Wednesday, November 23, 2022

WHAT COULD POSSIBLY GO WRONG

48,500-Year-Old Virus Reawoken from Ancient Siberian Permafrost

One of the revived germs is called Megavirus mammoth.

TOM HALE

Senior Journalist

Nov 23, 2022 


Yakutian horses living in the harsh frosty lands of the Sakha Republic, Siberia. Image credit: Tatiana Gasich/Shutterstock.com

Scientists have revived a number of ancient viruses that have been locked deeply in the Siberian permafrost since the Ice Age. While the research undoubtedly sounds risky, the team believes it's a threat worth looking into when we consider the growing perils of thawing permafrost and climate change.

In a new paper, which is yet to be peer-reviewed, the researchers explain how they identified and revived 13 viruses belonging to five different clades from samples collected in the icy Russian far east. 

Among the haul, they managed to revive a virus from a permafrost sample that was around 48,500 years old. 

They also revived three new viruses from a 27,000-year-old sample of frozen mammoth poop and a chunk of permafrost stuffed with a large amount of mammoth wool. This trio was aptly named Pithovirus mammoth, Pandoravirus mammoth, and Megavirus mammoth. 

A further two new viruses were isolated from the frozen stomach contents of a Siberian wolf (Canis lupus), named Pacmanvirus lupus and Pandoravirus lupus.

These viruses infect amoebae, little more than single-celled blobs that live in soil and water, but experiments indicated that the viruses do still have the potential to be infectious pathogens. The team introduced the viruses into a culture of live amoebae, showing that they were still capable of invading a cell and replicating. 

The project comes from a team of researchers at Aix-Marseille University in France who previously revived a 30,000-year-old virus found in Siberian permafrost in 2014. With the latest bunch of viruses including one that dates to 48,500 years ago, the researchers have possibly revived the oldest virus yet. 

“48,500 years is a world record,” Jean-Michel Claverie, one of the paper’s authors and a professor of genomics and bioinformatics at the Aix-Marseille University’s School of Medicine, told New Scientist.

Writing in their paper, the researchers explain that more work needs to focus on eukaryote-infecting viruses, noting that “very few studies have been published on this subject.” They explain that rising temperatures from climate change are likely to reawaken many microbial threats, including pathogenic viruses, from the ancient past. 

“As unfortunately well documented by recent (and ongoing) pandemics, each new virus, even related to known families, almost always requires the development of highly specific medical responses, such as new antivirals or vaccines,” the study authors write.

“There is no equivalent to ‘broad spectrum antibiotics’ against viruses, because of the lack of universally conserved druggable processes across the different viral families. It is therefore legitimate to ponder the risk of ancient viral particles remaining infectious and getting back into circulation by the thawing of ancient permafrost layers,” they add. 

The paper was recently posted on the preprint server bioRxiv

‘Well, This Is Awkward…’: FIFA–Budweiser Deal Brings Commercial Sponsor Rights in Sports to Light



JD SUPRA
November 23, 2022

On November 18, days before the FIFA World Cup Qatar 2022 was due to start, Anheuser-Busch InBev (the owner of Budweiser, a World Cup sponsor since 1985) was dealt an unexpected yellow card: FIFA issued a statement that appeared to renege on certain terms of their $75 million (£63 million) commercial sponsorship agreement.

Budweiser and FIFA had agreed to a commercial sponsorship deal that, in addition to the ubiquitous logos and banner advertisements we expect to see in sports tournaments, included an exclusivity arrangement for Budweiser to sell alcoholic beer in the eight stadiums participating in the World Cup in Qatar this year. However, just two days before the global tournament began, following discussions with the Qatari government, FIFA announced that no alcohol would be available at any of the stadiums, other than in corporate suites.

There will be unavoidable financial consequences for Budweiser, the severity of which will depend on a number of commercial, logistical, and contractual factors, including whether the contract anticipated a change in policy of this nature. Some of the considerations includehow revenue was structured under the commercial agreement;
what, if anything, Budweiser can do with the surplus stock already in Qatar (is the announcement that Budweiser will gift the beer to the winning team to be believed?);
how quickly Budweiser can increase the locally held stock of nonalcoholic beer;
whether Budweiser will raise a dispute for breach of contract; and
what compensation might be negotiated with FIFA.

