600 million Samsung smartphones are at risk of hacking, security expert says | ||
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A major vulnerability in software that comes bundled with Samsung phones has left as many as 600 million Samsung smartphone owners at risk of hacking, according to a report in Forbes. The SwiftKey typing software included on Samsung devices reportedly installs updates in plain text, security company NowSecure says — making it possible for an intruder to hijack the update and remotely execute code and malicious programs. Here's what NowSecure claims attackers can remotely do using the vulnerability:
NowSecure researcher Ryan Welton says that the company notified Samsung in December 2014, and the company produced a patch in "early 2015." However, Samsung is reliant on carriers to roll out the patch, and "it is unknown if the carriers have provided the patch to the devices on their network. In addition, it is difficult to determine how many mobile device users remain vulnerable, given the devices models and number of network operators globally." In short: Samsung can produce the best fixes in the world, but they're no good to anyone if the carriers don't push them to their users. Recent NowSecure tests found that the the Galaxy S6 is unpatched on both the Verzion and the Sprint network in the US, as well as the T-Mobile Galaxy S5, AT&T Galaxy S4 Mini, and multiple other devices. The company estimates as many as 600 million devices could be affected.
So what can users do to stop this happening? Very little, actually. Not only does SwiftKey come pre-installed on devices, it can't be uninstalled, leaving users constantly vulnerable until their carrier rolls out the patch. Mitigating steps suggested by NowSecure including avoiding insecure Wi-Fi networks, contacting your carrier for more information — or, most effectively, just "use a different mobile device." In a statement, SwiftKey says it is "doing everything we can to support our long-time partner Samsung in their efforts to resolve this obscure but important security issue." It goes on: "The vulnerability in question poses a low risk: a user must be connected to a compromised network (such as a spoofed public Wi-Fi network), where a hacker with the right tools has specifically intended to gain access to their device. This access is then only possible if the user’s keyboard is conducting a language update at that specific time, while connected to the compromised network." A spokesperson also pointed out to Business Insider that the vulnerability does not affect the SwiftKey app available to download on the Apple App Store and Google Play Store. Samsung did not immediately respond to a request for comment. Join the conversation about this story » NOW WATCH: Here's The Underwater Drone The Navy Will Use To Spy On Enemy Submarines  | ||
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Devices are vulnerable when they log on to insecure networks, such as a public Wi-Fi hotspot. Fox News boss Roger Ailes has been demoted in Murdoch shakeup — and he's not happy about it (FOX) | ||
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There's lots of change at the top at 21st Century Fox: Rupert Murdoch is stepping down as CEO, handing the company over to his son James. Rupert's other son Lachlan will join his dad as executive co-chairman. And Chase Carey, the company's deputy chairman, president and COO, is becoming executive co-chairman. In an e-mailed press release sent out on Tuesday confirming its executive changes, Fox makes no mention of Roger Ailes. As news emerged last week that Rupert Murdoch was stepping down, New York Magazine's Daily Intelligencer blog reports that Ailes released "what now appears to be a rogue statement" to the Fox Business Channel, saying that he would continue to run the news network, reporting directly to Rupert Murdoch. Ailes even went as far as directing Fox Business executive Bill Shine to tell Fox Business Channel anchor Stuart Varney to read the announcement on air, reiterating that Ailes would continue to report to Rupert Murdoch, New York Magazine reports. However, a 21st Century Fox spokesperson told The Hollywood Reporter, "Roger will report to Lachlan and James." That's a huge slap in the face for 75-year-old Ailes, who has long counted Rupert Murdoch as a close ally. Ailes built Fox News from scratch into a huge cash cow. The Hollywood Reporter states in a recent profile of Ailes the channel is valued by Wall Street analysts at $15 billion, and it contributed to 18% of 21st Century Fox's profits in 2014. Despite his huge contribution to the company, Ailes does not get along with the Murdoch brothers, sources have previously told Business Insider.
