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.
India’s Competition Commission has rejected Apple’s request to pause an antitrust investigation, clearing the way for the case to progress. The investigation alleges Apple breached competition laws by exploiting its dominant app store position. Apple disputes these claims, arguing its market share in India is minor compared to Android devices.
The controversy began in 2021 when the non-profit Together We Fight Society (TWFS) accused Apple of anti-competitive practices. In August, the commission ordered investigation reports to be recalled, following Apple’s claims of sensitive information being leaked to rivals. Revised reports were issued after redaction disputes, but Apple requested a suspension, citing non-compliance by TWFS.
Regulator in India dismissed Apple’s concerns, calling its request to halt proceedings ‘untenable.’ The commission has now instructed Apple to submit audited financial records for three fiscal years to assess potential penalties. Apple has yet to respond publicly to these developments.
Senior officials at the Competition Commission are reviewing the evidence and will issue a final ruling. The case highlights broader scrutiny of major tech companies’ market behaviour, particularly regarding app store operations and developer relations.
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.
Bitcoin exchange-traded funds (ETFs) have seen massive inflows, surpassing $1 billion in a single day. BlackRock’s Bitcoin ETF led the charge with $608 million, followed by Fidelity Wise Origin Bitcoin Fund with $301 million. Other funds, including Bitwise and ARK 21Shares, also contributed to the growing trend.
The surge comes as Bitcoin approaches the $100,000 mark, with analysts predicting it will break the milestone later this month. The cryptocurrency’s rally has been further boosted since Donald Trump’s re-election, with some comparing recent ETF inflows to record-breaking numbers seen on 7 November 2020.
Bitcoin ETFs now manage over $100 billion in assets, putting them on course to rival Satoshi Nakamoto’s estimated holdings. With the recent approval of options trading for Bitcoin ETFs by the SEC, BlackRock has already capitalised on this by introducing options trading earlier this month.
The European Commission has closed its antitrust investigation into Apple’s e-book and audiobook practices after the original complaint was withdrawn, TechCrunch reported. The probe, launched in 2020, examined Apple’s in-app payment rules and its restrictions on third-party developers informing users about alternative payment methods.
This inquiry followed a similar case involving music-streaming apps, which led to a $2 billion fine against Apple earlier this year after Spotify alleged unfair competition. Despite the closure of the e-book case, the Commission clarified that this does not mean Apple’s practices comply with EU competition laws.
The investigation’s conclusion underscores the EU’s ongoing efforts to regulate tech giants and ensure a fair digital marketplace, with Apple remaining a focal point of scrutiny.
The US Supreme Court has decided to allow a class-action lawsuit against Meta, Facebook’s parent company, to move forward. The case stems from the Cambridge Analytica scandal, where the political consulting firm accessed personal data from 87M Facebook users and used it for voter targeting in the 2016 US presidential election. Meta had sought to block the lawsuit, but the court dismissed its appeal.
Investors claim Meta failed to fully disclose the risks of data misuse, leading to two major drops in its stock price in 2018 when the extent of the privacy breach became public. Meta has already paid a $5.1B fine and a $725M settlement with users over related allegations.
The lawsuit is one of several legal challenges facing big tech firms. A separate case against Nvidia is under review, as investors allege the company misled them about its dependency on cryptocurrency mining.
Australia is seeking advice from the Organisation for Economic Co-operation and Development (OECD) to shape its approach to taxing digital assets. The Treasury has asked the OECD for input by January, comparing two potential frameworks: adopting the OECD’s Crypto Asset Reporting Framework (CARF) or customising its own policy to suit local requirements.
CARF is an international standard designed to increase transparency by requiring crypto providers, such as exchanges and wallet services, to report tax-related data. It includes tracking high-value transactions exceeding $50,000 and sharing data between global tax authorities to combat evasion. The Australian government aims to assess whether a standardised or tailored system would best serve its growing crypto market.
Australia boasts one of the largest crypto ATM networks globally, reflecting its high adoption rates, with nearly 20% of the population owning digital assets. The average crypto profit per user rose 17% last year to $9,627, and the number of investors is expected to increase by over two million. Alongside this, the government is also considering policies for a potential digital pound.
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.