While not a completely dry country, Qatar’s alcohol sales and consumption were already strictly regulated. For many observers, both local and from nearby Gulf and Asian countries, the consumption of alcohol at this year’s World Cup at levels seen at previous World Cups may have proved a shock.

As global sporting events, including the World Cup and Formula One races, become increasingly geo-diversified, cultural and geopolitical issues of this nature may become more prevalent. Potential sponsors will need to mitigate the risk of last-minute changes in local policy by setting out clear contractual remedies in their sponsorship agreements. It is unlikely that most boilerplate force majeure or change-in-law provisions will be drafted to explicitly anticipate sudden and dramatic changes of this nature.

Global sporting events bring a matrix of new and existing sponsors, sporting governing bodies, and local and national governments that potential sponsors will need to navigate. This is something that sponsors of the World Cup US-Canada-Mexico 2026 and the LA Olympics 2028 will need to be ready for.

Legal commenters will be watching this space closely to see if Budweiser takes any legal action against FIFA. However, in the short term, it is clear there is still value in the sponsorship agreement for Budweiser. In addition to its branding being displayed throughout the tournament, which helps drive sales in other countries, Budweiser will continue to sell both alcoholic and nonalcoholic beers at FIFA Fan Festival areas and other licensed venues.

Moreover, Budweiser’s response on social media has garnered extraordinary publicity outside of the tournament. The brand’s continued quick wit on social media has generated a legion of fans, showing that you truly can make the best out of a (potentially) bad deal.

Police to text 70,000 victims in UK's biggest anti-fraud operation

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IMAGE SOURCE,METROPOLITAN POLICE
Image caption,
Police raid alleged fraudster

Police will text 70,000 people to warn them they have been victims of a banking scam in the UK's biggest anti-fraud operation.

The Metropolitan Police have arrested an east London man accused of running an international service enabling fake phone calls to victims.

Victims lost thousands of pounds, and in one case £3m.

Detectives only have their phone numbers and are asking people to act if they receive the message.

Metropolitan Police Commissioner Sir Mark Rowley described the investigation as the biggest proactive counter-fraud investigation ever in the UK.

He said the criminals involved were responsible for the "industrialisation of fraud".

Detectives revealed that there could be 200,000 UK victims of the scams, which usually involved fraudsters calling, pretending to be a bank, warning a customer of alleged suspicious activity on their account.

An address in east London is alleged to have been at the centre of the service which police believe enabled fraud on a global scale.

How will people know the text is genuine?

During the investigation, police obtained the numbers of victims but not their names and addresses.

They will send a mass text message to 70,000 numbers asking people to go to the Action Fraud website to register their details.

Detectives are aware of the risks of using a text message to contact victims of fraud who may have been targeted through their mobile phones.

They said the message from the police would only have links to the Action Fraud site, and would only be sent on 24 and 25 November. Any other texts should be regarded as fraudulent themselves.

IMAGE SOURCE,METROPOLITAN POLICE
Image caption,
The iSpoof website was taken down by the FBI following the Met investigation

The iSpoof website, involved in the scam, was advertised openly on the internet. It allegedly provided access to a server, initially based in Holland and then Ukraine, which criminals could use to make anonymous calls to victims from a spoof phone number.

This allowed them to pose as employees of banks including Barclays, Santander, HSBC, Lloyds, Halifax, First Direct, NatWest, Nationwide and TSB.

Victims were asked to enter a "one-time code" or password for their account into their phone, which was intercepted by the iSpoof server and made available to the fraudsters.

Criminals could then use these details to "clear out the accounts" of their victims, detectives said.

"Devastating crime"

Det Supt Helen Rance, from the Met's Cyber Crime unit, said victims would not have known the phone call was coming from iSpoof.

"The person on the other end of the line can be very convincing," she said.

"This is an absolutely devastating crime for so many people. They must be worried, I really feel for them," she said.

Fraudsters paid between £150 and £5,000 a month in bitcoin to use the iSpoof service, contacting, at times, 20 people a minute, primarily in the USA, UK, Netherlands, Australia, France and Ireland.