Their feuds have been epic. The New York Magazine describes a few of their tussles: Ailes' tangles with Lachlan were legion. Not long after 9/11, Rupert gave Ailes a new contract after Ailes threatened to resign following a heated argument with Lachlan in the Fox newsroom. Four years later, Lachlan quit his job as deputy COO in charge of the Fox broadcast group after Rupert supported Ailes in a dispute over a TV show that Ailes wanted and Lachlan didn't. In 2014, Rupert did nothing publicly after I reported in my Ailes biography that Ailes once bragged to a Fox News executive about moving into Lachlan's vacant office, thereby putting himself closer to Rupert than Lachlan. "Do you know whose chair I’m sitting in? I’m sitting in Lachlan Murdoch’s chair," Ailes boasted to his colleague. "Do you know who’s sitting on the other side of that wall? Rupert Murdoch." Judging by his history with the Murdoch brothers and his confusion around who he would be reporting to, it's unlikely Ailes will be happy with the arrangements at the top of the company. His contract is up in 2016 anyway, and Ailes told the Hollywood Reporter back in April that nobody had been in touch to talk about a renewal. One of Ailes' other close allies at the company is Chase Carey, who — until these most recent changes — had been deputy chairman, president, and COO since 2009. The press release from 21st Century Fox states that Carey will serve in his new role through June 30 2016. He has been tipped to leave once that date rolls around. SEE ALSO: Now that Rupert Murdoch is out, here's the biggest question for Fox Join the conversation about this story » NOW WATCH: Turns out Pizza Hut's new hot dog stuffed crust pizza is a 'horrible tragedy'  | ||
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Roger Ailes, the 15-year boss of Fox News, who has built it from the ground into a hugely profitable channel has been dealt a massive blow by the bosses at 21st Century Fox.
A teenager was killed after using an app to find his lost cellphone | ||
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Canadian law enforcement officials are stumped by a case involving a teenager killed after trying to reclaim his lost cellphone. Jeremy Cook, 18, apparently left the smartphone in a cab over the weekend, police officials tell CBC News. Police constable Ken Steeves of London, Ontario, told CBC News that Cook used a mobile app to trace the device to an address where he and a relative who accompanied him were "confronted by three men in a car." The exchange escalated, and the car began to drive off, but the police say Cook grabbed on to the driver's door. He was shot multiple times and later died from his wounds. The car and the phone were recovered, and investigators are now examining surveillance footage to try to piece together what happened. Cook's death has prompted law enforcement to urge the public to think twice about using mobile apps to track lost devices — more specifically, using them to retrieve the lost items on their own. "The app itself is a great tool to have ... but if you suspect there's any potential for violence at all, we certainly encourage people to contact police," Steeves told CBC News. Sanjay Khanna, a mobile phones analyst at IDC Canada, had a suggestion for why someone would go to such lengths to retrieve a phone. "Our attachment to our data is so strong," Khanna told CBC News, "that it might prompt people to not be as cautious as authorities might wish us to be." Join the conversation about this story »  | ||
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600 million Samsung smartphones are at risk of hacking, security expert says | ||
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A major vulnerability in software that comes bundled with Samsung phones has left as many as 600 million Samsung smartphone owners at risk of hacking, according to a report in Forbes. The SwiftKey typing software included on Samsung devices reportedly installs updates in plain text, security company NowSecure says — making it possible for an intruder to hijack the update and remotely execute code and malicious programs. Here's what NowSecure claims attackers can remotely do using the vulnerability:
NowSecure researcher Ryan Welton says that the company notified Samsung in December 2014, and the company produced a patch in "early 2015." However, Samsung is reliant on carriers to roll out the patch, and "it is unknown if the carriers have provided the patch to the devices on their network. In addition, it is difficult to determine how many mobile device users remain vulnerable, given the devices models and number of network operators globally." In short: Samsung can produce the best fixes in the world, but they're no good to anyone if the carriers don't push them to their users. Recent NowSecure tests found that the the Galaxy S6 is unpatched on both the Verzion and the Sprint network in the US, as well as the T-Mobile Galaxy S5, AT&T Galaxy S4 Mini, and multiple other devices. The company estimates as many as 600 million devices could be affected.
