G7 will reveal plan to ban Russian gold – UK

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London says a ban on new Russian gold imports will be announced at the G7 summit

Britain and the US, along with allies such as Japan and Canada, are set to reveal a ban on new imports of Russian gold during the G7 Leaders’ Summit on Sunday, according to a statement by the UK government.

“This measure will have global reach, shutting the commodity out of formal international markets” and delivering a “huge impact” on Moscow’s potential to generate revenue across the world, the statement reads, adding that the step is underpinned by London’s central role in the metals trade.

Shipments between Russia and Britain have been reduced to almost zero since the Western allies introduced unprecedented sanctions on Moscow over its military operation in neighboring Ukraine. The London Bullion Market Association, which sets the standards for the market, removed Russian gold refiners from its accredited list in March.

Earlier this week, Reuters reported that EU leaders are considering gold as one of the targets for the next round of sanctions on Russia. The agency’s source, however, did not clarify whether the move would hit exports of gold, imports, or both.

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‘Impossible’ to sanction Russian gold, financier tells RT

The measure announced by London will apply to gold leaving Russia for the first time, and the US Treasury is expected to issue a ban on Tuesday, a person familiar with the plan said, as quoted by Bloomberg.

In April, Washington barred American individuals from engaging in gold-related transactions with Russia’s Central Bank, National Wealth Fund, and Finance Ministry. 

While Western sanctions have largely closed off European and US markets to gold from the world’s second-biggest bullion miner, the G7’s move is expected to completely sever Russia from the world’s top two trading centers, London and New York.

According to UN Comtrade data, as cited by the agency, the $15 billion in Russian gold that arrived in London last year made up 28% of UK gold imports. Russia still has the option to sell the precious metal directly to refineries, or look for new buyers, such as China, India, and the Middle East, which have not supported the sanctions and are not part of the G7.

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US must endure ‘pain’ to fix inflation – IMF

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The global lender says the US may have to suffer a recession in order to tame rising prices

The United States may have to endure economic “pain” in order to rein in rampant inflation, the head of the International Monetary Fund (IMF) said on Friday, noting that a downturn might be the “necessary price to pay” for recovery.

Speaking to reporters during a Friday press conference, IMF Managing Director Kristalina Georgieva predicted a rough ride for the US economy, which is experiencing decades-high inflation with soaring prices for a number of staple goods.

“Success over time [in lowering prices] will be beneficial for global growth, but some pain to get to that success can be a necessary price to pay,” she said, soon after the IMF slashed its growth forecast for the US by nearly a full percentage point, down to 2.9%.

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US makes confession about skyrocketing food and energy prices

Georgieva added that the United States faces a “narrowing path to avoiding a recession,” but that tackling inflation must be the “top priority,” even if it means an economic slow-down.

Nigel Chalk, the number two official at the IMF’s Western Hemisphere branch, also warned of the risk of a recession, but predicted that any downturn would be short-lived, pointing to robust savings and labor markets in the country.

The comments from the international lender come after the US Federal Reserve pushed through the highest interest rate hike in 28 years last week, in what Fed chair Jerome Powell described as an effort to counteract inflation. He has since acknowledged, however, that the central bank does not have control over prices for many key goods, including food and gas, explaining “There’s really not anything that we can do” about rising oil and grain costs.

Is Wi-Fi Secure?

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wifi

The internet has gone from an entertaining novelty to an essential part of life over the last few decades.

When the internet was first conceived, back in the late 1960s, academics in the US were trying to create an interconnected computer network that drew on research conducted in the 1920s about how information could be shared.

Input from computer scientists the world over resulted in a working network, named the World Wide Web which allowed computers on a network to access information in a shared space. Further innovations, including the development of fibre optic cables and wave division multiplexing, led to the rapid expansion of internet capabilities.

From email and instant messaging to voice over internet protocol and video chatting, the internet has become increasingly important in all kinds of capacities. The way we do almost everything, from watching television to communicating with friends and family, has been changed by the internet.

The proliferation of mobile phones and other devices, alongside the development of wifi technology, allowed internet use on the go. Whole sections of society now rely on the use of wifi technology to complete a variety of tasks, from ordering in restaurants to buying train tickets.

The importance of online security

From international finance to household grocery shopping, the way we use the internet requires robust security systems to ensure that data is appropriately protected. Wifi technology means that we are able to transmit data over wireless networks, using radio frequencies that are translated into data that can be accessed by nearby devices.

Wireless routers are connected to the internet by cables, and they can broadcast a signal to all the devices in their networks, such as televisions, phones, computers, and tablets. The fact that this data is transmitted wirelessly does make it vulnerable to cyber-attacks and data harvesting, but there are plenty of ways to secure a wireless network.

