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After 25 years of growth for the $68 billion SEO industry, here’s how Google and other tech firms could render it extinct with AI – Fortune

  1. After 25 years of growth for the $68 billion SEO industry, here’s how Google and other tech firms could render it extinct with AI Fortune
  2. Rise Of Generative AI: Tech Expert Analyses The Pros,The Cons + More | Tech Trends Channels Television
  3. Demystifying Generative Artificial Intelligence: An In-Depth Dive into Diffusion Models and Visual Computing Evolution MarkTechPost
  4. What Is Generative AI and How It Impacts the Cybersecurity Industry CrowdStrike
  5. New Learning Curve: Knowing When and How to Pick Generative AI | Legaltech News Law.com
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Hackers who breached casino giants MGM, Caesars also hit 3 other firms, Okta says – Reuters

  1. Hackers who breached casino giants MGM, Caesars also hit 3 other firms, Okta says Reuters
  2. MGM losing up to $8.4M per day as cyberattack paralyzes slot machines, hotels for 8th straight day: analyst New York Post
  3. Tennessee couple canceled their trip to Las Vegas after news of the cybersecurity issues KTNV 13 Action News Las Vegas
  4. 2 Las Vegas casinos fell victim to cyberattacks, shattering the image of impenetrable casino security Fox 5 Las Vegas
  5. Employee at MGM Resorts property says some paychecks short amid cybersecurity breach Fox 5 Las Vegas
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Hackers who breached casino giants MGM, Caesars also hit 3 other firms, Okta says – Yahoo Canada Finance

  1. Hackers who breached casino giants MGM, Caesars also hit 3 other firms, Okta says Yahoo Canada Finance
  2. MGM losing up to $8.4M per day as cyberattack paralyzes slot machines, hotels for 8th straight day: analyst New York Post
  3. Tennessee couple canceled their trip to Las Vegas after news of the cybersecurity issues KTNV 13 Action News Las Vegas
  4. 2 Las Vegas casinos fell victim to cyberattacks, shattering the image of impenetrable casino security Fox 5 Las Vegas
  5. Employee at MGM Resorts property says some paychecks short amid cybersecurity breach Fox 5 Las Vegas
  6. View Full Coverage on Google News

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Ripple CEO Brad Garlinghouse: Former SEC Official William Hinman Received ‘Millions of Dollars’ From Law Firms With a ‘Vested Interest’ in His Speech – Bitcoin News – Bitcoin News

  1. Ripple CEO Brad Garlinghouse: Former SEC Official William Hinman Received ‘Millions of Dollars’ From Law Firms With a ‘Vested Interest’ in His Speech – Bitcoin News Bitcoin News
  2. XRP Hits New Price Level, Recovery Coming U.Today
  3. Ripple v. SEC case update as of June 19, 2023 Finbold – Finance in Bold
  4. SEC Chair Gary Gensler Weaponizing Lack of Regulatory Clarity To Exert Jurisdiction Over Crypto: Ripple CEO The Daily Hodl
  5. SEC vs. Ripple: 3 Reasons Why Judge Torres Will Address XRP Secondary Market Trading The Crypto Basic
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Gensler: Crypto firms know exactly how to register, they just don’t want to – Blockworks

  1. Gensler: Crypto firms know exactly how to register, they just don’t want to Blockworks
  2. US Senator Cynthia Lummis Blasts SEC Actions Against Coinbase, Explains Crypto Industry Is Being Pushed Offshore – Exchanges Bitcoin News Bitcoin News
  3. SEC’s Gensler rejects ‘regulatory clarity’ arguments in speech on crypto regulation CryptoSlate
  4. Senator Haggerty Tells Gary Gensler To Expect To Hear From Congress as US Officials Respond to SEC Lawsuits The Daily Hodl
  5. Former SEC Official to Crypto Owners: ‘Get Out Now’ U.Today
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Meta layoffs make it second-most brutal chopper of the big tech firms – Business Insider