So what can users do to stop this happening? Very little, actually. Not only does SwiftKey come pre-installed on devices, it can't be uninstalled, leaving users constantly vulnerable until their carrier rolls out the patch. Mitigating steps suggested by NowSecure including avoiding insecure Wi-Fi networks, contacting your carrier for more information — or, most effectively, just "use a different mobile device." In a statement, SwiftKey says it is "doing everything we can to support our long-time partner Samsung in their efforts to resolve this obscure but important security issue." It goes on: "The vulnerability in question poses a low risk: a user must be connected to a compromised network (such as a spoofed public Wi-Fi network), where a hacker with the right tools has specifically intended to gain access to their device. This access is then only possible if the user’s keyboard is conducting a language update at that specific time, while connected to the compromised network." A spokesperson also pointed out to Business Insider that the vulnerability does not affect the SwiftKey app available to download on the Apple App Store and Google Play Store. Samsung did not immediately respond to a request for comment. Join the conversation about this story » NOW WATCH: Here's The Underwater Drone The Navy Will Use To Spy On Enemy Submarines  | ||
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Spain court probes fraud case against Barca's Neymar | ||
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Madrid (AFP) - A Spanish court on Wednesday launched a fraud investigation against Barcelona striker Neymar, a judicial source said, dragging the Brazilian star into a case in which the club's president faces trial. The National Court admitted a lawsuit alleging "corruption and swindling" by the star player, his father and his former club Santos linked to the signing of Neymar by Barca in 2013, the source told AFP. The case has been brought by a Brazilian investment fund, DIS, which owned part of the transfer rights for the player, the source said. The 23-year-old helped Barcelona to a stunning triple of Spanish league, cup and Champions League titles this season. He was to captain Brazil on Wednesday against Colombia in the Copa America tournament in Chile. DIS received 6.8 million euros ($7.7 million) out of the total 17.1 million that Barca paid to Santos, but claims it may also be due a share of the overall transfer payments. Santos has also launched an action in Brazil against Barcelona and the player and his father over alleged irregularities in the deal. In a separate lawsuit, a judge last month ordered Barcelona's president Josep Bartomeu, his predecessor Sandro Rosell and the club itself to stand trial over alleged tax fraud linked to the signing. They have always said they paid a transfer fee of 57 million euros to sign the Brazilian star from Santos in 2013. The courts suspect the actual price was at least 83.3 million euros and that Rosell and Bartomeu hid the real cost from the taxman. The case was shifted from Madrid to a court in Barcelona last month after an appeal was upheld. No date for a trial has been set so far. It is alleged the overall fee was split between a number of different contracts between Barcelona, Santos and Neymar himself. In doing so, Barcelona stand accused of defrauding the Spanish taxman of 12.7 million euros. Prosecutors are seeking a prison sentence of two years and three months for Bartomeu and seven years for Rosell, as well as a 22.2 million euro fine for the club. Bartomeu's involvement could seriously damage his campaign to be elected as president in club elections on July 18. Join the conversation about this story »  | ||
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Fox News boss Roger Ailes has been demoted in Murdoch shakeup — and he's not happy about it (FOX) | ||
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There's lots of change at the top at 21st Century Fox: Rupert Murdoch is stepping down as CEO, handing the company over to his son James. Rupert's other son Lachlan will join his dad as executive co-chairman. And Chase Carey, the company's deputy chairman, president and COO, is becoming executive co-chairman. In an e-mailed press release sent out on Tuesday confirming its executive changes, Fox makes no mention of Roger Ailes. As news emerged last week that Rupert Murdoch was stepping down, New York Magazine's Daily Intelligencer blog reports that Ailes released "what now appears to be a rogue statement" to the Fox Business Channel, saying that he would continue to run the news network, reporting directly to Rupert Murdoch. Ailes even went as far as directing Fox Business executive Bill Shine to tell Fox Business Channel anchor Stuart Varney to read the announcement on air, reiterating that Ailes would continue to report to Rupert Murdoch, New York Magazine reports. However, a 21st Century Fox spokesperson told The Hollywood Reporter, "Roger will report to Lachlan and James." That's a huge slap in the face for 75-year-old Ailes, who has long counted Rupert Murdoch as a close ally. Ailes built Fox News from scratch into a huge cash cow. The Hollywood Reporter states in a recent profile of Ailes the channel is valued by Wall Street analysts at $15 billion, and it contributed to 18% of 21st Century Fox's profits in 2014. Despite his huge contribution to the company, Ailes does not get along with the Murdoch brothers, sources have previously told Business Insider.
