September 16, 2022
Global stocks have lost $23 trillion this year
- This means that everyone is running for "safety" in buying USA dollars (driving the USD upward). Even treasuries are a bad place to go.
Housing is under pressure around the world as rates rise, obviously.
USA housing mortgage rates hit 6% for the first time since 2008. However, do not expect a complete wipe-out like last time in the USA. The impact however will still not be mild.
The recession is on its way.
Uber has major security breach
- Hackers got access to Uber's entire internal network.
- There is no word on what information was stolen, but you can bet there are a lot of concerns over privacy.
Uber has run afoul of hackers before. It paid $148 million to settle claims related to a large-scale data breach that exposed the personal information of more than 25 million of its US users in 2016. (BN)
Turns out they do not use security keys which would have completely mitigated the network intrusion.
As we embrace the work from home, it is important organizations adopt modern authentication protocols.
Lula still in the lead
A trillion dollar risk
Bloomberg has an overview of the disaster that might come next year.
"The World Has a $1 Trillion La Nina Problem"
- It’s all but guaranteed the world will see another year of weather disasters that destroy homes, ruin crops, disrupt shipping and threaten lives. (BN)
As climate change pushes weather disasters to new extremes, it’s La Nina, an atmospheric phenomenon, that has been the driver behind the chaos since mid-2020. And now the planet stands on the cusp of something that’s only happened twice since 1950 – three years of La Nina.
Germany trustees Rosneft refineries
- The government of Germany has essentially usurped three refineries owned by the Rosneft oil company.
- Rosneft is a type of publicly traded company that is typical of post-Soviet state corporations. It is a favourite company of the US to sanction for activities of the Russian government.
- Sanctions on Russian oil directly affect Rosneft's ability to trade in oil from Russian to the EU—which is its entire business.
The trusteeship of these refineries had to happen as sanctions are not clear that the EU could continue to purchase oil in those tanks after December.
