Economist Jeff Sachs reveals the biggest threat to the human race | ||
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Economist Jeff Sachs tackles economic, social and environmental sustainability in his new book "The Age of Sustainable Development." Produced by Sara Silverstein and Alex Kuzoian Follow BI Video: On Facebook Join the conversation about this story »  | ||
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UK mobile network Three accidentally revealed user data through a flaw in an online survey | ||
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Three, a major mobile phone network in the UK, accidentally revealed user data through a security flaw on one of its websites, The Register reports. Security researcher Joseph Redfern found that entering any phone number into Three's survey site would expose the name and email address of the person it belongs to — meaning you could input a stranger's number and their contact details would be revealed. The weird part about the security flaw is that the personal data wasn't actually used on the survey site once it was loaded on the web page. Redfern says he informed Three customer support about the vulnerability, but never heard anything else from them. The next thing Redfern knew, the site had been taken offline, and Three's survey API was removed. We reached out to Three for comment on this story. Below is a video that Redfern made to explain the vulnerability: The Three vulnerability is similar to a problem that Uber ran into earlier this week. It created a petition microsite that allowed respondents to enter special characters (like # or <), and a security researcher used that vulnerability to enter computer code into the petition that forced it to display an ad for rival company Lyft.
Join the conversation about this story » NOW WATCH: 5 clever iPhone tricks only power users know about  | ||
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Independent labels aren't signing up for Apple Music because they fear it will put them out of business | ||
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Apple is positioning Apple Music as a friend to small record labels. But many independent British labels have yet to sign up because they fear they'll end up losing out on revenue, the head of an industry lobbying group told the Telegraph. Apple Music is going to launch with a free, three-month trial period to tempt users onto its platform. And music labels and artists won't be paid anything for the songs played during that time. This could be disastrous for independent British labels, some of them are complaining, because they cannot afford to lose three months of revenues. Chairman of industry lobby group UK Music Andy Heath told The Telegraph that Apple's plan for the launch of its music streaming service has dismayed British labels like XL Recordings, which looks after Adele's music, and Domino, the home of the Arctic Monkeys. He said: “If you are running a small label on tight margins you literally can’t afford to do this free trial business." The fear is that stream revenue those labels would have earned from Spotify will dry up as people check out Apple's three-month free trial. Once the trial is over, Apple says it will be paying more than the industry average of 70% of music streaming revenues to music owners. In the US this will come to 71.5%, and outside the US it will average out to around 73%. But this hasn't been enough to reassure independent labels in the UK. To his knowledge, Heath told the paper, no independent British labels have agreed to allow their music to be used in the three month free trial. Heath said: “I think the dynamic here is nothing to do with the royalty rates but there are elements of these deals that are just too difficult for smaller labels to do. It will literally put people out of business.” These labels are happy to stick with Spotify, Heath said, which continues to pay them for each track played, even if Apple is promising to give them more than the industry average at a later date. The Telegraph report added that two record label bosses had confirmed Heath's view, but did not want to be named because talks with Apple are still ongoing. We've reached out to some British labels and will update this article when we hear back. Join the conversation about this story » NOW WATCH: Two models in Russia just posed with a 1,400-pound bear  | ||
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10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, FDX, AMZN, SHI, FIT) | ||
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Here is what you need to know. Today is a Fed day. Attention turns to Janet Yellen as investors look for clues as to when the Fed will raise interest rates. "The expected date of the first hike in the Fed Funds rate is closer than it has been at any point so far in the recovery," noted Goldman Sachs economist Kris Dawsey. He continued, "As a result, the signal from the June FOMC meeting will be especially important." Currently, Fed Funds futures are pricing in a December rate hike. The US 10-year yield is up 2 basis points at 2.33%. The UK is seeing wage growth. Average weekly earnings rose 2.7%, their fastest since August 2011. Meanwhile, the UK's unemployment rate held at 5.5%, and remained at its lowest level since 2008. The British pound is stronger by 0.6% at 1.5740. Ifo upped its forecast for German growth. Germany's Ifo Institute has raised its 2015 growth forecast to 1.9% from its 1.5% estimate that was made in December. "Private consumption remains the pillar of the upswing, since private households' income expectations are good due to the improved situation on the labour market," noted Ifo economist Timo Wollmershaeuser. As for 2016, Ifo sees German growth of 1.8%. Germany's 10-year yield is up 0.3 basis points at 0.80%. Japan's trade deficit exploded. The trade deficit jumped to 216 billion yen in May, up from 53.4 billion yen in April. Exports edged up 2.4%, missing the 3.0% advance that was expected. Meanwhile, imports tumbled 8.7% on anticipation of an 8% drop. Exports to China and the US climbed 1.1% and 7.4%, respectively, but slowed from April. Japan's yen is weaker by 0.5% at 123.93. FedEx earnings are due out. The package delivery service is expected to report earnings of $2.69 per share on revenue of 12.3 billion. FedEx's results are due out at 7:30 a.m. ET. FitBit's IPO prices tonight. The wearable device company has raised the size of its initial public offering to $656 million. Increased demand could drive the IPO pricing above the $14-to-$16 range that has been anticipated. The stock will trade under the ticker 'FIT'. Amazon wants the FAA to ease drone rules. The online retailer is lobbying Congress to help in its quest for looser drone regulations. According to ITWorld, Amazon wants Congress to "embrace automated drone flights and come up with a set of simple, nationwide regulations that will allow its proposed Prime Air service to get off the ground." The FAA's current rules will not allow the Prime Air service off the ground. Sinopec is trying to buy a stake in US shale. China's second largest oil refiner is looking for a 10%-to-15% stake in a US shale project to export liquefied natural gas. Reuters notes, despite the recent drop in oil prices, bargain hunters have been disappointed with the high valuations assigned to shale assets. "The asking price is not low," noted Jack Yu, managing director of Sinopec D.C.. Stock markets around the world are mixed. China's Shanghai Composite (+1.7%) led the gains in Asia and France's CAC (-0.7%) paces the decline in Europe. S&P 500 futures are up 3.25 points at 2092.25. US economic data is light. Crude oil inventories will be released at 10:30 a.m. ET. 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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Escaped tiger from flooded Georgia zoo kills man | ||
