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The Morning Risk Report: World Economic Forum Opens Board Probe of Workplace Culture
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Reaction to the WSJ report: The board of trustees has formed a special committee and tapped Thomas Buberl, the chief executive of French insurer AXA, to oversee the investigation, people familiar with the discussions said. The trustees are being supported by Covington & Burling, a law firm that has handled other high-profile workplace reviews.
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Allegations: Based on interviews with more than 80 current and former employees, the Journal reported on June 29 that the Forum has allowed to fester an atmosphere hostile to women and Black people, with some alleging sexual harassment, pregnancy-related discrimination and racial discrimination. The Forum disputed the Journal’s characterization of events and said the organization has zero tolerance for harassment or discrimination and has responded appropriately to any complaints received.
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WEF response: In a statement on Friday, the Forum told the Journal that independent members of the board of trustees will oversee a review with the support of outside counsel. “The board committee will report back to the Board of Trustees once the review is completed,” the Forum said.
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Content from: DELOITTE
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Clock Starts Ticking on AI Regulatory Compliance in Europe
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As the AI Act begins to take effect in Europe, U.S.-based companies whose products, services, and innovations touch EU citizens likely have significant work to do to comply. Keep Reading ›
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The U.S. Treasury Department said banks need to be able to probe customers so they can prevent money laundering and counter terrorist financing. PHOTO: AL DRAGO/BLOOMBERG NEWS
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State laws barring ‘debanking’ could harm national security, Treasury says.
The U.S. Treasury Department said state laws targeted at stopping banks from dropping customers over their politics could harm national security, singling out Florida legislation recently signed by Gov. Ron DeSantis.
Banks need to be able to probe customers so they can prevent money laundering and counter terrorist financing, Treasury Undersecretary Brian Nelson said in a letter to lawmakers sent Thursday.
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New York financial regulator hires new crypto unit leaders
New York’s financial regulator has appointed a former official from Dubai’s financial regulator to help oversee its virtual currency unit that regulates cryptocurrency businesses in the state, reports Risk & Compliance Journal's Mengqi Sun.
Kenneth Coghill, who most recently was the director and head of innovation and technology risk supervision at Dubai Financial Services Authority, started Thursday at the New York State Department of Financial Services as its deputy superintendent of virtual currency.
His appointment follows NYDFS’ hire earlier this month of Elliptic's John Melican as the regulator's deputy superintendent for limited-purpose and virtual currency trusts.
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The Securities and Exchange Commission’s enforcement division launched the Interagency Securities Council to enable federal, state, and local regulatory and law enforcement agencies to share enforcement strategies, scams, frauds and mitigation strategies.
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The European Union has proposed provisional tariffs on biofuels from China after saying it found that Chinese companies were dumping the commodity into European markets at unfair prices.
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The Federal Communications Commission passed new rules Thursday that will drastically cut the prices phone providers can charge incarcerated people to make phone calls.
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“State laws interfering with financial institutions’ ability to comply with national security requirements heighten the risk that international drug traffickers, transnational organized criminals, terrorists and corrupt foreign officials will use the U.S. financial system to launder money, evade sanctions and threaten our national security.”
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— Treasury Undersecretary Brian Nelson, in a letter to lawmakers sent Thursday.
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President Biden speaking at a North Atlantic Treaty Organization summit in Washington in July. PHOTO: JIM LO SCALZO/EPA/SHUTTERSTOCK
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Biden drops out of presidential race, endorses Harris.
President Biden said Sunday he was ending his presidential run after failing to quell a Democratic rebellion against his candidacy fueled by a catastrophic June debate performance, capping a five-decade political career and marking one of the most monumental political collapses in American history.
With Biden’s exit from the race, Vice President Kamala Harris is now seen as the Democrats’ likely pick to take on Donald Trump, offering her a chance to make history as the first woman of color on the top of a major party ticket.
The 59-year-old Harris has been thrust into a political maelstrom with little modern precedent. The last time a president chose not to run for re-election was in 1968, when Lyndon B. Johnson opted out.
Click here for more live coverage of Biden's decision and its aftermath.
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CrowdStrike made its name fighting technology problems. Now it has caused one.
George Kurtz spent more than a decade building CrowdStrike into a cybersecurity powerhouse that helps prevent massive disruptions to computer systems. Now the company he co-founded has caused the kind of massive global outage it was supposed to prevent.
Founded in 2011, CrowdStrike is widely used by Corporate America, supplying software that protects against cyberattacks to tens of thousands of customers, including 300 companies in the Fortune 500. The scale of the outage was compounded by the fact that cybersecurity software like CrowdStrike’s has access to the most fundamental elements of the operating system to ward off cyberattacks, security experts say.
“You get this cascading breakdown,” said Robert Graham, chief executive of Errata Security, a cybersecurity firm in Atlanta. “It’s probably the biggest IT failure that we’ve ever had.”
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The Israeli military for the first time staged a direct airstrike against Houthi rebels in Yemen, a day after the Iran-backed militant group launched a drone attack in Tel Aviv that killed one person.
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As Western companies quake at the latest onslaught of cheap Chinese goods, a similar drama is playing out in China, where manufacturers are struggling as Beijing boosts industrial capacity without stimulating new demand.
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The American economy has held up well against higher inflation and interest rates. Many individual borrowers haven’t.
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Americans used to spend little energy worrying about whether the lights would come on at the flick of a switch, or how much that electricity cost. For a growing number of people, those days are over.
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China’s central bank unexpectedly cut a key policy rate to support the country’s ailing economy, just days after a flurry of data showed that the lopsided recovery might have lost some steam.
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Screens at New York’s John F. Kennedy International Airport displayed a Microsoft Windows recovery message Friday. PHOTO: MICHAEL NAGLE/BLOOMBERG NEWS
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Fast and automated: Global tech outage shows hazards of cloud software updates.
Worldwide tech outages after a defective update from cybersecurity company CrowdStrike raise questions about automating software upgrades and whether a handful of dominant suppliers—especially in the cloud—concentrates risk to a dangerous extent.
CrowdStrike held about 15% of the security software market in 2023 based on revenue, second to Microsoft’s roughly 40%, according to research firm Gartner.
“There’s always issues with concentration risk,” said Neil MacDonald, a Gartner vice president. “The vendor providing the capability has a responsibility to deliver service that’s resilient.”
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The Trump campaign’s effective takeover of the Republican National Committee has come with a new approach to on-the-ground canvassing efforts: doing more with less.
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Former President Donald Trump’s choice of JD Vance as his running mate is a bet on an inexperienced politician from a battleground state. It is also a sign of Wall Street’s waning power.
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Behind all the pageantry, the Republican convention made clear what Donald Trump’s governing style would look like in a second term: assertive, adversarial and unconstrained.
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Americans aren’t just waiting longer to have kids and having fewer once they start—they’re less likely to have any at all.
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Evan Gershkovich thrived while reporting on Russia. Writing on Russia, he tweeted in July 2022 that it had become “a regular practice of watching people you know get locked away for years.” On Friday, it happened to him.
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