Their feuds have been epic. The New York Magazine describes a few of their tussles: Ailes' tangles with Lachlan were legion. Not long after 9/11, Rupert gave Ailes a new contract after Ailes threatened to resign following a heated argument with Lachlan in the Fox newsroom. Four years later, Lachlan quit his job as deputy COO in charge of the Fox broadcast group after Rupert supported Ailes in a dispute over a TV show that Ailes wanted and Lachlan didn't. In 2014, Rupert did nothing publicly after I reported in my Ailes biography that Ailes once bragged to a Fox News executive about moving into Lachlan's vacant office, thereby putting himself closer to Rupert than Lachlan. "Do you know whose chair I’m sitting in? I’m sitting in Lachlan Murdoch’s chair," Ailes boasted to his colleague. "Do you know who’s sitting on the other side of that wall? Rupert Murdoch." Judging by his history with the Murdoch brothers and his confusion around who he would be reporting to, it's unlikely Ailes will be happy with the arrangements at the top of the company. His contract is up in 2016 anyway, and Ailes told the Hollywood Reporter back in April that nobody had been in touch to talk about a renewal. One of Ailes' other close allies at the company is Chase Carey, who — until these most recent changes — had been deputy chairman, president, and COO since 2009. The press release from 21st Century Fox states that Carey will serve in his new role through June 30 2016. He has been tipped to leave once that date rolls around. SEE ALSO: Now that Rupert Murdoch is out, here's the biggest question for Fox Join the conversation about this story » NOW WATCH: Turns out Pizza Hut's new hot dog stuffed crust pizza is a 'horrible tragedy'  | ||
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Scientists set plan for new tests with Philae comet probe | ||
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Paris (AFP) - Space scientists on Wednesday unveiled their plan to put the revived robot lab Philae back to work with experiments to monitor, sniff and prod a comet hurtling toward the Sun. The lander, which sent home its first word Saturday after seven months of hibernation, will go through a rigorous checkup before being told to resume imaging, sampling and finally drilling into its frozen host. "The rationale should be to... start by the less risky to go to the most risky" experiments, Philippe Gaudon of France's CNES space agency told journalists at the Paris Air show. Philae touched down on comet 67P/Churyumov-Gerasimenko on November 12 last year after a 10-year journey piggybacking on mothership Rosetta, now orbiting the space rock. The landing was bumpy -- the tiny lab bounced several times on the craggy surface before ending up in deep shade, deprived of sunlight to replenish its battery. Philae had enough onboard power to send home data from about 60 hours of tests conducted with eight of its 10 instruments, before going into standby mode on November 15. The washing machine-sized lander's power pack is being recharged as 67P streaks toward the Sun at about 31 kilometres (19 miles) per second. Saturday's initial 85-second contact was followed by a four-minute communication Sunday -- with Philae relaying data via Rosetta. There has been no followup contact, but the teams say this was expected. "We have much more data still waiting for us in the mass memory... so hopefully with the next communication we will get more data," Barbara Cozzoni, an engineer with the German Aerospace Centre (DLR), told the briefing. Information received so far is exclusively about Philae's state of health and is "only good news," she said. "The lander internal temperature is very good, the lander is warm... Our solar panels are collecting energy... they are performing as expected." As for future experiments, Gaudon said the first -- hopefully within days -- would see deployment of the Romap magnetic field analyser, the Mupus temperature gauge and Sesame, which measures the comet's surface using sound waves. These instruments "are small consumers, only a few watts and they don't require movement," he explained. Any motion could dislodge the lander, perched precariously at an angle against a rocky outcrop, with only two of its three feet touching the surface. The following round would likely involve high-resolution cameras, Civa and Rolis, then Philae's Cosac and Ptolemy gas and dust analysers. "The last activity should be the most risky," -- meaning Philae's APXS X-ray spectrometer, which needs to extend to very near the comet surface, and the SD2 drill.
- Moving closer -
If all goes well, "we should be able to... take a sample, to retrieve a sample, to see the sample with Civa and to analyse the sample... This is something we would do perhaps not in the next weeks but hopefully next month," said Gaudon. Comets are deemed to be frozen balls of dust, ice and gas left over from the Solar System's formation some 4.6 billion years ago. Understanding what constitutes this primeval rubble may give insights into how life on Earth began. One theory is that comets smashed into our infant planet, providing it with precious water and the chemical building blocks for life. To improve the data link with Philae, operators are manoeuvering Rosetta closer after problems with the orbiter's navigational star-tracker forced it to be moved outward to a distance of about 200-240 kilometres (124-149 miles). The tracker had started to confuse stars with dust particles blasting out of the comet. "Rosetta is being manoeuvred now to come down again to 180 kilometres, which we reckon should be safe," said Elsa Montagnon, Rosetta deputy flight manager at the European Space Agency (ESA). "But as soon as we see activity coming back, we may have to retreat." Join the conversation about this story »  | ||
