Daily Market Update - November 24, 2014

World Bank warns of climate change risks to business... Fear of terrorism increases acceptance of spies’ powers... Risk management is core metric for competitive advantage...

Risk Management News

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World Bank warns of climate change risks to business
The World Bank says that it may be too late to reverse some of the effects of climate change, although others can be reduced by swift action. The new report “Turn down the Heat, Confronting the New Climate Normal” highlights the many impacts of climate change and how it will affect business. World Bank President Jim Yong Kim says that finding examples of extreme weather isn’t hard; he noted the recent hottest November day in Australia and the six feet of snow that fell on New York State last week. Writing in the report Kim warns of the dangers to crop levels and water supplies and says that businesses must act to cut greenhouse gas emissions.
 
A fifth of smartphone users is victim of cyber attack
While many still believe that cyber threats only target laptops, desktops and servers, a new report highlights the growing risk to smartphone users. The poll by Experian shows that 60 per cent of mobile device users have no malware protection, although 21 per cent have been victim to some kind of cyber attack. The figures are still far lower than on other devices though; of those that had suffered an attack 83 per cent were using a laptop or PC. Experian advises that anyone using mobile devices and connecting to public internet connections is aware of the risks especially if their device is used for online banking or similar operations.
 
Fear of terrorism increases acceptance of spies’ powers
A new survey shows an increased acceptance of the powers given to government spies in the fight against terrorism. The survey, carried out in Canada following the killing of two soldiers in the country in recent months, found that citizens are concerned about home-grown terrorists but most do not believe that radicalized citizens in their communities are a real threat. More than half of respondents agreed with the Canadian government’s legislation to give spies more powers ; 22 per cent said they should go further while 27 per cent said it was an infringement of civil liberties.
 
Risk management is core metric for competitive advantage
Risk management is developing as a core metric for competitive advantage for hedge funds according to panellists at the recent conference of the Professional Risk Managers International Association. It was noted that in 2015 there will be a more robust focus on risk management in deciding on investments. With macroeconomic and compliance concerns front of mind for investors and financial institutions, those that can demonstrate good risk management will fare better. 

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