  1. Meta layoffs make it second-most brutal chopper of the big tech firms Business Insider
  2. Meta Employee Demands Answers From Zuckerberg, Questions Reasons To Stay, CEO Responds – Meta Platforms ( Benzinga
  3. Mark Zuckerberg to Meta Platform employees: ‘We’re in a different world’ – Silicon Valley Business Journal The Business Journals
  4. Instagram boss Adam Mosseri moving back to US as Meta layoffs hit London office New York Post
  5. Meta layoffs: CEO Mark Zuckerberg has no ‘relief words’ for employees Indiatimes.com
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Davos 2023: Greta Thunberg accuses energy firms of throwing people ‘under the bus’

DAVOS, Switzerland, Jan 19 (Reuters) – Greta Thunberg called on the global energy industry and its financiers to end all fossil fuel investments on Thursday at a high-profile meeting in Davos with the head of the International Energy Agency (IEA).

During a round-table discussion with Fatih Birol on the sidelines of the World Economic Forum (WEF) annual meeting, activists said they had presented a “cease and desist” letter to CEOs calling for a stop to new oil, gas and coal extraction.

“As long as they can get away with it they will continue to invest in fossil fuels, they will continue to throw people under the bus,” Thunberg warned.

The oil and gas industry, which has been accused by activists of hijacking the climate change debate in the Swiss ski resort, has said that it needs to be part of the energy transition as fossil fuels will continue to play a major role in the energy mix as the world shift to a low-carbon economy.

Thunberg, who was detained by police in Germany earlier this week during a demonstration at a coal mine, joined with fellow activists Helena Gualinga from Ecuador, Vanessa Nakate from Uganda and Luisa Neubauer from Germany to discuss the tackle the big issues with Birol.

Birol, whose agency makes policy recommendations on energy, thanked the activists for meeting him, but insisted that the transition had to include a mix of stakeholders, especially in the face of the global energy security crisis.

The IEA chief, who earlier on Thursday met with some of the biggest names in the oil and gas industry in Davos, said there was no reason to justify investments in new oil fields because of the energy crunch, saying by the time these became operational the climate crisis would be worse.

He also said he was less pessimistic than the climate activists about the shift to clean energy.

“We can have slight legitimate optimism,” he said, adding: “Last year the amount of renewables coming to the market was record high.”

But he admitted that the transition was not happening fast enough and warned that emerging and developing countries risked being left behind if advanced economies did not support the transition.

Youth climate activist Greta Thunberg takes part in a discussion on “Treating the climate crisis like a crisis” with International Energy Agency head Fatih Birol (not pictured) on the sidelines of the World Economic Forum in Davos (WEF) in Davos, Switzerland January 19, 2023. REUTERS/Arnd Wiegmann

‘REAL MONEY’

The United Nation’s climate conference, held in Egypt last year, established a loss and damage fund to compensate countries most impacted by climate change events.

Nakate, who held a solitary protest outside the Ugandan parliament for several months in 2019, said the fund “is still an empty bucket with no money at all.”

“There is a need for real money for loss and damage”.

In 2019, the then 16-year-old Thunberg took part in the main WEF meeting, famously telling leaders that “our house is on fire”. She returned to Davos the following year.

But she refused to participate as an official delegate this year as the event returned to its usual January slot.

Asked why she did not want to advocate for change from the inside, Thunberg said there were already activists doing that.

“I think it should be people on the frontlines and not privileged people like me,” she said. “I don’t think the changes we need are very likely to come from the inside. They are more likely to come from the bottom up.”

The activists later walked together through the snowy streets of Davos, where many of the shops have temporarily been turned into “pavilions” sponsored by companies or countries.

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Writing by Leela de Kretser; Editing by Alexander Smith

Our Standards: The Thomson Reuters Trust Principles.

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Insurers shun FTX-linked crypto firms as contagion risk mounts

Dec 19 (Reuters) – Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses from hacks, theft or lawsuits, several market participants said.