So far, police believe £48m may have been stolen by criminals using iSpoof, with those behind the service allegedly earning £3.2m and living "lavish" lifestyles. This figure is likely to rise.

A notice on the website says that it has been taken down by the FBI.

Det Supt Rance said the investigation remained live.

IMAGE SOURCE,METROPOLITAN POLICE

"We are still making arrests today and tomorrow," she said. "This work will have prevented hundreds and thousands of online fraud crimes.

"Our message to criminals who have used this website is we have your details and are working hard to locate you, regardless of where you are."

Operation Elaborate

Metropolitan Police fraud and cyber-crime detectives launched Operation Elaborate in June 2021 after asking experts which websites posed the greatest risk in the UK.

The Met said investigators infiltrated iSpoof and began gathering information, including 70 million data records.

A breakthrough came when they discovered that police in the Netherlands had placed a "bug"' on the server, allowing them to record calls being made through it.

This evidence was shared with police in the UK, and the European law enforcement bodies Europol and Eurojust.

IMAGE SOURCE,METROPOLITAN POLICE
Image caption,
In raids around the UK, 120 people have been arrested and potential evidence seized

Police believe 59,000 potential suspects may have used the iSpoof service, but are prioritising those in the UK who have spent at least 100 bitcoin to get access, believing they were anonymous.

Early in November 2022 they raided an address in east London and arrested a man alleged to be behind iSpoof.

In other raids, 120 people thought to have used the service for fraud have been taken into custody.

Det Supt Rance warned other criminal "enablers" will have taken over to provide services to fraudsters.

"Undoubtedly they will go to another website," she said. "They have created back-ups. We have not solved this problem."

But she said one major outcome of the investigation was to have "discredited" the iSpoof name.

A 34-year-old man, Teejai Fletcher, has been charged with making or supplying articles for use in fraud and participating in the activities of an organised crime group.

He will appear at Southwark Crown Court on 6 December.

CRIMINAL CAPITALI$M
Credit Suisse to layoff 9,000 people, projects $1.6bn Q4 loss
Credit Suisse to layoff 9,000 people, projects $1.6bn Q4 loss
Written byAthik Saleh
Nov 24, 2022, 11:33 am2 min read
Credit Suisse was convicted for failing to prevent money laundering by a Bulgarian cocaine trafficking gang

A string of scandals this year has dogged Swiss bank Credit Suisse. Add to that the challenging economic environment, and we have a recipe for disaster.The bank has now said that it projects a CHF 1.5 billion ($1.6 billion) loss in the fourth quarter due to declining client activity.It also plans to ax 9,000 employees by 2025 to cut costs.

Why does this story matter?

  • Credit Suisse, the second-largest Swiss bank, hasn't had the best of 2022 so far. Constantly declining share prices, a money laundering-related conviction, failed bets on Archegos Capital Management and Greensill Capital...the list goes on.
  • Last month, the bank's credit default swap reached its highest in the last two decades. Considering all that, restructuring has been in the cards for a while for the bank.

Bank expects losses in wealth management and investment banking

In its Q4 projection, Credit Suisse said that it expects losses in wealth management sections and investment banking. It attributed this to the market conditions, continuous credit outflows, and the sale of non-core businesses.The bank projects a total pre-tax loss of around CHF $1.5 billion. It expects to lose CHF 75 million due to the sale of the shareholding in the Allfunds group.

Number of deposits and assets under management will decrease

The number of deposits in the bank and the assets under its management are set to decrease in Q4. This will result in a decline in net interest income, recurring commissions, and fees, which will lead to a loss for the wealth management division.

Bank plans to undergo a complete overhaul

Credit Suisse is set to undergo a sweeping overhaul. A number of scandals have the market questioning the bank's financial health. The Zurich-based bank plans to restructure its business to address that.The bank held an extraordinary general meeting to seek shareholders' approval for the bank's restructuring plans and its proposal to raise CHF 4 billion .

It aims to cut 2,700 jobs in Q4

As part of the restructuring, the bank plans to cut jobs. It aims to slash 2,700 jobs in the fourth quarter and around 9,000 by 2025.The bank said that layoffs will depend on several factors, including the performance for the rest of the year, the continued exit of non-core positions, goodwill impairments, and the outcome of other asset sales.



