In 2014, JP Morgan — the biggest US bank by assets — was targeted by cyber criminals. Even though no cash could be siphoned off, the attack left names, addresses and crucial information of its 76 million customers exposed. Alarmed over the incident, the bank is now pumping $600 million into cybersecurity. Similarly, Deutsche Bank has announced that it ...

  Deutsche Bank is in trouble. It’s embroiled in talks with the U.S. Justice Department to negotiate down a $14 billion fine for mortgage-market naughtiness. Its share price has halved in the past year. It was granted special treatment in July’s stress tests, according to the Financial Times. And in the European money market, its funding costs are almost twice ...

  On the Saturday after the Friday when Donald Trump’s icky, sexual-assaulty chat with Billy Bush was revealed to the world, venture capitalist Fred Wilson had this to say: Fred Wilson @fredwilson Last night was Twitter at its finest. Anyone who says it is past its prime, irrelevant, and failing is out of their mind. Twitter: Fred Wilson on Twitter ...

  Vox tech writer Timothy B. Lee used to be one of the most ardent techno-optimists. But he’s had a bit of a conversion, of late, and is now on the side of those who think tech progress is slowing. Maybe it was the economist Robert Gordon who convinced him, or maybe years of observing the tech world changed his ...

  Hong Kong / AFP Asian markets retreated on Wednesday on fears about an expected US interest rate rise this year, while the pound recovered after suffering a series of losses fuelled by worries over Britain’s EU exit. Samsung Electronics suffered another bout of selling in the morning after announcing on Tuesday it would scrap the troubled flagship Galaxy Note ...

Dubai / Reuters Gulf stock markets consolidated in quiet trade early on Wednesday but Saudi banks rose after a major lender posted earnings in line with estimates. The Saudi stock index gained 0.4 percent in the first 75 minutes of trade as the banking sector index rose 0.7 percent. Banque Saudi Fransi, the second major Saudi lender to report third-quarter ...

  Bloomberg Emerging-market stocks and currencies fell toward a three-week low as surging domestic risks from Thailand to South Africa worsened sentiment impaired by a fractious U.S. election campaign and bets for December policy tightening by the Federal Reserve. Thai equities and baht led losses amid concern for the health of King Bhumibol Adulyadej. The rand headed for a one-month ...

  Bloomberg OPEC’s most senior official talked up Russia’s commitment to joining efforts to limit oil production even as the group’s internal disagreements over how to share the burden of cuts stood in the way of a global deal. “We are confident of Russia’s commitments,” OPEC Secretary-General Mohammed Barkindo said in an interview with Bloomberg television in Istanbul on Wednesday. ...

  LONDON / Reuters OPEC’s deal to cut oil production is unlikely to result in a substantial reduction in actual supplies, some of the world’s biggest oil trading companies said, meaning the market is unlikely to rebalance until well into 2017. The price of crude oil has stabilised around $50 a barrel since the Organization of the Petroleum Exporting Countries ...

  Bloomberg The scale of the internal differences OPEC must resolve before securing a deal to cut supply was revealed Wednesday as the group’s latest output estimates showed a half-million-barrel difference of opinion over how much two key members are pumping. Venezuela and Iraq’s own figures on how much crude they produced in September were 565,000 barrels a day higher ...