Insurers were already reluctant to underwrite asset and directors and officers (D&O) protection policies for crypto companies because of scant market regulation and the volatile prices of Bitcoin and other cryptocurrencies.

Now, the collapse of FTX last month has amplified concerns.

Specialists in the Lloyd’s of London (SOLYD.UL) and Bermuda insurance markets are requiring more transparency from crypto companies about their exposure to FTX. The insurers are also proposing broad policy exclusions for any claims arising from the company’s collapse.

Kyle Nichols, president of broker Hugh Wood Canada Ltd, said insurers were requiring clients to fill out a questionnaire asking whether they invested in FTX, or had assets on the exchange.

Lloyd’s of London broker Superscript is giving clients that dealt with FTX a mandatory questionnaire to outline the percentage of their exposure, said Ben Davis, lead for digital assets at Superscript.

“Let’s say the client has 40% of their total assets at FTX that they can’t access, that is either going to be a decline or we’re going to put on an exclusion that limits cover for any claims arising out of their funds held on FTX,” he said.

The exclusions denying payout for any claims arising out of the FTX bankruptcy are found in insurance policies that cover the protection of digital assets and for personal liabilities of directors and officers of companies that deal in crypto, five insurance sources told Reuters. A couple of insurers have been pushing for a broad exclusion to policies for anything related to FTX, a broker said.

Exclusions may act as a failsafe for insurers, and will make it even more difficult for companies that are seeking coverage, insurers and brokers said.

Bermuda-based crypto insurer Relm, which previously has provided coverage to entities linked to FTX, takes an even stricter approach.

“If we have to include a crypto exclusion or a regulatory exclusion, we’re just not going to offer the coverage,” said Relm co-founder Joe Ziolkowski.

D&O QUESTION

Now, one of the most pressing questions is whether insurers will cover D&O policies at other companies that had dealings with FTX, given the problems facing exchange’s leadership, Ziolkowski said.

U.S. prosecutors say former FTX Chief Executive Officer Sam Bankman-Fried engaged in a scheme to defraud FTX’s customers by misappropriating their deposits to pay for expenses and debts and to make investments on behalf of his crypto hedge fund, Alameda Research LLC.

A lawyer for Bankman-Fried said on Tuesday his client is considering all of his legal options.

D&O policies, which are used to pay legal costs, do not always pay out in cases of fraud.

Insurance sources would not name their clients or potential clients that could be affected by policy changes, citing confidentiality. Crypto firms with financial exposure to FTX include Binance, a crypto exchange, and Genesis, a crypto lender, neither of which responded to e-mails seeking comment.

While the least risky parts of the crypto market, such as companies that own cold wallets storing assets on platforms not connected to the internet, may get cover for up to $1 billion, a D&O insurance policyholder’s cover may now be limited to tens of millions of dollars for the rest of the market, Ziolkowski said.

The FTX collapse will also likely lead to a rise in insurance rates, especially in the U.S. D&O market, insurers said. The rates are already high because of the perceived risks and lack of historical data on cryptocurrency insurance losses.

A typical crime bond — used to protect against losses resulting from a criminal act — would cost $30,000 to $40,000 per $1 million of coverage for a digital assets trader. That compares with a cost of about $5,000 per $1 million for a traditional securities trader, Hugh Wood Canada’s Nichols said.

Reporting by Noor Zainab Hussain in Bengaluru and Carolyn Cohn in London; Editing by Lananh Nguyen and Anna Driver

Our Standards: The Thomson Reuters Trust Principles.

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Oil firms dismiss ‘energy transition’ even while touting it

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Some of the world’s major oil companies remain internally skeptical about the “energy transition” to a low-carbon economy, even as they publicly portray their firms as partners in the cause, according to documents obtained by The Post that will be released by a House committee Friday.

The documents, part of a trove expected to be released by the House Committee on Oversight and Reform, reveal oil company executives dismissing the potential for renewable energy to quickly replace fossil fuels, while working to secure government tax credits for carbon capture projects that might relieve them of the need to drastically alter their business models.

