New Push to Reframe DEI in London Shifts Away from Diversity
A new study aims to reframe the global debate surrounding diversity, equity and inclusion in the City of London by focusing less on demographics and more on hiring people with diverse experiences.
The report, published on Monday by the Diversity Project — which focuses on inclusion in the UK's investment and savings industry — shows that having a wider variety of perspectives, backgrounds and skills can boost performances of investment teams.
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Washington Post
25 minutes ago
- Washington Post
With retail cyberattacks on the rise, customers find orders blocked and shelves empty
NEW YORK — A string of recent cyberattacks and data breaches involving the systems of major retailers have started affecting shoppers. United Natural Foods, a wholesale distributor that supplies Whole Foods and other grocers, said this week that a breach of its systems was disrupting its ability to fulfill orders — leaving many stores without certain items. In the U.K., consumers could not order from the website of Marks & Spencer for more than six weeks — and found fewer in-store options after hackers targeted the British clothing, home goods and food retailer . A cyberattack on Co-op, a U.K. grocery chain, also led to empty shelves in some stores. Cyberattacks have been on the rise across industries. But infiltrations of corporate technology carry their own set of implications when the target is a consumer-facing business. Beyond potentially halting sales of physical goods, breaches can expose customers' personal data to future phishing or fraud attempts. Here's what you need to know. Despite ongoing efforts from organizations to boost their cybersecurity defenses, experts note that cyberattacks continue to increase across the board. In the past year, there's also been an 'uptick in the retail victims' of such attacks, said Cliff Steinhauer, director of information security and engagement at the National Cybersecurity Alliance, a U.S. nonprofit. 'Cyber criminals are moving a little quicker than we are in terms of securing our systems,' he said. Ransomware attacks — in which hackers demand a hefty payment to restore hacked systems — account for a growing share of cyber crimes, experts note. And of course, retail isn't the only affected sector. Tracking by NCC Group, a global cybersecurity and software escrow firm, showed that industrial businesses were most often targeted for ransomware attacks in April, followed by companies in the 'consumer discretionary' sector. Attackers know there's a particular impact when going after well-known brands and products that shoppers buy or need every day, experts note. 'Creating that chaos and that panic with consumers puts pressure on the retailer,' Steinhauer said, especially if there's a ransom demand involved. Ade Clewlow, an associate director and senior adviser at the NCC Group, points specifically to food supply chain disruptions. Following the cyberattacks targeting M&S and Co-op, for example, supermarkets in remote areas of the U.K., where inventory already was strained, saw product shortages. 'People were literally going without the basics,' Clewlow said. Along with impacting business operations, cyber breaches may compromise customer data. The information can range from names and email addresses, to more sensitive data like credit card numbers, depending on the scope of the breach. Consumers therefore need to stay alert, according to experts. 'If (consumers have) given their personal information to these retailers, then they just have to be on their guard. Not just immediately, but really going forward,' Clewlow said, noting that recipients of the data may try to commit fraud 'downstream.' Fraudsters might send look-alike emails asking a retailer's account holders to change their passwords or promising fake promotions to get customers to click on a sketchy link. A good rule of thumb is to pause before opening anything and to visit the company's recognized website or call an official customer service hotline to verify the email, experts say. It's also best not to reuse the same passwords across multiple websites — because if one platform is breached, that login information could be used to get into other accounts, through a tactic known as 'credential stuffing.' Steinhauer adds that using multifactor authentication, when available, and freezing your credit are also useful for added lines of defense. A range of consumer-facing companies have reported cybersecurity incidents recently — including breaches that have caused some businesses to halt operations. United Natural Foods, a major distributor for Whole Foods and other grocers across North America, took some of its systems offline after discovering 'unauthorized activity' on June 5. In a securities filing , the company said the incident had impacted its 'ability to fulfill and distribute customer orders.' United Natural Foods said in a Wednesday update that it was 'working steadily' to gradually restore the services. Still, that's meant leaner supplies of certain items this