Credit Suisse to axe jobs in Chinese investment banking and research units


By NS Banking Staff Writer 
 23 Nov 2022

More than 20 investment bankers at Credit Suisse’s 51% owned Chinese venture, Credit Suisse Securities, which had a total of 68 employees by the end of last year, have been notified about the job cuts


Credit Suisse, Paradeplatz in Zürich, Switzerland.
 (Credit: Roland zh/Wikipedia)

Credit Suisse is reportedly laying off around one-third of its employees in the investment banking division, and nearly half of its workforce in the research department, in China.

More than 20 investment bankers at Credit Suisse Securities, the bank’s 51% owned jointure venture in China, have been notified about the job cuts, reported Reuters.

Credit Suisse Securities had 68 employees working in its investment banking department by the end of last year.

The bank is also reducing the headcount in its research department by laying off nearly 10 people, which initially had 24 employees.

The announcement follows less than one month after the Swiss investment bank announced the strategic restructuring of its global business.

As part of the strategic restructuring, the bank announced its plans to raise $4.18bn in the capital, along with 9,000 job cuts in the next three years.

The restructuring plan also included the spinning-off of the investment banking business and focusing on institutional and wealth management clients.

The announcement follows two months after the bank agreed to invest $160m to fully control its securities business in China, reported Bloomberg.

Reuters said that Wall Street banks are preparing to cut jobs in China, due to the impact of Covid-19 restrictions and weak growth of business in the country.

Goldman Sachs has announced the axing of 25 jobs in China, and Morgan Stanley plans to eliminate around 50 investment-banking jobs in the Asia-Pacific region, said the publication.

Earlier this month, Credit Suisse signed definitive agreements to sell a significant part of its Securitized Products Group (SPG) and other related financing businesses to Apollo Global Management (Apollo).

The agreement is said to support the company’s strategic plan to exit from the SPG business, de-risk its Investment Bank, and release capital to invest in its core businesses.

The transaction is expected to be completed in the first half of 2023, subject to regulatory approvals, customer approvals and other customary closing conditions.

Credit Suisse credit traders still waiting for retention payments

bySarah Butcher
21 November 2022



He came and he went and people still don't seem any happier.

Sources at Credit Suisse say Joel Kent's visit to London last week didn't result in any new retention bonuses, but it did seemingly coincide with more job cuts.

Kent's visit from New York last week was meant to stabilize the Credit Suisse credit sales and trading business ('global credit products) following the removal of various team members and ahead of its transplantation into CS First Boston.

Credit Suisse isn't commenting, but sources say Kent's message to CS credit professionals in both London and New York has effectively been, "I have no information and if you don't like it, you can leave."

Kent was promoted to global head of credit product at Credit Suisse in September, but insiders suggest he's comparatively powerless when it comes to keeping his team happy. Instead, the real power to determine the future of the credit team lies with Michael Klein, who will be the chief executive of CS First Boston, and David Miller, who will be Klein's second in command.

As members of the credit team jostle for position and seek to avoid the purge, it's proximity to Miller in particular that's seen as the new way of getting ahead. Miller's people are said to include the likes of Jason Safriet, who runs credit sales for Credit Suisse out of New York.

As the credit business cuts costs, some unlikely people are being ejected. As we reported last week, they include high performing female managing directors in sales like Amy Emmanuel, who'd been at Credit Suisse for two decades, or Adrienne Lucier, who'd worked there since 2010. Sources say that Patrick White, a director in high yield Credit Sales who'd been at the bank since 2008 also left in recent weeks, and that various other people were let go in London last week.

As Credit Suisse salespeople and traders wonder if they're going to get pushed, headhunters say the best people are in danger of being picked off. Deutsche Bank already recruited Diego Discepoli, the head of the EMEA business, and other banks are sniffing around too. "Most people there are willing to discuss opportunities," says one London headhunter.

In theory, Credit Suisse traders should at least be locked in by last year's bonuses, which included a cash component that can be clawed back if they leave. In reality, headhunters say most hiring banks are willing to buy any previous bonuses that are left in the table.

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Sarah Butcher
Global Editor