Businesses are massively invested in securing their networks against anything that could cause a data breach or loss, including:

  • A targeted cyber attack
  • Keystroke recording
  • Malware
  • Viruses
  • Phishing
  • Ransomware
  • Password guessing
  • Distributed Denial of Service (DDoS)

Any organisation could be a target for a cyberattack, so it’s important for any company to invest in their security systems to reduce the likelihood of falling prey to hackers.

How do businesses protect themselves?

Having robust policies on the management, storage, and access arrangements for data can reduce the risk of errors and oversights and increase security significantly. These range from strict rules for staff about securing hardware, phones and printed documentation, to high-tech solutions to collect and process card payments and customer details securely.

Internal processes to prevent data loss can include things such as regularly updating all software, installing and maintaining security software and firewalls including anti-virus software, spyware scanners, and spam filters. Most businesses have staff policies on using a company’s network and managing electronic devices including protocols for connecting to public networks and using portable hard drives and USB sticks to avoid picking up malware and spyware.

Storing personal and sensitive data is also a key concern for businesses, and most use strong encryption systems. Many use a cloud VPN to provide a secure private network that is accessible to users all over the world, allowing them to use shared resources and access a secure business environment no matter where they are.

Other security measures to protect businesses and their clients

Many also opt for measures such as automatic wifi security that can protect users from threats that are inherent when logging on to public wifi in cafes, hotels, and airports. This is ideal for any remote workers that have access to sensitive information, whether that’s client payment data or high-level reports detailing company expansion plans.

There is an entire industry dedicated to assessing data security, identifying potential risks and preventing issues from arising. They can offer advice on a range of solutions, from payment processing software to ensuring compliance with ISO standards and other industry- or region-specific codes and legislation.

Businesses that operate in different countries can use cloud services for data storage, so long as they have appropriate security measures in place. Customers and clients want to be sure that their data is safe and both individuals and businesses are more likely to deal with an organisation that can demonstrate that it takes online safety and data protection seriously.

Different industries have different security requirements and need software that can offer a range of solutions. From healthcare providers and government contractors to multinational retailers and social media sites, the solutions required for different businesses will vary hugely.

Using multi-factor authentication, monitoring the use of computer equipment and conducting regular backups of all data can all help businesses to keep their networks and data safe and secure. Nevertheless, businesses often take out cyber security insurance to cover the costs of any breach of their systems that causes network downtime plus the cost of contacting customers in the event of a data leak.

The insurance doesn’t just pay for the costs of any equipment that needs to be replaced, software that needs to be upgraded, and databases that may need repairing and reviewing. Such policies are usually tied in with advice and support from experts in preventing attacks as well as support with reputation management and any regulatory involvement in the aftermath of any breach.

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Is Wi-Fi Secure?

British Airways’ boss calls on ministers to take accountability over travel chaos

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British Airways

The boss of British Airways’ owner Luis Gallego has pointed the finger of blame at the government after weeks of travel chaos have seen cancelled flights and lengthy airport queues.

In an interview with The Sunday Times, the airlines chief said the government had to “take some accountability for all this,” referring to the shortage-induced travel disruption seen at airports across the country.

Passenger demand has surged in the past couple of months while airports have been hit with staff shortages.

Ministers have criticised airlines and airports in recent weeks, with transport minister Grant Shapps saying the sector should stop overselling flights and make receiving compensation a simpler process.

However, International Airlines Group’s boss Gallego has said the government must work with the aviation sector “in a constructive way.”
He said: “They have said the problem was that we overbooked and didn’t forecast demand, but forecasting demand is one thing we as airlines know how to do.”

“The more difficult thing has been to forecast what the government is going to do,” he added.

In reference to criticism from Shapps, Gallego said: “We were surprised and we want to explain what is happening, because it is not fair to tell the public that this is all caused by the airlines.

“Can we do it better? For sure. Do we have our own problems? For sure. But everybody needs to understand they can do things better.”

British Airways was reported to have cancelled 110 short-haul flights to and from London Heathrow airport on Friday.

The firm is readying for a row with shareholders at its meeting this week over Gallego’s financial rewards.

While IAG has advised shareholders to give the greenlight to a boost in Gallego’s share awards, critics have expressed displeasure at this idea, given the company’s shares are still recovering to their pre-pandemic levels of glory.

Sceptics including Institutional Shareholder Services, Glass Lewis and Minerva Analytics have dubbed the package as “excessive” and called on shareholders to vote down the proposal.

It comes as budget airline EasyJet has cancelled more than 1,500 flights over the past three weeks.

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British Airways’ boss calls on ministers to take accountability over travel chaos