The documents — many of them copies of internal emails between oil company officials — describe ExxonMobil’s efforts in 2021 to persuade big industrial firms and oil giants to co-sponsor a mammoth carbon capture project in Texas. Elsewhere, in one email string, officials at one company discuss whether BP, Shell and TotalEnergies — a French oil firm — increased their carbon footprints by selling Canadian oil sands interests to other eager investors.

Big petroleum companies have come under fire for selling off oil sands properties to smaller businesses, effectively reshuffling the carbon dioxide liability. In response to that criticism, one spokesperson said: “What exactly are we supposed to do instead of divesting … pour concrete over the oil sands and burn the deed to the land so no one can buy them?”

Delta and other firms are struggling to meet sky-high climate pledges

Scientists say the world must rapidly transition from fossil fuels to prevent the worst expected effects of climate change, a position shared by Democrats on the House Oversight Committee.

For more than a year, the committee has been investigating a handful of major oil companies, along with two of the biggest trade groups in Washington, the American Petroleum Institute and the U.S. Chamber of Commerce. The investigation has sought documents about the industry’s campaigns to influence public opinion and policy on climate change.

The committee says the industry is misleading the public by advertising a commitment to cleaner energy even as it disproportionately invests in fossil fuels. In a previous release of documents on Sept. 14, the committee accused oil companies of continued deception, following previous revelations about oil companies working to undermine the credibility of climate science.

“Rather than outright deny global warming, the fossil fuel industry has ‘greenwashed’ its record through deceptive advertising and climate pledges — without meaningfully reducing emissions,” the committee said in a memo.

Each company in the report — including ExxonMobil, Chevron, BP and Shell in addition to the American Petroleum Institute — was asked by the committee to provide approximately 15 to 30 documents.

Among the biggest issues was the ExxonMobil effort to rally support for what it said would be a $100 billion carbon capture project south of Houston. ExxonMobil was told by potential partners that they would join only with other companies “with reputable climate credentials and name recognition.”

“Chevron deems Exxon’s numbers related to tons stored, jobs saved, jobs created to be inflated — but harmless inflation,” one email said about the Exxon proposal. “Chevron internally divided about the Houston-centric theme — but considers that a small-stakes concern. Some minor unease in some Chevron quarters about Exxon reputational concerns.”

Many companies hesitated on the Houston project, though more than a dozen currently back the proposal. ExxonMobil is still looking toward the federal government as a potential source of tax credits to cut costs. The tax credits have been expanded sharply under the recent Inflation Reduction Act.

In another email exchange, this one in 2016, an oil company official voices the need to burnish his company’s image in the face of criticism from climate activists, including Naomi Oreskes, a Harvard University scholar and author of a book on the oil industry’s public relations campaigns.

“At the moment the likes of Naomi Oreskes (Merchants of Doubt) are painting people like us as ‘climate deniers’ because we don’t believe that renewable energy will solve the entire transition or that it can be done in a couple of decades,” the official wrote.

The documents also detail a 2017 spat between Shell’s outgoing chief executive Ben van Beurden and Fred Krupp, the president of the Environmental Defense Fund, an advocacy organization. Krupp had said that methane releases all along the natural gas supply chain made it just as bad an energy source as coal from a greenhouse gas perspective.

“I was mightily disappointed in his disservice to the good efforts we in principle should stand shoulder to shoulder on,” van Beurden said of Krupp, canceling a meeting between the two. He said the EDF president’s comments “went one step too far for me.”

Krupp said in an email today that he has talked with van Beurden as well as other top executives since then. “The industry continues to release massive amounts of methane, and EDF keeps pressing them, publicly and privately to take actions to close those leaks,” he said.

The documents obtained by The Post are just a portion of the ones the House committee is expected to release Friday in a further condemnation of what it calls oil industry “greenwashing.” One company official estimated that the documents requested add up to well over a million pages.