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Palestinian unity government 'resigns' | ||
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Ramallah (Palestinian Territories) (AFP) - The Palestinian unity government formed last year in a bid to heal rifts between Hamas and president Mahmud Abbas's Fatah party resigned on Wednesday, an official said. "Hamdallah handed his resignation to Abbas and Abbas ordered him to form a new government," Nimr Hammad, an adviser to Abbas, told AFP, referring to prime minister Rami Hamdallah. Discussions to form a new government would include consultations with the various Palestinian factions, including Hamas, he said. Officials have said the planned dissolution of the government, made up of technocrats, had been under discussion for several months because of the cabinet's inability to operate in the Hamas-dominated Gaza Strip. But it also came as Hamas sources said the Islamist movement was holding separate, indirect talks with Israel on ways to firm up an informal ceasefire agreement that took hold last August, ending a 50-day war in Gaza. Some have argued that news of the secret talks prompted Abbas to move to dissolve the unity government. A Palestine Liberation Organisation official said the new government was likely to be one of politicians rather than technocrats. Join the conversation about this story »  | ||
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New Spanish mayors cast doubts on big building projects | ||
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Madrid (AFP) - Spain's construction industry is on edge after far-left mayors took office in the nation's two largest cities, Barcelona and Madrid, casting doubts over the future of major building projects. Both new leaders have vowed to shelve urban development projects, judging them unnecessary and too expensive at a time when one in four workers is out of a job in Spain. Tens of thousands of new homes also remain unsold following the collapse of a property bubble in 2008. Ada Colau, a 41-year-old anti-eviction activist, was sworn in as mayor of Barcelona on Saturday while Manuela Carmena, a 71-year-old retired judge, took the reins at Madrid city hall, after nationwide local elections last month in which the ruling conservative Popular Party took a drubbing. Shares in Spanish builders have slumped since the May 24 election, reflecting concerns by investors. Spanish infrastructure group OHL has lost a third of its value, builder FCC is down by nearly 17 percent while its rival ACS has lost just over nine percent. Madrid had the greatest number of real estate projects awaiting approval before the local elections, which put an end to over two decades of Popular Party rule in the Spanish capital of three million residents. The largest is an ambitious public-private partnership dubbed "Operation Chamartin" named for the district in northern Madrid where investors want to create a new financial centre. It calls for the construction of several skyscrapers, three new metro stations and around 17,000 new homes. The project's backers say it would create 121,000 badly needed jobs for an investment of six billion euros ($6.7 billion). But Carmena, whose race for mayor was backed by Spain's new anti-austerity party Podemos, has said she opposes the project in its current form. "The north of the city does not need 17,000 new homes," she told top-selling daily newspaper El Pais. Carmena said she wants to "curb speculative real estate projects which are under way" following a lengthy building boom whose collapse in 2008 sent the Spanish economy into a tailspin.
- New hotel moratorium -
On Spain's northeast Mediterranean coast, Barcelona's new mayor has vowed to place a moratorium on approving the construction of new hotels as part of a plan to ensure the city does not "end up like Venice". She has also said she will stop the construction of a large supermarket and block the expansion of two others to help preserve small shops. The new mayors cannot outright cancel projects which have already been approved, said real estate consultant Jose Luis Bartome. "They will be terminated, but through delays and changes," he said. He considers "Operation Chamartin" a project that would meet the need for housing and urban renewal in Madrid. Spain's second-largest bank BBVA, one of the project's creditors, said it "will work with public administrations to satisfy the needs of residents". Spanish construction group Acciona, which is in the race to build another Madrid mega-project -- a new complex of court buildings estimated to cost 1.2 billion euros -- is also cautious about the new view from city hall regarding big projects. "We must wait and see what they say," a company spokeswoman said.