week. A Whole Foods spokesperson told The Associated Press via email that it was working to restock shelves as soon as possible. The Amazon-owned grocer's partnership with United Natural Foods currently runs through May 2032. Meanwhile, a security breach detected by Victoria's Secret last month led the popular lingerie seller to shut down its U.S. shopping site for nearly four days, as well as to halt some in-store services. Victoria's Secret later disclosed that its corporate systems also were affected, too, causing the company to delay the release of its first quarter earnings . Several British retailers — M&S , Harrods and Co-op — have all pointed to impacts of recent cyberattacks. The attack targeting M&S, which was first reported around Easter weekend, stopped it from processing online orders and also emptied some store shelves. The company estimated last month that the it would incur costs of 300 million pounds ($400 million) from the attack. But progress towards recovery was shared Tuesday, when M&S announced that some of its online order operations were back — with more set to be added in the coming weeks. Other breaches exposed customer data, with brands like Adidas, The North Face and reportedly Cartier all disclosing that some contact information was compromised recently. In a statement, The North Face said it discovered a 'small-scale credential stuffing attack' on its website in April. The company reported that no credit card data was compromised and said the incident, which impacted 1,500 consumers, was 'quickly contained.' Meanwhile, Adidas disclosed last month that an 'unauthorized external party' obtained some data, which was mostly contact information, through a third-party customer service provider. Whether or not the incidents are connected is unknown. Experts like Steinhauer note that hackers sometimes target a piece of software used by many different companies and organizations. But the range of tactics used could indicate the involvement of different groups. Companies' language around cyberattacks and security breaches also varies — and may depend on what they know when. But many don't immediately or publicly specify whether ransomware was involved. Still, Steinhauer says the likelihood of ransomware attacks is 'pretty high' in today's cybersecurity landscape — and key indicators can include businesses taking their systems offline or delaying financial reporting. Overall, experts say it's important to build up 'cyber hygiene' defenses and preparations across organizations. 'Cyber is a business risk, and it needs to be treated that way,' Clewlow said.
Bloomberg
27 minutes ago
- Bloomberg
Trump Says China Will Ship Rare Earths in ‘Done' Trade Deal
President Donald Trump said a trade framework with China has been completed, with Beijing supplying rare earths and magnets 'UP FRONT' and the US allowing Chinese students into its colleges and universities. The US and China will maintain tariffs at their current, lower levels following the two nations' agreement this week in London, Trump said Wednesday. That number is still higher than before the president took office. Trump said Chinese President Xi Jinping and he must still formally sign off on the agreement. (Source: Bloomberg)
New York Times
an hour ago
- New York Times
Crystal Palace: Group including Jimmy Butler expected to make offer for stake in Premier League club
A consortium of sport and entertainment executives, which includes the NBA star Jimmy Butler, is expected to make an offer in excess of $200million to purchase Eagle Football's 43 per cent stake in Premier League soccer club Crystal Palace, sources briefed on the proposed deal have told The Athletic. Advertisement The group is led by former Morgan Stanley sports executive Bejan Esmaili and former Roc Nation attorney Wajid Mir, with the pair having previously agreed in January a period of exclusivity with John Textor — the largest shareholder in Eagle Football and one of Palace's four primary owners — which they allowed to lapse. The Dallas Mavericks head coach Jason Kidd had formed part of that consortium but instead chose to join the ownership group of fellow Premier League side Everton in April. Now Butler, a six-time NBA all-star who has been with the Golden State Warriors since February, has become part of the wider group. Eagle and Butler, via his representatives, have been approached for comment. Previously backed by two Saudi Arabian businessmen, Haider and Mansoor Syed, the original group opted to allow its 30-day period of exclusivity to end and instead sought alternative funding. The new consortium, sources added, is backed by an American group which has experience investing in soccer clubs. Should the group's expected offer be accepted, it would value Palace — which won the English FA Cup, the world's oldest soccer cup competition, for the first time in May — as a whole in excess of $465million (£343m). Other recent investments in Premier League clubs include Sir Jim Racliffe's purchase of a 28.9 per cent stake in Manchester United for $1.6bn in December 2023, the Todd Boehly-Clearlake Capital takeover of Chelsea for $3.02bn in May 2022 and the Saudi Arabian Public Investment Fund (PIF)-backed takeover of Newcastle United for £305m in October 2021. Sources also added that Woody Johnson, owner of the New York Jets, has also made an offer for Eagle's shares but has yet to meet Textor's valuation. The Athletic has approached Johnson for comment, via the Jets. Sportsbank, a sports investment group advised by the former Everton director and experienced football financier Keith Harris, was granted exclusivity to invest in Eagle in January, but that exclusivity also lapsed and it no longer has an active offer, although remains interested in investing should Eagle complete its initial public offering (IPO). Advertisement The expected offer from the new U.S. consortium comes amid concerns over Palace's eligibility to compete in next season's Europa League despite qualifying as FA Cup winners, due to Eagle's ownership of French side Lyon, where it holds a majority stake, putting them potentially at odds with UEFA's rules around multi-club ownership. Textor had hoped fellow Palace co-owners Josh Harris, who owns the NFL's Washington Commanders, and David Blitzer, the two American businessmen who together make up the other general partners alongside chairman Steve Parish, would purchase Eagle's shares but no deal has been agreed. They have the right of first offer to buy Eagle's stake in the south London soccer club and have been approached by Textor, but according to sources familiar with the situation, their proposal fell short of being accepted. Textor believes it would be the easiest way to remove doubt over Palace's Europa League participation. Textor, the fourth general partner at Palace as a representative of Eagle, is the chairman of the group but after more than a year shifting between being open to selling Eagle's stake and seeking to buy a majority, appears to have settled on selling, especially with Palace's place in Europe in question. UEFA's rules restrict teams from multi-club groups playing in the same competition. While there may still be ways around this, the deadline set by European football's governing body to address any multi-club ownership issues passed on March 1 — the day Palace beat Millwall in the fifth round of the FA Cup. Lyon qualified for the same competition through their league standing and due to finishing higher than Palace in their respective league, they have precedence to be admitted to the competition. All four of Palace's general partners met with UEFA in Nyon, Switzerland, last week to present their case that Textor does not have control or influence at Palace. There is some confidence that they would be able to convey a lack of decisive influence but the decision on whether to admit Palace to Europe remains in the balance before it is communicated to the club, which is expected later this month. The U.S. consortium is expected to now come back to the table. Should it make the offer and it be accepted by Eagle, as their previous offer was in December, then the deal will be subject to Premier League approval. It remains to be seen whether UEFA would be satisfied by a binding agreement for Eagle to sell its stake, or whether any deal can reach that stage before the committee makes its decision. Should the consortium be successful in buying out Eagle, it may subsequently look to carry out a full takeover of Palace in due course in order to have full decision-making power. In May last year, Textor told The Athletic that he was actively looking to sell Eagle's stake in Palace and he had hired investment banking firm Raine to find a suitable investor to purchase the group's share in the club. 'We've reached the point where we have a significant investment in a club we hold in the minority (in Palace),' he said. 'We're having extreme success in Brazil and early on in France, (and) to not have that same level of integration with our partner in the UK… it just becomes more and more clear that that level of collaboration we want and need works.' Advertisement Eagle Football 'is simply not a perfect fit for Crystal Palace,' he added. Textor originally purchased 40 per cent of Palace in 2021 for £87.5m (now $114m), helping to fund a successful transfer window and complete the redevelopment of the academy, before increasing that stake by around five per cent with an additional £30m. Further investment has come from capital calls. There have been failed attempts by Textor to purchase a controlling stake in the club, which is also owned by fellow general partners Parish, Harris and Blitzer, who each have 25 per cent of the voting rights. Over the past four years, Textor has struggled to make headway into purchasing a controlling stake and disagreed with Parish over the direction of the club, in particular with his multi-club model which includes controlling stakes in Lyon, Brazilian top-flight club Botafogo and Belgian club RWD Molenbeek, which he recently renamed Daring Brussels. Now, he appears to have accepted it is time to sell up at Palace. Additional reporting: Anthony Slater (Top photo of Crystal Palace players celebrating their FA Cup win in May:)
