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Readers can expect coverage of banking, interest rates, inflation trends, corporate earnings and international economic diplomacy, alongside analysis of how policy choices ripple through global financial systems.

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Finance· Verified

Crypto industry scrambles to upgrade security after record Binance theft

Crypto exchanges are taking quick action to bolster their defences and urging greater industry-wide information-sharing after a record $6.3 billion hack of Binance exposed their vulnerability just as they become more embedded in mainstream finance. Coinbase said it made adjustments to its systems that store cryptocurrency keys offline “solely out of an abundance of caution”, while Kraken said it was monitoring industry incidents for lessons it could apply to its defences. But the industry will need to move urgently, analysts and industry executives said, as United States President Donald Trump’s regulators promote deeper integration of digital assets into the financial system, raising the stakes for an industry with a history of big hacks. “For crypto to reach its full potential, the security situation must be addressed immediately,” said Chris Perkins, Franklin Templeton’s head of crypto. Binance, the world’s largest crypto exchange, halted withdrawals after Thursday’s attack, which analysts blamed on North Korea and said it would use company funds to cover the losses. Binance co-CEO Richard Teng said on X that the complex attack may have begun with a compromised software engineer’s laptop, giving hackers access to systems used to process withdrawals. The company later found additional breaches, while software designed to erase traces of the attack hampered the investigation. Rival crypto exchanges moved quickly on Friday to shore up their own systems and to reassure customers that their tokens were safe. Full-time teams at Kraken look for potential vulnerabilities every day, a Kraken spokesperson said. Still, even as the industry reeled from the biggest cryptocurrency heist of all time, executives expressed confidence that Binance had sufficient resources to cover the losses and that the hack would not have broader financial repercussions. Bitcoin fell more than 4 per cent on Thursday while ether, the second-largest cryptocurrency, fell more than 5pc, although both tokens recovered some of that ground on Friday. “Our expectation is the industry writ large will actually not suffer material losses, even though Binance is obviously going to have to deal with the exploit directly,” said Josh Riezman, chief legal and strategy officer at crypto firm GSR. The bulk of the heist unfolded in around 20 minutes late on Thursday and bore similarities to previous attacks blamed on North Korea, according to US blockchain analysis firms TRM Labs and Chainalysis. North Korea routinely denies involvement in cryptocurrency thefts, and its mission in Geneva did not respond to requests for comment. Hack involves social engineering, money laundering While much remains unclear, social engineering, a common tactic in which hackers trick victims into revealing sensitive information or granting access to systems, may have been involved in compromising the laptop, security experts said. Harry Donnelly, CEO of Circuit, a crypto risk infrastructure company, said companies are planning more employee training to guard against social engineering attacks. In such attacks, hackers race to launder the funds before the exchange detects the breach and token issuers freeze assets. Stablecoin issuer Tether said it had frozen nearly $1.57bn linked to Binance, while Circle said it froze $800 million. Bitcoin and ether cannot be frozen because no single entity controls the coins. Chainalysis said the hackers appeared to be using sophisticated laundering patterns it had not seen before. On Friday, some crypto exchange executives called for the industry to develop a coordinated hack detection system. “We need a real-time alert system that allows participants to share information immediately when a hack occurs, coordinate a rapid response, and temporarily freeze suspected stolen funds,” said Star Xu, CEO of crypto exchange OKX, in a post on X. GSR’s Riezman added that the Binance hack could spur the industry to act: “As we’re at this kind of confluence moment for traditional finance and digital assets, I think it’s obviously important that we continue to improve, and I think this, if anything, will be a catalyst for that.”

Finance· Verified

Christine Lagarde to resign as European Central Bank president in February 2027

Departure of Lagarde, seen as candidate to take over World Economic Forum, comes as eurozone struggles with weak growth and inflation Christine Lagarde, the eurozone’s top central banker, is stepping down nine months early. The European Central Bank announced on Thursday morning that Lagarde would step down as its president on 7 February 2027; her term was scheduled to run until the end of October next year. Continue reading...

Finance· Verified

Federal Reserve keeps interest rates unchanged ahead of midterm elections

The US Federal Reserve on Wednesday held interest rates steady, in line with market expectations, days ahead of crucial midterm elections where surging inflation has been a key issue. The 12-member Federal Open Market Committee voted 10-2 to hold rates at a target range between 3.75 to 4.00 per cent, citing the need for more data in the fight against inflation, after having hiked for the first time in three years at its previous meeting in September. “The accumulation of more information will...

Finance· Verified

Oil prices surge as Middle East conflict escalates and Aramco evacuates base

Oil prices rose on Friday, with Brent crude touching a more than five-month high, after Houthi attacks in Saudi Arabia stoked concern over further disruption to energy supplies from the Middle East. Brent crude futures gained $1.40, or 1.2 per cent, to $114.57 a barrel by 1138 GMT (4:38pm PKT), having earlier reached $115 for the highest level since May 4. US West Texas Intermediate crude gained $1.48, or 1.5pc, to $100.95. The Brent benchmark is on track for a third consecutive weekly gain, of 4.2pc, while WTI is poised to finish 0.5pc down on the week. Saudi Aramco on Thursday ordered the evacuation of its headquarters in Dhahran on the Gulf near Bahrain, Reuters reported, as fighting intensified between the world’s largest crude exporter and Yemen-based Houthis. “The market remains concerned about a potential escalation, which, in a worst-case scenario, could trigger renewed supply disruptions,” said UBS analyst Giovanni Staunovo, adding that volatile oil flows and elevated freight rates have left the market undersupplied. Clashes between the Houthis and a Saudi-led coalition that backs Yemen’s internationally recognised government have raged since the Houthis pushed towards Bab el-Mandab, a shipping chokepoint at the mouth of the Red Sea. “The key factors to monitor now are the extent of actual disruption and the time needed to restore operations, as these will ultimately determine how much of a supply risk premium the market is willing to pay,” said XS.com analyst Linh Tran. “If attacks persist and delay deliveries, elevated prices will have a firmer foundation.” An oil spill from a tanker was detected off the coast of Umm Al Quwain, prompting containment operations and environmental assessments, the United Arab Emirates Ministry of Climate Change and Environment said on Friday. The ministry did not say what caused the spill, and authorities have not identified the tanker involved. In Libya, an oil pipeline valve from the Hamada and Tahara oilfields to Zawiya port was shut, leading to a reduction in production at both fields, the head of the National Oil Corporation told Reuters on Thursday. Meanwhile, the first Russian diesel bound for the US since a surprise agreement between Moscow and US President Donald Trump is aboard a tanker heading for New York, ship-tracking data showed today. Trump announced the deal this month as part of his efforts to bring down soaring diesel prices ahead of US midterm elections next month.

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