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Exclusive: Goldman Sachs on hunt for bargain crypto firms after FTX fiasco

LONDON, Dec 6 (Reuters) – Goldman Sachs (GS.N) plans to spend tens of millions of dollars to buy or invest in crypto companies after the collapse of the FTX exchange hit valuations and dampened investor interest.

FTX’s implosion has heightened the need for more trustworthy, regulated cryptocurrency players, and big banks see an opportunity to pick up business, Mathew McDermott, Goldman’s head of digital assets, told Reuters.

Goldman is doing due diligence on a number of different crypto firms, he added, without giving details.

“We do see some really interesting opportunities, priced much more sensibly,” McDermott said in an interview last month.

FTX filed for Chapter 11 bankruptcy protection in the United States on Nov. 11 after its dramatic collapse, sparking fears of contagion and amplifying calls for more crypto regulation.

“It’s definitely set the market back in terms of sentiment, there’s absolutely no doubt of that,” McDermott said. “FTX was a poster child in many parts of the ecosystem. But to reiterate, the underlying technology continues to perform.”

While the amount Goldman may potentially invest is not large for the Wall Street giant, which earned $21.6 billion last year, its willingness to keep investing amid the sector shakeout shows it senses a long term opportunity.

Its CEO David Solomon told CNBC on Nov. 10, as the FTX drama was unfolding, that while he views cryptocurrencies as “highly speculative”, he sees much potential in the underlying technology as its infrastructure becomes more formalized.

Rivals are more sceptical.

“I don’t think it’s a fad or going away, but I can’t put an intrinsic value on it,” Morgan Stanley (MS.N) CEO James Gorman said at the Reuters NEXT conference on Dec. 1.

HSBC (HSBA.L) CEO Noel Quinn, meanwhile, told a banking conference in London last week he has no plans to expand into crypto trading or investing for retail customers.

Goldman has invested in 11 digital asset companies that provide services such as compliance, cryptocurrency data and blockchain management.

McDermott, who competes in triathlons in his spare time, joined Goldman in 2005 and rose to run its digital assets business after serving as head of cross asset financing.

His team has grown to more than 70 people, including a seven-strong crypto options and derivatives trading desk.

Goldman Sachs has also together with MSCI and Coin Metrics launched data service datonomy, aimed at classifying digital assets based on how they are used.

The firm is also building its own private distributed ledger technology, McDermott said.

‘TRUSTED’ PLAYERS

The global cryptocurrency market peaked at $2.9 trillion in late 2021, according to data site CoinMarketCap, but has shed about $2 trillion this year as central banks tightened credit and a string of high-profile corporate failures hit. It last stood at $865 billion on Dec. 5.

The ripple effects from FTX’s collapse have boosted Goldman’s trading volumes, McDermott said, as investors sought to trade with regulated and well capitalized counterparties.

“What’s increased is the number of financial institutions wanting to trade with us,” he said. “I suspect a number of them traded with FTX, but I can’t say that with cast iron certainty.”

Goldman also sees recruitment opportunities as crypto and tech companies shed staff, McDermott said, although the bank is happy with the size of its team for now.

Others also see the crypto meltdown as a chance to build their businesses.

Britannia Financial Group is building its cryptocurrency-related services, its chief executive Mark Bruce told Reuters.

The London-based company aims to serve customers who are eager to diversify into digital currencies, but who have never done so before, Bruce said. It will also cater to investors who are very familiar with the assets, but have become nervous about storing funds at crypto exchanges since FTX’s collapse.

Britannia is applying for more licenses to provide crypto services, such as doing deals for wealthy individuals, he said

“We have seen more client interest since the demise of FTX,” he said. “Customers have lost trust in some of the younger businesses in the sector that purely do crypto, and are looking for more trusted counterparties.”

Reporting by Iain Withers and Lawrence White, Editing by Lananh Nguyen and Alexander Smith

Our Standards: The Thomson Reuters Trust Principles.

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