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Bankers sound alarm on more inflation, new financial crisis at Hong Kong summit on November 7, 2023 at 6:05 pm

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As more than 300 banking and investment executives gathered in Hong Kong to discuss “living with complexity” in the financial world, they ended up trading trepidations about an uncertain future.

“My biggest fear is there’s one more geopolitical escalation and there’s a market event,” Christian Sewing, chief executive officer of Deutsche Bank, said Tuesday at the Global Financial Leaders’ Investment Summit in Hong Kong.

The event was one of the first gatherings of financial executives since the start of the Israel-Hamas war last month, and executives weren’t shy about sharing concerns of renewed inflation or another crisis.

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Markets are “under-discounting” how long high interest rates will last in the U.S. and Europe in the fight to bring inflation back down, Bridgewater Associates Co-Chief Investment Officer Bob Prince said.

Citadel founder Ken Griffin warned world leaders are already risking renewed inflation as deglobalization sentiment takes hold.

Griffin said investors have “got to be watching and investing here in China,” calling deglobalization a “giant wild card.”

Peace and globalization have largely benefited economies, and “we don’t know what a world looks like that involves deglobalization,” Griffin added.

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Unknowns include “how much that increases inflation systemically.”

Goldman Sachs CEO David Solomon also called attention to the ballooning national debt in the United States.

“We absolutely have to worry about what’s happening with deficits in the U.S.,” Solomon said.

Ultimately, however, unforeseen forces often cause the biggest disruptions, said Morgan Stanley CEO James Gorman, noting “nobody in this room predicted COVID.”

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The event, hosted by the Hong Kong Monetary Authority for the second year in a row, is part of the city’s efforts to move beyond years of protests, pandemic lockdowns and shrinking international investment.

“Hong Kong is back in business,” Hong Kong Chief Executive John Lee said Tuesday, adding, “the world today is more complex and challenging than ever.”

The rise of shadow banking, the practice of money managers and other nonbanks lending money to companies and consumers, is “a real cause of concern,” UBS Group Chairman Colm Kelleher said.

Roughly half of global financial assets are now in “the shadow sector,” Kelleher estimated. “The next crisis, when it happens, will be in that sector. It’ll be a fiduciary crisis.”

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​ As more than 300 banking and investment executives gathered in Hong Kong to discuss “living with complexity” in the financial world, they ended up trading trepidations about an uncertain future. “My biggest fear is there’s one more geopolitical escalation and there’s a market event,” Christian Sewing, chief executive officer of Deutsche Bank, said Tuesday at the… 

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Commercial companies to collaborate for DARPA’s new lunar economy study on December 6, 2023 at 9:54 pm

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Establishing commercial markets on the moon is going to require thinking a little differently. That’s DARPA’s hunch, anyway. DARPA (Defense Advanced Research Projects Agency) is the U.S. Department of Defense’s R&D arm, which has just selected 14 companies to participate in a new study to develop technological frameworks for a lunar future. “The next decade […]

© 2023 TechCrunch. All rights reserved. For personal use only.

​ Establishing commercial markets on the moon is going to require thinking a little differently. That’s DARPA’s hunch, anyway. DARPA (Defense Advanced Research Projects Agency) is the U.S. Department of Defense’s R&D arm, which has just selected 14 companies to participate in a new study to develop technological frameworks for a lunar future. “The next decade
© 2023 TechCrunch. All rights reserved. For personal use only. 

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Uganda accuses US of pushing ‘LGBT agenda’ after pushback to anti-gay law on December 6, 2023 at 7:52 pm

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Uganda accused the U.S. of pushing an “LGBT agenda” in the wake of pushback to an anti-gay law. 

“There’s a coup at the State Department in the U.S. It is being taken over by people who are pushing the LGBT agenda in Africa,” State Minister for Foreign Affairs Okello Oryem said in a Wednesday Reuters article.

Secretary of State Antony Blinken announced an expansion of the previous visa restriction policy targeting “those believed to be responsible for, or complicit in, undermining the democratic process in Uganda” Monday. This expansion is now aimed at officials or others who were behind or complicit in “policies or actions aimed at repressing members of marginalized or vulnerable populations.”

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“These groups include, but are not limited to, environmental activists, human rights defenders, journalists, LGBTQI+ persons, and civil society organizers,” Blinken said in a statement. “The immediate family members of such persons may also be subject to these restrictions.”

Back in May, Uganda’s president signed the Anti-Homosexuality Act, which calls for capital punishment for cases of “aggravated homosexuality,” defined as acts carried out by those infected with HIV or homosexual acts that involve children, disabled people or those drugged against their will. It also calls for prison for those who have gay sex.

“This shameful Act is the latest development in an alarming trend of human rights abuses and corruption in Uganda. The dangers posed by this democratic backsliding are a threat to everyone residing in Uganda, including U.S. government personnel, the staff of our implementing partners, tourists, members of the business community, and others,” President Biden wrote after lawmakers passed the law.

The legislation faced condemnation from both sides of American politics. Sens. Bob Menendez (D-N.J.), Ron Wyden (D-Ore.) and Ted Cruz (R-Texas) have all noted their disapproval of the bill.

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“Any law criminalizing homosexuality or imposing the death penalty for ‘aggravated homosexuality’ is grotesque & an abomination,” Cruz said at the time. “ALL civilized nations should join together in condemning this human rights abuse. #LGBTQ.”

​ Uganda accused the U.S. of pushing an “LGBT agenda” in the wake of pushback to an anti-gay law.  “There’s a coup at the State Department in the U.S. It is being taken over by people who are pushing the LGBT agenda in Africa,” State Minister for Foreign Affairs Okello Oryem said in a Wednesday Reuters… 

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Your mobile password manager might be exposing your credentials on December 6, 2023 at 7:50 pm

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A number of popular mobile password managers are inadvertently spilling user credentials due to a vulnerability in the autofill functionality of Android apps. The vulnerability, dubbed “AutoSpill,” can expose users’ saved credentials from mobile password managers by circumventing Android’s secure autofill mechanism, according to university researchers at the IIIT Hyderabad, who discovered the vulnerability and […]

© 2023 TechCrunch. All rights reserved. For personal use only.

​ A number of popular mobile password managers are inadvertently spilling user credentials due to a vulnerability in the autofill functionality of Android apps. The vulnerability, dubbed “AutoSpill,” can expose users’ saved credentials from mobile password managers by circumventing Android’s secure autofill mechanism, according to university researchers at the IIIT Hyderabad, who discovered the vulnerability and
© 2023 TechCrunch. All rights reserved. For personal use only. 

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