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"A tiger from the Tbilisi zoo killed a man" near the capital's central square, the spokeswoman told AFP. "Police special forces were deployed and are hunting down the animal." Georgian media said the tiger had been hiding in a warehouse and escaped the citywide police search for the escaped animals, many of which were shot dead. Floods hit Tbilisi on Sunday, killing at least 17 people and ravaging the city's central districts including the zoo, where hundreds of animals -- including lions, tigers, wolves and a hippo escaped. More than half of the animals -- some 300 species -- either drowned in the muddy waters or were killed by police. Note: Original reports that it was an escaped lion that killed the man have since been corrected by Georgian officials. It was a tiger, not a lion. SEE ALSO: Startling photos show dozens of zoo animals roaming around Georgian city after massive flood Join the conversation about this story » NOW WATCH: 6 scientifically proven features men find attractive in women  | ||
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Tbilisi (AFP) - A tiger that escaped from a zoo in the Georgian capital during freak floods at the weekend killed a man in the city centre on Wednesday, an interior ministry spokeswoman said. Allergan is buying a biotech company for $2.1 billion (AGN, KYTH, IBB) | ||
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Allergan is buying Kythera Biopharmaceuticals for $2.1 billion. In a statement on Wednesday, the companies announced that Allergan will pay $75 per Kythera share; 80% will be in cash, and the remaining 20% in new Allergen shares for Kythera shareholders. Allergan is a pharmaceutical company and the maker of botox. By acquiring Kythera, Allergan adds an injection that treats double chin to its portfolio, called Kybella, the companies noted. Brent Saunders, CEO of Allergan, said in the statement: “KYBELLA™ is an exciting new product that offers patients the first and only clinically-proven, non-surgical treatment for submental fullness (excess fat under the chin). As a leader in aesthetics, we know our customers are looking to offer their patients new options beyond traditional facial aesthetics." Kybella has been approved by the FDA, with the green light pending in Swtizerland, Australia, and Canada, according to the statement. The deal is subject to the approval of Kythera shareholders and the companies anticipate it will close in the third quarter. Join the conversation about this story » NOW WATCH: 5 clever iPhone tricks only power users know about  | ||
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These are the things that keep millionaires awake at night | ||
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Even the super-rich have things to worry about. According to the latest Capgemini and RBC Wealth Management World Wealth Report, younger rich people have a lot more on their minds than older ones do. The report laid out the wealth-related concerns of the world's 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). Overall, the number one concern for the ultra-rich last year was "my and my family's health," followed closely by "ensuring my assets will last throughout my lifetime" and "being able to afford the lifestyle I want in retirement." But when you look at this demographic's worries broken down by age, interesting trends emerge. For example, millionaires under age 45 are far more likely to be worried about rising education costs. The green on the chart represents the concerns of wealth managers for their clients. But there are plenty more. Take a look:
Join the conversation about this story » NOW WATCH: Tony Robbins shares 5 keys to getting rich  | ||
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This chart shows how the super-rich invest their assets in different parts of the world | ||
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The latest annual World Wealth Report from Capgemini and RBC Wealth Management just came out, 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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Economist Jeff Sachs reveals the biggest threat to the human race | ||
| | ||
Economist Jeff Sachs tackles economic, social and environmental sustainability in his new book "The Age of Sustainable Development." Produced by Sara Silverstein and Alex Kuzoian Follow BI Video: On Facebook Join the conversation about this story »  | ||
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'Gay' moth sex cuts pest numbers as chemicals mothballed | ||
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London (AFP) - London's Natural History Museum is trialling a quirky system using female moth pheromones to confuse males into homosexual activity in its battle against the damaging cloth-eating insects. British agricultural technology company Exosect impregnates wax tablets with minute levels of the pheromone, which rubs off on amorous male moths, who in turn go on to attract other males. "The powder overwhelms their senses and they aren't able to detect regular females anymore. If an untreated male comes into contact with a treated male, he will start to show mating behaviours, such as wing fanning," Exosect spokeswoman Georgina Donovan said. The company says tricking the moths into trying to mate with other males is a more effective and environmentally friendly way of tackling the menace than traditional pesticides such as those contained in mothballs. The Natural History Museum, which uses the system along with Hampton Court Palace, the Houses of Parliament and the Royal Opera House, said moth numbers had fallen by half during trials. The system breaks the mating cycle, reducing the number of larvae that feed on natural fibres. The problem of moth infestation has become more acute as home insulation and heating has improved, creating ideal conditions for the insects, the company said. A preference for natural-fibre clothing and furniture among many shoppers, and the popularity of vintage clothing also mean moths have become more of a menace, Exosect said.
