage to 48 hours. Video capture quality has also improved, now supporting 3K resolution.


Customers can choose from five frame and lens combinations with prescription lenses for an added cost. Colours include warm grey, black, brown smoke, and clear, while lens options include Oakley’s PRIZM and transitions.

The $499 limited-edition version features gold accents and gold PRIZM lenses. Sales will cover major markets across North America, Europe, and Australia.

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Publishers lose traffic as readers trust AI more

Online publishers are facing an existential threat as AI increasingly becomes the primary source of information for users, warned Cloudflare CEO Matthew Prince during an Axios event in Cannes.

As AI-generated summaries dominate user queries, search engine referrals have plunged, urgently pushing media outlets to reconsider how they sustain revenue from their content.

Traffic patterns have dramatically shifted. A decade ago, Google sent a visitor to publishers for every two pages it crawled.

Today, that ratio has ballooned to 18:1. The picture is more extreme for AI firms: OpenAI’s ratio has jumped from 250:1 to 1,500:1 in just six months, while Anthropic’s has exploded from 6,000:1 to a staggering 60,000:1.

Although AI systems typically include links to sources, Prince noted that ‘people aren’t following the footnotes,’ meaning fewer clicks and less ad revenue.

Prince argued that audiences are beginning to trust AI summaries more than the original articles, reducing publishers’ visibility and direct engagement.

As the web becomes increasingly AI-mediated, fewer people read full articles, raising urgent questions about how creators and publishers can be fairly compensated.

To tackle the issue, Cloudflare is preparing to launch a new anti-scraping tool to block unauthorised data harvesting. Prince hinted that the tool has broad industry support and will be rolled out soon.

He remains confident in Cloudflare’s capacity to fight against such threats, noting the company’s daily battles against sophisticated global cyber actors.

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Hidden privacy risk: Meta AI app may make sensitive chats public

Meta’s new AI app raises privacy concerns as users unknowingly expose sensitive personal information to the public.

The app includes a Discover feed where anyone can view AI chats — even those involving health, legal or financial data. Many users have accidentally shared full resumes, private conversations and medical queries without realising they’re visible to others.

Despite this, Meta’s privacy warnings are minimal. On iPhones, there’s no clear indication during setup that chats will be made public unless manually changed in settings.

Android users see a brief, easily missed message. Even the ‘Post to Feed’ button is ambiguous, often mistaken as referring to a user’s private chat history rather than public content.

Users must navigate deep into the app’s settings to make chats private. They can restrict who sees AI prompts there, stop sharing on Facebook and Instagram, and delete previous interactions.

Critics argue the app’s lack of clarity burdens users, leaving many at risk of oversharing without realising it.

While Meta describes the Discover feed as a way to explore creative AI usage, the result has been a chaotic mix of deeply personal content and bizarre prompts.

Privacy experts warn that the situation mirrors Meta’s longstanding issues with user data. Users are advised to avoid sharing personal details with the AI entirely and immediately turn off all public sharing options.

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SoftBank plans $1 trillion AI and robotics park in Arizona

SoftBank founder Masayoshi Son is planning what could become his most audacious venture yet: a $1 trillion AI and robotics industrial park in Arizona.

Dubbed ‘Project Crystal Land’, the initiative aims to recreate a high-tech manufacturing hub reminiscent of China’s Shenzhen, focused on AI-powered robots and next-gen automation.

Son is courting global tech giants — including Taiwan Semiconductor Manufacturing Co. (TSMC) and Samsung — to join the vision, though none have formally committed.

The plan hinges on support from federal and state governments, with SoftBank already discussing possible tax breaks with US officials, including Commerce Secretary Howard Lutnick.

While TSMC is already investing $165 billion in Arizona facilities, sources suggest Son’s project has not altered the chipmaker’s current roadmap. SoftBank hopes to attract semiconductor and AI hardware leaders to power the park’s infrastructure.

Son has also approached SoftBank Vision Fund portfolio companies to participate, including robotics startup Agile Robots.

The park may serve as a production hub for emerging tech firms, complementing SoftBank’s broader investments, such as a potential $30 billion stake in OpenAI, a $6.5 billion acquisition of Ampere Computing, and funding for Stargate, a global data centre venture with OpenAI, Oracle, and MGX.

While the vision is still early, Project Crystal Land could radically shift US high-tech manufacturing. Son’s strategy relies heavily on project-based financing, allowing extensive infrastructure builds with minimal upfront capital.

As SoftBank eyes long-term AI growth and increased investor confidence, whether this futuristic park will become a reality — or another of Son’s high-stakes dreams remains to be seen.

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