Tag Archives: What Could Possibly Go Wrong

First Italy, Now Portuguese Banks “Unexpectedly” Need A Taxpayer Bailout

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“Portuguese banks, already undercapitalised and loaded with bad debt, are bracing for even more heavy losses from Lisbon’s so far unsuccessful attempts to sell Novo Banco.  Estimates of the potential bill facing banks, which finance the resolution fund that bailed out Novo Banco in 2014, range from €2.9bn to €3.9bn. Some bankers are even doubtful that the rescued lender will attract any acceptable offers, leading to its possible break-up or liquidation.  In a recent report, Barclays estimated that Portuguese lenders could need up to €7.5bn to resolve a ‘systemic banking crisis’ that was bringing the country under ‘close market scrutiny’.”

http://www.zerohedge.com/news/2016-07-24/first-italy-now-portuguese-banks-unexpectedly-need-taxpayer-bailout

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Junk-Rated Borrowers Reap Rewards in a World of Negative Yields

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“For investors with $12 trillion of negative-rate bonds worldwide, U.S. junk securities and their 6.9 percent average yield look like a gold mine. But with so many investors streaming into the market, the debt is now yielding almost 3 percentage points less than the average of the past two decades, Bank of America Merrill Lynch index data show. And they’re buying it up at the same time that junk-rated borrowers default at the fastest pace in six years.”

http://www.bloomberg.com/news/articles/2016-07-15/junk-rated-borrowers-reap-rewards-in-a-world-of-negative-yields

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Party like it’s 1999! Dow, S&P 500, Nasdaq all hit new highs

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“It’s the first time all three major market gauges have set new closing marks on the same day since 1999 — specifically, New Year’s Eve of that year.  Shares of Macy’s soared  17.1% after the department store retailer posted better-than-expected quarterly profit and sales and said it plans to close 100 stories, or about 15% of its total stores.   In economic news , the Labor Department reported that the number of Americans filing for first-time jobless claims fell 1,000 to 266,000, which ‘points to healthy labor market conditions across the U.S.,’ according to Barclays.  Oil prices on the U.S. market also rebounded off lows for the day, and jumped $1.65, or 4%, to $43.37 a barrel.”

http://www.usatoday.com/story/money/markets/2016/08/11/stocks-dow–sp500-thursday-wall-street/88557406/

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Secure Boot snafu: Microsoft leaks backdoor key, firmware flung wide open

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“Microsoft has inadvertently demonstrated the intrinsic security problem of including a universal backdoor in its software after it accidentally leaked its so-called ‘golden key’—which allows users to unlock any device that’s supposedly protected by Secure Boot, such as phones and tablets.  The key basically allows anyone to bypass the provisions Microsoft has put in place ostensibly to prevent malicious versions of Windows from being installed, on any device running Windows 8.1 and upwards with Secure Boot enabled.  Enterprising users will be able to install any operating system—Linux, for instance—on their Windows tablet.”

http://arstechnica.com/security/2016/08/microsoft-secure-boot-firmware-snafu-leaks-golden-key/

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Rounding error directs “countless” investigators, individuals to couple’s Kansas farm

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“Ever since James and Theresa Arnold moved into their rented 623-acre farm in Butler County, Kansas, in March 2011, they have seen ‘countless’ law enforcement officials and individuals turning up at their farm day and night looking for links to alleged theft and other supposed crime. All of these people are arriving because of a rounding error on a GPS location, which wrongly points people to their farm.  To its credit, MaxMind has since fixed the error in its IP databases by moving the location of a default IP address to the middle of a Kansas lake, but customers do not often update their data, so it could be many years before this issue is fully resolved.”

http://arstechnica.com/tech-policy/2016/08/kansas-couple-sues-ip-mapping-firm-for-turning-their-life-into-a-digital-hell/

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If you use ‘smart’ Bluetooth locks, you’re asking to be burgled

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“Bluetooth-enabled locks are increasingly popular, but an analysis of 16 such devices shows 12 are easily hackable with inexpensive kit and some can be broken into from 400 metres away.  When Rose contacted the 12 manufacturers about these issues, one Chinese manufacturer shut down its website, but still sells on Amazon. Ten other companies simply ignored his messages. One firm did come back to him, acknowledging the issue, but said it wasn’t going to fix it.   The Kwickset Kevo lock has a ‘fantastic’ software security system with strong crypto, Rose said, but should be avoided because the lock was so badly made you could open it in seconds with a screwdriver.”

http://www.theregister.co.uk/2016/08/08/using_a_smart_bluetooth_lock_to_protect_your_valuables_youre_an_idiot/

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A New Wireless Hack Can Unlock 100 Million Volkswagens

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“Volkswagen left not only its ignition vulnerable but the keyless entry system that unlocks the vehicle’s doors, too. And this time, they say, the flaw applies to practically every car Volkswagen has sold since 1995.  One of the attacks would allow resourceful thieves to wirelessly unlock practically every vehicle the Volkswagen group has sold for the last two decades, including makes like Audi and Škoda. The second attack affects millions more vehicles, including Alfa Romeo, Citroen, Fiat, Ford, Mitsubishi, Nissan, Opel, and Peugeot.  Both attacks use a cheap, easily available piece of radio hardware to intercept signals from a victim’s key fob, then employ those signals to clone the key.”

https://www.wired.com/2016/08/oh-good-new-hack-can-unlock-100-million-volkswagens/

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China is flooding Silicon Valley with cash

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“Investment from China into Silicon Valley, excluding real estate, topped $6 billion by the end of the first half of 2016, with more than half of that spending taking place in the past 18 months, according to the Rhodium Group research firm. Investors have been spurred by China’s growing wealth over the past decade and a government push to develop innovative technologies — particularly in areas such as virtual reality and artificial intelligence, where China still lags. U.S. start-ups, for their part, are hungrier than ever for access to China’s cash-rich companies and newly minted millionaires, especially in light of a tighter fundraising environment in Silicon Valley.”

https://www.washingtonpost.com/business/economy/new-wave-of-chinese-start-up-investments-comes-with-complications/2016/08/05/2051db0e-505d-11e6-aa14-e0c1087f7583_story.html

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Bitcoin Exchange Loses $60M In Hack; US Regulations ‘Prevented Cold Storage Use’

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“Bitfinex was previously fined $75,000 by the CFTC for failing to register as an appropriate entity for the services it offered as well as:  ‘[F]or offering illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies.’  These ‘off-exchange’ transactions could be alluding to the storage of funds offline — commonly known as cold storage — one of the best ways to keep your funds out of hackers’ reach. If this is indeed the case then the incident could undermine calls for more regulation as cryptocurrency exchanges face a dilemma between security and compliance.”

https://news.bitcoin.com/bitfinex-us-regulation-cold-storage/

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Bank Crisis Arrives: €29B Bremen Landesbank On The Verge Of Failure

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“Germany’s Handelsblatt writes that ‘shipping loans have brought Bremer LB into distress and the bank can not survive without government help, but a direct capital injection from Lower Saxony now looks unlikely.’  The punchline, and where the narrative veers dramatically from the smooth sailing scenario presented last month by the FT, is that according to Lower Saxony President Stephen Weil, a capital increase by his state and Bremen for the ailing bank is currently not realistic. ‘The classic method, namely when partners provide the necessary capital, does not seem to work,’ the Prime Minister said to the ‘Weser-Kurier’.”

http://www.zerohedge.com/news/2016-07-07/europes-bank-crisis-arrives-germany-%E2%82%AC29-billion-bremen-landesbank-verge-failure

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