- Audience with king -
A Madrid architect, who spoke under the condition that he not be named, said the election outcome had already cost him a project to build 40 homes on an empty plot. "The Friday (before the municipal elections) it was almost sold. The Monday (after the vote), the French investors backed away," he said. There is "uncertainty" over how the municipality will manage building permits, he added. Chinese billionaire Wang Jianlin, who earlier this year bought a stake in Spanish football club Atletico Madrid after last year snapping up a landmark Madrid skyscraper which has stood empty for years, is reportedly worried. He has demanded an audience with King Felipe VI, according to a report in online news site El Confidencial, which was not confirmed by the royal palace. Wang wants to buy two million square metres of land in Madrid to build 11,000 houses, stores and a theme park, but locals are lobbying city officials to turn the site into a hospital. Join the conversation about this story »  | ||
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FedEx: We expect 'continued moderate economic growth.' (FDX) | ||
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FedEx reported fourth quarter earnings on Wednesday morning, missing on the top and bottom lines. The global freight and shipping company reported adjusted earnings per diluted share of $2.66, lower than estimates for $2.69, according to Bloomberg. Sales came in at $12.1 billion, compared to the forecast for $12.30 billion. For the full year 2016, FedEx expects adjusted earnings of between $10.60 and $11.10 per diluted share, compared to the consensus expectation for guidance of between $10.50 and $11.73. Its outlook also "assumes continued moderate economic growth." CEO Frederick W. Smith said in the statement: “Fiscal 2015 was a transformative year for FedEx with outstanding financial results driving expanded long-term value for share owners. Significant acquisitions announced in the year promise to strengthen our portfolio of services and change what’s possible for customers. I am very proud of the FedEx team for its accomplishments and look forward to a successful fiscal 2016.” The company announced it is raising the mandatory retirement age for directors to 75 from 72. FedEx shares fell more than 1% in premarket trading. The stock is up 30% over the past 12 months. Join the conversation about this story » NOW WATCH: 5 clever iPhone tricks only power users know about  | ||
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France is considering making 2017 a year free of income tax | ||
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The government wants to shift to a system of automatic withholding, similar to that in the United States and much of the rest of the world. Employees in France currently pay taxes a year after their income is earned. Christian Eckert, France's budget secretary, said Wednesday that the government will not double-tax workers in 2018, the year automatic withholding is to begin. So 2017 incomes could effectively be tax-free for regular salaries. Taxpayers won't actually feel much of a difference though — they would still spend 2017 paying for the previous year. The U.S. began withholding taxes in 1943. Canada and Germany did so even earlier, in 1917 and 1925 respectively. Join the conversation about this story » NOW WATCH: 4 things a leader should never do  | ||
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France What are traders watching this morning? The countdown to the Fed ... | ||
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Via Dave Lutz at JonesTrading, here's what traders are talking about this morning. Good Morning, and Happy Fed Day! Decision (No Change expected) and “dot plot” comes at 2pm - all expectations are for Janet Yellen to lay the groundwork for a September hike in her press conference at 2:30 today. While US Futures are in the green, Euro markets remain tense as we await the ECB’s decision whether to raise the funding level of Emergency Liquidity Assistance for Greek banks and/or increasing haircuts on Greek collateral. The DAX has slipped red as Consumer and Financials retreat – While Athens is showing a nice rally after being smooshed the last week. Over in China, A strong rally in the afternoon session offset Margin/IPO concerns, and left Shanghai almost 2% higher - Nikkei fell for a 3rd straight session on disappointing Trade Figures - Aussie jumped 1.1% as investors dove into Financials, which have been crushed of late. The KOSPI managed a small gain as MERS concerns continue. The US 10YY is basically flat after breaking towards 2.3% in the overnight, while a decent bid drives Bund yields into the red. Greek debt has a slight bid to it (as do all peripheries) – helping the Euro eek out a small gain against the $. The cross to watch tho is the Yen – as $/Yen surges toward 124 – creating a nice tailwind for global equities. With the DXY weaker (but rallying quick), we have a tailwind for commodities – led by the Oil complex, as last night’s API data showed a large draw ahead of DOE today. The Softs are jumping, led by a 1.7% pop in Wheat (Ukraine?), while the metals meander around unch. All the major scheduled catalysts today are coming out of Washington – at 10am, Treasury’s Lew testifies on FSO, and Defense Sec. Ashton Carter, Chairman of Joint Chiefs of Staff Gen. Martin Dempsey testify on Middle East strategy; we get the DOE data for Crude posts at 10:30 – then the spotlight falls to the FOMC announcement at 2, followed by Janet singing solo at 2:30. Join the conversation about this story » NOW WATCH: 6 scientifically proven features men find attractive in women  | ||
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This chart shows how the super-rich invest in different parts of the world | ||
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The latest World Wealth Report from Capgemini and RBC Wealth Management came out on Wednesday, and it has some important insights on where and how the world's ultra-rich are investing their millions. Last year, high net worth individuals, or HNWIs (defined as people with investable assets of $1 million or more, excluding primary residence, collectibles, consumables, and consumer durables), became slightly riskier: stocks overtook cash as the number one asset in their portfolios. The biggest jumps in equity holdings were in Japan and Latin America, even though more Japanese HNWIs prefer cash than anything else. The reason some HNWIs are hanging onto cash is to maintain financial stability, while others, particularly in emerging markets, still hold cash in order to invest in "unique financial opportunities," according to the report. In Japan and North America, meanwhile, HNWIs are most likely to hang onto their cash in order to maintain their lifestyle. Here's a breakdown of all HNWI assets by geographic region:
Join the conversation about this story » NOW WATCH: Forget the Apple Watch — here's the new watch everyone on Wall Street wants  | ||
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