Climate change could rain on Saudi Aramco’s IPO parade | Reuters


Saudi Aramco’s biggest asset could also be a liability.

The state energy giant’s vast oil reserves – it can sustain current production levels for the next 50 years – make it more exposed than any other company to a rising tide of environmental activism and shift away from fossil fuels.

Source: Climate change could rain on Saudi Aramco’s IPO parade – Reuters

Humbled Deutsche Bank faces battle in its own backyard | Reuters


In an attempt to draw a line under years of scandals and heavy losses, Sewing is pulling back from investment banking and rebuilding Deutsche Bank’s (DBKGn.DE) corporate division by deepening existing relationships and attracting clients beyond its traditional blue-chip customers.

But when Deutsche has tried to expand its business with Zalando by offering to hold more of its cash for free, rather than charging a fee, Zalando (ZALG.DE) has declined.

The company, whose revenue has grown to 5 billion euros ($5.6 billion) in the 11 years since it was founded, wants to continue to spread its risk by leaving its cash with a wide range of institutions, sometimes for a fee.

Source: Humbled Deutsche Bank faces battle in its own backyard – Reuters

Hong Kong leader says dialogue and ‘mutual respect’ offer way out of chaos | Reuters


Hundreds of thousands of protesters rallied peacefully in torrential rain on Sunday in the eleventh week of what have been often violent demonstrations.

“I sincerely hope that this was the beginning of society returning to peace and staying away from violence,” Lam said.

“We will immediately start the work to establish a platform for dialogue. This dialogue, I hope, will be based on a mutual understanding and respect and find a way out for today’s Hong Kong.”

Source: Hong Kong leader says dialogue and ‘mutual respect’ offer way out of chaos – Reuters

Besieged Kashmiri neighborhood in test of wills with India’s Modi | Reuters

For more than a week, the young men of Soura, a densely populated enclave in Kashmir’s main city of Srinagar, have been taking turns to maintain an around-the-clock vigil at the entry points to their neighborhood.

Soura, home to about 15,000 people, is becoming the epicenter of resistance to Indian government plans to remove the partial autonomy that was enjoyed by Jammu and Kashmir, the country’s only Muslim-majority state.

The enclave, which has effectively become a no-go zone for the Indian security forces, is now a barometer of the ability of Prime Minister Narendra Modi’s Hindu-nationalist government to impose its will in Kashmir after its dramatic move on Aug. 5 to tighten its control over the region.

Source: Besieged Kashmiri neighborhood in test of wills with India’s Modi – Reuters

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Alarm in Texas as 23 towns hit by ‘coordinated’ ransomware attack


Twenty-three Texas towns have been struck by a “coordinated” ransomware attack, according to the state’s Department of Information Resources.

Ransomware is a type of malicious software, often delivered via email, that locks up an organization’s systems until a ransom is paid or files are recovered by other means.

In many cases, ransomware significantly damages computer hardware and linked machinery and leads to days or weeks with systems offline, which is why it can be so costly to cities.

Source: Alarm in Texas as 23 towns hit by ‘coordinated’ ransomware attack

Germany′s central bank warns of possible recession | DW


The German economy could slip into a technical recession in the third quarter after failing to recover over the summer, the Bundesbank said on Monday.

In a monthly report, the Bundesbank said falling industrial production and orders would likely lead to a continued shrinkage in the period from July to September, after Germany saw a drop of 0.1% from April to June.

This would mean the economy would fulfill the definition of a technical recession, which is two consecutive quarters of negative growth.

Source: Germany′s central bank warns of possible recession | News | DW | 19.08.2019

Boris Johnson news – live: Europe shoots down PM’s Brexit backstop plan as US leaders vow to block trade deal over it | The Independent


Boris Johnson is facing calls to ensure there is no return to a hard border in Ireland after the prime minister wrote to European Council president Donald Tusk urging him to drop the backstop.

Mr Tusk responded by suggesting the PM was “not proposing realistic alternatives” to the backstop, while one French diplomat called his plan “a joke”. Labour said Mr Johnson’s letter was a “fantasyland wish list”.

Source: Boris Johnson news – live: Europe shoots down PM’s Brexit backstop plan as US leaders vow to block trade deal over it | The Independent

The Serious Money Is Warming to Bitcoin | WIRED


So is crypto the next big thing in institutional investment, or is this fighting over scraps? For now, crypto custody still involves a relatively small pool of money. Coinbase got a boost earlier this month when Grayscale Investments moved its $2.7 billion worth of crypto funds from Xapo to Coinbase, more than doubling the company’s assets under custody. That’s tiny compared with the trillions under management for a company like Fidelity. Custody competitors like Palo Alto, California-based BitGo have reportedly been circling for Xapo’s other clients.

Still, companies like Coinbase and Fidelity think there’s room for growth. In May, Fidelity released a survey of more than 400 institutional investors that found 22 percent already held cryptocurrency, and another quarter saw potential to do so.

Source: The Serious Money Is Warming to Bitcoin | WIRED

Trump Throws a Fit, Blames “Clueless Jay Powell,” “Crazy Inverted Yield Curve” for Market Sell-Off | Vanity Fair


On Wednesday, the Dow Jones plunged as 800 points after the U.S. bond market flashed a signal that a recession may be on the horizon. Rational people understand that this is largely happening because of persistent fears about Donald Trump’s never-ending trade war with China, in addition to concerns about a global economic slowdown.

And then you have the president, who has never once been accused of being rational, smart, or even sane, and who believes that this is all the Federal Reserve’s fault.

Source: Trump Throws a Fit, Blames “Clueless Jay Powell,” “Crazy Inverted Yield Curve” for Market Sell-Off | Vanity Fair

When the Venture Capital Subsidies Dry Up | Fortune


.. common sense and the hard truth of history suggest that VCs risking other people’s money look heroic in upturns and turn tail faster than any in downturns. Read Sequoia Capital’s famous “R.I.P.” presentation from 2008 to understand the mentality.

Today’s leading investors and entrepreneurs either have never lived through a recession or were at much smaller operations during the last one, nearly a decade ago.

Ideas that seem really good when there’s money to burn suddenly seem foolish when there isn’t.

Source: When the Venture Capital Subsidies Dry Up | Fortune