Join the conversation about this story »  | ||
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UK mobile network Three accidentally revealed user data through a flaw in an online survey | ||
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Three, a major mobile phone network in the UK, accidentally revealed user data through a security flaw on one of its websites, The Register reports. Security researcher Joseph Redfern found that entering any phone number into Three's survey site would expose the name and email address of the person it belongs to — meaning you could input a stranger's number and their contact details would be revealed. The weird part about the security flaw is that the personal data wasn't actually used on the survey site once it was loaded on the web page. Redfern says he informed Three customer support about the vulnerability, but never heard anything else from them. The next thing Redfern knew, the site had been taken offline, and Three's survey API was removed. We reached out to Three for comment on this story. Below is a video that Redfern made to explain the vulnerability: The Three vulnerability is similar to a problem that Uber ran into earlier this week. It created a petition microsite that allowed respondents to enter special characters (like # or <), and a security researcher used that vulnerability to enter computer code into the petition that forced it to display an ad for rival company Lyft.
Join the conversation about this story » NOW WATCH: 5 clever iPhone tricks only power users know about  | ||
| |
Independent labels aren't signing up for Apple Music because they fear it will put them out of business | ||
| | ||
Apple is positioning Apple Music as a friend to small record labels. But many independent British labels have yet to sign up because they fear they'll end up losing out on revenue, the head of an industry lobbying group told the Telegraph. Apple Music is going to launch with a free, three-month trial period to tempt users onto its platform. And music labels and artists won't be paid anything for the songs played during that time. This could be disastrous for independent British labels, some of them are complaining, because they cannot afford to lose three months of revenues. Chairman of industry lobby group UK Music Andy Heath told The Telegraph that Apple's plan for the launch of its music streaming service has dismayed British labels like XL Recordings, which looks after Adele's music, and Domino, the home of the Arctic Monkeys. He said: “If you are running a small label on tight margins you literally can’t afford to do this free trial business." The fear is that stream revenue those labels would have earned from Spotify will dry up as people check out Apple's three-month free trial. Once the trial is over, Apple says it will be paying more than the industry average of 70% of music streaming revenues to music owners. In the US this will come to 71.5%, and outside the US it will average out to around 73%. But this hasn't been enough to reassure independent labels in the UK. To his knowledge, Heath told the paper, no independent British labels have agreed to allow their music to be used in the three month free trial. Heath said: “I think the dynamic here is nothing to do with the royalty rates but there are elements of these deals that are just too difficult for smaller labels to do. It will literally put people out of business.” These labels are happy to stick with Spotify, Heath said, which continues to pay them for each track played, even if Apple is promising to give them more than the industry average at a later date. The Telegraph report added that two record label bosses had confirmed Heath's view, but did not want to be named because talks with Apple are still ongoing. We've reached out to some British labels and will update this article when we hear back. Join the conversation about this story » NOW WATCH: Two models in Russia just posed with a 1,400-pound bear  | ||
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Top Asian football official quits after 'cover up' claims | ||
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Kuala Lumpur (AFP) - Asian Football Confederation general secretary Alex Soosay has resigned, the regional body announced Wednesday, amid allegations he was involved in a cover-up during the reign of scandal-tainted former boss Mohamed bin Hammam. "Alex Soosay has tendered his resignation as AFC General Secretary with immediate effect," the Kuala Lumpur-based AFC said in a statement. Soosay, a former coach and Malaysian international midfielder, was suspended last month pending a probe into allegations he tried to obstruct a 2012 audit of AFC accounts. The investigation was triggered by the emergence in April of a videotaped interview in which an AFC official said Soosay asked him to "tamper (with) or hide" documents during the audit. PriceWaterhouseCoopers had been brought in to carry out the audit following claims that Bin Hammam, now banned for life from football worldwide, was guilty of financial wrongdoing during his 2002-2011 AFC presidency. The documents Soosay was accused of trying to hide are thought to relate to payments ordered by Bin Hammam. After the allegations first surfaced Soosay dismissed them, telling AFP "the case is closed" and that the videotaped interview had been "taken out of context". The AFC said Wednesday that Windsor John, its deputy general secretary, would take over Soosay's duties until a permanent replacement was appointed. Join the conversation about this story »  | ||
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